Latest Ratios: P/E Ratio 20.5x · EV/EBITDA 18.4x · ROE 11.1%. (1998–2025 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 | $1.7B | $1.2B | $996M | $884M | $749M | $552M | $485M | $483M | $311M | $281M | $207M |
| Enterprise Value | $1.7B | $1.3B | $882M | $764M | $752M | $322M | $392M | $544M | $291M | $295M | $217M |
| P/E Ratio → | 20.46 | 16.85 | 15.24 | 11.94 | 16.69 | 12.24 | 12.84 | 18.09 | 12.23 | 18.32 | 13.89 |
| P/S Ratio | 6.90 | 4.98 | 4.46 | 4.74 | 5.73 | 4.73 | 4.14 | 4.97 | 3.68 | 4.74 | 4.15 |
| P/B Ratio | 2.26 | 1.86 | 1.56 | 1.43 | 1.65 | 1.71 | 1.64 | 2.10 | 1.78 | 1.74 | 1.63 |
| P/FCF | 32.52 | 23.47 | 17.00 | 22.40 | 22.60 | 17.49 | 13.62 | 31.42 | 20.56 | 18.13 | 15.84 |
| P/OCF | 26.57 | 19.17 | 15.13 | 16.69 | 18.72 | 13.71 | 11.03 | 21.34 | 13.49 | 15.33 | 14.38 |
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 | — | 5.27 | 3.95 | 4.09 | 5.75 | 2.76 | 3.35 | 5.61 | 3.44 | 4.98 | 4.34 |
| EV / EBITDA | 18.43 | 13.50 | 10.08 | 7.12 | 11.83 | 5.10 | 7.39 | 14.86 | 8.57 | 11.63 | 9.23 |
| EV / EBIT | 19.60 | 14.36 | 11.10 | 7.73 | 12.61 | 5.37 | 7.86 | 15.88 | 9.07 | 12.24 | 9.60 |
| EV / FCF | — | 24.81 | 15.05 | 19.35 | 22.70 | 10.20 | 11.01 | 35.40 | 19.22 | 19.06 | 16.58 |
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 | 70.3% | 70.3% | 69.6% | 71.2% | 88.8% | 90.2% | 82.1% | 74.5% | 79.0% | 85.2% | 87.5% |
| Operating Margin | 36.7% | 36.7% | 35.6% | 53.0% | 45.6% | 51.3% | 42.6% | 35.3% | 37.9% | 40.7% | 45.2% |
| Net Profit Margin | 29.7% | 29.7% | 29.4% | 40.0% | 34.6% | 38.9% | 32.5% | 27.5% | 30.1% | 25.8% | 29.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.1% | 11.1% | 10.4% | 13.9% | 11.7% | 14.7% | 14.5% | 13.2% | 15.2% | 10.6% | 12.1% |
| ROA | 1.6% | 1.6% | 1.5% | 1.9% | 1.4% | 1.6% | 1.5% | 1.3% | 1.4% | 1.0% | 1.2% |
| ROIC | 8.5% | 8.5% | 7.8% | 11.2% | 9.3% | 11.8% | 10.4% | 9.2% | 10.8% | 8.9% | 9.9% |
| ROCE | 3.3% | 3.3% | 10.3% | 16.2% | 13.7% | 16.5% | 14.6% | 13.1% | 16.1% | 14.5% | 16.9% |
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 | 0.19 | 0.19 | 0.23 | 0.21 | 0.27 | 0.21 | 0.26 | 0.50 | 0.25 | 0.42 | 0.39 |
| Debt / EBITDA | 1.32 | 1.32 | 1.68 | 1.19 | 1.93 | 1.06 | 1.46 | 3.12 | 1.27 | 2.66 | 2.13 |
| Net Debt / Equity | — | 0.11 | -0.18 | -0.19 | 0.01 | -0.71 | -0.31 | 0.27 | -0.12 | 0.09 | 0.08 |
| Net Debt / EBITDA | 0.73 | 0.73 | -1.30 | -1.12 | 0.05 | -3.65 | -1.75 | 1.67 | -0.60 | 0.57 | 0.42 |
| Debt / FCF | — | 1.34 | -1.94 | -3.05 | 0.10 | -7.29 | -2.61 | 3.98 | -1.34 | 0.93 | 0.75 |
| Interest Coverage | 1.26 | 1.26 | 1.16 | 2.02 | 4.79 | 7.22 | 3.60 | 1.76 | 2.16 | 3.12 | 3.81 |
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 | 1.84 | 1.84 | 0.11 | 0.12 | 0.13 | 0.20 | 0.14 | 0.13 | 0.11 | 0.11 | 0.13 |
| Quick Ratio | 1.84 | 1.84 | 0.11 | 0.12 | 0.13 | 0.20 | 0.14 | 0.13 | 0.11 | 0.11 | 0.13 |
| Cash Ratio | 1.84 | 1.84 | 0.07 | 0.07 | 0.04 | 0.12 | 0.07 | 0.03 | 0.04 | 0.03 | 0.03 |
| Asset Turnover | — | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.03 | 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 | 3.6% | 4.4% | 1.6% | 1.4% | 1.0% | 1.6% | 1.3% | 1.1% | 1.5% | 1.4% | 1.8% |
| Payout Ratio | 73.4% | 73.4% | 23.7% | 16.0% | 17.3% | 19.2% | 16.2% | 20.5% | 17.8% | 26.4% | 24.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.9% | 5.9% | 6.6% | 8.4% | 6.0% | 8.2% | 7.8% | 5.5% | 8.2% | 5.5% | 7.2% |
| FCF Yield | 3.1% | 4.3% | 5.9% | 4.5% | 4.4% | 5.7% | 7.3% | 3.2% | 4.9% | 5.5% | 6.3% |
| Buyback Yield | 1.3% | 1.8% | 3.2% | 1.1% | 1.9% | 1.5% | 0.9% | 0.9% | 3.4% | 1.3% | 1.2% |
| Total Shareholder Yield | 4.9% | 6.2% | 4.8% | 2.5% | 3.0% | 3.1% | 2.2% | 2.0% | 4.8% | 2.7% | 3.0% |
| Shares Outstanding | — | $10M | $10M | $10M | $8M | $8M | $7M | $7M | $7M | $6M | $6M |
CRE Concentration and Integration
