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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: 50.5GRADE C+
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
6.8%
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, BayCom Corp (BCML) receives a "Hold" rating with a composite score of 50.9/100, ranked #245 out of 4446 stocks. Key factor scores: Quality 51/100, Value 72/100, Momentum 47/100. This is quantitative analysis only — not investment advice.
BayCom Corp (BCML) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does BayCom Corp Do?
BayCom Corp operates as the bank holding company for United Business Bank that provides various financial services to small and mid-sized businesses, service professionals, and individuals. The company offers demand, savings, money market, and time deposit accounts. It also provides commercial and multifamily real estate loans, including owner-occupied and investor real estate loans; commercial and industrial loans, such as equipment loans and working capital lines of credit; small business administration loans; construction and land loans; agriculture-related loans; and consumer loans comprising installment loans, unsecured and secured personal lines of credit, and overdraft protection. In addition, the company offers online and mobile banking, automated teller machine, remote deposit capture, night depository, courier, direct deposit, treasury management, wire transfer, automated clearing house services, debit cards, cashier's and travelers checks, letters of credit, lockbox, positive pay, reverse positive pay, and account reconciliation services, as well as zero balance accounts and sweep accounts, including loan sweep. As of December 31, 2021, it operated through a network of 33 full-service banking branches in Northern and Southern California; Denver, Colorado; Custer, Delta, and Grand counties, Colorado; and Seattle, Washington and Central New Mexico. The company was formerly known as Bay Commercial Bank and changed its name to BayCom Corp in January 2017. BayCom Corp was incorporated in 2004 and is headquartered in Walnut Creek, California. BayCom Corp (BCML) is classified as a small-cap stock in the Financials sector, specifically within the Banking industry. The company is led by CEO George J. Guarini and employs approximately 370 people, headquartered in WALNUT CREEK, California. With a market capitalization of $323M, BCML is one of the notable companies in the Financials sector.
BayCom Corp (BCML) Stock Rating — Hold (April 2026)
As of April 2026, BayCom Corp receives a Hold rating with a composite score of 50.9/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.BCML ranks #245 out of 4,446 stocks in our coverage universe. Within the Financials sector, BayCom Corp ranks #91 of 891 stocks, placing it in the top quartile 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%).
BCML Stock Price and 52-Week Range
BayCom Corp (BCML) currently trades at $29.04. The stock lost $3.63 (11.1%) in the most recent trading session. The 52-week high for BCML is $33.15, which means the stock is currently trading -12.4% from its annual peak. The 52-week low is $22.22, putting the stock 30.7% above its annual trough. Recent trading volume was 239K shares, suggesting relatively thin trading activity.
Is BCML Overvalued or Undervalued? — Valuation Analysis
BayCom Corp (BCML) carries a value factor score of 72/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 14.28x, compared to the Financials sector average of 14.88x — a discount of 4%. The price-to-book ratio stands at 0.97x, versus the sector average of 1.22x. The price-to-sales ratio is 2.45x, compared to 0.90x for the average Financials stock. On an enterprise value basis, BCML trades at 10.49x EV/EBITDA, versus 3.26x for the sector.
Based on these multiples, BayCom Corp appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
BayCom Corp Profitability — ROE, Margins, and Quality Score
BayCom Corp (BCML) earns a quality factor score of 51/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 6.8%, compared to the Financials sector average of 8.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 0.9% versus the sector average of 1.2%.
On a margin basis, BayCom Corp reports gross margins of 0.0%. The operating margin is 23.4% (sector: 21.8%). Net profit margin stands at 17.2%, versus 17.7% for the average Financials stock. Revenue growth is running at 7.8% 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.
BCML Debt, Balance Sheet, and Financial Health
BayCom Corp has a debt-to-equity ratio of 666.0%, 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 1.15x, suggesting adequate working capital coverage. Total debt on the balance sheet is $9M. Cash and equivalents stand at $22M.
BCML has a beta of 0.59, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for BayCom Corp is 85/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
BayCom Corp Revenue and Earnings History — Quarterly Trend
In TTM 2026, BayCom Corp reported revenue of $134M and earnings per share (EPS) of $2.18. Net income for the quarter was $23M. Gross margin was 0.0%. Operating income came in at $31M.
In FY 2025, BayCom Corp reported revenue of $135M and earnings per share (EPS) of $2.18. Net income for the quarter was $24M. Revenue grew 2.8% year-over-year compared to FY 2024. Operating income came in at $33M.
In Q3 2025, BayCom Corp reported revenue of $35M and earnings per share (EPS) of $0.46. Net income for the quarter was $5M. Revenue grew 4.6% year-over-year compared to Q3 2024. Operating income came in at $7M.
In Q2 2025, BayCom Corp reported revenue of $33M and earnings per share (EPS) of $0.58. Net income for the quarter was $6M. Revenue grew 3.2% year-over-year compared to Q2 2024. Operating income came in at $9M.
Over the past 8 quarters, BayCom Corp has demonstrated a growth trajectory, with revenue expanding from $32M to $134M. Investors analyzing BCML stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
BCML Dividend Yield and Income Analysis
BayCom Corp (BCML) 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.
