United Community Banks, Inc. (UCB)

Neutral

Insufficient data to determine institutional momentum.

Data as of Q3 2026

FY2025 basis· bank

$36.73▼ 1.29%

EOD close · as of 2026-10-30

Market Cap

$4.40B

Enterprise Value

$4.60B

P/E

14.0×

P/S

4.1×

Revenue (FY)

$1.06B

Rev. growth

11.3%/yr

basis changed FY2023

Gross margin

—

Net margin

31%

ROIC

Net debt / EBITDA

n/a for a bank

Revenue· FY2025$1.06B

Net Income· FY2025$328.1M

Free Cash Flow· FY2025$356.5M

Deep analysis

Valuation vs. its own history

Cheap or dear — against itself

Where each multiple sits in its own 14-yr range · 81th pct blended

P/E

13.5× now

2.2×25.0×

64th

mid

P/S

4.2× now

1.3×4.0×

100th

rich

P/B

1.2× now

0.5×1.5×

79th

rich

Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.

Quality of the business

What backs the price

Is the profit real, and how strong is the balance sheet?

✓

Cash-backed earnings

Operating cash flow 1.2× net income

1.17×

✓

Capital intensity

Reinvests 7% of operating cash flow

light

Returns on capital

ROIC 9%

Income statement

How a revenue dollar becomes profit

FY2025 · every deduction from revenue to net income

Returns

Why ROE is 9.0%

DuPont — the three levers

Net margin

30.9%

profit / rev

Asset turns

0.04×

rev / assets

Leverage

7.70×

assets / year-end equity

ROE

9.0%

on year-end equity

ROE 9% against ROIC 9% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.

Leverage & liquidity

Debt structure

What the company owes vs. what it holds

Total Debt

$205.4M

Cash & Equivalents

—

Net Debt

$205.4M

Net debt / EBITDA—

This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.

Operating leverage

How profit responds to sales

Latest year: profit growth vs revenue growth

Revenue Δ

+11.7%

Op. income Δ

—

Op. leverage

—

Operating leverage needs meaningful revenue change.

Operating leverage

Common-size income statement

Each line as % of revenue — the trend in color

% of revenue	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Income Tax	9.5	9.4	7.9	10.5	9.5	5.0	7.4	8.9
Net Income	31.8	33.1	28.4	36.2	33.6	21.0	26.5	30.9

Green = margin-favorable vs the row's own range · red = unfavorable.

Track record · FY2016 → FY2025

How the ratios & debt developed

The metrics that matter, over time

ROE

FY2025 · latest

Net margin

31%

FY2025 · latest

ROIC

FY2025 · latest

Gross margin

—

— · latest

—

Current ratio

—

— · latest

—

FCF margin

34%

FY2025 · latest

Free cash flow

$356.5M

FY2025 · latest

Institutional ownership: 84 holders · 1% of shares · 88th percentile crowding — Insufficient data to determine institutional momentum. (see the 13F tab)

A 30-second read on UCB: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.

Loading snapshot...

Financials

$36.73▼ 1.29%

EOD close · as of 2026-10-30

Market Cap

$4.40B

Enterprise Value

$4.60B

Revenue → Profit Flow

How a revenue dollar becomes profit — FY2025

Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.

Each value shows its share of revenue below it (common-size).

