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Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 40.8GRADE C
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
2.1%
Sector: 8.5%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, CB Financial Services, Inc. (CBFV) receives a "Hold" rating with a composite score of 44.8/100, ranked #1257 out of 4446 stocks. Key factor scores: Quality 41/100, Value 52/100, Momentum 51/100. This is quantitative analysis only — not investment advice.
CB Financial Services, Inc. (CBFV) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does CB Financial Services, Inc. Do?
CB Financial Services, Inc. operates as the bank holding company for Community Bank that provides various banking products and services for individuals and businesses in southwestern Pennsylvania, West Virginia, and Ohio. The company's primary deposit products include demand deposits, NOW accounts, money market accounts, and savings accounts, as well as time deposit products. Its loan products comprise residential real estate loans, such as one- to four-family mortgage loans, home equity installment loans, and home equity lines of credit; commercial real estate loans that are secured primarily by improved properties, such as retail facilities, office buildings, and other non-residential buildings; construction loans to individuals to finance the construction of residential dwellings, as well as for the construction of commercial properties, including hotels, apartment buildings, housing developments, and owner-occupied properties used for businesses; commercial and industrial loans, and lines of credit; consumer loans consisting of indirect auto loans, secured and unsecured loans, and lines of credit; and other loans. In addition, the company conducts insurance agency activities by offering property and casualty, commercial liability, surety, and other insurance products. It operates through its main office and 13 branch offices in Greene, Allegheny, Washington, Fayette, and Westmoreland counties in southwestern Pennsylvania; Marshall and Ohio counties in West Virginia; and Belmont County in Ohio, as well as one loan production offices in Allegheny County. The company was founded in 1901 and is headquartered in Carmichaels, Pennsylvania. CB Financial Services, Inc. (CBFV) is classified as a micro-cap stock in the Financials sector, specifically within the Banking industry. The company is led by CEO John H. Montgomery and employs approximately 200 people, headquartered in CARMICHAELS, Pennsylvania. With a market capitalization of $175M, CBFV is one of the notable companies in the Financials sector.
CB Financial Services, Inc. (CBFV) Stock Rating — Hold (April 2026)
As of April 2026, CB Financial Services, Inc. receives a Hold rating with a composite score of 44.8/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.CBFV ranks #1,257 out of 4,446 stocks in our coverage universe. Within the Financials sector, CB Financial Services, Inc. ranks #385 of 891 stocks, placing it in the upper half of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
CBFV Stock Price and 52-Week Range
CB Financial Services, Inc. (CBFV) currently trades at $36.57. The stock gained $0.29 (0.8%) in the most recent trading session. The 52-week high for CBFV is $37.75, which means the stock is currently trading -3.1% from its annual peak. The 52-week low is $26.01, putting the stock 40.6% above its annual trough. Recent trading volume was 3K shares, suggesting relatively thin trading activity.
Is CBFV Overvalued or Undervalued? — Valuation Analysis
CB Financial Services, Inc. (CBFV) carries a value factor score of 52/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 52.59x, compared to the Financials sector average of 14.88x — a premium of 253%. The price-to-book ratio stands at 1.13x, versus the sector average of 1.22x. The price-to-sales ratio is 2.35x, compared to 0.90x for the average Financials stock. On an enterprise value basis, CBFV trades at 44.49x EV/EBITDA, versus 3.26x for the sector.
Overall, CBFV's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
CB Financial Services, Inc. Profitability — ROE, Margins, and Quality Score
CB Financial Services, Inc. (CBFV) earns a quality factor score of 41/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 2.1%, compared to the Financials sector average of 8.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 0.2% versus the sector average of 1.2%.
On a margin basis, CB Financial Services, Inc. reports gross margins of 500.0%. The operating margin is 5.5% (sector: 21.8%). Net profit margin stands at 4.6%, versus 17.7% for the average Financials stock. Revenue growth is running at 2.1% on a trailing basis, compared to 9.4% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
CBFV Debt, Balance Sheet, and Financial Health
CB Financial Services, Inc. has a debt-to-equity ratio of 882.0%, compared to the Financials sector average of 121.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 1.11x, suggesting adequate working capital coverage. Total debt on the balance sheet is $35M. Cash and equivalents stand at $13M.
