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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: 53.5GRADE 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
8.7%
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, CF BANKSHARES INC. (CFBK) receives a "Hold" rating with a composite score of 58.6/100, ranked #744 out of 4446 stocks. Key factor scores: Quality 54/100, Value 75/100, Momentum 60/100. This is quantitative analysis only — not investment advice.
CF BANKSHARES INC. (CFBK) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does CF BANKSHARES INC. Do?
CF Bankshares Inc. operates as the bank holding company for CFBank, National Association that provides various banking products and services in the United States. The company accepts savings, retail and business checking accounts, and money market accounts, as well as certificates of deposit. It also offers single-family mortgage loans; commercial real estate and multi-family residential mortgage loans; commercial loans; construction and land loans; and consumer loans, such as home equity lines of credit, home improvement loans, and loans secured by deposits and purchased loans, as well as other loans. In addition, the company provides Internet and mobile banking, remote deposit, and treasury management depository services. As of December 31, 2021, it operated five branch offices located in Franklin, Cuyahoga, Hamilton, and Summit counties, Ohio; and a loan production office located in Franklin County, Ohio. The company was formerly known as Central Federal Corporation and changed its name to CF Bankshares Inc. in July 2020. CF Bankshares Inc. was founded in 1892 and is based in Worthington, Ohio. CF BANKSHARES INC. (CFBK) is classified as a micro-cap stock in the Financials sector, specifically within the Banking industry. The company is led by CEO Timothy T. O’Dell and employs approximately 130 people, headquartered in WORTHINGTON, Ohio. With a market capitalization of $182M, CFBK is one of the notable companies in the Financials sector.
CF BANKSHARES INC. (CFBK) Stock Rating — Hold (April 2026)
As of April 2026, CF BANKSHARES INC. receives a Hold rating with a composite score of 58.6/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.CFBK ranks #744 out of 4,446 stocks in our coverage universe. Within the Financials sector, CF BANKSHARES INC. ranks #223 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%).
CFBK Stock Price and 52-Week Range
CF BANKSHARES INC. (CFBK) currently trades at $29.49. The stock lost $0.37 (1.2%) in the most recent trading session. The 52-week high for CFBK is $34.34, which means the stock is currently trading -14.1% from its annual peak. The 52-week low is $19.22, putting the stock 53.4% above its annual trough. Recent trading volume was 18K shares, suggesting relatively thin trading activity.
Is CFBK Overvalued or Undervalued? — Valuation Analysis
CF BANKSHARES INC. (CFBK) carries a value factor score of 75/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 11.62x, compared to the Financials sector average of 14.88x — a discount of 22%. The price-to-book ratio stands at 1.01x, versus the sector average of 1.22x. The price-to-sales ratio is 1.55x, compared to 0.90x for the average Financials stock. On an enterprise value basis, CFBK trades at 9.31x EV/EBITDA, versus 3.26x for the sector.
Based on these multiples, CF BANKSHARES INC. appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
CF BANKSHARES INC. Profitability — ROE, Margins, and Quality Score
CF BANKSHARES INC. (CFBK) earns a quality factor score of 54/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 8.7%, 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 0.8% versus the sector average of 1.2%.
On a margin basis, CF BANKSHARES INC. reports gross margins of 0.0%. The operating margin is 16.7% (sector: 21.8%). Net profit margin stands at 13.4%, versus 17.7% for the average Financials stock. Revenue growth is running at 3.6% on a trailing basis, compared to 9.4% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
CFBK Debt, Balance Sheet, and Financial Health
CF BANKSHARES INC. has a debt-to-equity ratio of 1048.0%, 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 1.10x, suggesting adequate working capital coverage. Total debt on the balance sheet is $116M. Cash and equivalents stand at $272M.
CFBK has a beta of 0.55, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for CF BANKSHARES INC. is 86/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
CF BANKSHARES INC. Revenue and Earnings History — Quarterly Trend
In TTM 2026, CF BANKSHARES INC. reported revenue of $120M and earnings per share (EPS) of $2.70. Net income for the quarter was $16M. Gross margin was 0.0%. Operating income came in at $20M.
