SBFG

MKT CAP:$138M

SB Financial Group, Inc.

Market Cap

$138M

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

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$21.72+$0.35 (+1.64%)

Apr 22, 2026

Company Details

SB Financial Group, Inc. provides a range of commercial banking and wealth management services to individual and corporate customers primarily in Ohio, Indiana, and Michigan. It offers checking, savings, money market accounts, as well as ti...

CEO

Mark A. Klein

IPO Date

Jan 4, 1999

Website

ir.yourstatebank.com

Key Metrics TTM

Revenue

$91M

+11.9% YoY

Net Income

$14M

EPS (Diluted)

$2.20

Free Cash Flow

$20M

Revenue / Share

$14.53

Gross Margin

70.6%

Operating Margin

19.0%

Net Margin

15.4%

FCF Margin

21.7%

P/S

1.5x

P/E

9.9x

Earnings Reports

FY 2025

Mar 6, 2026

$91M+11.9%EPS $2.19

Q4 2025

Mar 6, 2026

$23M+7.4%EPS $0.63

Q3 2025

Nov 6, 2025

$23M+11.5%EPS $0.64

Q2 2025

Aug 7, 2025

$24M+17.3%EPS $0.60

Q1 2025

May 8, 2025

$21M+11.6%EPS $0.33

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$15M	$14M	$3M
Q2 22	$15M	$14M	$3M
Q3 22	$16M	$14M	$4M
Q4 22	$17M	$15M	$4M
Q1 23	$17M	$14M	$3M
Q2 23	$19M	$14M	$4M
Q3 23	$19M	$14M	$3M
Q4 23	$21M	$15M	$5M
Q1 24	$19M	$13M	$3M
Q2 24	$20M	$14M	$3M
Q3 24	$21M	$14M	$3M
Q4 24	$21M	$16M	$5M
Q1 25	$21M	$15M	$3M
Q2 25	$24M	$17M	$5M
Q3 25	$23M	$16M	$5M
Q4 25	$23M	$16M	$5M

Valuation

Quarter	P/S	P/E
Q1 22	2.1x	9.9x
Q2 22	2.1x	10.6x
Q3 22	2.2x	11.2x
Q4 22	2.2x	11.1x
Q1 23	2.1x	11.4x
Q2 23	2.0x	11.2x
Q3 23	1.9x	11.8x
Q4 23	1.8x	11.4x
Q1 24	1.8x	11.5x
Q2 24	1.8x	11.5x
Q3 24	1.7x	11.8x
Q4 24	1.7x	12.1x
Q1 25	1.7x	12.3x
Q2 25	1.6x	11.5x
Q3 25	1.5x	10.1x
Q4 25	1.5x	9.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$1M	-$2M
Q2 22	$5M	$5M
Q3 22	$9M	$9M
Q4 22	$13M	$12M
Q1 23	-$4M	-$4M
Q2 23	$3M	$3M
Q3 23	$8M	$8M
Q4 23	$7M	$7M
Q1 24	$308.0K	$149.0K
Q2 24	-$434.0K	-$833.0K
Q3 24	$4M	$3M
Q4 24	$6M	$6M
Q1 25	$7M	$6M
Q2 25	-$4M	-$4M
Q3 25	$13M	$12M
Q4 25	$8M	$6M

Capital Expenditures

Quarter	CapEx
Q1 22	$417.0K
Q2 22	$627.0K
Q3 22	$269.0K
Q4 22	$583.0K
Q1 23	$338.0K
Q2 23	$173.0K
Q3 23	$272.0K
Q4 23	$175.0K
Q1 24	$159.0K
Q2 24	$399.0K
Q3 24	$389.0K
Q4 24	$282.0K
Q1 25	$923.0K
Q2 25	$528.0K
Q3 25	$453.0K
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-29.7%	-7.6%
Q2 22	-9.3%	-3.3%
Q3 22	-10.6%	-6.7%
Q4 22	+0.3%	-1.5%
Q1 23	+15.1%	+23.3%
Q2 23	+23.9%	+28.9%
Q3 23	+19.9%	+34.3%
Q4 23	+24.1%	+28.7%
Q1 24	+10.1%	+12.9%
Q2 24	+6.8%	+10.7%
Q3 24	+9.0%	+11.6%
Q4 24	+3.6%	+6.6%
Q1 25	+11.6%	+15.2%
Q2 25	+17.3%	+12.7%
Q3 25	+11.5%	+3.0%
Q4 25	+7.4%	+6.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$158.0K	1.0%
Q2 22	$197.0K	1.3%
Q3 22	$124.0K	0.8%
Q4 22	$89.0K	0.5%
Q1 23	$165.0K	0.9%
Q2 23	$201.0K	1.1%
Q3 23	$123.0K	0.6%
Q4 23	$87.0K	0.4%
Q1 24	$167.0K	0.9%
Q2 24	$217.0K	1.1%
Q3 24	$149.0K	0.7%
Q4 24	$104.0K	0.5%
Q1 25	$157.0K	0.7%
Q2 25	$184.0K	0.8%
Q3 25	$121.0K	0.5%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$6M	$231.0K
Q2 22	$7M	$222.0K
Q3 22	$6M	$200.0K
Q4 22	$6M	$258.0K
Q1 23	$6M	$198.0K
Q2 23	$6M	$213.0K
Q3 23	$6M	$189.0K
Q4 23	$6M	$182.0K
Q1 24	$6M	$197.0K
Q2 24	$6M	$176.0K
Q3 24	$6M	$241.0K
Q4 24	$6M	$207.0K
Q1 25	$6M	$165.0K
Q2 25	$892.0K	$190.0K
Q3 25	$6M	$174.0K
Q4 25	$12M	$122.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$132M	$265M	$397M
Q2 22	$31M	$266M	$297M
Q3 22	$30M	$243M	$273M
Q4 22	$30M	$239M	$269M
Q1 23	$23M	$238M	$261M
Q2 23	$22M	$228M	$250M
Q3 23	$20M	$213M	$233M
Q4 23	$25M	$220M	$244M
Q1 24	$29M	$213M	$242M
Q2 24	$24M	$208M	$232M
Q3 24	$51M	$212M	$263M
Q4 24	$27M	$172M	$199M
Q1 25	$107M	$170M	$276M
Q2 25	$81M	$166M	$247M
Q3 25	$87M	$44M	$131M
Q4 25	$72M	$8M	$79M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	7M	-3.0%	-7.8%
Q2 22	7M	+0.7%	-5.4%
Q3 22	7M	-1.6%	-4.5%
Q4 22	7M	-0.2%	-4.1%
Q1 23	7M	-0.2%	-1.3%
Q2 23	7M	-1.4%	-3.3%
Q3 23	7M	-0.5%	-2.2%
Q4 23	7M	-0.4%	-2.4%
Q1 24	7M	-1.9%	-4.1%
Q2 24	7M	-0.3%	-3.0%
Q3 24	7M	-0.4%	-3.0%
Q4 24	7M	-1.1%	-3.7%
Q1 25	7M	-1.5%	-3.3%
Q2 25	6M	-0.7%	-3.6%
Q3 25	6M	-2.3%	-5.5%
Q4 25	6M	-0.7%	-5.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$58.5K	260
Q2 22	$58.3K	260
Q3 22	$60.8K	260
Q4 22	$62.1K	268
Q1 23	$65.3K	268
Q2 23	$70.0K	268
Q3 23	$70.7K	268
Q4 23	$82.3K	251
Q1 24	$76.7K	251
Q2 24	$79.8K	251
Q3 24	$82.4K	251
Q4 24	$84.9K	252
Q1 25	$85.2K	252
Q2 25	$93.3K	252
Q3 25	$91.5K	252
Q4 25	$90.5K	254

Revenue / Employee