Patriot National Bancorp Inc (NASDAQ: PNBK)

Sector: Financial Services Industry: Banks - Regional CIK: 0001098146
Market Cap 11.18 Mn
P/B 0.12
P/E -0.56
P/S 0.65
ROIC (Qtr) -19.48
Div Yield % 0.00
Rev 1y % (Qtr) 25.62
Total Debt (Qtr) 18.83 Mn
Debt/Equity (Qtr) 0.20

About

Price action

Investment thesis

Bull case

  • Robust free cash flow of (12.69M) exceeds capital expenditure of (6000) by 2115.67x, indicating strong organic growth funding capability.
  • Strong tangible asset base of 950.63M provides 50.49x coverage of total debt 18.83M, indicating robust asset backing and low credit risk.
  • Operating cash flow of (12.70M) provides strong 2116.67x coverage of capital expenditure (6000), enabling organic growth.
  • Strong tangible asset base of 950.63M provides 7856.45x coverage of intangibles 121000, indicating robust asset quality.

Bear case

  • Operating cash flow of (12.70M) barely covers its investment activities of 146.53M, with a coverage ratio of -0.09, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • The company's operating cash flow of (12.70M) shows concerning coverage of stock compensation expenses of 3.17M, with a -4.01 ratio indicating potential earnings quality issues.
  • Operating earnings of (20.04M) show weak coverage of depreciation charges of 1.07M, with a -18.78 ratio indicating high capital intensity and potential reinvestment needs.
  • Free cash flow of (12.69M) represents just 0.13x of debt issuance (97.68M), suggesting concerning reliance on leverage rather than internal cash generation for growth.
  • Operating cash flow of (12.70M) barely covers operating expenses of 6.85M with a -1.85 ratio, suggesting thin operational efficiency margins and limited flexibility.

Peer comparison

Companies in the Banks - Regional
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 PNC Pnc Financial Services Group, Inc. 116.04 Bn 32.12 7.88 62.34 Bn
2 USB Us Bancorp \De\ 92.41 Bn 16.38 4.66 77.98 Bn
3 NU Nu Holdings Ltd. 81.91 Bn 32.39 5.82 4.49 Bn
4 NWG NatWest Group plc 65.96 Bn 9.79 3.02 169.04 Bn
5 TFC Truist Financial Corp 65.29 Bn -29.96 6.01 71.11 Bn
6 FITB Fifth Third Bancorp 34.56 Bn 14.24 4.21 18.94 Bn
7 RF Regions Financial Corp 34.00 Bn -44.56 11.28 6.09 Bn
8 CFG Citizens Financial Group Inc/Ri 33.38 Bn 38.59 7.16 10.66 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets -0.18 0.13
EV to Cash from Ops. EV/CFO 13.11 10.77
EV to Debt EV to Debt -8.84 6.49
EV to EBIT EV/EBIT 8.31 6.25
EV to EBITDA EV/EBITDA 8.78 192.10
EV to Free Cash Flow [EV/FCF] EV/FCF 13.12 4.75
EV to Market Cap EV to Market Cap -14.90 1.03
EV to Revenue EV/Rev -9.68 5.61
Price to Book Value [P/B] P/B 0.12 1.83
Price to Earnings [P/E] P/E -0.56 26.60
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 273.23
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 34.77
Dividend per Basic Share Div per Share (Qtr) 0.00 0.89
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 33.82
Interest Coverage Interest Coverage 0.00 -0.06
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 103.90 -74.97
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 176.93 16.02
Dividend Growth (1y) % Div 1y % (Qtr) 0.00 5.29
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 32.10 111.43
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -360.93 39.20
EBIT Growth (1y) % EBIT 1y % (Qtr) -279.96 61.65
EBT Growth (1y) % EBT 1y % (Qtr) -279.96 61.56
EPS Growth (1y) % EPS 1y % (Qtr) 63.51 76.44
FCF Growth (1y) % FCF 1y % (Qtr) -357.28 162.62
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -37.00 14.19
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.02 0.04
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.26
Cash Ratio Cash Ratio 0.00 0.00
Current Ratio Current Ratio 0.00 0.01
Debt to Equity Ratio Debt/Equity (Qtr) 0.20 0.53
Interest Cover Ratio Interest Cover Ratio 0.00 -0.06
Times Interest Earned Times Interest Earned 0.00 -0.06
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -110.30 148.90
EBIT Margin % EBIT Margin % (Qtr) -116.51 156.32
EBT Margin % EBT Margin % (Qtr) -116.51 155.57
Gross Margin % Gross Margin % (Qtr) 100.00 97.81
Net Profit Margin % Net Margin % (Qtr) -116.20 116.30