Camden National Corporation logo CAC - Camden National Corporation

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BUY 4
HOLD 2
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| PRICE TARGET: $53.00 DETAILS
HIGH: $56.00
LOW: $50.00
MEDIAN: $53.00
CONSENSUS: $53.00
UPSIDE: 7.46%
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996
Revenue
Revenue 367.3 289.7 250.3 208.9 193.9 203.9 207.0 186.4 171.9 165.5 124.7 111.0 111.2 112.6 119.7 124.1 132.8 143.8 120.4 118.9 99.8 84.8 83.0 89.0 93.0 88.5 77.2 68.2 63.3 23.4
Cost of Revenue 136.7 117.6 94.2 29.6 7.9 33.3 43.7 31.8 23.8 21.8 14.6 14.3 14.8 21.0 27.9 36.5 48.5 61.3 58.0 55.3 36.0 23.7 24.3 30.8 39.4 43.0 34.2 29.1 29.5 19.9
Gross Profit 230.6 172.1 156.1 179.3 186.0 170.6 163.3 154.5 148.1 143.7 110.1 96.7 96.4 91.5 91.8 87.5 84.3 82.5 62.4 63.6 63.8 61.1 58.6 58.2 53.6 45.5 43.0 39.1 33.8 3.4
Operating Expenses
R&D Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SG&A Expenses 59.7 64.1 60.0 62.0 61.0 57.9 54.5 51.5 49.1 47.3 40.5 35.5 36.4 33.8 31.7 30.9 31.1 28.3 18.5 18.0 18.6 17.4 16.9 16.5 14.3 11.6 12.6 11.2 9.2 6.3
Other Expenses 89.3 42.6 42.2 40.2 38.4 38.3 37.2 37.3 36.6 38.9 38.7 25.1 25.1 23.4 22.1 20.7 20.0 33.5 15.2 16.2 13.9 14.5 13.5 15.8 16.7 13.8 15.0 11.0 8.7 (15.0)
Operating Expenses 149.0 106.6 102.2 102.2 99.4 96.2 91.7 88.8 85.8 86.1 79.2 60.7 61.5 57.2 53.9 51.7 51.0 61.8 33.7 34.2 32.5 31.9 30.4 32.3 31.0 25.4 27.6 22.2 17.9 (8.7)
Operating Income
Operating Income 81.6 65.5 53.8 77.0 86.6 74.4 71.6 65.8 62.4 57.5 30.9 36.0 34.9 34.3 38.0 35.9 33.2 20.7 28.7 29.4 31.3 29.2 28.2 25.9 22.6 20.1 15.4 16.9 15.9 12.1
Interest Expense 117.4 117.1 94.0 25.1 11.0 20.9 40.9 31.0 20.8 16.6 12.7 12.1 12.7 17.2 23.2 30.2 40.3 56.9 57.9 53.0 34.7 24.4 24.5 27.7 35.7 40.0 30.5 27.0 27.3 19.1
Interest Income 320.7 249.6 226.2 172.8 148.5 157.2 168.5 151.4 136.1 129.6 99.1 88.4 88.2 90.9 98.4 104.5 113.3 127.1 107.7 107.2 89.7 73.4 72.1 74.6 79.9 79.6 69.5 61.6 58.4 41.0
Profitability
EBITDA 91.5 69.3 57.8 81.2 91.0 78.9 76.2 70.3 67.9 63.9 35.8 40.2 39.1 37.5 41.1 39.6 36.5 23.9 31.0 31.0 33.6 31.4 31.1 29.1 25.1 21.5 16.5 18.5 17.4 13.2
EBIT 81.6 65.5 53.8 77.0 86.6 74.4 71.6 65.8 62.4 57.5 30.9 36.0 34.9 34.3 38.0 35.9 33.2 20.7 28.7 29.4 31.3 29.2 28.2 25.9 22.6 20.1 15.4 16.9 15.9 12.1
Income Before Tax 78.7 65.5 53.8 77.0 86.6 74.4 71.6 65.8 62.4 57.5 30.9 36.0 34.9 34.3 38.0 35.9 33.2 20.7 28.7 29.4 31.3 29.2 28.2 25.9 22.6 20.1 15.4 16.9 15.9 12.1
