Latest Ratios: P/E Ratio 10.9x · EV/EBITDA 12.2x · ROE 8.8%. (1999–2025 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 | $253M | $231M | $208M | $180M | $205M | $246M | $190M | $253M | $181M | $205M | $232M |
| Enterprise Value | $352M | $331M | $334M | $357M | $280M | $244M | $186M | $278M | $263M | $227M | $256M |
| P/E Ratio → | 10.88 | 10.06 | 15.60 | 14.34 | 9.33 | 11.77 | 9.48 | 13.40 | 12.22 | 15.85 | 18.60 |
| P/S Ratio | 2.03 | 1.86 | 1.66 | 1.90 | 2.57 | 3.24 | 2.42 | 3.28 | 2.78 | 3.77 | 4.31 |
| P/B Ratio | 0.91 | 0.84 | 0.82 | 0.77 | 1.02 | 1.03 | 0.79 | 1.11 | 0.83 | 1.36 | 1.62 |
| P/FCF | 7.55 | 6.90 | 2.33 | 8.68 | 7.38 | 15.48 | 17.43 | 14.00 | 9.45 | 17.78 | 38.46 |
| P/OCF | 7.34 | 6.71 | 2.23 | 7.71 | 7.15 | 13.80 | 13.87 | 11.49 | 9.16 | 11.29 | 14.99 |
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 | — | 2.66 | 2.66 | 3.76 | 3.49 | 3.21 | 2.37 | 3.61 | 4.04 | 4.17 | 4.75 |
| EV / EBITDA | 12.23 | 11.47 | 20.14 | 19.57 | 9.42 | 8.66 | 7.06 | 10.59 | 12.03 | 11.03 | 13.13 |
| EV / EBIT | 12.52 | 11.75 | 20.90 | 23.40 | 10.38 | 9.55 | 7.71 | 12.08 | 14.79 | 13.15 | 15.12 |
| EV / FCF | — | 9.89 | 3.73 | 17.21 | 10.05 | 15.38 | 17.12 | 15.43 | 13.75 | 19.68 | 42.40 |
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 | 72.3% | 72.3% | 63.2% | 73.3% | 93.8% | 95.0% | 87.8% | 85.7% | 88.7% | 93.0% | 91.8% |
| Operating Margin | 22.7% | 22.7% | 12.7% | 16.1% | 33.7% | 33.7% | 30.8% | 29.9% | 27.3% | 31.7% | 31.4% |
| Net Profit Margin | 18.6% | 18.6% | 10.8% | 13.3% | 27.6% | 27.6% | 25.6% | 24.6% | 22.8% | 23.9% | 23.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.8% | 8.8% | 5.5% | 5.8% | 10.1% | 8.7% | 8.6% | 8.5% | 8.0% | 8.8% | 8.8% |
| ROA | 1.0% | 1.0% | 0.6% | 0.6% | 1.2% | 1.1% | 1.2% | 1.2% | 1.0% | 1.0% | 1.0% |
| ROIC | 5.2% | 5.2% | 2.8% | 3.1% | 7.3% | 7.3% | 6.7% | 5.8% | 5.1% | 6.8% | 6.9% |
| ROCE | 2.6% | 2.6% | 4.0% | 5.1% | 11.2% | 9.8% | 9.2% | 9.0% | 9.1% | 12.7% | 12.6% |
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 | 0.43 | 0.43 | 0.64 | 0.92 | 0.48 | 0.07 | 0.12 | 0.20 | 0.47 | 0.31 | 0.30 |
| Debt / EBITDA | 4.10 | 4.10 | 9.74 | 11.88 | 3.26 | 0.58 | 1.07 | 1.77 | 4.72 | 2.30 | 2.19 |
| Net Debt / Equity | — | 0.36 | 0.50 | 0.75 | 0.37 | -0.01 | -0.01 | 0.11 | 0.38 | 0.15 | 0.17 |
| Net Debt / EBITDA | 3.46 | 3.46 | 7.56 | 9.70 | 2.50 | -0.06 | -0.13 | 0.98 | 3.76 | 1.07 | 1.22 |
| Debt / FCF | — | 2.99 | 1.40 | 8.53 | 2.67 | -0.10 | -0.31 | 1.42 | 4.30 | 1.90 | 3.94 |
| Interest Coverage | 0.87 | 0.87 | 0.36 | 0.66 | 5.72 | 6.31 | 3.19 | 2.13 | 2.77 | 4.79 | 4.83 |
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 | 0.55 | 0.55 | 0.08 | 0.17 | 0.19 | 0.20 | 0.17 | 0.15 | 0.19 | 0.26 | 0.29 |
| Quick Ratio | 0.55 | 0.55 | 0.08 | 0.17 | 0.19 | 0.20 | 0.17 | 0.15 | 0.19 | 0.26 | 0.29 |
| Cash Ratio | 0.04 | 0.04 | 0.02 | 0.02 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Asset Turnover | — | 0.06 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.04 | 0.04 | 0.04 |
| 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 | 5.0% | 5.4% | 5.9% | 5.5% | 4.5% | 4.0% | 5.0% | 3.6% | 4.3% | 3.0% | 2.6% |
| Payout Ratio | 53.9% | 53.9% | 90.6% | 78.7% | 41.5% | 46.3% | 47.1% | 47.7% | 52.4% | 46.9% | 48.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.2% | 9.9% | 6.4% | 7.0% | 10.7% | 8.5% | 10.6% | 7.5% | 8.2% | 6.3% | 5.4% |
| FCF Yield | 13.2% | 14.5% | 42.9% | 11.5% | 13.5% | 6.5% | 5.7% | 7.1% | 10.6% | 5.6% | 2.6% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 1.8% | 11.5% | 3.4% | 1.0% | 2.7% | 0.2% | 0.0% | 0.7% |
| Total Shareholder Yield | 5.0% | 5.4% | 5.9% | 7.4% | 16.0% | 7.3% | 6.0% | 6.3% | 4.5% | 3.0% | 3.3% |
| Shares Outstanding | — | $14M | $14M | $11M | $11M | $13M | $13M | $13M | $12M | $10M | $10M |
Margin compression and integration
