Latest Ratios: P/E Ratio 15.9x · EV/EBITDA 13.6x · ROE 16.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.0B | $1.7B | $1.7B | $1.6B | $1.4B | $1.3B | $1.1B | $1.3B | $1.0B | $1.0B | $1.0B |
| Enterprise Value | $2.3B | $2.0B | $2.0B | $1.9B | $1.5B | $938M | $880M | $1.4B | $1.2B | $1.2B | $1.2B |
| P/E Ratio → | 15.85 | 13.33 | 15.02 | 14.49 | 13.69 | 14.45 | 12.53 | 15.12 | 14.92 | 19.39 | 19.59 |
| P/S Ratio | 6.51 | 5.57 | 6.11 | 5.81 | 5.63 | 5.76 | 4.81 | 5.97 | 5.37 | 5.61 | 5.82 |
| P/B Ratio | 2.51 | 2.11 | 2.38 | 2.42 | 2.40 | 1.85 | 1.59 | 2.03 | 1.73 | 2.07 | 2.28 |
| P/FCF | 15.57 | 13.33 | 13.48 | 12.20 | 12.18 | 12.74 | 13.20 | 13.34 | 15.49 | 14.97 | 16.85 |
| P/OCF | 15.22 | 13.03 | 13.20 | 11.93 | 11.95 | 12.32 | 12.39 | 12.74 | 13.45 | 13.68 | 15.43 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.63 | 6.99 | 6.80 | 6.00 | 4.29 | 3.80 | 6.30 | 6.11 | 6.61 | 6.84 |
| EV / EBITDA | 13.58 | 11.90 | 12.63 | 12.48 | 10.31 | 7.46 | 7.21 | 11.86 | 12.57 | 12.57 | 14.06 |
| EV / EBIT | 14.30 | 12.54 | 13.78 | 13.42 | 11.59 | 8.44 | 7.90 | 12.46 | 13.48 | 13.53 | 15.34 |
| EV / FCF | — | 15.87 | 15.42 | 14.27 | 12.98 | 9.48 | 10.44 | 14.09 | 17.61 | 17.65 | 19.81 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 79.0% | 79.0% | 76.3% | 83.5% | 96.0% | 97.1% | 86.5% | 86.5% | 89.4% | 90.2% | 90.6% |
| Operating Margin | 41.5% | 41.5% | 38.9% | 42.8% | 49.8% | 48.6% | 43.6% | 43.5% | 40.0% | 44.8% | 41.4% |
| Net Profit Margin | 33.3% | 33.3% | 31.5% | 34.2% | 39.9% | 38.5% | 35.1% | 34.3% | 31.8% | 26.8% | 27.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.9% | 16.9% | 16.6% | 18.2% | 16.2% | 12.7% | 13.2% | 14.2% | 12.7% | 11.5% | 12.1% |
| ROA | 2.0% | 2.0% | 1.9% | 1.9% | 1.7% | 1.5% | 1.7% | 1.8% | 1.5% | 1.3% | 1.4% |
| ROIC | 9.6% | 9.6% | 9.4% | 10.8% | 10.3% | 8.4% | 8.9% | 9.8% | 8.0% | 9.2% | 8.9% |
| ROCE | 15.9% | 15.9% | 15.3% | 17.7% | 17.2% | 14.1% | 14.4% | 16.3% | 14.3% | 17.2% | 16.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.64 | 0.64 | 0.65 | 0.64 | 0.50 | 0.46 | 0.42 | 0.33 | 0.44 | 0.53 | 0.60 |
| Debt / EBITDA | 3.02 | 3.02 | 3.02 | 2.83 | 2.03 | 2.48 | 2.43 | 1.81 | 2.82 | 2.75 | 3.14 |
| Net Debt / Equity | — | 0.40 | 0.34 | 0.41 | 0.16 | -0.47 | -0.33 | 0.11 | 0.24 | 0.37 | 0.40 |
| Net Debt / EBITDA | 1.90 | 1.90 | 1.59 | 1.81 | 0.64 | -2.56 | -1.91 | 0.63 | 1.51 | 1.91 | 2.10 |
| Debt / FCF | — | 2.54 | 1.94 | 2.07 | 0.80 | -3.26 | -2.76 | 0.75 | 2.12 | 2.68 | 2.95 |
| Interest Coverage | 1.92 | 1.92 | 1.68 | 2.75 | 13.19 | 11.24 | 4.71 | 3.12 | 3.43 | 5.40 | 5.85 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.18 | 0.18 | 0.05 | 0.29 | 0.33 | 0.39 | 0.35 | 0.22 | 0.20 | 0.18 | 0.16 |
| Quick Ratio | 0.18 | 0.18 | 0.05 | 0.29 | 0.33 | 0.39 | 0.35 | 0.22 | 0.20 | 0.18 | 0.16 |
| Cash Ratio | 0.03 | 0.03 | 0.04 | 0.03 | 0.04 | 0.12 | 0.11 | 0.03 | 0.03 | 0.02 | 0.03 |
| Asset Turnover | — | 0.06 | 0.06 | 0.05 | 0.04 | 0.04 | 0.04 | 0.05 | 0.04 | 0.05 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.3% | 2.8% | 2.5% | 2.4% | 2.7% | 2.9% | 3.3% | 2.7% | 2.8% | 2.6% | 2.6% |
| Payout Ratio | 36.2% | 36.2% | 37.1% | 35.0% | 36.0% | 41.0% | 40.9% | 39.8% | 42.3% | 49.9% | 49.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.3% | 7.5% | 6.7% | 6.9% | 7.3% | 6.9% | 8.0% | 6.6% | 6.7% | 5.2% | 5.1% |
| FCF Yield | 6.4% | 7.5% | 7.4% | 8.2% | 8.2% | 7.9% | 7.6% | 7.5% | 6.5% | 6.7% | 5.9% |
| Buyback Yield | 2.3% | 2.7% | 1.0% | 3.7% | 1.9% | 4.7% | 3.3% | 1.5% | 1.9% | 0.0% | 1.0% |
| Total Shareholder Yield | 4.6% | 5.4% | 3.5% | 6.1% | 4.6% | 7.5% | 6.6% | 4.1% | 4.8% | 2.6% | 3.5% |
| Shares Outstanding | — | $14M | $15M | $15M | $15M | $15M | $16M | $16M | $15M | $15M | $15M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying CHCO stock.