Income Tax Expense 13.5 12.5 10.5 15.6 17.6 14.9 14.4 12.7 33.9 17.5 9.9 11.4 12.1 10.9 11.8 11.1 10.4 5.4 8.5 9.1 10.0 9.7 9.3 8.4 7.2 6.2 5.2 5.4 5.2 4.0
Net Income 65.2 53.0 43.4 61.4 69.0 59.5 57.2 53.1 28.5 40.1 21.0 24.6 22.8 23.4 26.2 24.8 22.8 15.3 20.3 20.3 21.4 19.5 18.9 17.1 15.4 13.9 10.2 11.5 10.7 8.1
Per Share Data
EPS (Basic) 3.85 3.63 2.98 4.18 4.62 3.96 3.70 3.41 1.83 2.59 1.73 2.19 1.99 2.04 2.27 2.15 1.99 1.33 2.06 1.95 1.87 1.69 1.59 1.41 1.27 1.13 0.85 0.93 1.04 0.77
EPS (Diluted) 3.84 3.62 2.97 4.17 4.60 3.95 3.69 3.40 1.82 2.57 1.73 2.19 1.98 2.03 2.27 2.15 1.98 1.33 2.06 1.95 1.87 1.69 1.59 1.41 1.26 1.13 0.85 0.92 1.04 0.77
Shares Outstanding 16.8 14.6 14.6 14.6 14.9 15.0 15.4 15.6 15.5 15.4 12.0 11.2 11.5 11.5 11.5 11.5 11.5 11.5 9.8 10.4 11.4 11.5 11.9 12.1 12.2 12.2 12.1 12.2 10.3 10.5
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2009 2008 2004 2003 2002 2001 2000 1999 1998 1997 1996
Current Assets
Cash & Cash Equivalents 97.5 215.0 99.8 75.4 220.6 145.8 75.6 67.0 103.0 87.7 29.8 35.2 31.6 37.2 33.5 38.9 29.3 24.2 18.2 13.5 19.3
Short-Term Investments 930.4 577.8 625.8 695.9 1,507.5 1,115.8 918.1 910.7 789.9 779.9 0 0 0 0 0 0 0 0 0 0 0
Net Receivables 18.4 0 0 0 0 0 0 0 0 8.7 7.2 8.3 5.9 5.2 5.8 5.1 7.0 5 4.7 3.9 3.9
Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Assets (18.4) (5.2) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Current Assets 1,027.9 787.5 725.6 771.3 1,728.1 1,261.6 993.8 977.7 892.9 876.2 45.2 43.5 37.5 42.4 39.3 43.9 36.3 29.2 22.9 17.4 23.2
Non-Current Assets
Property, Plant & Equipment 0 37.1 35.0 36.0 37.8 39.9 41.8 42.5 41.9 42.9 26.1 25.9 16.4 15.7 16.7 17.4 16.0 12.1 12.1 8.8 10.2
Goodwill 151.5 94.7 94.7 94.7 94.7 94.7 94.7 94.7 94.7 94.7 41.8 41.9 4.0 3.5 0 0 0 0 0 0 0
Intangible Assets 42.6 0.4 1.0 1.6 2.2 2.8 3.5 4.2 5.0 6.8 4.0 4.5 2.9 3.8 5.8 5.1 7.0 5 4.7 3.9 0
Long-Term Investments 5,441.5 4,629.6 4,616.4 4,525.2 3,405.3 3,224.8 3,084.7 3,008.0 2,860.4 2,680.9 2,024.1 2,131.3 1,379.7 1,256.5 1,108.4 974.3 923.8 858.2 780.3 536.8 460.1
Other Non-Current Assets (5,441.5) 215.9 199.5 192.8 213.1 263.0 194.2 147.3 147.8 123.5 83.3 94.4 49.4 48.4 45.7 48.0 28.1 21.3 15.4 10.7 16.5
Total Non-Current Assets 194.1 5,017.6 4,988.9 4,900.5 3,772.2 3,637.2 3,435.8 3,319.7 3,172.5 2,988.0 2,190.2 2,298.0 1,452.4 1,328.0 1,179.1 1,045.4 974.6 899.2 816.4 556.5 486.9
