A Business at a Glance
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CAMDEN NATIONAL CORP
CAC
$927M
Mkt Cap
$54.63
+1.92%
CAMDEN NATIONAL CORP (CAC) has a current P/E ratio of 15.6, compared to its historical median P/E of 9.7. The stock is currently considered Expensive based on its historical valuation range.
CAMDEN NATIONAL CORP (CAC) has a 5-year average return on invested capital (ROIC) of 11.0%. This indicates solid capital allocation.
CAMDEN NATIONAL CORP (CAC) has a market capitalization of $924M. It is classified as a small-cap stock.
Yes, CAMDEN NATIONAL CORP (CAC) pays a dividend with a trailing twelve-month yield of 3.08%. The company also returns capital through share buybacks, with a buyback yield of 0.16%.
Based on historical P/E analysis, CAMDEN NATIONAL CORP (CAC) appears expensive. The current P/E of 15.6 is 61% above its historical median of 9.7. The estimated fair value CAGR (P/E method) is -2.0%.
CAMDEN NATIONAL CORP (CAC) operates in the National Commercial Banks industry, within the Financials sector.
CAMDEN NATIONAL CORP (CAC) reported annual revenue of $373 million in its most recent fiscal year, based on SEC EDGAR filings.
Overview. Camden National Corporation (hereafter referred to as “we,” “our,” “us,” or the “Company”) is a publicly-held bank holding company, with $7.0 billion in assets at December 31, 2025, incorporated under the laws of the State of Maine and headquartered in Camden, Maine. Camden National Bank (the “Bank”), a wholly-owned subsidiary of the Company, was founded in 1875. The Company was founded in 1984, went public in 1997, and is registered with NASDAQ Global Market (“NASDAQ”) under the ticker symbol “CAC.” Our consolidated financial statements accompanying this Form 10-K include the accounts of the Company, the Bank and the Bank’s subsidiaries and divisions. All inter-company accounts and transactions have been eliminated in consolidation. On January 2, 2025, we completed our acquisition of Northway Financial, Inc. (“Northway”) and its bank subsidiary, Northway Bank. The acquisition of Northway added $971.9 million of deposits and $1.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 260M | 373M | 294M | 257M | 213M | 198M |
| Net Income | 80M | 65M | 53M | 43M | 61M | 69M |
| EPS | $4.71 | $3.84 | $3.62 | $2.97 | $4.17 | $4.60 |
| Free Cash Flow | 77M | 58M | 55M | 65M | 103M | 141M |
| ROIC | 11.2% | 10.6% | 10.3% | 9.2% | 12.3% | 12.6% |
| Gross Margin | - | 68.0% | 67.3% | 68.5% | 86.1% | 92.8% |
| Debt/Equity | 0.72 | 0.84 | 0.94 | 0.98 | 0.59 | 0.39 |
| Dividends/Share | $1.69 | $1.68 | $1.68 | $1.68 | $1.62 | $1.48 |
| Operating Income | 5.9M | 5.8M | 4.6M | 4.3M | 4.0M | 3.5M |
| Operating Margin | 2.3% | 1.6% | 1.6% | 1.7% | 1.9% | 1.8% |
| ROE | 11.2% | 10.6% | 10.3% | 9.2% | 12.3% | 12.9% |
| Shares Outstanding | 17M | 17M | 15M | 15M | 15M | 15M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 113M | 127M | 169M | 175M | 190M | 211M | 208M | 198M | 213M | 257M | 294M | 373M | 260M |
| Gross Margin | 87.3% | 88.4% | 87.1% | 86.4% | 83.2% | 79.2% | 84.0% | 92.8% | 86.1% | 68.5% | 67.3% | 68.0% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 33M | 37M | 47M | 49M | 52M | 54M | 58M | 61M | 62M | 60M | 64M | 80M | 79M |
