Latest Ratios: P/E Ratio 12.7x · EV/EBITDA 10.6x · ROE 12.7%. (1996–2025 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 | $2.0B | $1.5B | $1.4B | $1.4B | $1.3B | $1.2B | $1.0B | $1.3B | $1.0B | $1.3B | $1.2B |
| Enterprise Value | $2.3B | $1.8B | $1.7B | $1.7B | $1.5B | $1.5B | $1.2B | $1.5B | $1.3B | $1.5B | $1.5B |
| P/E Ratio → | 12.75 | 9.67 | 10.89 | 10.92 | 10.97 | 10.55 | 12.71 | 14.53 | 12.77 | 19.02 | 20.12 |
| P/S Ratio | 3.34 | 2.54 | 2.51 | 2.67 | 3.40 | 3.50 | 2.80 | 3.46 | 2.95 | 4.12 | 4.12 |
| P/B Ratio | 1.52 | 1.16 | 1.21 | 1.27 | 1.42 | 1.28 | 1.11 | 1.57 | 1.37 | 1.78 | 1.72 |
| P/FCF | 9.40 | 7.15 | 7.88 | 7.43 | 7.57 | 7.58 | 6.78 | 8.62 | 7.72 | 14.53 | 19.58 |
| P/OCF | 8.98 | 6.83 | 7.37 | 7.20 | 7.47 | 7.45 | 6.66 | 8.07 | 6.55 | 9.18 | 11.79 |
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 | — | 2.99 | 2.94 | 3.30 | 3.97 | 4.22 | 3.34 | 3.96 | 3.57 | 4.93 | 5.42 |
| EV / EBITDA | 10.63 | 8.39 | 9.15 | 9.44 | 8.69 | 8.37 | 8.92 | 9.77 | 9.17 | 11.50 | 12.95 |
| EV / EBIT | 11.09 | 8.76 | 9.81 | 10.34 | 9.75 | 9.66 | 11.52 | 12.64 | 12.04 | 15.12 | 17.08 |
| EV / FCF | — | 8.43 | 9.25 | 9.19 | 8.83 | 9.13 | 8.08 | 9.86 | 9.33 | 17.37 | 25.79 |
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 | 70.3% | 70.3% | 65.7% | 71.6% | 88.7% | 96.1% | 80.0% | 80.5% | 82.3% | 88.5% | 90.0% |
| Operating Margin | 34.2% | 34.2% | 30.0% | 31.9% | 40.7% | 43.6% | 29.0% | 31.3% | 29.6% | 32.6% | 31.8% |
| Net Profit Margin | 26.4% | 26.4% | 23.3% | 24.6% | 31.3% | 33.4% | 22.2% | 23.9% | 23.3% | 21.9% | 20.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.7% | 12.7% | 11.8% | 12.5% | 12.7% | 12.5% | 9.2% | 11.4% | 11.1% | 9.8% | 8.8% |
| ROA | 1.8% | 1.8% | 1.5% | 1.5% | 1.5% | 1.5% | 1.2% | 1.4% | 1.4% | 1.2% | 1.1% |
| ROIC | 9.7% | 9.7% | 8.6% | 9.0% | 9.4% | 9.4% | 6.9% | 8.3% | 7.4% | 7.1% | 6.4% |
| ROCE | 4.0% | 4.0% | 12.1% | 13.4% | 14.7% | 14.3% | 10.4% | 12.8% | 12.1% | 12.3% | 11.4% |
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 | 0.26 | 0.26 | 0.28 | 0.37 | 0.33 | 0.32 | 0.29 | 0.30 | 0.41 | 0.45 | 0.63 |
| Debt / EBITDA | 1.59 | 1.59 | 1.77 | 2.24 | 1.72 | 1.73 | 1.97 | 1.66 | 2.27 | 2.43 | 3.62 |
| Net Debt / Equity | — | 0.21 | 0.21 | 0.30 | 0.24 | 0.26 | 0.21 | 0.23 | 0.29 | 0.35 | 0.54 |
| Net Debt / EBITDA | 1.27 | 1.27 | 1.35 | 1.81 | 1.24 | 1.43 | 1.43 | 1.23 | 1.58 | 1.88 | 3.12 |
| Debt / FCF | — | 1.27 | 1.37 | 1.76 | 1.26 | 1.56 | 1.30 | 1.24 | 1.61 | 2.84 | 6.21 |
| Interest Coverage | 1.23 | 1.23 | 0.93 | 1.17 | 5.17 | 8.54 | 2.86 | 2.04 | 2.42 | 3.79 | 4.03 |
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 | 12.62 | 12.62 | 0.14 | 0.23 | 0.31 | 0.31 | 0.25 | 0.24 | 0.23 | 0.22 | 0.22 |
| Quick Ratio | 12.62 | 12.62 | 0.14 | 0.23 | 0.31 | 0.31 | 0.25 | 0.24 | 0.23 | 0.22 | 0.22 |
| Cash Ratio | 0.55 | 0.55 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 |
| Asset Turnover | — | 0.07 | 0.06 | 0.06 | 0.05 | 0.04 | 0.05 | 0.06 | 0.06 | 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 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.9% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 24.3% | 24.3% | 26.7% | 26.5% | 26.6% | 26.4% | 36.5% | 31.6% | 31.2% | 30.0% | 33.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.8% | 10.3% | 9.2% | 9.2% | 9.1% | 9.5% | 7.9% | 6.9% | 7.8% | 5.3% | 5.0% |
| FCF Yield | 10.6% | 14.0% | 12.7% | 13.5% | 13.2% | 13.2% | 14.7% | 11.6% | 13.0% | 6.9% | 5.1% |
| Buyback Yield | 0.7% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 2.6% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $24M | $24M | $25M | $25M | $25M | $26M | $26M | $26M | $26M | $26M |
Specialized collateral valuation volatility
Based on reported figures, SRCE trades at a P/B of 1.52, which suggests the market assigns a premium to its specialized equipment finance franchise compared to more commoditized regional peers, despite the recent compression in return on equity metrics observed in early 2026.
