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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: 47.5GRADE 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
4.3%
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, FIRST BUSEY CORP /NV/ (BUSE) receives a "Hold" rating with a composite score of 49.4/100, ranked #468 out of 4446 stocks. Key factor scores: Quality 48/100, Value 69/100, Momentum 51/100. This is quantitative analysis only — not investment advice.
FIRST BUSEY CORP /NV/ (BUSE) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does FIRST BUSEY CORP /NV/ Do?
First Busey Corporation operates as the bank holding company for Busey Bank that provides retail and commercial banking products and services to individual, corporate, institutional, and governmental customers in the United States. The company operates through three segments: Banking, FirsTech, and Wealth Management. It offers customary types of demand and savings deposits; and commercial, agricultural, real estate construction, commercial and residential real estate, and consumer loans, as well as home equity lines of credit. The company also provides money transfer, safe deposit, IRA, and other fiduciary services through banking center, ATM and technology-based networks. In addition, it offers investment management, trust, estate advisory, and financial planning services, as well as business succession and employee retirement planning services; investment strategy consulting and fiduciary services; and security brokerage services. Further, the company provides asset management, philanthropic advisory, tax preparation, and professional farm management services; and commercial depository services, such as cash management services. Additionally, it offers payment technology solutions through its payment platform, such as walk-in payment processing for customers at retail pay agents; online bill payment solutions; customer service payments accepted over the telephone; mobile bill pay; direct debit services; electronic concentration of payments delivered to automated clearing house network; money management and credit card networks; and lockbox remittance processing to make payments by mail, as well as provides tools related to billing, reconciliation, bill reminders, and treasury services. The company has 46 banking centers in Illinois; 8 in Missouri; 3 in southwest Florida; and 1 in Indianapolis, Indiana. First Busey Corporation was founded in 1868 and is headquartered in Champaign, Illinois. FIRST BUSEY CORP /NV/ (BUSE) is classified as a mid-cap stock in the Financials sector, specifically within the Banking industry. The company is led by CEO Van A. Dukeman and employs approximately 1,500 people, headquartered in Champaign, Illinois. With a market capitalization of $2.2B, BUSE is one of the notable companies in the Financials sector.
FIRST BUSEY CORP /NV/ (BUSE) Stock Rating — Hold (April 2026)
As of April 2026, FIRST BUSEY CORP /NV/ receives a Hold rating with a composite score of 49.4/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.BUSE ranks #468 out of 4,446 stocks in our coverage universe. Within the Financials sector, FIRST BUSEY CORP /NV/ ranks #148 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%).
BUSE Stock Price and 52-Week Range
FIRST BUSEY CORP /NV/ (BUSE) currently trades at $26.67. The stock lost $0.28 (1.0%) in the most recent trading session. The 52-week high for BUSE is $27.65, which means the stock is currently trading -3.5% from its annual peak. The 52-week low is $18.40, putting the stock 44.9% above its annual trough. Recent trading volume was 382K shares, suggesting relatively thin trading activity.
Is BUSE Overvalued or Undervalued? — Valuation Analysis
FIRST BUSEY CORP /NV/ (BUSE) carries a value factor score of 69/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 20.99x, compared to the Financials sector average of 14.88x — a premium of 41%. The price-to-book ratio stands at 0.91x, versus the sector average of 1.22x. The price-to-sales ratio is 3.42x, compared to 0.90x for the average Financials stock. On an enterprise value basis, BUSE trades at 14.74x EV/EBITDA, versus 3.26x for the sector.
Overall, BUSE'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.
FIRST BUSEY CORP /NV/ Profitability — ROE, Margins, and Quality Score
FIRST BUSEY CORP /NV/ (BUSE) earns a quality factor score of 48/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 4.3%, 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 0.6% versus the sector average of 1.2%.
