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ZYBERNO
Stock Report
Updated Aug 21, 2026

CITIZENS COMMUNITY BANCORP, INC. (CZWI)

Financial Services • NASDAQ

$21.05

Professional Investment Analysis

ZYBERNO SCORE →
Is it a great business? Is it getting better?
34.0/100
WEAK BUSINESS
CITIZENS COMMUNITY BANCORP, INC. (CZWI) scores 34/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.
📊 How is the Zyberno Score calculated? +
VALUATION SIGNAL
⚠
Business Model Limitation
CITIZENS COMMUNITY BANCORP, INC. operates in the Banking industry. Owner Earnings-based DCF analysis — the foundation of both the Margin of Safety and the Brina Gap — is not well-suited to companies whose business model is structurally built around leverage: banks, insurers, mortgage companies, and REITs. These businesses are typically valued using sector-specific metrics such as Price-to-Book, Price-to-FFO, or Net Asset Value. Treat these signals as directional only.
MARGIN OF SAFETY
Is this stock cheap or expensive relative to what the business has historically generated for owners?
-100.0%
Overvalued
Is the market underestimating or overestimating what this business is capable of going forward?
+1.8%
Fairly Priced
↑ UNDER
+50%
Brina Gap
-50%
↓ OVER
← OVERVALUED
-100%
Margin of Safety
UNDERVALUED →
+100%
UNDERESTIMATED
GROWTH
DOUBLE
DISCOUNT
EXPENSIVE
HYPE
VALUE
TRAP
0,0
MoS -100.0%  ·  Gap +1.8%

Two independent signals. One tells you if the stock is cheap relative to what the business has historically generated for owners — the Margin of Safety. The other tells you if the market is underestimating what the business is capable of going forward — the Brina Gap.

They are calculated from completely different data sources and answer completely different questions. The Margin of Safety reads the past. The Brina Gap reads the present economics and compares them against what the current stock price is assuming about the future.

When both point in the same direction simultaneously — DOUBLE DISCOUNT — the probability of genuine mispricing is high. The market is wrong on two independent dimensions at once, which is rare and significant.

The most dangerous scenario is not an overvalued stock — those are easy to avoid. It is a VALUE TRAP: a stock that appears cheap historically but where the market is already pricing in stronger growth than the business fundamentals support. Without the Brina Gap signal this looks identical to a genuine opportunity. The matrix separates them instantly.

The Brina Gap is the more powerful of the two signals. Most investors and analytical tools focus on valuation alone — whether a stock is cheap relative to earnings. Far fewer systematically compare what the business economics structurally support against what the stock price is actually assuming. That gap between fundamental growth potential and market expectations is where the most reliable mispricings live, and where this matrix earns its value.

Use this as your first filter. A stock in DOUBLE DISCOUNT territory is worth investigating. Everything else requires either more caution or a specific reason to act.

OVERPRICED
CITIZENS COMMUNITY BANCORP, INC. (CZWI) is expensive relative to historical cash generation (Margin of Safety -100.0%) with no forward growth catalyst identified (Brina Gap +1.8%).
🎯 Expected Annual Return →
-21.4%
Margin of Safety convergence — your return if the market re-prices to intrinsic value (5-yr annualised)
2.0%
Brina Gap convergence — your return if the market corrects the growth mispricing the Gap measures
5.6%
Yield + growth — what the business alone earns you, even if the market never re-rates
💰 How is Margin of Safety calculated? +
📈 How is Brina Gap calculated? +

Critical Financial Health Indicators

Return on Equity (Profitability):POOR (6.8%)
Debt-to-Equity (Solvency Risk):EXCELLENT (0.27x)
Operating Margin (Operational Efficiency):GOOD (17.5%)
Return on Capital (Capital Efficiency):AVERAGE (11.2%)
📊 Valuation Trilogy
Three interconnected metrics for complete valuation analysis
💎
Intrinsic Value
DCF Fair Value
$10.12
🛡️
Margin of Safety
Valuation Gap
-100.0%
🎯
Expected Return
Projected Annual
-21.4%
Click any metric for full methodology and detailed analysis
Zyberno's Verdict

According to Zyberno, CITIZENS COMMUNITY BANCORP, INC. (CZWI) is not a buy — WEAK BUSINESS (34/100) with a negative Margin of Safety of -100.0% and a Brina Gap of +1.8% showing the market already prices in more growth than the fundamentals support.

