Equity Bancshares (EQBK) AI Stock Analysis

• Market Cap: $870.65M
• Dividend Yield: 1.34%
• Average Volume (3M): 74.86K
• Price to Earnings (P/E): 36.8
• Beta (1Y): 0.91
• Revenue Growth: 6.45%
• EPS Growth: 8.32%
• Country: US
• Employees: 810
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 1.15
• Shares Outstanding: 19,076,412
• 10 Day Avg. Volume: 93,324
• 30 Day Avg. Volume: 74,857
• PEG Ratio: 0.01
• Price to Book (P/B): 1.12
• Price to Sales (P/S): 2.03
• P/FCF Ratio: 10.15
• Enterprise Value/Market Cap: 0.82
• Enterprise Value/Revenue: 2.42
• Enterprise Value/Gross Profit: 5.03
• Enterprise Value/Ebitda: 8.97
• 1Y Price Target: $52.50
• Price Target Upside: 15.03% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 63 Neutral
• Price Target: $48.00 ▲(5.17% Upside)
• Action: Downgraded Date: 01/26/26
• Date: Action: Downgraded 01/26/26

The score is held back primarily by mixed financial performance (declining revenue/FCF growth and low ROE) and a relatively expensive valuation (high P/E with modest yield). These are partly offset by a constructive earnings outlook and improving capital/credit trends, while technicals are broadly neutral.

Positive Factors

Scale and geographic expansion

Large M&A-driven balance sheet growth materially increases scale and market coverage, adding new states and branches. This broader footprint diversifies deposit and loan markets, expands lending capacity, and creates scope for cross‑sell and efficiency gains versus remaining a smaller regional bank.

Stronger regulatory capital metrics

Industry‑level capital buffers above regulatory minima provide flexibility for buybacks, organic loan growth, and M&A while absorbing credit volatility. Sustained capital strength supports strategic optionality and lowers solvency risk during economic stress, aiding long‑term franchise stability.

Improving asset quality

Declining nonaccruals and very low net charge‑offs indicate resilient credit performance and underwriting discipline. Persistent low credit losses reduce expected loan loss volatility, supporting more predictable earnings and allowing capital to be deployed toward growth rather than loss absorption.

Negative Factors

Declining revenue and cash‑flow trends

Sustained declines in revenue and FCF constrain internal funding for strategic initiatives, dividend maintenance, and investment in systems. Without reaccelerating organic top‑line growth, the bank becomes more reliant on external M&A to grow earnings, adding execution and integration risk over time.

Merger integration cost and margin pressure

Material incremental noninterest expense and anticipated margin dilution create a multi‑quarter earnings headwind. Realizing targeted 23% cost saves is execution‑intensive; failure would leave the bank with structurally lower margins and weaker returns on the enlarged asset base.

Rising leverage and low shareholder returns

Higher leverage paired with very low ROE signals limited efficiency in converting equity into returns and increases sensitivity to funding stress. Unless profitability (margins or yields) meaningfully improves, capital returns and ability to self‑fund growth will remain constrained.

Equity Bancshares Business Overview & Revenue Model

Company Description

Equity Bancshares, Inc. operates as the bank holding company for Equity Bank that provides a range of banking, mortgage banking, and financial services to individual and corporate customers. The company accepts various demand, savings, money market, and time deposits. Its loan products include commercial and industrial, commercial real estate-backed, commercial lines of credit, working capital, term, equipment financing, acquisition, expansion and development, borrowing base, real estate construction, homebuilder, agricultural, government guaranteed, and other loan products to national and regional companies, restaurant franchisees, hoteliers, real estate developers, manufacturing and industrial companies, agribusiness companies, and other businesses. The company's loan products also comprise various consumer loans to individuals and professionals, including residential real estate loans, home equity loans and lines of credit, installment loans, unsecured and secured personal lines of credit, overdraft protection, and letters of credit. It also provides debit cards; online banking solutions, such as access to account balances, online transfers, online bill payment, and electronic delivery of customer statements; mobile banking solutions comprising remote check deposits with mobile bill pay; ATMs; and treasury management, wire transfer, automated clearing house, and stop payment services. In addition, the company offers cash management deposit products, such as lockbox, remote deposit capture, positive pay, reverse positive pay, account reconciliation services, zero balance accounts, and sweep accounts, as well as banking services through telephone, mail, and personal appointments. As of December 31, 2021, it operated a network of 69 branches in Arkansas, Kansas, Missouri, and Oklahoma. The company was founded in 2002 and is headquartered in Wichita, Kansas.

