Business First Bancshares, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Business First Bancshares, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2.03	2.11	2.81	4.04	5.36	6.81	8.27	9.7	10.6	10.7
Interest expense	5.83	7.23	14	23.3	22.1	16.6	36.5	138
Pre-tax income	6.72	8.95	17.4	29.9	36.8	64.6	68.6	90.6	83.1	110
Income tax	1.61	4.1	3.28	6.08	6.79	12.4	14.3	19.5	17.9	22.4
Net income	5.11	4.85	14.1	23.8	30	52.1	54.3	71	65.1	87.9
EPS, basic	0.73	0.63	1.27	1.79	1.65	2.54	2.34	2.62	2.27	2.81
EPS, diluted	0.70	0.61	1.22	1.74	1.64	2.53	2.32	2.59	2.26	2.79
Shares, basic (weighted)	7.03	7.66	11.1	13.3	18.2	20.5	22.6	25.1	26.3	29.4
Shares, diluted (weighted)	7.32	8	11.5	13.7	18.2	20.6	22.8	25.3	26.5	29.5
Dividend per share	0.15	0.23	0.30	0.38	0.40	0.46	0.48	0.50	0.56	0.57

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	42.2	108	96.1	89.4	149	68.4	153	226	319	411
Property, plant and equipment	9.28	8.78	15.1	29.3	58.6	58.2	63.2	69.5	82	74
Lease right-of-use assets				13.2
Goodwill	6.82	6.82	49.5	48.5	53.9	59.9	88.5	88.4	122	121
Intangible assets	2.28	2	7.89	6.69	9.73	12.2	14	11.9	17.3	14.5
Total assets	1,106	1,321	2,095	2,274	4,160	4,726	5,990	6,585	7,857	8,215
Short-term debt	0.86	0.86
Total liabilities	992	1,141	1,835	1,989	3,750	4,293	5,410	5,940	7,058	7,318
Total debt	3	2.7
Paid-in capital	85.1	144	212	213	300	292	394	397	500	502
Retained earnings	23.8	27.2	38	56.7	79.2	122	164	216	261	327
Other comprehensive income	-2.33	-1.64	-3.47	2.61	10.6	-1.18	-74.2	-66.6	-63	-33.3
Shareholders' equity	114	180	260	285	410	433	580	644	799	897
Total equity	114	180	260	285	410	433	580	644	799	897
Total liabilities and equity	1,106	1,321	2,095	2,274	4,160	4,726	5,990	6,585	7,857	8,215
Shares outstanding	6.92	10.2	13.2	13.3	20.6	20.4	25.1	25.4	29.6	29.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	5.11	4.85	14.1	23.8	30	52.1	54.3	71	65.1	87.9
Depreciation and amortization	1.3	1.18	1.17	1.59	3.16	4.16	4.82	4.67	5.26	5.68
Stock-based compensation	0.46	-0.06	1.01	1.09	2.45	2.86	3.7	4	3	5.82
Deferred income tax	0.95	3.13	-0.4	0.34	-0.06	0.59	-1.37	-2.05	-0.96	1.2
Cash from operations	8.15	7.97	19.3	24.4	29.3	56.4	69.6	91	61.4	92.1
Capital expenditures	-1.39	-0.51	-0.92	-3.96	-2.97	-3.97	-7.78	-11.6	-1.56	-0.07
Acquisitions			-9.15
Purchases of investments	-45.9	-8.58	-16.1	-27.2	-234	-528	-103	-131	-104	-688
Cash from investing	-33.3	-153	-170	-192	-475	-675	-701	-521	-295	-282
Debt issued	3
Stock issued		62.5	27.7	0.82	3.36	3.56	48.5	0
Share buybacks	-0.86	-0.03	0	-2.55	-5.8	-10.9	0	0	0	-3.73
Dividends paid	-1.06	-1.79	-3.28	-5.05	-7.52	-9.44	-10.8	-12.7	-14.9	-16.8
Cash from financing	26.5	211	140	161	506	538	715	504	326	282
Net change in cash	1.26	65.4	-11.5	-6.7	59.8	-80.8	84.4	73.4	93	92.1
Free cash flow	6.76	7.46	18.4	20.5	26.4	52.5	61.8	79.3	59.8	92
Interest paid	0.69
Income taxes paid	1.02	1.8	3.34	5.6	5.47	15.7	13.6	16.1	17.4	24.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $30.86 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	1,007.0%	Pre-tax income / revenue.
Net margin	804.8%	Net income / revenue.
Operating cash flow margin	894.3%	Cash from operations / revenue.
Effective tax rate	20.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.0%	Net income / average total assets.
Stock-based pay / revenue	59.0%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	52.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	34.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	17.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	24.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	23.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	6.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	11.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	50.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	9.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	25.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	53.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	14.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	28.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	1.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	7.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	12.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	15.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	16.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	14.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	11.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	9.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	10.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	88.7%	Total liabilities / total assets.
Goodwill and intangibles / assets	1.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$840.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.00x	Revenue / average total assets.
Fixed asset turnover	0.13x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.84	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$0.35	Revenue / diluted weighted shares.
Operating cash flow per share	$3.15	Cash from operations / diluted weighted shares.
Book value per share	$34.18	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$28.47	Tangible book value / shares outstanding.
Cash per share	$19.50	(Cash + short-term investments) / shares outstanding.
Payout ratio	19.7%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.00B	Share price x shares outstanding.
Enterprise value	$428.9M	Market cap + total debt - cash - short-term investments.
P/E	10.8x	Market cap / net income. Only when net income is positive.
P/S	87.0x	Market cap / revenue.
P/B	1.00x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.20x	Market cap / tangible book value, when positive.
P/OCF	9.72x	Market cap / cash from operations, when positive.
EV/Sales	37.1x	Enterprise value / revenue.
Earnings yield	9.3%	Net income / market cap (the inverse of P/E).
Dividend yield	1.8%	Dividends paid over the period / market cap.
Shareholder yield	1.8%	(Dividends paid + share buybacks) / market cap.
PEG	1.70x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Business First Bancshares, Inc.'s revenue in fiscal 2025?

Business First Bancshares, Inc. reported revenue of $10.7M for fiscal 2025, 1.2% higher than the year before.

Was Business First Bancshares, Inc. profitable in fiscal 2025?

Yes. Net income was $87.9M, a net margin of 820.8%.

How much free cash flow did Business First Bancshares, Inc. generate in fiscal 2025?

Cash from operations of $92.1M minus capital expenditures of $66.0K left free cash flow of $92.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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