German American Bancorp (GABC) Stock Fundamentals, Analysis & Risk Signals

Health score, competitive moat, risk signals, and key metrics at a glance.

NasdaqGS•Financial Services•Banks - Regional

ExcellentMetricSide Score: 88/100

ProfitabilityProfit23/25

GrowthGrowth22/25

Balance Sheet & Red FlagsBalance18/25

Cash & Earnings QualityCash25/25

Strongest: Cash & Earnings Quality (25/25); weakest: Balance Sheet & Red Flags (18/25).

Price & Volume

Market Cap $1.92B

German American Bancorp, Inc. operates as a financial holding company for German American Bank that provides retail and commercial banking, and wealth management services. The company operates through Core Banking, and Wealth Management segments. The Core Banking segment accepts deposits from the general public; and originates consumer, commercial and agricultural, commercial and agricultural real estate, and residential mortgage loans, as well as sells residential mortgage loans in the secondary market. The Wealth Management segment provides trust, investment advisory, brokerage, and retirement planning services. It also offers demand deposits, savings, interest-bearing checking, money market accounts, and certificates of deposit; home equity and credit card loans; and wealth advisory and trust services. The company was founded in 1910 and is based in Jasper, Indiana.

Moat Signals

Competitive analysis based on 60 quarters of fundamental data

Pricing Power

Strong Moat

Operating margins are expanding at ~29.8%, suggesting durable pricing power and cost discipline.

Competitive Advantage

Moderate Moat

ROE is positive at ~10.0% on average, adequate but below the threshold typically associated with wide moats.

Risk Signals

Data-driven red flags and warnings across 60 quarters

Some Concerns

Margin Pressure

Healthy

Margins are stable or improving at ~30.9% — no sign of cost or pricing stress.

Earnings Quality

Healthy

FCF covers net income by 1.4x on average — earnings are well-supported by cash generation.

Leverage Risk

Healthy

D/E ratio is 0.1 — conservative capital structure with low financial risk.

Revenue Decline

Healthy

Revenue is stable or growing over recent quarters — demand appears durable.

Cash Burn

Healthy

Free cash flow is consistently positive — the business self-funds without external capital reliance.

Share Dilution

Red Flag

Shares outstanding increased 26.5% — significant dilution, likely from stock compensation or capital raises.

Metrics at a Glance

as of March 2026

Revenue & Profit

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

TTM Revenue: $499.28M
Q. Revenue: $122.93M
TTM EBITDA: $183.74M
TTM Op. Income: $153.92M
Q. Op. Income: $41.71M
TTM Net Income: $135.27M
Q. Net Income: $33.15M
EPS: $0.88
Shares Out.: $37.52M

$499.28M in TTM revenue grew 31.2% YoY, reaching $122.93M last quarter. TTM EBITDA of $183.74M and TTM operating income of $153.92M shows growth is flowing through. Net income of $135.27M TTM confirms the company is converting revenue into profit. Revenue is growing at a healthy pace — a signal to hold. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — a improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 78.2%
EBITDA Margin: 37.9%
Op. Margin: 33.9%
Net Margin: 27.0%

Op. margin of 33.9% is up 8.8% YoY — cost efficiency is improving. Net margin at 27.0% and gross margin of 78.2% — earnings take a bigger bite when COGS stays lean.. Over the past year, Operating margin is up 35% — a improving trend.

Price Ratios

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

P/E Ratio: 14.2x
P/S Ratio: 3.8x
P/B Ratio: 1.6x

At 14.2x P/E, the stock trades below market averages — potentially undervalued. P/S of 3.8x and P/B of 1.6x provide additional context. Below-market P/E with growing revenue suggests a potential buying opportunity — the stock may be undervalued relative to its fundamentals. Over the past year, P/E is down 18% — a deteriorating trend.

Assets & Liabilities

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

Total Assets: $8.38B
Cash: $123.93M
Long-Term Debt: $169.24M
Book Value: $1.17B
D/E Ratio: 0.1
Debt/EBITDA: 3.6

With $8.38B in assets and $169.24M in long-term debt, the D/E of 0.1and book value of $1.17B — shows a conservative capital structure — the company has a strong financial cushion to weather downturns. Over the past year, Debt/equity is down 30% — a deteriorating trend.

Cash Flow

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

Op. Cash Flow: $37.04M
TTM Free Cash Flow: $153.30M
FCF Margin: 30.7%
FCF / Net Income: 1.1

TTM FCF of $153.30M on $37.04M in operating cash flow. The FCF / Net Income ratio of 1.1x means earnings are well backed by actual cash — high-quality earnings. Over the past year, Free cash flow is up 46% — a deteriorating trend.