Citizens & Northern (CZNC)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $436M, Citizens & Northern's free cash flow of $30M (fiscal 2025) would need to grow about 1% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Citizens & Northern's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from CZNC's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Citizens & Northern's 10-K filings. Ten years of the full income statement, balance sheet and cash flow.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $104M | $108M | $105M | $108M | $123M |
| Net income | $31M | $27M | $24M | $26M | $23M |
| Free cash flow | $33M | $31M | $31M | $31M | $30M |
| EPS (diluted) | $1.92 | $1.71 | $1.57 | $1.69 | $1.46 |
| Operating margin | — | — | — | — | — |
Superinvestors who own CZNC
From each investor's latest 13F filing (what a 13F shows). 1 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Cliff Asness AQR Capital Management |
Added | $1M | 0.0% | Q2 2026 |
Insider buying
Open-market purchases by Citizens & Northern's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you. Every purchase since records began.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Oct 2, 2026 | Katherine W Shattuck Director |
8 | $25.51 | $204 |
| Oct 2, 2026 | Frank G Pellegrino Director |
245 | $25.51 | $6,250 |
| Sep 4, 2026 | Katherine W Shattuck Director |
8 | $26.17 | $209 |
| Sep 4, 2026 | Frank G Pellegrino Director |
178 | $26.17 | $4,658 |
| Apr 6, 2026 | Katherine W Shattuck Director |
20 | $22.55 | $451 |
| Apr 6, 2026 | Frank G Pellegrino Director |
180 | $22.55 | $4,059 |
| Mar 6, 2026 | Frank G Pellegrino |
185 | $21.95 | $4,061 |
| Mar 6, 2026 | Katherine W Shattuck |
21 | $21.95 | $461 |
| Feb 10, 2026 | Katherine W Shattuck |
16 | $23.22 | $372 |
| Jan 9, 2026 | Katherine W Shattuck |
19 | $20.38 | $387 |
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In the full deep dive
Questions
What growth does Citizens & Northern's stock price imply?
At a market value of $436M, Citizens & Northern would need its free cash flow to grow about 1% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 7% a year.
Are Citizens & Northern insiders buying the stock?
10 open-market insider purchases of CZNC in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Citizens & Northern?
1 of the superinvestors Investingly tracks hold CZNC in their latest 13F, including Cliff Asness.
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Prices and ratios as of Oct 11, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.