ALRS

MKT CAP:$646M

Alerus Financial Corporation

Market Cap

$646M

Financial Services·Banks - Regional·🇺🇸 United States·NASDAQ

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$25.53+$3.08 (+13.72%)

Apr 24, 2026

Company Details

Alerus Financial Corporation, through its subsidiary, Alerus Financial, National Association, provides various financial services to businesses and consumers. The company operates in four segments: Banking, Retirement and Benefit Services, ...

CEO

Katie A. Lorenson

IPO Date

Mar 20, 2003

Website

alerus.com

Key Metrics TTM

Revenue

$392M

+50.6% YoY

Net Income

$50M

EPS (Diluted)

$2.08

Free Cash Flow

$56M

Revenue / Share

$15.25

Gross Margin

68.4%

Operating Margin

16.7%

Net Margin

12.9%

FCF Margin

14.2%

P/S

1.6x

P/E

12.8x

Earnings Reports

Q4 2025

Apr 29, 2026

PENDING

FY 2025

Mar 4, 2026

$328M-3.1%EPS $0.68

Q3 2025

Nov 5, 2025

$99M+24.0%EPS $0.65

Q2 2025

Aug 5, 2025

$101MEPS $0.78

Q1 2025

May 6, 2025

$95MEPS $0.52

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$58M	$57M	$15M
Q3 21	$57M	$58M	$17M
Q4 21	$57M	$58M	$17M
Q1 22	$52M	$50M	$13M
Q2 22	$53M	$52M	$12M
Q3 22	$59M	$55M	$13M
Q4 22	$61M	$52M	$15M
Q1 23	$63M	$48M	$10M
Q2 23	$66M	$48M	$12M
Q3 23	$70M	$48M	$12M
Q4 23	$45M	$20M	-$18M
Q3 24	$80M	$49M	$7M
Q4 24	$97M	$56M	-$292.0K
Q1 25	$95M	$67M	$18M
Q2 25	$101M	$74M	$26M
Q3 25	$99M	$72M	$22M

Valuation

Quarter	P/S	P/E
Q2 21	2.1x	9.8x
Q3 21	2.2x	10.4x
Q4 21	2.1x	9.6x
Q1 22	2.2x	10.2x
Q2 22	1.9x	9.3x
Q3 22	2.0x	10.7x
Q4 22	2.0x	11.4x
Q1 23	1.4x	8.5x
Q2 23	1.5x	9.7x
Q3 23	1.4x	9.4x
Q4 23	1.8x	36.4x
Q3 24	1.7x	51.9x
Q4 24	1.3x	—
Q1 25	1.2x	105.0x
Q2 25	1.5x	14.2x
Q3 25	1.4x	11.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	$29M	$29M
Q3 21	$33M	$33M
Q4 21	$31M	$31M
Q1 22	$35M	$35M
Q2 22	-$18M	-$18M
Q3 22	$37M	$36M
Q4 22	$48M	$48M
Q1 23	-$2M	-$3M
Q2 23	$14M	$14M
Q3 23	$13M	$12M
Q4 23	-$2M	-$3M
Q3 24	$19M	$16M
Q4 24	$10M	$4M
Q1 25	$8M	$6M
Q2 25	$11M	$8M
Q3 25	$33M	$38M

