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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: 59GRADE 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
10.8%
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, Bank First Corp (BFC) receives a "Hold" rating with a composite score of 54.9/100, ranked #440 out of 4446 stocks. Key factor scores: Quality 59/100, Value 62/100, Momentum 57/100. This is quantitative analysis only — not investment advice.
Bank First Corp (BFC) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does Bank First Corp Do?
Bank First Corporation operates as a holding company for Bank First N.A. that provides consumer and commercial financial services to businesses, professionals, consumers, associations, individuals, and governmental authorities in Wisconsin. The company offers checking, savings, money market, cash management, retirement, and health savings accounts; other time deposits; certificates of deposit; and residential mortgage products. It also provides credit cards; ATM processing; insurance; data processing and other information technology; investment and safekeeping; treasury management; and online, telephone, and mobile banking services. The company's loan products include real estate loans, including commercial real estate, residential mortgage, and home equity loans; commercial and industrial loans for working capital, accounts receivable, inventory financing, and other business purposes; construction and development loans; residential 1-4 family loans; and consumer loans for personal and household purposes, including secured and unsecured installment loans, and revolving lines of credit. It operates through 21 offices in Manitowoc, Outagamie, Brown, Winnebago, Sheboygan, Waupaca, Ozaukee, Monroe, and Jefferson counties in Wisconsin. The company was formerly known as Bank First National Corporation and changed its name to Bank First Corporation in June 2019. Bank First Corporation was founded in 1894 and is headquartered in Manitowoc, Wisconsin. Bank First Corp (BFC) is classified as a small-cap stock in the Financials sector, specifically within the Banking industry. The company is led by CEO Michael B. Molepske and employs approximately 330 people. With a market capitalization of $1.5B, BFC is one of the notable companies in the Financials sector.
Bank First Corp (BFC) Stock Rating — Hold (April 2026)
As of April 2026, Bank First Corp receives a Hold rating with a composite score of 54.9/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.BFC ranks #440 out of 4,446 stocks in our coverage universe. Within the Financials sector, Bank First Corp ranks #143 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%).
BFC Stock Price and 52-Week Range
Bank First Corp (BFC) currently trades at $143.64. The stock lost $0.98 (0.7%) in the most recent trading session. The 52-week high for BFC is $153.00, which means the stock is currently trading -6.1% from its annual peak. The 52-week low is $93.00, putting the stock 54.5% above its annual trough. Recent trading volume was 74K shares, suggesting relatively thin trading activity.
Is BFC Overvalued or Undervalued? — Valuation Analysis
Bank First Corp (BFC) carries a value factor score of 62/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 22.31x, compared to the Financials sector average of 14.88x — a premium of 50%. The price-to-book ratio stands at 2.41x, versus the sector average of 1.22x. The price-to-sales ratio is 7.09x, compared to 0.90x for the average Financials stock. On an enterprise value basis, BFC trades at 18.09x EV/EBITDA, versus 3.26x for the sector.
Overall, BFC'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.
Bank First Corp Profitability — ROE, Margins, and Quality Score
Bank First Corp (BFC) earns a quality factor score of 59/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 10.8%, 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, Bank First Corp reports gross margins of 0.0%. The operating margin is 39.2% (sector: 21.8%). Net profit margin stands at 31.8%, versus 17.7% for the average Financials stock. Revenue growth is running at 12.4% 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.
BFC Debt, Balance Sheet, and Financial Health
Bank First Corp has a debt-to-equity ratio of 600.0%, 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 1.17x, suggesting adequate working capital coverage. Total debt on the balance sheet is $222M. Cash and equivalents stand at $48M.
BFC has a beta of 0.51, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for Bank First Corp is 85/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
Bank First Corp Revenue and Earnings History — Quarterly Trend
In TTM 2026, Bank First Corp reported revenue of $219M and earnings per share (EPS) of $7.23. Net income for the quarter was $70M. Gross margin was 0.0%. Operating income came in at $86M.
In FY 2025, Bank First Corp reported revenue of $222M and earnings per share (EPS) of $7.23. Net income for the quarter was $71M. Revenue grew 7.4% year-over-year compared to FY 2024. Operating income came in at $88M.
In Q3 2025, Bank First Corp reported revenue of $55M and earnings per share (EPS) of $1.83. Net income for the quarter was $18M. Revenue grew 2.6% year-over-year compared to Q3 2024. Operating income came in at $22M.
In Q2 2025, Bank First Corp reported revenue of $55M and earnings per share (EPS) of $1.71. Net income for the quarter was $17M. Revenue grew 10.6% year-over-year compared to Q2 2024. Operating income came in at $21M.
Over the past 8 quarters, Bank First Corp has demonstrated a growth trajectory, with revenue expanding from $49M to $219M. Investors analyzing BFC stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
BFC Dividend Yield and Income Analysis
Bank First Corp (BFC) 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.
BFC Momentum and Technical Analysis Profile
Bank First Corp (BFC) has a momentum factor score of 57/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 28/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 22/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
BFC vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing BFC against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full BFC vs S&P 500 (SPY) comparison to assess how Bank First Corp stacks up against the broader market across all factor dimensions.