Line Item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Revenue	$1.06B 100.0%	$952.1M 100.0%	$893.2M 100.0%	$826.2M 100.0%	$744.4M 100.0%	$577.4M 100.0%	$561.0M 100.0%	$522.2M 100.0%	$440.4M 100.0%	$404.3M 100.0%
Interest Expense	—	—	$419.3M 46.9%	$60.8M 7.4%	$29.8M 4.0%	$56.2M 9.7%	$83.3M 14.9%	$61.3M 11.7%	$33.7M 7.7%	$25.2M 6.2%
Pretax Income	$422.4M 39.7%	$323.0M 33.9%	$232.5M 26.0%	$356.0M 43.1%	$347.8M 46.7%	$209.4M 36.3%	$238.7M 42.6%	$215.9M 41.3%	$172.8M 39.2%	$163.0M 40.3%
Income Tax Expense	$94.3M 8.9%	$70.6M 7.4%	$45.0M 5.0%	$78.5M 9.5%	$78.0M 10.5%	$45.4M 7.9%	$53.0M 9.4%	$49.8M 9.5%	$105.0M 23.8%	$62.3M 15.4%
Net Income	$328.1M 30.9%	$252.4M 26.5%	$187.5M 21.0%	$277.5M 33.6%	$269.8M 36.2%	$164.1M 28.4%	$185.7M 33.1%	$166.1M 31.8%	$67.8M 15.4%	$100.7M 24.9%
Per Share
EPS (Basic)	$2.62	$2.04	$1.54	$2.52	$2.97	$1.91	$2.31	$2.07	$0.92	$1.40
EPS (Diluted)	$2.62	$2.04	$1.54	$2.52	$2.97	$1.91	$2.31	$2.07	$0.92	$1.40
Weighted Avg Shares (Basic)	121.3M	119.8M	117.6M	106.7M	87.9M	83.2M	79.7M	79.7M	73.2M	71.9M
Weighted Avg Shares (Diluted)	121.4M	119.9M	117.7M	106.8M	88.1M	83.2M	79.7M	79.7M	73.3M	71.9M

Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.

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Is the business good?

Can't say

No positive operating income in the last three years, so there is no return on capital to compare against its cost.

Not enough history to draw the spread — it needs at least two fiscal years with a computable ROIC and a cost of capital.

Gross, operating and net margin by fiscal year
Fiscal year	Gross margin	Operating margin	Net margin
FY2016	not reported	not reported	24.9%
FY2017	not reported	not reported	15.4%
FY2018	not reported	not reported	31.8%
FY2019	not reported	not reported	33.1%
FY2020	not reported	not reported	28.4%
FY2021	not reported	not reported	36.2%
FY2022	not reported	not reported	33.6%
FY2023	not reported	not reported	21.0%
FY2024	not reported	not reported	26.5%
FY2025	not reported	not reported	30.9%

Shared scale — the distance between the lines is the cost structure▨ each line's own 10-year range

Return on equity (9%) and return on invested capital (9%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.

The other side

No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.

Missing from our data, so excluded from this answer: positive EBIT.

Basis: FY2025Source: SEC EDGAR XBRL

Are the earnings real?

Strong

Converts 1.35x of reported profit into free cash flow over 5 years, with accruals negative.

FCF / net income

1.35×↘ narrowing

5-year average; latest 1.09x

Sloan accruals

-0.2%

(net income − OCF) / assets · negative is better

Share count since FY2019

52.6%

measured from the first year on file, so a recent listing shows up here as dilution

SBC / revenue

1.1%

benign

Cash conversion cycle

—

receivables, inventory or cost of revenue not reported

The other side

Shares outstanding are up 53% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.

Basis: FY2025Source: SEC EDGAR XBRL

Can it survive?

Can't say

Leverage is not measurable this way for a bank.

A stress curve needs EBIT and a reported interest expense — one of them is not available for this company.

The other side

Funded by deposits, so debt-weighted leverage and a WACC are not defined. Capital adequacy (CET1, LCR) is the right question and is not collected yet.

Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.

Basis: FY2025Source: SEC EDGAR XBRL

What's priced in?

Undemanding

At $36.73, free cash flow must compound 4.39%/yr for 10 years. It has done 17.86%/yr over 6 years, though across a reporting-basis change.

Achieved free cash flow growth by year against the growth the price requires
Fiscal year	FCF growth	Price requires
FY2020	5.4%	4.4%
FY2021	137.4%	4.4%
FY2022	69.6%	4.4%
FY2023	−60.8%	4.4%
FY2024	36.7%	4.4%
FY2025	17.8%	4.4%

The rate the price requires sits inside the range this business has delivered — matched or beaten in 5 of 6 years. Shaded band is ±1σ of its own free-cash-flow growth. The record spans a reporting-basis change, so part of the variation is the restatement rather than the business.

Implied FCF growth

4.4%

for 10 years, discounted at 10.0% (published default — this company's cost of capital could not be computed)

Achieved FCF growth

17.9%

6-year CAGR, on the same basis as the requirement above

Required vs achieved

0.25×

above 1 means the price asks for more than the record

Each multiple against its own 14-year history

P/E

13.5× FY · 11.6× TTM

2.2×25.0×

64th

14 yrs

P/S

4.2× FY · 4.0× TTM

1.3×4.0×

100th

14 yrs

P/B

1.2× FY · 1.2× TTM

0.5×1.5×

79th

14 yrs

last fiscal year TTM medianshaded = middle half

The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.

