Citizens, Inc. (CIA) 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

+117.1%

$8.09

vs $3.73 price

Levered DCF

$15.01

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.27

Distress zone

Rating

B-

Overall 2 / 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	16.66×	13.83×	5.49×	4.1×	3.64×	-26.05×	-244.57×	-34.18×
P/B	1.03×	0.97×	0.78×	0.84×	0.83×	0.94×	1.29×	2.01×
P/S	0.95×	0.83×	0.56×	0.46×	1.06×	1.19×	1.34×	1.54×
EV / EBITDA	12.11×	11.65×	4.24×	3×	7.5×	-22.85×	38.99×	95.89×
Gross margin	35.4%	49.7%	100.0%	49.4%	51.1%	19.6%	24.1%	22.9%
Operating margin	6.8%	6.1%	80.4%	11.8%	12.2%	-5.2%	2.3%	0.8%
Net margin	5.7%	6.1%	10.2%	11.2%	29.0%	-4.6%	-0.5%	-4.5%
Current ratio	1.93×	3.32×	2.92×	0×	0×	0×	0×	170.92×
Debt / equity	0×	0.04×	0.05×	0×	0×	0×	0×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.1%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.2%	7.1%	14.2%	20.4%	22.7%	-3.7%	-0.5%	-5.9%
Return on invested capital	0.9%	0.9%	11.2%	0.0%	0.0%	0.0%	0.0%	-0.4%
Return on assets	0.8%	0.9%	1.5%	1.6%	3.9%	-0.6%	-0.1%	-0.7%
Free cash flow yield	7.2%	15.4%	16.2%	53.2%	14.9%	17.2%	21.4%	22.3%
Earnings yield	6.0%	7.3%	18.3%	24.4%	27.5%	-3.9%	-0.4%	-2.9%
Enterprise value	$220.6M	$181.7M	$115.8M	$83.8M	$237.2M	$248.9M	$289.4M	$331.1M
Net debt / EBITDA	-1.18×	-1.38×	-0.66×	-0.82×	-0.86×	3.13×	-6.23×	-13.17×
Cash conversion cycle (days)	39	2	7	-4	-19	1	8	-281