GERMAN AMERICAN BANCORP, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data GERMAN AMERICAN BANCORP, 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							278	317	354	487
Selling and marketing	2.66	3.54	3.49	4.23	3.59	4.2	4.42	4.86	3.94	5.15
Interest expense	8.46	11.1	19.1	31.2	19.1	9.55	18.3	66.2
Pre-tax income	49.1	52.2	56.1	71.2	75	103	99.2	104	104	140
Income tax	13.9	11.5	9.53	12	12.8	18.6	17.4	17.8	20.3	27.4
Net income	35.2	40.7	46.5	59.2	62.2	84.1	81.8	85.9	83.8	113
EPS, basic	1.57	1.77	1.99	2.29	2.34	3.17	2.78	2.91	2.83	3.06
EPS, diluted	1.57	1.77	1.99	2.29	2.34	3.17	2.78	2.91	2.83	3.06
Shares, basic (weighted)	22.4	22.9	23.4	25.8	26.5	26.5	29.5	29.6	29.7	36.8
Shares, diluted (weighted)	22.4	22.9	23.4	25.8	26.5	26.5	29.5	29.6	29.7	36.8
Dividend per share	0.48	0.52	0.60	0.68	0.76	0.84	0.92	1.00	1.08	1.16

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents		70.4	96.6	104	344	395	117	115	189	118
Property, plant and equipment	48.2	54.2	80.6	96.7	96.6	88.9	112	107	104	139
Lease right-of-use assets				9.05	8.22	6.12	6.3	5.18	4.32	5.58
Goodwill	54.1	54.1	104	121	122	122	180	180	179	375
Intangible assets	2.84	2.1	9.96	12.7	8.98	5.85	9.43	6.31	4.02	33.8
Total assets	2,956	3,144	3,929	4,398	4,978	5,609	6,156	6,152	6,296	8,389
Short-term debt	138	133	250	168	52.9	68.3
Total liabilities	2,626	2,780	3,470	3,824	4,353	4,940	5,598	5,489	5,581	7,226
Total debt	121	142	127	182	142	83.9	64.5	89.5	115	100
Paid-in capital	172	165	229	279	274	276	387	389	392	707
Retained earnings	150	179	211	253	288	350	405	462	514	583
Other comprehensive income	-6.4	-2.62	-7.1	15.1	35.4	15.5	-263	-217	-220	-165
Shareholders' equity	330	365	459	574	625	668	558	664	715	1,162
Total equity	330	365	459	574	625	668	558	664	715	1,162
Total liabilities and equity	2,956	3,144	3,929	4,398	4,978	5,609	6,156	6,152	6,296	8,389
Shares outstanding	22.9	22.9	25	26.7	26.5	26.6	29.5	29.6	29.7	37.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	35.2	40.7	46.5	59.2	62.2	84.1	81.8	85.9	83.8	113
Depreciation and amortization	4.32	4.69	6.18	8.63	9.43	8.77	10.1	9.56	9.28	18.7
Stock-based compensation	1.41	1.25	1.36	1.29	1.05	1.72	2.33	2.33	2.95	2.87
Cash from operations	41.9	54.9	62.3	65.2	92.4	101	110	107	95.8	159
Capital expenditures	-5.23	-11.2	-15.2	-9.37	-7.07	-4.69	-7.85	-5.75	-5.05	-5.32
Acquisitions	-1.02	0	-17.6	0
Purchases of investments	-225	-157	-141	-170	-665	-1,021	-418	-183	-722	-620
Sales and maturities of investments	103	80	78.7	115	201	208	143	287	356	566
Cash from investing	-71.7	-189	-38.8	30.7	-346	-640	-24.2	27.3	-82.4	-60.3
Debt issued	0	75	25	89.2	0	0	0	25	75	25
Debt repaid	-24.9	-53.9	-40.2	-65.2	-40.6	-58.1	-41.7	-0.13	-50.2	-64.5
Stock issued	0.06	0
Dividends paid	-10.6	-11.8	-14.1	-17.6	-20.1	-22.2	-27	-29.4	-31.8	-43.3
Cash from financing	42.6	140	2.66	-88.6	496	591	-364	-137	60.1	-169
Net change in cash	12.8	5.54	26.2	7.33	242	51.1	-278	-2.05	73.5	-70.4
Free cash flow	36.7	43.7	47.1	55.9	85.3	96.2	102	101	90.7	154
Interest paid	8.35	10.9	18.2	30.8	20.5	10	17.4	60.7	99.1	124
Income taxes paid	9.25	12.5	5.92	7.98	11.5	14.4	11.6	15.4	17.8	18.9

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 $49.50 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	35.3%	Pre-tax income / revenue.
Net margin	28.2%	Net income / revenue.
FCF margin	36.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	37.7%	Cash from operations / revenue.
Effective tax rate	19.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.7%	Net income / average total assets.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.4%	Capital expenditures / revenue.
D&A / revenue	3.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	37.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	20.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	34.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	11.2%	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	12.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	8.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	3.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	5.5%	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	66.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	13.1%	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	11.5%	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	69.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	14.7%	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	12.5%	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	7.4%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.0%	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	8.8%	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	62.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	27.7%	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	13.2%	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	33.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.9%	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	11.0%	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	24.1%	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	7.7%	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	6.8%	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	85.6%	Total liabilities / total assets.
Goodwill and intangibles / assets	4.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$807.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.06x	Revenue / average total assets.
Fixed asset turnover	3.66x	Revenue / average property, plant and equipment.
FCF conversion	128.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	3.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.78	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	$13.39	Revenue / diluted weighted shares.
FCF per share	$4.86	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.05	Cash from operations / diluted weighted shares.
Book value per share	$32.24	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$21.48	Tangible book value / shares outstanding.
Cash per share	$2.51	(Cash + short-term investments) / shares outstanding.
Payout ratio	31.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	24.6%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.86B	Share price x shares outstanding.
Enterprise value	$1.77B	Market cap + total debt - cash - short-term investments.
P/E	13.1x	Market cap / net income. Only when net income is positive.
P/S	3.70x	Market cap / revenue.
P/B	1.54x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.30x	Market cap / tangible book value, when positive.
P/FCF	10.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.81x	Market cap / cash from operations, when positive.
EV/Sales	3.51x	Enterprise value / revenue.
EV/FCF	9.68x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.8%	Free cash flow / market cap.
Earnings yield	7.6%	Net income / market cap (the inverse of P/E).
Dividend yield	2.4%	Dividends paid over the period / market cap.
Shareholder yield	2.4%	(Dividends paid + share buybacks) / market cap.
PEG	4.03x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was GERMAN AMERICAN BANCORP, INC.'s revenue in fiscal 2025?

GERMAN AMERICAN BANCORP, INC. reported revenue of $487.4M for fiscal 2025, 37.8% higher than the year before.

Was GERMAN AMERICAN BANCORP, INC. profitable in fiscal 2025?

Yes. Net income was $112.6M, a net margin of 23.1%.

How much free cash flow did GERMAN AMERICAN BANCORP, INC. generate in fiscal 2025?

Cash from operations of $159.3M minus capital expenditures of $5.3M left free cash flow of $154.0M.

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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