Pathfinder Bancorp, Inc. is a US-listed company in the regional banks industry. Its financial year ends in December.
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~$23
Valuation models combined (5)
Base case. Range ~$21–$30. Weighted average of 5 models (residual income, justified price-to-book, price-to-book vs return on equity (peers), price-to-book vs peers, dividend discount (two-stage)), the residual income counting double.
Undervalued
The price is below our entire value range; our base value is 37% above it.
Price used: $17.00, November 2, 2026
Pathfinder Bancorp, 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 $48m, down 4.9% on a year earlier, a smaller fall than the 12.2% decline a quarter earlier. That puts it 219 of 231 for growth among the regional banks companies we cover. Our valuation models combined value is $24.34 a share.
Source: 10-Q filed August 13, 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.
Pathfinder Bancorp, Inc.'s trailing-twelve-month revenue fell 4.9% year on year, with a free-cash-flow margin of 22.9%. Where it stands out: change in growth rate of +7.3pp ranks 30 of 244 regional banks companies we cover. Where it lags: net margin of 0.3% ranks 235 of 245 regional banks companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 17.9% while net income fell 93.7%: a 112pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
We value Pathfinder Bancorp, Inc. as a bank or lender, with every model that fits that kind of business. Cost of equity 7.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.55 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. | ~$23 ~$15–$37 | Primary model, counts double |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$21 ~$17–$27 | 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. | ~$30 ~$16–$45 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$21 ~$28–$41 | Included |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$0.3 ~$0.3–$0.5 | Left out: out of range vs price (0.02x) |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | ~$22 ~$18–$29 | 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. | ~$23 ~$21–$30 | 5 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Pathfinder Bancorp, 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.
Weak moat
How hard Pathfinder Bancorp'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 0.5% of total assets over 10 years.
Net margin has been a median 16.0%; its worst year was 0.3%.
The diluted share count rose 8.7% over five years; stock-based pay has been a median 0.6% of revenue.
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 (37 before it).
No analyst estimates are published for Pathfinder Bancorp, Inc.: too few analysts cover it.
Last 12 months +16.2%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $51m | $48m | −4.9% |
| Net margin | 4.5% | 0.3% | −93.4% |
| P/E multiple | 29.4x | n/m | +1743.5% |
| Share count | 5m | 5m | 0.0% |
Biggest factor: p/e multiple.
Last 3 years +38.5%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $47m | $48m | +1.7% |
| Net margin | 23.8% | 0.3% | −98.8% |
| P/E multiple | 5.0x | n/m | +10838.2% |
| Share count | 5m | 5m | 0.0% |
Biggest factor: p/e multiple.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| PBHC | +52% | +14% | −25% | +29% | −17% | +24% |
| Industry peers (median) | +34% | −4% | −2% | +16% | +10% | +24% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| PBHC | 92% | 67% | 42% | 58% | 50% | 46% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| PBHC | −15% | −16% | −35% | −20% | −21% | −15% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 3, 2015: 46% from September 16, 2022 to March 4, 2024. Getting back needed a 85% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| July 30, 2026 | +2.2% | +2.4% | +3.3% | +0.7% |
| April 29, 2026 | +2.2% | +1.0% | +3.0% | +0.7% |
| February 27, 2026 | +0.1% | −0.4% | +0.4% | −5.6% |
| January 29, 2026 | −4.0% | −0.5% | −9.5% | −5.2% |