CBFV has a beta of 0.44, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for CB Financial Services, Inc. is 87/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
CB Financial Services, Inc. Revenue and Earnings History — Quarterly Trend
In TTM 2026, CB Financial Services, Inc. reported revenue of $76M and earnings per share (EPS) of $0.97. Net income for the quarter was $3M. Gross margin was 500.0%. Operating income came in at $4M.
In FY 2025, CB Financial Services, Inc. reported revenue of $76M and earnings per share (EPS) of $0.97. Net income for the quarter was $5M. Revenue grew -0.3% year-over-year compared to FY 2024. Operating income came in at $5M.
In Q3 2025, CB Financial Services, Inc. reported revenue of $19M and earnings per share (EPS) of $-1.14. Net income for the quarter was $-6M. Revenue grew -2.2% year-over-year compared to Q3 2024. Operating income came in at $-7M.
In Q2 2025, CB Financial Services, Inc. reported revenue of $19M and earnings per share (EPS) of $0.79. Net income for the quarter was $4M. Revenue grew -0.9% year-over-year compared to Q2 2024. Operating income came in at $5M.
Over the past 8 quarters, CB Financial Services, Inc. has demonstrated a growth trajectory, with revenue expanding from $19M to $76M. Investors analyzing CBFV stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
CBFV Dividend Yield and Income Analysis
CB Financial Services, Inc. (CBFV) does not currently pay a dividend. This is common among smaller companies in the Banking industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Financials dividend stocks may want to explore other Financials stocks or use the stock screener to filter by dividend yield.
CBFV Momentum and Technical Analysis Profile
CB Financial Services, Inc. (CBFV) has a momentum factor score of 51/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 33/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 1/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
CBFV vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing CBFV against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full CBFV vs S&P 500 (SPY) comparison to assess how CB Financial Services, Inc. stacks up against the broader market across all factor dimensions.
CBFV Next Earnings Date
No upcoming earnings date has been announced for CB Financial Services, Inc. (CBFV) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy CBFV? — Investment Thesis Summary
CB Financial Services, Inc. presents a balanced picture with arguments on both sides. Low volatility (stability score 87/100) reduces downside risk.
In summary, CB Financial Services, Inc. (CBFV) earns a Hold rating with a composite score of 44.8/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on CBFV stock.
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Institutional Research Dossier
CB Financial Services, Inc. (CBFV) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
CB Financial Services, Inc. (CBFV) receives a Hold rating, primarily due to its unattractive valuation relative to its growth prospects and profitability. While the company exhibits stability and manages a decent short interest profile, its significantly higher P/E ratio compared to the sector, coupled with lower ROE and operating margins, suggests that the current market price does not offer a compelling entry point for investors seeking value. The company's recent quarterly performance, particularly the negative net income in Q3 FY2025, raises concerns about its ability to sustain profitability and justify its valuation premium.
The core issue lies in CBFV's inability to translate revenue into meaningful earnings, as evidenced by its low net income and EBITDA figures. While the company operates in a stable sector and demonstrates a strong stability score, its financial metrics lag behind industry peers, making it difficult to recommend a buy rating. Investors should closely monitor the company's ability to improve its profitability and operational efficiency before considering a long-term investment.
Business Strategy & Overview
CB Financial Services, Inc., through its Community Bank subsidiary, operates as a traditional community bank, offering a range of banking products and services to individuals and businesses in southwestern Pennsylvania, West Virginia, and Ohio. The company's revenue is primarily generated from interest income on loans, including residential real estate, commercial real estate, construction, commercial and industrial, and consumer loans. Additionally, CBFV derives income from deposit products such as demand deposits, NOW accounts, money market accounts, savings accounts, and time deposit products. The company also engages in insurance agency activities, providing property and casualty, commercial liability, surety, and other insurance products.
