Latest Ratios: P/E Ratio 17.1x · EV/EBITDA 11.3x · ROE 9.3%. (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 | $3.3B | $2.5B | $3.0B | $2.8B | $3.6B | $2.9B | $2.7B | $3.0B | $2.5B | $2.6B | $2.5B |
| Enterprise Value | $4.1B | $3.4B | $3.5B | $4.8B | $5.0B | $1.8B | $1.1B | $3.3B | $3.0B | $3.0B | $3.0B |
| P/E Ratio → | 17.14 | 12.24 | 14.87 | 12.70 | 15.42 | 13.72 | 15.00 | 14.58 | 16.18 | 24.80 | 24.39 |
| P/S Ratio | 5.14 | 4.95 | 6.23 | 5.11 | 6.52 | 6.28 | 5.72 | 6.23 | 6.29 | 8.15 | 8.44 |
| P/B Ratio | 1.35 | 1.10 | 1.36 | 1.35 | 1.85 | 1.39 | 1.32 | 1.51 | 1.33 | 2.42 | 2.49 |
| P/FCF | 5.15 | 11.63 | 12.13 | 9.60 | 13.43 | 15.21 | 14.72 | 14.90 | 15.35 | 19.21 | 22.06 |
| P/OCF | 14.73 | 11.42 | 11.88 | 9.46 | 13.17 | 14.85 | 14.35 | 14.51 | 14.96 | 18.53 | 19.83 |
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 | — | 6.68 | 7.40 | 8.86 | 8.96 | 3.87 | 2.42 | 6.78 | 7.75 | 9.46 | 10.19 |
| EV / EBITDA | 11.31 | 11.51 | 12.29 | 14.53 | 14.48 | 6.13 | 4.53 | 10.49 | 13.87 | 15.69 | 17.79 |
| EV / EBIT | 14.71 | 12.11 | 12.99 | 15.37 | 15.08 | 6.00 | 4.51 | 11.29 | 14.42 | 15.91 | 18.37 |
| EV / FCF | — | 15.70 | 14.40 | 16.65 | 18.45 | 9.37 | 6.23 | 16.21 | 18.93 | 22.30 | 26.64 |
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 | 100.7% | 100.7% | 100.9% | 99.7% | 98.1% | 105.7% | 94.9% | 99.0% | 99.7% | 102.8% | 102.3% |
| Operating Margin | 55.2% | 55.2% | 57.0% | 57.6% | 59.4% | 64.5% | 53.7% | 60.1% | 53.8% | 59.4% | 55.5% |
| Net Profit Margin | 41.0% | 41.0% | 42.2% | 40.5% | 42.6% | 46.0% | 38.2% | 42.9% | 38.7% | 32.9% | 34.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.3% | 9.3% | 9.4% | 11.0% | 11.7% | 10.4% | 8.9% | 10.8% | 10.4% | 10.1% | 10.6% |
| ROA | 1.4% | 1.4% | 1.3% | 1.4% | 1.5% | 1.4% | 1.4% | 1.8% | 1.5% | 1.3% | 1.3% |
| ROIC | 6.8% | 6.8% | 5.5% | 6.0% | 7.9% | 8.6% | 7.6% | 8.6% | 7.5% | 8.5% | 7.2% |
| ROCE | 9.3% | 9.3% | 11.6% | 14.6% | 15.1% | 13.2% | 11.4% | 14.1% | 13.4% | 16.6% | 15.3% |
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 | 0.43 | 0.43 | 0.35 | 1.13 | 0.80 | 0.31 | 0.23 | 0.23 | 0.40 | 0.54 | 0.69 |
| Debt / EBITDA | 3.34 | 3.34 | 2.66 | 7.02 | 4.56 | 2.21 | 1.89 | 1.45 | 3.41 | 3.03 | 4.07 |
| Net Debt / Equity | — | 0.38 | 0.25 | 0.99 | 0.69 | -0.54 | -0.76 | 0.13 | 0.31 | 0.39 | 0.52 |
| Net Debt / EBITDA | 2.98 | 2.98 | 1.94 | 6.15 | 3.94 | -3.82 | -6.17 | 0.85 | 2.63 | 2.18 | 3.06 |
| Debt / FCF | — | 4.06 | 2.28 | 7.05 | 5.02 | -5.85 | -8.49 | 1.31 | 3.59 | 3.10 | 4.58 |
| Interest Coverage | 2.12 | 2.12 | 1.48 | 2.67 | 35.87 | 48.96 | 17.47 | 13.18 | 16.47 | 22.76 | 20.35 |
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 | 0.01 | 0.01 | 0.04 | 0.26 | 0.26 | 0.37 | 0.37 | 0.22 | 0.22 | 0.34 | 0.37 |
| Quick Ratio | 0.01 | 0.01 | 0.04 | 0.26 | 0.26 | 0.37 | 0.37 | 0.22 | 0.22 | 0.34 | 0.37 |
| Cash Ratio | 0.01 | 0.01 | 0.02 | 0.02 | 0.01 | 0.13 | 0.16 | 0.02 | 0.02 | 0.02 | 0.02 |
| Asset Turnover | — | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.03 | 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 | 3.6% | 4.4% | 3.8% | 4.0% | 2.9% | 3.4% | 3.7% | 3.2% | 2.7% | 2.2% | 2.1% |
| Payout Ratio | 53.0% | 53.0% | 55.7% | 50.4% | 44.4% | 46.0% | 55.6% | 45.9% | 43.4% | 54.6% | 50.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.8% | 8.2% | 6.7% | 7.9% | 6.5% | 7.3% | 6.7% | 6.9% | 6.2% | 4.0% | 4.1% |
| FCF Yield | 19.4% | 8.6% | 8.2% | 10.4% | 7.4% | 6.6% | 6.8% | 6.7% | 6.5% | 5.2% | 4.5% |
| Buyback Yield | 2.5% | 3.2% | 0.1% | 0.8% | 3.2% | 0.3% | 3.5% | 0.1% | 0.3% | 0.0% | 0.1% |
| Total Shareholder Yield | 6.1% | 7.6% | 3.9% | 4.8% | 6.1% | 3.7% | 7.2% | 3.2% | 3.0% | 2.2% | 2.2% |
| Shares Outstanding | — | $136M | $139M | $138M | $140M | $135M | $136M | $140M | $122M | $110M | $108M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CVBF stock.
