Latest Ratios: P/E Ratio 16.3x · EV/EBITDA 17.0x · ROE 16.0%. (2007–2025 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 | $4.5B | $3.9B | $9.3B | $7.3B | $7.5B | $9.2B | $4.4B | $4.1B | $3.5B | $4.5B | $4.0B |
| Enterprise Value | $5.9B | $5.3B | $8.9B | $6.6B | $8.4B | $6.9B | $3.1B | $4.1B | $3.3B | $4.6B | $3.8B |
| P/E Ratio → | 16.27 | 14.19 | 40.74 | 35.16 | 29.90 | 44.47 | 25.74 | 27.30 | 25.19 | 48.26 | 49.26 |
| P/S Ratio | 8.00 | 6.98 | 19.39 | 17.04 | 15.28 | 22.80 | 12.04 | 13.26 | 12.39 | 18.72 | 20.34 |
| P/B Ratio | 2.43 | 2.12 | 5.73 | 5.05 | 5.79 | 8.03 | 4.40 | 4.84 | 4.83 | 7.39 | 7.68 |
| P/FCF | 12.89 | 11.24 | 37.30 | 37.58 | 27.94 | 36.00 | 23.12 | 25.18 | 20.80 | 46.16 | 52.60 |
| P/OCF | 12.67 | 11.05 | 36.62 | 36.83 | 27.57 | 34.72 | 22.84 | 24.82 | 20.52 | 37.92 | 40.74 |
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 | — | 9.49 | 18.72 | 15.38 | 17.04 | 16.91 | 8.47 | 13.28 | 12.02 | 19.25 | 19.27 |
| EV / EBITDA | 17.05 | 15.38 | 31.52 | 26.34 | 26.79 | 26.62 | 14.09 | 21.40 | 19.41 | 32.96 | 33.39 |
| EV / EBIT | 17.28 | 15.60 | 32.06 | 26.81 | 27.15 | 27.08 | 14.36 | 21.85 | 19.83 | 33.64 | 34.31 |
| EV / FCF | — | 15.28 | 36.02 | 33.91 | 31.17 | 26.71 | 16.27 | 25.21 | 20.17 | 47.49 | 49.82 |
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 | 93.7% | 93.7% | 95.5% | 95.6% | 92.4% | 92.2% | 88.3% | 92.6% | 92.3% | 90.3% | 93.2% |
| Operating Margin | 60.8% | 60.8% | 58.4% | 57.3% | 62.8% | 62.5% | 59.0% | 60.8% | 60.6% | 57.2% | 56.2% |
| Net Profit Margin | 49.2% | 49.2% | 47.6% | 48.5% | 51.1% | 51.2% | 46.7% | 48.6% | 49.1% | 38.8% | 41.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.0% | 16.0% | 14.9% | 15.1% | 20.5% | 19.4% | 18.5% | 19.2% | 20.7% | 16.5% | 16.8% |
| ROA | 1.6% | 1.6% | 1.4% | 1.3% | 1.7% | 1.5% | 1.6% | 1.8% | 1.8% | 1.4% | 1.4% |
| ROIC | 7.3% | 7.3% | 6.5% | 6.4% | 7.8% | 7.9% | 9.8% | 11.5% | 12.4% | 10.8% | 9.3% |
| ROCE | 4.5% | 4.5% | 16.6% | 16.4% | 23.0% | 21.4% | 21.1% | 21.6% | 22.9% | 21.6% | 20.0% |
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 | 0.81 | 0.81 | 1.27 | 0.92 | 1.30 | 1.54 | 0.92 | 0.64 | 0.49 | 0.60 | 0.79 |
| Debt / EBITDA | 4.34 | 4.34 | 7.25 | 5.31 | 5.38 | 6.89 | 4.20 | 2.81 | 2.05 | 2.62 | 3.61 |
| Net Debt / Equity | — | 0.76 | -0.20 | -0.49 | 0.67 | -2.07 | -1.30 | 0.01 | -0.15 | 0.21 | -0.41 |
| Net Debt / EBITDA | 4.07 | 4.07 | -1.12 | -2.85 | 2.78 | -9.26 | -5.92 | 0.03 | -0.61 | 0.92 | -1.86 |
| Debt / FCF | — | 4.04 | -1.28 | -3.67 | 3.23 | -9.29 | -6.84 | 0.03 | -0.63 | 1.32 | -2.78 |
| Interest Coverage | 0.75 | 0.75 | 0.56 | 0.61 | 3.49 | 7.97 | 4.20 | 1.81 | 2.64 | 3.89 | 4.29 |
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 | 0.28 | 0.28 | 0.19 | 0.20 | 0.11 | 0.36 | 0.29 | 0.16 | 0.15 | 0.12 | 0.18 |
| Quick Ratio | 0.28 | 0.28 | 0.19 | 0.20 | 0.11 | 0.36 | 0.29 | 0.16 | 0.15 | 0.12 | 0.18 |
| Cash Ratio | 0.02 | 0.02 | 0.15 | 0.14 | 0.06 | 0.29 | 0.20 | 0.07 | 0.06 | 0.04 | 0.11 |
| Asset Turnover | — | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
| 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 | 1.6% | 1.9% | 0.7% | 0.6% | 0.5% | 0.4% | 0.6% | 0.6% | 0.6% | 0.2% | 0.2% |
| Payout Ratio | 26.5% | 26.5% | 28.8% | 22.1% | 14.9% | 15.7% | 16.6% | 16.1% | 14.7% | 10.8% | 9.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.1% | 7.0% | 2.5% | 2.8% | 3.3% | 2.2% | 3.9% | 3.7% | 4.0% | 2.1% | 2.0% |
| FCF Yield | 7.8% | 8.9% | 2.7% | 2.7% | 3.6% | 2.8% | 4.3% | 4.0% | 4.8% | 2.2% | 1.9% |
| 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 | 1.6% | 1.9% | 0.7% | 0.6% | 0.5% | 0.4% | 0.6% | 0.6% | 0.6% | 0.2% | 0.2% |
| Shares Outstanding | — | $109M | $109M | $109M | $109M | $109M | $108M | $108M | $108M | $108M | $107M |
Includes 30+ ratios · 19 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying SFBS stock.