P / E

14.0× · med 15.1× · 12.5×–18.1×

P / S

4.1× · med 3.3× · 2.7×–3.5×

EV / EBITDA

not reported for this company

P / B

1.2× · med 1.2× · 1.1×–1.6×

UCB cohort median p25–p7518 peersvalues clipped at p1/p99 before rankingeach row scaled to its own range

The other side

The achieved growth rate spans a reporting-basis change in FY2023, so part of it measures the restatement rather than the business.

Basis: FY2025Source: SEC EDGAR XBRL

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UCB vs. State Commercial Banks peers

Ranked against 18 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.

Where it ranks

top thirdmiddlebottompeer median

ValuationCheaper than peers scores higher

P / E

UCB 14.0× · med 15.1× · p25–p75 12.5×–18.1×

63rd pct

P / S

UCB 4.1× · med 3.3× · p25–p75 2.7×–3.5×

11th pct

EV / EBITDA

UCB — · med 13.5×

not enough peer data

—

P / B

UCB 1.2× · med 1.2× · p25–p75 1.1×–1.6×

47th pct

GrowthLatest fiscal-year revenue vs prior year

Revenue growth (YoY)

UCB 11.7% · med 7.4% · p25–p75 1.3%–39.6%

74th pct

ProfitabilityMargins vs the sector

Gross margin

UCB — · med 54.3%

not enough peer data

—

Operating margin

UCB —

not enough peer data

—

Net margin

UCB 30.9% · med 21.1% · p25–p75 16.2%–23.1%

100th pct

FCF margin

UCB 33.5% · med 27.4% · p25–p75 17.2%–34.6%

67th pct

Returns on capitalHow hard the capital works

Return on equity

UCB 9.0% · med 9.6% · p25–p75 6.7%–10.3%

47th pct

Return on invested capital

UCB 8.5% · med 6.8% · p25–p75 5.0%–9.7%

58th pct

LeverageLess debt scores higher

Net debt / EBITDA

UCB — · med 3.8×

not enough peer data

—

13F convictionInstitutional breadth & ownership

13F holders

UCB 84 · med 45 · p25–p75 23–146

74th pct

Institutional ownership

UCB 0.7% · med 1.4% · p25–p75 0.7%–2.6%

31st pct

Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.

Peer table

Click a column to sort · latest FY

Company	Mkt cap ▼	P/E	EV/EBITDA	P/S	Rev gr	Gross	Net	ROE	ROIC	Net D/EBITDA	13F
STTSTATE STREET CORP	$46.2B	18.1×	—	3.3×	7.3%	—	21.1%	10.6%	10.6%	—	388
NTRSNORTHERN TRUST CORP	$30.9B	19.4×	—	3.8×	-2.5%	—	21.5%	13.4%	13.4%	—	272
CFGCITIZENS FINANCIAL GRO…	$26.7B	16.5×	—	3.2×	5.6%	—	22.2%	7.0%	4.9%	—	319
FCNCAFIRST CITIZENS BANCSHA…	$26.1B	14.2×	—	2.7×	-2.2%	—	23.1%	9.9%	3.8%	—	162
ALLYAlly Financial Inc.	$11.6B	16.1×	—	1.5×	-3.3%	—	10.8%	5.5%	2.5%	—	140
UCBUNITED COMMUNITY BANKS…	$4.4B	14.0×	—	4.1×	11.7%	—	30.9%	9.0%	8.5%	—	84
FBPFIRST BANCORP /PR/	$4.0B	12.2×	—	3.1×	2.4%	—	27.5%	17.5%	15.3%	—	67
FHBFIRST HAWAIIAN, INC.	$3.1B	11.4×	—	3.5×	8.9%	—	31.4%	10.0%	10.0%	—	74
BUSEFIRST BUSEY CORP /NV/	$2.4B	19.6×	—	3.3×	55.7%	—	18.8%	5.5%	5.5%	—	61
GABCGERMAN AMERICAN BANCOR…	$1.8B	16.0×	—	3.8×	37.8%	—	23.1%	9.7%	8.9%	—	39
PEBOPEOPLES BANCORP INC	$1.4B	12.9×	13.5×	16.0×	2.3%	—	—	8.8%	5.5%	3.8×	41
UVSPUNIVEST FINANCIAL Corp	$1.1B	12.7×	—	3.3×	9.6%	—	27.7%	9.6%	9.4%	—	49
FMNBFARMERS NATIONAL BANC …	$927M	10.8×	—	3.3×	3.9%	—	19.5%	11.2%	6.4%	—	33
WASHWASHINGTON TRUST BANCO…	$736M	14.2×	—	3.2×	128%	—	22.8%	9.6%	9.6%	—	39
ACNBACNB CORP	$665M	18.2×	—	3.5×	45.1%	—	19.3%	8.8%	5.0%	—	22
COFSCHOICEONE FINANCIAL SE…	$530M	17.6×	—	2.3×	63.6%	—	12.4%	6.1%	6.1%	—	23
CFFIC & F FINANCIAL CORP	$357M	13.2×	—	2.5×	10.6%	—	19.1%	10.3%	9.5%	—	11
MYFWFirst Western Financia…	$303M	23.1×	—	3.1×	7.6%	—	13.6%	5.0%	5.0%	—	17
MNSBMainStreet Bancshares,…	$152M	12.1×	—	1.1×	-1.6%	54.3%	11.5%	7.1%	7.1%	—	16

