Latest Ratios: P/E Ratio 10.1x · EV/EBITDA 5.4x · ROE 10.5%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $447M | $414M | $381M | $353M | $525M | $537M | $468M | $621M | $579M | $427M | $427M |
| Enterprise Value | $291M | $258M | $266M | $398M | $731M | $215M | $297M | $454M | $554M | $229M | $383M |
| P/E Ratio → | 10.10 | 9.53 | — | 17.76 | 11.26 | 16.19 | 15.47 | 18.17 | 17.70 | 26.77 | 18.46 |
| P/S Ratio | 3.32 | 3.07 | 5.47 | 3.36 | 3.80 | 4.67 | 4.44 | 5.93 | 5.69 | 5.13 | 5.18 |
| P/B Ratio | 1.11 | 1.05 | 0.88 | 0.80 | 1.27 | 1.19 | 1.31 | 1.85 | 1.83 | 1.44 | 1.85 |
| P/FCF | 11.98 | 11.10 | 13.69 | 10.41 | 9.90 | 12.15 | 11.73 | 15.39 | 14.04 | 16.72 | 17.48 |
| P/OCF | 11.43 | 10.58 | 13.44 | 9.90 | 9.50 | 11.87 | 11.45 | 15.18 | 13.74 | 15.83 | 16.76 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.91 | 3.81 | 3.79 | 5.29 | 1.87 | 2.82 | 4.33 | 5.45 | 2.75 | 4.66 |
| EV / EBITDA | 5.40 | 4.79 | — | 13.49 | 10.93 | 4.50 | 6.82 | 9.25 | 11.92 | 7.31 | 9.87 |
| EV / EBIT | 5.63 | 4.99 | — | 15.27 | 11.51 | 4.79 | 7.32 | 9.88 | 12.76 | 7.93 | 10.51 |
| EV / FCF | — | 6.91 | 9.54 | 11.73 | 13.78 | 4.87 | 7.45 | 11.23 | 13.45 | 8.97 | 15.71 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 76.1% | 76.1% | 55.4% | 72.5% | 98.5% | 99.2% | 91.5% | 94.8% | 96.6% | 97.4% | 99.5% |
| Operating Margin | 29.2% | 29.2% | -11.9% | 18.4% | 45.1% | 37.9% | 37.5% | 41.9% | 41.3% | 34.0% | 43.1% |
| Net Profit Margin | 24.6% | 24.6% | -7.2% | 14.0% | 33.1% | 28.1% | 28.0% | 31.3% | 31.0% | 18.8% | 27.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.5% | 10.5% | -1.9% | 4.7% | 10.8% | 8.2% | 8.7% | 10.5% | 10.6% | 6.1% | 10.4% |
| ROA | 1.1% | 1.1% | -0.2% | 0.5% | 1.1% | 0.9% | 1.1% | 1.3% | 1.3% | 0.7% | 1.1% |
| ROIC | 8.4% | 8.4% | -2.1% | 3.3% | 8.4% | 7.8% | 8.2% | 10.1% | 10.4% | 8.0% | 10.5% |
| ROCE | 2.4% | 2.4% | -2.9% | 5.6% | 13.9% | 10.4% | 11.0% | 13.5% | 13.8% | 10.7% | 13.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.18 | 0.18 | 0.05 | 0.17 | 0.61 | 0.06 | 0.08 | 0.05 | 0.03 | 0.02 | 0.02 |
| Debt / EBITDA | 1.29 | 1.29 | — | 2.55 | 3.76 | 0.54 | 0.69 | 0.32 | 0.21 | 0.18 | 0.14 |
| Net Debt / Equity | — | -0.40 | -0.27 | 0.10 | 0.50 | -0.71 | -0.48 | -0.50 | -0.08 | -0.67 | -0.19 |
| Net Debt / EBITDA | -2.90 | -2.90 | — | 1.52 | 3.08 | -6.74 | -3.91 | -3.42 | -0.53 | -6.32 | -1.11 |
| Debt / FCF | — | -4.19 | -4.15 | 1.32 | 3.88 | -7.28 | -4.28 | -4.16 | -0.60 | -7.75 | -1.77 |
| Interest Coverage | 1.22 | 1.22 | -0.30 | 0.71 | 24.92 | 13.19 | 13.62 | 9.65 | 12.28 | 16.54 | 16.08 |
Net cash position: cash ($225M) exceeds total debt ($69M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 473.15 | 473.15 | 0.08 | 0.01 | 0.03 | 0.41 | 0.25 | 0.29 | 0.26 | 0.28 | 0.27 |
| Quick Ratio | 473.15 | 473.15 | 0.08 | 0.01 | 0.03 | 0.41 | 0.25 | 0.29 | 0.26 | 0.28 | 0.27 |
| Cash Ratio | 46.03 | 46.03 | 0.04 | 0.01 | 0.01 | 0.09 | 0.08 | 0.08 | 0.02 | 0.09 | 0.03 |
| Asset Turnover | — | 0.05 | 0.03 | 0.04 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.03 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.7% | 3.9% | 4.2% | 4.6% | 3.0% | 2.4% | 2.7% | 1.8% | 1.5% | 1.6% | 1.5% |
| Payout Ratio | 37.2% | 37.2% | — | 81.0% | 33.6% | 39.4% | 41.4% | 32.0% | 27.2% | 43.2% | 26.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.9% | 10.5% | — | 5.6% | 8.9% | 6.2% | 6.5% | 5.5% | 5.6% | 3.7% | 5.4% |
| FCF Yield | 8.3% | 9.0% | 7.3% | 9.6% | 10.1% | 8.2% | 8.5% | 6.5% | 7.1% | 6.0% | 5.7% |
| Buyback Yield | 0.7% | 0.8% | 1.1% | 0.0% | 0.2% | 7.6% | 1.5% | 2.4% | 1.2% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.4% | 4.7% | 5.4% | 4.6% | 3.2% | 10.1% | 4.1% | 4.2% | 2.7% | 1.6% | 1.5% |
| Shares Outstanding | — | $16M | $16M | $16M | $16M | $14M | $14M | $14M | $14M | $13M | $12M |
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying BMRC stock.
