Business First Bancshares (BFST) Stock Fundamentals, Analysis & Risk Signals

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

Business First Bancshares

NasdaqGS•Financial Services•Banks - Regional

$30.83-0.14(<0.01%)Pre-market

Market Cap

$1.01B

P/E

10.9x

P/S

1.9x

P/B

1.0x

Business First Bancshares, Inc. operates as the bank holding company for b1BANK that provides various banking products and services in Louisiana and Texas. It offers various deposit products and services, including checking and savings, time, and money market accounts; and certificates of deposits, remote deposit capture, and direct deposit services. The company also provides commercial and industrial loans, such as working capital, term, equipment financing, asset acquisition, expansion and development, borrowing base, and other loan products, as well as commercial lines of credit, accounts receivable factoring, agricultural financing, and letters of credit; construction and development loans; commercial real estate loans; residential real estate loans comprising first and second lien 1-4 family mortgage loans, and home equity lines of credit; and consumer loans, including secured and unsecured installment, and term loans. In addition, it offers wealth management products, including mutual funds, annuities, individual retirement accounts, and other financial products, as well as other fiduciary and private banking products and services. Further, the company provides a range of other financial services comprising debit and credit cards, treasury and cash management, merchant, automated clearing house, lock-box, receivables factoring, correspondent banking, and other treasury services, as well as employee and payroll benefits solutions; and drive-through banking facilities, automated teller machines, night depository, personalized checks, electronic funds transfer, domestic and foreign wire transfer, traveler's checks, vault, loan and deposit sweep accounts, interest-rate swaps, small business administration products, online and mobile banking, e-statements, and bank-by-mail services. Business First Bancshares, Inc. was incorporated in 2006 and is headquartered in Baton Rouge, Louisiana.

How this company scores

WeakMetricSide Score: 80/100

Grade capped at D — Interest coverage below 1× (0.6x) — earnings cannot cover interest. Strongest: Cash & Earnings Quality (25/25); weakest: Balance Sheet & Red Flags (16/25).

Profitability21/25

Growth18/25

Balance Sheet & Red Flags16/25

Cash & Earnings Quality25/25

Strengths

Rising free cash flowStrong marginsRising earningsCash-backed earnings

Grade capped at D

Interest coverage below 1× (0.6x) — earnings cannot cover interest.

Valuation vs. 5-year range

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

P/E · 10.9x5y range 5.8x – 11.0x

Currently near its 20-quarter median.

P/S · 1.9x5y range 1.1x – 3.0x

Currently above its 20-quarter median.

P/B · 1.0x5y range 0.6x – 1.3x

Watch items

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

High Risk

Share Dilution

Red Flag

Shares outstanding increased 28.9% — significant dilution, likely from stock compensation or capital raises.

Price & Volume

Market Cap $1.01B

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $536.53M
Q. Revenue: $139.62M
TTM EBITDA: $125.18M
TTM Op. Income: $116.25M
Q. Op. Income: $30.30M
TTM Net Income: $92.95M
Q. Net Income: $24.18M
EPS: $0.7
Shares Out.: $32.59M

$536.53M in TTM revenue grew 7.8% YoY, reaching $139.62M last quarter. TTM EBITDA of $125.18M and TTM operating income of $116.25M show growth is flowing through to the bottom line. TTM net income of $92.95M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 65.8%
EBITDA Margin: 22.9%
Op. Margin: 21.7%
Net Margin: 17.3%

Op. margin of 21.7% is up 0.0% YoY — cost efficiency is improving. Net margin at 17.3% and gross margin of 65.8% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

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

P/E Ratio: 10.9x
P/S Ratio: 1.9x
P/B Ratio: 1.0x

At 10.9x P/E, the stock trades below typical market levels. P/S of 1.9x and P/B of 1.0x provide additional context. P/E sits below typical market levels while revenue is growing. 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: $8.90B
Cash: $575.60M
Long-Term Debt: $566.42M
Book Value: $1.01B
D/E Ratio: 0.6
Debt/EBITDA: 17.7

With $8.90B in assets and $566.42M in long-term debt, D/E is 0.6and book value is $1.01B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is down 19% — a weakening trend.

Cash Flow

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

Op. Cash Flow: $27.11M
TTM Free Cash Flow: $104.36M
FCF Margin: 19.5%
FCF / Net Income: 1.1

TTM FCF of $104.36M on $27.11M in operating cash flow. The FCF / Net Income ratio of 1.1x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 30% — an improving trend.