SouthState - Public Comps and Valuation Multiples

SouthState Overview

About SouthState

SouthState Corp is a United States-based bank holding company. It provides a wide range of services and products to its customers through a wholly-owned bank subsidiary, South State Bank. The Bank provides retail and commercial banking services, mortgage lending services, trust and investment services, and consumer finance loans through financial centers in Alabama, Florida, Georgia, North Carolina, South Carolina, and Virginia. These services include demand, time and savings deposits, lending and credit card servicing, ATM processing, and wealth management and trust services.

Founded

1985

HQ

Employees

5.2K+

Website

southstatebank.com

Sectors

Commercial Banking

Financials

LTM Revenue $2.0B

LTM EBITDA n/a

EV

$8.8B

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SouthState Financials

SouthState has a last 12-month revenue of $2.0B and a last 12-month EBITDA of n/a.

In the most recent fiscal year, SouthState achieved revenue of $1.7B and an EBITDA of n/a.

SouthState expects next 12-month revenue of XXX and NTM EBITDA of XXX

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SouthState P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$1.7B	$1.7B	XXX	XXX	XXX
Gross Profit	n/a	n/a	XXX	XXX	XXX
Gross Margin	NaN%	NaN%	XXX	XXX	XXX
EBITDA	n/a	n/a	XXX	XXX	XXX
EBITDA Margin	NaN%	NaN%	XXX	XXX	XXX
Net Profit	$496M	$494M	XXX	XXX	XXX
Net Margin	29%	30%	XXX	XXX	XXX
Net Debt	n/a	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

SouthState Stock Performance

As of April 15, 2025, SouthState's stock price is $83.

SouthState has current market cap of $8.4B, and EV of $8.8B.

See SouthState trading valuation data

SouthState Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$8.8B	$8.4B	XXX	XXX	XXX	XXX	$6.89

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SouthState Valuation Multiples

As of April 15, 2025, SouthState has market cap of $8.4B and EV of $8.8B.

SouthState's trades at 4.5x LTM EV/Revenue multiple, and n/a LTM EBITDA.

Analysts estimate SouthState's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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SouthState Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$8.8B	XXX	XXX	XXX
EV/Revenue	5.3x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	XXX	XXX
P/E	15.7x	XXX	XXX	XXX
P/E/Growth	0.5x	XXX	XXX	XXX
EV/FCF	18.4x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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SouthState Valuation Multiples

SouthState's NTM/LTM revenue growth is 34%

SouthState's revenue per employee for the last fiscal year averaged $0.3M, while opex per employee averaged n/a for the same period.

Over next 12 months, SouthState's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate SouthState's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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SouthState Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	-2%	XXX	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	n/a	XXX	XXX	XXX	XXX
Revenue per Employee	$0.3M	XXX	XXX	XXX	XXX
Opex per Employee	n/a	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	1%	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	40%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	n/a	XXX	XXX	XXX	XXX

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