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Friday 6 November 2026 Export PNFP’s income statement to Excel — free account

Pinnacle Financial Partners, Inc.

PNFP Financial Banks Regional

Pinnacle Financial Partners, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.3 billion, up 7.59% from fiscal 2024.

Revenue
+126.1%
EPS
+9.55%
Free cash flow
−3.18%
Total debt
+353.1%

Quarter to September 2026, against a year earlier

100.99 0.00 0.00%
Market cap
$15.3B
P/E
13.5×
Fwd P/E
13.0×
Dividend yield
2.20%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Pinnacle Financial Partners, Inc. (PNFP) valuation and DCF model

What the price implies · reverse DCF

At $100.99 the price implies 19.1% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 7.1% a year over the last ten years, 8.0% over the last five. The price asks for about three times its ten-year rate. Return on equity averaged 8.0% over ten years; the price implies 9.3% for good.

In December 2017 the price assumed 29.5% a year; Pinnacle Financial Partners, Inc. went on to grow the dividend a share 27.4% a year to FY2025.

Price implies
19.1%
Last 5 years, reported
8.0%
Last 10 years, reported
7.1%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
19.1% a year for ten years
$100.99
today’s price
Its base case
7.1% a year for five years, then 4.3%
$37.31
63.1% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Pinnacle Financial Partners, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 19.1% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Pinnacle Financial Partners, Inc.’s own cost of capital: risk-free 4.3% + beta 1.04 × equity premium 4.5% = 9.0% cost of equity; weighted, 9.0%.

Use 9.0%
Base case value per share $37.31 ten years discounted, and what follows
Current price $100.99 market price per share
Below today’s price 63.1% downside at the base case’s assumptions

How we got there$16.07 10 years of dividends+$21.24 terminal value=$37.31 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Banks Regional).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 13.50× 13.25× 14.19× 5% below 12.02× 12% above
P/FCF 10.63× 10.62× 13.52× 21% below 10.60× 0% above
P/B 1.11× 1.15× 1.14× 2% below 1.23× 10% below
EV/Sales — 2.55× 3.83× — 3.90× —
P/E P/FCF P/B EV/Sales
0.91×1.07×1.24×1.40×10Y avg 1.14×2017201820192020202120222023202420252026

PNFP trades at 1.11× P/B, against a 10-year average of 1.14× (range 0.90×–1.42×). That is cheaper than 56% of the last 9 year-end readings; re-rating to the average implies $103.37 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.