BUSEFIRST BUSEY CORP /NV/

State Commercial Banks

Revenue: $720M; 56% YoY
Operating margin: —
EBITDA: —
Market cap: $2.4B
Employees: 405; $2M revenue each
Net debt / EBITDA: —; −$570M net debt
AI in 10-K: 1.2; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$2M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
142% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
84% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$2M · 96th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.2 per 10K words · 38th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$283K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	—	$450M	$442M	$462M	$720M	56%
Net income	$123M	$128M	$123M	$114M	$135M	19%
Operating cash flow	$162M	$166M	$173M	$178M	$193M	8.0%
Capex	$5M	$5M	$10M	$6M	$20M	205%
Stock-based comp	$8M	$9M	$7M	$8M	$17M	122%
Buybacks	$33M	$10M	$4M	$0	$70M
Dividends	$51M	$51M	$53M	$54M	$91M	68%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $205K · 5
Open-market sells, 12 mo: $488K · 13
Net: −$283K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$4M	$4M	135	153
FY2024	$3M	$2M	128	143
FY2023	$2M	$3M	130	127
FY2022	$2M	$2M	124	127
FY2021	$2M	$3M	131	137