Detailed financial statements for CVB Financial Corp. (CVBF): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
CVB Financial Corp. (CVBF) serves as the parent organization for Citizens Business Bank, a state-chartered financial institution that delivers a broad spectrum of banking and financial services. The bank primarily caters to individuals and small to medium-sized businesses. Its product offerings include a full range of deposit accounts, such as checking, savings, money market accounts, and certificates of deposit (CDs), available for both personal and business clients.
Analysis Summary
CVB Financial Corp. reported revenue of $510.3M in the most recent fiscal year, growing at a 5-year CAGR of 1.9%. Net income reached $209.3M, with a 3.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 81.4%, operating margin 40.3%, net margin 29.8%. Free cash flow grew at 3.8% CAGR over 5 years.
At $23.11 (closing price, November 2, 2026), CVBF trades at a P/E of 14.63 and an ROE of 8.52%. Market capitalisation stands at $4.1B.
Balance sheet quality for CVBF: debt-to-equity ratio of 0.37, current ratio of 0.36 over the last 12 months, net debt of $883.1M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $217.3M represents 104% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $292.6M | $317.6M | $392.5M | $484.4M | $464.2M | $461.7M | $552.8M | $547.3M | $475.9M | $510.3M |
| Cost of Revenue | $1.1M | -$604,000 | $1.2M | $5.0M | $23.5M | -$20.4M | $10.6M | $1.5M | $178.5M | $129.5M |
| Gross Profit | $299.5M | $326.5M | $391.3M | $479.4M | $440.7M | $488.2M | $542.2M | $545.8M | $480.2M | $513.8M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $87.7M | $91.9M | $115.2M | $135.2M | $124.2M | $122.5M | $137.9M | $145.9M | $151.8M | $201.6M |
| Operating Expenses | $137.2M | $137.7M | $180.2M | $188.3M | $191.2M | $190.6M | $213.8M | $230.4M | $208.9M | $232.2M |
| Operating Income | $162.3M | $188.8M | $211.1M | $291.1M | $249.5M | $297.6M | $328.3M | $315.4M | $271.2M | $281.7M |
| EBITDA | $167.6M | $191.5M | $219.5M | $313.1M | $248.4M | $291.2M | $342.0M | $333.6M | $286.6M | $296.5M |
| Interest Expense | $8.0M | $8.3M | $12.8M | $22.1M | $14.3M | $6.1M | $9.2M | $118.3M | $182.8M | $133.0M |
| Pre-tax Income | $162.3M | $188.8M | $211.1M | $291.1M | $249.5M | $297.6M | $328.3M | $315.4M | $271.2M | $281.7M |
| Income Tax | $60.9M | $84.4M | $59.1M | $83.2M | $72.4M | $85.1M | $92.9M | $94.0M | $70.5M | $72.4M |
| Net Income | $101.4M | $104.4M | $152.0M | $207.8M | $177.2M | $212.5M | $235.4M | $221.4M | $200.7M | $209.3M |
| EPS | $0.94 | $0.95 | $1.25 | $1.48 | $1.30 | $1.57 | $1.67 | $1.59 | $1.44 | $1.52 |
| EPS (Diluted) | $0.94 | $0.95 | $1.25 | $1.48 | $1.30 | $1.56 | $1.67 | $1.59 | $1.44 | $1.52 |
| Shares Outstanding (Diluted) | 107.7 M | 109.8 M | 122.0 M | 139.9 M | 136.2 M | 135.4 M | 140.0 M | 138.5 M | 138.6 M | 135.9 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $129.7M | $129.4M | $179.4M | $195.6M |
| Gross Profit | $132.2M | $126.4M | $179.4M | $196.6M |
| Operating Income | $74.4M | $68.6M | $65.0M | $106.1M |
| EBITDA | $76.8M | $73.1M | $69.1M | $147.7M |
| Net Income | $55.0M | $51.0M | $48.3M | $78.1M |
| EPS | $0.40 | $0.38 | $0.36 | $0.44 |
