CB Financial Services, Inc. (CBFV) 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

-19.5%

$32.27

vs $40.11 price

Levered DCF

$28.31

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.14

Distress zone

Rating

B+

Overall 3 / 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	35.94×	11.67×	5.4×	9.79×	11.2×	-10.16×	11.42×	17.45×
P/B	1.11×	1×	0.87×	1×	0.97×	0.8×	1.08×	0.9×
P/S	2.56×	1.85×	2.03×	2.01×	2.59×	1.99×	2.84×	2.43×
EV / EBITDA	25.13×	7.42×	2.67×	1.73×	3.9×	0.61×	6.48×	13.07×
Gross margin	62.5%	61.3%	71.4%	84.4%	95.4%	82.4%	85.1%	83.3%
Operating margin	7.7%	19.4%	50.4%	25.7%	29.4%	-17.2%	27.8%	16.9%
Net margin	7.1%	15.9%	37.6%	20.5%	23.1%	-19.5%	24.8%	13.9%
Current ratio	0.02×	0.24×	0.22×	0.24×	0.28×	0.25×	0.25×	0.25×
Debt / equity	0.22×	0.24×	0.25×	0.21×	0.43×	0.36×	0.29×	0.6×
Interest coverage	0.21×	0.51×	1.71×	2.94×	4.32×	-1.69×	2.04×	1.44×
Dividend yield	2.9%	3.5%	4.2%	4.5%	4.0%	4.8%	3.2%	3.7%
Payout ratio	104.7%	40.7%	22.7%	43.7%	44.7%	-48.7%	36.4%	64.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.1%	8.5%	16.1%	10.2%	8.7%	-7.9%	9.5%	5.1%
Return on invested capital	2.4%	6.4%	11.9%	8.5%	6.1%	-5.1%	7.3%	3.7%
Return on assets	0.3%	0.9%	1.5%	0.8%	0.8%	-0.8%	1.1%	0.6%
Free cash flow yield	9.8%	2.3%	9.0%	12.4%	8.2%	12.7%	10.3%	6.7%
Earnings yield	2.8%	8.6%	18.5%	10.2%	8.9%	-9.8%	8.7%	5.7%
Enterprise value	$178.6M	$131.9M	$88.2M	$29.1M	$66.7M	-$3.7M	$128.2M	$152.1M
Net debt / EBITDA	0.43×	-0.84×	-1.02×	-4.83×	-3.67×	18.48×	-1.8×	2.46×
Cash conversion cycle (days)	0	0	0	-182	-1,327	-225	-219	-177