Citizens Financial Services Inc is a US-listed company in the regional banks industry. Its financial year ends in December.
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~$96
Valuation models combined (6)
Base case. Range ~$59–$120. Weighted average of 6 models (residual income, justified price-to-book, price-to-book vs return on equity (peers), price-to-book vs peers, price-to-earnings vs peers, dividend discount (two-stage)), the residual income counting double.
Modestly undervalued
The price is inside our value range, 11% below our base value.
Price used: $86.01, November 2, 2026
Citizens Financial Services Inc valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $118m, up 12.5% on a year earlier, slower than the 13.1% growth a quarter earlier. Our cash-flow model value is $94.58 a share, against a share price of $84.89.
Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Citizens Financial Services Inc's trailing-twelve-month revenue grew 12.5% year on year, with a free-cash-flow margin of 31.2%. Where it stands out: net margin of 34.8% ranks 45 of 245 regional banks companies we cover.
Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 13% in the quarter to 2026-09-30, the 4th beat in the last four quarters.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
We value Citizens Financial Services Inc as a bank or lender, with every model that fits that kind of business. Cost of equity 8.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.73 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$100 ~$71–$150 | Primary model, counts double |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$110 ~$93–$140 | Included |
| Price-to-book vs return on equity (peers) The price-to-book that peers with this return on equity trade on, from a line fitted across peers. | ~$100 ~$61–$140 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$59 ~$77–$110 | Included |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$82 ~$95–$130 | Included |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | ~$120 ~$94–$150 | Included |
| Combined value Weighted average of the models that apply: the primary model (residual income) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$96 ~$59–$120 | 6 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Citizens Financial Services Inc with banks and lenders in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Moderate moat
How hard Citizens Financial Services's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 1.1% of total assets over 10 years.
Net margin has been a median 31.0%; its worst year was 21.7%.
The diluted share count rose 18.0% over five years.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (65 before it).
Next results: January 28, 2027, before the open. Analysts expect EPS of $2.24 (range $2.24 to $2.24) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $8.72 | +14% | — | — |
| Next | $8.81 | +1% | — | — |
Next year's EPS estimate has moved +6.0% in 90 days, across 1 analysts.
The consensus EPS forecast for the current fiscal year is +6.0% on 90 days ago. In the last 30 days, 1 analyst raised Citizens Financial Services Inc's forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $8.23 | $8.31 |
| 60 days ago | $8.72 | $8.81 |
| 30 days ago | $8.72 | $8.81 |
| 7 days ago | $8.72 | $8.81 |
| Now | $8.72 | $8.81 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2026 | $2.20 | $2.48 | +12.7% |
| Jun 2026 | $1.98 | $2.12 | +7.1% |
| Mar 2026 | $1.98 | $2.16 | +9.1% |
| Dec 2025 | $2.07 | $2.18 | +5.3% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months +61.8%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $105m | $118m | +12.5% |
| Net margin | 30.1% | 34.8% | +15.5% |
| P/E multiple | 8.1x | 10.1x | +24.2% |
| Share count | 5m | 5m | +0.3% |
Biggest factor: p/e multiple.