CBFV's strategic positioning revolves around serving the local communities in its operating regions. This localized approach allows the bank to build strong relationships with its customers and cater to their specific financial needs. The company operates through a network of branch offices and a loan production office, focusing on providing personalized service and building customer loyalty. However, this strategy also limits the company's growth potential compared to larger regional or national banks with broader geographic reach and more diversified product offerings.
The company's business model is heavily reliant on the interest rate environment. Changes in interest rates can significantly impact the company's net interest margin, which is the difference between the interest income it earns on loans and the interest expense it pays on deposits. In a rising interest rate environment, CBFV may benefit from higher loan yields, but it also faces the risk of increased deposit costs and reduced loan demand. Conversely, in a falling interest rate environment, the company may experience lower loan yields and reduced net interest margin.
CBFV's competitive landscape includes other community banks, regional banks, and credit unions operating in its geographic markets. These competitors offer similar banking products and services, creating intense competition for customers and market share. To differentiate itself, CBFV focuses on providing personalized service, building strong customer relationships, and offering competitive interest rates and fees. However, the company's limited scale and resources may make it challenging to compete effectively against larger, more established players in the industry.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
2.1%
Sector: 9.4%
-77% VS SCTR
Economic Moat Analysis
CB Financial Services possesses a narrow economic moat, primarily derived from its established presence and customer relationships within its local markets. Community banks often benefit from strong ties to the communities they serve, fostering customer loyalty and reducing customer churn. This local presence creates a barrier to entry for larger national banks that may struggle to replicate the same level of personalized service and community engagement.
However, the moat is considered narrow due to the increasing commoditization of banking services and the rise of online banking platforms. Customers have more options than ever before, and they are increasingly willing to switch banks for better rates, lower fees, or more convenient online services. This increased competition erodes the pricing power of community banks and makes it more difficult for them to retain customers.
The company's reliance on traditional banking products and services also limits its moat. While CBFV offers a range of loan and deposit products, it lacks the scale and resources to invest in innovative technologies and develop differentiated product offerings. This makes it vulnerable to disruption from fintech companies and larger banks that are investing heavily in digital banking solutions.
Furthermore, the regulatory environment in the banking industry can also impact CBFV's moat. Changes in regulations can increase compliance costs and create new challenges for community banks. While CBFV has demonstrated stability, its ability to adapt to changing regulations and maintain its competitive position will be crucial for preserving its narrow moat.
The insurance agency activities provide a small degree of diversification, but this is unlikely to significantly widen the moat. The insurance market is highly competitive, and CBFV's insurance business is relatively small compared to its banking operations. Therefore, while the insurance business may contribute to revenue and earnings, it does not provide a significant competitive advantage.
Financial Health & Profitability
CB Financial Services' financial health presents a mixed picture. The company's revenue has remained relatively stable, with TTM revenue of $75.94 million compared to $76.13 million in FY2024. However, net income has declined significantly, from $12.59 million in FY2024 to $4.90 million TTM. This decline in profitability is a cause for concern and warrants further investigation.
The company's margins are also significantly lower than the sector average. The TTM operating margin is 5.5% compared to the sector average of 22.0%, and the net margin is 4.6% compared to the sector average of 17.8%. This indicates that CBFV is less efficient at converting revenue into profit than its peers. The gross margin of 500% is misleading and likely an artifact of how financial institutions report revenue and cost of goods sold, as the sector average is listed as 0.0%.
The company's ROE of 2.2% is also significantly lower than the sector average of 8.5%, indicating that CBFV is not generating sufficient returns on its equity. This is a major concern for investors, as it suggests that the company is not effectively utilizing its capital.
CBFV's balance sheet is relatively leveraged, with a debt-to-equity ratio of 882.00 compared to the sector average of 115.00. This high level of leverage increases the company's financial risk and makes it more vulnerable to economic downturns. However, the current ratio of 1.11 indicates that the company has sufficient liquid assets to cover its short-term liabilities.