BFC Next Earnings Date
No upcoming earnings date has been announced for Bank First Corp (BFC) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy BFC? — Investment Thesis Summary
Bank First Corp presents a balanced picture with arguments on both sides. The value score of 62/100 suggests attractive pricing relative to fundamentals. Low volatility (stability score 85/100) reduces downside risk.
In summary, Bank First Corp (BFC) earns a Hold rating with a composite score of 54.9/100 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 BFC stock.
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Institutional Research Dossier
Bank First Corp (BFC) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
Bank First Corp (BFC) currently holds a 'Hold' rating, justified by a balanced assessment of its financial performance and valuation. While the company exhibits strong profitability metrics and operational efficiency compared to its sector, its relatively higher valuation and negative free cash flow raise concerns about future growth potential and capital allocation. The current rating reflects a neutral stance, awaiting further evidence of sustained growth and improved cash flow management before considering a more bullish outlook.
BFC's impressive operating and net margins, coupled with robust revenue growth, suggest a well-managed and efficient operation. However, the higher P/E ratio compared to the sector average indicates that the market has already priced in much of this positive performance. The negative free cash flow, despite strong earnings, warrants careful monitoring, as it could limit the company's ability to invest in future growth initiatives or return capital to shareholders. Therefore, a 'Hold' rating is appropriate until BFC demonstrates a clearer path towards sustainable free cash flow generation and justifies its premium valuation.
Business Strategy & Overview
Bank First Corp operates as a community bank, primarily serving businesses, professionals, consumers, and governmental entities in Wisconsin. Its core business revolves around traditional banking activities, including deposit-taking and lending. The company generates revenue primarily through net interest income, derived from the difference between interest earned on loans and interest paid on deposits, and non-interest income, which includes fees from services like credit cards, ATM processing, and treasury management.
BFC's strategic positioning centers on providing personalized service and building strong relationships with its local customer base. This approach allows it to compete effectively against larger national banks that may lack the same level of community engagement. The company's focus on serving the Wisconsin market provides a degree of geographic concentration, which can be both a strength and a weakness. While it allows for deep market penetration and local expertise, it also exposes the bank to regional economic fluctuations.
The company's loan portfolio is diversified across various categories, including real estate loans (commercial, residential, and home equity), commercial and industrial loans, construction and development loans, and consumer loans. This diversification helps to mitigate risk by reducing reliance on any single loan type or industry. BFC also offers a range of digital banking services, including online, telephone, and mobile banking, to cater to the evolving needs of its customers. This investment in technology is crucial for maintaining competitiveness in the modern banking landscape.
BFC's growth strategy appears to be a combination of organic expansion and strategic acquisitions. The expansion into new counties in Wisconsin, as evidenced by its 21 offices, suggests a deliberate effort to broaden its geographic footprint. The company's focus on community banking principles and local market knowledge positions it well to capitalize on growth opportunities within its target region. However, the competitive landscape in the banking industry remains intense, with both large national banks and smaller community banks vying for market share.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
12.4%
Sector: 9.4%
+32% VS SCTR
Economic Moat Analysis
Bank First Corp's economic moat can be classified as Narrow. The company's competitive advantage stems primarily from its strong community ties and local market knowledge, which create a degree of customer loyalty and switching costs. However, these advantages are not insurmountable, and the company faces significant competition from larger national banks and other community banks.
The community banking model allows BFC to build strong relationships with its customers, providing personalized service and tailored financial solutions. This can lead to higher customer retention rates and reduced price sensitivity. Furthermore, local market knowledge enables the bank to make more informed lending decisions and better understand the needs of its target market. These factors contribute to a degree of competitive advantage, but they are not sufficient to create a wide moat.
Switching costs for banking services can be moderate, particularly for businesses that have established banking relationships and integrated their financial operations with a specific bank. However, the increasing availability of online banking and mobile banking services has reduced switching costs to some extent. Customers can easily compare rates and services from different banks and switch providers with relative ease.
BFC does not possess significant intangible assets, such as patents or proprietary technology, that would create a strong competitive barrier. While the bank's brand reputation within its local markets is valuable, it is not a unique asset that cannot be replicated by other banks. The company also does not appear to have a significant cost advantage over its competitors. While it operates efficiently and maintains strong margins, it does not possess any unique cost structures that would give it a sustainable competitive edge.
Efficient scale is not a major factor in the community banking industry. While larger banks may benefit from economies of scale in certain areas, such as technology and compliance, smaller community banks can still compete effectively by providing personalized service and focusing on local markets. Therefore, BFC's size does not necessarily create a significant competitive advantage or disadvantage.
Financial Health & Profitability
Bank First Corp demonstrates a solid financial health profile, characterized by strong profitability and revenue growth. The company's revenue has consistently increased over the past several years, with a TTM revenue of $221.72 million, representing a 12.4% growth compared to the sector average of 9.3%. This indicates that BFC is effectively expanding its business and capturing market share.
