City Holding Company (CHCO) 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

+6.9%

$155.47

vs $145.47 price

Levered DCF

$156.31

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-0.16

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	13.33×	14.98×	14.47×	13.67×	14.43×	12.53×	15.09×	14.89×
P/B	2.11×	2.38×	2.42×	2.39×	1.85×	1.58×	2.03×	1.73×
P/S	4.37×	4.68×	4.9×	5.4×	5.5×	4.36×	5.13×	4.74×
EV / EBITDA	11.73×	12.61×	12.47×	10.29×	7.44×	7.2×	11.85×	12.56×
Gross margin	79.0%	76.3%	83.5%	96.0%	97.1%	86.5%	86.5%	89.4%
Operating margin	41.5%	38.9%	42.8%	49.8%	48.6%	43.6%	43.5%	40.0%
Net margin	33.3%	31.5%	34.2%	39.9%	38.5%	35.1%	34.3%	31.8%
Current ratio	0.18×	0.05×	0.29×	0.33×	0.39×	0.35×	0.22×	0.2×
Debt / equity	0.64×	0.65×	0.64×	0.5×	0.46×	0.42×	0.33×	0.44×
Interest coverage	1.92×	1.68×	2.75×	13.19×	11.24×	4.71×	3.12×	3.43×
Dividend yield	2.8%	2.5%	2.4%	2.7%	2.9%	3.3%	2.7%	2.8%
Payout ratio	36.2%	37.1%	35.0%	36.0%	41.0%	40.9%	39.8%	42.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.1%	16.0%	16.9%	17.7%	12.9%	12.8%	13.6%	11.6%
Return on invested capital	9.2%	8.9%	9.3%	10.1%	8.2%	8.1%	9.5%	7.6%
Return on assets	1.9%	1.8%	1.9%	1.7%	1.5%	1.6%	1.8%	1.4%
Free cash flow yield	7.5%	7.4%	8.2%	8.2%	7.9%	7.6%	7.5%	6.5%
Earnings yield	7.6%	6.7%	7.0%	7.4%	7.0%	8.1%	6.7%	6.7%
Enterprise value	$2B	$2B	$1.9B	$1.5B	$935.8M	$878.4M	$1.4B	$1.2B
Net debt / EBITDA	1.87×	1.59×	1.81×	0.64×	-2.56×	-1.91×	0.63×	1.51×
Cash conversion cycle (days)	19	20	22	26	25	23	16	21