Citizens Financial Services, Inc. (CZFS) 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

+61.4%

$138.78

vs $86.01 price

Levered DCF

$180.20

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.47

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	7.48×	10.81×	15.94×	10.49×	8.23×	8.5×	10.99×	10.7×
P/B	0.81×	0.99×	1×	1.51×	1.12×	1.09×	1.39×	1.38×
P/S	1.58×	1.77×	2.02×	3.24×	2.77×	2.58×	3.05×	2.99×
EV / EBITDA	11.55×	15.48×	22.83×	14.41×	3.49×	6.9×	10.95×	11.53×
Gross margin	63.3%	58.2%	62.2%	86.1%	89.9%	87.1%	80.5%	82.2%
Operating margin	26.0%	20.0%	15.5%	38.1%	41.3%	37.2%	33.1%	33.2%
Net margin	21.1%	16.5%	12.8%	31.2%	34.0%	30.7%	27.7%	28.0%
Current ratio	0.04×	0.04×	0.21×	0.26×	0.33×	0.24×	0.23×	0.23×
Debt / equity	0.92×	0.99×	1.08×	1.29×	0.35×	0.46×	0.55×	0.65×
Interest coverage	0.74×	0.5×	0.46×	3.16×	4.97×	3.75×	1.94×	2.24×
Dividend yield	3.5%	3.1%	3.0%	2.5%	3.1%	3.1%	2.9%	3.2%
Payout ratio	26.1%	33.4%	47.7%	26.1%	25.4%	26.0%	32.4%	33.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.8%	9.3%	6.4%	14.5%	13.7%	12.9%	12.6%	13.0%
Return on invested capital	5.3%	4.4%	2.7%	6.0%	9.5%	6.9%	7.7%	7.4%
Return on assets	1.2%	0.9%	0.6%	1.2%	1.4%	1.3%	1.3%	1.3%
Free cash flow yield	12.9%	10.7%	8.5%	10.5%	15.9%	5.2%	9.9%	10.9%
Earnings yield	13.4%	9.3%	6.3%	9.6%	12.3%	11.9%	9.1%	9.4%
Enterprise value	$544.9M	$549.4M	$525.9M	$526.5M	$127.2M	$217.4M	$266.7M	$251.7M
Net debt / EBITDA	5.75×	7.09×	10.64×	6.16×	-3.02×	0.2×	2.15×	2.7×
Cash conversion cycle (days)	5	-2	-1	-6	-8	-9	-5	-9