Is Middlefield Banc Corp. overvalued or undervalued?

As of 31 October 2025, the valuation grade for Middlefield Banc Corp. has moved from attractive to very attractive. The company appears to be undervalued, supported by a P/E ratio of 17, a Price to Book Value of 1.28, and an EV to EBITDA ratio of 16.99. In comparison to peers, Middlefield Banc Corp. has a more favorable valuation than Orrstown Financial Services, Inc. with a P/E of 10.63 and Northrim BanCorp, Inc. at 11.11.
While the stock has underperformed the S&P 500 over the longer term, with a 5-year return of 61.53% compared to the S&P 500's 109.18%, it has shown resilience with a year-to-date return of 16.61%, slightly ahead of the S&P 500's 16.30%. This suggests that despite its recent underperformance, Middlefield Banc Corp. remains a compelling investment opportunity relative to its peers.