A Business at a Glance
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LCNB CORP
LCNB
$282M
Mkt Cap
$20.00
+2.30%
LCNB CORP (LCNB) has a current P/E ratio of 12.0, compared to its historical median P/E of 9.9. The stock is currently considered Fair based on its historical valuation range.
LCNB CORP (LCNB) has a 5-year average return on invested capital (ROIC) of 6.3%. This is below average and may indicate limited pricing power.
LCNB CORP (LCNB) has a market capitalization of $285M. It is classified as a small-cap stock.
Yes, LCNB CORP (LCNB) pays a dividend with a trailing twelve-month yield of 4.39%.
Based on historical P/E analysis, LCNB CORP (LCNB) appears fair. The current P/E of 12.0 is 20% above its historical median of 9.9. The estimated fair value CAGR (P/E method) is -3.8%.
LCNB CORP (LCNB) operates in the National Commercial Banks industry, within the Financials sector.
LCNB CORP (LCNB) reported annual revenue of $125 million in its most recent fiscal year, based on SEC EDGAR filings.
FORWARD-LOOKING STATEMENTS Certain statements made in this document regarding LCNB’s financial condition, results of operations, plans, objectives, future performance and business, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by the fact they are not historical facts and include words such as “anticipate”, “could”, “may”, “feel”, “expect”, “believe”, “might”, “plan”, and similar expressions. These forward-looking statements reflect management's current expectations based on all information available to management and its knowledge of LCNB’s business and operations.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 94M | 125M | 125M | 95M | 80M | 77M |
| Net Income | 23M | 23M | 13M | 13M | 22M | 21M |
| EPS | $1.61 | $1.63 | $0.97 | $1.10 | $1.93 | $1.66 |
| Free Cash Flow | 34M | 33M | 89M | 21M | 28M | 16M |
| ROIC | 6.0% | 5.8% | 3.5% | 4.4% | 9.4% | 8.5% |
| Gross Margin | - | 0.0% | - | - | - | - |
| Debt/Equity | 0.38 | 0.38 | 0.61 | 0.89 | 0.45 | 0.04 |
| Dividends/Share | $0.88 | $0.88 | $0.88 | $0.85 | $0.81 | $0.77 |
| Operating Income | 506K | 28M | 16M | 631K | 27M | 1.3M |
| Operating Margin | 0.5% | 22.6% | 12.7% | 0.7% | 33.7% | 1.7% |
| ROE | 8.3% | 8.7% | 5.5% | 5.8% | 10.0% | 8.7% |
| Shares Outstanding | 14M | 14M | 14M | 11M | 11M | 13M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 49M | 53M | 55M | 55M | 66M | 78M | 80M | 77M | 80M | 95M | 125M | 125M | 94M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | 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 | 16M | 18M | 18M | 19M | 21M | 25M | 27M | 28M | 28M | 29M | 35M | 35M | 36M |
| EBIT | 13M | 16M | 17M | 17M | 18M | 23M | 1.3M | 1.3M | 27M | 631K | 16M | 28M | 506K |
| Op. Margin | 27.3% | 29.7% | 31.0% | 31.4% | 27.1% | 29.7% | 1.6% | 1.7% | 33.7% | 0.7% | 12.7% | 22.6% | 0.5% |
| Net Income | 9.9M | 11M | 12M | 13M | 15M | 19M | 20M | 21M | 22M | 13M | 13M | 23M | 23M |
