BHRBBurke & Herbert Financial Services Corp.
National Commercial Banks
- Revenue
- —
- Operating margin
- —
- EBITDA
- —
- Market cap
- $1.4B
- Employees
- 832
- Net debt / EBITDA
- —
- AI in 10-K
- 0.5
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersYes3 of 3 years3+ of last 5 years
- High CEO pay despite TSRNo$3M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo92% of net incomeCash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo31% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo1% of assetsOver 40% of assets
- Shareholder dissentNo98% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AIYes0.5 per 10K words · 21st pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$1.4B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$265K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Net income | $36M | $44M | $23M | $36M | $117M | 229% |
| Operating cash flow | $55M | $61M | $43M | $86M | $108M | 26% |
| Capex | $1M | $23M | $14M | $5M | $12M | 156% |
| Stock-based comp | $283K | $2M | $2M | $3M | $5M | 66% |
| Dividends | $15M | $16M | $16M | $29M | $34M | 18% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $1M · 14
- Open-market sells, 12 mo
- $790K · 7
- Net
- $265K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $3M | $3M | 98 | 120 |
| FY2024 | $3M | $3M | 95 | 113 |
| FY2023 | $2M | $1M | 92 | 100 |