Last 3 years +76.7%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $84m | $118m | +41.3% |
| Net margin | 21.7% | 34.8% | +60.2% |
| P/E multiple | 11.0x | 10.1x | −8.6% |
| Share count | 4m | 5m | −14.6% |
Biggest factor: net margin.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| CZFS | +12% | +31% | −12% | +3% | −7% | +54% |
| Industry peers (median) | +34% | −4% | −2% | +16% | +10% | +24% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| CZFS | 58% | 67% | 67% | 58% | 42% | 82% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| CZFS | −8% | −22% | −51% | −38% | −19% | −14% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 3, 2015: 55% from June 12, 2023 to April 26, 2024. Getting back needed a 122% gain, reached on August 4, 2026, 830 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 30, 2026 | +1.3% | −2.2% | — | — |
| July 30, 2026 | +0.3% | +2.4% | +6.5% | +4.8% |
| April 29, 2026 | −6.0% | +1.0% | −4.9% | −3.2% |
| January 29, 2026 | +3.4% | −0.5% | +9.2% | −0.7% |
| October 30, 2025 | +2.2% | −0.8% | +3.1% | +2.0% |
| July 30, 2025 | −1.4% | −0.5% | −3.7% | +11.1% |
| April 30, 2025 | −1.5% | +0.7% | +5.0% | +11.2% |
| January 30, 2025 | +1.2% | 0.0% | +6.0% | −4.1% |
| October 30, 2024 | −2.5% | −2.3% | +20.3% | +18.1% |
| July 30, 2024 | −0.8% | +1.1% | −17.5% | −2.6% |
| April 25, 2024 | −9.3% | +0.6% | −3.4% | −4.8% |
| January 30, 2024 | −5.6% | −1.7% | −14.2% | −24.6% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $88.1M |
| FY23 Q4 | $91.9M |
| FY24 Q1 | $97.5M |
| FY24 Q2 | $102M |
| FY24 Q3 | $101M |
| FY24 Q4 | $101.9M |
| FY25 Q1 | $102.4M |
| FY25 Q2 | $105M |
| FY25 Q3 | $108.9M |
| FY25 Q4 | $112.3M |
| FY26 Q1 | $115.7M |
| FY26 Q2 | $118.1M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 10.7% |
| FY23 Q4 | 12.2% |
| FY24 Q1 | 16.9% |
| FY24 Q2 | 22.0% |
| FY24 Q3 | 14.6% |
| FY24 Q4 | 10.9% |
| FY25 Q1 | 4.9% |
| FY25 Q2 | 3.0% |
| FY25 Q3 | 7.9% |
| FY25 Q4 | 10.3% |
| FY26 Q1 | 13.1% |
| FY26 Q2 | 12.5% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | 18.7% |
| FY23 Q4 | 26.0% |
| FY24 Q1 | 27.8% |
| FY24 Q2 | 38.4% |
| FY24 Q3 | 37.4% |
| FY24 Q4 | 31.3% |
| FY25 Q1 | 28.2% |
| FY25 Q2 | 30.0% |
| FY25 Q3 | 26.3% |
| FY25 Q4 | 31.4% |
| FY26 Q1 | 37.0% |
| FY26 Q2 | 31.2% |
What Citizens Financial Services earned on its loans and securities in FY2025, what it paid depositors and lenders, and how its revenue split between running costs, credit losses, tax and profit.
| Interest income | $159M | |
|---|---|---|
| Fee and other income | $14.3M | 12.8% of revenue |
| Interest paid | $61.2M | |
| Net interest income | $98M | 87.2% of revenue |
| Revenue | $112M | |
| Non-interest expense | $64.7M | 57.6% of revenue |
| Credit-loss provisions | $2.4M | 2.1% of revenue |
| Pre-tax profit | $45.2M | 40.3% of revenue |
| Income tax | $8.7M | 7.7% of revenue |
| Net income | $36.6M | 32.6% of revenue |
| Fiscal year | 2009 Dec 2009 | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||||||||
| Revenue | 31 | 34 | 36 | 38 | 37 | 38 | 38 | 46 | 51 | 55 | 58 | 74 | 78 | 82 | 92 | 102 | 112 | 118 |
| Net income | 10 | 12 | 13 | 14 | 13 | 13 | 12 | 13 | 13 | 18 | 19 | 25 | 29 | 29 | 18 | 28 | 37 | 41 |
