CVB Financial Corp. (CVBF) 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

-9.2%

$20.99

vs $23.11 price

Levered DCF

$21.62

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-0.31

Distress zone

Rating

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	12.24×	14.87×	12.7×	15.42×	13.64×	15×	14.58×	16.18×
P/B	1.1×	1.36×	1.34×	1.85×	1.39×	1.32×	1.51×	1.33×
P/S	3.93×	4.5×	4.2×	6.4×	6.19×	5.54×	5.96×	6.07×
EV / EBITDA	11.51×	12.28×	14.52×	14.45×	6.11×	4.51×	10.48×	13.84×
Gross margin	79.9%	72.9%	82.0%	96.5%	104.4%	92.1%	94.7%	96.5%
Operating margin	43.8%	41.2%	47.4%	58.4%	63.6%	52.1%	57.5%	52.1%
Net margin	32.5%	30.5%	33.3%	41.9%	45.4%	37.0%	41.0%	37.5%
Current ratio	0.01×	0.04×	0.26×	0.26×	0.37×	0.37×	0.22×	0.22×
Debt / equity	0.43×	0.35×	1.13×	0.8×	0.31×	0.23×	0.23×	0.4×
Interest coverage	2.12×	1.48×	2.67×	35.87×	48.96×	17.47×	13.18×	16.47×
Dividend yield	4.4%	3.8%	4.0%	2.9%	3.4%	3.7%	3.2%	2.7%
Payout ratio	53.0%	55.7%	50.4%	44.4%	46.0%	55.6%	45.9%	43.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.1%	9.2%	10.7%	12.1%	10.2%	8.8%	10.4%	8.2%
Return on invested capital	5.1%	6.3%	4.8%	6.5%	7.3%	6.6%	8.1%	5.6%
Return on assets	1.3%	1.3%	1.4%	1.4%	1.3%	1.2%	1.8%	1.3%
Free cash flow yield	8.6%	8.3%	10.4%	7.5%	6.6%	6.8%	6.7%	6.5%
Earnings yield	8.3%	6.8%	7.9%	6.5%	7.3%	6.7%	6.9%	6.2%
Enterprise value	$3.4B	$3.5B	$4.8B	$4.9B	$1.8B	$1.1B	$3.3B	$3B
Net debt / EBITDA	2.98×	1.94×	6.15×	3.94×	-3.82×	-6.17×	0.85×	2.63×
Cash conversion cycle (days)	27	146	94	196	88	81	84	141