Citizens & Northern Corporation (CZNC) 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

-55.3%

$12.71

vs $28.47 price

Levered DCF

$15.94

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-0.48

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	13.82×	11.01×	14.29×	13.37×	13.6×	15.26×	19.35×	14.68×
P/B	0.94×	1.03×	1.3×	1.42×	1.37×	0.98×	1.54×	1.64×
P/S	2.09×	1.83×	2.51×	3.06×	3.78×	2.91×	4.53×	4.64×
EV / EBITDA	15.12×	10.73×	15.22×	13.82×	9.65×	11.19×	19.29×	11.94×
Gross margin	65.3%	67.1%	75.6%	85.5%	90.6%	86.6%	86.6%	92.5%
Operating margin	18.6%	20.5%	22.4%	28.0%	34.6%	23.1%	28.2%	37.7%
Net margin	15.2%	16.7%	17.7%	23.1%	28.0%	19.1%	23.5%	31.6%
Current ratio	1.11×	0.17×	0.24×	0.26×	0.32×	0.25×	0.29×	0.38×
Debt / equity	0.56×	0.75×	0.81×	0.73×	0.26×	0.3×	0.59×	0.25×
Interest coverage	0.6×	0.65×	0.92×	3.4×	5.74×	2.42×	2.28×	5.68×
Dividend yield	5.1%	5.5%	4.6%	4.5%	3.9%	4.9%	3.7%	3.6%
Payout ratio	69.5%	59.8%	64.5%	59.6%	52.3%	75.3%	72.0%	53.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.9%	9.4%	9.2%	10.7%	10.1%	6.4%	8.0%	11.2%
Return on invested capital	0.7%	5.0%	4.8%	6.2%	8.1%	4.9%	5.0%	8.9%
Return on assets	0.7%	1.0%	1.0%	1.1%	1.3%	0.9%	1.2%	1.7%
Free cash flow yield	9.4%	11.0%	9.2%	8.9%	8.0%	7.4%	5.2%	7.6%
Earnings yield	7.3%	9.1%	7.1%	7.5%	7.4%	6.6%	5.2%	6.8%
Enterprise value	$468.7M	$365.4M	$496.8M	$480M	$384.4M	$281.8M	$485.3M	$334.5M
Net debt / EBITDA	4.74×	2.39×	4.75×	3.65×	-0.69×	-0.42×	4.36×	0.4×
Cash conversion cycle (days)	27	21	24	-530	-819	-718	-378	-749