Latest Ratios: P/E Ratio 14.9x · EV/EBITDA 13.1x · ROE 16.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.9B | $1.7B | $1.7B | $1.6B | $1.4B | $1.3B | $1.1B | $1.3B | $1.0B | $1.0B | $1.0B |
| Enterprise Value | $2.2B | $2.1B | $2.0B | $1.9B | $1.5B | $938M | $880M | $1.4B | $1.2B | $1.2B | $1.2B |
| P/E Ratio → | 14.85 | 13.33 | 15.02 | 14.49 | 13.69 | 14.45 | 12.53 | 15.12 | 14.92 | 19.39 | 19.59 |
| P/S Ratio | 4.78 | 4.37 | 4.69 | 4.91 | 5.41 | 5.51 | 4.36 | 5.14 | 4.74 | 5.14 | 5.40 |
| P/B Ratio | 2.36 | 2.11 | 2.38 | 2.42 | 2.40 | 1.85 | 1.59 | 2.03 | 1.73 | 2.07 | 2.28 |
| P/FCF | 14.59 | 13.33 | 13.48 | 12.20 | 12.18 | 12.74 | 13.20 | 13.34 | 15.49 | 14.97 | 16.85 |
| P/OCF | 14.26 | 13.03 | 13.20 | 11.93 | 11.95 | 12.32 | 12.39 | 12.74 | 13.45 | 13.68 | 15.43 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.30 | 5.36 | 5.74 | 5.77 | 4.10 | 3.45 | 5.42 | 5.39 | 6.06 | 6.35 |
| EV / EBITDA | 13.08 | 12.14 | 12.63 | 12.48 | 10.31 | 7.46 | 7.21 | 11.86 | 12.57 | 12.57 | 14.06 |
| EV / EBIT | 13.77 | 12.78 | 13.78 | 13.42 | 11.59 | 8.44 | 7.90 | 12.46 | 13.48 | 13.53 | 15.34 |
| EV / FCF | — | 16.18 | 15.42 | 14.27 | 12.98 | 9.48 | 10.44 | 14.09 | 17.61 | 17.65 | 19.81 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 79.0% | 79.0% | 76.3% | 83.5% | 96.0% | 97.1% | 86.5% | 86.5% | 89.4% | 90.2% | 90.6% |
| Operating Margin | 41.5% | 41.5% | 38.9% | 42.8% | 49.8% | 48.6% | 43.6% | 43.5% | 40.0% | 44.8% | 41.4% |
| Net Profit Margin | 33.3% | 33.3% | 31.5% | 34.2% | 39.9% | 38.5% | 35.1% | 34.3% | 31.8% | 26.8% | 27.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.9% | 16.9% | 16.6% | 18.2% | 16.2% | 12.7% | 13.2% | 14.2% | 12.7% | 11.5% | 12.1% |
| ROA | 2.0% | 2.0% | 1.9% | 1.9% | 1.7% | 1.5% | 1.7% | 1.8% | 1.5% | 1.3% | 1.4% |
| ROIC | 9.6% | 9.6% | 9.4% | 10.8% | 10.3% | 8.4% | 8.9% | 9.8% | 8.0% | 9.2% | 8.9% |
| ROCE | 7.1% | 7.1% | 15.3% | 17.7% | 17.2% | 14.1% | 14.4% | 16.3% | 14.3% | 17.2% | 16.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.64 | 0.64 | 0.65 | 0.64 | 0.50 | 0.46 | 0.42 | 0.33 | 0.44 | 0.53 | 0.60 |
| Debt / EBITDA | 3.02 | 3.02 | 3.02 | 2.83 | 2.03 | 2.48 | 2.43 | 1.81 | 2.82 | 2.75 | 3.14 |
| Net Debt / Equity | — | 0.45 | 0.34 | 0.41 | 0.16 | -0.47 | -0.33 | 0.11 | 0.24 | 0.37 | 0.40 |
| Net Debt / EBITDA | 2.13 | 2.13 | 1.59 | 1.81 | 0.64 | -2.56 | -1.91 | 0.63 | 1.51 | 1.91 | 2.10 |
| Debt / FCF | — | 2.85 | 1.94 | 2.07 | 0.80 | -3.26 | -2.76 | 0.75 | 2.12 | 2.68 | 2.95 |
| Interest Coverage | 1.92 | 1.92 | 1.68 | 2.75 | 13.19 | 11.24 | 4.71 | 3.12 | 3.43 | 5.40 | 5.85 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.03 | 0.03 | 0.05 | 0.29 | 0.33 | 0.39 | 0.35 | 0.22 | 0.20 | 0.18 | 0.16 |
| Quick Ratio | 0.03 | 0.03 | 0.05 | 0.29 | 0.33 | 0.39 | 0.35 | 0.22 | 0.20 | 0.18 | 0.16 |
| Cash Ratio | 0.05 | 0.05 | 0.04 | 0.03 | 0.04 | 0.12 | 0.11 | 0.03 | 0.03 | 0.02 | 0.03 |
| Asset Turnover | — | 0.06 | 0.06 | 0.05 | 0.04 | 0.04 | 0.04 | 0.05 | 0.04 | 0.05 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.5% | 2.8% | 2.5% | 2.4% | 2.7% | 2.9% | 3.3% | 2.7% | 2.8% | 2.6% | 2.6% |
| Payout Ratio | 36.2% | 36.2% | 37.1% | 35.0% | 36.0% | 41.0% | 40.9% | 39.8% | 42.3% | 49.9% | 49.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.7% | 7.5% | 6.7% | 6.9% | 7.3% | 6.9% | 8.0% | 6.6% | 6.7% | 5.2% | 5.1% |
| FCF Yield | 6.9% | 7.5% | 7.4% | 8.2% | 8.2% | 7.9% | 7.6% | 7.5% | 6.5% | 6.7% | 5.9% |
| Buyback Yield | 2.4% | 2.7% | 1.0% | 3.7% | 1.9% | 4.7% | 3.3% | 1.5% | 1.9% | 0.0% | 1.0% |
| Total Shareholder Yield | 4.9% | 5.4% | 3.5% | 6.1% | 4.6% | 7.5% | 6.6% | 4.1% | 4.8% | 2.6% | 3.5% |
| Shares Outstanding | — | $14M | $15M | $15M | $15M | $15M | $16M | $16M | $15M | $15M | $15M |
Geographic and regulatory concentration
