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Alerus Financial

ALRS Financial Banks Regional

Alerus Financial’s revenue for fiscal 2025 (year ended December 2025) was $331.5 million, down 1.48% from fiscal 2024.

Revenue
+4.46%
EPS
+16.7%
Free cash flow
+136.9%
Total debt
+0.19%

Quarter to September 2026, against a year earlier

33.75 1.08 −3.10%
Market cap
$837.6M
P/E
28.4×
Fwd P/E
10.5×
Dividend yield
2.55%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.06
Sold, $m 0.02
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 1 — — — 1 — —
Sell — — — — — — — — — 1 — —
Insider Ownership 9.66%

Capital & Financial Ratios $m

Size
Market Cap 837.59
Revenue ttm 339.38
Net income ttm 29.98
Free cash flow ttm 89.31
Net debt Q (7.31)
Valuation
P/E 28.36
Forward P/E 10.50
Price / sales 2.47
Forward P/S Powerpack
Price / FCF 9.39
Price / book 1.45
Financial health
Current ratio Q 0.90
Debt / equity Q 0.10
Interest coverage Q —
Growth
Revenue growth Q +4.46% (above 0%: growing)
Operating income growth Q +13.53% (above 0%: growing)
EPS, this year +11.73%
EPS, next year A −5.92% (below 0%: weak)
Revenue, next year A −5.80% (below 0%: weak)
EPS, past 5 yrs −23.05% (below 0%: weak)
EPS, next 5 yrs A +3.14%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 81.82%
10-year low 10-year high
P/S against its own 10 years 98.04%
10-year low 10-year high
P/B against its own 10 years 81.26%
10-year low 10-year high

Dividends raised every year since 2017

Yield
2.55%
Annual rate
0.86
Payout ratio
72.9%
Growth, 2017–25
+7.09%/yr
  1. 0.48 ’17
  2. 0.53 ’18 +10
  3. 0.57 ’19 +8
  4. 0.60 ’20 +5
  5. 0.63 ’21 +5
  6. 0.70 ’22 +11
  7. 0.75 ’23 +7
  8. 0.79 ’24 +5
  9. 0.83 ’25 +5
  10. 0.87 ’26e +5
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 130 65 69 67
Receivables — — — —
Inventory — — — —
Other — — — —
2,881 4,034 4,099 —
2023 2024 2025 Q'26
Payables 3,096 4,378 4,192 4,303
ST’ Debt — — — —
Other — — — —
3,474 4,688 4,570 —

Compound Annual Growth %

10y 5y 3y
Sales — 6.19% 13.49%
Cash Flow — 0.00% (13.12%)
Earnings — (16.83%) (23.87%)
Book Value — 11.34% 16.55%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.67 Actual 0.71

