Bank First National Corporation (BFC)
NASDAQ:BFC
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Bank First National
(NASDAQ:BFC)
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Rating:71Outperform
Price Target:
$156.00
â–²(10.74% Upside)
Action:Reiterated
Date:06/19/26
The score is driven primarily by solid financial performance (strong profitability, meaningful revenue growth, and low leverage), partially tempered by recent cash-flow softness. Technicals are neutral with price near key moving averages, while valuation is reasonable and supported by a ~3.8% dividend. Corporate events are a net positive due to the announced acquisition and renewed buyback authorization.
Positive Factors
Revenue Growth & Profitability
Bank First has delivered sustained top-line expansion (roughly doubling 2021–2025 with TTM at $264.3M) while maintaining healthy TTM net margins near 27.7%. Durable revenue growth plus solid margins support recurring earnings, internal funding for investments, dividends, and strategic initiatives.
Negative Factors
Weaker Cash-Flow Momentum
Free cash flow fell sharply (≈-41% TTM vs 2025) despite positive operating cash flow (~$44.7M TTM), signaling weaker cash conversion. Persistently lower FCF reduces flexibility for buybacks, capital investments, or higher dividends and may force reliance on external funding or slower organic growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth & Profitability
Bank First has delivered sustained top-line expansion (roughly doubling 2021–2025 with TTM at $264.3M) while maintaining healthy TTM net margins near 27.7%. Durable revenue growth plus solid margins support recurring earnings, internal funding for investments, dividends, and strategic initiatives.
Read all positive factors
Bank First National (BFC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.60B
Dividend Yield3.99%
Average Volume (3M)101.50K
Price to Earnings (P/E)21.8
Beta (1Y)0.77
Revenue Growth13.74%
EPS Growth5.34%
CountryUS
Employees362
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)7.19
Shares Outstanding11,222,854
10 Day Avg. Volume100,754
30 Day Avg. Volume101,498
Financial Highlights & Ratios
PEG Ratio1.49
Price to Book (P/B)1.86
Price to Sales (P/S)4.98
P/FCF Ratio23.47
Enterprise Value/Market Cap0.82
Enterprise Value/Revenue4.97
Enterprise Value/Gross Profit6.86
Enterprise Value/Ebitda13.19
Forecast
1Y Price Target
$157.00Price Target Upside11.45% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)9.66
Revenue Forecast (FY)$260.70M
Bank First National Business Overview & Revenue Model
Company Description
Bank First Corporation, established in 1894 and headquartered in Manitowoc, Wisconsin, functions as the parent entity for Bank First N.A. This financial institution delivers a comprehensive array of consumer and commercial financial solutions thro...
How the Company Makes Money
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Bank First National Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
82
Very Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 264.29M | 240.45M | 223.24M | 186.47M | 130.77M | 116.78M |
| Gross Profit | 191.50M | 169.14M | 155.44M | 132.79M | 116.12M | 105.38M |
| EBITDA | 99.57M | 93.76M | 87.56M | 107.19M | 63.61M | 63.15M |
| Net Income | 73.24M | 71.50M | 65.56M | 74.51M | 45.21M | 45.44M |
Balance Sheet | ||||||
| Total Assets | 6.07B | 4.52B | 4.50B | 4.22B | 3.66B | 2.94B |
| Cash, Cash Equivalents and Short-Term Investments | 398.64M | 55.34M | 414.29M | 407.44M | 424.38M | 509.55M |
| Total Debt | 124.84M | 123.55M | 147.37M | 127.14M | 122.63M | 66.63M |
| Total Liabilities | 5.25B | 3.88B | 3.86B | 3.60B | 3.21B | 2.61B |
| Stockholders Equity | 819.85M | 643.84M | 639.68M | 619.80M | 453.10M | 322.65M |
Cash Flow | ||||||
| Free Cash Flow | 30.13M | 51.04M | 58.62M | 39.46M | 33.14M | 31.57M |
| Operating Cash Flow | 44.66M | 62.48M | 65.85M | 52.95M | 40.01M | 40.28M |
| Investing Cash Flow | 191.34M | -15.97M | -252.94M | 269.00M | -177.81M | -93.89M |
| Financing Cash Flow | -138.23M | -64.64M | 200.95M | -193.82M | -39.71M | 180.24M |
Bank First National Technical Analysis
Positive
140.87
Price Trends
142.67
Positive
140.73
Positive
133.55
Positive
Market Momentum
0.34
Negative
51.22
Neutral
56.57
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BFC, the sentiment is Positive. The current price of 140.87 is below the 20-day moving average (MA) of 141.48, below the 50-day MA of 142.67, and above the 200-day MA of 133.55, indicating a bullish trend. The MACD of 0.34 indicates Negative momentum. The RSI at 51.22 is Neutral, neither overbought nor oversold. The STOCH value of 56.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BFC.
Bank First National Risk Analysis
Bank First National disclosed 41 risk factors in its most recent earnings report. Bank First National reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Bank First National Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $1.63B | 16.69 | 6.32% | 2.68% | 39.87% | -5.34% | |
77 Outperform | $1.48B | 13.25 | 11.56% | 2.57% | -2.48% | 7.25% | |
77 Outperform | $1.36B | 12.47 | 12.26% | 3.70% | -11.52% | -10.26% | |
76 Outperform | $1.60B | 11.31 | 11.20% | 1.34% | 3.02% | 13.80% | |
75 Outperform | $1.33B | 8.90 | 17.48% | 2.99% | -0.42% | 14.20% | |
71 Outperform | $1.60B | 21.85 | 10.83% | 3.99% | 13.74% | 5.34% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
BFC
Bank First National
142.68
29.64
26.22%
PFBC
Preferred Bank
99.04
16.56
20.08%
RBCAA
Republic Bancorp
84.76
15.70
22.74%
WABC
Westamerica Bancorporation
57.73
11.86
25.87%
CNOB
ConnectOne Bancorp
32.45
10.36
46.89%
BY
Byline Bancorp
35.15
10.01
39.82%
Bank First National Corporate Events
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and ComplianceShareholder Meetings
Bank First National Announces Board Changes and Governance Votes
Positive
Jun 18, 2026
On June 15, 2026, Bank First Corporation held its Annual Meeting of Shareholders, where longtime director Stephen E. Johnson retired from the Board, and shareholders elected new directors Steven M. Eldred and Todd A. Sprang, while re-electing Pres...
Business Operations and StrategyM&A Transactions
Bank First National announces acquisition of PSB Holdings
Positive
May 19, 2026
On May 19, 2026, Bank First Corporation announced an all-stock agreement to acquire PSB Holdings, parent of Peoples State Bank, in a deal valued at about $202.9 million, with PSB shareholders to receive 0.3470 of a Bank First share for each PSB sh...
Business Operations and StrategyStock Buyback
Bank First Renews Two-Year $60 Million Share Repurchase
Positive
Apr 22, 2026
On April 21, 2026, Bank First Corporation renewed its share repurchase program, authorizing the buyback of up to $60 million of its common stock per year for two years, through April 20, 2028. The company may execute the repurchases in the open ma...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.