On a margin basis, FIRST BUSEY CORP /NV/ reports gross margins of 0.0%. The operating margin is 19.4% (sector: 21.8%). Net profit margin stands at 13.2%, versus 17.7% for the average Financials stock. Revenue growth is running at 48.9% on a trailing basis, compared to 9.4% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
BUSE Debt, Balance Sheet, and Financial Health
FIRST BUSEY CORP /NV/ has a debt-to-equity ratio of 633.0%, 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 1.16x, suggesting adequate working capital coverage. Total debt on the balance sheet is $420M. Cash and equivalents stand at $193M.
BUSE has a beta of 0.76, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for FIRST BUSEY CORP /NV/ is 84/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
FIRST BUSEY CORP /NV/ Revenue and Earnings History — Quarterly Trend
In TTM 2026, FIRST BUSEY CORP /NV/ reported revenue of $654M and earnings per share (EPS) of $1.49. Net income for the quarter was $107M. Gross margin was 0.0%. Operating income came in at $152M.
In FY 2025, FIRST BUSEY CORP /NV/ reported revenue of $720M and earnings per share (EPS) of $1.49. Net income for the quarter was $135M. Revenue grew 55.7% year-over-year compared to FY 2024. Operating income came in at $187M.
In Q3 2025, FIRST BUSEY CORP /NV/ reported revenue of $196M and earnings per share (EPS) of $0.58. Net income for the quarter was $57M. Revenue grew 46.0% year-over-year compared to Q3 2024. Operating income came in at $77M.
In Q2 2025, FIRST BUSEY CORP /NV/ reported revenue of $198M and earnings per share (EPS) of $0.53. Net income for the quarter was $47M. Revenue grew 50.2% year-over-year compared to Q2 2024. Operating income came in at $65M.
Over the past 8 quarters, FIRST BUSEY CORP /NV/ has demonstrated a growth trajectory, with revenue expanding from $132M to $654M. Investors analyzing BUSE stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
BUSE Dividend Yield and Income Analysis
FIRST BUSEY CORP /NV/ (BUSE) 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.
BUSE Momentum and Technical Analysis Profile
FIRST BUSEY CORP /NV/ (BUSE) has a momentum factor score of 51/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 23/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 15/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
BUSE vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing BUSE against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full BUSE vs S&P 500 (SPY) comparison to assess how FIRST BUSEY CORP /NV/ stacks up against the broader market across all factor dimensions.
BUSE Next Earnings Date
No upcoming earnings date has been announced for FIRST BUSEY CORP /NV/ (BUSE) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy BUSE? — Investment Thesis Summary
FIRST BUSEY CORP /NV/ presents a balanced picture with arguments on both sides. The value score of 69/100 suggests attractive pricing relative to fundamentals. Low volatility (stability score 84/100) reduces downside risk.
In summary, FIRST BUSEY CORP /NV/ (BUSE) earns a Hold rating with a composite score of 49.4/100 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 BUSE stock.
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Institutional Research Dossier
FIRST BUSEY CORP /NV/ (BUSE) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
First Busey Corporation (BUSE) currently holds a 'Hold' rating, justified by a mixed financial performance and a valuation that appears relatively fair compared to its peers. While BUSE exhibits strong revenue growth and stability, its profitability metrics, particularly ROE and net margin, lag behind the sector average, raising concerns about its efficiency in generating returns. The company's aggressive revenue growth strategy, while commendable, needs to translate into improved profitability to warrant a more bullish outlook.
The primary takeaway is that BUSE's future performance hinges on its ability to enhance its operational efficiency and improve its profitability metrics. The current valuation reflects the market's uncertainty regarding BUSE's capacity to bridge the gap between its revenue growth and profitability, making a 'Hold' rating appropriate until clearer signs of improvement emerge.
Business Strategy & Overview
First Busey Corporation operates as a regional bank, providing a range of financial services to individuals, businesses, and institutions across Illinois, Missouri, Florida, and Indiana. The company's revenue streams are diversified across three segments: Banking, FirsTech, and Wealth Management. The Banking segment, the core of BUSE's operations, offers traditional deposit and loan products, catering to both retail and commercial clients. FirsTech provides payment technology solutions, including walk-in payment processing and online bill payment, targeting businesses seeking efficient payment management systems. The Wealth Management segment offers investment management, trust, and financial planning services, catering to high-net-worth individuals and institutions.
