Latest Ratios: P/E Ratio 11.5x · EV/EBITDA 15.6x · ROE 9.5%. (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 | $14.1B | $7.4B | $8.8B | $6.7B | $5.6B | $7.3B | $4.9B | $4.9B | $3.6B | $4.3B | $3.0B |
| Enterprise Value | $13.1B | $6.4B | $8.0B | $7.3B | $5.5B | $4.7B | $3.0B | $7.5B | $4.9B | $5.5B | $3.7B |
| P/E Ratio → | 11.55 | 11.79 | 19.19 | 12.22 | 10.24 | 14.15 | 15.98 | 12.26 | 9.94 | 24.56 | 23.81 |
| P/S Ratio | 8.42 | 4.43 | 5.80 | 4.83 | 4.28 | 6.49 | 4.87 | 5.50 | 4.25 | 6.86 | 7.72 |
| P/B Ratio | 1.03 | 1.05 | 1.37 | 1.11 | 1.01 | 1.37 | 0.99 | 1.13 | 0.90 | 1.15 | 2.02 |
| P/FCF | 21.20 | 11.15 | 10.93 | 16.71 | 10.34 | 11.43 | 12.59 | 12.62 | 7.99 | 37.96 | 22.41 |
| P/OCF | 18.58 | 9.77 | 9.76 | 13.97 | 9.24 | 11.03 | 11.42 | 11.39 | 7.58 | 25.71 | 19.90 |
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 | — | 3.81 | 5.27 | 5.29 | 4.24 | 4.20 | 3.03 | 8.37 | 5.90 | 8.89 | 9.40 |
| EV / EBITDA | 15.59 | 7.61 | 11.78 | 9.23 | 7.27 | 6.66 | 7.28 | 14.79 | 11.61 | 20.17 | 19.27 |
| EV / EBIT | 16.75 | 8.17 | 13.78 | 10.24 | 7.92 | 7.20 | 8.17 | 15.04 | 11.00 | 18.57 | 19.29 |
| EV / FCF | — | 9.58 | 9.92 | 18.28 | 10.22 | 7.40 | 7.84 | 19.22 | 11.07 | 49.24 | 27.29 |
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 | 65.9% | 65.9% | 49.1% | 52.1% | 79.8% | 90.5% | 66.4% | 72.5% | 76.7% | 83.7% | 86.8% |
| Operating Margin | 26.7% | 26.7% | 20.4% | 28.9% | 45.0% | 53.6% | 31.0% | 41.6% | 42.9% | 41.7% | 44.4% |
| Net Profit Margin | 22.0% | 22.0% | 16.6% | 22.7% | 36.2% | 43.4% | 26.0% | 33.5% | 34.2% | 24.3% | 29.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.5% | 9.5% | 7.6% | 9.7% | 10.4% | 10.3% | 6.7% | 9.6% | 9.4% | 6.7% | 9.6% |
| ROA | 1.2% | 1.2% | 0.9% | 1.3% | 1.4% | 1.4% | 1.0% | 1.5% | 1.5% | 1.0% | 1.3% |
| ROIC | 6.3% | 6.3% | 4.9% | 6.9% | 7.8% | 7.2% | 4.0% | 5.6% | 5.8% | 5.6% | 7.1% |
| ROCE | 8.3% | 8.3% | 6.2% | 9.0% | 10.1% | 9.3% | 5.1% | 7.4% | 7.7% | 7.5% | 9.6% |
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 | 0.36 | 0.36 | 0.39 | 0.46 | 0.20 | 0.28 | 0.38 | 0.67 | 0.51 | 0.52 | 0.56 |
| Debt / EBITDA | 3.01 | 3.01 | 3.72 | 3.50 | 1.43 | 2.08 | 4.53 | 5.81 | 4.77 | 7.00 | 4.40 |
| Net Debt / Equity | — | -0.15 | -0.13 | 0.10 | -0.01 | -0.48 | -0.37 | 0.59 | 0.35 | 0.34 | 0.44 |
| Net Debt / EBITDA | -1.25 | -1.25 | -1.19 | 0.79 | -0.08 | -3.62 | -4.41 | 5.08 | 3.23 | 4.62 | 3.45 |
| Debt / FCF | — | -1.57 | -1.01 | 1.57 | -0.12 | -4.03 | -4.75 | 6.60 | 3.09 | 11.28 | 4.88 |
| Interest Coverage | 0.63 | 0.63 | 0.44 | 0.65 | 2.85 | 6.60 | 1.86 | 1.65 | 2.14 | 3.21 | 4.96 |
Net cash position: cash ($3.6B) exceeds total debt ($2.5B)
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 | 1.07 | 1.07 | 0.21 | 0.17 | 0.14 | 0.29 | 0.27 | 0.20 | 0.20 | 0.19 | 0.17 |
| Quick Ratio | 1.07 | 1.07 | 0.21 | 0.17 | 0.14 | 0.29 | 0.27 | 0.20 | 0.20 | 0.19 | 0.17 |
| Cash Ratio | 0.07 | 0.07 | 0.08 | 0.06 | 0.03 | 0.13 | 0.13 | 0.02 | 0.03 | 0.04 | 0.02 |
| Asset Turnover | — | 0.05 | 0.05 | 0.05 | 0.04 | 0.03 | 0.03 | 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 | 1.0% | 1.0% | 0.8% | 1.0% | 1.2% | 0.8% | 1.0% | 1.0% | 1.3% | 0.8% | 0.8% |
| Payout Ratio | 11.6% | 11.6% | 14.5% | 12.2% | 12.2% | 10.5% | 15.8% | 12.4% | 12.6% | 20.6% | 19.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.7% | 8.5% | 5.2% | 8.2% | 9.8% | 7.1% | 6.3% | 8.2% | 10.1% | 4.1% | 4.2% |
| FCF Yield | 4.7% | 9.0% | 9.1% | 6.0% | 9.7% | 8.7% | 7.9% | 7.9% | 12.5% | 2.6% | 4.5% |
| Buyback Yield | 0.1% | 0.3% | 0.2% | 0.1% | 0.1% | 0.1% | 1.1% | 1.3% | 0.6% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.2% | 1.3% | 0.9% | 1.1% | 1.3% | 0.8% | 2.1% | 2.3% | 1.9% | 0.8% | 0.8% |
| Shares Outstanding | — | $78M | $77M | $77M | $76M | $76M | $76M | $77M | $77M | $64M | $44M |
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying PNFP stock.