| October 30, 2025 | −0.8% | −0.8% | −0.3% | −5.9% |
| July 30, 2025 | −1.7% | −0.5% | −3.1% | +0.3% |
| April 30, 2025 | −1.8% | +0.7% | −0.2% | +3.0% |
| March 4, 2025 | −1.5% | −0.1% | −3.7% | −7.0% |
| January 31, 2025 | −1.8% | −1.2% | +2.4% | +0.2% |
| October 30, 2024 | −4.7% | −2.3% | −4.2% | −5.5% |
| July 29, 2024 | −2.7% | −0.4% | −6.3% | −2.6% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $46.7M |
| FY23 Q4 | $44.1M |
| FY24 Q1 | $43.7M |
| FY24 Q2 | $43.6M |
| FY24 Q3 | $45.7M |
| FY24 Q4 | $50.6M |
| FY25 Q1 | $52M |
| FY25 Q2 | $50.6M |
| FY25 Q3 | $50.3M |
| FY25 Q4 | $46.8M |
| FY26 Q1 | $45.7M |
| FY26 Q2 | $48.2M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 2.7% |
| FY23 Q4 | -6.8% |
| FY24 Q1 | -8.6% |
| FY24 Q2 | -8.0% |
| FY24 Q3 | -2.0% |
| FY24 Q4 | 14.6% |
| FY25 Q1 | 19.1% |
| FY25 Q2 | 16.2% |
| FY25 Q3 | 9.9% |
| FY25 Q4 | -7.4% |
| FY26 Q1 | -12.2% |
| FY26 Q2 | -4.9% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | 31.0% |
| FY23 Q4 | 30.5% |
| FY24 Q1 | 18.0% |
| FY24 Q2 | 30.2% |
| FY24 Q3 | 44.5% |
| FY24 Q4 | 18.1% |
| FY25 Q1 | 26.8% |
| FY25 Q2 | 18.4% |
| FY25 Q3 | 9.8% |
| FY25 Q4 | 22.2% |
| FY26 Q1 | 10.7% |
| FY26 Q2 | 22.9% |
| Fiscal year | 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 | 19 | 21 | 23 | 24 | 27 | 30 | 33 | 38 | 45 | 47 | 44 | 51 | 47 | 48 |
| Net income | 2 | 3 | 3 | 3 | 3 | 4 | 4 | 7 | 12 | 13 | 9 | 3 | −2 | 0 |
| Diluted EPS | $0.58 | $0.63 | $0.66 | $0.78 | $0.83 | $0.94 | $0.80 | $1.17 | — | — | — | — | — | — |
| Growth (year on year) | ||||||||||||||
| Revenue | — | +9.5% | +10.1% | +6.7% | +11.2% | +8.8% | +12.0% | +15.0% | +16.8% | +6.3% | −6.8% | +14.6% | −7.4% | −4.9% |
| Net income | — | +16.4% | +3.1% | +13.3% | +6.7% | +15.5% | +6.1% | +62.5% | +78.5% | +4.2% | −28.1% | −63.6% | −157.1% | −93.7% |
| Diluted EPS | — | +8.6% | +4.8% | +18.2% | +6.4% | +13.3% | −14.9% | +46.3% | — | — | — | — | — | — |
| Margins | ||||||||||||||
| Net margin | 12.6% | 13.4% | 12.6% | 13.4% | 12.8% | 13.6% | 12.9% | 18.2% | 27.9% | 27.3% | 21.1% | 6.7% | −4.1% | 0.3% |
| Free-cash-flow margin | 15.0% | 12.8% | 16.0% | 20.5% | 17.9% | 11.1% | 13.6% | 118.8% | 42.5% | 41.9% | 30.5% | 18.1% | 22.2% | 22.9% |
| Cash flow | ||||||||||||||
| Cash from operations | 5 | 5 | 6 | 6 | 7 | 9 | 8 | 47 | 20 | 22 | 15 | 11 | 12 | 12 |
| Capital spending | 2 | 2 | 3 | 1 | 2 | 6 | 4 | 1 | 1 | 2 | 2 | 2 | 1 | 1 |
| Free cash flow | 3 | 3 | 4 | 5 | 5 | 3 | 5 | 45 | 19 | 20 | 13 | 9 | 10 | 11 |
| Stock-based pay | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — | 1 | — |
| Free cash flow after stock pay | 3 | 3 | 4 | 5 | 5 | 3 | 4 | 45 | 19 | 20 | 13 | — | 9 | — |
| Balance sheet | ||||||||||||||
| Cash | 17 | 11 | 15 | 22 | 22 | 26 | 20 | 43 | 37 | 35 | 49 | 32 | 31 | 26 |
| Total debt | 24 | 66 | 41 | 59 | 74 | 119 | 93 | 82 | 77 | 116 | 176 | 88 | 58 | 133 |
| Net debt (negative = net cash) | 7 | 55 | 26 | 37 | 52 | 92 | 73 | 39 | 40 | 81 | 127 | 56 | 27 | 107 |
| Diluted shares | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 5m | — | — | — | — | — | — |
| Returned to shareholders | ||||||||||||||
| Dividends | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 |
| Buybacks | 0 | 1 | 0 | 2 | 0 | — | — | — | — | — | — | — | — | — |
| Total returned | 0 | 1 | 1 | 3 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 |
| 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 | 13 | 15 | 13 | 9 | 13 | 12 | 11 | 12 |
| Net income | −5 | 4 | 3 | 0 | 1 | −6 | 2 | 3 |
| Diluted EPS | $0.41 | — | — | $0.47 | $0.47 | — | — | — |
| Growth (year on year) | ||||||||
| Revenue | +19.4% | +45.9% | +13.2% | −13.0% | −2.5% | −22.6% | −9.0% | +26.5% |
| Net income | −313.4% | +54.1% | +40.3% | −98.5% | — | −242.4% | −18.9% | — |
| Diluted EPS | — | — | — | +14.6% | — | — | — | — |
| Margins | ||||||||
| Net margin | −34.6% | 25.6% | 23.6% | 0.3% | 4.8% | −47.1% | 21.0% | 22.7% |
| Free-cash-flow margin | 84.3% | −20.3% | 40.1% | −42.6% | 52.8% | 20.3% | −4.3% | 18.5% |
