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Business First Bancshares, Inc.

BFST Financial Banks Regional

Business First Bancshares, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $516.6 million, up 12.5% from fiscal 2024.

Revenue
+8.01%
EPS
0.00%
Free cash flow
+80.8%
Total debt
−4.09%

Quarter to June 2026, against a year earlier

32.75 0.95 +2.99%
Market cap
$1.0B
P/E
11.6×
Fwd P/E
11.0×
Dividend yield
2.29%
F-score
7/9
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 0.09
Sold, $m 6.57
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — 1 1 — — — — 1 — — — —
Sell — 1 2 2 — 2 2 4 7 — — —
Insider Ownership 6.23%

Capital & Financial Ratios $m

Size
Market Cap 1,030.00
Revenue ttm 536.53
Net income ttm 92.95
Free cash flow ttm 103.24
Net debt Q (135.42)
Valuation
P/E 11.61
Forward P/E 11.00
Price / sales 1.99
Forward P/S Powerpack
Price / FCF 10.34
Price / book 1.14
Financial health
Current ratio Q 1.01
Debt / equity Q 0.56
Interest coverage Q —
Growth
Revenue growth Q +8.01% (above 0%: growing)
Operating income growth Q +8.37% (above 0%: growing)
EPS, this year +7.14%
EPS, next year A +8.97%
Revenue, next year A −28.86% (below 0%: weak)
EPS, past 5 yrs +11.21%
EPS, next 5 yrs A +7.75%

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 66.33%
10-year low 10-year high
P/S against its own 10 years 49.42%
10-year low 10-year high
P/B against its own 10 years 68.00%
10-year low 10-year high

Dividends raised every year since 2018

Yield
2.29%
Annual rate
0.75
Payout ratio
26.6%
Growth, 2018–26
+12.1%/yr
  1. 0.24 ’18
  2. 0.38 ’19 +58%
  3. 0.40 ’20 +5%
  4. 0.46 ’21 +15%
  5. 0.48 ’22 +4%
  6. 0.50 ’23 +4%
  7. 0.56 ’24 +12%
  8. 0.57 ’25 +2%
  9. 0.60 ’26 +5%
paid Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 377 568 609 702
Receivables — — — —
Inventory — — — —
Other — — — —
5,360 6,531 6,784 7,341
2023 2024 2025 Q'26
Payables 5,249 6,511 6,699 7,236
ST’ Debt — — — —
Other — — — —
5,283 6,540 6,725 7,264

Compound Annual Growth %

10y 5y 3y
Sales 28.59% 24.70% 24.85%
Cash Flow 39.09% 25.70% 9.79%
Earnings 35.02% 22.42% 15.94%
Book Value 23.08% 16.95% 15.61%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.74 Actual 0.79

