Business First Bancshares, Inc. (BFST) intrinsic value & 10-year financials
Business First Bancshares, Inc. (BFST) has a Graham intrinsic value of $92.67 per share. At $31.31 on Oct 17, 2026, the stock trades 66% below that value. Over the last 10 fiscal years revenue grew 20.3% a year to $10.7M, with an average return on invested capital of 10.3%.
- Graham intrinsic value
- $92.67
- Share price (Oct 17, 2026)
- $31.31
- Price vs Graham value
- 66% below
- Market cap
- $925.1M
- Revenue (FY2025)
- $10.7M
- Revenue growth (10-yr CAGR)
- 20.3%
- ROIC (10-yr avg)
- 10.3%
- Free cash flow (FY2025)
- $92.0M
BFST 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $10.7M | $87.9M | $2.79 | $92.0M | — | 10.4% |
| FY2024 | $10.6M | $65.1M | $2.26 | $59.8M | — | 9.0% |
| FY2023 | $9.7M | $71.0M | $2.59 | $80.8M | — | 11.6% |
| FY2022 | $8.3M | $54.3M | $2.32 | $61.8M | — | 10.7% |
| FY2021 | $6.8M | $52.1M | $2.53 | $52.5M | — | 12.4% |
| FY2020 | $5.4M | $30.0M | $1.64 | $26.4M | — | 8.6% |
| FY2019 | $4.0M | $23.8M | $1.74 | $20.5M | — | 8.7% |
| FY2018 | $2.8M | $14.1M | $1.22 | $18.4M | — | 18.6% |
| FY2017 | $2.1M | $4.8M | $0.61 | $7.5M | — | 6.4% |
| FY2016 | $2.0M | $5.1M | $0.70 | $6.8M | — | 6.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Business First Bancshares, Inc. is a consistent compounder, expanding top-line revenue at 20.3% annually over the past decade.
Business First Bancshares, Inc. returns on capital have been average, hovering around 10.6% ROIC over the decade.
Business First Bancshares, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Business First Bancshares, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $92.67 per share.