| Cash flow | ||||||||
| Cash from operations | 12 | −3 | 6 | −4 | 7 | 3 | −0 | 2 |
| Capital spending | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 11 | −3 | 5 | −4 | 7 | 2 | −0 | 2 |
| Stock-based pay | — | — | 0 | 0 | — | — | 0 | 0 |
| Free cash flow after stock pay | — | — | 5 | −4 | — | — | −1 | 2 |
| Last 12 months unless stated | PBHC | CBFV | CBAN | RVSB | BOTJ | RMBI | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $48m | $48m | $49m | $45m | $52m | $52m | $255m |
| Revenue growth, last 12 months | −4.9% | −6.1% | −59.4% | −13.3% | 12.1% | 15.5% | 12.5% |
| Revenue growth, 3-year average | 0.6% | −4.7% | −24.4% | −10.1% | 5.4% | 4.9% | 6.0% |
| Revenue growth, latest quarter | 26.5% | 15.1% | 29.4% | 13.2% | 11.4% | 15.3% | 10.7% |
| Net margin | 0.3% | 14.9% | 22.4% | −8.6% | 22.2% | 23.1% | 28.7% |
| Cash from operations / revenue | 24.6% | 41.6% | 48.6% | 32.9% | 24.4% | 28.4% | 34.3% |
| Free-cash-flow margin | 22.9% | 40.4% | 44.0% | 31.0% | 22.2% | 25.9% | 31.4% |
| Free-cash-flow margin, 3-year average | 23.8% | 22.6% | 33.8% | 13.9% | 18.8% | 28.4% | 29.9% |
| Stock pay / revenue | 0.1% | 1.8% | 1.6% | 0.9% | 0.3% | 0.5% | 1.2% |
| Change in share count | 0.6% | −2.9% | 10.5% | −1.6% | 0.0% | −2.4% | 0.4% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -4.9% | 12.5% | 232 of 245 |
| Change in growth rate Growth | +7.3pp | +0.0pp | 30 of 244 |
| Net margin Profitability | 0.3% | 28.7% | 235 of 245 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | YoY |
|---|---|---|
| Banking | $3.7M | ▼ 25.0% |
| Deposit Account | $1.5M | ▲ 7.2% |
| Financial Service Other | $1M | ▼ 31.6% |
| Insufficient Funds Fees Deposit Account | $874,000 | ▲ 6.7% |
| Mortgage Banking | $788,000 | ▲ 40.2% |
| Fee Income | $783,000 | ▼ 60.4% |
| Deposit Related Fees Deposit Account | $580,000 | ▲ 8.6% |
| Credit and Debit Card | $577,000 | ▼ 38.4% |
| Debit Card | $510,000 | ▼ 41.7% |
| Net Gains Losses On Sale of Loans and Foreclosed Real Estate | $402,000 | ▲ 115.0% |
| Bank Servicing | $386,000 | ▲ 2.9% |
| Banking House Rents Collected | $372,000 | ▲ 91.8% |
| ATM Fees Surcharge | $272,000 | ▲ 12.4% |
| Investment Services Revenue | $139,000 | ▼ 70.4% |
| ATM Fees Deposit Account | $85,000 | ▲ 2.4% |
| Credit Card Merchant Discount | $67,000 | ▲ 9.8% |
| Insurance Commissions | $0 | ▼ 100.0% |
These categories overlap or exclude eliminations, so shares aren't shown.
From Pathfinder Bancorp, Inc.'s 10-K filed March 30, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Alliancebernstein L.P. | $6.1M | 478K | 36.4% | ▲ 0.9% |
| Minerva Advisors LLC | $4.2M | 262K | 24.9% | 0.0% |
| Vanguard Capital Management LLC | $2.1M | 131K | 12.4% | ▲ 12.0% |
| Oppenheimer & Close, LLC | $1.5M | 95K | 9.0% | ▲ 3.6% |
| Hamilton Point Investment Advisors, LLC | $610,253 | 38K | 3.6% | 0.0% |
| Geode Capital Management, LLC | $442,798 | 28K | 2.6% | ▲ 21.5% |
| Dimensional Fund Advisors LP | $324,667 | 20K | 1.9% | ▼ 8.6% |
| Susquehanna International Group, LLP | $307,881 | 19K | 1.8% | ▼ 4.2% |
| Vanguard Fiduciary Trust Co | $234,770 | 15K | 1.4% | ▼ 12.9% |
| Caldwell Sutter Capital, Inc. | $234,595 | 15K | 1.4% | 0.0% |
| Blackrock, Inc. | $207,504 | 13K | 1.2% | ▲ 21.6% |
| Osaic Holdings, Inc. | $204,776 | 13K | 1.2% | ▼ 28.4% |
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 Pathfinder Bancorp, Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Polniak Joseph FVP, General Counsel | June 15, 2026 | Buy | 1,000 | $15.88 | $15,880 |
| Dowd James A. President and CEO | June 2, 2026 | Buy | 1,400 | $13.69 | $19,166 |
| Gagas Adam C. Director | February 13, 2026 | Buy | 1,950 | $13.75 | $26,812 |
| Gagas Adam C. Director | February 12, 2026 | Buy | 6 | $13.50 | $81 |
| Ayoub David A. Director | February 4, 2026 | Buy | 425 | $12.83 | $5,453 |
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 February 1, 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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