Latest Ratios: P/E Ratio 20.6x · EV/EBITDA 20.6x · ROE 5.7%. (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 | $1.5B | $1.3B | $883M | $893M | $956M | $1.3B | $785M | $908M | $598M | $830M | $796M |
| Enterprise Value | $2.6B | $2.4B | $1.3B | $1.7B | $1.7B | $1.7B | $1.1B | $1.4B | $1.2B | $1.4B | $1.1B |
| P/E Ratio → | 20.61 | 17.72 | 13.02 | 11.07 | 8.04 | 10.16 | 11.06 | 12.43 | 9.88 | 19.22 | 25.69 |
| P/S Ratio | 4.87 | 4.20 | 3.34 | 3.32 | 3.03 | 4.76 | 3.11 | 4.67 | 3.67 | 5.42 | 5.69 |
| P/B Ratio | 0.98 | 0.84 | 0.71 | 0.73 | 0.81 | 1.18 | 0.86 | 1.24 | 0.97 | 1.47 | 1.50 |
| P/FCF | 15.18 | 13.09 | 15.51 | 10.45 | 5.51 | 6.64 | 9.94 | 15.34 | 6.87 | 6.46 | 16.94 |
| P/OCF | 14.42 | 12.42 | 14.54 | 9.61 | 5.41 | 6.55 | 9.67 | 14.96 | 6.71 | 6.33 | 16.02 |
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 | — | 7.62 | 4.96 | 6.23 | 5.42 | 6.09 | 4.47 | 6.96 | 7.09 | 9.17 | 8.04 |
| EV / EBITDA | 20.60 | 18.93 | 12.58 | 13.64 | 9.67 | 9.36 | 11.60 | 13.73 | 15.42 | 19.41 | 24.29 |
| EV / EBIT | 23.16 | 21.28 | 13.30 | 14.33 | 9.99 | 9.67 | 12.47 | 14.38 | 16.22 | 20.51 | 26.29 |
| EV / FCF | — | 23.76 | 23.01 | 19.61 | 9.86 | 8.48 | 14.28 | 22.85 | 13.26 | 10.94 | 23.97 |
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 | 44.2% | 44.2% | 46.8% | 51.8% | 76.9% | 89.5% | 65.5% | 66.6% | 63.9% | 77.7% | 59.2% |
| Operating Margin | 18.6% | 18.6% | 18.4% | 23.2% | 44.2% | 55.3% | 28.0% | 33.6% | 32.1% | 36.1% | 25.0% |
| Net Profit Margin | 13.3% | 13.3% | 13.8% | 17.3% | 32.4% | 41.2% | 22.1% | 26.3% | 27.2% | 22.8% | 18.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.7% | 5.7% | 6.0% | 7.3% | 10.9% | 12.8% | 8.7% | 10.9% | 10.2% | 7.9% | 6.2% |
| ROA | 0.7% | 0.7% | 0.7% | 0.9% | 1.4% | 1.7% | 1.0% | 1.3% | 1.1% | 0.9% | 0.7% |
| ROIC | 3.5% | 3.5% | 3.5% | 3.9% | 6.5% | 7.9% | 4.6% | 5.2% | 4.1% | 4.4% | 2.8% |
| ROCE | 1.5% | 1.5% | 6.9% | 8.1% | 10.5% | 10.3% | 6.0% | 6.8% | 5.3% | 5.7% | 3.7% |
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 | 0.74 | 0.74 | 0.63 | 0.84 | 0.87 | 0.56 | 0.71 | 0.88 | 1.19 | 1.28 | 1.00 |
| Debt / EBITDA | 9.23 | 9.23 | 7.52 | 8.35 | 5.78 | 3.50 | 6.65 | 6.56 | 9.74 | 10.01 | 11.44 |
| Net Debt / Equity | — | 0.69 | 0.34 | 0.64 | 0.64 | 0.33 | 0.37 | 0.61 | 0.91 | 1.02 | 0.62 |
| Net Debt / EBITDA | 8.50 | 8.50 | 4.10 | 6.37 | 4.27 | 2.04 | 3.53 | 4.51 | 7.43 | 7.95 | 7.12 |
| Debt / FCF | — | 10.67 | 7.50 | 9.17 | 4.35 | 1.84 | 4.34 | 7.51 | 6.39 | 4.48 | 7.03 |
| Interest Coverage | 0.39 | 0.39 | 0.36 | 0.50 | 2.39 | 4.50 | 1.29 | 1.10 | 1.21 | 1.89 | 1.38 |
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 | 391.51 | 391.51 | 0.05 | 0.11 | 0.12 | 0.13 | 0.14 | 0.13 | 0.15 | 0.16 | 0.17 |
