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Ames National Corporation

ATLO Financial Banks Regional

Ames National Corporation’s revenue for fiscal 2025 (year ended December 2025) was $98.3 million, up 6.29% from fiscal 2024.

Revenue
+7.68%
EPS
+31.4%
Free cash flow
−13.3%

Quarter to June 2026, against a year earlier

34.48 0.44 +1.29%
Market cap
$301.5M
P/E
13.1×
Fwd P/E
11.8×
Dividend yield
2.72%
F-score
9/9
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 0.08
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 2 1 1 — 1 3 — 1 3 1 1 1
Sell — — — — — — — — — — — —
Insider Ownership 2.00%

Capital & Financial Ratios $m

Size
Market Cap 301.50
Revenue ttm 101.45
Net income ttm 22.96
Free cash flow ttm 24.38
Net debt Q (115.08)
Valuation
P/E 13.11
Forward P/E 11.80
Price / sales 2.95
Forward P/S Powerpack
Price / FCF 12.29
Price / book 1.41
Financial health
Current ratio Q 0.72
Debt / equity Q 0.00
Interest coverage Q —
Growth
Revenue growth Q +7.68% (above 0%: growing)
Operating income growth Q +36.76% (above 0%: growing)
EPS, this year +37.75% (at or above 15%: strong)
EPS, next year A +5.34%
Revenue, next year A —
EPS, past 5 yrs +0.76%
EPS, next 5 yrs A —

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 45.91%
10-year low 10-year high
P/S against its own 10 years 46.68%
10-year low 10-year high
P/B against its own 10 years 68.24%
10-year low 10-year high

Dividends

Yield
2.72%
Annual rate
0.92
Payout ratio
35.7%
Growth, 2017–25
−1.04%/yr
  1. 0.87 ’17
  2. 0.68 ’18 −22
  3. 0.95 ’19 +40
  4. 0.99 ’20 +4
  5. 1.03 ’21 +4
  6. 1.07 ’22 +4
  7. 1.35 ’23 +26
  8. 1.01 ’24 −25
  9. 0.80 ’25 −21
  10. 0.96 ’26e +20
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 67 111 135 115
Receivables — — — —
Inventory — — — —
Other — — — —
1,358 1,429 1,430 1,380
2023 2024 2025 Q'26
Payables 1,812 1,847 1,855 1,853
ST’ Debt — — — —
Other — — — —
1,987 1,957 1,926 1,910

Compound Annual Growth %

10y 5y 3y
Sales 6.69% 5.96% 11.32%
Cash Flow (0.58%) (6.41%) 0.17%
Earnings 2.40% 0.19% (0.46%)
Book Value 2.57% (0.15%) 11.72%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.68 Actual 0.80