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.57 0.85 Beat by 0.28
Q1 FY26 0.58 0.89 Beat by 0.31
Q2 FY26 0.78 0.80 Beat by 0.02
Q3 FY26 0.67 0.71 Beat by 0.04
Q4 FY26 0.69 — Reports 27 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.89 0.81 0.77 — —
’25 0.52 0.78 0.65 (1.29) 0.68
’24 0.32 0.31 0.26 0.13 0.83
’23 0.40 0.45 0.45 (0.73) 0.58
’22 0.57 0.52 0.47 0.53 2.10
’21 0.86 0.66 0.74 0.72 2.97
’20 0.30 0.65 0.99 0.57 2.52
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 98 104 105 — —
’25 96 102 100 33 332
’24 74 80 81 101 337
’23 63 66 70 45 245
’22 53 54 59 61 227
’21 64 59 59 58 240
’20 50 62 70 64 245
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 28 19 — — —
’25 8 11 33 16 68
’24 12 (12) 20 2 22
’23 (2) 14 13 2 27
’22 35 (18) 37 48 103
’21 55 29 33 32 150
’20 (21) (2) 3 (2) (22)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 26 18 — — —
’25 6 8 30 15 59
’24 11 (16) 20 (6) 9
’23 (3) 14 12 0 24
’22 35 (18) 36 48 101
’21 55 29 33 31 148
’20 (22) (3) 2 (3) (26)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 168 179 190 207 245 240 227 245 337 332 339 +7.8% 312 321 333 +0.1%
Gross margin, % 0.00 95.54 93.45 90.96 95.01 97.68 93.01 68.57 65.96 67.68 72.40 +67.7 pt
EBT 21 33 33 39 59 69 52 16 23 23 39 +0.7%
EBT margin, % 12.59 18.20 17.35 18.75 23.84 28.78 23.01 6.47 6.88 6.81 11.55 (5.8) pt
Net income 14 15 26 30 45 53 40 12 18 17 30 +2.4%
Per share, $
Per share, $ Revenue 12.45 13.09 13.84 14.08 14.35 13.97 12.17 12.30 15.99 13.06 13.66 +0.5%
Earnings 1.00 1.10 1.88 1.96 2.57 3.02 2.12 0.59 0.84 0.69 1.19 (4.0%)
Cash flow 1.51 3.51 3.89 1.31 (1.30) 8.72 5.52 1.35 1.03 2.66 0.00 +6.5%
Capex 0.00 (0.04) (0.27) (0.14) (0.22) (0.10) (0.10) (0.15) (0.59) (0.34) 0.00 n/m
Free cash flow 1.51 3.47 3.62 1.17 (1.52) 8.62 5.43 1.19 0.45 2.32 0.00 +4.9%
Book value 12.52 0.00 11.80 19.39 19.30 20.91 19.15 18.53 23.54 22.26 23.21 +6.6%
Shares, m 13 14 14 15 17 17 19 20 21 25 25 +7.3%
Valuation, ×
Valuation, × P/E 17.45 10.00 4.92 11.54 10.69 9.70 10.57 38.09 18.86 33.61 28.36 16.5
P/S 0.00 0.00 0.00 1.62 1.91 2.10 1.85 1.80 1.20 1.72 2.47 1.2
P/B 0.00 0.00 1.63 1.18 1.42 1.40 1.18 1.19 0.82 1.01 1.45 1.0
EV/Sales 0.00 0.00 0.00 1.21 1.44 1.33 1.85 1.51 1.19 1.69 — 1.0
EV/FCF 0.00 0.00 0.00 14.60 (13.58) 2.16 4.15 15.55 42.61 9.55 — 7.5
Cash, $m
Cash, $m Operating cash flow 20 48 54 19 (22) 150 103 27 22 68 96 +14.2%
Capex (2) (1) (4) (2) (4) (2) (2) (3) (12) (9) (6) +20.0%
Free cash flow 20 47 50 17 (26) 148 101 24 9 59 89 +12.5%
Balance, $m
Balance, $m Working capital — — (123) (108) (367) (946) (865) (593) (654) (471) (461) +21.1%
Net debt 60 59 17 (85) (114) (183) 1 (71) (5) (10) (7) n/m
Shareholders’ equity 169 — 162 286 330 359 357 369 495 565 577 +14.3%
Returns, %
Returns, % ROA 0.67 1.46 1.22 1.27 1.63 1.62 1.10 0.30 0.39 0.33 0.56 (0.3) pt
ROIC 0.00 34.44 11.53 12.13 16.94 24.53 9.12 3.32 2.95 2.54 4.30 +2.5 pt
ROE 8.03 8.60 15.11 12.89 14.26 15.05 11.05 3.22 4.10 3.29 5.30 (4.7) pt
People
People Employees — — 792 789 851 836 837 754 892 864 — +1.3%
Revenue/emp, $m 0.00 0.00 0.24 0.26 0.29 0.29 0.27 0.33 0.38 0.38 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Alerus Financial vs peers in Banks Regional (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MPB Mid Penn Bancorp $869.3M 11.8× 11.2× +13.23% (above 0%: growing) +6.25% (above 0%: growing) −3.90% (below 0%: shrinking) 69.39% 0.00% Compare
CCBG Capital City Bank Group $861.6M 13.8× 13.4× −2.57% (below 0%: shrinking) +6.45% (above 0%: growing) +47.12% (above 0%: growing) 89.60% 0.00% Compare
FCBC First Community Bancshares, Inc. $858.8M 14.3× 14.0× +35.47% (above 0%: growing) +77.61% (above 0%: growing) +82.80% (above 0%: growing) 92.36% 0.00% Compare
ALRS Alerus Financial $837.6M 28.4× 10.5× +4.46% (above 0%: growing) +16.67% (above 0%: growing) +136.92% (above 0%: growing) 77.55% 0.00%
RCBC River City Bank $828.4M — — — — — 51.62% 0.00% Compare
SMBK SmartFinancial, Inc. $819.7M 14.1× 12.6× +9.67% (above 0%: growing) +38.57% (above 0%: growing) +68.13% (above 0%: growing) 65.11% 0.00% Compare
PGC Peapack-Gladstone Financial Corporation $811.6M 15.6× 12.2× +10.12% (above 0%: growing) +97.78% (above 0%: growing) +388.43% (above 0%: growing) 70.34% 0.00% Compare
SPFI South Plains Financial, Inc. $807.8M 10.9× 11.3× +19.20% (above 0%: growing) +10.19% (above 0%: growing) +36.07% (above 0%: growing) 72.35% 0.00% Compare
IBCP Independent Bank Corp. $802.2M 10.6× 10.8× +14.65% (above 0%: growing) −4.71% (below 0%: shrinking) −1.00% (below 0%: shrinking) 76.31% 0.00% Compare
Median of peers $824.1M 13.8× 12.2× +13.23% +10.19% +47.12% 71.35% 0.00%

All 327 Banks Regional stocks →

Pay and ownership Proxy statement filed 1 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 1.63m 2.11m 89.00
2024 1.34m 1.46m 73.00
2023 1.09m 924.80k 82.00
2022 1.10m 861.86k 82.00

Ownership

Directors and executive officers, together 4.30%
BlackRock, Inc. 7.20%
The Vanguard Group 5.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Alerus Financial (ALRS) Latest News

29 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat
Impact 3 · · Simply Wall St.
Impact 3 · · Moby

28 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · GlobeNewswire earnings

25 Sep

Impact 3 · · GuruFocus.com

27 Aug

Impact 3 ·

7 Aug

Impact 3 · · The Motley Fool transcript

30 Jul

Impact 3 · · MarketBeat

29 Jul

Impact 3 ·
Impact 3 ·

11 Jul

Impact 3 ·

12 May

Impact 3 · · Zacks

4 May

Impact 4 · · Simply Wall St.

30 Apr

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 3 · · MarketBeat

29 Apr

Impact 4 · · Zacks
Impact 4 · · GlobeNewswire
Impact 3 · · Zacks

27 Apr

Impact 3 · · Simply Wall St.

5 Feb

Impact 3 · · Simply Wall St.
Impact 3 · · Zacks

3 Feb

Impact 4 · · Zacks
Impact 3 · · Zacks

29 Jan

Impact 4 · · GuruFocus.com
Impact 3 · · MarketBeat transcript
stockrow.com/ALRS · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com