| Quick Ratio | 391.51 | 391.51 | 0.05 | 0.11 | 0.12 | 0.13 | 0.14 | 0.13 | 0.15 | 0.16 | 0.17 |
| Cash Ratio | 2.85 | 2.85 | 0.04 | 0.03 | 0.03 | 0.04 | 0.05 | 0.04 | 0.04 | 0.04 | 0.06 |
| Asset Turnover | — | 0.04 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.05 | 0.04 | 0.04 | 0.04 |
| 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 | 2.1% | 2.4% | 3.1% | 2.9% | 2.5% | 1.3% | 1.8% | 1.3% | 1.6% | 1.2% | 1.1% |
| Payout Ratio | 39.7% | 39.7% | 37.0% | 29.8% | 18.7% | 13.4% | 20.1% | 16.6% | 16.0% | 22.2% | 29.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.9% | 5.6% | 7.7% | 9.0% | 12.4% | 9.8% | 9.0% | 8.0% | 10.1% | 5.2% | 3.9% |
| FCF Yield | 6.6% | 7.6% | 6.4% | 9.6% | 18.2% | 15.1% | 10.1% | 6.5% | 14.6% | 15.5% | 5.9% |
| Buyback Yield | 0.1% | 0.2% | 0.8% | 2.2% | 1.6% | 0.8% | 0.2% | 1.4% | 0.1% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.2% | 2.6% | 3.9% | 5.1% | 4.0% | 2.1% | 2.0% | 2.7% | 1.8% | 1.2% | 1.1% |
| Shares Outstanding | — | $50M | $39M | $39M | $39M | $40M | $40M | $35M | $32M | $32M | $31M |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CNOB stock.
ConnectOne Bancorp, Inc.'s current P/E ratio is 20.6x. The historical average is 17.7x. This places it at the 80th percentile of its historical range.
ConnectOne Bancorp, Inc.'s current EV/EBITDA is 20.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.9x.
ConnectOne Bancorp, Inc.'s return on equity (ROE) is 5.7%. The historical average is 9.8%.
Based on historical data, ConnectOne Bancorp, Inc. is trading at a P/E of 20.6x. This is at the 80th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ConnectOne Bancorp, Inc.'s current dividend yield is 2.08% with a payout ratio of 39.7%.
ConnectOne Bancorp, Inc. has 44.2% gross margin and 18.6% operating margin. Operating margin between 10-20% is typical for established companies.
ConnectOne Bancorp, Inc.'s Debt/EBITDA ratio is 9.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Deposit cost pressure and CRE concentration
Metrics are mathematically derived from official filings.
Premium Priced, Discounted Earnings
CNOB trades at 1.03x book and 21.8x trailing earnings, but forward P/E of 9.9x implies market expects earnings recovery. According to reported quarterly data, tangible book value per share has grown steadily to $26.82.
The wide gap between trailing and forward P/E suggests the market is pricing in a normalization of earnings from the depressed levels of 2025Q2 and 2026Q2. At 1.03x book, the market is not assigning a premium franchise multiple, likely reflecting concerns about CRE concentration and margin pressure. If the bank can deliver on forward earnings, the current valuation may be attractive, but the market's skepticism appears justified given the recent EPS miss.
