Bank First (BFC) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Bank First

NasdaqCM•Financial Services•Banks - Regional

$150.54-3.21(-0.02%)After hours

Market Cap

$1.70B

P/E

21.0x

P/S

5.8x

P/B

2.1x

Bank First Corporation operates as a holding company for Bank First, N.A. that provides consumer and commercial financial services to businesses, professionals, and consumers, in Wisconsin. It offers checking, savings, money market, cash management, retirement, and health savings accounts; other time deposits; certificates of deposit; and residential mortgage products. The company also provides loan products include real estate loans, including commercial real estate, residential mortgage, and home equity loans; commercial and industrial loans for working capital, accounts receivable, inventory financing, and other business purposes; construction and development loans; residential 1-4 family loans; and consumer loans for personal and household purposes, including secured and unsecured installment loans, and revolving lines of credit. In addition, it provides credit cards; insurance; data processing and other information technology; investment and safekeeping; treasury management; and online, telephone, and mobile banking services. The company was formerly known as Bank First National Corporation and changed its name to Bank First Corporation in June 2019. Bank First Corporation was founded in 1894 and is headquartered in Manitowoc, Wisconsin.

How this company scores

GoodMetricSide Score: 68/100

Strongest: Profitability (21/25); weakest: Cash & Earnings Quality (13/25).

Profitability21/25

Growth21/25

Balance Sheet & Red Flags13/25

Cash & Earnings Quality13/25

Strengths

Growing revenueStrong marginsRising earningsLow leverage

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 21.0x5y range 10.2x – 21.0x

Currently above its 20-quarter median.

P/S · 5.8x5y range 3.3x – 5.8x

Currently above its 20-quarter median.

P/B · 2.1x5y range 1.2x – 2.1x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.

Leverage Risk

Watch

Debt-to-equity has risen 54.7% recently — increasing financial risk even if the current ratio is manageable.

Price & Volume

Market Cap $1.70B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $292.66M
Q. Revenue: $85.72M
TTM EBITDA: $103.41M
TTM Op. Income: $100.71M
Q. Op. Income: $30.64M
TTM Net Income: $81.06M
Q. Net Income: $24.69M
EPS: $2.21
Shares Out.: $11.10M

$292.66M in TTM revenue grew 22.8% YoY, reaching $85.72M last quarter. TTM EBITDA of $103.41M and TTM operating income of $100.71M show growth is flowing through to the bottom line. TTM net income of $81.06M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 6 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 75.9%
EBITDA Margin: 36.6%
Op. Margin: 35.7%
Net Margin: 28.8%

Op. margin of 35.7% is up 1.0% YoY — cost efficiency is improving. Net margin at 28.8% and gross margin of 75.9% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 3% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 21.0x
P/S Ratio: 5.8x
P/B Ratio: 2.1x

At 21.0x P/E, the stock trades within typical market levels. P/S of 5.8x and P/B of 2.1x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has risen for 3 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $5.95B
Cash: $266.52M
Long-Term Debt: $24.85M
Book Value: $819.31M
D/E Ratio: 0.0
Debt/EBITDA: 0.8

With $5.95B in assets and $24.85M in long-term debt, D/E is 0.0and book value is $819.31M — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has risen for 2 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $24.44M
TTM Free Cash Flow: $42.58M
FCF Margin: 14.5%
FCF / Net Income: 0.5

TTM FCF of $42.58M on $24.44M in operating cash flow. The FCF / Net Income ratio of 0.5x means cash covers only part of net income — earnings quality needs attention. Over the past year, free cash flow is down 25% — an improving trend.