According to recent market data, BFC trades at a P/B ratio of 2.26, which significantly exceeds the multiples of regional peers like CZWI and MNSB, suggesting that investors are pricing in a premium for the bank's historical success in scaling through disciplined regional acquisitions.
The elevated P/B multiple indicates that the market views BFC as a high-quality franchise rather than a commodity balance sheet. This valuation implies high expectations for future ROTCE, likely driven by the bank's ability to maintain superior efficiency while integrating recent acquisitions.
As reported in financial statements, BFC's ROE has remained relatively stable in the 2.7% to 2.9% range throughout early 2026, a performance that appears to be underpinned by a lean operating model and consistent non-interest income contributions that supplement core interest-spread profitability.
The bank's profitability is heavily reliant on its ability to keep the efficiency ratio well below industry averages, which effectively offsets the margin compression seen in the broader sector. Investors should monitor whether this lean cost structure can be maintained as the bank continues its aggressive inorganic growth strategy.
Based on BFC's reported figures, the efficiency ratio reached 46.5% in 2026Q1, reflecting a disciplined approach to cost control that allows the bank to preserve margins even when the net interest margin remains compressed at approximately 0.9% in the current interest rate environment.
The bank's ability to maintain a sub-50% efficiency ratio is a critical differentiator that provides a buffer against funding cost volatility. This operational leverage suggests that BFC is well-positioned to navigate periods of margin pressure better than peers with higher overhead structures.
Data from recent regulatory filings indicates that BFC has maintained an equity-to-assets ratio of 0.14, a level that appears adequate to support the bank's rapid asset expansion while providing a sufficient cushion against potential credit volatility within its concentrated Wisconsin commercial real estate portfolio.
The stability of the capital ratio suggests that management is successfully balancing aggressive growth with the need to maintain regulatory compliance. However, the reliance on retained earnings to fund this growth warrants further investigation into the bank's long-term capacity for capital return to shareholders.
The P/E ratio is the most commonly misapplied metric for BFC, as it fails to account for the non-cash volatility introduced by purchase accounting accretions and merger-related expenses that frequently distort the bank's reported earnings on a quarterly basis.
Relying on P/E ratios obscures the underlying operational health of the bank by conflating one-time integration costs with core profitability. Investors should instead focus on P/TBV and adjusted ROE to better understand the true value creation of the franchise.
Includes 30+ ratios · 28 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BFC stock.
Bank First Corporation's current P/E ratio is 20.5x. The historical average is 13.4x. This places it at the 100th percentile of its historical range.
Bank First Corporation's current EV/EBITDA is 18.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.6x.
Bank First Corporation's return on equity (ROE) is 11.1%. The historical average is 11.9%.
Based on historical data, Bank First Corporation is trading at a P/E of 20.5x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Bank First Corporation's current dividend yield is 3.61% with a payout ratio of 73.4%.
Bank First Corporation has 70.3% gross margin and 36.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Bank First Corporation's Debt/EBITDA ratio is 1.3x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.