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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. In the quarter to June 2026, revenue grew 7.68%, EPS grew 31.4% and free cash flow fell 13.3%, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.

32.17 0.02 +0.06%
Market cap
$284.8M
P/E
12.5×
Fwd P/E
11.0×
Dividend yield
2.86%
F-score
9/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.09
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy 3 2 1 1 — 1 3 — 1 3 1 —
Sell — — — — — — — — — — — —
Insider Ownership 2.00%

Capital & Financial Ratios $m

Market Cap 284.76
Revenue 101.45
Net Income 22.96
Free Cash Flow 24.38
Net Debt (115.08)
Current Ratio 0.72
Debt/Equity 0.00
P/E ratio 12.47
Fwd P/E 11.00
P/S ratio 2.81
P/B ratio 1.34
Past 5Y EPS Growth 0.76%
This Y EPS Growth 33.33% (at or above 15%: strong)
Next Y EPS Growth 3.68%
Next Y revenue growth —
Next 5Y EPS Growth —

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 41.98%
10-year low 10-year high
P/S against its own 10 years 39.51%
10-year low 10-year high
P/B against its own 10 years 58.75%
10-year low 10-year high

Dividends

Payout Ratio 0.36
Annual Dividend Rate 0.92
Annual Dividend Yield 2.86%
total individual payouts
2027 Powerpack
2026 0.96
0.24
0.24
0.24
2025 0.80
0.20
0.20
0.20
0.20
2024 1.01
0.27
0.27
0.27
0.20
2023 1.35
0.27
0.27
0.27
0.27
0.27
2022 1.07
0.26
0.27
0.27
0.27
2021 1.03
0.25
0.26
0.26
0.26
2020 0.99
0.24
0.25
0.25
0.25
2019 0.95
0.23
0.24
0.24
0.24
2018 0.68
0.22
0.25
0.23
0.23
2017 0.87
0.21
0.22
0.22
0.22
2016 0.83
0.20
0.21
0.21
0.21
predictions special payouts not included in total or ratios

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%

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 22.54 26.60 24.51 24.47 16.53 22.05 20.16 15.01 15.69 16.04