City Holding Company's current P/E ratio is 15.9x. The historical average is 19.1x. This places it at the 75th percentile of its historical range.
City Holding Company's current EV/EBITDA is 13.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.6x.
City Holding Company's return on equity (ROE) is 16.9%. The historical average is 12.7%.
Based on historical data, City Holding Company is trading at a P/E of 15.9x. This is at the 75th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
City Holding Company's current dividend yield is 2.32% with a payout ratio of 36.2%.
City Holding Company has 79.0% gross margin and 41.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
City Holding Company's Debt/EBITDA ratio is 3.0x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Regulatory pressure on fee income
Metrics are mathematically derived from official filings.
Premium Multiple for a Rural Franchise
CHCO trades at 2.56x tangible book, a premium to peers like UBSI at 1.23x, reflecting its superior efficiency and deposit franchise, as per recent market data.
The P/B of 2.56x is at the high end of the regional bank group, implying the market assigns a scarcity value to CHCO's low-cost, sticky deposit base in West Virginia. This premium appears justified by a consistently sub-40% efficiency ratio and ROA near 0.5%, which outpaces most peers. However, the forward P/E of 15.55x suggests limited earnings growth expectations, consistent with the in-line Q2 2026 EPS print and no guidance revision.
ROE Stability Masks Fee Income Reliance
ROE has held near 4% for eight quarters, per company filings, supported by a 0.9% NIM and fee income at 19.9% of revenue, but efficiency spiked to 50.1% in Q2 2026.
The DuPont decomposition shows ROE is driven by a high net margin (around 30%+), not leverage, as equity/assets is only 12%. The stable NIM of 0.9% indicates matched asset-liability repricing, but the efficiency ratio jump to 50.1% in Q2 2026 from 40% in Q1 signals a cost inflection that could pressure future profitability if not reversed. Fee income, particularly service charges, remains a key earnings contributor but faces regulatory overhang.
NIM Flat, Efficiency Deteriorates
NIM has been 0.9% for eight consecutive quarters, as reported in financial statements, while the efficiency ratio worsened to 50.1% in Q2 2026 from 35.7% a year earlier.
The flat NIM suggests the bank's low-cost deposit advantage is being offset by asset yield pressure, possibly from securities reinvestment. The efficiency ratio spike in Q2 2026 is a red flag, as it may indicate one-time costs or a structural rise in branch expenses. Investors should monitor whether this is a temporary blip or the start of a trend, especially given the high fixed-cost branch network.
Conservative Capital, Limited Leverage
Equity/assets has held at 12% over the past year, per company filings, indicating a fortress-like capital position that supports a 2.3% dividend yield but may understate ROE potential.
With a debt-to-equity ratio of only 0.64%, CHCO operates with minimal financial leverage, which is a strength in times of stress but limits ROE expansion. The stable equity ratio suggests ample capital to absorb credit losses or regulatory changes, but it also implies management is not aggressively pursuing growth. The dividend payout ratio of approximately 52% of net income leaves room for increases, but the lack of a raised outlook suggests a cautious stance.
Credit Quality Stable, Provisions Minimal
Loan loss provisions have been negligible or negative over the past year, as per SEC filings, with Q2 2026 showing zero provision, indicating stable credit quality and potential reserve releases.
The absence of significant provisions suggests the loan book is performing well, but it also raises questions about reserve adequacy if the Appalachian economy weakens. The bank's concentration in rural markets may provide insulation from urban CRE volatility, but a downturn in energy or healthcare sectors could expose it to credit deterioration. Investors should watch for any uptick in NPLs or charge-offs, which have not been disclosed in the provided data.
P/E Misleads on Earnings Quality
The P/E of 16.16x appears reasonable, but it obscures the impact of provision releases and fee income volatility, as noted in prior analysis, warranting a focus on P/TBV instead.
For banks, P/E can be distorted by provision swings and one-time items, making P/TBV a more reliable valuation metric. CHCO's P/TBV of 2.56x is high, but it reflects the market's confidence in its franchise durability. However, the reliance on service charges and potential regulatory caps could reduce future earnings power, which the P/E does not fully capture. Investors should adjust for fee income risk and use ROTCE to assess true profitability.