Overall Score

Profitability Returns

Return on equity is 10.98% and return on invested capital is 7.59%, indicating only modest economic returns.

Net profit margin is 19.97% and operating margin is 25.49%, but asset turnover remains very low at 0.05x.

Balance Sheet Capital Structure

Leverage is manageable with debt-to-equity at 0.23x and net debt-to-EBITDA at 0.14x.

Liquidity is acceptable with a current ratio of 1.09x and cash per share of 54.49, though solvency remains thin with a solvency ratio of 0.01.

Cash Flow Quality

Free cash flow yield is 9.18% and price-to-free-cash-flow is 10.89x, suggesting reasonable cash generation relative to valuation.

Operating cash flow conversion is weak, with operating cash flow ratio at 0.01 and free cash flow to equity negative at -58.1M.

Valuation Moat Evidence

The stock trades at 2.53x sales, 10.73x earnings, and 1.06x book, which is not demanding for a profitable bank.

Moat evidence is mixed: strong gross margin of 62.48% and fixed asset turnover of 5.72x are offset by very low asset turnover and only mid-single-digit ROIC.