Analyst estimates 2026–2028

Powerpack
High 35.30 37.45 32.15 29.46 28.05 27.90 25.55 25.00 22.41 24.36
People
People Employees 202 207 231 266 132 125 122 273 268 260
Revenue/emp, $m 0.26 0.26 0.25 0.24 0.56 0.57 0.58 0.31 0.34 0.38
Income, $m
Income, $m Revenue 52 54 58 65 74 71 71 84 92 98
Gross margin, % 92.07 89.62 86.81 83.14 88.99 93.68 88.34 64.47 59.29 68.01
EBT 23 21 21 21 23 31 25 13 12 24
EBT margin, % 43.23 39.57 37.17 32.47 31.58 43.19 35.32 15.43 13.24 24.29
Net income 16 14 17 17 19 24 19 11 10 19
Depreciation 5 4 2 2 3 3 5 4 3 2
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
Earnings 1.69 1.47 1.83 1.86 2.06 2.62 2.14 1.20 1.14 2.14
Cash flow 2.30 2.02 2.22 2.18 3.25 3.34 2.35 2.14 1.59 2.40
Capex 0.04 (0.04) (0.03) 0.01 0.28 (0.12) (0.30) (0.54) (0.02) 0.28
Free cash flow 2.34 1.98 2.20 2.19 3.53 3.22 2.05 1.59 1.57 2.68
Book value 17.73 18.34 18.57 20.31 22.90 22.80 16.51 18.44 19.43 23.37
Shares, m 9 9 9 9 9 9 9 9 9 9
Valuation, ×
Valuation, × P/E 19.56 19.12 13.97 15.01 11.60 9.35 11.03 17.61 14.41 10.73
P/S 5.90 4.86 4.11 4.00 2.99 3.14 2.99 2.29 1.60 2.08
P/B 1.86 1.53 1.37 1.38 1.05 1.07 1.43 1.16 0.85 0.98
EV/Sales 5.30 3.77 3.33 1.81 0.38 1.64 2.72 1.82 0.69 0.98
EV/FCF 12.45 10.91 9.36 5.81 0.87 3.98 10.46 10.62 4.54 4.05
Cash, $m
Cash, $m Operating cash flow 21 19 21 20 30 30 21 19 14 21
Capex 0 0 0 0 3 (1) (3) (5) 0 2
Free cash flow 22 18 20 20 32 29 18 14 14 24
Balance, $m
Balance, $m Working capital (378) (336) (321) (333) (424) (660) (699) (629) (527) (496)
Total debt 28 14 2 5 3 3 39 — — —
Net debt (33) (59) (58) (142) (192) (106) (47) (67) (111) (135)
Shareholders’ equity 165 171 173 188 209 208 149 166 175 208
Returns, %
Returns, % ROA 1.17 1.00 1.20 1.08 1.02 1.16 0.90 0.50 0.48 0.89
ROIC 10.68 11.90 11.62 28.67 81.50 18.92 15.43 8.16 12.06 20.53
ROE 9.64 8.16 9.90 9.54 9.49 11.46 10.81 6.87 6.00 9.95
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
BPRN Princeton Bancorp, Inc. $295.6M 11.5× 9.7× −2.61% (below 0%: shrinking) +940.00% (above 0%: growing) −38.15% (below 0%: shrinking) 65.93% 0.00% Compare
MYFW First Western Financial, Inc. $287.7M 15.5× 12.3× +10.12% (above 0%: growing) +126.92% (above 0%: growing) +216.45% (above 0%: growing) 58.35% 0.00% Compare
ATLO Ames National Corporation $284.8M 12.5× 11.0× +7.68% (above 0%: growing) +31.37% (above 0%: growing) −13.26% (below 0%: shrinking) 73.46% 0.00%
FUNC First United Corporation $283.5M 11.4× 9.1× +5.24% (above 0%: growing) −4.35% (below 0%: shrinking) +705.52% (above 0%: growing) 75.95% 0.00% Compare
FRAF Franklin Financial Services Corp. $282.6M 11.4× 10.0× +1.12% (above 0%: growing) +11.36% (above 0%: growing) +20.95% (above 0%: growing) 71.88% 0.00% Compare
OVLY Oak Valley Bancorp (CA) $282.3M 12.0× — +4.45% (above 0%: growing) −8.82% (below 0%: shrinking) −20.28% (below 0%: shrinking) 85.32% 0.00% Compare
ISBA Isabella Bank Corporation $280.1M 13.5× 11.9× +13.60% (above 0%: growing) +1.47% (above 0%: growing) +1.06% (above 0%: growing) 73.42% 0.00% Compare
VABK Virginia National Bankshares Corporation $279.1M 11.1× 17.8× +24.86% (above 0%: growing) +110.13% (above 0%: growing) −47.94% (below 0%: shrinking) 77.48% 0.00% Compare
NKSH National Bankshares, Inc. $276.0M 13.6× 10.7× +6.17% (above 0%: growing) +119.44% (above 0%: growing) +118.57% (above 0%: growing) 71.02% 0.00% Compare
Median of peers $282.4M 11.7× 10.7× +5.71% +60.74% +11.01% 72.65% 0.00%

All 323 Banks Regional stocks →

Ames National Corporation (ATLO) key facts

  • Strength: Ames National Corporation’s revenue for fiscal 2025 (year ended December 2025) was $98.3 million, up 6.29% from fiscal 2024.
  • Strength: Net income was $19.0 million, or $2.14 per share (basic), a net margin of 19.4%.
  • Ames National Corporation (ATLO) is a Banks Regional company in the Financial sector, listed on Nasdaq.
  • As of October 16, 2026, ATLO traded at $32.17, a market capitalization of $284.8 million.
  • At that price the stock trades at 12.5× trailing-twelve-month earnings and 2.8× sales; its P/E is higher than 42% of its own readings over the past ten years.
  • Ames National Corporation pays an annual dividend of $0.92 per share, a yield of 2.86%, with a payout ratio of 35.7%.
  • Return on equity was 9.95% and debt-to-equity 0.00.
  • Its Piotroski F-score is 9 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Ames National Corporation (ATLO) Latest News

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