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.72 0.79 Beat by 0.07
Q1 FY26 0.69 0.73 Beat by 0.04
Q2 FY26 0.71 0.71 Met by 0.00
Q3 FY26 0.74 0.79 Beat by 0.05
Q4 FY26 0.80 — Reports 28 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.68 0.70 — — —
’25 0.65 0.70 0.73 0.71 2.79
’24 0.48 0.62 0.65 0.51 2.26
’23 0.54 0.73 0.76 0.57 2.59
’22 0.41 0.61 0.61 0.67 2.32
’21 0.59 0.84 0.50 0.59 2.53
’20 0.34 0.11 0.46 0.67 1.64
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 137 140 — — —
’25 127 129 130 130 517
’24 105 112 114 128 459
’23 88 98 103 101 390
’22 50 61 72 83 265
’21 49 60 48 50 206
’20 29 42 47 54 171
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 27 27 — — —
’25 29 14 33 17 92
’24 8 15 21 17 61
’23 23 26 22 20 91
’22 19 18 21 11 70
’21 18 12 12 15 56
’20 6 (13) 22 14 29
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 28 25 — — —
’25 28 14 32 19 92
’24 7 14 21 18 60
’23 21 26 19 14 79
’22 16 16 20 11 63
’21 18 11 12 12 52
’20 5 (15) 23 14 27
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.2
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 49 57 84 114 171 206 265 390 459 517 537 +30.0% 368 392 413 (7.2%)
Gross margin, % 88.07 87.37 83.37 79.62 87.09 91.97 86.23 64.56 59.17 62.86 64.32 (25.2) pt
EBT 7 9 17 30 37 65 69 91 83 110 116 +36.5%
EBT margin, % 13.77 15.64 20.68 26.15 21.47 31.31 25.84 23.23 18.10 21.35 21.67 +7.6 pt
Net income 5 5 14 24 30 52 54 71 65 88 93 +37.2%
Per share, $
Per share, $ Revenue 6.94 7.47 7.55 8.58 9.43 10.06 11.73 15.55 17.48 17.57 16.46 +10.9%
Earnings 0.73 0.63 1.27 1.79 1.65 2.54 2.34 2.62 2.27 2.81 2.82 +16.2%
Cash flow 1.16 1.04 1.73 1.83 1.61 2.75 3.07 3.63 2.34 3.13 3.17 +11.7%
Capex (0.20) (0.07) (0.08) (0.24) (0.13) (0.19) (0.31) (0.46) (0.06) 0.00 0.00 (39.5%)
Free cash flow 0.96 0.97 1.65 1.60 1.48 2.56 2.76 3.16 2.28 3.13 3.17 +14.1%
Book value 16.15 23.50 23.38 21.42 22.56 21.14 25.65 25.69 30.45 30.51 30.95 +7.3%
Shares, m 7 8 11 13 18 21 23 25 26 29 31 +17.2%
Valuation, ×
Valuation, × P/E 39.10 39.10 19.23 14.01 12.81 11.15 9.46 9.39 11.22 9.37 11.61 17.5
P/S 4.12 4.12 3.21 2.91 2.16 2.81 1.87 1.58 1.47 1.49 1.99 2.6
P/B 1.44 1.44 1.04 1.16 0.90 1.34 0.98 1.07 0.93 0.93 1.14 1.1
EV/Sales 4.57 4.57 2.52 2.62 0.73 2.20 3.22 2.19 1.24 1.33 — 2.5
EV/FCF 29.75 29.75 11.53 14.09 4.67 8.64 13.66 10.76 9.49 7.48 — 14.0
Cash, $m
Cash, $m Operating cash flow 8 8 19 24 29 56 70 91 61 92 103 +30.9%
Capex (1) (1) (1) (3) (2) (4) (7) (12) (2) 0 0 (28.9%)
Free cash flow 7 7 18 21 27 52 63 79 60 92 103 +33.7%
Balance, $m
Balance, $m Working capital (86) 28 (84) 6 (329) (621) (94) 78 (9) 59 77 n/m
Net debt 5 (39) (58) (33) (244) (127) 358 239 (107) (80) (135) n/m
Shareholders’ equity 114 180 260 285 410 433 580 644 799 897 1,009 +25.8%
Returns, %
Returns, % ROA 0.47 0.40 0.82 1.09 0.93 1.17 0.99 1.04 0.83 1.03 1.04 +0.6 pt
ROIC 3.53 3.96 5.37 7.39 13.86 13.17 4.57 6.41 7.50 8.44 8.41 +4.9 pt
ROE 4.52 3.30 6.41 8.72 8.63 12.36 11.23 12.15 9.19 10.62 10.22 +6.1 pt
People
People Employees 208 219 333 355 590 666 748 770 872 842 — +16.8%
Revenue/emp, $m 0.23 0.26 0.25 0.32 0.29 0.31 0.35 0.51 0.53 0.61 — +11.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business First Bancshares, Inc. 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
CFFN Capitol Federal Financial $1.1B 13.0× 12.3× +6.50% (above 0%: growing) +35.71% (above 0%: growing) +45.71% (above 0%: growing) 53.81% 0.00% Compare
CCNE CNB Financial Corporation $1.1B 11.3× 9.9× +33.95% (above 0%: growing) +49.18% (above 0%: growing) +101.89% (above 0%: growing) 69.04% 0.00% Compare
BFST Business First Bancshares, Inc. $1.0B 11.3× 11.0× +8.01% (above 0%: growing) 0.00% +80.82% (above 0%: growing) 65.76% 0.00%
MCBS MetroCity Bankshares, Inc. $1.0B 12.3× 11.4× +27.40% (above 0%: growing) +16.67% (above 0%: growing) +45.94% (above 0%: growing) 65.38% 0.00% Compare
MBWM Mercantile Bank Corporation $1.0B 10.5× 10.7× +5.11% (above 0%: growing) +7.91% (above 0%: growing) +246.97% (above 0%: growing) 70.02% 0.00% Compare
EGBN Eagle Bancorp, Inc. $1.0B — (loss-making) 16.6× −13.00% (below 0%: shrinking) n/m +207.40% (above 0%: growing) 53.23% 0.00% Compare
EQBK Equity Bancshares, Inc. $1.0B 28.6× 10.6× +39.99% (above 0%: growing) +47.13% (above 0%: growing) +40.78% (above 0%: growing) 70.70% 0.00% Compare
SBSI Southside Bancshares, Inc. $1.0B 13.3× 9.6× +6.52% (above 0%: growing) +25.00% (above 0%: growing) +1,301.48% (above 0%: growing) 60.49% 0.00% Compare
CAC Camden National Corporation $968.9M 10.9× 10.8× +1.16% (above 0%: growing) +63.86% (above 0%: growing) +557.83% (above 0%: growing) 72.13% 0.00% Compare
Median of peers $1.0B 12.3× 10.8× +6.51% +35.71% +154.64% 67.21% 0.00%

All 328 Banks Regional stocks →

Pay and ownership Proxy statement filed 8 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 2.58m 2.60m 143.66
2024 3.12m 3.09m 138.09
2023 2.40m 2.42m 129.26
2022 2.52m 2.03m 113.04
2021 2.03m 2.18m 141.69

Ownership

Directors and executive officers, together 5.67%
Blackrock, Inc. 7.01%
The Vanguard Group 5.04%
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

Business First Bancshares, Inc. (BFST) Latest News

29 Oct

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24 Jul

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23 Jul

Impact 3 · · MarketBeat transcript
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stockrow.com/BFST · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com