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Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 62GRADE B
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
12.9%
Sector: 8.5%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, BANCFIRST CORP /OK/ (BANF) receives a "Hold" rating with a composite score of 50.2/100, ranked #1537 out of 4446 stocks. Key factor scores: Quality 62/100, Value 68/100, Momentum 39/100. This is quantitative analysis only — not investment advice.
BANCFIRST CORP /OK/ (BANF) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does BANCFIRST CORP /OK/ Do?
BancFirst Corporation operates as the bank holding company for BancFirst that provides a range of commercial banking services to retail customers, and small to medium-sized businesses. It operates through Metropolitan Banks, Community Banks, Pegasus Bank, and Other Financial Services segments. The company offers checking accounts, negotiable order of withdrawal accounts, savings accounts, money market accounts, sweep accounts, club accounts, individual retirement accounts, and certificates of deposit, as well as overdraft protection and auto draft services. It also provides commercial, financial, and other loans for working capital, facilities acquisition or expansion, purchase of equipment, and other needs; lending services that include private banking, energy, commercial and residential real estate, and commercial and industrial loans; and loans to finance purchases of consumer goods, such as automobiles, boats, household goods, vacations, and education. In addition, the company engages in the investment management and administration of trusts for individuals, corporations, and employee benefit plans, as well as bond trustee and paying agent business for various Oklahoma municipalities and governmental entities; and provision of item processing, research, and other correspondent banking services. Further, it is involved in real estate investment and insurance agency services; and providing funds transfer, collection, safe deposit box, cash management, and other services. The company serves customers in non-metropolitan trade centers and cities in the metropolitan statistical areas of Oklahoma. It operates through 108 banking locations in Oklahoma and 3 banking locations in Dallas, Texas. The company was formerly known as United Community Corporation and changed its name to BancFirst Corporation in November 1988. BancFirst Corporation was incorporated in 1984 and is headquartered in Oklahoma City, Oklahoma. BANCFIRST CORP /OK/ (BANF) is classified as a mid-cap stock in the Financials sector, specifically within the Banking industry. The company is led by CEO David R. Harlow and employs approximately 2,050 people, headquartered in Oklahoma City, Oklahoma. With a market capitalization of $3.7B, BANF is one of the notable companies in the Financials sector.
BANCFIRST CORP /OK/ (BANF) Stock Rating — Hold (April 2026)
As of April 2026, BANCFIRST CORP /OK/ receives a Hold rating with a composite score of 50.2/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.BANF ranks #1,537 out of 4,446 stocks in our coverage universe. Within the Financials sector, BANCFIRST CORP /OK/ ranks #462 of 891 stocks, placing it in the lower half of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
BANF Stock Price and 52-Week Range
BANCFIRST CORP /OK/ (BANF) currently trades at $113.76. The stock lost $1.29 (1.1%) in the most recent trading session. The 52-week high for BANF is $138.77, which means the stock is currently trading -18.0% from its annual peak. The 52-week low is $97.02, putting the stock 17.3% above its annual trough. Recent trading volume was 103K shares, suggesting relatively thin trading activity.
Is BANF Overvalued or Undervalued? — Valuation Analysis
BANCFIRST CORP /OK/ (BANF) carries a value factor score of 68/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 15.48x, compared to the Financials sector average of 14.88x — a premium of 4%. The price-to-book ratio stands at 2.00x, versus the sector average of 1.22x. The price-to-sales ratio is 4.93x, compared to 0.90x for the average Financials stock. On an enterprise value basis, BANF trades at 12.24x EV/EBITDA, versus 3.26x for the sector.
Overall, BANF's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
BANCFIRST CORP /OK/ Profitability — ROE, Margins, and Quality Score
BANCFIRST CORP /OK/ (BANF) earns a quality factor score of 62/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 12.9%, compared to the Financials sector average of 8.5%, which is within a healthy range. Return on assets (ROA) comes in at 1.6% versus the sector average of 1.2%.
On a margin basis, BANCFIRST CORP /OK/ reports gross margins of 0.0%. The operating margin is 40.3% (sector: 21.8%). Net profit margin stands at 31.9%, versus 17.7% for the average Financials stock. Revenue growth is running at 8.9% on a trailing basis, compared to 9.4% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
BANF Debt, Balance Sheet, and Financial Health
BANCFIRST CORP /OK/ has a debt-to-equity ratio of 700.0%, compared to the Financials sector average of 121.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 1.14x, suggesting adequate working capital coverage. Total debt on the balance sheet is $98M. Cash and equivalents stand at $205M.
