COFS

MKT CAP:$461M

ChoiceOne Financial Services, Inc.

Market Cap

$461M

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

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$30.17+$1.20 (+4.14%)

Apr 21, 2026

Company Details

ChoiceOne Financial Services, Inc. operates as the bank holding company for ChoiceOne Bank that provides community banking services to corporations, partnerships, and individuals in Michigan. The company offers various deposit products, inc...

CEO

Kelly J. Potes

IPO Date

Jun 21, 2001

Website

www.choiceone.com

Key Metrics TTM

Revenue

$236M

+55.8% YoY

Net Income

$56M

EPS (Diluted)

$3.70

Free Cash Flow

$12M

Revenue / Share

—

Gross Margin

54.6%

Operating Margin

21.9%

Net Margin

23.6%

FCF Margin

5.3%

P/S

2.0x

P/E

8.3x

Earnings Reports

Q1 2026

Apr 24, 2026

NEW

$53M+18.7%EPS $0.91

FY 2025

Mar 13, 2026

$193M+38.7%EPS $2.01

Q4 2025

Mar 13, 2026

$60M+67.8%EPS $0.92

Q3 2025

Nov 10, 2025

$62M+69.2%EPS $0.97

Q2 2025

Aug 8, 2025

$60M+77.6%EPS $0.90

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$21M	$20M	$7M
Q3 22	$22M	$20M	$7M
Q4 22	$24M	$21M	$8M
Q1 23	$25M	$21M	$7M
Q2 23	$27M	$20M	$6M
Q3 23	$30M	$20M	$6M
Q4 23	$32M	$20M	$6M
Q1 24	$32M	$21M	$7M
Q2 24	$34M	$22M	$8M
Q3 24	$37M	$25M	$9M
Q4 24	$36M	$24M	$9M
Q1 25	$45M	$18M	-$18M
Q2 25	$60M	$42M	$17M
Q3 25	$62M	$45M	$18M
Q4 25	$60M	$42M	$17M
Q1 26	$53M	$0	$0

Valuation

Quarter	P/S	P/E
Q2 22	1.7x	6.8x
Q3 22	1.9x	7.6x
Q4 22	2.4x	9.0x
Q1 23	2.1x	8.2x
Q2 23	1.8x	7.4x
Q3 23	1.3x	6.3x
Q4 23	1.8x	9.9x
Q1 24	1.7x	9.5x
Q2 24	1.9x	10.7x
Q3 24	2.0x	10.7x
Q4 24	2.2x	11.5x
Q1 25	1.6x	32.7x
Q2 25	1.3x	16.6x
Q3 25	2.2x	20.4x
Q4 25	2.0x	15.9x
Q1 26	1.8x	7.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$3M	$2M
Q2 22	$20M	$19M
Q3 22	$10M	$9M
Q4 22	$13M	$13M
Q1 23	$9M	$8M
Q2 23	$16M	$15M
Q3 23	$32M	$31M
Q4 23	-$11M	-$12M
Q1 24	$15M	$15M
Q2 24	$16M	$15M
Q3 24	-$6M	-$7M
Q4 24	$24M	$23M
Q1 25	-$6M	-$7M
Q2 25	$9M	$7M
Q3 25	$15M	$14M
Q4 25	$3M	-$872.0K

