Latest Ratios: P/E Ratio 12.5x · EV/EBITDA 8.0x · 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 | $7.7B | $7.4B | $8.8B | $6.7B | $5.6B | $7.3B | $4.9B | $4.9B | $3.6B | $4.3B | $3.0B |
| Enterprise Value | $6.7B | $6.4B | $8.0B | $7.3B | $5.5B | $4.7B | $3.0B | $7.5B | $4.9B | $5.5B | $3.7B |
| P/E Ratio → | 12.46 | 11.79 | 19.19 | 12.22 | 10.24 | 14.15 | 15.98 | 12.26 | 9.94 | 24.56 | 23.81 |
| P/S Ratio | 2.65 | 2.54 | 3.09 | 2.70 | 3.61 | 5.96 | 4.06 | 4.11 | 3.40 | 5.97 | 7.03 |
| P/B Ratio | 1.11 | 1.05 | 1.37 | 1.11 | 1.01 | 1.37 | 0.99 | 1.13 | 0.90 | 1.15 | 2.02 |
| P/FCF | 11.65 | 11.15 | 10.93 | 16.71 | 10.34 | 11.43 | 12.59 | 12.62 | 7.99 | 37.96 | 22.41 |
| P/OCF | 10.21 | 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 | — | 2.18 | 2.81 | 2.96 | 3.57 | 3.86 | 2.53 | 6.26 | 4.72 | 7.74 | 8.56 |
| EV / EBITDA | 8.00 | 7.61 | 11.78 | 9.23 | 7.27 | 6.66 | 7.28 | 14.79 | 11.61 | 20.17 | 19.27 |
| EV / EBIT | 8.59 | 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 | 8.0% | 8.5% | 5.2% | 8.2% | 9.8% | 7.1% | 6.3% | 8.2% | 10.1% | 4.1% | 4.2% |
| FCF Yield | 8.6% | 9.0% | 9.1% | 6.0% | 9.7% | 8.7% | 7.9% | 7.9% | 12.5% | 2.6% | 4.5% |
| Buyback Yield | 0.3% | 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 |
BHG earnings volatility
Based on recent market data, PNFP trades at a P/B ratio of 1.12, which suggests that investors are pricing the bank as a growth-oriented franchise rather than a traditional utility, despite the significant volatility observed in its recent quarterly return on equity figures.
The current valuation implies that the market expects the bank's talent-led expansion strategy to yield superior long-term returns on tangible equity. However, the disconnect between the premium multiple and the recent compression in ROE warrants caution, as it suggests that the market may be overestimating the sustainability of earnings derived from non-core investments.
As reported in financial statements, PNFP's ROE has fluctuated significantly, reaching 1.4% in 2026Q1, a trend that appears to be driven by the volatile contribution of non-interest income and the high fixed-cost base associated with the bank's aggressive relationship manager hiring strategy.
The decomposition of profitability indicates that the bank's reliance on equity-method earnings from Bankers Healthcare Group introduces substantial noise into the core operating performance. Investors should monitor whether the bank can achieve consistent asset utilization improvements as the recent balance sheet expansion matures and the cost of talent is absorbed.
According to quarterly filings, PNFP's efficiency ratio widened to 57.2% in 2026Q1, reflecting the operational strain of rapid scaling and the front-loaded compensation expenses inherent in the bank's talent-arbitrage model compared to the more stable efficiency profiles of its regional peers.
The sharp increase in the efficiency ratio suggests that the bank's operating leverage is currently pressured by the costs of integrating new teams. This trend may indicate that the bank's ability to maintain a competitive NIM is being challenged by the need to fund rapid growth while managing a high-cost personnel structure.
The P/E ratio is frequently misapplied to PNFP, as it fails to account for the significant earnings volatility introduced by the equity-method accounting of the Bankers Healthcare Group investment, which can obscure the underlying profitability of the core commercial banking franchise.
Analysts should prioritize P/TBV and adjusted ROE metrics to better capture the bank's true capital efficiency. Relying on P/E ratios may lead to flawed conclusions regarding the bank's valuation, as the non-core earnings components are often transactional and do not reflect the recurring nature of the bank's primary interest-earning activities.
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 12.5x. The historical average is 21.7x. This places it at the 23th percentile of its historical range.
Pinnacle Financial Partners, Inc.'s current EV/EBITDA is 8.0x. 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 12.5x. This is at the 23th 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 0.95% 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.