How the Company Makes Money

Equity Bancshares generates revenue primarily through interest income from loans and fees associated with various banking services. The company's key revenue streams include interest income from commercial, residential, and consumer loans, which typically represent the largest portion of its earnings. Additionally, Equity Bank earns non-interest income through service fees, transaction fees, and wealth management services. The company also benefits from its strategic partnerships with local businesses and community organizations, enhancing its market reach and customer loyalty. Overall, the bank's diversified financial services portfolio and focus on customer relationships contribute significantly to its revenue generation.

Equity Bancshares Financial Statement Overview

Summary

Mixed fundamentals: revenue and free-cash-flow growth are declining (revenue growth -10.6%, FCF growth -8.7%), profitability is modest (TTM net margin 5.9%, EBIT margin 23.9%), ROE is low (2.8%), and leverage is moderate but rising (debt-to-equity 0.70).

Income Statement

Equity Bancshares has shown a mixed performance in its income statement. The TTM data indicates a decline in revenue growth rate by 10.6%, which is concerning. However, the company maintains a reasonable EBIT margin of 23.9% and a net profit margin of 5.9%. Historical data shows fluctuating profit margins, with a significant drop in gross profit margin from 66.7% in 2024 to 48.1% in the TTM. The company needs to address the declining revenue and profit margins to improve its financial health.

Balance Sheet

The balance sheet of Equity Bancshares reflects moderate leverage with a debt-to-equity ratio of 0.70 in the TTM, up from 0.53 in 2024. The return on equity has decreased to 2.8% in the TTM, indicating reduced profitability for shareholders. The equity ratio remains stable, suggesting a balanced approach to financing. The company should focus on improving its ROE and managing debt levels to enhance financial stability.

Cash Flow

The cash flow statement shows a decline in free cash flow growth by 8.7% in the TTM, which is a negative indicator. The free cash flow to net income ratio remains strong at 90.1%, suggesting efficient cash generation relative to net income. However, the operating cash flow to net income ratio is low, indicating potential challenges in converting income into cash. The company should aim to improve cash flow generation to support operations and growth.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	296.94M	326.51M	224.68M	220.28M	186.81M	177.04M
Gross Profit	142.81M	217.67M	135.63M	194.99M	180.59M	129.88M
EBITDA	80.10M	88.54M	11.05M	79.65M	73.34M	-66.33M
Net Income	17.63M	62.62M	7.82M	57.69M	52.48M	-74.97M
Balance Sheet
Total Assets	6.36B	5.33B	5.03B	4.98B	5.14B	4.01B
Cash, Cash Equivalents and Short-Term Investments	1.60B	1.19B	1.28B	1.29B	1.59B	1.15B
Total Debt	481.77M	312.80M	380.50M	281.73M	151.89M	133.86M
Total Liabilities	5.64B	4.74B	4.58B	4.57B	4.64B	3.61B
Stockholders Equity	711.89M	592.92M	452.86M	410.06M	500.63M	407.65M
Cash Flow
Free Cash Flow	70.50M	65.35M	60.39M	70.58M	97.60M	34.01M
Operating Cash Flow	80.11M	73.84M	76.53M	74.07M	102.70M	43.62M
Investing Cash Flow	359.11M	123.73M	232.17M	-214.18M	-315.34M	96.00M
Financing Cash Flow	24.71M	-192.93M	-34.03M	-15.41M	191.90M	51.78M

Equity Bancshares Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 45.64
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EQBK, the sentiment is Neutral. The current price of 45.64 is below the 20-day moving average (MA) of 46.38, below the 50-day MA of 46.26, and above the 200-day MA of 42.02, indicating a neutral trend. The MACD of -0.12 indicates Positive momentum. The RSI at 45.97 is Neutral, neither overbought nor oversold. The STOCH value of 35.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for EQBK.