BCML Momentum and Technical Analysis Profile
BayCom Corp (BCML) has a momentum factor score of 47/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 30/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 18/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
BCML vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing BCML against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full BCML vs S&P 500 (SPY) comparison to assess how BayCom Corp stacks up against the broader market across all factor dimensions.
BCML Next Earnings Date
No upcoming earnings date has been announced for BayCom Corp (BCML) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy BCML? — Investment Thesis Summary
BayCom Corp presents a balanced picture with arguments on both sides. The value score of 72/100 suggests attractive pricing relative to fundamentals. Low volatility (stability score 85/100) reduces downside risk.
In summary, BayCom Corp (BCML) earns a Hold rating with a composite score of 50.9/100 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 BCML stock.
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Institutional Research Dossier
BayCom Corp (BCML) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain a Hold rating on BayCom Corp (BCML), driven by a mixed assessment of its financial performance and valuation. While the company exhibits attractive value metrics and stability, its profitability and growth prospects lag behind sector averages, and its capital allocation strategy raises concerns. The current valuation appears fair, but significant upside potential is limited by these factors.
BCML operates in a highly competitive banking sector, primarily serving small and mid-sized businesses. Its strategic focus on relationship banking and local market expertise provides some differentiation, but it faces challenges in scaling its operations and achieving superior returns. The company's high debt-to-equity ratio also warrants careful monitoring, as it could constrain future growth opportunities and increase financial risk.
Business Strategy & Overview
BayCom Corp operates as a community bank, primarily serving small and mid-sized businesses, service professionals, and individuals in Northern and Southern California, Denver, Colorado, Seattle, Washington, and Central New Mexico. The company's core business revolves around providing traditional banking services, including deposit accounts (demand, savings, money market, and time deposits) and a variety of loan products. These loan products encompass commercial and multifamily real estate loans, commercial and industrial loans, SBA loans, construction and land loans, agriculture-related loans, and consumer loans.
BCML differentiates itself through a relationship-focused banking model, emphasizing personalized service and local market knowledge. This approach aims to build long-term customer relationships and capture a loyal client base. The company also offers a suite of digital banking services, including online and mobile banking, to cater to evolving customer preferences and enhance convenience. Treasury management services, such as wire transfers, ACH services, and lockbox services, are also offered to business clients.
Strategically, BayCom has expanded its footprint through a combination of organic growth and acquisitions. This expansion strategy aims to increase market share and diversify its revenue streams. However, integrating acquired entities and managing operational complexities remain key challenges. The company's focus on small and mid-sized businesses exposes it to cyclical economic fluctuations and credit risk associated with this segment.
The banking industry is highly competitive, with numerous national, regional, and community banks vying for market share. BCML competes with larger institutions that possess greater resources and brand recognition, as well as smaller community banks that offer localized service. The company's ability to maintain its competitive edge depends on its ability to deliver superior customer service, manage credit risk effectively, and adapt to evolving regulatory requirements and technological advancements.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
7.8%
Sector: 9.4%
-16% VS SCTR
Economic Moat Analysis
BayCom Corp's economic moat is best characterized as Narrow. While the company benefits from certain advantages inherent in the community banking model, these are not substantial enough to create a wide and sustainable competitive edge. The primary source of its narrow moat stems from switching costs and local market knowledge.
Switching costs in banking, while not insurmountable, can provide a degree of customer stickiness. Small and mid-sized businesses often develop close relationships with their bankers, and the process of switching banks can be time-consuming and disruptive. This inertia can help BCML retain existing customers, particularly those who value personalized service and local expertise.
Local market knowledge is another contributing factor to the narrow moat. Community banks like BCML possess a deep understanding of the local economy, businesses, and real estate market. This knowledge allows them to make more informed lending decisions and provide tailored financial solutions to their customers. However, this advantage is diminishing as larger banks invest in regional expertise and data analytics.
BCML does not possess significant cost advantages or efficient scale. Its operating margin of 23.4% is comparable to the sector average of 22.0%, indicating no material cost efficiencies. Furthermore, the company's size and scale are relatively small compared to larger regional and national banks, limiting its ability to achieve economies of scale in areas such as technology and compliance.
Intangible assets, such as brand reputation, are also not a significant source of competitive advantage for BCML. While the company has established a presence in its target markets, its brand recognition is limited compared to larger, more established banks. Therefore, while BCML benefits from some degree of customer stickiness and local market knowledge, these advantages are not strong enough to create a wide and sustainable economic moat.
Financial Health & Profitability
BayCom Corp's financial health presents a mixed picture. Revenue growth has been modest, with a TTM revenue of $135.39 million representing a 7.9% increase compared to the previous year's $126.34 million. This growth rate is slightly below the sector average of 9.3%, indicating that BCML is not outpacing its peers in revenue generation. The quarterly revenue trend shows some fluctuation, with Q3 FY2025 revenue at $34.95 million, up from $32.83 million in Q3 FY2023, but the operating margin has decreased from 28.2% to 19.3% over the same period.
