ATLO

MKT CAP:$249M

Ames National Corporation

Market Cap

$249M

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

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$28.26+$5.52 (+24.27%)

Apr 24, 2026

Company Details

Ames National Corporation operates as a multi-bank holding company that provides banking products and services primarily in Boone, Clarke, Hancock, Marshall, Polk, Story, and Union counties in central, north-central, and south-central Iowa....

CEO

John Nelson

IPO Date

Feb 15, 2000

Website

www.amesnational.com

Key Metrics TTM

Revenue

$97M

+3.2% YoY

Net Income

$22M

EPS (Diluted)

$2.42

Free Cash Flow

$21M

Revenue / Share

—

Gross Margin

52.3%

Operating Margin

19.6%

Net Margin

22.3%

FCF Margin

22.0%

P/S

2.6x

P/E

11.5x

Earnings Reports

Q1 2026

Apr 24, 2026

NEW

$22M-6.1%EPS $0.67

FY 2025

Mar 12, 2026

$98M+6.3%EPS $2.14

Q4 2025

Mar 12, 2026

$26M+9.2%EPS $0.73

Q3 2025

Nov 7, 2025

$24M+5.5%EPS $0.51

Q2 2025

Aug 8, 2025

$24M+4.2%EPS $0.51

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$17M	$16M	$6M
Q3 22	$18M	$16M	$7M
Q4 22	$19M	$15M	$6M
Q1 23	$19M	$14M	$4M
Q2 23	$21M	$14M	$3M
Q3 23	$21M	$13M	$4M
Q4 23	$22M	$12M	$2M
Q1 24	$22M	$13M	$3M
Q2 24	$23M	$13M	$3M
Q3 24	$23M	$13M	$3M
Q4 24	$24M	$15M	$4M
Q1 25	$24M	$15M	$4M
Q2 25	$24M	$16M	$6M
Q3 25	$24M	$16M	$6M
Q4 25	$26M	$19M	$8M
Q1 26	$22M	$0	$0

Valuation

Quarter	P/S	P/E
Q2 22	2.9x	9.4x
Q3 22	2.9x	9.9x
Q4 22	3.0x	11.2x
Q1 23	2.5x	10.7x
Q2 23	2.1x	10.4x
Q3 23	1.8x	11.4x
Q4 23	2.2x	17.2x
Q1 24	2.0x	17.8x
Q2 24	2.0x	18.9x
Q3 24	1.8x	18.5x
Q4 24	1.6x	14.5x
Q1 25	1.7x	13.9x
Q2 25	1.7x	11.6x
Q3 25	1.9x	11.3x
Q4 25	2.1x	10.8x
Q1 26	2.6x	11.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$7M	$6M
Q2 22	$4M	$3M
Q3 22	$4M	$3M
Q4 22	$6M	$5M
Q1 23	$6M	$5M
Q2 23	$4M	$3M
Q3 23	$2M	$1M
Q4 23	$6M	$5M
Q1 24	$1M	$1M
Q2 24	$4M	$4M
Q3 24	$3M	$3M
Q4 24	$6M	$6M
Q1 25	$7M	$7M
Q2 25	$4M	$4M
Q3 25	$3M	$3M
Q4 25	$7M	$8M

Capital Expenditures

Quarter	CapEx
Q1 22	$532.0K
Q2 22	$907.0K
Q3 22	$315.0K
Q4 22	$1M
Q1 23	$2M
Q2 23	$1M
Q3 23	$1M
Q4 23	$1M
Q1 24	$64.0K
Q2 24	$100.0K
Q3 24	$67.0K
Q4 24	$67.0K
Q1 25	$195.0K
Q2 25	$115.0K
Q3 25	$101.0K
Q4 25	$411.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	-4.0%	+4.6%
Q3 22	-1.4%	+13.0%
Q4 22	+12.0%	+36.9%
Q1 23	+17.0%	+53.2%
Q2 23	+20.5%	+61.1%
Q3 23	+16.8%	+58.4%
Q4 23	+14.9%	+42.9%
Q1 24	+14.6%	+25.6%
Q2 24	+11.3%	+15.8%
Q3 24	+9.5%	+16.5%
Q4 24	+7.8%	-0.6%
Q1 25	+6.2%	-0.7%
Q2 25	+4.2%	-10.2%
Q3 25	+5.5%	-9.0%
Q4 25	+9.2%	-5.5%
Q1 26	-6.1%	+14.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$6M	—
Q3 22	$6M	—
Q4 22	$6M	—
Q1 23	$6M	—
Q2 23	$6M	—
Q3 23	$6M	—
Q4 23	$6M	—
Q1 24	$7M	—
Q2 24	$7M	—
Q3 24	$7M	—
Q4 24	$6M	—
Q1 25	$7M	—
Q2 25	$540.0K	—
Q3 25	$7M	—
Q4 25	$7M	$490.0K
Q1 26	$770.0K	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$89M	$828M	$918M
Q3 22	$45M	$784M	$829M
Q4 22	$43M	$786M	$829M
Q1 23	$101M	$789M	$890M
Q2 23	$104M	$759M	$863M
Q3 23	$100M	$737M	$837M
Q4 23	$64M	$736M	$800M
Q1 24	$119M	$723M	$842M
Q2 24	$70M	$691M	$761M
Q3 24	$65M	$689M	$754M
Q4 24	$107M	$195M	$302M
Q1 25	$169M	$640M	$809M
Q2 25	$102M	$645M	$747M
Q3 25	$114M	$202M	$316M
Q4 25	$20M	$656M	$676M
Q1 26	$21M	$689M	$710M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	9M	-0.4%	-0.7%
Q3 22	9M	-0.7%	-1.4%
Q4 22	9M	0.0%	-1.5%
Q1 23	9M	-1.2%	-2.3%
Q2 23	9M	+2.8%	+0.8%
Q3 23	9M	-3.0%	-1.5%
Q4 23	9M	+1.5%	0.0%
Q1 24	9M	0.0%	+1.3%
Q2 24	9M	0.0%	-1.5%
Q3 24	9M	0.0%	+1.5%
Q4 24	9M	-0.5%	-0.5%
Q1 25	9M	-0.4%	-0.8%
Q2 25	9M	0.0%	-0.8%
Q3 25	9M	0.0%	-0.8%
Q4 25	9M	+0.1%	-0.3%
Q1 26	0	-100.0%	-100.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$61.4K	281
Q3 22	$64.4K	281
Q4 22	$71.4K	270
Q1 23	$72.0K	270
Q2 23	$77.0K	270
Q3 23	$78.2K	270
Q4 23	$81.1K	273
Q1 24	$81.6K	273
Q2 24	$84.8K	273
Q3 24	$84.7K	273
Q4 24	$89.1K	268
Q1 25	$88.3K	268
Q2 25	$90.0K	268
Q3 25	$91.0K	268
Q4 25	$100.3K	260
Q1 26	$85.4K	260

Revenue / Employee