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY26 0.62 0.67 Beat by 0.05
Q2 FY26 0.65 0.67 Beat by 0.02
Q3 FY26 0.68 0.80 Beat by 0.12
Q4 FY26 0.70 — Reports 22 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.67 0.67 — — —
’25 0.39 0.51 0.51 0.73 2.14
’24 0.26 0.24 0.25 0.39 1.14
’23 0.36 0.28 0.33 0.24 1.20
’22 0.57 0.46 0.62 0.49 2.14
’21 0.66 0.64 0.74 0.58 2.62
’20 0.39 0.49 0.62 0.57 2.06
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 25 26 — — —
’25 24 24 24 26 98
’24 22 23 23 24 92
’23 19 21 21 22 84
’22 17 17 18 19 71
’21 18 18 18 17 71
’20 18 18 19 18 74
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 8 3 — — —
’25 7 4 3 7 21
’24 1 4 3 6 14
’23 6 4 2 6 19
’22 7 4 4 6 21
’21 9 8 6 7 30
’20 12 6 3 8 30
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 8 3 — — —
’25 7 4 3 10 24
’24 1 4 3 6 14
’23 5 3 1 5 14
’22 6 3 4 5 18
’21 9 8 6 7 29
’20 14 7 3 8 32
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
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 Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 52 54 58 65 74 71 71 84 92 98 101 +7.3% — — — —
Gross margin, % 92.07 89.62 86.81 83.14 88.99 93.68 88.34 64.47 59.29 68.01 71.52 (24.1) pt
EBT 23 21 21 21 23 31 25 13 12 24 29 +0.6%
EBT margin, % 43.23 39.57 37.17 32.47 31.58 43.19 35.32 15.43 13.24 24.29 28.97 (18.9) pt
Net income 16 14 17 17 19 24 19 11 10 19 23 +2.1%
Per share, $
Per share, $ Revenue 5.60 5.78 6.19 7.02 8.04 7.79 7.89 9.29 10.28 11.05 11.45 +7.8%
Earnings 1.69 1.47 1.83 1.86 2.06 2.62 2.14 1.20 1.14 2.14 2.58 +2.7%
Cash flow 2.30 2.02 2.22 2.18 3.25 3.34 2.35 2.14 1.59 2.40 2.48 +0.5%
Capex 0.04 (0.04) (0.03) 0.01 0.28 (0.12) (0.30) (0.54) (0.02) 0.28 0.27 +24.1%
Free cash flow 2.34 1.98 2.20 2.19 3.53 3.22 2.05 1.59 1.57 2.68 2.75 +1.5%
Book value 17.73 18.34 18.57 20.31 22.90 22.80 16.51 18.44 19.43 23.37 24.06 +3.1%
Shares, m 9 9 9 9 9 9 9 9 9 9 9 (0.5%)
Valuation, ×
Valuation, × P/E 19.56 19.12 13.97 15.01 11.60 9.35 11.03 17.61 14.41 10.73 13.11 14.2
P/S 5.90 4.86 4.11 4.00 2.99 3.14 2.99 2.29 1.60 2.08 2.95 3.4
P/B 1.86 1.53 1.37 1.38 1.05 1.07 1.43 1.16 0.85 0.98 1.41 1.3
EV/Sales 5.30 3.77 3.33 1.81 0.38 1.64 2.72 1.82 0.69 0.98 — 2.2
EV/FCF 12.45 10.91 9.36 5.81 0.87 3.98 10.46 10.62 4.54 4.05 — 7.3
Cash, $m
Cash, $m Operating cash flow 21 19 21 20 30 30 21 19 14 21 22 0.0%
Capex 0 0 0 0 3 (1) (3) (5) 0 2 2 +23.5%
Free cash flow 22 18 20 20 32 29 18 14 14 24 24 +1.0%
Balance, $m
Balance, $m Working capital (378) (336) (321) (333) (424) (660) (699) (629) (527) (496) (530) +3.1%
Net debt (33) (59) (58) (142) (192) (106) (47) (67) (111) (135) (115) +16.9%
Shareholders’ equity 165 171 173 188 209 208 149 166 175 208 213 +2.6%
Returns, %
Returns, % ROA 1.17 1.00 1.20 1.08 1.02 1.16 0.90 0.50 0.48 0.89 1.09 (0.3) pt
ROIC 10.68 11.90 11.62 28.67 81.50 18.92 15.43 8.16 12.06 20.53 18.74 +9.9 pt
ROE 9.64 8.16 9.90 9.54 9.49 11.46 10.81 6.87 6.00 9.95 11.31 +0.3 pt
People
People Employees 202 207 231 266 132 125 122 273 268 260 — +2.8%
Revenue/emp, $m 0.26 0.26 0.25 0.24 0.56 0.57 0.58 0.31 0.34 0.38 — +4.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Ames National Corporation 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
FRAF Franklin Financial Services Corp. $313.1M 12.8× 12.2× +1.12% (above 0%: growing) +11.36% (above 0%: growing) +20.95% (above 0%: growing) 71.88% 0.00% Compare
NEWT NewtekOne, Inc. $308.3M 4.8× 6.2× +14.68% (above 0%: growing) −9.43% (below 0%: shrinking) +18.31% (above 0%: growing) 100.00% 70.56% Compare
FCCO First Community Corporation $306.5M 12.0× 10.8× +22.67% (above 0%: growing) +19.12% (above 0%: growing) −1,807.94% (below 0%: shrinking) 72.21% 0.00% Compare
ATLO Ames National Corporation $301.5M 13.1× 11.8× +7.68% (above 0%: growing) +31.37% (above 0%: growing) −13.26% (below 0%: shrinking) 73.46% 0.00%
MYFW First Western Financial, Inc. $300.4M 14.1× 12.9× +0.29% (above 0%: growing) +84.85% (above 0%: growing) −26.07% (below 0%: shrinking) 57.81% 0.00% Compare
BPRN Princeton Bancorp, Inc. $299.7M 11.6× 11.2× −2.61% (below 0%: shrinking) +940.00% (above 0%: growing) −38.15% (below 0%: shrinking) 65.93% 0.00% Compare
FUNC First United Corporation $295.0M 11.7× 10.8× +4.79% (above 0%: growing) +3.97% (above 0%: growing) +1,978.11% (above 0%: growing) 77.40% 0.00% Compare
FVCB Fvcbankcorp, Inc. $293.8M 10.9× 10.5× +9.18% (above 0%: growing) +19.35% (above 0%: growing) −23.59% (below 0%: shrinking) 64.10% 0.00% Compare
FNRN First Northern Community Bancorp $291.4M 13.1× — +2.07% (above 0%: growing) −12.99% (below 0%: shrinking) +31.66% (above 0%: growing) 83.16% 0.00% Compare
Median of peers $300.0M 11.8× 10.8× +3.43% +15.24% −2.64% 72.05% 0.00%

All 327 Banks Regional stocks →

Pay and ownership Proxy statement filed 13 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 434.85k 434.85k —
2024 419.68k 419.68k —
2023 409.76k 409.76k —

Ownership

Directors and executive officers, together 2.33%
BlackRock, Inc. 7.20%
The Vanguard Group 5.40%
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

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stockrow.com/ATLO · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com