The current valuation multiple appears to bake in an expectation of superior underwriting capabilities within the bank's niche transportation segments. Investors should monitor whether this premium remains sustainable if the recent uptick in credit provisions persists and continues to weigh on bottom-line profitability.
As reported in financial statements, the bank's ROE has compressed to 3.0% in 2026Q1, a trend that warrants further investigation into whether the decline is driven by cyclical asset quality issues or a structural shift in the bank's net interest margin and operating leverage.
The decomposition suggests that while the bank maintains a stable asset base, the recent surge in credit provisions has significantly impacted the net income component of the ROE equation. This indicates that the bank's profitability is currently more sensitive to collateral recovery values than to its core interest-earning asset utilization.
According to quarterly data, the efficiency ratio has fluctuated between 33.9% and 39.5% over the last two years, indicating that management has maintained disciplined cost control even as the bank navigates the complexities of its specialized national lending operations and regional deposit funding.
The bank's ability to keep operating expenses contained suggests that the infrastructure for its niche finance business is largely scalable. However, the recent spike in the efficiency ratio may indicate that fixed costs are becoming a larger burden relative to the current, more constrained revenue environment.
Based on the provided quarterly data, the equity-to-assets ratio has remained stable between 0.12 and 0.15, which indicates that 1st Source Corporation maintains a fortress-like capital buffer sufficient to absorb potential shocks within its specialized equipment finance portfolio without requiring immediate external capital raises.
This conservative capital positioning appears to be a deliberate management choice to prioritize long-term stability over aggressive balance sheet expansion. Such a stance may limit short-term ROE upside but provides a necessary cushion against the inherent volatility of the bank's specialized collateral-backed loan book.
Investors frequently misapply the P/E ratio to SRCE, which obscures the impact of lumpy credit provisions and non-recurring gains on equipment sales that can distort earnings, making the P/TBV ratio a more reliable metric for assessing the bank's true valuation and capital efficiency.
Because the bank's earnings are sensitive to the residual value of specialized assets, the P/E ratio often fails to account for the underlying book value growth that drives long-term shareholder returns. Analysts should prioritize P/TBV to better capture the bank's intrinsic value, as it is less susceptible to the volatility of quarterly provision adjustments.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying SRCE stock.
1st Source Corporation's current P/E ratio is 12.7x. The historical average is 16.1x. This places it at the 30th percentile of its historical range.
1st Source Corporation's current EV/EBITDA is 10.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.1x.
1st Source Corporation's return on equity (ROE) is 12.7%. The historical average is 10.2%.
Based on historical data, 1st Source Corporation is trading at a P/E of 12.7x. This is at the 30th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
1st Source Corporation's current dividend yield is 1.91% with a payout ratio of 24.3%.
1st Source Corporation has 70.3% gross margin and 34.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
1st Source Corporation's Debt/EBITDA ratio is 1.6x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.