A Business at a Glance
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Stock Yards Bancorp, Inc.
SYBT
$2.4B
Mkt Cap
$81.80
+1.50%
Stock Yards Bancorp, Inc. (SYBT) has a current P/E ratio of 17.2, compared to its historical median P/E of 16.2. The stock is currently considered Fair based on its historical valuation range.
Stock Yards Bancorp, Inc. (SYBT) has a 5-year average return on invested capital (ROIC) of 13.0%. This indicates solid capital allocation.
Stock Yards Bancorp, Inc. (SYBT) has a market capitalization of $2.4B. It is classified as a mid-cap stock.
Yes, Stock Yards Bancorp, Inc. (SYBT) pays a dividend with a trailing twelve-month yield of 1.55%. The company also returns capital through share buybacks, with a buyback yield of 0.07%.
Based on historical P/E analysis, Stock Yards Bancorp, Inc. (SYBT) appears fair. The current P/E of 17.2 is 6% above its historical median of 16.2. The estimated fair value CAGR (P/E method) is 8.7%.
Stock Yards Bancorp, Inc. (SYBT) operates in the State Commercial Banks industry, within the Financials sector.
Stock Yards Bancorp, Inc. (SYBT) reported annual revenue of $565 million in its most recent fiscal year, based on SEC EDGAR filings.
PART I Stock Yards Bancorp, Inc. (“Bancorp” or “the Company”), is a FHC headquartered in Louisville, Kentucky and is engaged in the business of banking through its wholly owned subsidiary, Stock Yards Bank & Trust Company (“SYB” or “the Bank”). Bancorp, which was incorporated in 1988 in Kentucky, is registered with, and subject to supervision, regulation and examination by, the Board of Governors of the Federal Reserve System. As Bancorp has no significant operations of its own, its business and the business of SYB are essentially the same. The operations of SYB are fully reflected in the consolidated financial statements of Bancorp. Accordingly, references to “Bancorp” in this document may encompass both the holding company and the Bank. All significant inter-company transactions and accounts have been eliminated in consolidation.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 407M | 565M | 508M | 439M | 341M | 243M |
| Net Income | 143M | 140M | 115M | 108M | 93M | 75M |
| EPS | $4.87 | $4.75 | $3.89 | $3.67 | $3.21 | $2.97 |
| Free Cash Flow | 146M | 154M | 133M | 99M | 90M | 98M |
| ROIC | 12.7% | 13.5% | 12.4% | 12.9% | 12.7% | 13.4% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.02 | 0.02 | 0.03 | 0.03 | 0.04 | 8.83 |
| Dividends/Share | $1.27 | $1.26 | $1.22 | $1.18 | $1.14 | $1.12 |
| Operating Income | 2.8M | 178M | 144M | 138M | 5.3M | 3.9M |
| Operating Margin | 0.7% | 31.6% | 28.4% | 31.4% | 1.6% | 1.6% |
| ROE | 13.0% | 13.9% | 12.7% | 13.3% | 12.9% | 13.4% |
| Shares Outstanding | 30M | 30M | 29M | 29M | 29M | 25M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 128M | 133M | 145M | 155M | 175M | 197M | 200M | 243M | 341M | 439M | 508M | 565M | 407M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 45M | 45M | 49M | 90M | 89M | 98M | 102M | 142M | 103M | 110M | 121M | 132M | 135M |