With a P/B ratio of 0.95, LCNB is currently trading below book value, which, according to recent market data, suggests that investors are pricing in a lower return on tangible equity than the bank's historical performance might otherwise justify in a more stable interest rate environment.
The current valuation multiple appears to reflect market skepticism regarding the bank's ability to drive meaningful earnings growth following the Cincinnati Bancorp acquisition. Investors should monitor whether the discount to book value persists as the bank attempts to improve its efficiency ratio and stabilize its net interest margin.
As reported in the quarterly financial data, LCNB's ROE has struggled to exceed 2.6% in recent periods, indicating that the bank's profitability is currently strained by rising funding costs and the operational drag associated with its physical branch-heavy service model in the Ohio market.
The DuPont decomposition suggests that the bank's profitability is being squeezed by a narrowing net interest margin, which has remained stagnant at 0.8%. Without a significant improvement in asset utilization or a reduction in the efficiency ratio, the bank may find it difficult to return to historical ROE levels.
Based on the provided quarterly figures, LCNB's efficiency ratio has deteriorated to 52.7% in 2026Q1, which, as noted in recent financial filings, highlights the difficulty of maintaining operating leverage while managing the integration of new acquisitions and navigating a competitive deposit environment.
The persistent 0.8% NIM suggests that the bank is unable to pass on higher funding costs to its borrowers effectively. This lack of pricing power, combined with rising non-interest expenses, warrants further investigation into the long-term sustainability of the current branch-based operating model.
According to recent balance sheet disclosures, LCNB has maintained a steady equity-to-assets ratio of 0.12, which, based on reported figures, indicates a conservative capital posture that provides a necessary buffer against the integration risks inherent in the recent Cincinnati Bancorp expansion.
While this capital level appears adequate for current operations, it may limit the bank's capacity for aggressive capital return programs like share buybacks. Investors should monitor whether management prioritizes maintaining this buffer over increasing dividend payouts in the face of ongoing earnings volatility.
The P/E ratio is frequently misapplied to LCNB, as it fails to account for the significant volatility in provision for credit losses under the CECL model, which can artificially depress earnings and distort the bank's true valuation relative to its tangible book value.
Analysts should prioritize P/TBV over P/E when evaluating LCNB, as the latter is highly sensitive to non-cash provisioning adjustments that do not reflect the bank's underlying franchise value. Relying on P/E may lead to an inaccurate assessment of the bank's earnings power during periods of economic uncertainty.
Includes 30+ ratios · 27 years · Updated daily
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Quick answers to the most common questions about buying LCNB stock.
LCNB Corp.'s current P/E ratio is 10.9x. The historical average is 13.8x. This places it at the 26th percentile of its historical range.
LCNB Corp.'s current EV/EBITDA is 12.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.8x.
LCNB Corp.'s return on equity (ROE) is 8.8%. The historical average is 10.3%.
Based on historical data, LCNB Corp. is trading at a P/E of 10.9x. This is at the 26th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
LCNB Corp.'s current dividend yield is 4.99% with a payout ratio of 53.9%.
LCNB Corp. has 72.3% gross margin and 22.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
LCNB Corp.'s Debt/EBITDA ratio is 4.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.