Chemung Financial Corporation (CHMG) 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

-54.1%

$40.16

vs $87.42 price

Levered DCF

$54.04

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.57

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	17.83×	9.84×	9.43×	7.48×	8.24×	8.47×	13.24×	10.17×
P/B	1.05×	1.08×	1.21×	1.29×	1.03×	0.82×	1.13×	1.21×
P/S	1.92×	1.56×	1.73×	2.11×	2.37×	1.88×	2.4×	2.3×
EV / EBITDA	11.09×	9.48×	6.98×	6.64×	5.8×	2.33×	4.14×	2.66×
Gross margin	64.2%	64.3%	69.3%	93.4%	96.3%	90.5%	85.8%	91.7%
Operating margin	14.2%	20.1%	23.1%	36.2%	36.8%	27.5%	22.1%	27.2%
Net margin	10.8%	15.8%	18.3%	28.2%	28.8%	22.2%	18.1%	22.6%
Current ratio	0.13×	0.19×	0.25×	0.31×	0.39×	0.35×	0.28×	0.26×
Debt / equity	0.02×	0.55×	0.21×	0.64×	0.12×	0.06×	0.07×	0.03×
Interest coverage	0.44×	0.56×	0.82×	5.06×	9.87×	5.99×	3.01×	5.8×
Dividend yield	2.4%	3.2%	2.5%	2.7%	2.4%	3.1%	2.4%	2.5%
Payout ratio	41.9%	31.1%	23.4%	20.1%	20.1%	26.0%	32.2%	25.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.9%	11.0%	12.8%	17.3%	12.5%	9.6%	8.5%	11.9%
Return on invested capital	3.4%	6.2%	8.9%	9.1%	10.7%	7.9%	7.3%	10.4%
Return on assets	0.6%	0.9%	0.9%	1.1%	1.1%	0.8%	0.9%	1.1%
Free cash flow yield	16.3%	11.2%	12.9%	16.1%	16.1%	17.0%	12.3%	13.0%
Earnings yield	5.6%	10.2%	10.6%	13.4%	12.1%	11.8%	7.5%	9.8%
Enterprise value	$250.6M	$304.3M	$239.6M	$265.2M	$216.1M	$65.6M	$97.2M	$73.9M
Net debt / EBITDA	-0.79×	2.23×	0.12×	1.25×	-0.04×	-3.46×	-4.67×	-4.52×
Cash conversion cycle (days)	0	0	-171	-760	-1,478	-1,147	-455	-664