| Diluted EPS | — | $3.68 | $4.12 | $4.60 | $4.38 | $4.36 | $3.60 | $3.57 | $3.67 | $5.04 | $5.41 | $6.46 | $7.24 | $7.17 | $3.98 | $5.79 | $7.62 | $8.55 |
| Growth (year on year) | ||||||||||||||||||
| Revenue | — | +7.8% | +4.6% | +8.1% | −2.7% | +0.9% | +1.5% | +19.9% | +11.0% | +7.9% | +6.2% | +26.2% | +6.5% | +4.4% | +12.2% | +10.9% | +10.3% | +12.5% |
| Net income | — | +16.6% | +11.6% | +10.8% | −5.9% | +0.1% | −13.1% | +8.7% | +3.1% | +38.5% | +8.1% | +28.8% | +16.0% | −0.2% | −38.7% | +56.2% | +31.5% | +29.9% |
| Diluted EPS | — | — | +12.0% | +11.7% | −4.8% | −0.5% | −17.4% | −0.8% | +2.8% | +37.3% | +7.3% | +19.4% | +12.1% | −1.0% | −44.5% | +45.5% | +31.6% | +30.3% |
| Margins | ||||||||||||||||||
| Net margin | 31.3% | 33.9% | 36.1% | 37.0% | 35.8% | 35.5% | 30.4% | 27.6% | 25.6% | 32.8% | 33.4% | 34.1% | 37.1% | 35.5% | 19.4% | 27.3% | 32.6% | 34.8% |
| Free-cash-flow margin | 26.6% | 33.9% | 43.4% | 37.4% | 46.8% | 39.4% | 31.5% | 34.0% | 30.5% | 38.2% | 36.5% | 14.8% | 47.9% | 38.6% | 26.0% | 31.3% | 31.4% | 31.2% |
| Cash flow | ||||||||||||||||||
| Cash from operations | 10 | 13 | 16 | 15 | 18 | 16 | 13 | 16 | 16 | 21 | 22 | 12 | 39 | 33 | 27 | 33 | 37 | 38 |
| Capital spending | 2 | 1 | 0 | 0 | 0 | 1 | 1 | 1 | 0 | 1 | 0 | 1 | 1 | 2 | 3 | 1 | 1 | 1 |
| Free cash flow | 8 | 12 | 15 | 14 | 17 | 15 | 12 | 16 | 16 | 21 | 21 | 11 | 38 | 32 | 24 | 32 | 35 | 37 |
| Stock-based pay | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 | — |
| Free cash flow after stock pay | 8 | 11 | 15 | 14 | 17 | 15 | 12 | 15 | 15 | 21 | 21 | 10 | 37 | 31 | 24 | 31 | 35 | — |
| Balance sheet | ||||||||||||||||||
| Cash | 31 | 44 | 30 | 26 | 10 | 11 | 24 | 18 | 19 | 17 | 19 | 69 | 173 | 26 | 53 | 42 | 34 | 39 |
| Total debt | 0 | 0 | 0 | 0 | 67 | 42 | 42 | 80 | 115 | 91 | 85 | 89 | 74 | 257 | 322 | 298 | 309 | 394 |
| Net debt (negative = net cash) | −31 | −44 | −30 | −26 | 57 | 30 | 17 | 62 | 96 | 74 | 67 | 20 | −99 | 231 | 269 | 256 | 275 | 355 |
| Diluted shares | — | 3m | 3m | 3m | 3m | 3m | 3m | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 5m | 5m | 5m |
| Returned to shareholders | ||||||||||||||||||
| Dividends | 3 | 3 | 3 | 5 | 4 | 6 | 5 | 5 | 5 | 6 | 6 | 7 | 7 | 8 | 9 | 9 | 10 | 10 |
| Buybacks | 0 | 0 | 1 | 1 | 1 | 1 | 2 | 3 | 1 | 1 | 1 | 2 | 1 | 1 | 0 | 0 | 0 | 0 |
| Total returned | 3 | 4 | 4 | 6 | 5 | 7 | 8 | 8 | 6 | 7 | 8 | 9 | 9 | 9 | 9 | 10 | 10 | 10 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 25 | 26 | 26 | 27 | 29 | 30 | 30 | 30 |
| Net income | 8 | 8 | 8 | 8 | 10 | 10 | 10 | 10 |
| Diluted EPS | $1.57 | $1.66 | $1.59 | $1.76 | $2.09 | $2.18 | $2.16 | $2.12 |
| Growth (year on year) | ||||||||
| Revenue | −3.8% | +3.4% | +1.9% | +10.9% | +15.6% | +13.0% | +12.8% | +8.8% |
| Net income | −0.2% | +5.9% | +8.5% | +60.4% | +32.8% | +31.3% | +36.2% | +20.4% |
| Diluted EPS | −1.3% | +3.8% | +7.4% | +60.0% | +33.1% | +31.3% | +35.8% | +20.5% |
| Margins | ||||||||
| Net margin | 30.0% | 30.5% | 28.8% | 31.0% | 34.5% | 35.4% | 34.8% | 34.3% |
| Free-cash-flow margin | 22.3% | 38.2% | 39.2% | 20.1% | 9.4% | 56.3% | 60.0% | −1.3% |
| Cash flow | ||||||||
| Cash from operations | 6 | 10 | 11 | 6 | 3 | 17 | 18 | −0 |
| Capital spending | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 6 | 10 | 10 | 5 | 3 | 17 | 18 | −0 |
