C & F Financial Corp. (CFFI) intrinsic value & 10-year financials
C & F Financial Corp. (CFFI) has a Graham intrinsic value of $175.23 per share. At $102.06 on Oct 17, 2026, the stock trades 42% below that value. Over the last 10 fiscal years revenue grew 2.3% a year to $140.8M, with an average return on invested capital of 25.8%.
- Graham intrinsic value
- $175.23
- Share price (Oct 17, 2026)
- $102.06
- Price vs Graham value
- 42% below
- Market cap
- $330.4M
- Revenue (FY2025)
- $140.8M
- Revenue growth (10-yr CAGR)
- 2.3%
- ROIC (10-yr avg)
- 25.8%
- Free cash flow (FY2025)
- $22.2M
CFFI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $140.8M | $26.8M | $8.29 | $22.2M | — | 13.7% |
| FY2024 | $127.3M | $19.8M | $6.01 | $35.0M | — | 10.2% |
| FY2023 | $127.3M | $23.6M | $6.92 | $37.4M | — | 11.6% |
| FY2022 | $121.9M | $29.2M | $8.29 | $87.2M | — | 31.9% |
| FY2021 | $134.5M | $28.7M | $7.95 | $152.6M | — | 54.7% |
| FY2020 | $152.3M | $22.1M | $6.06 | -$90.6M | — | 30.9% |
| FY2019 | $127.0M | $18.9M | $5.47 | -$17.9M | — | 55.8% |
| FY2018 | $118.3M | $18.0M | $5.15 | $43.7M | — | 34.7% |
| FY2017 | $116.3M | $6.6M | $1.88 | $22.7M | — | 4.7% |
| FY2016 | $115.1M | $13.5M | $3.89 | $25.6M | — | 9.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
C & F FINANCIAL CORP has demonstrated mature, steady growth, with revenue compounding at 2.3% annually over the past decade.
C & F FINANCIAL CORP has earned high returns on invested capital, averaging 25.8% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
C & F FINANCIAL CORP has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, C & F FINANCIAL CORP is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $175.23 per share.