| EPS (Diluted) | $0.40 | $0.38 | $0.36 | $0.44 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $169.5M | $162.3M | $171.6M | $188.4M | $2.00B | $1.76B | $213.0M | $289.5M | $205.2M | $107.5M |
| Short-term Investments | $2.27B | $2.08B | $1.73B | $1.74B | $2.40B | $3.18B | $3.26B | $2.96B | $63.8M | 0 |
| Receivables | $132.3M | $133.0M | $157.0M | $116.2M | $106.3M | $112.6M | $314.2M | $301.3M | $282.8M | $46.7M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $2.58B | $2.38B | $2.07B | $2.05B | $4.51B | $5.06B | $3.79B | $3.56B | $564.8M | $154.2M |
| Property, Plant & Equipment | $42.1M | $46.2M | $58.2M | $72.5M | $70.3M | $68.4M | $69.4M | $66.4M | $74.7M | $26.5M |
| Goodwill | $89.5M | $116.6M | $666.5M | $663.7M | $663.7M | $663.7M | $765.8M | $765.8M | $765.8M | $765.8M |
| Intangible Assets | $5.0M | $6.8M | $53.8M | $43.0M | $33.6M | $25.4M | $21.7M | $15.3M | $10.0M | $5.8M |
| Total Assets | $8.07B | $8.27B | $11.53B | $11.28B | $14.42B | $15.88B | $16.48B | $16.02B | $15.15B | $15.63B |
| Accounts Payable | $132.3M | 0 | 0 | 0 | 0 | 0 | $433,000 | $23.3M | $5.0M | 0 |
| Short-term Debt | $656.0M | $553.8M | $722.3M | $428.7M | $444.4M | $644.7M | $1.56B | $2.34B | $761.9M | $490.6M |
| Total Current Liabilities | $6.97B | $7.10B | $9.55B | $9.13B | $12.18B | $13.62B | $14.40B | $13.77B | $12.72B | $11.99B |
| Long-term Debt | $25.8M | $25.8M | $25.8M | $25.8M | $25.8M | 0 | 0 | 0 | 0 | $500.0M |
| Total Liabilities | $7.08B | $7.20B | $9.68B | $9.29B | $12.41B | $13.80B | $14.53B | $13.94B | $12.97B | $13.34B |
| Retained Earnings | $449.5M | $494.4M | $575.8M | $682.7M | $760.9M | $875.6M | $1.00B | $1.11B | $1.20B | $1.30B |
| Total Equity | $990.9M | $1.07B | $1.85B | $1.99B | $2.01B | $2.08B | $1.95B | $2.08B | $2.19B | $2.30B |
| Total Debt | $681.8M | $579.5M | $748.0M | $454.4M | $470.2M | $644.7M | $1.56B | $2.34B | $761.9M | $990.6M |
| Net Debt | -$1.76B | -$1.66B | -$1.16B | -$1.47B | -$3.93B | -$4.30B | -$1.91B | -$904.0M | $492.9M | $883.1M |
| Working Capital | -$4.39B | -$4.72B | -$7.48B | -$7.08B | -$7.67B | -$8.56B | -$10.61B | -$10.21B | -$12.15B | -$11.83B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $797.1M | $107.5M | $138.6M | $1.10B |
| Total Assets | $15.67B | $15.63B | $15.51B | $21.18B |
| Total Liabilities | $13.38B | $13.34B | $13.19B | $18.01B |
| Total Equity | $2.28B | $2.30B | $2.32B | $3.17B |
| Total Debt | $951.3M | $990.6M | $994.3M | $1.10B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $101.4M | $104.4M | $152.0M | $207.8M | $177.2M | $212.5M | $235.4M | $221.4M | $200.7M | $209.3M |
| Depreciation & Amortization | $5.3M | $2.7M | $8.3M | $22.0M | -$1.2M | -$6.4M | $13.7M | $18.2M | $15.4M | $14.8M |
| Stock-based Compensation | $2.8M | $3.0M | $3.5M | $5.5M | $5.5M | $5.2M | $7.9M | $9.4M | $10.2M | $6.2M |
| Change in Working Capital | $4.4M | $29.7M | $5.3M | -$3.1M | -$16.2M | -$8.1M | -$9.8M | $35.4M | $11.7M | -$29.4M |
| Operating Cash Flow | $124.5M | $139.6M | $165.0M | $208.2M | $185.1M | $195.2M | $273.7M | $295.6M | $249.8M | $221.4M |
| Capital Expenditure | -$12.6M | -$4.9M | -$4.2M | -$5.5M | -$4.7M | -$4.7M | -$5.4M | -$4.5M | -$5.1M | -$4.1M |
| Acquisitions | -$15.7M | $3.1M | -$132.9M | 0 | 0 | 0 | $329.0M | 0 | 0 | 0 |
| Stock Repurchased | -$1.9M | -$1.1M | -$7.8M | -$2.6M | -$92.8M | -$8.3M | -$116.3M | -$21.2M | -$2.8M | -$81.1M |
