SHORE BANCSHARES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SHORE 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			8.87	9.46	9.21	11	15.3	18.3	20.9	20.9
Selling and marketing	0.53	0.51	0.51	0.43	0.33	0.34	0.9	1.09	1.32	1.32
Interest expense	2.4	2.27	5.27	9.64	7.08	6.04	12.5	78.8
Pre-tax income	15.9	18	21.1	21.9	21	21.2	42.1	14.2	58.7	78.7
Income tax	6.26	8.73	5.38	5.61	5.32	5.81	11	2.96	14.8	19.1
Net income	9.64	11.3	25	16.2	15.7	15.4	31.2	11.2	43.9	59.5
EPS, basic	0.76	0.89	1.96	1.27	1.27	1.17	1.57	0.42	1.32	1.78
EPS, diluted	0.76	0.89	1.96	1.27	1.27	1.17	1.57	0.42	1.32	1.78
Shares, basic (weighted)	12.7	12.7	12.7	12.7	12.4	13.1	19.8	26.6	33.3	33.4
Shares, diluted (weighted)	12.7	12.7	12.8	12.7	12.4	13.1	19.8	26.6	33.3	33.4
Dividend per share	0.14	0.22	0.32	0.42	0.48	0.48	0.48	0.48	0.48	0.48

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	75.9	31.8	67.2	95	187	584	55.5	372	460	356
Other current assets	3.78	1.93	5.36	3.25	3.08	6.81	8.51
Property, plant and equipment	16.6	22.6	22.7	23.8	24.9	51.6	51.5	82.4	81.8	80.2
Lease right-of-use assets				4.77	4.8	11.4	9.63	12.5	11.4	10.5
Goodwill	11.9	17.5	17.5	17.5	17.5	63.4	63.3	63.3	63.3	63.3
Intangible assets	1.08	3.72	2.86	2.25	1.72	7.54	5.55	48.1	38.3	29.7
Total assets	1,160	1,394	1,483	1,559	1,933	3,460	3,477	6,011	6,231	6,259
Short-term debt	3.2	21.7	60.8	1.23
Total liabilities	1,006	1,230	1,300	1,366	1,738	3,109	3,113	5,500	5,690	5,669
Total debt			15	15			43.1	72.7	73.7	89.1
Paid-in capital	64.2	65.3	65.4	61	52.2	200	201	356	358	361
Retained earnings	91	99.7	121	131	141	150	172	162	190	234
Other comprehensive income	-0.99	-1.31	-2.95	0.21	1.53	0.06	-9.02	-7.49	-7.55	-4.59
Shareholders' equity	154	164	183	193	195	351	364	511	541	590
Total equity	154	164	183	193	195	351	364	511	541	590
Total liabilities and equity	1,160	1,394	1,483	1,559	1,933	3,460	3,477	6,011	6,231	6,259
Shares outstanding	12.7	12.7	12.7	12.5	11.8	19.8	19.9	33.2	33.3	33.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	9.64	11.3	25	16.2	15.7	15.4	31.2	11.2	43.9	59.5
Depreciation and amortization	1	1	1	1.1	1.2	1.5	2.4	3.3	4.4	4.4
Stock-based compensation	0.33	1.06	0.45	0.15	0.26	0.38	0.64	1.17	1.73	1.89
Deferred income tax	5.72	4.48	0.1	0.24	-2.19	0.28	-1.18	2.72	8.87	0.92
Cash from operations	19	19.5	18.3	13.7	18.4	-7.5	52.6	22.7	46.9	62.4
Capital expenditures	-0.7	-1.26	-1.13	-2.24	-2.38	-3.45	-2.42	-5.95	-5.22	-3.17
Purchases of investments			-0.62	-0.03	-73.5	-0.02	0	-33.2	-109	-93.7
Sales and maturities of investments	60	46.5	38.9	35.4	45.3	40.7	20.4	17.8	70.9	27.1
Cash from investing	-33.7	-72.3	-42.5	-45.7	-280	38.2	-582	172	-135	-118
Debt issued			15					0	50	0
Debt repaid					-15		-10	0
Stock issued	0.05				0	0.01		0.39	0.38	0.08
Dividends paid	-1.77	0	-4	0	0	-6.61	-9.53	-12.7	-16	-16.1
Cash from financing	16.8	8.66	59.6	59.7	354	366	0.81	122	175	-48.4
Net change in cash	2.13	-44.1	35.4	27.7	91.9	397	-528	317	87.4	-104
Free cash flow	18.3	18.3	17.2	11.5	16.1	-11	50.2	16.8	41.7	59.2
Interest paid	2.43	2.37	5.01	10.1	6.83	6.01	12.6	74	124	115
Income taxes paid	0.44	3.9	5.37	11.9	7.94	6.25	11.9	7.29	0	15.1

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 $23.01 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	404.2%	Pre-tax income / revenue.
Net margin	305.4%	Net income / revenue.
FCF margin	402.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	415.6%	Cash from operations / revenue.
Effective tax rate	24.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.1%	Net income / average total assets.
Stock-based pay / revenue	13.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	13.5%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	17.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	35.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	24.0%	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	30.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	34.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	4.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	7.0%	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	33.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	5.8%	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	27.6%	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	42.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	5.6%	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	29.8%	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	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	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	0.0%	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	9.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	17.4%	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	24.8%	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	0.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	21.6%	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	26.5%	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	0.4%	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	19.0%	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	22.0%	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	0.14x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	1.4%	Total debt / total assets.
Liabilities / assets	90.0%	Total liabilities / total assets.
Net debt	-$168.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	1.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$527.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.00x	Revenue / average total assets.
Fixed asset turnover	0.27x	Revenue / average property, plant and equipment.
FCF conversion	131.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	3.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.98	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	$0.65	Revenue / diluted weighted shares.
FCF per share	$2.60	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.69	Cash from operations / diluted weighted shares.
Book value per share	$18.44	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$15.77	Tangible book value / shares outstanding.
Cash per share	$7.71	(Cash + short-term investments) / shares outstanding.
Payout ratio	25.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	19.3%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$767.9M	Share price x shares outstanding.
Enterprise value	$599.4M	Market cap + total debt - cash - short-term investments.
P/E	11.6x	Market cap / net income. Only when net income is positive.
P/S	35.4x	Market cap / revenue.
P/B	1.25x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.46x	Market cap / tangible book value, when positive.
P/FCF	8.81x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.52x	Market cap / cash from operations, when positive.
EV/Sales	27.7x	Enterprise value / revenue.
EV/FCF	6.88x	Enterprise value / free cash flow, when both are positive.
FCF yield	11.4%	Free cash flow / market cap.
Earnings yield	8.6%	Net income / market cap (the inverse of P/E).
Dividend yield	2.2%	Dividends paid over the period / market cap.
Shareholder yield	2.2%	(Dividends paid + share buybacks) / market cap.
PEG	2.71x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was SHORE BANCSHARES INC's revenue in fiscal 2025?

SHORE BANCSHARES INC reported revenue of $20.9M for fiscal 2025, 0.3% lower than the year before.

Was SHORE BANCSHARES INC profitable in fiscal 2025?

Yes. Net income was $59.5M, a net margin of 285.4%.

How much free cash flow did SHORE BANCSHARES INC generate in fiscal 2025?

Cash from operations of $62.4M minus capital expenditures of $3.2M left free cash flow of $59.2M.

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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