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First Busey Corp. /NV/ (BUSEP) intrinsic value & 10-year financials

First Busey Corp. /NV/ (BUSEP) has a Graham intrinsic value of $12.15 per share. At $25.45 on Oct 17, 2026, the stock trades 109% above that value. Over the last 10 fiscal years revenue grew 85.0% a year to $719.6M, with an average return on invested capital of 13.7%.

Graham intrinsic value
$12.15
Share price (Oct 17, 2026)
$25.45
Price vs Graham value
109% above
Market cap
$2.2B
Revenue (FY2025)
$719.6M
Revenue growth (10-yr CAGR)
85.0%
ROIC (10-yr avg)
13.7%
Free cash flow (FY2025)
$173.0M

BUSEP 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $719.6M $135.3M $1.47 $173.0M — 9.1%
FY2024 $462.3M $113.7M $1.98 $171.8M — 18.2%
FY2023 $441.8M $122.6M $2.18 $163.9M — 13.4%
FY2022 $450.2M $128.3M $2.29 $160.8M — 14.5%
FY2021 $132.8M $123.4M $2.20 $157.0M — 22.7%
FY2020 $118.3M $100.3M $1.83 $165.1M — 15.7%
FY2019 $116.4M $103.0M $1.87 $67.6M — 13.7%
FY2018 $90.0M $98.9M $2.01 $190.9M — 11.9%
FY2017 $3.4M $62.7M $1.45 $238.4M — 8.7%
FY2016 $2.8M $49.7M $1.40 -$29.9M — 8.5%

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

FIRST BUSEY CORP /NV/ is a consistent compounder, expanding top-line revenue at 85.0% annually over the past decade.

FIRST BUSEY CORP /NV/ returns on capital have been average, hovering around 13.6% ROIC over the decade.

FIRST BUSEY CORP /NV/ 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, FIRST BUSEY CORP /NV/ is modeled at 0.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $12.15 per share.

BUSEP stock: frequently asked questions

What is the intrinsic value of First Busey Corp. /NV/ (BUSEP) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a 0.5% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, BUSEP's intrinsic value is about $12.15 per share.

Is BUSEP stock undervalued?

At $25.45 (close on Oct 17, 2026), BUSEP trades 109% above its Graham value of $12.15. On Graham's terms the shares look fully priced. A formula is a starting point for research, not a recommendation.

How fast has First Busey Corp. /NV/ grown?

Revenue went from $2.8M in fiscal 2016 to $719.6M in fiscal 2025, a compound annual growth rate of 85.0%. Net income was $135.3M in fiscal 2025.

Does First Busey Corp. /NV/ generate free cash flow?

First Busey Corp. /NV/ generated $173.0M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 9 of the last 10 reported years.

What is BUSEP's return on invested capital?

Average ROIC over the last 10 fiscal years was 13.7%, and average return on equity was 9.0%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this BUSEP data come from?

From First Busey Corp. /NV/'s annual 10-K filings on SEC EDGAR, most recently filed Aug 6, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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