Latest Ratios: P/E Ratio 12.9x · EV/EBITDA 8.9x · ROE 12.0%. (1996–2025 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 | $1.9B | $1.4B | $1.2B | $958M | $1.1B | $1.0B | $878M | $920M | $649M | $810M | $785M |
| Enterprise Value | $2.0B | $1.6B | $1.3B | $1.1B | $1.2B | $1.1B | $1.0B | $1.2B | $961M | $1.0B | $995M |
| P/E Ratio → | 12.92 | 12.80 | 14.21 | 11.14 | 13.42 | 12.30 | 14.14 | 15.55 | 13.95 | 19.96 | 22.34 |
| P/S Ratio | 4.77 | 3.99 | 5.55 | 3.82 | 4.23 | 4.70 | 4.19 | 4.82 | 4.28 | 6.15 | 6.19 |
| P/B Ratio | 1.59 | 1.24 | 1.67 | 1.44 | 1.97 | 1.55 | 1.41 | 1.60 | 1.42 | 2.22 | 2.38 |
| P/FCF | 11.10 | 9.36 | 13.15 | 9.44 | 10.76 | 10.76 | 10.29 | 16.47 | 13.77 | 18.54 | 21.41 |
| P/OCF | 11.81 | 9.05 | 12.46 | 8.93 | 9.99 | 10.26 | 9.50 | 14.10 | 10.42 | 14.76 | 18.74 |
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 | — | 4.30 | 6.20 | 4.28 | 4.72 | 5.17 | 4.83 | 6.33 | 6.34 | 7.88 | 7.84 |
| EV / EBITDA | 8.89 | 9.78 | 11.76 | 9.47 | 11.23 | 10.21 | 12.00 | 15.12 | 15.44 | 18.24 | 18.62 |
| EV / EBIT | 14.22 | 11.08 | 12.81 | 10.35 | 12.37 | 11.08 | 13.51 | 16.95 | 17.15 | 19.88 | 20.25 |
| EV / FCF | — | 10.08 | 14.70 | 10.57 | 12.01 | 11.84 | 11.87 | 21.62 | 20.39 | 23.75 | 27.12 |
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 | 94.6% | 94.6% | 98.7% | 99.0% | 97.6% | 103.0% | 91.6% | 97.2% | 98.6% | 98.7% | 99.1% |
| Operating Margin | 38.8% | 38.8% | 48.4% | 41.3% | 38.2% | 46.7% | 35.8% | 37.4% | 37.0% | 39.6% | 38.7% |
| Net Profit Margin | 31.2% | 31.2% | 39.0% | 34.3% | 31.5% | 38.2% | 29.7% | 31.1% | 30.7% | 30.9% | 27.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.0% | 12.0% | 12.2% | 14.1% | 13.3% | 13.0% | 10.4% | 11.5% | 11.3% | 11.7% | 12.1% |
| ROA | 1.5% | 1.5% | 1.3% | 1.4% | 1.4% | 1.6% | 1.3% | 1.4% | 1.3% | 1.3% | 1.3% |
| ROIC | 9.3% | 9.3% | 8.8% | 9.6% | 9.4% | 9.4% | 6.5% | 6.1% | 5.7% | 6.4% | 6.6% |
| ROCE | 12.4% | 12.4% | 11.9% | 13.9% | 14.0% | 13.5% | 9.9% | 10.6% | 10.3% | 10.9% | 12.3% |
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 | 0.16 | 0.16 | 0.29 | 0.29 | 0.36 | 0.23 | 0.31 | 0.61 | 0.82 | 0.75 | 0.78 |
| Debt / EBITDA | 1.15 | 1.15 | 1.85 | 1.71 | 1.86 | 1.36 | 2.30 | 4.38 | 6.05 | 4.84 | 4.83 |
| Net Debt / Equity | — | 0.10 | 0.20 | 0.17 | 0.23 | 0.16 | 0.22 | 0.50 | 0.68 | 0.63 | 0.63 |
| Net Debt / EBITDA | 0.70 | 0.70 | 1.24 | 1.01 | 1.17 | 0.93 | 1.60 | 3.60 | 5.01 | 4.01 | 3.92 |
| Debt / FCF | — | 0.72 | 1.55 | 1.13 | 1.25 | 1.08 | 1.59 | 5.15 | 6.61 | 5.22 | 5.72 |
| Interest Coverage | 1.11 | 1.11 | 1.04 | 1.57 | 5.41 | 10.76 | 3.92 | 2.28 | 2.93 | 4.69 | 5.81 |
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 | 0.18 | 0.18 | 0.21 | 0.32 | 0.36 | 0.41 | 0.31 | 0.26 | 0.27 | 0.31 | 0.31 |
| Quick Ratio | 0.18 | 0.18 | 0.21 | 0.32 | 0.36 | 0.41 | 0.31 | 0.26 | 0.27 | 0.31 | 0.31 |
| Cash Ratio | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 |
| Asset Turnover | — | 0.04 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 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 | 2.3% | 3.0% | 2.7% | 3.1% | 2.5% | 2.1% | 2.3% | 1.9% | 2.2% | 1.5% | 1.4% |
| Payout Ratio | 38.4% | 38.4% | 38.0% | 34.3% | 33.0% | 26.4% | 32.4% | 29.6% | 30.2% | 29.1% | 30.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.7% | 7.8% | 7.0% | 9.0% | 7.5% | 8.1% | 7.1% | 6.4% | 7.2% | 5.0% | 4.5% |
| FCF Yield | 9.0% | 10.7% | 7.6% | 10.6% | 9.3% | 9.3% | 9.7% | 6.1% | 7.3% | 5.4% | 4.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.3% | 3.0% | 2.7% | 3.1% | 2.5% | 2.1% | 2.3% | 1.9% | 2.2% | 1.5% | 1.4% |
| Shares Outstanding | — | $37M | $30M | $30M | $29M | $27M | $27M | $26M | $23M | $23M | $22M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying GABC stock.
