Is Camden National Corp. (Maine) overvalued or undervalued?

As of 28 November 2025, Camden National Corp. (Maine) has moved from an attractive to a fair valuation grade. The company appears to be fairly valued based on its current metrics, including a P/E ratio of 12, a Price to Book Value of 1.04, and an EV to EBITDA of 15.92. In comparison with peers, Business First Bancshares, Inc. has a more attractive P/E of 9.65, while Cambridge Bancorp is considered expensive with a P/E of 20.22.
The stock has underperformed relative to the S&P 500, with a year-to-date return of -5.38% compared to the S&P 500's 16.45%, and a one-year return of -15.01% versus the index's 14.18%. This underperformance reinforces the assessment that Camden National Corp. is fairly valued in the current market environment.