Latest Ratios: P/E Ratio 14.7x · EV/EBITDA 12.3x · ROE 14.3%. (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 | $1.5B | $1.5B | $1.8B | $1.7B | $1.9B | $2.1B | $1.4B | $1.3B | $1.0B | $1.2B | $1.2B |
| Enterprise Value | $1.6B | $1.6B | $1.6B | $1.6B | $2.0B | $1.4B | $1.2B | $1.3B | $1.3B | $1.2B | $1.5B |
| P/E Ratio → | 14.73 | 14.23 | 18.94 | 17.85 | 18.06 | 21.43 | 16.24 | 14.48 | 12.83 | 21.74 | 23.10 |
| P/S Ratio | 5.47 | 5.47 | 6.99 | 6.79 | 7.67 | 9.22 | 6.92 | 6.65 | 5.68 | 7.60 | 8.42 |
| P/B Ratio | 2.00 | 1.93 | 2.59 | 2.58 | 3.30 | 2.91 | 2.09 | 2.11 | 1.98 | 2.66 | 2.82 |
| P/FCF | 14.18 | 14.17 | 18.88 | 15.52 | 11.40 | 19.08 | 16.81 | 13.69 | 10.65 | 18.39 | 23.02 |
| P/OCF | 12.81 | 12.80 | 17.29 | 14.71 | 11.08 | 18.05 | 15.71 | 12.60 | 9.84 | 16.11 | 19.39 |
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 | — | 5.94 | 6.33 | 6.38 | 8.35 | 6.49 | 6.09 | 7.02 | 6.94 | 7.63 | 10.33 |
| EV / EBITDA | 12.26 | 12.25 | 13.63 | 13.51 | 15.48 | 11.48 | 10.89 | 11.69 | 12.02 | 13.11 | 18.03 |
| EV / EBIT | 12.73 | 12.72 | 14.36 | 14.27 | 16.32 | 12.30 | 11.61 | 12.39 | 12.76 | 13.94 | 19.16 |
| EV / FCF | — | 15.40 | 17.09 | 14.58 | 12.42 | 13.43 | 14.79 | 14.46 | 13.02 | 18.47 | 28.25 |
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 | 61.0% | 61.0% | 55.1% | 61.3% | 83.6% | 93.2% | 80.3% | 74.6% | 76.4% | 83.0% | 86.8% |
| Operating Margin | 29.8% | 29.8% | 26.0% | 28.1% | 44.5% | 49.4% | 45.5% | 43.0% | 43.1% | 46.3% | 47.2% |
| Net Profit Margin | 24.5% | 24.5% | 21.7% | 23.9% | 36.9% | 40.2% | 37.0% | 34.8% | 35.0% | 29.6% | 31.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.3% | 14.3% | 14.0% | 15.4% | 16.3% | 14.1% | 13.4% | 15.5% | 16.2% | 12.8% | 12.7% |
| ROA | 1.5% | 1.5% | 1.4% | 1.4% | 1.6% | 1.5% | 1.6% | 1.8% | 1.7% | 1.3% | 1.3% |
| ROIC | 11.6% | 11.6% | 12.1% | 10.6% | 11.4% | 11.6% | 10.3% | 9.3% | 9.2% | 8.9% | 8.1% |
| ROCE | 15.8% | 15.8% | 14.5% | 12.8% | 14.2% | 14.6% | 13.1% | 15.6% | 18.1% | 18.0% | 16.9% |
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 | 0.24 | 0.24 | — | 0.08 | 0.52 | 0.11 | 0.13 | 0.28 | 0.86 | 0.39 | 1.03 |
| Debt / EBITDA | 1.41 | 1.41 | — | 0.43 | 2.25 | 0.60 | 0.77 | 1.49 | 4.25 | 1.90 | 5.38 |
| Net Debt / Equity | — | 0.17 | -0.25 | -0.16 | 0.29 | -0.86 | -0.25 | 0.12 | 0.44 | 0.01 | 0.64 |
| Net Debt / EBITDA | 0.97 | 0.97 | -1.43 | -0.87 | 1.26 | -4.83 | -1.49 | 0.62 | 2.18 | 0.06 | 3.34 |
| Debt / FCF | — | 1.22 | -1.79 | -0.94 | 1.01 | -5.65 | -2.02 | 0.77 | 2.37 | 0.08 | 5.23 |
| Interest Coverage | 0.82 | 0.82 | 0.63 | 0.75 | 3.41 | 7.76 | 3.45 | 1.78 | 2.07 | 3.01 | 3.77 |
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 | 0.03 | 0.03 | 0.10 | 0.21 | 0.24 | 0.37 | 0.20 | 0.17 | 0.19 | 0.17 | 0.18 |
| Quick Ratio | 0.03 | 0.03 | 0.10 | 0.21 | 0.24 | 0.37 | 0.20 | 0.17 | 0.19 | 0.17 | 0.18 |
| Cash Ratio | 0.01 | 0.01 | 0.03 | 0.03 | 0.02 | 0.12 | 0.05 | 0.02 | 0.05 | 0.04 | 0.04 |
| Asset Turnover | — | 0.06 | 0.06 | 0.06 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 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 | 3.4% | 3.5% | 2.8% | 2.8% | 2.2% | 1.7% | 2.2% | 2.4% | 2.4% | 1.7% | 1.5% |
| Payout Ratio | 49.7% | 49.7% | 52.7% | 50.2% | 39.3% | 36.2% | 36.2% | 34.0% | 31.4% | 37.3% | 34.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.8% | 7.0% | 5.3% | 5.6% | 5.5% | 4.7% | 6.2% | 6.9% | 7.8% | 4.6% | 4.3% |
| FCF Yield | 7.1% | 7.1% | 5.3% | 6.4% | 8.8% | 5.2% | 5.9% | 7.3% | 9.4% | 5.4% | 4.3% |
| Buyback Yield | 1.4% | 1.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.8% | 4.9% | 2.8% | 2.8% | 2.2% | 1.7% | 3.0% | 2.4% | 2.5% | 1.8% | 1.5% |
| Shares Outstanding | — | $26M | $26M | $26M | $26M | $26M | $26M | $26M | $26M | $26M | $25M |
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 LKFN stock.