BANF has a beta of 0.72, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for BANCFIRST CORP /OK/ is 80/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
BANCFIRST CORP /OK/ Revenue and Earnings History — Quarterly Trend
In TTM 2026, BANCFIRST CORP /OK/ reported revenue of $753M and earnings per share (EPS) of $7.22. Net income for the quarter was $240M. Gross margin was 0.0%. Operating income came in at $304M.
In FY 2025, BANCFIRST CORP /OK/ reported revenue of $760M and earnings per share (EPS) of $7.22. Net income for the quarter was $241M. Revenue grew 5.0% year-over-year compared to FY 2024. Operating income came in at $305M.
In Q3 2025, BANCFIRST CORP /OK/ reported revenue of $194M and earnings per share (EPS) of $1.88. Net income for the quarter was $63M. Revenue grew 3.6% year-over-year compared to Q3 2024. Operating income came in at $79M.
In Q2 2025, BANCFIRST CORP /OK/ reported revenue of $188M and earnings per share (EPS) of $1.87. Net income for the quarter was $62M. Revenue grew 5.6% year-over-year compared to Q2 2024. Operating income came in at $80M.
Over the past 8 quarters, BANCFIRST CORP /OK/ has demonstrated a growth trajectory, with revenue expanding from $178M to $753M. Investors analyzing BANF stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
BANF Dividend Yield and Income Analysis
BANCFIRST CORP /OK/ (BANF) does not currently pay a dividend. This is common among smaller companies in the Banking industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Financials dividend stocks may want to explore other Financials stocks or use the stock screener to filter by dividend yield.
BANF Momentum and Technical Analysis Profile
BANCFIRST CORP /OK/ (BANF) has a momentum factor score of 39/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 29/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 6/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
BANF vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing BANF against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full BANF vs S&P 500 (SPY) comparison to assess how BANCFIRST CORP /OK/ stacks up against the broader market across all factor dimensions.
BANF Next Earnings Date
No upcoming earnings date has been announced for BANCFIRST CORP /OK/ (BANF) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy BANF? — Investment Thesis Summary
BANCFIRST CORP /OK/ presents a balanced picture with arguments on both sides. The quality score of 62/100 indicates above-average profitability and business fundamentals. The value score of 68/100 suggests attractive pricing relative to fundamentals. Momentum is weak at 39/100, a headwind for near-term performance. Low volatility (stability score 80/100) reduces downside risk.
In summary, BANCFIRST CORP /OK/ (BANF) earns a Hold rating with a composite score of 50.2/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on BANF stock.
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Institutional Research Dossier
BANCFIRST CORP /OK/ (BANF) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain our Hold rating on BancFirst (BANF). The company's strong profitability metrics, particularly its ROE and operating margin, coupled with a reasonable valuation based on P/E and EV/EBITDA ratios relative to the sector, are counterbalanced by a relatively weak investment score and negative free cash flow. While BancFirst exhibits above-average financial performance compared to its peers, its growth prospects and capital allocation strategies warrant caution, justifying a neutral stance.
BancFirst's focus on community banking in Oklahoma and Texas provides a stable, albeit potentially slower-growing, foundation. The company's high net margin and efficient operations are attractive, but the negative free cash flow and lower momentum score raise concerns about its ability to sustain growth and generate shareholder value in the long term. Investors should monitor the company's capital allocation decisions and free cash flow generation closely.
Business Strategy & Overview
BancFirst operates as a bank holding company, primarily serving retail customers and small to medium-sized businesses in Oklahoma and Texas. The company's core business revolves around providing traditional banking services, including deposit accounts (checking, savings, money market, CDs), and a variety of loan products (commercial, real estate, consumer). BancFirst distinguishes itself through its community banking model, emphasizing local relationships and personalized service, particularly in non-metropolitan areas. This strategy allows them to cater to specific needs of local businesses and individuals, fostering customer loyalty and stability.
The company's revenue streams are diversified across several segments: Metropolitan Banks, Community Banks, Pegasus Bank, and Other Financial Services. This diversification mitigates risk and allows BancFirst to capitalize on different market opportunities within its geographic footprint. The Pegasus Bank segment likely focuses on larger commercial clients, while the Community Banks segment serves smaller, local businesses and retail customers. The 'Other Financial Services' segment encompasses activities such as investment management, trust administration, insurance, and correspondent banking, further diversifying revenue and enhancing customer relationships.
BancFirst's strategic positioning centers on being a reliable and trusted financial partner within its communities. This is reflected in its branch network of 108 locations in Oklahoma and 3 in Dallas, Texas. The company's focus on relationship banking allows it to compete effectively against larger national banks that may lack the same level of local market knowledge and customer intimacy. BancFirst's strategy also includes leveraging technology to enhance its service offerings and improve operational efficiency, although the extent of these investments is not explicitly detailed in the provided data.
The company's growth strategy appears to be a combination of organic expansion within its existing markets and strategic acquisitions to expand its geographic footprint or service offerings. While the data does not provide specific details on recent acquisitions, the company's history suggests a willingness to pursue such opportunities when they align with its overall strategic objectives. BancFirst's ability to maintain its strong profitability metrics while expanding its operations will be crucial to its long-term success.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
8.9%
Sector: 9.4%
IN LINE
Economic Moat Analysis
BancFirst likely possesses a Narrow economic moat, primarily derived from its established brand reputation and customer relationships within its core markets. The company's long-standing presence in Oklahoma and Texas has allowed it to build a strong reputation for reliability and customer service, which creates a degree of customer loyalty and reduces the likelihood of customers switching to competitors. This is particularly true in the community banking segment, where personal relationships and local market knowledge are highly valued.
Switching costs, while not explicitly high, contribute to BancFirst's moat. Customers who have established banking relationships, including loan agreements and other financial services, may face some inconvenience and costs associated with switching to a new bank. This inertia, combined with the perceived benefits of maintaining a relationship with a trusted local bank, creates a barrier to entry for competitors and strengthens BancFirst's competitive position.
Intangible assets, such as brand reputation and regulatory licenses, also contribute to BancFirst's moat. The company's brand is associated with stability and trustworthiness, which are crucial factors in the banking industry. Regulatory licenses, while not unique to BancFirst, are necessary to operate a bank and represent a barrier to entry for new competitors. However, these intangible assets are not as strong as those of larger, national banks with greater brand recognition and scale.
Efficient scale is not a significant source of competitive advantage for BancFirst. While the company benefits from economies of scale in certain areas, such as technology and compliance, it does not possess a cost advantage that is significantly greater than its competitors. The banking industry is characterized by relatively high fixed costs, but these costs are generally similar across institutions of similar size and scope.
Network effects are not a primary driver of BancFirst's moat. While the company benefits from having a large customer base, the value of its services does not increase significantly as more customers join the network. The banking industry is not characterized by strong network effects, as customers are generally able to access similar services from multiple providers.
Financial Health & Profitability
BancFirst demonstrates strong financial health, characterized by robust profitability metrics and a solid balance sheet. The company's ROE of 12.9% significantly exceeds the sector average of 8.5%, indicating efficient use of equity to generate profits. Similarly, its operating margin of 40.3% and net margin of 31.9% are substantially higher than the sector averages of 22.0% and 17.8%, respectively, highlighting the company's operational efficiency and ability to control costs.
Revenue growth has been consistent, with an 8.9% increase year-over-year, slightly below the sector average of 9.3%. However, the company's superior profitability metrics suggest that it is generating higher-quality revenue compared to its peers. The quarterly financial history reveals a steady increase in revenue and net income over the past several quarters, indicating a positive growth trajectory. The operating margin has fluctuated slightly, but remains consistently high.
The balance sheet exhibits a relatively low level of debt, with total debt of $97.88 million compared to total cash of $204.90 million. However, the Debt/Equity ratio of 700.00 is significantly higher than the sector average of 115.00. This discrepancy warrants further investigation, as it may indicate a higher level of financial risk than initially apparent. The current ratio of 1.14 suggests that the company has sufficient liquid assets to cover its short-term liabilities.
A concerning aspect of BancFirst's financial health is its negative free cash flow of -$142.88 million. This indicates that the company is spending more cash than it is generating from its operations, which could constrain its ability to invest in future growth or return capital to shareholders. The negative free cash flow trend needs to be monitored closely to assess its long-term sustainability. It's important to understand the drivers behind this negative FCF; is it due to increased lending activity, capital expenditures, or other factors?
Overall, BancFirst's financial health is strong, but the high Debt/Equity ratio and negative free cash flow raise some concerns. The company's superior profitability metrics and consistent revenue growth are positive indicators, but investors should closely monitor its balance sheet and cash flow generation to ensure its long-term financial stability.
Valuation Assessment
BancFirst's valuation appears reasonable based on several key metrics. The company's P/E ratio of 14.5x is slightly below the sector average of 15.5x, suggesting that the stock is fairly valued relative to its earnings. Similarly, its EV/EBITDA ratio of 2.9x is lower than the sector average of 3.5x, indicating that the company is undervalued based on its enterprise value and operating cash flow. These metrics suggest that BancFirst is not excessively expensive compared to its peers.
However, it's important to consider the company's growth prospects when assessing its valuation. While BancFirst has demonstrated consistent revenue growth, its growth rate is slightly below the sector average. This suggests that the company's valuation should be discounted somewhat to reflect its slower growth potential. The negative free cash flow also raises concerns about the company's ability to generate future cash flows, which could further impact its valuation.
Compared to its historical valuation, BancFirst's current P/E ratio is within its historical range, suggesting that the stock is not significantly overvalued or undervalued. However, it's important to consider the current macroeconomic environment and interest rate outlook when assessing its historical valuation. Changes in interest rates can have a significant impact on bank valuations, so it's important to adjust for these factors.
Given the company's strong profitability metrics, solid balance sheet, and reasonable valuation, BancFirst appears to be fairly valued. However, the negative free cash flow and slower growth rate warrant caution. Investors should closely monitor the company's financial performance and growth prospects to determine whether its current valuation is justified. A more detailed valuation analysis, including a discounted cash flow (DCF) model, would be necessary to arrive at a more precise valuation estimate.
The BCR proprietary quant model assigns a Value score of 69/100, which supports the notion that BancFirst is reasonably valued. However, the Momentum score of 40/100 suggests that the stock's price performance has been relatively weak, which could indicate that the market is not fully recognizing the company's intrinsic value.
Risk & Uncertainty
BancFirst faces several specific risks that could negatively impact its business and financial performance. One of the primary risks is interest rate risk. As a bank, BancFirst's profitability is sensitive to changes in interest rates. A rapid increase in interest rates could negatively impact its net interest margin, as the cost of funding may increase faster than the yield on its loan portfolio. Conversely, a prolonged period of low interest rates could also compress its net interest margin and reduce its profitability.
Credit risk is another significant risk for BancFirst. The company's loan portfolio is exposed to the risk of borrowers defaulting on their loans. A deterioration in the economic conditions in Oklahoma and Texas could lead to an increase in loan defaults and negatively impact BancFirst's asset quality. The company's exposure to specific industries, such as energy, could also increase its credit risk if those industries experience a downturn.
Regulatory risk is also a concern for BancFirst. The banking industry is heavily regulated, and changes in regulations could increase the company's compliance costs or restrict its business activities. Increased regulatory scrutiny could also lead to higher capital requirements, which could constrain the company's ability to grow its loan portfolio or return capital to shareholders.
Competition from larger national banks and other financial institutions is another risk for BancFirst. These competitors may have greater resources and a wider range of products and services, which could make it difficult for BancFirst to compete effectively. The increasing prevalence of online banking and fintech companies also poses a competitive threat, as these companies may offer more convenient and lower-cost alternatives to traditional banking services.
Bulls Say / Bears Say
The Bull Case
BULL VIEWBancFirst's superior profitability metrics, including its high ROE and operating margin, demonstrate its efficient operations and ability to generate strong returns for shareholders.
BULL VIEWThe company's focus on community banking in Oklahoma and Texas provides a stable and loyal customer base, which insulates it from the volatility of larger, more competitive markets.
BULL VIEWBancFirst's reasonable valuation, as evidenced by its P/E and EV/EBITDA ratios, offers an attractive entry point for investors seeking exposure to a well-managed and profitable regional bank.
The Bear Case
BEAR VIEWBancFirst's negative free cash flow raises concerns about its ability to fund future growth and return capital to shareholders, potentially limiting its long-term upside.
BEAR VIEWThe company's high Debt/Equity ratio, despite its relatively low level of total debt, suggests a more aggressive capital structure and potentially higher financial risk than its peers.
BEAR VIEWBancFirst's slower revenue growth compared to the sector average indicates limited growth opportunities and potential for underperformance relative to its peers in a rising rate environment.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score BANF and 4,400+ other equities.
BANCFIRST CORP /OK/ exhibits a 198% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
1.6%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
0.0%
Sector: 0.0%
Operating Margin
Core business profitability
40.3%
Sector: 21.8%
Net Margin
Bottom-line profitability
31.9%
Sector: 17.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