BUSE's strategic positioning centers on expanding its market presence through organic growth and strategic acquisitions. The company has historically grown by acquiring smaller community banks, expanding its footprint and customer base. This strategy allows BUSE to enter new markets and diversify its revenue streams. Furthermore, BUSE focuses on leveraging technology to enhance its customer experience and improve operational efficiency. The FirsTech segment exemplifies this focus, providing innovative payment solutions that differentiate BUSE from its competitors.
The banking industry is highly competitive, with numerous regional and national players vying for market share. BUSE competes with other regional banks, credit unions, and national financial institutions. The competitive landscape is further intensified by the rise of fintech companies, which offer alternative financial services and challenge traditional banking models. To remain competitive, BUSE must continue to innovate and adapt to changing customer preferences and technological advancements.
BUSE's product pipeline focuses on enhancing its digital banking capabilities and expanding its wealth management offerings. The company is investing in new technologies to improve its online and mobile banking platforms, making it easier for customers to access their accounts and conduct transactions. In the Wealth Management segment, BUSE is expanding its range of investment products and services, catering to the evolving needs of its clients. This includes offering personalized financial planning and investment advice, as well as access to alternative investment opportunities.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
48.9%
Sector: 9.4%
+422% VS SCTR
Economic Moat Analysis
First Busey Corporation's economic moat can be classified as Narrow. While the company possesses certain advantages, they are not strong enough to create a wide and sustainable competitive edge. The primary source of BUSE's narrow moat stems from its established regional presence and customer relationships, particularly within its core markets in Illinois and Missouri.
The banking industry, in general, benefits from a degree of customer stickiness, creating moderate switching costs. Customers often maintain long-term relationships with their banks due to factors such as convenience, familiarity, and the hassle of transferring accounts. This stickiness provides BUSE with a degree of customer retention, contributing to its narrow moat. Furthermore, BUSE's community bank focus allows it to build strong relationships with local businesses and individuals, fostering loyalty and trust.
However, BUSE's moat is not particularly wide due to the relatively low barriers to entry in the banking industry. While regulatory requirements and capital requirements exist, they are not insurmountable for new entrants or larger competitors. Furthermore, the rise of online banking and fintech companies has eroded the traditional advantages of brick-and-mortar banks, making it easier for customers to switch providers. BUSE also faces competition from larger national banks with greater resources and brand recognition.
BUSE's FirsTech segment offers a potential source of competitive advantage through its payment technology solutions. However, the payment processing industry is highly competitive, with numerous established players and emerging fintech companies. To strengthen its moat, BUSE needs to continue to innovate and differentiate its payment solutions, providing unique value to its customers. The wealth management segment also contributes to the moat, but is subject to competition from larger national firms.
Ultimately, BUSE's narrow moat is primarily based on its regional presence, customer relationships, and moderate switching costs. To widen its moat, BUSE needs to invest in technology, enhance its customer experience, and differentiate its products and services. Without significant improvements in these areas, BUSE's competitive advantage will remain limited.
Financial Health & Profitability
First Busey Corporation's financial health presents a mixed picture. The company has demonstrated strong revenue growth, with a TTM revenue of $719.58 million and a year-over-year growth rate of 48.9%, significantly outpacing the sector average of 9.3%. This growth is primarily attributable to strategic acquisitions and expansion into new markets. However, this rapid revenue growth has not translated into commensurate profitability improvements.
BUSE's profitability metrics lag behind the sector average. The company's ROE of 4.3% is significantly lower than the sector average of 8.5%, indicating that BUSE is less efficient in generating returns on equity. Similarly, its net margin of 13.2% is lower than the sector average of 17.8%, suggesting that BUSE's cost structure may be less efficient than its peers. The operating margin of 19.4% is also below the sector average of 22.0%. The quarterly financial history reveals fluctuating operating margins, with Q1 FY2025 showing a negative operating margin of -26.1%, raising concerns about the company's ability to consistently generate profits.
