EQBKEQUITY BANCSHARES INC

State Commercial Banks

Revenue: —
Operating margin: —
EBITDA: —
Market cap: $1.0B
Employees: 909
Net debt / EBITDA: —; $485M net debt
AI in 10-K: 1.2; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
226% of net income
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
49% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentYes
65% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
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
$1.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$979K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Net income	$52M	$58M	$8M	$63M	$23M	64%
Operating cash flow	$103M	$74M	$77M	$74M	$51M	30%
Capex	$5M	$3M	$16M	$8M	$13M	56%
Stock-based comp	$3M	$3M	$3M	$4M	$6M	39%
Buybacks	$19M	$33M	$18M	$12M	$14M	18%
Dividends	$1M	$6M	$7M	$8M	$11M	45%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 8, 2026	PATRIOT FINANCIAL PARTNERS III, L.P.	SCHEDULE 13D/A	4.8%	Passive
Jul 10, 2025	Fergeson Capital LLC	SCHEDULE 13D	9.9%	Passive
Jan 12, 2024	PATRIOT FINANCIAL PARTNERS III, L.P.	SC 13D/A	6.5%	Passive
Aug 12, 2021	PATRIOT FINANCIAL PARTNERS III, L.P.	SC 13D	5.2%	Passive

Insider trading

Open-market buys, 12 mo: $377K · 7
Open-market sells, 12 mo: $1M · 10
Net: −$979K

Pay vs performance

No pay-versus-performance disclosure yet.