Total Assets 6,974.6 5,805.1 5,714.5 5,671.9 5,500.4 4,898.7 4,429.5 4,297.4 4,065.4 3,864.2 2,235.4 2,341.5 1,489.9 1,370.4 1,218.4 1,089.4 1,010.9 928.4 839.3 573.9 510.1
Current Liabilities
Account Payables 0 0 92.1 84.1 94.2 117.4 80.5 55.6 50.0 44.5 0 23.8 12.0 11.3 10.6 9.9 7.0 9 6.2 5.4 0
Short-Term Debt 581.8 500.6 485.6 265.2 211.6 162.4 268.8 271.0 542.0 530.1 0 0 277.7 277.0 191.9 210.8 168.4 174 113.7 132.5 0
Deferred Revenue 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Liabilities 0 4,633.2 4,597.4 4,826.9 4,608.9 4,005.2 3,537.7 3,464.5 3,000.5 2,828.5 1,495.8 1,489.5 1,014.6 901.0 850.1 763.6 744.4 667.7 641.6 373.4 353.2
Total Current Liabilities 581.8 5,133.8 5,175.1 5,176.2 4,914.7 4,285.1 3,887.0 3,791.0 3,592.4 3,403.1 1,517.5 1,537.1 1,304.3 1,189.3 1,052.6 984.3 919.8 850.7 761.5 511.3 353.2
Non-Current Liabilities
Long-Term Debt 62.5 44.3 44.3 44.3 44.3 84.3 69.1 69.1 68.8 68.8 527.3 661.8 59.1 61.4 0 0 0 0 0 0 93.8
Deferred Tax Liabilities 0 0 0 0 0 0 0 0 5.1 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 1,050.9 95.8 0 0 0 0 0 0 0 0 0 (23.8) 0 0 47.0 0 0 0 (0.1) (0.1) 5.2
Total Non-Current Liabilities 1,113.5 140.1 44.3 44.3 44.3 84.3 69.1 70.6 69.6 69.5 526.1 638.0 59.1 61.4 47.0 0 0 183 (0.1) (0.1) 99.0
Total Liabilities 6,278.0 5,273.9 5,219.4 5,220.6 4,959.1 4,369.4 3,956.1 3,861.6 3,662.0 3,472.7 2,044.8 2,175.1 1,363.5 1,250.7 1,099.6 984.3 919.8 850.7 761.4 511.2 452.2
Stockholders' Equity
Common Stock 215.8 116.4 115.6 115.1 123.1 131.1 139.1 158.2 156.9 156.0 0 2.9 2.5 2.5 2.5 2.5 2.5 2.5 2.4 0 2.4
Retained Earnings 545.1 509.5 481.0 462.2 424.4 377.5 340.6 302.0 266.7 249.4 133.6 118.6 118.8 127.5 114.1 102.6 92.3 83.6 77.6 62.9 56.8
Accumulated Other Comprehensive Income (64.4) (94.6) (101.6) (126.0) (6.2) 20.7 (6.3) (24.4) (20.2) (13.9) 6.9 (1.1) 0.8 3.4 7.7 4.5 (0.8) (5.8) 0.2 0 0.0
Total Stockholders' Equity 696.6 531.2 495.1 451.3 541.3 529.3 473.4 435.8 403.4 391.5 190.6 166.4 126.4 119.7 118.8 105.1 90.9 77.6 77.8 62.6 57.8
Total Liabilities & Equity 6,974.6 5,805.1 5,714.5 5,671.9 5,500.4 4,898.7 4,429.5 4,297.4 4,065.4 3,864.2 2,235.4 2,341.5 1,489.9 1,370.4 1,218.4 1,089.4 1,010.9 928.4 839.3 573.9 510.1
Debt Metrics
Total Debt 644.3 545.0 529.9 309.5 255.9 246.8 337.9 341.5 611.5 599.7 526.1 661.8 336.8 338.4 191.9 210.8 168.4 174 113.7 132.5 93.8