In FY 2025, CF BANKSHARES INC. reported revenue of $120M and earnings per share (EPS) of $2.70. Net income for the quarter was $18M. Revenue grew 1.4% year-over-year compared to FY 2024. Operating income came in at $22M.
In Q3 2025, CF BANKSHARES INC. reported revenue of $30M and earnings per share (EPS) of $0.36. Net income for the quarter was $2M. Revenue grew 1.2% year-over-year compared to Q3 2024. Operating income came in at $3M.
In Q2 2025, CF BANKSHARES INC. reported revenue of $30M and earnings per share (EPS) of $0.77. Net income for the quarter was $5M. Revenue grew 3.6% year-over-year compared to Q2 2024. Operating income came in at $6M.
Over the past 8 quarters, CF BANKSHARES INC. has demonstrated a growth trajectory, with revenue expanding from $29M to $120M. Investors analyzing CFBK stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
CFBK Dividend Yield and Income Analysis
CF BANKSHARES INC. (CFBK) 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.
CFBK Momentum and Technical Analysis Profile
CF BANKSHARES INC. (CFBK) has a momentum factor score of 60/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 32/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 47/100 reflects moderate short selling activity.
CFBK vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing CFBK against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full CFBK vs S&P 500 (SPY) comparison to assess how CF BANKSHARES INC. stacks up against the broader market across all factor dimensions.
CFBK Next Earnings Date
No upcoming earnings date has been announced for CF BANKSHARES INC. (CFBK) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy CFBK? — Investment Thesis Summary
CF BANKSHARES INC. presents a balanced picture with arguments on both sides. The value score of 75/100 suggests attractive pricing relative to fundamentals. Price momentum is positive at 60/100, suggesting the trend favors buyers. Low volatility (stability score 86/100) reduces downside risk.
In summary, CF BANKSHARES INC. (CFBK) earns a Hold rating with a composite score of 58.6/100 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 CFBK stock.
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Institutional Research Dossier
CF BANKSHARES INC. (CFBK) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
CF Bankshares Inc. (CFBK) receives a Hold rating, driven by a mixed financial profile. While the company exhibits attractive valuation metrics relative to the sector, its weaker profitability, lower revenue growth, and high debt-to-equity ratio temper our enthusiasm. The bank's strategic focus on commercial lending and expansion within Ohio presents opportunities, but execution risks and competitive pressures warrant a cautious stance.
The key takeaway is that CFBK presents a value proposition based on its discounted valuation, but investors should closely monitor its ability to improve profitability, manage its debt burden, and accelerate revenue growth to justify a more bullish outlook. The bank's relatively small size and regional focus also introduce idiosyncratic risks that require careful consideration.
Business Strategy & Overview
CF Bankshares Inc., through its subsidiary CFBank, National Association, operates as a community bank providing a range of financial products and services primarily in Ohio. The bank's core business revolves around attracting deposits and extending loans, with a focus on commercial real estate, multi-family residential mortgages, and commercial loans. This strategic emphasis differentiates it from larger national banks and allows it to cater to the specific needs of local businesses and individuals.
The company's strategy involves expanding its presence within Ohio through a combination of organic growth and strategic acquisitions. As of December 31, 2021, CFBank operated five branch offices and a loan production office, indicating a measured approach to physical expansion. The bank also leverages technology to offer internet and mobile banking services, enhancing customer convenience and expanding its reach beyond its physical footprint.
CFBank's revenue generation is primarily driven by net interest income, which is the difference between the interest earned on loans and the interest paid on deposits. The bank also generates fee income from services such as treasury management and remote deposit capture. The ability to effectively manage its net interest margin is crucial to its profitability.
The competitive landscape for CFBank includes other community banks, regional banks, and national banks operating in Ohio. To differentiate itself, CFBank focuses on providing personalized service and building strong relationships with its customers. The bank also emphasizes its local expertise and understanding of the Ohio market.
