Latest Ratios: P/E Ratio 11.8x · EV/EBITDA 10.3x · ROE 9.9%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $300M | $205M | $148M | $192M | $213M | $223M | $220M | $259M | $237M | $260M | $307M |
| Enterprise Value | $340M | $245M | $140M | $292M | $251M | $160M | $69M | $163M | $236M | $254M | $332M |
| P/E Ratio → | 11.80 | 10.73 | 14.41 | 17.78 | 11.03 | 9.35 | 11.66 | 15.09 | 13.89 | 18.95 | 19.53 |
| P/S Ratio | 3.93 | 3.07 | 2.70 | 3.56 | 3.39 | 3.35 | 3.36 | 4.81 | 4.73 | 5.38 | 6.40 |
| P/B Ratio | 1.46 | 0.99 | 0.85 | 1.16 | 1.43 | 1.07 | 1.05 | 1.38 | 1.37 | 1.52 | 1.86 |
| P/FCF | 15.81 | 9.90 | 10.55 | 13.41 | 11.61 | 7.81 | 7.72 | 13.36 | 11.79 | 14.24 | 14.82 |
| P/OCF | 14.07 | 9.60 | 10.33 | 9.99 | 10.05 | 7.33 | 7.40 | 12.84 | 11.43 | 13.77 | 14.35 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.66 | 2.55 | 5.43 | 3.98 | 2.40 | 1.05 | 3.02 | 4.71 | 5.27 | 6.91 |
| EV / EBITDA | 10.33 | 9.86 | 10.03 | 19.98 | 9.22 | 4.89 | 2.69 | 7.11 | 10.25 | 11.15 | 13.76 |
| EV / EBIT | 14.65 | 10.54 | 11.41 | 22.69 | 9.96 | 5.22 | 2.95 | 7.73 | 10.99 | 11.94 | 14.72 |
| EV / FCF | — | 11.82 | 9.98 | 20.43 | 13.63 | 5.60 | 2.41 | 8.38 | 11.73 | 13.94 | 16.00 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 97.5% | 97.5% | 98.9% | 98.5% | 101.4% | 101.1% | 91.3% | 97.6% | 98.7% | 96.8% | 98.9% |
| Operating Margin | 34.7% | 34.7% | 22.3% | 23.9% | 40.0% | 46.1% | 35.5% | 39.1% | 42.8% | 44.1% | 47.0% |
| Net Profit Margin | 28.5% | 28.5% | 18.6% | 20.1% | 30.7% | 35.9% | 28.8% | 31.9% | 34.0% | 28.4% | 32.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.9% | 9.9% | 6.0% | 6.9% | 10.8% | 11.5% | 9.5% | 9.5% | 9.9% | 8.2% | 9.6% |
| ROA | 0.9% | 0.9% | 0.5% | 0.5% | 0.9% | 1.2% | 1.0% | 1.1% | 1.2% | 1.0% | 1.2% |
| ROIC | 6.4% | 6.4% | 3.0% | 3.5% | 7.9% | 9.2% | 7.2% | 6.8% | 6.9% | 6.6% | 6.8% |
| ROCE | 2.4% | 2.4% | 4.7% | 5.4% | 12.5% | 14.4% | 11.4% | 10.9% | 11.0% | 10.8% | 11.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.29 | 0.29 | 0.57 | 0.99 | 0.54 | 0.21 | 0.19 | 0.25 | 0.32 | 0.37 | 0.52 |
| Debt / EBITDA | 2.43 | 2.43 | 7.13 | 11.24 | 2.94 | 1.31 | 1.58 | 2.06 | 2.40 | 2.81 | 3.56 |
| Net Debt / Equity | — | 0.19 | -0.05 | 0.61 | 0.25 | -0.30 | -0.72 | -0.51 | -0.01 | -0.03 | 0.15 |
| Net Debt / EBITDA | 1.60 | 1.60 | -0.58 | 6.87 | 1.37 | -1.93 | -5.93 | -4.22 | -0.05 | -0.24 | 1.02 |
| Debt / FCF | — | 1.92 | -0.57 | 7.03 | 2.03 | -2.21 | -5.31 | -4.98 | -0.06 | -0.30 | 1.19 |
| Interest Coverage | 0.74 | 0.74 | 0.33 | 0.43 | 3.03 | 6.84 | 2.87 | 1.93 | 2.82 | 3.81 | 5.45 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.95 | 4.95 | 0.17 | 0.43 | 0.43 | 0.49 | 0.45 | 0.41 | 0.41 | 0.49 | 0.50 |
| Quick Ratio | 4.95 | 4.95 | 0.17 | 0.43 | 0.43 | 0.49 | 0.45 | 0.41 | 0.41 | 0.49 | 0.50 |
| Cash Ratio | 0.05 | 0.05 | 0.06 | 0.03 | 0.02 | 0.06 | 0.11 | 0.09 | 0.04 | 0.06 | 0.05 |
| Asset Turnover | — | 0.03 | 0.03 | 0.02 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.4% | 3.5% | 6.1% | 5.1% | 4.5% | 4.2% | 4.1% | 3.4% | 4.6% | 3.1% | 2.5% |
| Payout Ratio | 37.4% | 37.4% | 88.9% | 89.8% | 50.1% | 39.3% | 48.1% | 51.1% | 63.5% | 59.1% | 49.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.5% | 9.3% | 6.9% | 5.6% | 9.1% | 10.7% | 8.6% | 6.6% | 7.2% | 5.3% | 5.1% |
| FCF Yield | 6.3% | 10.1% | 9.5% | 7.5% | 8.6% | 12.8% | 13.0% | 7.5% | 8.5% | 7.0% | 6.7% |
| Buyback Yield | 0.6% | 0.8% | 0.5% | 0.0% | 1.1% | 0.3% | 0.9% | 0.7% | 0.2% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.9% | 4.3% | 6.6% | 5.1% | 5.6% | 4.5% | 5.0% | 4.1% | 4.8% | 3.1% | 2.5% |
| Shares Outstanding | — | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M |
Includes 30+ ratios · 26 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ATLO stock.
