LCNB Corp. (LCNB) 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

+10.8%

$22.17

vs $20.00 price

Levered DCF

$43.50

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

-0.53

Distress zone

Rating

A-

Overall 4 / 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	9.99×	15.6×	14.34×	9.33×	11.77×	9.48×	13.4×	12.22×
P/B	0.84×	0.82×	0.77×	1.02×	1.03×	0.79×	1.11×	0.83×
P/S	1.86×	1.66×	1.9×	2.57×	3.24×	2.42×	3.28×	2.78×
EV / EBITDA	11.47×	20.14×	19.57×	9.42×	8.66×	7.06×	10.59×	12.03×
Gross margin	72.3%	63.2%	73.3%	93.8%	95.0%	87.8%	85.7%	88.7%
Operating margin	22.7%	12.7%	16.1%	33.7%	33.7%	30.8%	29.9%	27.3%
Net margin	18.6%	10.8%	13.3%	27.6%	27.6%	25.6%	24.6%	22.8%
Current ratio	0.55×	0.08×	0.17×	0.19×	0.2×	0.17×	0.15×	0.19×
Debt / equity	0.43×	0.64×	0.92×	0.48×	0.07×	0.12×	0.2×	0.47×
Interest coverage	0.87×	0.36×	0.66×	5.72×	6.31×	3.19×	2.13×	2.77×
Dividend yield	5.4%	5.9%	5.5%	4.5%	4.0%	5.0%	3.6%	4.3%
Payout ratio	53.9%	90.6%	78.7%	41.5%	46.3%	47.1%	47.7%	52.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.4%	5.3%	5.4%	11.0%	8.8%	8.3%	8.3%	6.8%
Return on invested capital	-41.8%	3.1%	2.7%	7.4%	8.2%	7.5%	7.3%	4.8%
Return on assets	1.0%	0.6%	0.6%	1.2%	1.1%	1.1%	1.2%	0.9%
Free cash flow yield	14.5%	42.9%	11.5%	13.5%	6.5%	5.7%	7.1%	10.6%
Earnings yield	10.0%	6.5%	7.0%	10.8%	8.5%	10.6%	7.5%	8.2%
Enterprise value	$330.7M	$333.5M	$357.1M	$279.6M	$244.2M	$186.3M	$278.1M	$263M
Net debt / EBITDA	3.46×	7.56×	9.7×	2.5×	-0.06×	-0.13×	0.98×	3.76×
Cash conversion cycle (days)	23	25	32	-1,186	-1,865	-772	-530	-684