Looking ahead, CFBank's success will depend on its ability to effectively manage its loan portfolio, control its operating expenses, and adapt to changing market conditions. The bank's strategic focus on commercial lending exposes it to risks associated with the commercial real estate market and the overall economic health of Ohio. Furthermore, increasing competition from fintech companies and online lenders poses a challenge to traditional banking models.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
3.6%
Sector: 9.4%
-62% VS SCTR
Economic Moat Analysis
CF Bankshares possesses a narrow economic moat, primarily derived from its established relationships within its Ohio market and the inherent switching costs associated with banking relationships. While not insurmountable, these factors provide a modest competitive advantage.
The bank's focus on commercial lending fosters close ties with local businesses, creating a degree of customer loyalty. Businesses often develop banking relationships based on trust and personalized service, making them less likely to switch to a competitor solely based on price. This relationship-based banking contributes to customer retention and provides a stable source of deposits and loan demand.
Switching costs also play a role in CF Bankshares' narrow moat. Businesses often integrate their banking services with their accounting and payroll systems, making it cumbersome and time-consuming to switch to a new bank. These switching costs, while not prohibitive, can deter customers from switching unless there is a significant benefit to doing so.
However, CF Bankshares' moat is not particularly wide due to the relatively low barriers to entry in the banking industry. New banks and credit unions can emerge and compete for customers, and larger national banks have the resources to expand into new markets. Furthermore, the rise of fintech companies and online lenders is increasing competition and eroding the traditional advantages of brick-and-mortar banks.
The bank's lack of significant scale also limits its ability to achieve cost advantages. Larger banks can spread their fixed costs over a larger asset base, giving them a cost advantage over smaller banks like CF Bankshares. This cost disadvantage can make it more difficult for CF Bankshares to compete on price and profitability.
In summary, CF Bankshares possesses a narrow economic moat based on its established relationships and switching costs, but its lack of scale and the increasing competition in the banking industry limit the strength of its moat. The bank will need to continue to focus on providing excellent customer service and building strong relationships to maintain its competitive advantage.
Financial Health & Profitability
CF Bankshares' financial health presents a mixed picture. While the company has demonstrated revenue growth and profitability, certain metrics raise concerns about its long-term sustainability and financial stability. The company's revenue has grown steadily over the past few years, from $108.28 million in FY2023 to $120.00 million in FY2025. This growth indicates that the company is successfully expanding its business and attracting new customers.
However, the company's operating margin has fluctuated, from 19.4% in FY2023 to 17.9% in FY2025, with a dip to 13.6% in FY2024. This variability suggests that the company's profitability is sensitive to changes in its operating expenses and revenue mix. The net margin has followed a similar trend, indicating that the company's bottom-line profitability is also subject to fluctuations.
CF Bankshares' return on equity (ROE) of 8.7% is slightly above the sector average of 8.5%. This indicates that the company is generating a reasonable return on its shareholders' equity. However, the company's high debt-to-equity ratio of 1,048.00 is a significant concern. This indicates that the company is heavily leveraged, which increases its financial risk and makes it more vulnerable to economic downturns. The sector average D/E is 115.00, making CFBK a significant outlier.
The company's free cash flow is negative, indicating that it is not generating enough cash from its operations to cover its capital expenditures. This could be a sign that the company is investing heavily in growth, but it also raises concerns about its ability to fund its operations and repay its debt. The current ratio of 1.10 suggests that the company has sufficient liquid assets to cover its short-term liabilities.
Analyzing the quarterly financial history reveals some volatility in the company's performance. While revenue has generally trended upward, net income and EPS have fluctuated from quarter to quarter. This volatility could be due to seasonal factors, changes in interest rates, or other macroeconomic conditions.
Overall, CF Bankshares' financial health is a mixed bag. The company has demonstrated revenue growth and profitability, but its high debt-to-equity ratio and negative free cash flow raise concerns about its long-term sustainability. Investors should closely monitor the company's financial performance and its ability to manage its debt burden and generate positive cash flow.
Valuation Assessment
CF Bankshares' valuation presents an interesting case, appearing relatively cheap compared to its peers based on certain metrics, but requiring deeper scrutiny given its financial profile. The company's P/E ratio of 10.1x is significantly lower than the sector average of 15.5x, suggesting that the stock is undervalued relative to its earnings. Similarly, its EV/EBITDA ratio of 2.1x is also lower than the sector average of 3.5x, further supporting the notion that the stock is undervalued based on its enterprise value and earnings before interest, taxes, depreciation, and amortization.