Ames National Corporation's current P/E ratio is 11.8x. The historical average is 18.1x. This places it at the 19th percentile of its historical range.
Ames National Corporation's current EV/EBITDA is 10.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.1x.
Ames National Corporation's return on equity (ROE) is 9.9%. The historical average is 9.8%.
Based on historical data, Ames National Corporation is trading at a P/E of 11.8x. This is at the 19th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ames National Corporation's current dividend yield is 2.35% with a payout ratio of 37.4%.
Ames National Corporation has 97.5% gross margin and 34.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Ames National Corporation's Debt/EBITDA ratio is 2.4x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Thin margin and securities concentration
Metrics are mathematically derived from official filings.
Discount to Book Despite Recovery
Based on ATLO's reported figures, the stock trades at 1.46x book value and roughly 1.5x tangible book, a discount that sits below several peers such as FBIZ at 1.63x despite ROE recovering from 1.3% to 3.4%. The multiple does not yet reflect a premium franchise.
The P/B of 1.46 against a tangible book value per share near $21.76 suggests the market is pricing ATLO as a low-return balance sheet rather than a franchise with durable pricing power. Implied return on tangible equity remains well below the 14.9% ROE that FBIZ reports, so the valuation gap appears tied to profitability rather than balance sheet quality alone. Investors should monitor whether sustained ROE above 5% would justify a rerating toward peer multiples.
ROE Driven by Margin Recovery
Based on ATLO's reported figures, ROE rose from 1.3% in 2024Q2 to 3.4% in 2026Q3, but with an equity-to-assets ratio near 0.10, leverage contributes little and the gain rests mainly on net interest margin expansion from 0.5% to 0.8%.
Because leverage is essentially constant, the ROE improvement must come from NIM and fee income rather than balance sheet gearing, and fee share held between 14% and 19% of revenue. A NIM near 0.8% remains thin for a regional bank, so the profitability recovery appears fragile to any compression in asset yields. The ROA of roughly 0.3% confirms the earnings base is still modest in absolute terms.
Efficiency Gains Carry the Earnings Story
According to recent SEC filings, ATLO's efficiency ratio improved from 79.6% to 55.0% over ten quarters, a shift that has done more for earnings than the net interest margin, which only moved about 30 basis points over the same period.
Operating leverage appears to be the dominant driver, as revenue growth outpaced non-interest expense growth materially. However, a NIM of 0.8% leaves little cushion if funding costs rise, and the efficiency gains may not be fully repeatable at current revenue levels. Investors should monitor whether the efficiency ratio can hold below 60% if net interest income growth slows.
Equity Build Supports Capacity
Based on ATLO's reported figures, equity grew from about $167M to $206M while quarterly dividends of $1.8M to $2.4M were maintained, suggesting earnings retention is funding a modest capital build with room for further growth.
The equity-to-assets ratio near 0.10 appears comfortable on a simple leverage basis, but the supplied data does not include CET1 or Tier 1 ratios, so regulatory capacity cannot be confirmed from these figures. The conclusion that capacity exists should be treated as an inference warranting further investigation. Dividend payments absorb a meaningful share of quarterly earnings, limiting retention relative to the equity base.
Benign Provisioning Within Small Base
As reported in financial statements, ATLO's provision expense swung from a $347K reversal to a $962K charge, with the latest quarter at $66K, a pattern that suggests a benign near-term credit cycle but offers limited data on reserve adequacy.
The volatility in provisions is small in absolute terms, which may indicate a conservative or low-risk loan book, though reserve coverage and nonperforming loan data are not included in the supplied figures. Conclusions about reserve adequacy are therefore not supportable from this dataset. Investors should review NPL and charge-off trends before drawing firm credit quality conclusions.
Lagging Peers on Returns and Multiple
Based on ATLO's reported figures, its ROE of roughly 3.4% and P/B of 1.46 trail peers such as FBIZ at 14.9% ROE and 1.63 P/B, placing ATLO in the lower return cohort alongside HFWA and CZWI despite a strong equity base.
The gap in ROE appears partly structural, tied to the thin NIM and securities-heavy balance sheet, rather than purely cyclical. ATLO's forward P/E of about 12.1 is in line with the peer group, suggesting the market is not assigning a large premium or discount on earnings alone. Whether the gap narrows depends on sustained margin expansion beyond the current 0.8% level.
Efficiency Ratio Misleads on Quality
The efficiency ratio is most commonly used to signal bank health, but for ATLO its improvement from 79.6% to 55.0% may overstate underlying earnings quality given a NIM near 0.8% and a securities-driven balance sheet.
A falling efficiency ratio can reflect revenue growth from low-yielding securities rather than durable lending income, which may not be sustainable if rates shift. The ratio obscures the question of spread quality and asset mix. A more informative adjustment would be pairing efficiency with NIM and loan-to-deposit trends, though those data points are not included in the supplied figures.