MBCN

MKT CAP:$274M

Middlefield Banc Corp.

Market Cap

$274M

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

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$33.65-$0.29 (-0.85%)

Mar 3, 2026

Company Details

Middlefield Banc Corp. operates as the bank holding company for The Middlefield Banking Company that provides various commercial banking services to small and medium-sized businesses, professionals, small business owners, and retail custome...

CEO

Ronald L. Zimmerly Jr.

IPO Date

Feb 27, 2003

Website

www.middlefieldbank.bank

Key Metrics TTM

Revenue

$112M

+3.5% YoY

Net Income

$19M

EPS (Diluted)

$2.39

Free Cash Flow

$18M

Revenue / Share

$13.78

Gross Margin

65.8%

Operating Margin

20.9%

Net Margin

17.3%

FCF Margin

15.7%

P/S

2.4x

P/E

14.1x

Earnings Reports

FY 2025

Feb 10, 2026

$112M+3.5%EPS $2.39

Q4 2025

Feb 10, 2026

$25M-9.9%EPS $0.38

Q3 2025

Nov 13, 2025

$30M+9.4%EPS $0.65

Q2 2025

Aug 12, 2025

$30M+10.8%EPS $0.76

Q1 2025

May 13, 2025

$27M+3.8%EPS $0.60

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$14M	$13M	$5M
Q2 22	$14M	$13M	$5M
Q3 22	$15M	$14M	$5M
Q4 22	$19M	$16M	$4M
Q1 23	$22M	$18M	$6M
Q2 23	$24M	$18M	$6M
Q3 23	$25M	$17M	$5M
Q4 23	$26M	$16M	$4M
Q1 24	$26M	$17M	$5M
Q2 24	$27M	$17M	$5M
Q3 24	$27M	$15M	$3M
Q4 24	$27M	$18M	$6M
Q1 25	$27M	$18M	$6M
Q2 25	$30M	$21M	$7M
Q3 25	$30M	$19M	$6M
Q4 25	$25M	$15M	$4M

Valuation

Quarter	P/S	P/E
Q1 22	2.6x	8.1x
Q2 22	2.6x	8.3x
Q3 22	3.2x	10.7x
Q4 22	3.7x	14.5x
Q1 23	3.3x	13.6x
Q2 23	2.7x	12.1x
Q3 23	2.3x	11.7x
Q4 23	2.5x	14.1x
Q1 24	1.9x	11.5x
Q2 24	1.8x	12.0x
Q3 24	2.2x	16.3x
Q4 24	2.1x	14.6x
Q1 25	2.1x	13.9x
Q2 25	2.2x	13.4x
Q3 25	2.1x	11.6x
Q4 25	2.5x	14.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$2M	$2M
Q2 22	$4M	$4M
Q3 22	$6M	$6M
Q4 22	$6M	$6M
Q1 23	$6M	$6M
Q2 23	$5M	$5M
Q3 23	$3M	$2M
Q4 23	$8M	$8M
Q1 24	$5M	$5M
Q2 24	$3M	$3M
Q3 24	$6M	$6M
Q4 24	$3M	$2M
Q1 25	$8M	$8M
Q2 25	$5M	$4M
Q3 25	$5M	$6M
Q4 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q1 22	$68.0K
Q2 22	$272.0K
Q3 22	$296.0K
Q4 22	$248.0K
Q1 23	$263.0K
Q2 23	$290.0K
Q3 23	$505.0K
Q4 23	$38.0K
Q1 24	$92.0K
Q2 24	$104.0K
Q3 24	$172.0K
Q4 24	$408.0K
Q1 25	$273.0K
Q2 25	$624.0K
Q3 25	$897.0K
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-11.0%	-12.0%
Q2 22	-2.5%	+1.6%
Q3 22	-1.0%	+10.8%
Q4 22	+30.2%	+71.2%
Q1 23	+60.9%	+77.7%
Q2 23	+72.0%	+96.8%
Q3 23	+64.7%	+106.5%
Q4 23	+37.6%	+47.7%
Q1 24	+20.1%	+33.4%
Q2 24	+12.0%	+22.6%
Q3 24	+9.9%	+21.1%
Q4 24	+6.5%	+0.3%
Q1 25	+3.8%	+0.9%
Q2 25	+10.8%	+2.0%
Q3 25	+9.4%	-4.5%
Q4 25	-9.9%	-3.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$117.0K	0.9%
Q2 22	-$161.0K	-1.1%
Q3 22	$157.0K	1.0%
Q4 22	$194.0K	1.0%
Q1 23	$30.0K	0.1%
Q2 23	$34.0K	0.1%
Q3 23	$14.0K	0.1%
Q4 23	$296.0K	1.2%
Q1 24	$0	0.0%
Q2 24	$43.0K	0.2%
Q3 24	$439.0K	1.6%
Q4 24	-$108.0K	-0.4%
Q1 25	$309.0K	1.1%
Q2 25	$386.0K	1.3%
Q3 25	$1M	4.8%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$4M	$228.0K
Q2 22	$4M	$229.0K
Q3 22	$5M	$268.0K
Q4 22	$2M	$308.0K
Q1 23	$6M	$486.0K
Q2 23	$6M	$415.0K
Q3 23	$6M	$414.0K
Q4 23	$7M	$162.0K
Q1 24	$7M	$419.0K
Q2 24	$6M	$508.0K
Q3 24	$6M	$283.0K
Q4 24	$6M	$371.0K
Q1 25	$7M	$364.0K
Q2 25	$7M	$451.0K
Q3 25	$7M	$386.0K
Q4 25	$9M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$79M	$175M	$254M
Q2 22	$60M	$172M	$232M
Q3 22	$120M	$162M	$282M
Q4 22	$51M	$165M	$216M
Q1 23	$60M	$170M	$229M
Q2 23	$49M	$167M	$217M
Q3 23	$56M	$159M	$216M
Q4 23	$56M	$171M	$227M
Q1 24	$45M	$168M	$213M
Q2 24	$50M	$166M	$217M
Q3 24	$62M	$170M	$232M
Q4 24	$46M	$166M	$212M
Q1 25	$56M	$54M	$110M
Q2 25	$59M	$51M	$110M
Q3 25	$81M	$63M	$144M
Q4 25	$40M	$8M	$48M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	6M	-1.4%	-7.7%
Q2 22	6M	-0.5%	-7.2%
Q3 22	6M	-0.9%	-5.7%
Q4 22	7M	+13.9%	+10.6%
Q1 23	8M	+23.3%	+38.4%
Q2 23	8M	-0.6%	+38.3%
Q3 23	8M	-0.0%	+39.5%
Q4 23	8M	+0.2%	+22.8%
Q1 24	8M	-0.2%	-0.7%
Q2 24	8M	-0.3%	-0.4%
Q3 24	8M	+0.4%	+0.0%
Q4 24	8M	-0.2%	-0.3%
Q1 25	8M	+0.1%	+0.0%
Q2 25	8M	+0.2%	+0.5%
Q3 25	8M	+0.2%	+0.3%
Q4 25	8M	+0.2%	+0.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	$78.5K	238
Q1 23	$92.4K	238
Q2 23	$102.6K	238
Q3 23	$104.6K	238
Q4 23	$100.4K	256
Q1 24	$103.2K	256
Q2 24	$106.9K	256
Q3 24	$106.9K	256
Q4 24	$111.2K	246
Q1 25	$111.5K	246
Q2 25	$123.2K	246
Q3 25	$121.7K	246
Q4 25	$100.2K	246

Revenue / Employee