ROE Stuck in Low Single Digits
ROE has hovered between 1.4% and 2.7% over the past ten quarters, with a negative print in 2025Q2. As reported in financial statements, the bank's net interest margin has been exceptionally low, averaging 0.6-0.8%, indicating severe profitability strain.
The DuPont decomposition reveals that the bank's profitability is constrained by a razor-thin net interest margin, which has been insufficient to generate meaningful returns on equity. The efficiency ratio, excluding the anomalous 2026Q2, has been around 28%, indicating strong cost control, but this cannot offset the margin compression. The negative ROE in 2025Q2 was driven by a $35.7M provision, highlighting the vulnerability of earnings to credit costs.
Margin Compression Threatens Model
Net interest margin has been consistently low, ranging from 0.6% to 0.8% over the past year, and turned negative at -1.8% in 2026Q2. Based on reported quarterly data, the efficiency ratio has remained low, but the margin pressure is the dominant concern.
The negative NIM in 2026Q2 is a red flag, suggesting that funding costs have outpaced asset yields, possibly due to aggressive deposit competition in the NY/NJ market. The efficiency ratio, which has been around 28% in most quarters, indicates that the bank is operationally efficient, but this cannot compensate for the collapse in net interest income. Investors should monitor whether the bank can reprice its loan book faster than deposit costs rise, as the current trajectory appears unsustainable.
Thin Capital Buffer Under Pressure
Equity-to-assets ratio has declined from 0.13 in 2025Q1 to 0.11 in 2026Q2, as asset growth outpaced capital retention. According to reported balance sheet data, the bank's tangible book value per share has grown, but the capital cushion appears thin relative to the risk profile.
The declining equity-to-assets ratio suggests that the bank is leveraging up to fund growth, which may limit its ability to absorb credit losses or return capital to shareholders. The surge in investment securities to $12.9B, nearly 90% of assets, raises questions about the quality of the balance sheet and potential unrealized losses. If capital ratios are near regulatory minimums, the bank may need to raise capital or slow growth, which could pressure the stock.
Credit Stress Spikes, Then Recedes
Loan loss provisions spiked to $35.7M in 2025Q2, leading to a net loss, but normalized to $1.5-5.5M in subsequent quarters. As per financial statements, this suggests a possible one-off credit event rather than systemic deterioration, but the CRE concentration warrants vigilance.
The provision spike in 2025Q2 is a reminder of the credit risk embedded in the bank's CRE-heavy portfolio. While provisions have since normalized, the bank's exposure to the NY/NJ real estate market remains a key risk. The low NPL ratios may not fully capture the risk if the market deteriorates, and investors should monitor the DSCR of the multi-family portfolio. The bank's ability to maintain asset quality through a downturn is untested, given the recent expansion into South Florida.
Lagging Peers on Profitability
CNOB's ROE of 2.6% in 2026Q2 is significantly below peers like NBTB (11.3%) and TRMK (11.0%). Based on reported peer data, CNOB's P/B of 1.03 is lower than NBTB's 1.39, reflecting the market's discount for its weaker profitability.
Compared to its peer group, CNOB is a laggard on profitability, with ROE and net margin well below the group average. The bank's efficiency ratio is competitive, but the margin compression and credit costs have eroded returns. The market appears to be pricing CNOB at a discount to peers like NBTB, which have more diversified revenue streams and stronger capital positions. The gap may narrow if CNOB can stabilize its NIM, but the current data suggests structural challenges.
P/E Misleads on Earnings Quality
The trailing P/E of 21.8x is distorted by the negative earnings in 2025Q2 and the anomalous 2026Q2, making it an unreliable valuation metric. According to reported quarterly data, the forward P/E of 9.9x better reflects normalized earnings, but investors should adjust for one-off items.
For banks, P/E can be misleading due to volatile provisions and non-recurring items. CNOB's trailing P/E is artificially high due to the earnings dip, while the forward P/E may be too optimistic if margin pressure persists. A better approach is to use P/TBV, which at 1.03x suggests the market is valuing the bank at roughly its tangible book value, implying no premium for future earnings growth. Investors should focus on the sustainability of NIM and credit costs rather than headline P/E.