Stock fact sheet · data as of
LCNB Corp. (LCNB): fair value, margin of safety and Wheel Score
Ticker symbol LCNB · Financial Services · Banks - Regional · United States · Value Income
Is LCNB undervalued?
LCNB closed at 20.29 on 5 Nov 2026, 14% below the GLS average fair value of 23.52 from 9 models (5 of them above the price). That is a moderate margin of safety: the stock passes the "below fair value" Wheel Trade Filter, with room for a bigger discount on the Value part.
There is a wide gap between GLS Growth (2.45) and 10 Cap (57.65). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
Ranked against every other company we cover, LCNB is clearly cheaper than it is fast-growing, so the nightly engine files it under Value (value score 63, growth score 13, out of 100). It also carries the Income tag (Income = a dividend yield of 4% or more).
Nine valuation models for LCNB
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 22.01 | +8% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 28.07 | +38% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 21.50 | +6% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 3.53 | -83% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 2.45 | -88% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 57.65 | +184% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 43.99 | +117% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 12.95 | -36% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 19.53 | -4% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -119.84 | -691% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 20.00 | -1% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
LCNB Corp. scores 8 of 9 on the Piotroski F-score, the nine yes/no tests of profitability, leverage and efficiency on the latest annual accounts - a strong reading that passes the "Piotroski 6 or more" Wheel Trade Filter with room to spare. On durability LCNB scores 5.9/10 on the GLS Moat - a middle reading; the Moat Score tab on the Quote page's Financials view shows which of the four parts hold it back.
Returns on capital are moderate - ROIC 5.9%, ROE 8.4%, ROA 1.0% - with debt at 0.43 times equity and a free-cash-flow yield of 12.2%.
The dividend yield is high at 4.34% (payout ratio 50%). A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual. Revenue comes mainly from Fiduciary and Trust 61%, Deposit Account 39% (quarter Q2 FY2026).
Institutional ownership scores 6/10, insider activity 6/10 and Congressional trading 5/10 on the GLS smart-money scales; the last recorded insider buy was on 26 Oct 2026.
| Piotroski F-score | 8 / 9 | ROIC | 5.9% |
|---|---|---|---|
| GLS Moat | 5.9 / 10 | ROE | 8.4% |
| Debt / equity | 0.43 | ROA | 1.0% |
| Free-cash-flow yield | 12.2% | Payout ratio | 50% |
| Institutions | 6 / 10 | Insiders · Congress | 6 · 5 / 10 |
Wheel Score 44: Weak
With a Wheel Score of 44 LCNB Corp. sits in the Weak band. It fails filter 1, options that actually trade - options too quiet (368 open interest, 43 a day); and filter 8, big enough - market cap $289M (under $1.0B); Option trading (weak) is its weakest part.
Implied volatility is 38% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is thin - 368 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 34k shares a day on a market cap of $289M, with a beta of 0.60 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | options too quiet (368 open interest, 43 a day) |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Fails | market cap $289M (under $1.0B) |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Fair | 14% below fair value | |
| Premium | Strong | implied volatility 38% | |
| Moat | Fair | moat 5.9/10 | |
| Health | Strong | Piotroski 8/9 | |
| Red Flags | Strong | Red Flags score 90/100 | |
| Option trading | Weak | 43 contracts a day, 368 open interest | |
| Stability | Fair | beta 0.60, $289M company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for LCNB in the nightly calendar.
No analyst upgrades or downgrades were recorded in the last 30 days.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Banks - Regional
The 12 companies below are the closest to LCNB Corp. by market cap within the Banks - Regional industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| VABK Virginia National Bankshares Corporation | 53.56 | 51.76 | -3% | 21No options | $291M |
| TRUX Truxton Corporation | 25.25 | 42.20 | +40% | 36No options | $291M |
| FXNC First National Corporation | 31.52 | 33.83 | +7% | 23No options | $285M |
| QNBC QNB Corp. | 47.45 | 29.90 | -59% | 17No options | $295M |
| OVLY Oak Valley Bancorp | 35.29 | 37.23 | +5% | 22No options | $297M |
| BCBP BCB Bancorp, Inc. | 9.10 | 17.92 | +49% | 42Weak | $280M |
| WNEB Western New England Bancorp, Inc. | 14.05 | 13.59 | -3% | 35Weak | $279M |
| FNRN First Northern Community Bancorp | 18.35 | 17.62 | -4% | 19No options | $301M |
| HWBK Hawthorn Bancshares, Inc. | 40.07 | 53.47 | +25% | 32No options | $277M |
| BPRN Princeton Bancorp Inc. | 44.51 | 48.16 | +8% | 23No options | $303M |
| FVCB FVCBankcorp, Inc. | 16.83 | 19.80 | +15% | 46Weak | $304M |
| FUNC First United Corporation | 47.30 | 61.15 | +23% | 34No options | $305M |
⚖ Compare LCNB with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about LCNB
Is LCNB undervalued right now?
By the GLS models, moderately: at 20.29 the stock trades 14% below the average fair value of 23.52 (data as of 5 Nov 2026).
What is the Wheel Score of LCNB and what does it mean?
LCNB scores 44 out of 100 (Weak) - it fails Wheel Trade Filters 1, 8. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for LCNB?
23.52 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does LCNB Corp. report earnings next?
No upcoming earnings date is recorded for LCNB in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does LCNB have listed options, and how liquid are they?
Yes. The nightly snapshot found 24 listed contracts with 368 open interest across all expiries and implied volatility of 38% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.