According to Zyberno's DCF model, CITIZENS COMMUNITY BANCORP, INC. (CZWI) trades at $21.05 against an estimated intrinsic value per share of $10.12 — a -100.0% Margin of Safety based on Owner Earnings of $12.53M TTM, projected at -8.9% growth for 10 years with a 2.5% terminal growth rate. The Brina Gap of +1.8% strengthens the case: based on the company's ROIC (11.2%) and reinvestment rate (-5.3%), the business can fundamentally grow at -0.6% — but the current enterprise value implies the market expects -2.4%. This places CZWI in the Expensive Hype quadrant of the Brina Matrix, the most fragile combination — overvalued on cash AND overpriced on growth. Zyberno's model translates this into a 5-year expected return of -21.4% annually.

Over the trailing twelve months, CZWI generated $12.53M in Owner Earnings. Capital was deployed as follows: $4.04M returned via share buybacks, $2.02M paid as dividends, $1.78M invested in capital expenditures. Reinvestment rate: -5.3%. Owner Earnings have declined at 8.9% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY
A. Market Valuation

Market Price & Capitalization (2)

Current Price:21.05
Market Cap:$202.96M

Valuation Multiples (4)

P/E Ratio:
16.07x
📊 Click to view full CZWI P/E analysis →
P/B Ratio:1.06x
P/S Ratio:2.32x
Peg Ratio:3.36x

Enterprise Metrics (3)

Enterprise Value:$133.48M
Ev Ebitda Ratio:7.34x
Pfcf Ratio:16.57x

Price Action & Momentum (3)

12-1 Momentum:
+46.7% (87th pctile)
📈 Click to view full CZWI Momentum analysis →
Momentum Percentile:87 / 100
% of 52-Week High:86.2%
B. Profitability Assessment

Return Metrics (7)

ROE:
6.8%
📊 Click to view full CZWI ROE analysis →
ROA:0.7%
Roic:
11.2%
📊 Click to view full CZWI ROIC analysis →
Reinvestment Rate:-5.3%
Fundamental Growth Rate (g):-0.6%
Market-Implied Growth Rate:-2.4%
Brina Gap:
1.8%
☷ Click to view full CZWI Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:17.5%
Net Margin Ttm:14.6%
Ebitda Margin:20.8%

TTM Performance (2)

Operating Margin Ttm:17.5%
Net Margin Ttm:14.6%

Yield Metrics (3)

Earnings Yield:$6.21
Owner Earnings Yield:$6.16
Dividend Yield:1.0%
C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):
-2.29
📊 Click to view full CZWI Earnings Surprise analysis →
EPS Surprise vs Expected:-63.9%
Latest Earnings Filed:2026-08-06

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):3.7%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):-10.1%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):-7.1%
Operating Cash Flow Growth Rate (Linear):-8.3%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):-14.6%
D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.08x
Quick Ratio:0.08x
Cash Ratio:0.08x

Leverage Analysis (3)

Debt To Equity Ttm:0.27x
Debt-to-Equity Ratio:0.27x
Debt To Ebitda:2.87x

Coverage Ratios (2)

Interest Coverage Ratio:0.33x
Times Interest Earned:0.33

Capital Structure (4)

Working Capital:-1,432,655,000.00
Cash And Cash Equivalents:121,762,000.00
Long Term Debt:$51.89M
Net Debt:-$69.49M
DIVISION II: FINANCIAL STATEMENTS ANALYSIS
A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $87.58M
Linear Growth: 3.7%
📊 Click to view full CZWI Revenue analysis & methodology →
Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00
Operating income TTM: $15.29M
Linear Growth: -14.6%
📊 Click to view full CZWI Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: $12.81M
Linear Growth: -10.1%
📊 Click to view full CZWI Net Income analysis & methodology →
Income Before Tax:$15.29M
Ebitda Ttm:18,189,000.00

Operating Expenses (5)

Operating Expenses:42,999,000.00
R And D Expense:0.00
Sga Expense:0.00
Income Tax Expense:$2.48M
Interest Expense:52,793,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%
Sga To Revenue Percentage:0.0%
Ebitda Margin:20.8%
B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$1.81B
Current Assets:$121.76M
Ppe Net:17,441,000.00
Goodwill:31,498,000.00
Intangible Assets:$169.00K

