BFST

MKT CAP:$923M

Business First Bancshares, Inc.

Market Cap

$923M

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

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$28.48+$2.61 (+10.07%)

Apr 22, 2026

Company Details

Business First Bancshares, Inc. operates as the bank holding company for b1BANK that provides various banking products and services. It offers various deposit products and services, including checking, demand, money market, time, and saving...

CEO

David R. Melville

IPO Date

Apr 23, 2018

Website

www.b1bank.com

Key Metrics TTM

Revenue

$512M

+11.8% YoY

Net Income

$88M

EPS (Diluted)

$2.79

Free Cash Flow

$88M

Revenue / Share

$17.26

Gross Margin

60.9%

Operating Margin

22.2%

Net Margin

17.2%

FCF Margin

17.1%

P/S

1.8x

P/E

10.5x

Earnings Reports

Q1 2026

Apr 27, 2026

PENDING

FY 2025

Feb 26, 2026

$512M+11.8%EPS $2.78

Q4 2025

Feb 26, 2026

$130M+1.7%EPS $0.71

Q3 2025

Oct 30, 2025

$130M+15.1%EPS $0.73

Q2 2025

Aug 5, 2025

$126M+13.0%EPS $0.70

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$50M	$45M	$11M
Q2 22	$61M	$54M	$17M
Q3 22	$71M	$58M	$17M
Q4 22	$82M	$61M	$23M
Q1 23	$88M	$58M	$19M
Q2 23	$94M	$61M	$25M
Q3 23	$102M	$63M	$26M
Q4 23	$102M	$61M	$20M
Q1 24	$105M	$59M	$17M
Q2 24	$112M	$64M	$22M
Q3 24	$113M	$65M	$23M
Q4 24	$128M	$71M	$21M
Q1 25	$126M	$75M	$26M
Q2 25	$126M	$76M	$28M
Q3 25	$130M	$78M	$29M
Q4 25	$130M	$83M	$31M

Valuation

Quarter	P/S	P/E
Q1 22	4.5x	19.0x
Q2 22	4.5x	20.6x
Q3 22	4.0x	19.1x
Q4 22	3.5x	17.0x
Q1 23	3.1x	15.2x
Q2 23	2.8x	13.9x
Q3 23	2.5x	12.6x
Q4 23	2.4x	13.0x
Q1 24	2.3x	13.3x
Q2 24	2.2x	13.8x
Q3 24	2.1x	14.3x
Q4 24	2.0x	14.2x
Q1 25	1.9x	12.8x
Q2 25	1.9x	12.0x
Q3 25	1.8x	11.3x
Q4 25	1.8x	10.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$19M	$16M
Q2 22	$18M	$16M
Q3 22	$21M	$20M
Q4 22	$11M	$11M
Q1 23	$23M	$21M
Q2 23	$26M	$26M
Q3 23	$22M	$19M
Q4 23	$21M	$15M
Q1 24	$8M	$7M
Q2 24	$15M	$14M
Q3 24	$21M	$21M
Q4 24	$17M	$18M
Q1 25	$29M	$28M
Q2 25	$14M	$14M
Q3 25	$32M	$32M
Q4 25	$17M	$14M

Capital Expenditures

Quarter	CapEx
Q1 22	$4M
Q2 22	$3M
Q3 22	$781.0K
Q4 22	$588.0K
Q1 23	$2M
Q2 23	$166.0K
Q3 23	$3M
Q4 23	$6M
Q1 24	$389.0K
Q2 24	$1M
Q3 24	$393.0K
Q4 24	$275.0K
Q1 25	$1M
Q2 25	$222.0K
Q3 25	$334.0K
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+2.0%	+14.7%
Q2 22	+5.3%	+21.7%
Q3 22	+50.3%	+56.3%
Q4 22	+68.7%	+73.7%
Q1 23	+75.4%	+75.6%
Q2 23	+54.2%	+57.8%
Q3 23	+43.3%	+41.3%
Q4 23	+24.2%	+38.0%
Q1 24	+19.8%	+28.4%
Q2 24	+18.7%	+30.3%
Q3 24	+11.2%	+19.3%
Q4 24	+25.2%	+30.3%
Q1 25	+19.4%	+13.5%
Q2 25	+13.0%	+9.2%
Q3 25	+15.1%	+12.1%
Q4 25	+1.7%	-6.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$757.0K	1.5%
Q2 22	$287.0K	0.5%
Q3 22	$1M	1.9%
Q4 22	$1M	1.6%
Q1 23	$1M	1.4%
Q2 23	$1M	1.3%
Q3 23	$246.0K	0.2%
Q4 23	$1M	1.3%
Q1 24	$1M	1.1%
Q2 24	-$612.0K	-0.5%
Q3 24	$404.0K	0.4%
Q4 24	$2M	1.6%
Q1 25	$2M	1.3%
Q2 25	$468.0K	0.4%
Q3 25	$1M	1.0%
Q4 25	$2M	1.9%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$24M	$531.0K
Q2 22	$22M	$703.0K
Q3 22	$26M	$1M
Q4 22	$22M	$2M
Q1 23	$24M	$1M
Q2 23	$24M	$1M
Q3 23	$24M	$1M
Q4 23	$13M	$1M
Q1 24	$27M	$1M
Q2 24	$27M	$966.0K
Q3 24	$26M	$1M
Q4 24	$28M	$2M
Q1 25	$31M	$1M
Q2 25	$29M	$1M
Q3 25	$29M	$1M
Q4 25	$38M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$282M	$961M	$1.2B
Q2 22	$155M	$935M	$1.1B
Q3 22	$153M	$885M	$1.0B
Q4 22	$153M	$891M	$1.0B
Q1 23	$160M	$904M	$1.1B
Q2 23	$181M	$878M	$1.1B
Q3 23	$191M	$850M	$1.0B
Q4 23	$226M	$880M	$1.1B
Q1 24	$186M	$873M	$1.1B
Q2 24	$208M	$875M	$1.1B
Q3 24	$213M	$916M	$1.1B
Q4 24	$319M	$29M	$348M
Q1 25	$313M	$32M	$345M
Q2 25	$496M	$551M	$1.0B
Q3 25	$399M	$48M	$447M
Q4 25	$411M	$591M	$1.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	21M	+3.4%	+2.0%
Q2 22	23M	+7.1%	+8.8%
Q3 22	23M	-0.0%	+10.4%
Q4 22	25M	+9.3%	+21.0%
Q1 23	25M	+1.9%	+19.2%
Q2 23	25M	+0.4%	+11.8%
Q3 23	25M	-0.2%	+11.6%
Q4 23	25M	+0.2%	+2.3%
Q1 24	25M	+0.4%	+0.8%
Q2 24	25M	-0.1%	+0.2%
Q3 24	25M	+0.2%	+0.6%
Q4 24	30M	+16.0%	+16.5%
Q1 25	30M	+0.1%	+16.2%
Q2 25	30M	0.0%	+16.3%
Q3 25	30M	+0.4%	+16.6%
Q4 25	30M	0.0%	+0.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$75.9K	659
Q2 22	$92.5K	659
Q3 22	$107.8K	659
Q4 22	$110.7K	742
Q1 23	$118.2K	742
Q2 23	$126.8K	742
Q3 23	$137.2K	742
Q4 23	$134.2K	761
Q1 24	$138.1K	761
Q2 24	$146.7K	761
Q3 24	$148.7K	761
Q4 24	$148.8K	859
Q1 25	$146.1K	859
Q2 25	$146.9K	859
Q3 25	$151.6K	859
Q4 25	$156.5K	831

Revenue / Employee