HBT

MKT CAP:$882M

HBT Financial, Inc.

Market Cap

$882M

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

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$28.24+$2.53 (+9.84%)

Apr 22, 2026

Company Details

HBT Financial, Inc. operates as the bank holding company for Heartland Bank and Trust Company that provides business, commercial, and retail banking products and services to individuals, businesses, and municipal entities. The company's dep...

CEO

J. Lance Carter

IPO Date

Oct 11, 2019

Website

ir.hbtfinancial.com

Key Metrics TTM

Revenue

$293M

+2.8% YoY

Net Income

$77M

EPS (Diluted)

$2.44

Free Cash Flow

$193M

Revenue / Share

$9.33

Gross Margin

80.0%

Operating Margin

35.6%

Net Margin

26.3%

FCF Margin

65.7%

P/S

3.0x

P/E

11.5x

Earnings Reports

FY 2025

Mar 6, 2026

$293M+2.8%EPS $2.44

Q4 2025

Mar 6, 2026

$74M+0.7%EPS $0.60

Q3 2025

Oct 31, 2025

$74M+2.2%EPS $0.63

Q2 2025

Aug 1, 2025

$73M+1.5%EPS $0.61

Q1 2025

May 2, 2025

$72M+7.3%EPS $0.60

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$43M	$42M	$18M
Q2 22	$44M	$43M	$19M
Q3 22	$47M	$45M	$21M
Q4 22	$53M	$50M	$18M
Q1 23	$59M	$48M	$12M
Q2 23	$66M	$59M	$25M
Q3 23	$68M	$57M	$27M
Q4 23	$70M	$55M	$25M
Q1 24	$67M	$51M	$21M
Q2 24	$72M	$55M	$25M
Q3 24	$72M	$55M	$25M
Q4 24	$74M	$58M	$27M
Q1 25	$72M	$57M	$26M
Q2 25	$73M	$58M	$26M
Q3 25	$74M	$59M	$27M
Q4 25	$74M	$60M	$26M

Valuation

Quarter	P/S	P/E
Q1 22	3.3x	10.1x
Q2 22	3.1x	9.6x
Q3 22	2.9x	9.0x
Q4 22	3.3x	10.8x
Q1 23	3.1x	12.1x
Q2 23	2.6x	10.3x
Q3 23	2.3x	9.4x
Q4 23	2.5x	9.9x
Q1 24	2.2x	8.2x
Q2 24	2.3x	8.9x
Q3 24	2.5x	9.9x
Q4 24	2.4x	9.6x
Q1 25	2.4x	9.4x
Q2 25	2.7x	10.4x
Q3 25	2.7x	10.1x
Q4 25	2.8x	10.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$21M	$21M
Q2 22	$10M	$9M
Q3 22	$18M	$18M
Q4 22	$23M	$23M
Q1 23	$21M	$21M
Q2 23	$15M	$14M
Q3 23	$17M	$16M
Q4 23	$13M	$12M
Q1 24	$27M	$25M
Q2 24	$20M	$18M
Q3 24	$26M	$25M
Q4 24	$17M	$16M
Q1 25	$30M	$29M
Q2 25	$14M	$11M
Q3 25	$17M	$15M
Q4 25	$142M	$137M