Net Debt 546.8 330.0 430.1 234.1 35.3 101.0 262.3 274.5 508.5 512.0 496.4 626.6 305.2 301.2 158.4 172.0 139.1 149.8 95.5 119 74.5
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996
Operating Activities
Net Income 65.2 53.0 43.4 61.4 69.0 59.5 57.2 53.1 28.5 40.1 21.4 19.5 18.9 17.1 15.4 13.9 10.2 11.5 10.7 8.2
Depreciation & Amortization 11.1 3.9 4.0 4.1 4.4 4.5 4.6 4.5 5.6 6.3 2.3 2.2 2.9 3.1 2.5 1.4 1.1 1.6 1.5 1.0
Stock-Based Compensation 3.4 2.9 2.8 2.6 2.4 1.8 1.9 1.7 1.5 2.0 0 0 0 0 0 0 0 0 0 0
Change in Working Capital (15.8) 0.3 6.4 (4.7) 3.3 (33.1) (27.6) (0.4) 12.4 10.5 (1.7) 0.4 (0.1) (2.0) 2.7 (3.7) 1.7 (3.2) (1.9) 0.3
Other Non-Cash Items (0.6) 0.5 9.7 40.0 64.3 (12.7) (3.2) 5.5 10.4 (1.5) 1.7 (1.4) (0.4) 3.6 16.0 (2.9) 5.5 (25.7) (4.7) 0.5
Operating Cash Flow 63.9 60.9 67.5 105.2 142.7 18.2 32.9 64.3 58.3 57.4 23.6 20.7 21.2 21.8 36.7 8.6 18.5 (15.8) 5.6 10.1
Investing Activities
Capital Expenditure (5.7) (5.6) (2.6) (2.2) (1.9) (2.9) (4.3) (5.0) (2.8) (1.7) (1.1) (2.1) (0.3) (1.0) (3.5) (5.5) (1.4) (1.7) (1.4) (1.8)
Acquisitions 48.3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Purchases of Investments (240.5) (60.4) (137.1) (138.2) (758.8) (433.4) (339.3) (232.2) (170.5) (231.2) (146.4) (125.1) (232.4) (133.0) (78.2) (12.5) (72.5) (88.7) (77.3) (3.5)
Sales/Maturities of Investments 209.1 123.1 225.1 233.7 321.6 265.8 355.6 191.8 155.0 184.6 90.6 101.1 237.0 85.3 39.8 19.5 50.2 84.6 65 0
Other Investing Activities (67.6) (26.8) (92.4) (581.0) (210.0) (123.9) (67.9) (231.3) (193.8) (119.7) (113.6) (102.1) (158.6) (86.5) (40.3) (70.6) (70.1) 25.8 (65.7) (25.2)
Investing Cash Flow (56.4) 30.3 (7.0) (487.7) (649.1) (294.5) (55.8) (276.8) (212.1) (168.0) (170.5) (128.1) (154.3) (135.2) (82.2) (69.1) (93.9) 20.0 (79.4) (30.4)
Financing Activities
Net Debt Issuance (28.7) 14.7 220.3 53.4 9.0 (91.5) (2.2) (270.1) 16.7 52.2 10.2 (1.6) 99.5 28.0 42.4 (5.5) 60.2 (47.5) 38.7 26.8
Stock Repurchased 0 (1.6) (2) (10.2) (10.1) (9.7) (20.8) (0.0) 0 (5.7) 0 0 0 0 0 0 0 0 0 (1.7)
Dividends Paid (28.5) (24.6) (24.5) (23.5) (21.1) (19.8) (18.6) (17.2) (14.3) (12.4) (9.9) (6.1) (5.6) (5.5) (5.2) (5.2) (4.2) (3.9) (3.1) (2.2)
Other Financing Activities (67.3) 35.3 (229.8) 217.7 603.4 467.4 73.1 463.8 166.7 78.9 149.3 112.4 50.9 86.6 19.4 76.6 26.2 52.9 36.6 (1.7)
Financing Cash Flow (125.0) 23.9 (36.1) 237.3 581.2 346.4 31.6 176.5 169.1 118.8 145.6 101.9 136.7 108.1 55.0 65.6 81.4 (2.7) 70.8 21.2