Bank of Marin Bancorp's current P/E ratio is 10.1x. The historical average is 15.9x. This places it at the 4th percentile of its historical range.
Bank of Marin Bancorp's current EV/EBITDA is 5.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.2x.
Bank of Marin Bancorp's return on equity (ROE) is 10.5%. The historical average is 10.8%.
Based on historical data, Bank of Marin Bancorp is trading at a P/E of 10.1x. This is at the 4th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Bank of Marin Bancorp's current dividend yield is 3.68% with a payout ratio of 37.2%.
Bank of Marin Bancorp has 76.1% gross margin and 29.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Bank of Marin Bancorp's Debt/EBITDA ratio is 1.3x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Structurally compressed net interest margin
Metrics are mathematically derived from official filings.
Discount Valuation Reflects Structural Margin Weakness
At a P/B of 1.13x, Bank of Marin trades at a notable discount to peers like Westamerica (1.60x) and Popular (1.78x), suggesting the market prices in its structurally low return on equity and compressed net interest margin.
The bank's current P/TBV multiple is not available, but the P/B of 1.13x sits well below the peer median of approximately 1.38x, which aligns with its persistently sub-1% NIM and volatile, low returns on tangible equity. This valuation appears to reflect investor skepticism about the franchise's ability to generate sustainable, above-cost-of-capital returns. The gap to peers like Westamerica, which trades at a 42% premium, suggests the market assigns a significant discount for BMRC's margin profile and erratic earnings quality.
DuPont Analysis Reveals Leverage-Driven Returns
Bank of Marin's ROE has fluctuated between -5.0% and 9.4% over ten quarters, with a recent 2.3% reading indicating profitability is primarily supported by its 10x equity multiplier rather than strong net interest income generation.
Decomposing the 2.3% ROE via a DuPont lens shows the 10.0% equity-to-assets ratio provides substantial leverage, but this is offset by a structurally low 0.8% NIM and a negative fee income contribution. The bank's returns are therefore highly sensitive to asset quality and non-interest income volatility, as evidenced by the swing to -5.0% ROE in 2024Q2. This pattern suggests profitability quality is weak and dependent on factors outside core lending operations.
Sub-1% NIM Creates an Existential Efficiency Challenge
The net interest margin has been flat at approximately 0.8% for five consecutive quarters, a level that appears to severely constrain the bank's ability to cover operating costs without significant non-interest income or balance sheet growth.
A 0.8% NIM is among the lowest in the regional bank peer group and suggests BMRC's funding costs are nearly matching asset yields, leaving minimal spread to generate core earnings. The efficiency ratio's wild swings—from 27.6% to 104.2%—are largely a function of erratic non-interest income rather than effective cost control, indicating that the bank's cost structure may be misaligned with its core earnings power. This persistent margin compression warrants close monitoring for deposit repricing or asset yield improvements.
Provision Volatility Suggests Uncertain Credit Cycle
Provision expense has been highly inconsistent, swinging from a $5.2M charge in 2024Q2 to zero provisioning in several quarters before a sharp $11.6M provision in 2026Q2, implying management's view of credit risk is in flux.
The erratic provisioning pattern, highlighted in prior income statement analysis, makes it difficult to discern the true underlying trend in credit costs. The latest $11.6M provision after two quarters of zero charges may indicate emerging stress or a catch-up adjustment, but the lack of a smooth, through-the-cycle approach obscures the bank's true asset quality trajectory. Investors should monitor non-performing loan trends and net charge-off ratios, which are not provided, to assess if reserves are being adequately built against deteriorating credits.
Lagging the Peer Group on Core Metrics
Bank of Marin trades at a discount on P/B (1.13x vs. peer median ~1.38x) and delivers a materially lower ROE (2.3% vs. peer median ~10%), indicating structural underperformance versus regional bank peers.
The bank lags the peer set on both valuation and profitability metrics, with its P/B discount and ROE gap appearing structural rather than cyclical given the persistent NIM challenge. While peers like Popular and Westamerica demonstrate the ability to generate double-digit ROEs, BMRC's returns are compressed by its margin structure. This performance gap suggests the bank may require significant operational changes or a more favorable rate environment to close the valuation discount.
The Efficiency Ratio is Misleading Due to Fee Volatility
The efficiency ratio is the most commonly misapplied metric for Bank of Marin, as its extreme volatility from -85.0% to 47.2% in fee income renders the measure unreliable for assessing true cost control or operating leverage.
In a typical quarter, the efficiency ratio is a key gauge of operating discipline. However, for BMRC, swings from 104.2% (2025Q2) to 27.6% (2025Q4) are driven almost entirely by massive, non-recurring non-interest income items, not by changes in non-interest expense. This distortion obscures the bank's true operational efficiency, which is likely much worse than the best-case quarters suggest. Analysts should instead focus on the operating expense-to-average assets ratio or use the efficiency ratio only with normalized, core fee income to derive a meaningful signal.