Latest Ratios: P/E Ratio -0.9x · EV/EBITDA N/A · ROE -23.1%. (1991–2025 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 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $22M | $33M | $61M | $55M | $68M | $94M | $55M | — | — | — | — |
| Enterprise Value | $-164067824 | $-153655601 | $3M | $13M | $35M | $-5717220 | $11M | — | — | — | — |
| P/E Ratio → | -0.91 | — | 5.52 | 11.65 | — | 3.85 | 4.59 | — | — | — | — |
| P/S Ratio | 0.21 | 0.31 | 0.49 | 0.50 | 1.03 | 1.48 | 0.41 | — | — | — | — |
| P/B Ratio | 0.25 | 0.37 | 0.55 | 0.55 | 0.74 | 0.97 | 0.78 | — | — | — | — |
| P/FCF | 0.08 | 0.11 | 0.16 | 0.12 | 0.16 | 0.19 | — | — | — | — | — |
| P/OCF | 0.08 | 0.11 | 0.16 | 0.12 | 0.15 | 0.19 | — | — | — | — | — |
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 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -1.47 | 0.03 | 0.12 | 0.52 | -0.09 | 0.08 | — | — | — | — |
| EV / EBITDA | — | — | 0.13 | 0.89 | 2.88 | -0.36 | 0.54 | — | — | — | — |
| EV / EBIT | — | — | 0.20 | 1.63 | 4.91 | -0.49 | 0.71 | — | — | — | — |
| EV / FCF | — | -0.54 | 0.01 | 0.03 | 0.08 | -0.01 | — | — | — | — | — |
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 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.0% | 38.0% | 52.5% | 61.6% | 88.2% | 94.0% | 79.7% | 77.1% | 88.1% | 94.3% | 92.3% |
| Operating Margin | -29.6% | -29.6% | 13.6% | 7.2% | 10.6% | 18.5% | 11.8% | 8.4% | -3.5% | 11.7% | -3.6% |
| Net Profit Margin | -22.0% | -22.0% | 10.1% | 5.1% | -0.5% | 38.9% | 9.5% | 6.0% | -2.5% | 16.6% | -3.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -23.1% | -23.1% | 11.9% | 5.9% | -0.4% | 29.4% | 20.8% | 10.1% | -5.4% | 11.5% | -0.6% |
| ROA | -1.8% | -1.8% | 1.0% | 0.6% | -0.0% | 2.0% | 1.2% | 1.0% | -0.5% | 0.8% | -0.0% |
| ROIC | -19.1% | -19.1% | 10.0% | 4.8% | 4.4% | 9.1% | 14.7% | 7.4% | -3.8% | 3.0% | -0.1% |
| ROCE | -23.8% | -23.8% | 12.3% | 6.1% | 4.4% | 2.0% | 3.0% | 9.9% | -5.1% | 4.0% | -0.2% |
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 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.24 | 0.24 | 0.20 | 0.21 | 0.41 | 0.13 | 0.19 | 0.48 | 0.38 | 0.96 | 1.12 |
| Debt / EBITDA | — | — | 0.87 | 1.42 | 3.11 | 0.79 | 0.65 | 2.15 | 7.72 | 11.61 | — |
| Net Debt / Equity | — | -2.13 | -0.52 | -0.42 | -0.37 | -1.03 | -0.62 | -1.72 | -0.48 | -1.72 | -3.82 |
| Net Debt / EBITDA | — | — | -2.24 | -2.85 | -2.79 | -6.19 | -2.12 | -7.79 | -9.92 | -20.94 | — |
| Debt / FCF | — | -0.65 | -0.15 | -0.09 | -0.08 | -0.21 | — | — | -7.15 | — | -65.07 |
| Interest Coverage | -0.77 | -0.77 | 0.38 | 0.25 | 0.82 | 1.61 | 1.54 | 0.76 | -0.38 | 2.06 | -0.47 |
Net cash position: cash ($207M) exceeds total debt ($21M)
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 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.18 | 0.18 | 0.09 | 0.11 | 0.15 | 0.20 | 0.11 | 0.25 | 0.11 | 0.27 | 0.30 |
| Quick Ratio | 0.18 | 0.18 | 0.09 | 0.11 | 0.15 | 0.20 | 0.11 | 0.25 | 0.11 | 0.27 | 0.30 |
| Cash Ratio | 0.17 | 0.17 | 0.07 | 0.06 | 0.09 | 0.15 | 0.10 | 0.25 | 0.10 | 0.26 | 0.30 |
| Asset Turnover | — | 0.08 | 0.10 | 0.10 | 0.07 | 0.07 | 0.09 | 0.14 | 0.13 | 0.05 | 0.05 |
| 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 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.0% | 2.0% | 2.2% | 2.4% | 1.9% | 1.1% | 1.7% | — | — | — | — |
| Payout Ratio | — | — | 10.5% | 23.0% | — | 4.3% | 7.2% | 18.9% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 18.1% | 8.6% | — | 26.0% | 21.8% | — | — | — | — |
| FCF Yield | 100.0% | 876.7% | 637.2% | 810.3% | 634.7% | 514.8% | — | — | — | — | — |
| Buyback Yield | 1.3% | 0.9% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 4.3% | 2.9% | 2.2% | 2.4% | 2.0% | 1.1% | 1.7% | — | — | — | — |
| Shares Outstanding | — | $4M | $5M | $4M | $4M | $4M | $4M | $3M | $3M | $8M | $8M |
SBA secondary market volatility