BFC's profitability metrics are particularly impressive. The company's operating margin of 39.2% and net margin of 31.8% significantly exceed the sector averages of 22.0% and 17.8%, respectively. This suggests that BFC is operating efficiently and generating strong profits from its core business activities. The company's ROE of 10.8% is also higher than the sector average of 8.5%, indicating that it is effectively utilizing its equity to generate returns for shareholders.
However, the company's free cash flow is a cause for concern. The TTM free cash flow is negative at $-55.84 million. This suggests that BFC is spending more cash than it is generating, which could limit its ability to invest in future growth initiatives or return capital to shareholders. This negative free cash flow trend needs to be carefully monitored to ensure that it does not become a long-term issue.
BFC's balance sheet is relatively healthy, with a current ratio of 1.17, indicating that it has sufficient liquid assets to cover its short-term liabilities. However, the company's debt-to-equity ratio of 600.00 is significantly higher than the sector average of 115.00. This high leverage could increase the company's financial risk and make it more vulnerable to economic downturns. The company's total cash of $47.71 million provides a buffer against unexpected expenses or investment opportunities.
Analyzing the quarterly financial history reveals a consistent trend of revenue and net income growth. The operating margin has remained relatively stable over the past several quarters, indicating that BFC is maintaining its operational efficiency. However, the absence of free cash flow data in the quarterly reports makes it difficult to assess the trend in cash flow generation.
Valuation Assessment
Bank First Corp's valuation presents a mixed picture. While the company exhibits strong financial performance, its valuation metrics suggest that the market has already priced in much of this positive performance. The company's P/E ratio of 18.0x is higher than the sector average of 15.5x, indicating that investors are willing to pay a premium for BFC's earnings. This premium could be justified by the company's higher profitability and revenue growth, but it also increases the risk of overvaluation.
The company's EV/EBITDA ratio of 4.1x is also higher than the sector average of 3.5x, further supporting the notion that BFC is trading at a premium. This premium could be attributed to the company's strong operating efficiency and consistent earnings growth. However, it also suggests that the market may be overestimating the company's future growth potential.
The negative free cash flow makes it difficult to assess the company's valuation using traditional free cash flow-based valuation methods. A negative free cash flow yield would not provide a meaningful indication of the company's value. Therefore, it is necessary to rely on relative valuation metrics, such as P/E and EV/EBITDA, to assess the company's valuation.
Compared to its historical valuation, BFC's current P/E ratio is relatively high. This suggests that the stock may be overvalued compared to its own historical performance. However, it is important to consider that the company's financial performance has also improved over time, which could justify a higher valuation.
Overall, BFC's valuation appears to be fair to slightly expensive, considering its strong financial performance and growth prospects. However, the negative free cash flow and relatively high leverage raise concerns about the company's long-term sustainability. Investors should carefully consider these factors before investing in BFC.
Risk & Uncertainty
Bank First Corp faces several specific risks that could impact its future performance. One of the most significant risks is interest rate risk. As a bank, BFC's profitability is sensitive to changes in interest rates. A rapid increase in interest rates could negatively impact the company's net interest margin and reduce its earnings. The company attempts to manage this risk through various hedging strategies, but there is no guarantee that these strategies will be effective.
Credit risk is another important consideration. BFC's loan portfolio is exposed to the risk of borrowers defaulting on their loans. This risk is particularly relevant in the current economic environment, which is characterized by uncertainty and volatility. A significant increase in loan defaults could negatively impact the company's earnings and capital position. The company attempts to mitigate this risk through careful underwriting and loan monitoring, but there is always a risk of unexpected losses.
Regulatory risk is also a factor. Banks are subject to extensive regulation, and changes in regulations could negatively impact BFC's business. For example, changes in capital requirements or lending regulations could increase the company's costs and reduce its profitability. The company must comply with these regulations, which can be costly and time-consuming.
Competition is another significant risk. The banking industry is highly competitive, and BFC faces competition from both large national banks and smaller community banks. This competition could put pressure on the company's margins and reduce its market share. The company must differentiate itself from its competitors by providing superior service and competitive pricing.
Bulls Say / Bears Say
The Bull Case
BULL VIEWBank First's superior operating and net margins compared to the sector indicate efficient management and strong profitability, justifying a premium valuation.
BULL VIEWConsistent revenue growth and a focus on community banking provide a stable foundation for future expansion and market share gains in Wisconsin.
BULL VIEWThe company's high stability score suggests lower volatility and drawdown risk, making it a relatively safe investment in the financial sector.
The Bear Case
BEAR VIEWBank First's negative free cash flow raises concerns about its ability to fund future growth and return capital to shareholders, potentially limiting upside.
BEAR VIEWThe company's significantly higher debt-to-equity ratio compared to the sector average increases financial risk and vulnerability to economic downturns.
BEAR VIEWA P/E ratio above the sector average, combined with negative free cash flow, suggests the stock is overvalued and may be due for a correction.
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 BFC and 4,400+ other equities.
Bank First Corp exhibits a 323% 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
39.2%
Sector: 21.8%
Net Margin
Bottom-line profitability
31.8%
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.