Cash Position
Net Change in Cash (117.5) 115.2 24.4 (145.2) 74.9 70.1 8.6 (36.0) 15.3 8.2 (1.3) (5.6) 3.6 (5.3) 9.5 5.1 6.1 1.5 (3) 0.9
Cash at Beginning 215.0 99.8 75.4 220.6 145.8 75.6 67.0 103.0 87.7 79.5 31.6 37.2 33.5 38.9 29.3 24.2 18.2 16.7 19.7 16.4
Cash at End 97.5 215.0 99.8 75.4 220.6 145.8 75.6 67.0 103.0 87.7 30.3 31.6 37.2 33.5 38.9 29.3 24.2 18.2 16.7 17.2
Free Cash Flow 58.2 55.4 64.9 103 140.9 15.3 28.6 59.3 55.5 55.7 22.6 18.6 20.9 20.8 33.2 3.1 17.1 (17.5) 4.2 8.3
Key Metrics 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996
Income Statement
Revenue 367.3 289.7 250.3 208.9 193.9 203.9 207.0 186.4 171.9 165.5 124.7 111.0 111.2 112.6 119.7 124.1 132.8 143.8 120.4 118.9 99.8 84.8 83.0 89.0 93.0 88.5 77.2 68.2 63.3 23.4
Gross Profit 230.6 172.1 156.1 179.3 186.0 170.6 163.3 154.5 148.1 143.7 110.1 96.7 96.4 91.5 91.8 87.5 84.3 82.5 62.4 63.6 63.8 61.1 58.6 58.2 53.6 45.5 43.0 39.1 33.8 3.4
Operating Income 81.6 65.5 53.8 77.0 86.6 74.4 71.6 65.8 62.4 57.5 30.9 36.0 34.9 34.3 38.0 35.9 33.2 20.7 28.7 29.4 31.3 29.2 28.2 25.9 22.6 20.1 15.4 16.9 15.9 12.1
Net Income 65.2 53.0 43.4 61.4 69.0 59.5 57.2 53.1 28.5 40.1 21.0 24.6 22.8 23.4 26.2 24.8 22.8 15.3 20.3 20.3 21.4 19.5 18.9 17.1 15.4 13.9 10.2 11.5 10.7 8.1
EPS (Diluted) 3.84 3.62 2.97 4.17 4.60 3.95 3.69 3.40 1.82 2.57 1.73 2.19 1.98 2.03 2.27 2.15 1.98 1.33 2.06 1.95 1.87 1.69 1.59 1.41 1.26 1.13 0.85 0.92 1.04 0.77
Balance Sheet
Cash & Equivalents 97.5 215.0 99.8 75.4 220.6 145.8 75.6 67.0 103.0 87.7 29.8 35.2 31.6 37.2 33.5 38.9 29.3 24.2 18.2 13.5 19.3
Total Assets 6,974.6 5,805.1 5,714.5 5,671.9 5,500.4 4,898.7 4,429.5 4,297.4 4,065.4 3,864.2 2,235.4 2,341.5 1,489.9 1,370.4 1,218.4 1,089.4 1,010.9 928.4 839.3 573.9 510.1
Total Debt 644.3 545.0 529.9 309.5 255.9 246.8 337.9 341.5 611.5 599.7 526.1 661.8 336.8 338.4 191.9 210.8 168.4 174 113.7 132.5 93.8
Stockholders' Equity 696.6 531.2 495.1 451.3 541.3 529.3 473.4 435.8 403.4 391.5 190.6 166.4 126.4 119.7 118.8 105.1 90.9 77.6 77.8 62.6 57.8
Cash Flow
Operating Cash Flow 63.9 60.9 67.5 105.2 142.7 18.2 32.9 64.3 58.3 57.4 23.6 20.7 21.2 21.8 36.7 8.6 18.5 (15.8) 5.6 10.1
Capital Expenditure (5.7) (5.6) (2.6) (2.2) (1.9) (2.9) (4.3) (5.0) (2.8) (1.7) (1.1) (2.1) (0.3) (1.0) (3.5) (5.5) (1.4) (1.7) (1.4) (1.8)
Free Cash Flow 58.2 55.4 64.9 103 140.9 15.3 28.6 59.3 55.5 55.7 22.6 18.6 20.9 20.8 33.2 3.1 17.1 (17.5) 4.2 8.3