The quarterly financial history reveals a volatile earnings trend. While FY2024 showed strong profitability, the recent Q3 FY2025 results were particularly concerning, with a net loss of $5.70 million and a negative operating margin of -36.3%. This suggests that the company is facing significant challenges in maintaining profitability. The free cash flow is negative, indicating that the company is not generating enough cash from its operations to cover its capital expenditures.
Valuation Assessment
CB Financial Services' valuation appears stretched compared to its sector peers. The company's P/E ratio of 34.6x is significantly higher than the sector average of 15.5x, suggesting that the stock is overvalued relative to its earnings. This premium valuation is not justified by the company's lower profitability and slower revenue growth.
The EV/EBITDA multiple of 8.0x is also higher than the sector average of 3.5x, further supporting the conclusion that the stock is overvalued. This indicates that investors are paying a premium for CBFV's earnings before interest, taxes, depreciation, and amortization.
Given the company's lower ROE, operating margin, and net margin compared to the sector, it is difficult to justify the higher valuation multiples. Investors may be pricing in expectations of future growth or improved profitability, but these expectations are not supported by the company's recent financial performance.
The negative free cash flow further complicates the valuation picture. A company with negative free cash flow may need to raise additional capital to fund its operations, which could dilute existing shareholders. This is a significant risk for investors and should be taken into consideration when evaluating the stock.
While the company's stability score is high, this does not necessarily justify the premium valuation. Stability is a desirable characteristic, but it should not come at the expense of value. Investors should look for companies that offer both stability and attractive valuations.
Risk & Uncertainty
CB Financial Services faces several risks that could negatively impact its business and financial performance. One of the primary risks is the competitive landscape in the banking industry. The company operates in a highly competitive market with numerous community banks, regional banks, and credit unions vying for customers and market share. This intense competition could put pressure on the company's margins and limit its ability to grow its loan portfolio and deposit base.
Another significant risk is the interest rate environment. Changes in interest rates can significantly impact the company's net interest margin and profitability. A prolonged period of low interest rates could compress the company's margins and reduce its earnings. Conversely, a rapid increase in interest rates could increase the company's funding costs and reduce loan demand.
The company's reliance on the local economies in southwestern Pennsylvania, West Virginia, and Ohio also poses a risk. Economic downturns in these regions could negatively impact the company's loan portfolio and increase its credit losses. A significant portion of the company's loan portfolio is concentrated in real estate, which is particularly vulnerable to economic fluctuations.
Regulatory compliance is another important risk factor. The banking industry is heavily regulated, and CBFV must comply with a wide range of laws and regulations. Changes in regulations could increase the company's compliance costs and create new challenges for its business. The company's high debt-to-equity ratio also increases its financial risk and makes it more vulnerable to economic downturns.
Bulls Say / Bears Say
The Bull Case
BULL VIEWCB Financial Services' strong stability score and high short interest rating suggest a resilient business model and potential for a short squeeze, making it an attractive investment for risk-averse investors.
BULL VIEWThe company's focus on local markets and personalized service could lead to increased customer loyalty and market share gains, driving future revenue and earnings growth.
BULL VIEWCBFV's insurance agency activities provide a diversified revenue stream and potential for cross-selling opportunities, enhancing its overall profitability and growth prospects.
The Bear Case
BEAR VIEWCB Financial Services' significantly higher P/E ratio compared to the sector, coupled with lower ROE and operating margins, indicates that the stock is overvalued and offers limited upside potential.
BEAR VIEWThe company's declining net income and negative free cash flow raise concerns about its ability to sustain profitability and generate shareholder value in the long term.
BEAR VIEWCBFV's high debt-to-equity ratio and reliance on local economies expose it to significant financial and economic risks, making it a less attractive investment compared to its peers.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score CBFV and 4,400+ other equities.
CB Financial Services, Inc. exhibits a 418% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
0.2%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
500.0%
Sector: 0.0%
Operating Margin
Core business profitability
5.5%
Sector: 21.8%
Net Margin
Bottom-line profitability
4.6%
Sector: 17.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
