ACNB Corporation (ACNB) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+26.4%

$84.85

vs $67.12 price

Levered DCF

$104.54

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.36

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	13.39×	10.62×	12.03×	9.59×	9.81×	11.74×	11.26×	12.7×
P/B	1.18×	1.12×	1.37×	1.38×	1×	0.84×	1.41×	1.64×
P/S	2.91×	2.56×	3.32×	3.13×	2.7×	2.05×	3.04×	3.43×
EV / EBITDA	15.12×	13.01×	13.18×	4.86×	-9.47×	-3.34×	8.01×	11.95×
Gross margin	73.7%	84.0%	92.0%	96.7%	93.1%	79.7%	87.8%	88.8%
Operating margin	27.3%	30.6%	34.7%	41.5%	34.7%	21.5%	33.5%	33.2%
Net margin	21.7%	24.1%	27.6%	33.0%	27.6%	17.5%	27.0%	27.0%
Current ratio	0.32×	0.04×	0.27×	0.32×	0.47×	0.33×	0.21×	0.15×
Debt / equity	0.78×	0.9×	0.92×	0.27×	0.27×	0.37×	0.55×	0.7×
Interest coverage	1.16×	1.69×	4.79×	12.4×	5.06×	1.86×	2.9×	3.61×
Dividend yield	2.9%	3.2%	2.5%	2.7%	3.3%	4.0%	2.6%	2.3%
Payout ratio	38.8%	33.6%	30.6%	25.5%	32.2%	47.2%	29.2%	28.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.8%	10.5%	11.4%	14.6%	10.2%	7.1%	12.5%	12.9%
Return on invested capital	1.1%	5.3%	5.7%	10.9%	7.7%	5.0%	7.7%	7.3%
Return on assets	1.1%	1.3%	1.3%	1.4%	1.0%	0.7%	1.4%	1.3%
Free cash flow yield	10.6%	11.5%	10.4%	11.0%	14.9%	11.3%	9.1%	10.1%
Earnings yield	7.5%	9.4%	8.3%	10.5%	10.2%	8.5%	8.9%	7.9%
Enterprise value	$804.4M	$565.3M	$569.6M	$236.9M	-$364.4M	-$88M	$256.7M	$353.4M
Net debt / EBITDA	5.8×	5.22×	4.37×	-2.09×	-16.56×	-11.54×	-0.32×	2.61×
Cash conversion cycle (days)	0	0	0	0	0	0	0	0