Citizens & Northern Corp. (CZNC) intrinsic value & 10-year financials
Citizens & Northern Corp. (CZNC) has a Graham intrinsic value of $22.10 per share. At $25.50 on Oct 17, 2026, the stock trades 15% above that value. Over the last 10 fiscal years revenue grew 13.2% a year to $2.3M, with an average return on invested capital of 9.7%.
- Graham intrinsic value
- $22.10
- Share price (Oct 17, 2026)
- $25.50
- Price vs Graham value
- 15% above
- Market cap
- $353.5M
- Revenue (FY2025)
- $2.3M
- Revenue growth (10-yr CAGR)
- 13.2%
- ROIC (10-yr avg)
- 9.7%
- Free cash flow (FY2025)
- $30.1M
CZNC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.3M | $23.4M | — | $30.1M | — | 9.8% |
| FY2024 | $2.3M | $26.0M | $1.69 | $31.1M | — | 13.3% |
| FY2023 | $1.7M | $24.1M | $1.57 | $31.3M | — | 9.4% |
| FY2022 | $2.3M | $26.6M | $1.71 | $31.3M | — | 11.3% |
| FY2021 | $1.9M | $30.6M | $1.92 | $33.0M | — | 14.7% |
| FY2020 | $1.3M | $19.2M | $1.30 | $21.6M | — | 7.5% |
| FY2019 | $1.3M | $19.5M | $1.46 | $19.6M | — | 7.7% |
| FY2018 | $1.0M | $22.0M | $1.79 | $24.7M | — | 10.2% |
| FY2017 | $797.0K | $13.4M | $1.10 | $17.7M | — | 6.0% |
| FY2016 | $756.0K | $15.8M | $1.30 | $16.9M | — | 7.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
CITIZENS & NORTHERN CORP is a consistent compounder, expanding top-line revenue at 13.2% annually over the past decade.
CITIZENS & NORTHERN CORP returns on capital have been average, hovering around 9.7% ROIC over the decade.
CITIZENS & NORTHERN 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, CITIZENS & NORTHERN CORP is modeled at 3.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $22.10 per share.