Equity Bancshares Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CPF	79 Outperform	$881.02M	11.43	11.65%	3.39%	1.22%	15.97%
HBT	79 Outperform	$856.52M	11.18	13.78%	3.21%	3.86%	12.33%
HFWA	76 Outperform	$920.57M	13.83	6.43%	3.91%	8.27%	54.96%
MCB	69 Neutral	$918.34M	13.55	8.80%	0.38%	6.48%	8.78%
CCNE	68 Neutral	$859.82M	11.61	6.51%	2.68%	11.13%	-15.28%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
EQBK	63 Neutral	$870.65M	36.79	2.90%	1.34%	6.45%	8.32%

Equity Bancshares Corporate Events

Equity Bancshares Announces Upcoming Director Board Resignation

On January 21, 2026, Equity Bancshares, Inc. announced that longtime director Randee R. Koger will resign from its Board of Directors effective at the company’s 2026 Annual Meeting of Stockholders. Koger, who has served on the board since 2003 and sits on the Compensation Committee, will remain in both roles until that meeting, and the company emphasized that her decision to step down was not due to any disagreement over operations, policies, or practices, suggesting an orderly governance transition with no immediate operational or strategic dispute underlying the change.

The most recent analyst rating on (EQBK) stock is a Buy with a $57.00 price target. To see the full list of analyst forecasts on Equity Bancshares stock, see the EQBK Stock Forecast page.

Equity Bancshares closes Frontier acquisition, expands regional footprint

For the fourth quarter ended December 31, 2025, Equity Bancshares reported net income of $22.1 million, or $1.15 per diluted share, compared with a net loss in the prior quarter, with adjusted earnings of $23.2 million, or $1.21 per share, after acquisition-related costs. Net interest margin expanded to 4.47%, full-year 2025 net interest income rose 21.4% to $226.1 million on margin expansion and balance-sheet growth, and loan and deposit balances increased sharply year over year, aided by the NBC acquisition. On January 1, 2026, the company closed its acquisition of Frontier Holdings LLC, adding roughly $1.34 billion in loans and $1.1 billion in deposits and marking its entry into Nebraska, while maintaining solid asset quality with low net charge-offs and a 1.26% allowance for credit losses. Capital and book value strengthened, with tangible book value per share rising to $32.86 and regulatory capital ratios improving, even as Equity paid a $0.18 common dividend and repurchased 172,338 shares, underscoring management’s confidence in the bank’s financial position and its strategy to build scale as a premier community bank and merger partner in its markets.

The most recent analyst rating on (EQBK) stock is a Hold with a $49.00 price target. To see the full list of analyst forecasts on Equity Bancshares stock, see the EQBK Stock Forecast page.

Equity Bancshares completes Frontier merger, expands Nebraska presence

On January 1, 2026, Equity Bancshares, Inc. completed its merger with Omaha-based Frontier Holdings LLC, parent of Frontier Bank, entering the Nebraska market with seven new locations that reopened under the Equity Bank brand on January 2, 2026. The deal, first announced on September 2, 2025, expands Equity’s footprint to six states, boosts pro forma consolidated assets to approximately $7.9 billion, and is positioned by management as a strategic growth step that enhances lending capacity, digital capabilities, and community banking reach for customers and stakeholders across its regional network, with core and digital system consolidation scheduled for February 2026.

The most recent analyst rating on (EQBK) stock is a Hold with a $49.00 price target. To see the full list of analyst forecasts on Equity Bancshares stock, see the EQBK Stock Forecast page.

Equity Bancshares Announces Quarterly Cash Dividend

On December 10, 2025, Equity Bancshares, Inc. announced a quarterly cash dividend of $0.18 per share of common stock. This dividend will be distributed on January 15, 2026, to shareholders recorded by December 31, 2025.

The most recent analyst rating on (EQBK) stock is a Hold with a $49.00 price target. To see the full list of analyst forecasts on Equity Bancshares stock, see the EQBK Stock Forecast page.

Equity Bancshares Gains Approval for Frontier Merger

Equity Bancshares, Inc. has received all necessary regulatory approvals to proceed with its merger with Frontier Holdings, LLC, as per the agreement dated August 29, 2025. The merger is anticipated to be finalized by December 2025 or early January 2026, pending customary closing conditions and the approval of Frontier’s members.

The most recent analyst rating on (EQBK) stock is a Hold with a $43.00 price target. To see the full list of analyst forecasts on Equity Bancshares stock, see the EQBK Stock Forecast page.