Mechanics Bancorp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Mechanics Bancorp 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	0	0							48.1	49.7
Selling and marketing									3.27	3.13
General and administrative	63.2	37.8	34.3	32.5	33.5	31.6	35.4	38.8	37.2
Interest expense	29.5	37.8	61.5	88.2	43.4	17.2	71	233
Pre-tax income	90.8	25.8	28.3	48.7	102	147	84.7	-32.8	35.7	320
Income tax	32.6	-16.9	2.03	7.99	21.9	31.3	18.1	-5.25	6.7	53.8
Net income	58.2	68.9	40	17.5	80	115	66.5	-27.5	29	266
EPS, basic	2.36	2.57	1.48	0.66	3.50	5.53	3.51	-1.46	0.14	1.27
EPS, diluted	2.34	2.54	1.47	0.65	3.47	5.46	3.49	-1.46	0.14	1.27
Shares, basic (weighted)	24.6	26.9	27	25.6	22.9	20.9	18.9	18.8	202	209
Shares, diluted (weighted)	24.8	27.1	27.2	25.8	23.1	21.1	19	18.8	202	209
Dividend per share	0.00				0.60	1.00	1.40	0.65

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	53.9	72.7	58	57.9	58	65.2	72.8	216	1,000	1,030
Property, plant and equipment	77.6	105	88.1	77	65.1	58.2	51.2	53.6	117	144
Lease right-of-use assets				86.8	45.6	38	34.1	27.6	53.5	82.1
Goodwill	22.2	22.6	22.6	28.5			27.9	0	843	843
Intangible assets									38.7	212
Total assets	6,244	6,742	7,042	6,812	7,237	7,204	9,365	9,392	16,490	22,351
Short-term debt				472	323	41	1,016	1,745	1,000	0
Total liabilities	5,614	6,038	6,303	6,133	6,519	6,489	8,803	8,854	14,188	19,489
Total debt	125	125	125	126	126	126	224	225	0	192
Paid-in capital	336	339	342	300
Retained earnings	303	372	412	375	404	444	435	395	240	457
Other comprehensive income	-10.4	-7.12	-15.4	4.32	35.4	21.1	-99.5	-86.9	-59.8	3.49
Shareholders' equity	629	704	740	680	718	715	562	2,236	2,302	2,862
Total equity	629	704	740	680	718	715	562	2,236	2,302	2,862
Total liabilities and equity	6,244	6,742	7,042	6,812	7,237	7,204	9,365	9,392	16,490	22,351
Shares outstanding	26.8	26.9	27	23.9	21.8	20.1	18.7	18.8	18.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	58.2	68.9	40	17.5	80	115	66.5	-27.5	29	266
Depreciation and amortization	11.4	13.5	13.9	10.8	9.44	9.91	9.71	7.15	6.58	10.6
Stock-based compensation	2.06	2.86	3.36	-0.16	2.69	3.4	4.11	3.61	4.59	5.59
Deferred income tax									9.23	11
Cash from operations	-44.8	159	286	259	-25.5	173	218	8.02	292	194
Capital expenditures	-24.5	-42.3	-9.72	-2.26	-3.3	-2.94	-6.79	-3.81	-6.37	-6.51
Acquisitions		19.3	0	-47.4	0	0
Purchases of investments	-744	-368	-190	-331	-373	-179	-760	-53.2	-2,659	-1,208
Sales and maturities of investments	112	106	107	146	62.4	28.2	98.9	4.69	332	416
Cash from investing	-819	-556	-564	107	-233	-126	-2,654	484	476	1,546
Debt issued	63.2	-0.07	0	0	0	0	98	0
Debt repaid	0
Stock issued	2.71	0.01	0.07	0.11	0.24	0.26	0	0
Share buybacks		-0.05	0	-98.5	-58	-84.2	-75	0
Dividends paid	0		0	0	-13.9	-21.3	-26.8	-12.3	-95	-48.6
Cash from financing	885	414	263	-367	258	-40.2	2,443	-349	-1,226	-1,709
Net change in cash	21.3	17.5	-15.3	-0.71	0.17	7.17	7.61	143	-458	30.3
Free cash flow	-69.3	117	276	257	-28.8	170	212	4.21	286	187
Interest paid	28.7	42.9	67.6	93.3	44.5	17.3	66.4	217	217	221
Income taxes paid	14.4	-21.9	-5.79	33.6	21	34.4	5.2	-5.29	3.56	31.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $14.67 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	625.4%	Pre-tax income / revenue.
Net margin	478.0%	Net income / revenue.
FCF margin	360.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	382.7%	Cash from operations / revenue.
Effective tax rate	23.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.2%	Net income / average total assets.
Stock-based pay / revenue	9.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	22.2%	Capital expenditures / revenue.
D&A / revenue	25.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.3%	Revenue vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	816.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	58.7%	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	27.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	807.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-28.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-18.2%	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	-33.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-3.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-34.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-4.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	24.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	72.0%	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	31.9%	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	35.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	33.6%	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	25.3%	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	3.3%	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	122.1%	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	55.3%	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
Debt / equity	0.05x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.6%	Total debt / total assets.
Liabilities / assets	87.7%	Total liabilities / total assets.
Net debt	-$470.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	4.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.63B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.00x	Revenue / average total assets.
Fixed asset turnover	0.38x	Revenue / average property, plant and equipment.
FCF conversion	75.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	5.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.16	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	$0.24	Revenue / diluted weighted shares.
FCF per share	$0.88	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.93	Cash from operations / diluted weighted shares.
Book value per share	$11.53	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.34	Tangible book value / shares outstanding.
Cash per share	$2.71	(Cash + short-term investments) / shares outstanding.
Payout ratio	139.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	184.9%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.23B	Share price x shares outstanding.
Enterprise value	$2.76B	Market cap + total debt - cash - short-term investments.
P/E	12.5x	Market cap / net income. Only when net income is positive.
P/S	59.7x	Market cap / revenue.
P/B	1.26x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.98x	Market cap / tangible book value, when positive.
P/FCF	16.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.6x	Market cap / cash from operations, when positive.
EV/Sales	51.0x	Enterprise value / revenue.
EV/FCF	14.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.0%	Free cash flow / market cap.
Earnings yield	8.0%	Net income / market cap (the inverse of P/E).
Dividend yield	11.2%	Dividends paid over the period / market cap.
Shareholder yield	11.2%	(Dividends paid + share buybacks) / market cap.

What was Mechanics Bancorp's revenue in fiscal 2025?

Mechanics Bancorp reported revenue of $49.7M for fiscal 2025, 3.3% higher than the year before.

Was Mechanics Bancorp profitable in fiscal 2025?

Yes. Net income was $265.7M, a net margin of 534.4%.

How much free cash flow did Mechanics Bancorp generate in fiscal 2025?

Cash from operations of $193.6M minus capital expenditures of $6.5M left free cash flow of $187.1M.

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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