BFSTBusiness First Bancshares, Inc.
State Commercial Banks
- Revenue
- $11M
- 1.2% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $938M
- Employees
- 842
- $13K revenue each
- Net debt / EBITDA
- —
- −$573M net debt
- AI in 10-K
- 0.1
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 1 of 7
- TSR below peersNo1 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$3M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo105% of net incomeCash flow under 80% of net income
- Dilutive SBCYes54% of revenueOver 10% of revenue
- Payouts exceed cash flowNo22% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo2% of assetsOver 40% of assets
- Shareholder dissentNo99% lowest supportAny vote under 80% support
Buyer economics 3 of 4
- Low revenue per employeeYes$13K · 11th pctBottom quartile of its SIC industry
- Quiet on AIYes0.1 per 10K words · 9th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$938M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$7M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $7M | $8M | $10M | $11M | $11M | 1.2% |
| Net income | $52M | $54M | $71M | $65M | $88M | 35% |
| Operating cash flow | $56M | $70M | $91M | $61M | $92M | 50% |
| Capex | $4M | $8M | $12M | $2M | $66K | 96% |
| Stock-based comp | $3M | $4M | $4M | $3M | $6M | 94% |
| Buybacks | $11M | $0 | $0 | $0 | $4M | |
| Dividends | $9M | $11M | $13M | $15M | $17M | 13% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $92K · 3
- Open-market sells, 12 mo
- $7M · 29
- Net
- −$7M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $3M | $3M | 144 | 131 |
| FY2024 | $3M | $3M | 138 | 127 |
| FY2023 | $2M | $2M | 129 | 116 |
| FY2022 | $3M | $2M | 113 | 121 |
| FY2021 | $2M | $2M | 142 | 133 |