Capital Expenditures

Quarter	CapEx
Q2 21	$152.0K
Q3 21	$416.0K
Q4 21	$861.0K
Q1 22	$130.0K
Q2 22	$341.0K
Q3 22	$610.0K
Q4 22	$708.0K
Q1 23	$923.0K
Q2 23	$165.0K
Q3 23	$386.0K
Q4 23	$1M
Q3 24	$3M
Q4 24	$5M
Q1 25	$2M
Q2 25	$3M
Q3 25	$5M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	-3.7%	-5.5%
Q3 21	-15.8%	-10.2%
Q4 21	-7.8%	-16.9%
Q1 22	-17.5%	-9.8%
Q2 22	-8.5%	-3.8%
Q3 22	+2.7%	+15.1%
Q4 22	+5.7%	+13.5%
Q1 23	+20.7%	+34.3%
Q2 23	+23.9%	+31.9%
Q3 23	+18.5%	+25.7%
Q4 23	-25.9%	+36.0%
Q3 24	+27.7%	+40.4%
Q4 24	+46.7%	+78.7%
Q1 25	+36.6%	+33.5%
Q2 25	+125.1%	+19.2%
Q3 25	+24.0%	+5.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$761.0K	1.3%
Q3 21	$545.0K	1.0%
Q4 21	$1M	2.2%
Q1 22	$378.0K	0.7%
Q2 22	$663.0K	1.2%
Q3 22	$351.0K	0.6%
Q4 22	$512.0K	0.8%
Q1 23	$159.0K	0.3%
Q2 23	$656.0K	1.0%
Q3 23	$377.0K	0.5%
Q4 23	-$2M	-5.2%
Q3 24	$488.0K	0.6%
Q4 24	$448.0K	0.5%
Q1 25	$599.0K	0.6%
Q2 25	$648.0K	0.6%
Q3 25	$780.0K	0.8%

OpEx Breakdown

Quarter	G&A	S&M
Q2 21	$24M	$769.0K
Q3 21	$23M	$865.0K
Q4 21	$22M	$872.0K
Q1 22	$19M	$600.0K
Q2 22	$21M	$814.0K
Q3 22	$21M	$890.0K
Q4 22	$19M	$950.0K
Q1 23	$19M	$686.0K
Q2 23	$19M	$665.0K
Q3 23	$19M	$750.0K
Q4 23	$19M	$1M
Q3 24	$21M	$764.0K
Q4 24	$27M	$1M
Q1 25	$23M	$965.0K
Q2 25	$24M	$787.0K
Q3 25	$25M	$1M

Revenue Segments

Quarter	Deposit Account	Retirement and Benefit Services	Wealth Management
Q4 23	$668.0K	$34M	$11M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$133M	$866M	$999M
Q2 22	$37M	$799M	$836M
Q3 22	$54M	$729M	$783M
Q4 22	$58M	$717M	$776M
Q1 23	$145M	$706M	$851M
Q2 23	$65M	$677M	$743M
Q3 23	$65M	$640M	$705M
Q4 23	$130M	$487M	$617M
Q1 24	$546M	$472M	$1.0B
Q2 24	$438M	$459M	$897M
Q3 24	$66M	$469M	$535M
Q4 24	$61M	$591M	$653M
Q1 25	$83M	$571M	$654M
Q2 25	$81M	$543M	$624M
Q3 25	$92M	$532M	$624M
Q4 25	$67M	$2M	$69M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	17M	+0.2%	+0.3%
Q3 21	17M	+0.0%	+0.3%
Q4 21	17M	-0.1%	+0.2%
Q1 22	18M	+0.1%	+0.2%
Q2 22	18M	+0.2%	+0.2%
Q3 22	20M	+15.4%	+15.6%
Q4 22	20M	+0.0%	+15.7%
Q1 23	20M	+0.1%	+15.7%
Q2 23	20M	-0.0%	+15.5%
Q3 23	20M	-0.7%	-0.7%
Q4 23	20M	-0.5%	-1.2%
Q3 24	20M	+0.4%	-0.8%
Q4 24	25M	+25.3%	+24.2%
Q1 25	26M	+2.0%	+27.7%
Q2 25	26M	0.0%	+28.3%
Q3 25	26M	+0.2%	+28.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$68.3K	851
Q3 21	$67.4K	851
Q4 21	$68.7K	836
Q1 22	$62.0K	836
Q2 22	$63.6K	836
Q3 22	$70.4K	836
Q4 22	$72.5K	837
Q1 23	$74.7K	837
Q2 23	$78.7K	837
Q3 23	$83.3K	837
Q4 23	$59.7K	754
Q3 24	$106.0K	754
Q4 24	$108.4K	892
Q1 25	$106.8K	892
Q2 25	$113.5K	892
Q3 25	$111.0K	892

Revenue / Employee