| Last 12 months unless stated | CZFS | ISTR | PDLB | CHMG | PCB | BWFG | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $118m | $120m | $120m | $120m | $120m | $122m | $255m |
| Revenue growth, last 12 months | 12.5% | 30.5% | 27.6% | 40.0% | 11.8% | 31.6% | 12.5% |
| Revenue growth, 3-year average | 12.2% | 8.5% | 19.3% | 6.5% | 5.1% | 5.1% | 6.0% |
| Revenue growth, latest quarter | 8.8% | 65.2% | 19.3% | 208.6% | 4.8% | 26.3% | 10.7% |
| Net margin | 34.8% | 28.1% | 28.1% | 27.9% | 34.7% | 35.2% | 28.7% |
| Cash from operations / revenue | 31.8% | 22.5% | 48.5% | 38.9% | 34.3% | 29.4% | 34.3% |
| Free-cash-flow margin | 31.2% | 19.1% | 48.0% | 37.7% | 33.9% | 28.3% | 31.4% |
| Free-cash-flow margin, 3-year average | 33.2% | 17.5% | 26.6% | 32.9% | 34.0% | 28.0% | 29.9% |
| Stock pay / revenue | — | 1.7% | 1.9% | — | 0.8% | 2.8% | 1.2% |
| Change in share count | −0.3% | 36.1% | 2.2% | 0.7% | −1.1% | 1.4% | 0.4% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 12.5% | 12.5% | 124 of 245 |
| Change in growth rate Growth | -0.6pp | +0.0pp | 138 of 244 |
| Net margin Profitability | 34.8% | 28.7% | 45 of 245 |
| Change in share count Balance sheet | -0.3% | 0.4% | 85 of 230 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $25.7M | 355K | 23.9% | ▲ 7.0% |
| Vanguard Capital Management LLC | $14.5M | 201K | 13.5% | ▼ 0.5% |
| Geode Capital Management, LLC | $8.7M | 120K | 8.1% | ▲ 6.5% |
| Citizens & Northern Corp | $8.5M | 117K | 7.9% | 0.0% |
| State Street Corp | $6.7M | 93K | 6.3% | ▼ 1.2% |
| Hudock, Inc. | $5.7M | 78K | 5.3% | ▲ 91.5% |
| American Century Companies Inc | $3.2M | 44K | 3.0% | ▼ 0.2% |
| Charles Schwab Investment Management Inc | $2.8M | 39K | 2.6% | ▲ 2.9% |
| Northern Trust Corp | $2.7M | 37K | 2.5% | ▲ 0.8% |
| Vanguard Fiduciary Trust Co | $2.3M | 32K | 2.2% | ▲ 5.4% |
| Dimensional Fund Advisors LP | $2.3M | 32K | 2.1% | ▲ 10.7% |
| Vanguard Portfolio Management LLC | $2.3M | 31K | 2.1% | ▲ 19.9% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Citizens Financial Services Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Guillaume Stephen J SENIOR VICE PRESIDENT | August 31, 2026 | Buy | 24 | $76.32 | $1,832 |
| Painter John P Ii Director | August 5, 2026 | Buy | 160 | $80.52 | $12,883 |
| Gephart Leeann EXECUTIVE VICE PRESIDENT | July 9, 2026 | Sell | 15 | $71.52 | $1,073 |
| Gephart Leeann EXECUTIVE VICE PRESIDENT | June 25, 2026 | Sell | 29 | $66.52 | $1,929 |
| Guillaume Stephen J SENIOR VICE PRESIDENT | May 29, 2026 | Buy | 34 | $61.78 | $2,101 |
| Gephart Leeann EXECUTIVE VICE PRESIDENT | May 28, 2026 | Sell | 24 | $64.78 | $1,555 |
| Painter John P Ii Director | May 12, 2026 | Buy | 140 | $63.67 | $8,914 |
| Painter John P Ii Director | March 6, 2026 | Buy | 675 | $61.00 | $41,175 |
| Guillaume Stephen J SENIOR VICE PRESIDENT | February 27, 2026 | Buy | 13 | $57.06 | $742 |
| Guillaume Stephen J SENIOR VICE PRESIDENT | November 28, 2025 | Buy | 16 | $53.10 | $850 |
| Black Randall E CEO & PRESIDENT | November 4, 2025 | Buy | 22 | $54.25 | $1,194 |
| Black Randall E CEO & PRESIDENT | November 3, 2025 | Buy | 200 | $54.25 | $10,850 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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