Capital Expenditures

Quarter	CapEx
Q1 22	$526.0K
Q2 22	$175.0K
Q3 22	$537.0K
Q4 22	$74.0K
Q1 23	$1M
Q2 23	$1M
Q3 23	$1M
Q4 23	$780.0K
Q1 24	$311.0K
Q2 24	$483.0K
Q3 24	$253.0K
Q4 24	$659.0K
Q1 25	$835.0K
Q2 25	$2M
Q3 25	$2M
Q4 25	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+4.7%	+2.3%
Q3 22	+4.1%	+6.4%
Q4 22	+16.3%	+12.2%
Q1 23	+17.6%	+24.0%
Q2 23	+27.0%	+41.4%
Q3 23	+34.4%	+54.0%
Q4 23	+31.3%	+53.7%
Q1 24	+29.6%	+39.3%
Q2 24	+27.0%	+25.8%
Q3 24	+21.8%	+14.6%
Q4 24	+12.6%	+6.5%
Q1 25	+38.2%	+143.6%
Q2 25	+77.6%	+69.3%
Q3 25	+69.2%	+59.5%
Q4 25	+67.8%	+60.4%
Q1 26	+18.7%	-14.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$226.0K	1.1%
Q2 22	$267.0K	1.3%
Q3 22	$233.0K	1.0%
Q4 22	$232.0K	1.0%
Q1 23	$235.0K	0.9%
Q2 23	$252.0K	0.9%
Q3 23	$254.0K	0.8%
Q4 23	$264.0K	0.8%
Q1 24	$295.0K	0.9%
Q2 24	$281.0K	0.8%
Q3 24	-$35.0K	-0.1%
Q4 24	$179.0K	0.5%
Q1 25	$190.0K	0.4%
Q2 25	$192.0K	0.3%
Q3 25	$242.0K	0.4%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$8M	$147.0K
Q3 22	$8M	$199.0K
Q4 22	$8M	$286.0K
Q1 23	$8M	$149.0K
Q2 23	$8M	$155.0K
Q3 23	$8M	$269.0K
Q4 23	$8M	$148.0K
Q1 24	$8M	$150.0K
Q2 24	$9M	$199.0K
Q3 24	$9M	$168.0K
Q4 24	$9M	$271.0K
Q1 25	$11M	$256.0K
Q2 25	$14M	$260.0K
Q3 25	$15M	$207.0K
Q4 25	$17M	—
Q1 26	$982.0K	$264.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$40M	$566M	$606M
Q3 22	$51M	$530M	$582M
Q4 22	$44M	$530M	$574M
Q1 23	$55M	$535M	$591M
Q2 23	$77M	$521M	$598M
Q3 23	$145M	$491M	$635M
Q4 23	$55M	$515M	$570M
Q1 24	$150M	$505M	$655M
Q2 24	$101M	$492M	$593M
Q3 24	$146M	$498M	$643M
Q4 24	$96M	$479M	$576M
Q1 25	$139M	$16M	$155M
Q2 25	$156M	$10M	$166M
Q3 25	$99M	$9M	$108M
Q4 25	$88M	$554M	$642M
Q1 26	$84M	$574M	$658M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	8M	-0.1%	-3.5%
Q3 22	8M	+0.1%	-1.5%
Q4 22	8M	-0.1%	-0.9%
Q1 23	8M	+0.6%	+0.5%
Q2 23	8M	-0.0%	+0.6%
Q3 23	8M	+0.2%	+0.6%
Q4 23	8M	-0.1%	+0.7%
Q1 24	8M	+0.5%	+0.6%
Q2 24	8M	+0.1%	+0.7%
Q3 24	9M	+12.4%	+12.9%
Q4 24	9M	0.0%	+13.0%
Q1 25	11M	+25.7%	+41.3%
Q2 25	15M	+40.0%	+97.7%
Q3 25	15M	+0.7%	+77.1%
Q4 25	15M	-0.5%	+76.3%
Q1 26	0	-100.0%	-100.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$54.7K	386
Q3 22	$57.9K	386
Q4 22	$60.7K	402
Q1 23	$62.4K	402
Q2 23	$66.7K	402
Q3 23	$74.6K	402
Q4 23	$82.3K	389
Q1 24	$83.5K	389
Q2 24	$87.5K	389
Q3 24	$94.0K	389
Q4 24	$91.9K	392
Q1 25	$114.5K	392
Q2 25	$154.2K	392
Q3 25	$157.8K	392
Q4 25	$101.1K	598
Q1 26	$89.1K	598

Revenue / Employee