| EBIT | 50M | 54M | 56M | 55M | 68M | 76M | 68M | 3.9M | 5.3M | 138M | 144M | 178M | 2.8M |
| Op. Margin | 39.1% | 40.7% | 38.8% | 35.5% | 38.6% | 38.3% | 33.9% | 1.6% | 1.6% | 31.4% | 28.4% | 31.6% | 0.7% |
| Net Income | 35M | 37M | 41M | 38M | 56M | 66M | 59M | 75M | 93M | 108M | 115M | 140M | 143M |
| Net Margin | 27.2% | 27.9% | 28.3% | 24.5% | 31.7% | 33.5% | 29.5% | 30.7% | 27.3% | 24.5% | 22.5% | 24.8% | 35.3% |
| Non-Recurring | -33K | 51K | -202K | 0 | -56K | -372K | 0 | 0 | -870K | 0 | 0 | 72K | 72K |
| Returns on Capital | |||||||||||||
| ROIC | 14.2% | 13.6% | 13.6% | 11.7% | 15.8% | 17.1% | 13.9% | 13.4% | 12.7% | 12.9% | 12.4% | 13.5% | 12.7% |
| ROE | 14.2% | 13.6% | 13.7% | 11.8% | 15.9% | 17.1% | 13.9% | 13.4% | 12.9% | 13.3% | 12.7% | 13.9% | 13.0% |
| ROA | 1.4% | 1.4% | 1.4% | 1.2% | 1.7% | 1.9% | 1.4% | 1.3% | 1.3% | 1.4% | 1.3% | 1.5% | 1.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 40M | 43M | 63M | 54M | 66M | 58M | 77M | 102M | 109M | 107M | 143M | 166M | 159M |
| Free Cash Flow | 37M | 40M | 57M | 51M | 59M | 53M | 72M | 98M | 90M | 99M | 133M | 154M | 146M |
| Owner Earnings | 35M | 38M | 58M | 47M | 58M | 51M | 69M | 92M | 92M | 90M | 128M | 152M | 107M |
| CapEx | 2.5M | 3.5M | 6.3M | 2.8M | 7.1M | 5.1M | 5.5M | 4.6M | 18M | 7.7M | 9.8M | 12M | 13M |
| Maint. CapEx | 2.9M | 3.0M | 3.2M | 3.5M | 3.7M | 4.2M | 4.7M | 5.6M | 12M | 12M | 11M | 9.9M | 47M |
| Growth CapEx | 0 | 459K | 3.1M | 0 | 3.4M | 898K | 735K | 0 | 6.4M | 0 | 0 | 2.2M | 0 |
| D&A | 2.9M | 3.0M | 3.2M | 3.5M | 3.7M | 4.2M | 4.7M | 5.6M | 12M | 12M | 11M | 9.9M | 47M |
| CapEx/OCF | 6.3% | 8.0% | 10.0% | 5.2% | 10.7% | 8.7% | 7.1% | 4.5% | 17.0% | 7.2% | 6.9% | 7.3% | 8.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 13M | 14M | 16M | 18M | 22M | 24M | 24M | 28M | 33M | 35M | 36M | 37M | 38M |
| Dividend Yield | 3.8% | 3.4% | 2.9% | 2.4% | 3.1% | 3.3% | 3.3% | 2.3% | 2.0% | 2.5% | 2.3% | 1.8% | 1.6% |
| Share Buybacks | 616K | 918K | 1.9M | 2.4M | 2.0M | 12M | 2.3M | 3.8M | 4.8M | 2.7M | 4.2M | 2.1M | 1.8M |
| Buyback Yield | 0.2% | 0.2% | 0.2% | 0.3% | 0.3% | 1.4% | 0.3% | 0.2% | 0.3% | 0.2% | 0.2% | 0.1% | 0.1% |
| Stock-Based Comp | 2.0M | 2.1M | 2.5M | 2.9M | 4.0M | 3.6M | 3.3M | 4.6M | 4.4M | 4.5M | 3.8M | 4.4M | 4.5M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | -103M | -47M | -713M | -635M | N/A | N/A | N/A | -1.3B | -1.3B | -1.3B | -860M | -640M |
| Cash & Equiv. | 74M | 104M | 48M | 139M | 199M | 250M | 318M | 961M | 167M | 266M | 291M | 886M | 667M |
| Long-Term Debt | N/A | 939K | 763K | 955K | 924K | N/A | N/A | N/A | 26M | 27M | 27M | 27M | 27M |
| Debt/Equity | 8.87 | 0.00 | 0.00 | 0.00 | 0.00 | 8.17 | 9.46 | 8.83 | 0.04 | 0.03 | 0.03 | 0.02 | 0.02 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0 |
| Equity | 260M | 287M | 314M | 334M | 367M | 406M | 441M | 676M | 760M | 858M | 940M | 1.1B | 1.1B |
| Total Assets | 2.6B | 2.8B | 3.0B | 3.2B | 3.3B | 3.7B | 4.6B | 6.6B | 7.5B | 8.2B | 8.9B | 9.5B | 9.5B |
| Total Liabilities | 2.3B | 2.5B | 2.7B | 2.9B | 2.9B | 3.3B | 4.2B | 6.0B | 6.7B | 7.3B | 7.9B | 8.5B | 8.4B |