Profitability metrics reveal a similar pattern. The company's ROE of 6.8% is below the sector average of 8.5%, suggesting that BCML is not generating as much profit from shareholder equity as its peers. The net margin of 17.2% is also slightly below the sector average of 17.8%. While the operating margin of 23.4% is slightly above the sector average of 22.0%, this advantage is not translating into superior ROE or net margin.
The balance sheet exhibits a high level of leverage, with a debt-to-equity ratio of 666.00, significantly higher than the sector average of 115.00. This high level of debt could increase financial risk and limit the company's ability to pursue growth opportunities. The current ratio of 1.15 indicates adequate liquidity, but the high debt burden warrants careful monitoring.
Cash flow generation appears healthy, with a free cash flow of $56.03 million. However, the absence of historical free cash flow data in the provided quarterly financials makes it difficult to assess the sustainability of this cash flow generation. The company's total cash balance of $21.73 million provides some cushion, but the high debt level remains a concern.
Overall, BCML's financial health is characterized by modest revenue growth, below-average profitability, high leverage, and adequate liquidity. The high debt-to-equity ratio is a significant concern that could constrain future growth and increase financial risk. While the company generates positive free cash flow, the lack of historical data makes it difficult to assess its sustainability.
Valuation Assessment
BayCom Corp's valuation presents a mixed picture, with some metrics suggesting undervaluation while others indicate a fair price. The company's P/E ratio of 13.2x is below the sector average of 15.5x, suggesting that the stock may be undervalued relative to its earnings. Similarly, the EV/EBITDA ratio of 2.4x is significantly below the sector average of 3.5x, further supporting the undervaluation thesis. However, these metrics should be considered in the context of the company's growth prospects and financial health.
The company's revenue growth of 7.9% is below the sector average of 9.3%, indicating that BCML is not growing as rapidly as its peers. This slower growth rate may justify a lower valuation multiple. Furthermore, the company's ROE of 6.8% is below the sector average of 8.5%, suggesting that BCML is not generating as much profit from shareholder equity as its peers. This lower profitability may also warrant a lower valuation.
The free cash flow yield, calculated as free cash flow divided by market capitalization, is approximately 17.8% ($56.03M / $313.78M). This is a relatively high yield, suggesting that the stock may be undervalued based on its cash flow generation. However, the sustainability of this free cash flow is uncertain, given the lack of historical data.
Considering these factors, BCML's valuation appears to be fair. The company is trading at a discount to its peers based on P/E and EV/EBITDA ratios, but this discount is justified by its slower growth rate and lower profitability. The high free cash flow yield is a positive sign, but its sustainability is uncertain. Therefore, the stock is not significantly undervalued or overvalued, but rather fairly priced based on its current financial performance and growth prospects.
Risk & Uncertainty
BayCom Corp faces several specific risks that could negatively impact its business and financial performance. Credit risk is a primary concern, as the company's loan portfolio is concentrated in small and mid-sized businesses, which are more susceptible to economic downturns. A deterioration in the credit quality of these loans could lead to increased loan losses and reduced profitability. Effective credit risk management is crucial for mitigating this risk.
Interest rate risk is another significant factor. As a bank, BCML's profitability is sensitive to changes in interest rates. A rapid increase in interest rates could negatively impact the company's net interest margin, as the cost of funding may increase faster than the yield on its loan portfolio. The company's ability to manage its interest rate exposure through hedging strategies and asset-liability management is critical.
Regulatory risk is also a concern. The banking industry is heavily regulated, and changes in regulations could increase compliance costs and restrict the company's business activities. For example, changes in capital requirements or lending regulations could negatively impact BCML's profitability and growth prospects. Staying abreast of regulatory developments and maintaining a strong compliance program are essential.
Competition is intense in the banking sector, with numerous national, regional, and community banks vying for market share. BCML faces competition from larger institutions with greater resources and brand recognition, as well as smaller community banks that offer localized service. The company's ability to differentiate itself through superior customer service, innovative products, and effective marketing is crucial for maintaining its competitive edge.
Bulls Say / Bears Say
The Bull Case
BULL VIEWBayCom's low valuation multiples (P/E and EV/EBITDA) relative to peers suggest significant upside potential if the company can improve its growth and profitability.
BULL VIEWThe company's strong free cash flow generation provides ample capacity for strategic acquisitions or share repurchases, which could drive shareholder value.
BULL VIEWBayCom's focus on relationship banking and local market expertise positions it well to capitalize on growth opportunities in its target markets.
The Bear Case
BEAR VIEWBayCom's high debt-to-equity ratio increases financial risk and limits its ability to pursue growth opportunities or withstand economic downturns.
BEAR VIEWThe company's below-average ROE and revenue growth indicate that it is underperforming its peers and may struggle to generate sustainable returns.
BEAR VIEWIncreased competition from larger banks and fintech companies could erode BayCom's market share and profitability.
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 BCML and 4,400+ other equities.
BayCom Corp exhibits a 92% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
0.9%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
0.0%
Sector: 0.0%
Operating Margin
Core business profitability
23.4%
Sector: 21.8%
Net Margin
Bottom-line profitability
17.2%
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.
