BFC

Bank First

Fundamental data last updated:April 13, 2026

company profile

SECTOR

Financial Services

industry

Banks - Regional

Exchange

Nasdaq

County of HQ

United States

Next Earnings Date

04/21/26

Business Summary

Bank First operates as a regional banking franchise generating cash primarily through net interest income — capturing the spread between deposits and loans — supplemented by fee-based services. Its moat is relationship-driven, rooted in local market presence and customer stickiness rather than scale dominance. Profitability hinges on disciplined underwriting and capital allocation, which is reflected in its 18.40% ROIC when executed properly. The durability of the franchise depends on maintaining deposit stability and credit quality, as regional banks live and die by balance sheet management rather than product innovation.

VALUATION

P/E

19.9

Market Cap ($M USD)

$1,609

Forward P/E

13.4

PEG

-

PRICE TO SALES

8.3

PRICE TO BOOK

2.5

EV / EBITDA

-

5-Year Average P/E

DIVIDEND

Yield

1.30%

Annual Payout

$1.85

Payout Ratio

24.90%

Consecutive Years of Dividend Growth

9

5-Year Dividend Growth Rate

18.90%

Financial Health & Profitability

Earnings Per Share

$7.23

Next Year EPS Growth Estimate

$10.76

Next Year Revenue Growth Estimate

3.00%

Return on Equity (ROE)

11.10%

Operating Margin

50.30%

Debt-to-Equity

0.2

Piotroski F-Score

5

Altman Z-Score

0.5

Return on Invested Capital (ROIC)

18.40%%

Current Ratio

-

Quick Ratio

Gainseekers Quantitative Analysis

Summary

At 19.9x earnings with a materially lower 13.4x forward P/E, the market is clearly pricing in earnings acceleration, yet the 0.5 Altman Z-Score screams financial fragility. A sub-1 Z-Score is distress territory, and when paired with a modest 3.00% ROE, this is not a fortress balance sheet story. The spread between current and forward earnings suggests growth optimism, but the absence of a PEG ratio and weak balance sheet signals imply that optimism may be fragile. This is a bank trading at a growth multiple with distress-level balance sheet signals — that mismatch is either a deep value opportunity or a value trap in disguise.

AI Exposure / Tech Reliance

As a regional bank within Financial Services, AI adoption primarily enhances underwriting efficiency, fraud detection, and cost optimization rather than transforming the core business model. With an 11.10% operating margin, incremental automation could materially improve efficiency ratios if executed well. However, regional banks typically lack the scale advantages of money-center peers, meaning tech adaptation is more defensive than disruptive.

The Bull Case

A GARP investor could argue the 13.4 forward P/E against 19.9 trailing P/E signals meaningful earnings inflection, reinforced by an impressive 18.40% ROIC — a strong indicator that deployed capital is generating attractive returns. The 11.10% operating margin in a regional banking model shows disciplined cost control, while a Piotroski F-Score of 5 indicates operational stability rather than deterioration. Trading at 2.5x book with a $1,609M market cap, the company is not excessively large or bloated, allowing for nimble capital allocation. If forward earnings materialize as projected, today’s multiple compresses quickly, and the 1.30% dividend provides a modest but tangible shareholder return while investors wait.

The Bear Case

The bear case centers on structural balance sheet stress: a 0.5 Altman Z-Score is a flashing red warning light, suggesting elevated financial risk. Debt/Equity at 50.30% adds leverage sensitivity, particularly dangerous in a regional banking environment where funding costs can shift rapidly. A Short % of Float at 18.90% indicates significant bearish conviction, and the absence of a PEG Forward metric makes it difficult to justify growth-adjusted valuation confidence. Layer in a weak 3.00% ROE and a payout ratio figure of 1.85 that lacks clear coverage context, and this begins to resemble a leveraged earnings recovery bet rather than a durable compounder.

Market Sentiment & Smart Money

Short Interest %

3.20%

Analyst Consensus

2.33

Average Analyst Price Target

$155.00

Institutional Ownership %

34.10%

1-Year Beta

0.66

Insider Buying % (6 Mo)

9.50%%

Distance to 52-Week High

93.90%%

Distance to 52-Week Low

146.60%%