CARE

MKT CAP:$530M

Carter Bankshares, Inc.

Market Cap

$530M

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

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$23.86+$4.43 (+22.80%)

Apr 23, 2026

Company Details

Carter Bankshares, Inc. operates as the bank holding company for Carter Bank & Trust that provides various banking products and services. It accepts various deposit products, including checking, savings, retirement, and money market account...

CEO

Litz H. Van Dyke

IPO Date

Mar 15, 2007

Website

www.cbtcares.com

Key Metrics TTM

Revenue

$252M

+5.0% YoY

Net Income

$31M

EPS (Diluted)

$1.39

Free Cash Flow

$30M

Revenue / Share

$11.51

Gross Margin

61.2%

Operating Margin

15.9%

Net Margin

12.5%

FCF Margin

11.9%

P/S

2.1x

P/E

16.9x

Earnings Reports

FY 2025

Mar 5, 2026

$255M+6.2%EPS $1.40

Q4 2025

Mar 5, 2026

$65M+5.9%EPS $0.39

Q3 2025

Nov 3, 2025

$64M+4.0%EPS $0.24

Q2 2025

Aug 4, 2025

$62M+4.0%EPS $0.37

Q1 2025

May 8, 2025

$62M+6.1%EPS $0.39

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$37M	$32M	$11M
Q2 22	$42M	$35M	$13M
Q3 22	$47M	$42M	$19M
Q4 22	$53M	$46M	$19M
Q1 23	$56M	$44M	$20M
Q2 23	$48M	$31M	$6M
Q3 23	$53M	$31M	$4M
Q4 23	$53M	$25M	-$2M
Q1 24	$58M	$33M	$7M
Q2 24	$59M	$33M	$6M
Q3 24	$61M	$34M	$7M
Q4 24	$61M	$39M	$11M
Q1 25	$62M	$38M	$11M
Q2 25	$62M	$39M	$11M
Q3 25	$64M	$35M	$7M
Q4 25	$65M	$42M	$11M

Valuation

Quarter	P/S	P/E
Q1 22	3.5x	16.8x
Q2 22	3.4x	14.4x
Q3 22	3.2x	13.2x
Q4 22	3.0x	10.6x
Q1 23	2.7x	9.3x
Q2 23	2.6x	10.3x
Q3 23	2.5x	13.0x
Q4 23	2.5x	22.7x
Q1 24	2.5x	40.0x
Q2 24	2.4x	42.9x
Q3 24	2.3x	36.9x
Q4 24	2.2x	21.6x
Q1 25	2.2x	19.2x
Q2 25	2.2x	16.9x
Q3 25	2.1x	17.0x
Q4 25	2.1x	16.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$12M	$12M
Q2 22	$14M	$13M
Q3 22	$21M	$19M
Q4 22	$23M	$21M
Q1 23	$22M	$21M
Q2 23	$7M	$3M
Q3 23	$9M	$7M
Q4 23	$8M	$6M
Q1 24	$18M	$16M
Q2 24	-$2M	-$4M
Q3 24	$10M	$8M
Q4 24	$11M	$8M
Q1 25	$6M	$5M
Q2 25	$10M	$8M
Q3 25	$12M	$10M
Q4 25	$12M	$7M

Capital Expenditures

Quarter	CapEx
Q1 22	$809.0K
Q2 22	$2M
Q3 22	$2M
Q4 22	$2M
Q1 23	$2M
Q2 23	$4M
Q3 23	$2M
Q4 23	$2M
Q1 24	$1M
Q2 24	$2M
Q3 24	$2M
Q4 24	$3M
Q1 25	$2M
Q2 25	$2M
Q3 25	$2M
Q4 25	$5M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-9.9%	-14.4%
Q2 22	+13.2%	-4.4%
Q3 22	+15.4%	-3.7%
Q4 22	+39.9%	+9.7%
Q1 23	+51.9%	+35.8%
Q2 23	+14.5%	+43.9%
Q3 23	+14.0%	+78.9%
Q4 23	+0.6%	+63.1%
Q1 24	+3.8%	+42.9%
Q2 24	+23.6%	+26.5%
Q3 24	+14.6%	+10.6%
Q4 24	+14.5%	-8.8%
Q1 25	+6.1%	-0.6%
Q2 25	+4.0%	-4.4%
Q3 25	+4.0%	+4.3%
Q4 25	+5.9%	+6.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$395.0K	1.1%
Q2 22	$309.0K	0.7%
Q3 22	$306.0K	0.7%
Q4 22	$304.0K	0.6%
Q1 23	$345.0K	0.6%
Q2 23	$431.0K	0.9%
Q3 23	$395.0K	0.7%
Q4 23	$390.0K	0.7%
Q1 24	$441.0K	0.8%
Q2 24	$425.0K	0.7%
Q3 24	$458.0K	0.7%
Q4 24	$428.0K	0.7%
Q1 25	$481.0K	0.8%
Q2 25	$529.0K	0.9%
Q3 25	$539.0K	0.8%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$12M	$239.0K
Q2 22	$14M	$267.0K
Q3 22	$14M	$368.0K
Q4 22	$11M	$560.0K
Q1 23	$14M	$339.0K
Q2 23	$15M	$431.0K
Q3 23	$15M	$363.0K
Q4 23	$17M	$560.0K
Q1 24	$16M	$357.0K
Q2 24	$16M	$528.0K
Q3 24	$16M	$585.0K
Q4 24	$16M	$1M
Q1 25	$15M	$911.0K
Q2 25	$16M	$708.0K
Q3 25	$15M	$669.0K
Q4 25	$20M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$108M	$982M	$1.1B
Q2 22	$70M	$907M	$977M
Q3 22	$66M	$851M	$917M
Q4 22	$47M	$836M	$883M
Q1 23	$81M	$863M	$944M
Q2 23	$53M	$821M	$875M
Q3 23	$55M	$793M	$849M
Q4 23	$55M	$720M	$774M
Q1 24	$108M	$709M	$817M
Q2 24	$62M	$686M	$748M
Q3 24	$105M	$680M	$785M
Q4 24	$131M	$655M	$786M
Q1 25	$89M	$682M	$771M
Q2 25	$100M	$691M	$791M
Q3 25	$107M	$664M	$771M
Q4 25	$105M	$692M	$797M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	26M	-2.3%	-2.0%
Q2 22	24M	-4.9%	-7.0%
Q3 22	24M	-0.9%	-7.9%
Q4 22	24M	-1.5%	-9.3%
Q1 23	24M	-0.6%	-7.7%
Q2 23	24M	-1.1%	-4.0%
Q3 23	23M	-2.4%	-5.4%
Q4 23	23M	+0.0%	-4.0%
Q1 24	23M	-0.8%	-4.2%
Q2 24	23M	+0.2%	-2.9%
Q3 24	23M	+1.1%	+0.5%
Q4 24	23M	+0.7%	+1.2%
Q1 25	23M	-1.6%	+0.5%
Q2 25	23M	-0.3%	-0.1%
Q3 25	22M	-2.2%	-3.4%
Q4 25	22M	-2.0%	-6.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$50.6K	731
Q2 22	$57.3K	731
Q3 22	$64.0K	731
Q4 22	$79.3K	667
Q1 23	$84.3K	667
Q2 23	$71.9K	667
Q3 23	$80.0K	667
Q4 23	$78.3K	679
Q1 24	$85.9K	679
Q2 24	$87.3K	679
Q3 24	$90.0K	679
Q4 24	$89.6K	680
Q1 25	$91.1K	680
Q2 25	$90.7K	680
Q3 25	$93.5K	680
Q4 25	$93.9K	687

Revenue / Employee