| Intangibles | N/A | N/A | N/A | N/A | 1.1M | 2.3M | 2.0M | 5.6M | N/A | N/A | N/A | N/A | 11M |
| Retained Earnings | 210M | 231M | 252M | 267M | 298M | 334M | 354M | 391M | 440M | 506M | 578M | 675M | 698M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.57 | 1.65 | 1.80 | 1.66 | 2.42 | 2.89 | 2.59 | 2.97 | 3.21 | 3.67 | 3.89 | 4.75 | 4.87 |
| Owner EPS | 1.58 | 1.69 | 2.53 | 2.06 | 2.54 | 2.22 | 3.04 | 3.66 | 3.19 | 3.06 | 4.35 | 5.14 | 3.64 |
| Book Value | 11.72 | 12.71 | 13.77 | 14.56 | 15.98 | 17.77 | 19.39 | 26.89 | 26.26 | 29.23 | 31.94 | 36.46 | 37.37 |
| Cash Flow/Share | 1.80 | 1.92 | 2.78 | 2.34 | 2.87 | 2.56 | 3.39 | 4.06 | 3.75 | 3.63 | 4.85 | 5.63 | 6.44 |
| Dividends/Share | 0.58 | 0.64 | 0.72 | 0.80 | 0.95 | 1.03 | 1.08 | 1.12 | 1.14 | 1.18 | 1.22 | 1.26 | 1.27 |
| Shares Out. | 22.2M | 22.5M | 22.8M | 22.9M | 22.9M | 22.9M | 22.7M | 25.1M | 29.0M | 29.4M | 29.4M | 29.5M | 29.5M |
| Valuation | |||||||||||||
| P/E Ratio | 10.9 | 12.2 | 21.1 | 19.2 | 11.5 | 12.4 | 14.3 | 19.6 | 19.1 | 13.6 | 18.1 | 14.0 | 16.8 |
| P/FCF | 10.2 | 11.4 | 15.2 | 14.4 | 10.8 | 15.3 | 11.7 | 15.0 | 19.6 | 14.8 | 15.6 | 12.8 | 16.6 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 642.9 |
| Price/Book | 1.5 | 1.6 | 2.8 | 2.2 | 1.7 | 2.0 | 1.9 | 2.2 | 2.3 | 1.7 | 2.2 | 1.8 | 2.2 |
| Price/Sales | 2.7 | 3.3 | 3.9 | 5.0 | 4.4 | 4.1 | 4.0 | 5.1 | 5.2 | 4.0 | 4.5 | 5.3 | 5.9 |
| FCF Yield | 9.8% | 8.8% | 6.6% | 7.0% | 9.2% | 6.5% | 8.5% | 6.7% | 5.1% | 6.8% | 6.4% | 7.8% | 6.0% |
| Market Cap | 381M | 453M | 867M | 731M | 637M | 818M | 840M | 1.5B | 1.8B | 1.5B | 2.1B | 2.0B | 2.4B |
| Avg. Price | 15.21 | 18.51 | 24.26 | 32.21 | 30.32 | 31.36 | 32.91 | 48.42 | 58.44 | 46.28 | 53.97 | 71.66 | 81.80 |
| Year-End Price | 17.16 | 20.12 | 38.06 | 31.89 | 27.79 | 35.77 | 36.94 | 58.35 | 61.17 | 49.88 | 70.45 | 66.68 | 81.80 |
Stock Yards Bancorp, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
Stock Yards Bancorp, Inc. trades at 17.2x trailing earnings, compared to its 15-year median P/E of 16.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 15.7x vs a median of 14.9x. The company's 5-year average ROIC is 13.0%. Total shareholder yield (dividends) is 1.6%. At current prices, the estimated annualized return to fair value is +9.5%.
Stock Yards Bancorp, Inc. (SYBT) has a net profit margin of 24.8%. This is a strong margin indicating high profitability.
Stock Yards Bancorp, Inc. (SYBT) generated $154 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Stock Yards Bancorp, Inc. (SYBT) has a debt-to-equity ratio of 0.02. This indicates a conservatively financed balance sheet.
Stock Yards Bancorp, Inc. (SYBT) reported earnings per share (EPS) of $4.75 in its most recent fiscal year.
Stock Yards Bancorp, Inc. (SYBT) has a return on equity (ROE) of 13.9%. This indicates moderate shareholder returns.
The Ledger Terminal provides 17 years of financial data for Stock Yards Bancorp, Inc. (SYBT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Stock Yards Bancorp, Inc. (SYBT) has a book value per share of $36.46, based on its most recent annual SEC filing.