MeritValue

CNB FINANCIAL CORP/PA

CCNEdata completeness 100%17 fiscal years on file
The thesis, from the filings

CNB FINANCIAL CORP/PA earns about 43% on invested capital, far above its ~9% cost of capital, but has diluted owners by 47% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $24.37 and $46.5 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$179.6M1$213.7M2$293.7M3$325.5M3$392.3M3
Net income$57.7M4$63.2M5$58M6$54.6M6$66.1M6
Operating cash flow$58.9M7$64.1M8$47M9$71.5M9$65M9
Capital expenditure$6.48M10$12.3M11$10.8M12$16.3M12$6.33M12
Free cash flow (derived)$52.4M7$51.8M8$36.2M9$55.2M9$58.7M9
Total debt$83.7M13$216.4M14$84.3M15$84.6M16$248.9M16
Cash & equivalents$732.2M17$106.3M18$222M19$443M20$527.9M20
Diluted shares16.8M18.0M20.9M20.9M24.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$353.53
your share of equity
Profit it earned you last year
$26.81
Free cash flow it threw off
$23.78
Debt you’d be carrying
$100.89

10 shares is a claim on $353.53 of net worth that earned you $26.81 and generated $23.78 of cash last year, against $100.89 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
43% avg · 5y
FY21 —FY22 13%FY23 33%FY24 82%FY25 44%

It earned about 43% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
+47% shares · 5y

Share count is up 47% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 197% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $24.37 and $46.5 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$46.15
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth2.2%
  • fcfBase$55.2M
DCF · Growth Exit 5Y
$46.5
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth2.2%
  • fcfBase$55.2M
Earnings Power Value
$24.37
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$58M
  • growthAssumed0.0%
Graham Number
$44.5
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years2.2%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $46.5
The three cases
Bear0.0%$43.3
Base2.2%$46.5
Bull7.2%$54.89

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 2.2%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000736772-24-000044 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0000736772-25-000071 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0000736772-26-000031 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2021-12-31 · accession 0000736772-24-000044 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000736772-25-000071 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000736772-26-000031 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000736772-24-000044 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000736772-25-000071 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000736772-26-000031 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000736772-24-000044 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000736772-25-000071 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000736772-26-000031 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000736772-23-000023 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000736772-24-000044 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000736772-25-000071 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0000736772-26-000031 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000736772-23-000023 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000736772-24-000044 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000736772-25-000071 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0000736772-26-000031 (CashAndCashEquivalentsAtCarryingValue)