German American Bancorp, Inc.'s current P/E ratio is 12.9x. The historical average is 18.5x. This places it at the 20th percentile of its historical range.
German American Bancorp, Inc.'s current EV/EBITDA is 8.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.5x.
German American Bancorp, Inc.'s return on equity (ROE) is 12.0%. The historical average is 11.6%.
Based on historical data, German American Bancorp, Inc. is trading at a P/E of 12.9x. This is at the 20th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
German American Bancorp, Inc.'s current dividend yield is 2.35% with a payout ratio of 38.4%.
German American Bancorp, Inc. has 94.6% gross margin and 38.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
German American Bancorp, Inc.'s Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Margin compression and revenue spike durability
Metrics are mathematically derived from official filings.
Premium Multiple Versus Thin Returns
Based on GABC's reported figures, the stock trades at 1.59 times book and a 16.37 trailing P/E, a multiple that appears to price in sustained returns on tangible equity above what recent quarters have delivered at roughly 2.8% to 3.3% ROE.
The market appears to be paying a premium for GABC's diversified fee franchise and rural deposit base rather than for current profitability, since a 1.59 price-to-book multiple typically requires returns well above the bank's recent ROE levels to be justified. The 12.68 forward P/E implies analysts expect earnings to hold near current levels, which warrants monitoring given the revenue spike may not be fully recurring. Investors should check whether the premium reflects durable franchise value or optimism about the Kentucky expansion.
ROE Constrained by Low Leverage and Margin
According to GABC's reported quarterly figures, ROE has held between roughly 2.8% and 3.3% across most recent periods, with the DuPont mix pointing to a thin net interest margin near 1.0% offset by a conservative equity-to-assets ratio near 0.14.
Decomposing ROE, the low net interest margin appears to be the main drag, while fee income near 18% to 19% of revenue provides a stabilizing non-interest contribution. Low leverage, with equity near 14% of assets, may further dampen ROE relative to more leveraged regional peers, suggesting capital is not being deployed as aggressively as the industry norm. The 2025Q1 ROE dip to 1.2% reflects the provision spike and warrants further investigation to determine whether it was a one-time event.
Funding-Heavy Deposits Pressuring Margin
As reported in GABC's quarterly financials, net interest margin has stayed near 0.9% to 1.0% while the efficiency ratio improved from about 65% in 2025Q1 to 50.4% in 2026Q2, suggesting cost control is partly offsetting weak spread income.
A net interest margin near 1.0% appears compressed relative to typical regional bank benchmarks, which may indicate a funding-cost-heavy deposit mix that is repricing faster than loan yields. The efficiency ratio trend suggests management is achieving operating leverage, though the 52% to 54% range in recent quarters leaves limited room for error if revenue growth reverts. Investors should monitor whether deposit costs continue to rise faster than asset yields.
Capital Retained While Dividends Rise
Based on GABC's reported figures, equity-to-assets has held near 0.14 since 2025Q1 while dividend payments stepped up from about $8.0M per quarter in 2024 to roughly $11.6M in 2026, with no reported buybacks.
The stable equity ratio alongside rising dividends suggests earnings are being retained at a level sufficient to support the balance sheet, though CET1 and total capital ratios were not provided and cannot be confirmed against regulatory minimums. Capacity for additional capital return appears limited to the dividend stream absent buybacks, which may reflect caution around the acquisition-driven asset base. Investors should obtain regulatory capital ratios to evaluate true capital headroom.
Premium Fee Mix Versus Peer Returns
Based on peer data, GABC's trailing P/E of 16.37 and P/B of 1.59 sit above several Midwest regional comparables such as Fulton at 11.42 and United Bankshares at 14.75, while its ROE trails First Financial's reported 15.1%.
The valuation premium relative to peers like Fulton and Home Bancshares appears to reflect GABC's diversified insurance and wealth income rather than superior ROE, which lags the stronger performers in the group. The gap looks partly structural, driven by the low margin and conservative leverage, and partly cyclical given the recent provision normalization. Investors should evaluate whether the premium is justified by the stability of fee income relative to peers with higher returns.
Misapplied P/E Obscures Provision Volatility
As reported in filings, applying trailing P/E to GABC can mislead because the 2025Q1 provision spike of $15.3M distorted earnings, so price-to-tangible-book paired with normalized ROTCE offers a more stable anchor.
Trailing P/E is commonly misapplied to banks because loan loss provisions are estimates that swing earnings independent of underlying franchise quality, and GABC's 2025Q1 provision spike illustrates this. Price-to-tangible-book combined with a normalized return on tangible equity, adjusted for contingency commissions and mortgage banking income, would better capture the bank's economic value. Investors should treat the 16.37 P/E as a noisy reading until earnings are normalized for these items.