| Net Margin | 20.3% | 21.7% | 22.8% | 23.6% | 22.6% | 24.3% | 25.2% | 27.0% | 27.5% | 13.2% | 10.7% | 18.5% | 24.3% |
| Non-Recurring | 128K | 1K | -33K | -113K | -575K | 1K | 53K | 6K | -455K | 422K | 455K | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 7.9% | 8.4% | 8.5% | 8.7% | 7.9% | 8.2% | 8.4% | 8.5% | 9.4% | 4.4% | 3.5% | 5.8% | 6.0% |
| ROE | 8.1% | 8.6% | 8.8% | 8.8% | 8.0% | 8.4% | 8.5% | 8.7% | 10.0% | 5.8% | 5.5% | 8.7% | 8.3% |
| ROA | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.2% | 1.2% | 1.1% | 1.2% | 0.6% | 0.6% | 1.0% | 1.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 16M | 13M | 15M | 18M | 20M | 22M | 14M | 18M | 29M | 23M | 93M | 34M | 35M |
| Free Cash Flow | 15M | 13M | 6.0M | 12M | 19M | 18M | 11M | 16M | 28M | 21M | 89M | 33M | 34M |
| Owner Earnings | 14M | 12M | 14M | 17M | 18M | 20M | 12M | 16M | 26M | 20M | 89M | 30M | 2.6M |
| CapEx | 1.1M | 504K | 9.4M | 6.6M | 600K | 3.9M | 2.8M | 1.9M | 884K | 2.6M | 3.8M | 959K | 1.2M |
| Maint. CapEx | 1.5M | 1.4M | 1.2M | 1.5M | 1.8M | 1.8M | 1.8M | 1.9M | 2.4M | 2.4M | 3.2M | 3.3M | 32M |
| Growth CapEx | 0 | 0 | 8.2M | 5.1M | 0 | 2.2M | 957K | 9K | 0 | 174K | 556K | 0 | 0 |
| D&A | 1.5M | 1.4M | 1.2M | 1.5M | 1.8M | 1.8M | 1.8M | 1.9M | 2.4M | 2.4M | 3.2M | 3.3M | 32M |
| CapEx/OCF | 6.6% | 3.8% | N/A | 36.5% | 3.0% | 17.9% | 20.4% | 10.9% | 3.5% | 11.2% | 4.1% | N/A | 3.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 5.6M | 5.9M | 6.0M | 6.1M | 7.8M | 9.0M | 9.4M | 9.7M | 9.2M | 9.9M | 12M | 12M | 13M |
| Dividend Yield | 6.3% | 6.1% | 5.3% | 4.3% | 5.0% | 5.5% | 6.6% | 5.6% | 5.7% | 6.4% | 6.4% | N/A | 4.4% |
| Share Buybacks | 0 | 0 | 0 | 0 | 348K | 6.8M | 1.9M | 8.3M | 24M | 3.3M | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | 0.3% | 3.6% | 1.3% | 4.1% | 13.8% | N/A | N/A | 0.0% | 0.0% |
| Stock-Based Comp | 24K | 13K | 61K | 75K | 107K | 134K | 137K | 249K | 531K | 563K | 588K | 650K | 632K |
| Debt Repayment | 745K | 5.4M | 5.3M | 295K | 7.2M | 6.1M | 19M | 12M | 5.9M | 6.9M | 8.0M | 51M | 51M |
| Balance Sheet | |||||||||||||
| Net Debt | -242M | -318M | -218M | -253M | -195M | -193M | -241M | -316M | -222M | -106M | -139M | -114M | 75M |
| Cash & Equiv. | 16M | 15M | 19M | 25M | 20M | 21M | 32M | 18M | 23M | 40M | 36M | -14M | 29M |
| Long-Term Debt | 745K | 5.4M | 5.3M | 295K | 7.2M | 6.1M | 0 | 10M | 19M | 113M | 155M | 104M | 104M |
| Debt/Equity | 0.14 | 0.31 | 0.33 | 0.31 | 0.29 | 0.03 | 0.00 | 0.04 | 0.45 | 0.89 | 0.61 | 0.38 | 0.38 |
| Interest Coverage | 4.7 | 5.7 | 5.8 | 5.8 | 3.8 | 3.1 | 0.2 | 0.3 | 6.7 | 1.9 | 1.4 | 0.0 | 0.0 |
| Equity | 126M | 140M | 143M | 150M | 219M | 228M | 241M | 239M | 201M | 235M | 253M | 274M | 276M |
| Total Assets | 1.1B | 1.3B | 1.3B | 1.3B | 1.6B | 1.6B | 1.7B | 1.9B | 1.9B | 2.3B | 2.3B | 2.2B | 2.2B |
| Total Liabilities | 982M | 1.1B | 1.2B | 1.1B | 1.4B | 1.4B | 1.5B | 1.7B | 1.7B | 2.1B | 2.1B | 2.0B | 2.0B |