| EBIT | 3.1M | 3.9M | 4.8M | 3.1M | 3.3M | 4.2M | 3.4M | 3.5M | 4.0M | 4.3M | 4.6M | 5.8M | 5.9M |
| Op. Margin | 2.7% | 3.1% | 2.9% | 1.8% | 1.7% | 2.0% | 1.6% | 1.8% | 1.9% | 1.7% | 1.6% | 1.6% | 2.3% |
| Net Income | 24M | 21M | 40M | 28M | 53M | 57M | 59M | 69M | 61M | 43M | 53M | 65M | 80M |
| Net Margin | 21.7% | 16.5% | 23.6% | 16.2% | 27.9% | 27.1% | 28.6% | 34.7% | 28.7% | 16.8% | 18.0% | 17.5% | 30.7% |
| Non-Recurring | 0 | -1.1M | 0 | 0 | 0 | 0 | 0 | 0 | 204K | 0 | 0 | 675K | 675K |
| Returns on Capital | |||||||||||||
| ROIC | 9.1% | 6.2% | 10.0% | 7.0% | 12.6% | 12.6% | 11.5% | 12.6% | 12.3% | 9.2% | 10.3% | 10.6% | 11.2% |
| ROE | 10.3% | 6.9% | 10.6% | 7.1% | 12.6% | 12.6% | 11.8% | 12.9% | 12.3% | 9.2% | 10.3% | 10.6% | 11.2% |
| ROA | 0.9% | 0.6% | 1.1% | 0.7% | 1.3% | 1.3% | 1.3% | 1.3% | 1.1% | 0.8% | 0.9% | 1.0% | 1.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 30M | 16M | 57M | 58M | 64M | 33M | 18M | 143M | 105M | 68M | 61M | 64M | 83M |
| Free Cash Flow | 29M | 13M | 56M | 55M | 59M | 29M | 15M | 141M | 103M | 65M | 55M | 58M | 77M |
| Owner Earnings | 26M | 11M | 51M | 53M | 59M | 27M | 13M | 137M | 99M | 61M | 55M | 55M | 38M |
| CapEx | 1.3M | 3.2M | 1.7M | 2.8M | 5.0M | 4.3M | 2.9M | 1.9M | 2.2M | 2.6M | 5.6M | 5.7M | 5.7M |
| Maint. CapEx | 3.1M | 3.6M | 4.4M | 3.8M | 3.8M | 3.9M | 3.8M | 3.7M | 3.5M | 3.4M | 3.3M | 5.2M | 42M |
| Growth CapEx | 0 | 0 | 0 | 0 | 1.3M | 376K | 0 | 0 | 0 | 0 | 2.3M | 500K | 0 |
| D&A | 3.1M | 3.6M | 4.4M | 3.8M | 3.8M | 3.9M | 3.8M | 3.7M | 3.5M | 3.4M | 3.3M | 5.2M | 42M |
| CapEx/OCF | 4.4% | 20.0% | 2.9% | 4.9% | 7.8% | 13.0% | 16.1% | 1.3% | 2.1% | 3.9% | 9.2% | N/A | 6.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 8.1M | 9.8M | 12M | 14M | 17M | 19M | 20M | 21M | 24M | 25M | 25M | 28M | 29M |
| Dividend Yield | 4.3% | 4.4% | 3.7% | 3.0% | 3.4% | 3.6% | 4.8% | 3.8% | 4.1% | 5.5% | 4.9% | N/A | 3.1% |
| Share Buybacks | 7.5M | 0 | 0 | 0 | 27K | 21M | 9.7M | 10M | 10M | 2.0M | 1.6M | 0 | 1.5M |
| Buyback Yield | 3.7% | N/A | N/A | N/A | 0.0% | 3.8% | 2.2% | 1.7% | 2.0% | 0.4% | 0.3% | 0.0% | 0.2% |
| Stock-Based Comp | 599K | 836K | 2.0M | 1.5M | 1.7M | 1.9M | 1.8M | 2.4M | 2.6M | 2.8M | 2.9M | 3.4M | 3.3M |
| Debt Repayment | 0 | 536K | 536K | 536K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -347M | -315M | -326M | -892M | -707M | -725M | -1.1B | -1.5B | -506M | -240M | -308M | -445M | -521M |
| Cash & Equiv. | 61M | 79M | 88M | 103M | 67M | 76M | 146M | 221M | 75M | 100M | 215M | 97M | 1.0B |
| Long-Term Debt | 31M | 36M | 11M | N/A | N/A | N/A | 25M | 0 | N/A | N/A | N/A | 841K | 840K |
| Debt/Equity | 1.95 | 1.41 | 1.38 | 0.00 | 0.62 | 0.57 | 0.35 | 0.39 | 0.59 | 0.98 | 0.94 | 0.84 | 0.72 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 245M | 363M | 392M | 403M | 436M | 473M | 529M | 541M | 451M | 495M | 531M | 697M | 710M |
| Total Assets | 2.8B | 3.7B | 3.9B | 4.1B | 4.3B | 4.4B | 4.9B | 5.5B | 5.7B | 5.7B | 5.8B | 7.0B | 7.0B |
| Total Liabilities | 2.5B | 3.3B | 3.5B | 3.7B | 3.9B | 4.0B | 4.4B | 5.0B | 5.2B | 5.2B | 5.3B | 6.3B | 6.3B |