ServisFirst Bancshares, Inc.'s current P/E ratio is 16.3x. The historical average is 31.3x. This places it at the 17th percentile of its historical range.
ServisFirst Bancshares, Inc.'s current EV/EBITDA is 17.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.8x.
ServisFirst Bancshares, Inc.'s return on equity (ROE) is 16.0%. The historical average is 15.4%.
Based on historical data, ServisFirst Bancshares, Inc. is trading at a P/E of 16.3x. This is at the 17th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ServisFirst Bancshares, Inc.'s current dividend yield is 1.63% with a payout ratio of 26.5%.
ServisFirst Bancshares, Inc. has 93.7% gross margin and 60.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
ServisFirst Bancshares, Inc.'s Debt/EBITDA ratio is 4.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Low NIM limits earnings cushion.
Metrics are mathematically derived from official filings.
Premium Valuation vs. Modest ROE Expectations
SFBS trades at a P/B of 2.60, a significant premium to peers like CVBF (1.33) and HOMB (1.39), suggesting the market prices in superior franchise value or future return on equity expansion.
The current P/B multiple implies the market expects SFBS to generate returns well above its recent 4.4% ROE, potentially through fee income expansion or balance sheet redeployment. However, with ROTCE likely tracking closer to ROE given the bank's tangible equity base, the premium appears to be pricing in a structural improvement in profitability that has not yet materialized in the reported ratios.
ROE Constrained by Low Asset Utilization
ServisFirst's ROE of 4.4% is supported by an exceptionally low efficiency ratio of 29.6% but is fundamentally capped by a net interest margin of only 0.8%, indicating high asset volume is needed to drive returns.
The DuPont decomposition shows that profitability is driven by operational efficiency rather than net interest spread or leverage. With NIM compressed at 0.8%, the bank relies heavily on its 10:1 asset-to-equity leverage (Eq/TA of 11%) and non-interest income (7.6% fee mix) to generate returns. This structure makes earnings highly sensitive to any further NIM compression.
Efficiency Gains Offset by Persistently Thin NIM
The efficiency ratio improved dramatically to 29.6% from 41.5% over two years, demonstrating strong operating leverage, but the stagnant 0.8% NIM suggests funding cost advantages have been fully offset by asset yield pressures.
The 12-percentage-point efficiency improvement is a key positive, indicating revenue growth is outpacing cost growth at an impressive rate. However, the NIM has been fixed at 0.8% for ten consecutive quarters despite the rate environment, which warrants investigation into the bank's asset mix and pricing power. This static margin profile limits the upside from the strong efficiency trend.
Asset Quality Indicators Remain Unquantified
Direct asset quality metrics such as NPL ratio and provision coverage are unavailable in the provided data, preventing a direct assessment of loan portfolio health despite rising provision expense.
The increase in provision expense from $4.5M to $11.4M over the period suggests management is building reserves, but without corresponding NPL or charge-off data, it is impossible to determine if this reflects proactive positioning or reactive provisioning to emerging stress. The analyst must rely on ancillary signals like the bank's focus on securities over loans.
Valuation Premium Unmatched by Profitability Lead
SFBS commands a P/B of 2.60, more than double the peer median of ~1.44, yet its ROE of 4.4% significantly lags the peer group average above 10%, creating a potential disconnect.
Among the listed peers, SFBS has the highest valuation multiple but one of the lowest reported ROEs. This disparity suggests the market may be valuing SFBS's growth trajectory, balance sheet safety (heavy securities weighting), or its potential to improve returns to peer levels. Investors should monitor whether the bank's efficiency gains eventually translate into ROE convergence with the group.
The Misleadingly Low Efficiency Ratio
The exceptionally low 29.6% efficiency ratio is frequently misinterpreted as pure operational excellence, but it is heavily distorted by the bank's balance sheet composition and accounting for its investment securities portfolio.
Unlike traditional lenders, SFBS's massive securities portfolio ($15.9B) generates significant interest income with minimal associated non-interest expense, artificially depressing the efficiency ratio. The core banking franchise's operational efficiency may be more in line with peers, making the headline ratio a poor benchmark for comparing cost control. A more meaningful alternative is the non-interest expense to tangible assets ratio, which isolates operating costs from the investment portfolio's income contribution.