According to recent market data, CHCO trades at a P/B of 2.38, a significant premium to peers like UBSI and FULT, which suggests investors are pricing the bank as a high-quality, low-cost deposit franchise rather than a standard cyclical regional lender.
The elevated P/B multiple appears to be a direct reflection of the bank's superior efficiency and consistent return profile within its Appalachian footprint. This valuation suggests that the market is willing to pay a premium for the bank's structural funding advantage, though it leaves little room for error if deposit costs begin to rise or fee income faces regulatory headwinds.
Based on reported financial figures, CHCO’s profitability is driven by a highly efficient operating model, with an efficiency ratio consistently below 40%, allowing the bank to maintain strong returns despite the inherent limitations of its rural, low-growth geographic operating environment.
The bank's ability to maintain stable ROE levels through disciplined cost control rather than aggressive leverage is a hallmark of its conservative management style. Investors should monitor whether this profitability can be sustained if non-interest income, which has grown to nearly 20% of revenue, faces pressure from potential regulatory changes regarding service fees.
As reported in recent quarterly filings, CHCO has maintained a remarkably consistent NIM of 0.9% over the last ten quarters, demonstrating that its core deposit base remains largely insulated from the competitive funding pressures that have impacted many other regional banking institutions.
This stability in NIM, coupled with an efficiency ratio that remains among the best in the sector, suggests that the bank's branch network is highly productive. However, the reliance on this specific cost structure implies that any significant increase in deposit beta could quickly erode the bank's margin advantage.
Data from recent balance sheets indicates that CHCO maintains an equity-to-assets ratio of approximately 12%, providing a robust capital buffer that exceeds regulatory requirements and supports the bank's ongoing commitment to dividends and opportunistic share repurchases.
The bank's conservative capital position appears to be a strategic choice, prioritizing stability over the higher returns that might be achieved through more aggressive leverage. While this approach limits potential upside during economic expansions, it provides significant protection against localized credit shocks in the Appalachian region.
The P/E ratio is frequently misapplied to CHCO, as it fails to account for the volatility inherent in provision expenses and the non-cash nature of certain income items, which can distort earnings and obscure the bank's true underlying profitability.
Investors should prioritize P/TBV and ROE over P/E, as these metrics better capture the bank's capital efficiency and the value of its tangible franchise. Relying on P/E may lead to an inaccurate assessment of the bank's valuation, particularly during periods where provision adjustments or MSR fluctuations create artificial noise in the bottom-line earnings figure.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CHCO stock.
City Holding Company's current P/E ratio is 14.9x. The historical average is 19.1x. This places it at the 57th percentile of its historical range.
City Holding Company's current EV/EBITDA is 13.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.6x.
City Holding Company's return on equity (ROE) is 16.9%. The historical average is 12.7%.
Based on historical data, City Holding Company is trading at a P/E of 14.9x. This is at the 57th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
City Holding Company's current dividend yield is 2.48% with a payout ratio of 36.2%.
City Holding Company has 79.0% gross margin and 41.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
City Holding Company's Debt/EBITDA ratio is 3.0x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.