| Intangibles | 4.8M | 5.4M | 4.6M | 3.8M | 5.0M | 4.0M | 3.5M | 2.5M | 1.8M | 9.5M | 11M | 9.3M | 8.9M |
| Retained Earnings | 69M | 75M | 81M | 87M | 95M | 104M | 115M | 126M | 139M | 140M | 141M | 152M | 153M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Per Share Data | |||||||||||||
| EPS | 1.05 | 1.17 | 1.25 | 1.29 | 1.24 | 1.44 | 1.55 | 1.66 | 1.93 | 1.10 | 0.97 | 1.63 | 1.61 |
| Owner EPS | 1.54 | 1.20 | 1.42 | 1.64 | 1.49 | 1.53 | 0.91 | 1.24 | 2.26 | 1.79 | 6.47 | 2.16 | 0.18 |
| Book Value | 13.37 | 14.29 | 14.33 | 14.95 | 18.31 | 17.39 | 18.64 | 18.95 | 17.59 | 20.64 | 18.30 | 19.42 | 19.36 |
| Cash Flow/Share | 1.70 | 1.35 | 1.55 | 1.80 | 1.65 | 1.68 | 1.06 | 1.42 | 2.52 | 2.05 | 6.74 | 2.44 | 3.85 |
| Dividends/Share | 0.64 | 0.64 | 0.64 | 0.64 | 0.65 | 0.69 | 0.73 | 0.77 | 0.81 | 0.85 | 0.88 | 0.88 | 0.88 |
| Shares Out. | 9.4M | 9.8M | 10.0M | 10.1M | 12.0M | 13.1M | 12.9M | 12.6M | 11.4M | 11.4M | 13.8M | 14.1M | 14.2M |
| Valuation | |||||||||||||
| P/E Ratio | 8.5 | 8.8 | 12.3 | 11.0 | 8.7 | 9.9 | 7.3 | 9.7 | 7.7 | 13.2 | 14.5 | N/A | 12.4 |
| P/FCF | 5.6 | 8.0 | 25.4 | 12.4 | 6.7 | 10.4 | 13.5 | 12.8 | 6.1 | 8.0 | 2.2 | N/A | 8.4 |
| EV/EBIT | 5.0 | 6.5 | 8.6 | 7.9 | 6.8 | N/A | N/A | N/A | 7.0 | 10.6 | 6.1 | N/A | 711.2 |
| Price/Book | 0.7 | 0.7 | 1.1 | 1.0 | 0.6 | 0.8 | 0.6 | 0.9 | 0.9 | 0.7 | 0.8 | N/A | 1.0 |
| Price/Sales | 2.0 | 1.9 | 2.2 | 2.8 | 2.6 | 2.5 | 2.0 | 2.4 | 2.1 | 2.2 | 2.4 | N/A | 3.0 |
| FCF Yield | 17.7% | 12.6% | 3.9% | 8.0% | 14.8% | 9.6% | 7.4% | 7.8% | 16.2% | 12.4% | 45.6% | N/A | 12.0% |
| Market Cap | 84M | 101M | 153M | 143M | 129M | 188M | 147M | 203M | 171M | 167M | 196M | 0 | 285M |
| Avg. Price | 9.54 | 9.82 | 11.46 | 14.08 | 12.93 | 12.50 | 11.11 | 13.72 | 14.03 | 13.70 | 13.74 | 0.00 | 20.00 |
| Year-End Price | 8.93 | 10.32 | 15.36 | 14.25 | 10.80 | 14.33 | 11.38 | 16.09 | 14.95 | 14.54 | 14.11 | 0.00 | 20.00 |
LCNB CORP passes 2 of 9 quality checks, indicating weak fundamentals.
LCNB CORP trades at 12.0x trailing earnings, compared to its 15-year median P/E of 9.9x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 4.7x vs a median of 10.4x. The company's 5-year average ROIC is 6.3%. Total shareholder yield (dividends) is 4.4%. At current prices, the estimated annualized return to fair value is +18.0%.
LCNB CORP (LCNB) has a net profit margin of 18.5%. This is a healthy margin.
LCNB CORP (LCNB) generated $33 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
LCNB CORP (LCNB) has a debt-to-equity ratio of 0.38. This indicates a conservatively financed balance sheet.
LCNB CORP (LCNB) reported earnings per share (EPS) of $1.63 in its most recent fiscal year.
LCNB CORP (LCNB) has a return on equity (ROE) of 8.7%. This indicates moderate shareholder returns.
The Ledger Terminal provides 16 years of financial data for LCNB CORP (LCNB), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
LCNB CORP (LCNB) has a book value per share of $19.42, based on its most recent annual SEC filing.