CNB Financial Corporation (CCNE) 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

+6.1%

$38.79

vs $36.56 price

Levered DCF

$35.50

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-0.59

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	10.43×	10.36×	8.82×	7.3×	8.39×	10.81×	12.43×	10.34×
P/B	0.74×	0.85×	0.83×	0.94×	1.01×	0.86×	1.62×	1.33×
P/S	1.59×	1.44×	1.47×	2.05×	2.13×	1.87×	2.77×	2.33×
EV / EBITDA	4.62×	2.92×	4.94×	9.39×	-2.09×	-1.82×	11.36×	13.76×
Gross margin	60.7%	59.1%	65.9%	86.6%	87.7%	75.1%	74.5%	77.9%
Operating margin	20.4%	18.7%	22.3%	32.1%	33.8%	20.9%	27.2%	26.9%
Net margin	16.3%	15.2%	18.0%	25.9%	27.6%	17.0%	22.4%	22.5%
Current ratio	0.13×	0.16×	0.11×	0.11×	0.31×	0.27×	0.23×	0.2×
Debt / equity	0.36×	0.24×	0.25×	0.76×	0.28×	0.22×	1.04×	1.2×
Interest coverage	0.55×	0.49×	0.69×	3.25×	3.57×	1.24×	1.23×	1.49×
Dividend yield	3.5%	3.7%	4.0%	3.4%	3.6%	3.4%	2.1%	2.9%
Payout ratio	34.0%	35.2%	32.7%	26.7%	27.5%	37.0%	25.8%	30.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.6%	8.9%	10.2%	11.9%	13.0%	7.9%	13.1%	12.8%
Return on invested capital	4.8%	6.7%	7.7%	7.9%	10.2%	6.5%	6.4%	5.8%
Return on assets	0.8%	0.9%	1.0%	1.2%	1.1%	0.7%	1.1%	1.0%
Free cash flow yield	9.1%	10.7%	7.6%	10.4%	11.8%	6.4%	8.6%	12.0%
Earnings yield	10.2%	10.5%	12.3%	12.6%	12.9%	9.1%	8.1%	9.7%
Enterprise value	$430.9M	$220.5M	$392.7M	$796.6M	-$161M	-$84.3M	$620.5M	$619.2M
Net debt / EBITDA	-2.3×	-3.93×	-1×	3.5×	-7.88×	-9.59×	2.29×	6×
Cash conversion cycle (days)	0	0	0	-480	-566	-245	-257	-296