| Dividends Paid | -$51.6M | -$57.0M | -$66.0M | -$95.4M | -$98.5M | -$97.7M | -$104.4M | -$111.7M | -$111.8M | -$111.0M |
| Free Cash Flow | $111.9M | $134.7M | $160.8M | $202.7M | $180.4M | $190.6M | $268.4M | $291.1M | $244.6M | $217.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $81.5M | $44.9M | $62.4M | $388.1M |
| Capital Expenditure | -$836,000 | -$1.7M | -$1.1M | -$780,000 |
| Free Cash Flow | $80.7M | $43.2M | $61.2M | $387.4M |
| Dividends Paid | -$27.6M | -$27.5M | -$27.1M | -$27.3M |
| Stock-based Compensation | $2.4M | -$1.1M | $2.2M | $260,000 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +8.5% | +23.6% | +23.4% | -4.2% | -0.5% | +19.7% | -1.0% | -13.0% | +7.2% | |
| Net Income Growth (YoY) | +2.9% | +45.6% | +36.7% | -14.8% | +20.0% | +10.8% | -5.9% | -9.4% | +4.3% | |
| EPS Growth (YoY) | +1.1% | +31.6% | +18.4% | -12.2% | +20.8% | +6.4% | -4.8% | -9.4% | +5.6% | |
| Shares Change (YoY) | +2.0% | +11.1% | +14.7% | -2.7% | -0.6% | +3.4% | -1.1% | +0.1% | -1.9% | |
| FCF Growth (YoY) | +20.4% | +19.3% | +26.1% | -11.0% | +5.6% | +40.8% | +8.5% | -16.0% | -11.2% | |
| Gross Margin | 102.3% | 102.8% | 99.7% | 99.0% | 94.9% | 105.7% | 98.1% | 99.7% | 100.9% | 100.7% |
| Operating Margin | 55.5% | 59.4% | 53.8% | 60.1% | 53.7% | 64.5% | 59.4% | 57.6% | 57.0% | 55.2% |
| EBITDA Margin | 57.3% | 60.3% | 55.9% | 64.6% | 53.5% | 63.1% | 61.9% | 61.0% | 60.2% | 58.1% |
| Net Margin | 34.7% | 32.9% | 38.7% | 42.9% | 38.2% | 46.0% | 42.6% | 40.5% | 42.2% | 41.0% |
| FCF Margin | 38.2% | 42.4% | 41.0% | 41.8% | 38.9% | 41.3% | 48.5% | 53.2% | 51.4% | 42.6% |
| Effective Tax Rate | 37.5% | 44.7% | 28.0% | 28.6% | 29.0% | 28.6% | 28.3% | 29.8% | 26.0% | 25.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.04 | $1.23 | $1.32 | $1.45 | $1.32 | $1.41 | $1.92 | $2.10 | $1.77 | $1.60 |
| Dividends Per Share | $0.48 | $0.52 | $0.54 | $0.68 | $0.72 | $0.72 | $0.75 | $0.81 | $0.81 | $0.82 |
| Shares Outstanding (Basic) | 107.3 M | 109.4 M | 121.7 M | 139.8 M | 136.0 M | 135.2 M | 139.7 M | 138.3 M | 138.4 M | 135.9 M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. Regulatory Tier 1 is not in our data.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 8.52% |
| Return on Invested Capital | 4.85% |
| Return on Assets | 1.13% |
| Gross Margin | 81.36% |
| Operating Margin | 40.26% |
| Net Margin | 29.80% |
Financial Health
| Debt / Equity | 0.37 |
| Current Ratio | 0.36 |
| Piotroski F-Score | 6 |
| Altman Z-Score | -0.58 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 24.39 | 24.80 | 16.18 | 14.58 | 15.00 | 13.64 | 15.42 | 12.70 | 14.87 | 12.24 |
| P/B | 2.48 | 2.41 | 1.33 | 1.51 | 1.32 | 1.39 | 1.85 | 1.34 | 1.36 | 1.10 |
| P/S | 8.41 | 8.12 | 6.27 | 6.23 | 5.71 | 6.27 | 6.51 | 5.10 | 6.23 | 4.95 |
| Gross Margin | 99.6% | 100.2% | 96.5% | 94.7% | 92.1% | 104.4% | 96.5% | 82.0% | 72.9% | 79.9% |
| Operating Margin | 55.5% | 59.4% | 53.8% | 60.1% | 53.7% | 64.5% | 59.4% | 57.6% | 57.0% | 55.2% |
| Net Margin | 34.7% | 32.9% | 38.7% | 42.9% | 38.2% | 46.0% | 42.6% | 40.5% | 42.2% | 41.0% |
Related companies: OZK · FFBC · TOWN · FBNC · CBU · PFS · FBK · PRK
Explore sector: Financial Services · Banks - Regional
More sections of CVBF: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method · Companies that pass the Lynch method · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks