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Bank First National Corporation

BFC Financial Banks Regional

Bank First National Corporation’s revenue for fiscal 2025 (year ended December 2025) was $243.9 million, up 7.90% from fiscal 2024.

Revenue
+44.1%
EPS
+29.2%
Free cash flow
+152.0%
Total debt
+107.1%

Quarter to June 2026, against a year earlier

148.07 1.53 −1.02%
Market cap
$1.6B
P/E
19.3×
Fwd P/E
17.0×
Dividend yield
1.42%
F-score
8/9
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 0.34
Sold, $m 2.66
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — 1 — — 2 — — — 1 — 1 —
Sell — — 1 — — — — — — 1 — —
Insider Ownership 10.47%

Capital & Financial Ratios $m

Size
Market Cap 1,630.00
Revenue ttm 292.66
Net income ttm 81.06
Free cash flow ttm 42.66
Net debt Q (241.68)
Valuation
P/E 19.25
Forward P/E 17.00
Price / sales 5.62
Forward P/S Powerpack
Price / FCF 38.54
Price / book 2.01
Financial health
Current ratio Q 0.93
Debt / equity Q 0.03
Interest coverage Q —
Growth
Revenue growth Q +44.08% (above 0%: growing)
Operating income growth Q +48.23% (above 0%: growing)
EPS, this year +29.92% (at or above 15%: strong)
EPS, next year A +25.10% (at or above 15%: strong)
Revenue, next year A +8.64%
EPS, past 5 yrs +7.36%
EPS, next 5 yrs A +18.73% (at or above 15%: strong)

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 94.10%
10-year low 10-year high
P/S against its own 10 years 90.72%
10-year low 10-year high
P/B against its own 10 years 73.59%
10-year low 10-year high

Dividends raised every year since 2017

Yield
1.42%
Annual rate
2.10
Payout ratio
27.3%
Growth, 2017–25
+13.8%/yr
  1. 0.64 ’17
  2. 0.68 ’18 +6
  3. 0.80 ’19 +18
  4. 0.81 ’20 +1
  5. 0.85 ’21 +5
  6. 0.94 ’22 +11
  7. 1.45 ’23 +54
  8. 1.55 ’24 +7
  9. 1.80 ’25 +16
  10. 2.35 ’26e +31
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 247 261 243 267
Receivables — — — —
Inventory — — — —
Other — — — —
3,550 3,737 3,810 4,737
2023 2024 2025 Q'26
Payables 3,433 3,661 3,696 4,988
ST’ Debt — — — —
Other — — — —
3,544 3,796 3,806 5,068

Compound Annual Growth %

10y 5y 3y
Sales 17.53% 15.32% 21.43%
Cash Flow 17.35% 7.28% 16.02%
Earnings 18.17% 13.51% 16.60%
Book Value 0.00% 16.90% 12.42%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.63 Actual 2.35

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.75 2.00 Beat by 0.25
Q1 FY26 2.40 2.24 Miss by 0.16
Q2 FY26 2.28 2.45 Beat by 0.17
Q3 FY26 2.63 2.35 Miss by 0.28
Q4 FY26 2.62 — Reports 28 January 2027

EPS $

Mar Jun Sep Dec Year
’26 1.78 2.21 — — —
’25 1.82 1.71 1.83 1.87 7.23
’24 1.51 1.59 1.65 1.75 6.50
’23 1.09 1.37 1.43 3.39 7.28
’22 1.34 1.55 1.26 1.43 5.58
’21 1.49 1.50 1.46 1.46 5.92
’20 1.02 1.11 1.42 1.49 5.07
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 84 86 — — —
’25 62 59 61 61 244
’24 54 55 59 58 226
’23 47 50 52 91 241
’22 29 31 36 40 136
’21 31 31 30 31 122
’20 27 32 31 29 120
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (12) 24 — — —
’25 6 12 15 29 62
’24 1 15 19 31 66
’23 4 11 17 20 53
’22 2 8 10 20 40
’21 6 6 13 16 40
’20 (2) 21 3 22 44
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (17) 21 — — —
’25 4 8 12 26 51
’24 1 16 17 27 61
’23 1 7 13 18 39
’22 1 7 7 18 33
’21 5 5 12 10 32
’20 (4) 19 1 19 36
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
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 54 63 89 102 120 122 136 241 226 244 293 +18.2% 265 344 355 +13.3%
Gross margin, % 89.01 87.78 83.40 80.85 88.41 93.19 90.86 79.63 69.66 71.28 74.46 (17.7) pt
EBT 23 24 32 34 50 60 60 99 80 88 101 +16.3%
EBT margin, % 41.91 38.14 35.84 33.68 41.71 49.19 43.77 41.06 35.17 36.14 34.41 (5.8) pt
Net income 15 15 25 27 38 45 45 75 66 71 81 +19.0%
Per share, $
Per share, $ Revenue 8.68 10.07 13.40 15.04 16.07 15.99 16.93 23.65 22.54 24.78 26.36 +12.4%
Earnings 2.40 2.44 3.81 3.91 5.07 5.92 5.58 7.28 6.55 7.23 7.69 +13.0%
Cash flow 2.32 2.91 3.45 3.35 5.91 5.29 4.97 5.20 6.57 6.35 5.16 +11.8%
Capex (0.21) (0.45) (1.12) (1.07) (1.09) (1.07) (0.85) (1.33) (0.48) (1.16) (1.31) +20.8%
Free cash flow 2.10 2.47 2.33 2.27 4.82 4.21 4.12 3.88 6.08 5.18 3.84 +10.5%
Book value 20.50 25.73 26.12 34.01 39.62 42.33 56.32 60.92 63.78 65.40 73.80 +13.8%
Shares, m 6 6 7 7 7 8 8 10 10 10 10 +5.2%
Valuation, ×
Valuation, × P/E 13.79 9.24 12.23 17.91 12.84 12.22 16.41 11.90 15.24 16.85 19.25 13.9
P/S 0.00 0.00 3.48 4.66 4.03 4.52 5.41 3.67 4.40 4.92 5.62 3.5
P/B 0.00 2.15 1.78 2.06 1.64 1.71 1.63 1.43 1.55 1.86 2.01 1.6
EV/Sales 0.00 0.00 2.40 3.99 2.76 2.22 4.70 2.71 3.29 3.97 — 2.6
EV/FCF 0.00 4.85 13.79 26.40 9.19 8.45 19.33 16.53 12.21 18.97 — 13.0
Cash, $m
Cash, $m Operating cash flow 14 18 23 23 44 40 40 53 66 62 57 +17.7%
Capex (1) (3) (7) (7) (8) (8) (7) (13) (5) (11) (15) +27.1%
Free cash flow 13 15 16 15 36 32 33 39 61 51 43 +16.3%
Balance, $m
Balance, $m Working capital (81) (75) (65) (127) (36) (65) (168) 6 (59) 4 (331) n/m
Net debt (80) (90) (96) (68) (153) (279) (96) (231) (249) (231) (242) +12.5%
Shareholders’ equity 128 162 174 230 295 323 453 620 640 644 819 +19.7%
Returns, %
Returns, % ROA 2.27 1.00 1.44 1.32 1.53 1.59 1.36 1.88 1.50 1.58 1.56 (0.7) pt
ROIC 29.85 21.17 25.66 13.20 21.93 86.58 10.43 15.90 12.73 13.35 10.90 (16.5) pt
ROE 10.30 10.59 15.15 13.10 14.38 14.60 11.57 13.81 10.36 11.09 11.27 +0.8 pt
People
People Employees — 248 253 284 314 287 382 379 366 380 — +5.5%
Revenue/emp, $m 0.00 0.26 0.35 0.36 0.38 0.42 0.36 0.63 0.62 0.64 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Bank First 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
HOPE Hope Bancorp, Inc. $1.7B 13.1× 13.1× +2.73% (above 0%: growing) +218.18% (above 0%: growing) +727.66% (above 0%: growing) 58.92% 0.00% Compare
QCRH QCR Holdings, Inc. $1.7B 11.9× 11.6× +5.68% (above 0%: growing) +28.65% (above 0%: growing) +1,791.78% (above 0%: growing) 64.70% 0.00% Compare
NBHC National Bank Holdings Corporation $1.6B 29.6× 20.5× +18.27% (above 0%: growing) n/m +33.48% (above 0%: growing) 69.90% 0.00% Compare
BFC Bank First National Corporation $1.6B 19.3× 17.0× +44.08% (above 0%: growing) +29.24% (above 0%: growing) +152.03% (above 0%: growing) 75.87% 0.00%
CNOB ConnectOne Bancorp, Inc. $1.6B 11.3× 10.8× −10.37% (below 0%: shrinking) −24.36% (below 0%: shrinking) +162.97% (above 0%: growing) 55.38% 0.00% Compare
CASH Pathward Financial, Inc. $1.6B 9.4× 9.2× −2.04% (below 0%: shrinking) +9.41% (above 0%: growing) +20.54% (above 0%: growing) 99.33% 0.00% Compare
RBCAA Republic Bancorp, Inc. $1.6B 13.9× 12.6× +1.88% (above 0%: growing) +4.32% (above 0%: growing) −102.32% (below 0%: shrinking) 82.94% 0.00% Compare
AVAL Grupo Aval Acciones y Valores S.A. $1.6B 10.5× — +74.54% (above 0%: growing) +30.00% (above 0%: growing) +884.01% (above 0%: growing) 46.31% 0.00% Compare
LOB Live Oak Bancshares, Inc. $1.6B 11.7× 12.7× +16.97% (above 0%: growing) +1.25% (above 0%: growing) +92.37% (above 0%: growing) 58.14% 0.00% Compare
Median of peers $1.6B 11.8× 12.6× +4.21% +9.41% +127.67% 61.81% 0.00%