Lakeland Financial Corporation's current P/E ratio is 14.7x. The historical average is 17.2x. This places it at the 47th percentile of its historical range.
Lakeland Financial Corporation's current EV/EBITDA is 12.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.7x.
Lakeland Financial Corporation's return on equity (ROE) is 14.3%. The historical average is 14.2%.
Based on historical data, Lakeland Financial Corporation is trading at a P/E of 14.7x. This is at the 47th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Lakeland Financial Corporation's current dividend yield is 3.38% with a payout ratio of 49.7%.
Lakeland Financial Corporation has 61.0% gross margin and 29.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Lakeland Financial Corporation's Debt/EBITDA ratio is 1.4x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
CRE and agri-business concentration
Metrics are mathematically derived from official filings.
Premium Priced for Organic Quality
LKFN trades at 2.04x tangible book, a premium to peers like TOWN (1.18x) and FULT (1.24x), reflecting market confidence in its organic model. According to recent market data, the forward P/E of 13.8x implies modest earnings growth expectations.
The P/B premium appears justified by superior profitability metrics, with ROE of 14.2% versus peer average of 11.3%, but the PEG of 3.78 suggests the market already prices in limited growth. The valuation implies the market expects LKFN to maintain its efficiency and credit quality advantages, though the negative revenue growth may challenge this premium if it persists.
ROE Decomposition Reveals Efficiency Strength
ROE of 14.2% is driven by a best-in-class efficiency ratio of 31.8% and stable NIM of 0.8%, though leverage is low with equity-to-assets at 10.7%. As reported in financial statements, fee income contributes 11.7% of revenue, providing a modest buffer.
DuPont analysis shows that LKFN's ROE is not reliant on high leverage, but rather on operational efficiency and cost control. The efficiency ratio improvement from 33.5% to 31.8% over the past quarter indicates disciplined expense management, which is critical given the flat NIM. However, the low NIM of 0.8% is a concern, as it suggests limited spread income generation, and the negative revenue growth may pressure future profitability if not reversed.
NIM Flat, Efficiency Best-in-Class
Net interest margin has held at 0.8% for five consecutive quarters, indicating asset yields and funding costs are moving in tandem, according to recent financial statements. The efficiency ratio of 31.8% remains among the best in the peer group, reflecting strong cost discipline.
The flat NIM suggests that the bank's deposit franchise is sticky, but it also implies limited margin expansion potential in the current rate environment. The efficiency ratio improvement is a positive sign, but investors should monitor whether the negative revenue growth of -1.9% YoY will eventually erode operating leverage. If deposit costs continue to rise faster than loan yields, the NIM could compress, putting pressure on profitability.
Capital Ratios Strengthen, Buffer Intact
Equity grew to $773.3M in 2026Q2, lifting equity-to-assets to 10.7%, while debt-to-equity remains exceptionally low at 0.24%. Based on reported figures, this provides a strong buffer for credit deterioration and supports dividend stability.
The strengthening capital position suggests LKFN has ample capacity to absorb potential losses from its CRE and agri-business concentrations. The low leverage and high equity ratio indicate a conservative balance sheet, which may limit ROE but provides resilience. The bank's ability to maintain dividends and buybacks, with a payout ratio of 61%, appears sustainable given the capital buffer.
Provision Volatility Signals Caution
Loan loss provisions swung from $6.8M in 2025Q1 to $0 in 2025Q4, then rose to $1.7M in 2026Q2, according to reported figures. This volatility suggests management is adjusting reserves based on economic forecasts and portfolio performance.
The provision volatility indicates that credit quality is stable but warrants monitoring, especially given the high concentration in CRE and agri-business. The absence of reported EPS and lack of guidance adds uncertainty to the credit outlook. Investors should watch for any uptick in non-performing loans, which could signal deterioration in these sectors.
P/E Misleads Due to Provision Volatility
The P/E ratio of 15.03 is distorted by provision volatility, which can cause earnings swings unrelated to core operations. As reported in financial statements, provisions ranged from $6.8M to $0 in recent quarters, making P/E an unreliable valuation metric for LKFN.
For banks, P/B and P/TBV are more appropriate valuation multiples because they reflect the underlying asset quality and capital position. The P/E ratio can be misleading due to the impact of provisions, which are subject to management judgment under CECL. Investors should focus on P/B and ROTCE to assess LKFN's true value, as the current P/B of 2.04x suggests the market is pricing in a premium for its organic growth model and efficiency.