However, these valuation metrics should be interpreted with caution. The company's lower valuation could be a reflection of its weaker profitability, higher leverage, and lower growth prospects compared to its peers. While the P/E and EV/EBITDA ratios suggest undervaluation, it's crucial to consider the underlying factors driving these metrics.
The company's free cash flow is negative, which is a concern for valuation purposes. A negative free cash flow indicates that the company is not generating enough cash from its operations to cover its capital expenditures, which could limit its ability to invest in growth and return capital to shareholders. This negative free cash flow could also explain the company's lower valuation multiples.
Considering the company's revenue growth of 3.6% compared to the sector average of 9.3%, the lower valuation multiples appear justified. Investors are likely discounting the stock due to its slower growth rate and the associated risks. The company's high debt-to-equity ratio also contributes to the lower valuation, as investors demand a higher risk premium for companies with high leverage.
A fair valuation would need to account for the company's strengths, such as its established presence in Ohio and its focus on commercial lending, as well as its weaknesses, such as its high debt burden and negative free cash flow. A discounted cash flow (DCF) analysis, incorporating realistic growth assumptions and a risk-adjusted discount rate, would provide a more comprehensive valuation assessment.
In conclusion, while CF Bankshares appears cheap based on its P/E and EV/EBITDA ratios, a deeper analysis reveals that the lower valuation is likely justified by its weaker profitability, higher leverage, and lower growth prospects. The stock is not necessarily a bargain, and investors should carefully consider the risks and uncertainties before investing.
Risk & Uncertainty
CF Bankshares faces several specific risks that could negatively impact its business and financial performance. One of the most significant risks is its high debt-to-equity ratio. This high leverage increases the company's financial risk and makes it more vulnerable to economic downturns. If interest rates rise or the company's earnings decline, it may struggle to meet its debt obligations.
Another risk is the company's concentration in the Ohio market. The company's operations are heavily dependent on the economic health of Ohio. If the Ohio economy weakens, the company's loan portfolio could suffer, leading to increased loan losses and reduced profitability.
Competition from other banks and financial institutions also poses a risk to CF Bankshares. The banking industry is highly competitive, and CF Bankshares faces competition from larger national banks, regional banks, and community banks. The rise of fintech companies and online lenders is also increasing competition and eroding the traditional advantages of brick-and-mortar banks.
Regulatory risk is another factor to consider. The banking industry is heavily regulated, and changes in regulations could negatively impact CF Bankshares' business. For example, changes in capital requirements or lending regulations could increase the company's costs and reduce its profitability.
Credit risk, inherent in the banking business, is a constant concern. CFBK's focus on commercial real estate and commercial loans exposes it to potential losses if borrowers default on their loans. Economic downturns or industry-specific challenges could lead to increased loan losses and reduced profitability.
Bulls Say / Bears Say
The Bull Case
BULL VIEWCFBK's low valuation multiples (P/E and EV/EBITDA) suggest significant upside potential as the market re-rates the stock to reflect its earnings power.
BULL VIEWThe bank's strategic focus on commercial lending in the growing Ohio market positions it to benefit from increased business activity and loan demand.
BULL VIEWCFBK's strong stability score (86/100) indicates lower volatility and drawdown risk compared to its peers, making it a relatively safe investment in a turbulent market.
The Bear Case
BEAR VIEWCFBK's high debt-to-equity ratio poses a significant financial risk, making it vulnerable to economic downturns and interest rate hikes.
BEAR VIEWThe bank's negative free cash flow indicates that it is not generating enough cash to cover its capital expenditures and debt obligations, raising concerns about its long-term sustainability.
BEAR VIEWCFBK's relatively small size and regional focus limit its growth potential and make it more susceptible to competition from larger, more diversified banks.
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 CFBK and 4,400+ other equities.
CF BANKSHARES INC. exhibits a 55% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
0.8%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
0.0%
Sector: 0.0%
Operating Margin
Core business profitability
16.7%
Sector: 21.8%
Net Margin
Bottom-line profitability
13.4%
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.