Liability Structure (4)

Total Liabilities:1,622,961,000.00
Current Liabilities:1,554,417,000.00
Long Term Debt:$51.89M
Short Term Debt:$392.00K

Equity & Capital (3)

Equity:$191.35M
Retained Earnings:$92.82M
Common Stock:30,000,000.00

Working Capital Items (3)

Accounts Receivable:0.00
Inventory:0.00
Accounts Payable:0.00

Special Items (2)

Contract Liabilities:0.00
Stock Based Compensation:275,000.00
C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $14.06M
Linear Growth: -8.3%
Free cash flow TTM: $12.28M
Linear Growth: -7.1%
📊 Click to view full CZWI Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$14.10M
Capital Expenditures Ttm:1,781,000.00

Financing Activities (3)

Financing Cash Flow:$40.47M
Dividends Paid Ttm:2,024,000.00
Stock Repurchase:4,036,000.00

Capital Transactions (3)

Common Stock Issuance:0.00
Long Term Debt Issuance:$0.00
Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:2,900,000.00
DIVISION III: OPERATIONAL METRICS
A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):1.31
Eps diluted TTM: $1.31
Linear Growth: -8.8%
📊 Click to view full CZWI EPS analysis & methodology →
Earnings Per Share Ttm:$1.33

Revenue & Cash Per Share (3)

Sales Per Share Ttm:9.08
Operating Cash Flow Per Share:$1.21
Fcf Per Share Ttm:1.27

Book Value & Capital (2)

Book Value Per Share:$19.85
Cash Per Share:12.63

Dividend Policy (1)

Dividend Payout Ratio:29.79x
B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.05x
Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:-999.00x
Days Sales Outstanding Ttm:-999.00

Inventory Management (2)

Inventory Turnover Ttm:-999.00x
Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:-999.00
Cash Conversion Cycle:-999.00
C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:60.00
Quality Score:75.00

Market Metrics (2)

Beta:0.00x
Volatility Category:unknown
DIVISION IV: INVESTMENT ANALYSIS
A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $12.53M
Linear Growth: -8.9%
📊 Click to view full CZWI Owner Earnings analysis & methodology →
Owner Earnings Per Share:$1.30
Owner Earnings Yield:$6.16

Growth Assessment (1)

Owner Earnings Growth Rate:-$8.92

Damodaran Growth Analysis (4)

Reinvestment Rate:-5.3%
Fundamental Growth Rate (g):-0.6%
Market-Implied Growth Rate:-2.4%
Brina Gap:
1.8%
☷ Click to view full CZWI Brina Gap analysis →

Intrinsic Value Models (1)

Intrinsic Value:
$97.58M
📊 Click to view full CZWI DCF valuation →

Margin of Safety (1)

Margin Of Safety:
-100.0%
📊 Click to view full CZWI valuation analysis →

Return Scenarios (2)

Theoretical 5-Year Return:
-21.4%
📊 Click to view full CZWI expected return analysis →
Forward Expected Return (Yield + Growth):
5.6%
📊 Click to view full CZWI expected return analysis →

Investment Assessment (1)

Buffett Assessment:Overvalued
B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):3.7%
Net Income Growth Rate (Linear):-10.1%
Operating Income Growth Rate (Linear):-14.6%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):-7.1%
Operating Cash Flow Growth Rate (Linear):-8.3%

Other Growth Rates (2)

Book Value Growth Rate (Linear):4.2%
Owner Earnings Growth Rate:-$8.92
C. Company Profile & Context

Corporate Information (6)

Symbol:CZWI
Company Name:CITIZENS COMMUNITY BANCORP, INC.
Sector:Financial Services
Industry:Banking
Exchange:NASDAQ
Country:United States

Market Classification (3)

Market Cap Category:N/A
Price Category:medium
Volume Category:N/A

Share Structure (3)

Shares Outstanding:9.64M
Shares Outstanding Basic:9.64M
Shares Outstanding Diluted:9.65M

Data Processing Info (3)

Processing Version:v3.0
Last Updated:2026-08-21 16:55:14 UTC
Data Timestamp:2026-08-18T22:48:18.439843
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