Pinnacle Financial Partners, Inc.'s current P/E ratio is 11.5x. The historical average is 21.7x. This places it at the 9th percentile of its historical range.
Pinnacle Financial Partners, Inc.'s current EV/EBITDA is 15.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.6x.
Pinnacle Financial Partners, Inc.'s return on equity (ROE) is 9.5%. The historical average is 6.1%.
Based on historical data, Pinnacle Financial Partners, Inc. is trading at a P/E of 11.5x. This is at the 9th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Pinnacle Financial Partners, Inc.'s current dividend yield is 1.03% with a payout ratio of 11.6%.
Pinnacle Financial Partners, Inc. has 65.9% gross margin and 26.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Pinnacle Financial Partners, Inc.'s Debt/EBITDA ratio is 3.0x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
NIM compression and fee volatility
Metrics are mathematically derived from official filings.
Premium Multiple Hinges on Growth
PNFP trades at 1.13x P/B and 12.6x trailing P/E, a discount to premium regionals like FFIN at 2.56x P/B, implying the market prices it as a growth franchise but with skepticism about sustainability.
The forward P/E of 10.01 suggests investors expect earnings growth, but the modest P/B relative to peers like FFIN (2.56x) indicates the market is not fully crediting PNFP's talent-arbitrage moat. The PEG of 0.84 implies undervaluation if growth persists, yet the decelerating revenue trend and volatile fee income may justify the discount. The P/B expansion from 79.86 in 2024Q1 to 97.90 in 2026Q2 reflects the BHG consolidation, which may distort the underlying franchise value.
ROE Stability Masks Earnings Quality
ROE has held near 2.2-2.6% over the past year, but the DuPont decomposition reveals a reliance on non-recurring items, with fee income swinging from -32.4% to 15.8% of revenue, per reported quarterly data.
The stable ROE is underpinned by a consistent ROA of 0.3% and equity-to-assets of 0.11-0.12, but the efficiency ratio deterioration from 26.7% in 2024Q1 to 36.1% in 2026Q2 signals reduced operating leverage. The 2026Q2 net margin of 22.0% appears flattered by a $63.0M provision and a $145.0M non-interest income line, which may include one-time gains from BHG consolidation. Investors should monitor whether core banking profitability can sustain ROE without these non-recurring boosts.
NIM Stagnant, Efficiency Deteriorates
Net interest margin remained flat at 0.7% across all ten quarters, while the efficiency ratio worsened to 36.1% in 2026Q2 from 28.4% in 2024Q4, indicating that revenue growth of 2.4% lagged expense growth.
The stagnant NIM suggests asset yields and funding costs are moving in lockstep, with no benefit from the rate environment, likely due to competitive deposit pricing pressures. The efficiency ratio spike in 2026Q2, despite the BHG consolidation, implies that the bank's high fixed personnel costs are not being offset by proportional revenue growth. This may indicate that the talent-arbitrage model is facing diminishing returns as new hires take longer to become productive.
Equity Ratio Stable Despite Asset Surge
Equity-to-assets remained at 0.11-0.12 even as total assets jumped 124% to $129.1B in 2026Q2, suggesting capital levels have kept pace with the BHG consolidation, per reported balance sheet data.
The stable equity ratio implies that the BHG consolidation was capital-neutral, but the dramatic shift in asset composition—with investment securities now representing 84% of assets—raises questions about the quality of capital. The absence of buybacks and a modest dividend yield of 0.9% suggest management is prioritizing capital retention over return, possibly to meet regulatory buffers given the CRE concentration scrutiny. Investors should monitor whether CET1 ratios, not disclosed here, remain adequate under stress scenarios.
Provision Volatility Masks Credit Trends
Loan loss provisions swung from a negative $292.4M in 2025Q3 to a positive $63.0M in 2026Q2, indicating a reserve release followed by a build, which may signal shifting credit conditions in the commercial portfolio.
The negative provision in 2025Q3 suggests a significant reserve release, possibly due to improved economic forecasts, but the subsequent build in 2026Q2 implies a reassessment of credit risk. Given PNFP's heavy tilt toward commercial real estate in high-growth MSAs, the increasing regulatory scrutiny of CRE concentrations could necessitate higher reserves. The volatility in provisions makes it difficult to assess the adequacy of current reserve levels, warranting closer monitoring of charge-offs and NPL trends.
P/E Misleads on Earnings Quality
The trailing P/E of 12.61 appears reasonable, but it obscures the volatility of non-interest income, which swung from -32.4% to 15.8% of revenue, and the one-time gains from BHG consolidation that flattered 2026Q2 earnings.
For banks, P/E is often misapplied because provisions and non-recurring items can distort net income, as seen in PNFP's 2026Q2 results. The forward P/E of 10.01 assumes normalized earnings, but the reliance on BHG's gain-on-sale premiums and the potential for credit deterioration in the professional loan portfolio suggest earnings may be less stable than the multiple implies. A more appropriate metric would be P/TBV, which at 1.13x provides a cleaner view of the franchise value, or a normalized P/E that adjusts for one-time items and provision volatility.