Capital Expenditures

Quarter	CapEx
Q1 22	$289.0K
Q2 22	$207.0K
Q3 22	$187.0K
Q4 22	$364.0K
Q1 23	$622.0K
Q2 23	$873.0K
Q3 23	$456.0K
Q4 23	$1M
Q1 24	$1M
Q2 24	$2M
Q3 24	$955.0K
Q4 24	$2M
Q1 25	$1M
Q2 25	$2M
Q3 25	$2M
Q4 25	$5M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+5.3%	+22.6%
Q2 22	+11.2%	+18.9%
Q3 22	+17.0%	+19.4%
Q4 22	+20.9%	+40.8%
Q1 23	+36.4%	+88.6%
Q2 23	+50.7%	+64.6%
Q3 23	+45.3%	+61.9%
Q4 23	+33.5%	+29.9%
Q1 24	+13.9%	-0.4%
Q2 24	+8.5%	+13.8%
Q3 24	+6.1%	+15.1%
Q4 24	+5.1%	+2.2%
Q1 25	+7.3%	-0.1%
Q2 25	+1.5%	-0.6%
Q3 25	+2.2%	-1.3%
Q4 25	+0.7%	+4.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$901.0K	2.1%
Q2 22	$352.0K	0.8%
Q3 22	$349.0K	0.7%
Q4 22	$347.0K	0.7%
Q1 23	$517.0K	0.9%
Q2 23	$434.0K	0.7%
Q3 23	$608.0K	0.9%
Q4 23	$394.0K	0.6%
Q1 24	$509.0K	0.8%
Q2 24	$376.0K	0.5%
Q3 24	$380.0K	0.5%
Q4 24	$487.0K	0.7%
Q1 25	$419.0K	0.6%
Q2 25	$455.0K	0.6%
Q3 25	$513.0K	0.7%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$16M	$851.0K
Q2 22	$15M	$1M
Q3 22	$16M	$880.0K
Q4 22	$10M	$867.0K
Q1 23	$22M	$836.0K
Q2 23	$20M	$1M
Q3 23	$19M	$2M
Q4 23	$9M	$1M
Q1 24	$20M	$996.0K
Q2 24	$20M	$996.0K
Q3 24	$20M	$1M
Q4 24	$19M	$948.0K
Q1 25	$21M	$1M
Q2 25	$16M	$1M
Q3 25	$20M	$1M
Q4 25	—	$33M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$359M	$934M	$1.3B
Q2 22	$160M	$925M	$1.1B
Q3 22	$78M	$854M	$932M
Q4 22	$114M	$844M	$958M
Q1 23	$177M	$855M	$1.0B
Q2 23	$110M	$823M	$933M
Q3 23	$112M	$753M	$866M
Q4 23	$142M	$759M	$901M
Q1 24	$261M	$669M	$930M
Q2 24	$196M	$669M	$865M
Q3 24	$180M	$710M	$890M
Q4 24	$138M	$52M	$190M
Q1 25	$212M	$408M	$619M
Q2 25	$26M	$773M	$799M
Q3 25	$155M	$489M	$644M
Q4 25	$24M	$813M	$838M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	29M	-0.0%	+5.8%
Q2 22	29M	-0.3%	+5.7%
Q3 22	29M	-0.3%	+5.5%
Q4 22	29M	-0.1%	-0.7%
Q1 23	31M	+7.6%	+6.9%
Q2 23	32M	+3.3%	+10.8%
Q3 23	32M	-0.4%	+10.8%
Q4 23	32M	-0.4%	+10.4%
Q1 24	32M	-0.1%	+2.4%
Q2 24	32M	-0.4%	-1.3%
Q3 24	32M	+0.0%	-0.9%
Q4 24	32M	-0.3%	-0.8%
Q1 25	32M	+0.4%	-0.3%
Q2 25	32M	-0.6%	-0.5%
Q3 25	31M	-0.1%	-0.6%
Q4 25	31M	-0.1%	-0.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$59.4K	728
Q2 22	$60.5K	728
Q3 22	$64.4K	728
Q4 22	$73.9K	711
Q1 23	$82.9K	711
Q2 23	$93.3K	711
Q3 23	$95.9K	711
Q4 23	$83.2K	844
Q1 24	$79.5K	844
Q2 24	$85.3K	844
Q3 24	$85.7K	844
Q4 24	$87.4K	844
Q1 25	$85.4K	844
Q2 25	$86.6K	844
Q3 25	$87.6K	844
Q4 25	$89.9K	826

Revenue / Employee