BFC

MKT CAP:$2B

Bank First Corporation

Market Cap

$2B

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

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$139.15+$18.52 (+15.35%)

Apr 22, 2026

Company Details

Bank First Corporation operates as a holding company for Bank First N.A. that provides consumer and commercial financial services to businesses, professionals, consumers, associations, individuals, and governmental authorities in Wisconsin....

CEO

Michael Molepske

IPO Date

Oct 15, 2003

Website

www.bankfirst.com

Key Metrics TTM

Revenue

$264M

+14.4% YoY

Net Income

$73M

EPS (Diluted)

$7.19

Free Cash Flow

$51M

Revenue / Share

$23.56

Gross Margin

72.5%

Operating Margin

34.3%

Net Margin

27.7%

FCF Margin

19.3%

P/S

6.1x

P/E

22.1x

Earnings Reports

Q1 2026

Mar 30, 2026

$84M+39.4%EPS $1.78

FY 2025

Feb 27, 2026

$240M+7.7%EPS $7.23

Q4 2025

Feb 27, 2026

$61M+5.2%EPS $1.87

Q3 2025

Nov 7, 2025

$60M+3.9%EPS $1.83

Q2 2025

Aug 11, 2025

$59M+7.7%EPS $1.71

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$30M	$27M	$15M
Q3 22	$34M	$31M	$14M
Q4 22	$38M	$33M	$17M
Q1 23	$45M	$32M	$14M
Q2 23	$48M	$37M	$19M
Q3 23	$51M	$38M	$20M
Q4 23	$43M	$27M	$46M
Q1 24	$53M	$37M	$17M
Q2 24	$54M	$38M	$20M
Q3 24	$58M	$40M	$21M
Q4 24	$58M	$41M	$22M
Q1 25	$60M	$42M	$22M
Q2 25	$59M	$40M	$21M
Q3 25	$60M	$42M	$22M
Q4 25	$61M	$45M	$23M
Q1 26	$84M	$64M	$25M

Valuation

Quarter	P/S	P/E
Q2 22	4.9x	12.9x
Q3 22	5.6x	15.8x
Q4 22	6.4x	18.7x
Q1 23	5.2x	16.7x
Q2 23	5.2x	18.0x
Q3 23	4.3x	15.0x
Q4 23	4.6x	11.4x
Q1 24	4.3x	10.5x
Q2 24	4.1x	10.2x
Q3 24	4.4x	11.0x
Q4 24	4.4x	15.1x
Q1 25	4.3x	14.7x
Q2 25	5.0x	16.9x
Q3 25	5.0x	16.9x
Q4 25	5.1x	17.3x
Q1 26	5.0x	17.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$2M	$1M
Q2 22	$8M	$7M
Q3 22	$10M	$7M
Q4 22	$20M	$18M
Q1 23	$4M	$1M
Q2 23	$11M	$7M
Q3 23	$17M	$13M
Q4 23	$20M	$18M
Q1 24	$1M	$551.0K
Q2 24	$15M	$14M
Q3 24	$19M	$17M
Q4 24	$31M	$27M
Q1 25	$6M	$4M
Q2 25	$12M	$8M
Q3 25	$15M	$12M
Q4 25	$29M	$26M

Capital Expenditures

Quarter	CapEx
Q1 22	$1M
Q2 22	$940.0K
Q3 22	$3M
Q4 22	$2M
Q1 23	$3M
Q2 23	$4M
Q3 23	$5M
Q4 23	$2M
Q1 24	$778.0K
Q2 24	$1M
Q3 24	$2M
Q4 24	$3M
Q1 25	$2M
Q2 25	$4M
Q3 25	$3M
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+2.5%	+4.5%
Q3 22	+21.0%	+50.4%
Q4 22	+30.8%	+47.8%
Q1 23	+60.1%	+112.7%
Q2 23	+61.0%	+100.3%
Q3 23	+47.2%	+51.6%
Q4 23	+11.4%	-114.5%
Q1 24	+17.9%	+16.4%
Q2 24	+12.5%	+17.3%
Q3 24	+14.3%	+20.2%
Q4 24	+36.2%	+1264.0%
Q1 25	+14.7%	+8.0%
Q2 25	+7.7%	+9.7%
Q3 25	+3.9%	+1.2%
Q4 25	+5.2%	+5.2%
Q1 26	+39.4%	+55.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$320.0K	1.1%
Q2 22	$447.0K	1.5%
Q3 22	$448.0K	1.3%
Q4 22	$447.0K	1.2%
Q1 23	$456.0K	1.0%
Q2 23	$564.0K	1.2%
Q3 23	$561.0K	1.1%
Q4 23	$561.0K	1.3%
Q1 24	$554.0K	1.1%
Q2 24	$539.0K	1.0%
Q3 24	$540.0K	0.9%
Q4 24	$539.0K	0.9%
Q1 25	$551.0K	0.9%
Q2 25	$484.0K	0.8%
Q3 25	$551.0K	0.9%
Q4 25	$550.0K	0.9%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$9M	$55.0K
Q3 22	$13M	$61.0K
Q4 22	$10M	$66.0K
Q1 23	$10M	$81.0K
Q2 23	$10M	$85.0K
Q3 23	$10M	$60.0K
Q4 23	$3M	$99.0K
Q1 24	$11M	$95.0K
Q2 24	$10M	$79.0K
Q3 24	$10M	$61.0K
Q4 24	$12M	$78.0K
Q1 25	$12M	$65.0K
Q2 25	$11M	$61.0K
Q3 25	$11M	$78.0K
Q4 25	$22M	—
Q1 26	$24M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$44M	$293M	$337M
Q3 22	$143M	$304M	$448M
Q4 22	$119M	$305M	$424M
Q1 23	$170M	$207M	$377M
Q2 23	$111M	$201M	$313M
Q3 23	$76M	$22M	$98M
Q4 23	$247M	$160M	$407M
Q1 24	$83M	$138M	$222M
Q2 24	$99M	$128M	$227M
Q3 24	$204M	$25M	$229M
Q4 24	$261M	$153M	$414M
Q1 25	$301M	$87M	$388M
Q2 25	$120M	$100M	$220M
Q3 25	$126M	$99M	$225M
Q4 25	$55M	$0	$55M
Q1 26	$399M	$0	$399M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	7M	-1.1%	-2.6%
Q3 22	8M	+10.1%	+7.9%
Q4 22	9M	+9.3%	+18.0%
Q1 23	10M	+8.3%	+28.8%
Q2 23	10M	+6.3%	+38.5%
Q3 23	10M	-0.2%	+25.6%
Q4 23	10M	+0.1%	+15.0%
Q1 24	10M	-1.6%	+4.5%
Q2 24	10M	-1.5%	-3.1%
Q3 24	10M	-0.1%	-3.1%
Q4 24	10M	0.0%	-3.2%
Q1 25	10M	-0.4%	-2.0%
Q2 25	10M	-0.7%	-1.2%
Q3 25	10M	-0.7%	-1.8%
Q4 25	10M	+0.0%	-1.8%
Q1 26	11M	+14.0%	+12.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$104.5K	287
Q3 22	$119.8K	287
Q4 22	$100.7K	382
Q1 23	$117.1K	382
Q2 23	$126.4K	382
Q3 23	$132.5K	382
Q4 23	$113.1K	379
Q1 24	$139.1K	379
Q2 24	$143.3K	379
Q3 24	$152.7K	379
Q4 24	$159.5K	366
Q1 25	$165.2K	366
Q2 25	$159.8K	366
Q3 25	$164.2K	366
Q4 25	$161.6K	380
Q1 26	$221.8K	380

Revenue / Employee