All 327 Banks Regional stocks →

Pay and ownership Proxy statement filed 24 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 1.80m 1.87m 210.85
2024 1.70m 1.76m 162.13
2023 1.43m 1.52m 139.43
2022 1.33m 1.59m 147.30
2021 1.30m 1.39m 113.25
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. Read the proxy statement

Bank First National Corporation (BFC) Latest News

22 Oct

Impact 4 · · Simply Wall St.

20 Oct

Impact 4 · · PR Newswire
Impact 3 · · Zacks
Impact 3 · · Associated Press

23 Sep

Impact 3 · · GuruFocus.com

24 Jul

Impact 3 ·

19 May

Impact 4 · · PR Newswire

20 Apr

Impact 3 ·

16 Apr

Impact 4 · · PR Newswire
Impact 3 · · Zacks

28 Jan

Impact 4 · · Zacks
Impact 4 · · Zacks

26 Jan

Impact 4 · · Simply Wall St.

22 Jan

Impact 4 · · Zacks
Impact 4 · · Associated Press FinanceAssociated Press FinanceAssociated Press FinanceAssociated Press FinanceMT NewswiresMT NewswiresAssociated Press FinanceMT Newswires
Impact 4 · · PR Newswire

21 Jan

Impact 3 ·

2 Jan

Impact 4 · · PR Newswire

21 Nov

Impact 4 · · Simply Wall St.

13 Nov

Impact 4 · · Zacks
Impact 3 · · Zacks

28 Oct

Impact 3 · · ZacksZacksZacks

24 Oct

Impact 4 · · Simply Wall St.

23 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

21 Oct

Impact 4 · · Zacks
Impact 4 · · Associated Press FinanceAssociated Press FinanceMT NewswiresAssociated Press FinanceAssociated Press FinanceAssociated Press FinanceAssociated Press FinanceMT Newswires
Impact 4 · · PR Newswire

16 Oct

Impact 4 · · PR NewswireMT NewswiresMT NewswiresBanking DiveBanking DiveBanking DiveMT Newswires

6 Oct

Impact 3 · · Simply Wall St.
stockrow.com/BFC · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com