| Intangibles | 3.4M | 8.7M | 6.8M | 5.0M | 4.2M | 3.5M | 2.8M | 2.2M | 1.6M | 971K | 415K | 43M | 41M |
| Retained Earnings | 212M | 222M | 249M | 267M | 302M | 341M | 378M | 424M | 462M | 481M | 509M | 545M | 560M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 2.19 | 1.73 | 2.57 | 1.82 | 3.39 | 3.69 | 3.95 | 4.60 | 4.17 | 2.97 | 3.62 | 3.84 | 4.71 |
| Owner EPS | 2.35 | 0.95 | 3.29 | 3.41 | 3.77 | 1.75 | 0.84 | 9.13 | 6.75 | 4.20 | 3.74 | 3.26 | 2.22 |
| Book Value | 21.91 | 30.07 | 25.23 | 25.89 | 27.92 | 30.60 | 35.24 | 36.18 | 30.71 | 33.93 | 36.29 | 41.05 | 41.98 |
| Cash Flow/Share | 2.67 | 1.32 | 3.70 | 3.74 | 4.12 | 2.12 | 1.21 | 9.54 | 7.16 | 4.63 | 4.16 | 3.77 | 7.19 |
| Dividends/Share | 0.74 | 0.80 | 0.83 | 0.94 | 1.15 | 1.23 | 1.32 | 1.48 | 1.62 | 1.68 | 1.68 | 1.68 | 1.69 |
| Shares Out. | 11.2M | 12.1M | 15.5M | 15.6M | 15.6M | 15.5M | 15.0M | 15.0M | 14.7M | 14.6M | 14.6M | 17.0M | 16.9M |
| Valuation | |||||||||||||
| P/E Ratio | 8.2 | 12.0 | 12.5 | 17.2 | 7.9 | 9.7 | 7.2 | 8.8 | 8.5 | 11.8 | 11.2 | N/A | 11.6 |
| P/FCF | 7.0 | 19.7 | 8.9 | 8.8 | 7.1 | 19.3 | 28.1 | 4.3 | 5.1 | 7.9 | 10.8 | N/A | 12.0 |
| EV/EBIT | N/A | N/A | N/A | N/A | 189.5 | 181.6 | 148.5 | 170.5 | 177.6 | 208.8 | 191.7 | N/A | 68.5 |
| Price/Book | 0.8 | 0.7 | 1.3 | 1.2 | 1.0 | 1.2 | 0.8 | 1.1 | 1.2 | 1.0 | 1.1 | N/A | 1.3 |
| Price/Sales | 1.9 | 2.0 | 2.2 | 3.1 | 3.2 | 3.0 | 2.2 | 3.0 | 3.0 | 2.7 | 2.8 | N/A | 3.6 |
| FCF Yield | 14.2% | 5.1% | 11.1% | 11.3% | 14.1% | 5.2% | 3.5% | 23.2% | 19.7% | 12.7% | 9.3% | N/A | 8.4% |
| Market Cap | 201M | 251M | 501M | 490M | 420M | 554M | 431M | 607M | 523M | 513M | 596M | 0 | 924M |
| Avg. Price | 16.84 | 18.37 | 21.70 | 30.81 | 32.42 | 33.11 | 27.81 | 37.53 | 38.65 | 30.40 | 34.42 | 0.00 | 54.63 |
| Year-End Price | 17.86 | 20.73 | 32.14 | 31.29 | 26.81 | 35.75 | 28.63 | 40.44 | 35.47 | 35.10 | 40.69 | 0.00 | 54.63 |
CAMDEN NATIONAL CORP passes 4 of 9 quality checks, suggesting mixed fundamentals.
CAMDEN NATIONAL CORP trades at 15.6x trailing earnings, compared to its 15-year median P/E of 9.7x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 11.5x vs a median of 8.8x. The company's 5-year average ROIC is 11.0% with a gross margin of 76.5%. Total shareholder yield (dividends + buybacks) is 3.2%. At current prices, the estimated annualized return to fair value is +7.4%.
CAMDEN NATIONAL CORP (CAC) has a net profit margin of 17.5%. This is a healthy margin.
CAMDEN NATIONAL CORP (CAC) generated $58 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CAMDEN NATIONAL CORP (CAC) has a debt-to-equity ratio of 0.84. This indicates moderate leverage.
CAMDEN NATIONAL CORP (CAC) reported earnings per share (EPS) of $3.84 in its most recent fiscal year.
CAMDEN NATIONAL CORP (CAC) has a return on equity (ROE) of 10.6%. This indicates moderate shareholder returns.
CAMDEN NATIONAL CORP (CAC) has a 5-year average gross margin of 76.5%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for CAMDEN NATIONAL CORP (CAC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CAMDEN NATIONAL CORP (CAC) has a book value per share of $41.05, based on its most recent annual SEC filing.