CVB Financial Corp.'s current P/E ratio is 17.1x. The historical average is 16.7x. This places it at the 63th percentile of its historical range.
CVB Financial Corp.'s current EV/EBITDA is 11.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.1x.
CVB Financial Corp.'s return on equity (ROE) is 9.3%. The historical average is 14.2%.
Based on historical data, CVB Financial Corp. is trading at a P/E of 17.1x. This is at the 63th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CVB Financial Corp.'s current dividend yield is 3.59% with a payout ratio of 53.0%.
CVB Financial Corp. has 100.7% gross margin and 55.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
CVB Financial Corp.'s Debt/EBITDA ratio is 3.3x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Deposit cost migration and acquisition integration
Metrics are mathematically derived from official filings.
Discount to Book Despite Franchise Quality
Based on CVBF's reported figures, a 1.35x P/B and 17.1x trailing P/E sit below the quality-premium multiples historically assigned to California commercial peers, suggesting the market is pricing in lower forward returns on tangible equity.
The 1.35x price-to-book multiple implies the market is valuing CVBF's equity only modestly above reported book, which is well below the 2.28x FFIN commands on a higher 15.1% ROE. With trailing ROE near 9.3% and quarterly ROE recently between 1.8% and 2.5%, the multiple appears to embed a return profile closer to the peer median than to a premium franchise. Investors should monitor whether the Heritage integration lifts sustained ROTCE toward low-teens, which would be needed to justify re-rating toward historical levels.
ROE Constrained by Thin Spread and Leverage
According to reported figures, CVBF's quarterly ROE ranged from 1.8% to 2.5% across the last ten quarters while NIM held near 0.7% to 0.9%, indicating that earnings per dollar of equity remain modest.
The DuPont mix shows a low net interest margin combined with a large asset base, so ROA of roughly 0.3% to 0.4% carries most of the return burden, while the equity-to-assets ratio near 0.15 means leverage is not the driver of ROE. Fee income at 8% to 10% of revenue provides some diversification but is insufficient to lift returns materially. The gap versus peers such as FFIN and BANR therefore appears structural in asset yield and fee mix rather than in leverage choice.
Efficiency Swings Mask Stable Operating Base
Based on CVBF's reported figures, the efficiency ratio moved from 39.4% to 63.7% across recent quarters, with the 2026Q2 spike appearing to reflect integration-period expense timing rather than a durable cost step-up.
The wide quarterly swing in efficiency suggests expense recognition from the Heritage combination is lumpy, and the 46% level in 2026Q3 is more consistent with the pre-acquisition run-rate. Net interest margin in the 0.7% to 0.9% band suggests funding cost advantages are being partly offset by asset repricing pressure. Investors should watch whether NIM expansion cited by management holds once purchase accretion rolls off.
Equity Ratio Steady Through Balance Sheet Step-Up
As reported in financial statements, equity-to-assets stayed near 0.15 while total assets rose from roughly $15.2B to $20.5B, suggesting capital has kept pace with acquisition-driven expansion.
The stability of the equity ratio through the Heritage combination indicates the acquisition did not materially dilute capital intensity, though the supplied data does not include CET1 or Tier 1 ratios, so regulatory headroom cannot be confirmed here. A 0.43 debt-to-equity figure points to limited non-equity leverage. Capacity for capital return therefore depends on verifying regulatory ratios against minimums before inferring buyback or dividend flexibility.
Lagging Peers on Returns, Leading on Funding
Based on CVBF's reported figures, ROE near 9.3% trails FFIN's 15.1% and BANR's 10.1%, while the bank's 3.6% dividend yield sits within the peer range, suggesting a return gap that is structural rather than cyclical.
The shortfall against FFIN reflects a materially higher net margin and fee contribution at that peer, while CVBF's lower returns appear tied to a larger, lower-yielding asset base. The 5.40 PEG and 14.35 forward P/E suggest the market is not assigning growth premium to the earnings trajectory. Whether the gap narrows depends on sustained margin expansion rather than cyclical deposit conditions.
Return on Equity Misread as Leverage Story
Analysts often read CVBF's low ROE as a leverage shortfall, but based on reported figures the 0.15 equity-to-assets ratio shows the constraint is asset yield, which P/B-based comparisons can obscure.
Applying a leverage-adjusted framing would overstate the upside from balance sheet optimization, since the bank is not under-levered in a way that a buyback or higher loan volume alone would resolve. The more relevant lens is tangible book value per share growth and ROTCE, which the data suggests has been advancing from about $10.2 to $10.9 over the window. Investors should avoid treating the P/B discount as a mispricing without first confirming that asset yields can rise.