Peers = companies sharing UCB's sector (State Commercial Banks) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.

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Open-market buys

$74k · 1 holder

Discretionary sales

$2.4m · 4 holders

10b5-1 plan sales

$0 · scheduled in advance

Filed late

0 of 53 filings

1 open-market purchase and 6 discretionary sales against the share price · hover a marker

2025-10-31$28.32 – $36.992026-10-23

Shares held by reporting insiders1 → 22 insiders reporting — no comparable change

2025-11-15 · 33,0292026-10-29 · 600,043 (22 insiders)

Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.

Date	Insider	What it was	Shares	Price	Value
2026-10-29	Bradshaw Richard EVP, Chief Banking Officer	Gift	395	$0.00	$0
2026-10-26	2 co-filers EVP, Chief Banking Officer	Open-market sale	1,339	$37.17	$50k
2026-10-26	2 co-filers EVP, Chief Banking Officer	Open-market sale	6	$36.98	$222
2026-09-08	Speir Thomas Hardaway EVP, CFO

How this is measured

Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.

Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.

Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.

The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.

“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.

Insider activity is descriptive. Nothing here is investment advice.

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Revenue growth against receivables growth by fiscal year

Fiscal year

Revenue growth

Receivables growth

Gap

FY2020

2.9%

not reported

FY2021

28.9%

not reported

FY2022

11.0%

not reported

FY2023

8.1%

not reported

FY2024

6.6%

not reported

FY2025

11.7%

not reported

Accruals as a percent of assets, by fiscal year

Fiscal year

Accruals / assets

FY2019

0.3 percent

FY2020

0.0 percent

FY2021

-0.4 percent

FY2022

-1.4 percent

FY2023

-0.4 percent

FY2024

-0.3 percent

FY2025

-0.2 percent

Step	Amount	Running total
Net income	$328M	$328M
Share-based comp	$11M	$340M
Other non-cash & working capital	$45M	$384M
Operating cash flow	$384M	$384M
Capex	−$28M	$356M
Free cash flow	$356M	$356M
FCF after SBC	$345M	$345M

United Community Banks, Inc. (UCB)

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is 9.0%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Financials

Revenue → Profit Flow

Reverse DCF — what growth does the price assume?

Is the business good?

Are the earnings real?

Can it survive?

What's priced in?

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Debt & Leverage

Capital structure over time

Debt servicing

Liquidity

Short-term vs long-term debt

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -27%

UCB vs. State Commercial Banks peers

Where it ranks

Peer table

Ownership Map

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Institutional Holders

Institutional Holders

Institutional Trends (8 Quarters)

Buy / Sell Volume by Quarter

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -27%

Ownership Map

Reverse DCF — what growth does the price assume?

UCB vs. State Commercial Banks peers

Where it ranks

Peer table

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Financials

Revenue → Profit Flow

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is 9.0%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Debt & Leverage

Capital structure over time

Debt servicing

Liquidity