As reported in recent financial statements, BAFN trades at a P/B ratio of 0.23, a valuation level that suggests the market is pricing the institution as a distressed entity rather than a viable, long-term franchise capable of generating positive returns on tangible equity.
The current P/B multiple significantly below book value indicates that investors are heavily discounting the bank's assets, likely due to concerns regarding the quality of the loan portfolio and the sustainability of the SBA-focused business model. This valuation implies that the market expects further erosion of tangible book value, as the bank struggles to return to profitability in the current interest rate environment.
Based on the provided quarterly data, the bank's ROE has plummeted to -6.7% in 2026Q1, a trend that highlights the severe impact of a 103.0% efficiency ratio on the institution's ability to generate any meaningful return for its shareholders.
The DuPont decomposition reveals that the bank's profitability is currently undermined by an inability to control non-interest expenses, which have completely outpaced revenue generation. The lack of non-interest income contribution, which has effectively vanished, suggests that the bank's reliance on volatile gain-on-sale premiums is a structural weakness that currently prevents a return to positive operating margins.
According to the latest income statement data, the net interest margin has stagnated at 0.8%, while the efficiency ratio has deteriorated to 103.0%, indicating that the bank is currently unable to cover its operating costs through its core interest-earning activities.
The persistent 0.8% NIM suggests that the bank's funding costs are likely elevated relative to the yields on its loan portfolio, leaving little room for error. The spike in the efficiency ratio to over 100% indicates a severe lack of operating leverage, suggesting that the current cost structure is fundamentally misaligned with the bank's reduced revenue-generating capacity.
As indicated by the financial statements, the equity-to-assets ratio has compressed to 0.07 in 2026Q1, reflecting a thinning capital cushion that leaves the institution with limited capacity to absorb further losses or support future asset growth.
The decline in the equity-to-assets ratio is a direct consequence of the bank's recent operating losses, which are actively eroding the capital base. Investors should monitor whether this trend necessitates a capital raise or further balance sheet contraction, as the current trajectory suggests that the bank's ability to maintain regulatory capital buffers is becoming increasingly constrained.
Based on the provided financial data, the P/E ratio of -0.83 is a fundamentally misapplied metric for BAFN, as it fails to account for the high volatility of non-cash gain-on-sale accounting and the cyclical nature of the bank's SBA-focused revenue stream.
Using P/E to value a bank with negative earnings and significant fair-value adjustments is misleading, as it ignores the underlying asset quality and the tangible book value that serves as the true floor for valuation. Analysts should instead focus on P/TBV and the trend in tangible book value per share to better assess the bank's long-term viability and the potential for recovery.
Includes 30+ ratios · 17 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BAFN stock.
BayFirst Financial Corp.'s current P/E ratio is -0.9x. The historical average is 6.4x.
BayFirst Financial Corp.'s return on equity (ROE) is -23.1%. The historical average is 10.0%.
Based on historical data, BayFirst Financial Corp. is trading at a P/E of -0.9x. Compare with industry peers and growth rates for a complete picture.
BayFirst Financial Corp.'s current dividend yield is 2.98%.
BayFirst Financial Corp. has 38.0% gross margin and -29.6% operating margin.