BUSE's balance sheet exhibits a relatively high level of leverage. The company's debt-to-equity ratio of 633.00 is significantly higher than the sector average of 115.00, indicating that BUSE relies heavily on debt financing. While the current ratio of 1.16 suggests that BUSE has sufficient liquidity to meet its short-term obligations, the high level of debt increases the company's financial risk. The company's free cash flow is also a concern, with a TTM free cash flow of -$978.31 million. This negative free cash flow indicates that BUSE is not generating enough cash from its operations to cover its capital expenditures and other obligations.
Analyzing the quarterly financial history, the net income and EPS figures show volatility. While Q3 FY2025 shows a strong net income of $57.10 million and EPS of $0.58, Q1 FY2025 reported a net loss of -$29.99 million and EPS of -$0.44. This inconsistency in earnings performance raises questions about the sustainability of BUSE's profitability. The company's gross margin is reported as 0.0%, which is unusual for a financial institution and suggests a potential data anomaly or a unique accounting treatment.
Overall, BUSE's financial health is characterized by strong revenue growth but weak profitability and high leverage. The company needs to improve its operational efficiency and reduce its reliance on debt financing to enhance its financial stability. The negative free cash flow and inconsistent earnings performance are also areas of concern that require attention.
Valuation Assessment
First Busey Corporation's valuation presents a mixed picture, with some metrics suggesting undervaluation while others indicate a fair or even slightly rich valuation. The company's P/E ratio of 16.4x is slightly higher than the sector average of 15.5x, suggesting that the market is pricing BUSE at a premium compared to its peers. However, the EV/EBITDA ratio of 2.8x is lower than the sector average of 3.5x, indicating that BUSE may be undervalued on an enterprise value basis.
The discrepancy between the P/E and EV/EBITDA ratios suggests that BUSE's debt levels may be influencing its valuation. The company's high debt-to-equity ratio of 633.00 increases its enterprise value, resulting in a lower EV/EBITDA ratio. However, the high debt also increases the company's financial risk, which may justify a lower valuation multiple. The negative free cash flow further complicates the valuation picture, as it makes it difficult to assess the company's intrinsic value using traditional discounted cash flow analysis.
Considering BUSE's strong revenue growth of 48.9%, the current valuation may appear reasonable. However, the company's weak profitability metrics, particularly its ROE of 4.3%, raise concerns about its ability to generate sustainable earnings growth. The market may be discounting BUSE's valuation due to its low profitability and high leverage. Furthermore, the inconsistent earnings performance in recent quarters adds uncertainty to the valuation outlook.
Compared to its historical valuation, BUSE's current P/E ratio is within its historical range, but its EV/EBITDA ratio is relatively low. This suggests that the market is pricing BUSE at a discount compared to its historical average, potentially reflecting concerns about its financial health and future prospects. The BCR proprietary quant model assigns a Value score of 69/100, indicating that BUSE is relatively undervalued based on its multiples. However, the overall composite score of 48.8/100 and the 'Hold' rating suggest that the undervaluation is not significant enough to warrant a bullish outlook.
Overall, BUSE's valuation appears to be fair, reflecting a balance between its strong revenue growth and weak profitability. The company's high leverage and negative free cash flow add uncertainty to the valuation outlook. Until BUSE demonstrates consistent earnings growth and improves its financial health, the current valuation is likely to remain range-bound.
Risk & Uncertainty
First Busey Corporation 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, BUSE's profitability is sensitive to changes in interest rates. A rising interest rate environment could increase the cost of funding for BUSE, while a declining interest rate environment could reduce its net interest margin. The company's ability to manage its interest rate exposure is crucial to maintaining its profitability.
Another significant risk is credit risk. BUSE's loan portfolio is subject to the risk of borrowers defaulting on their loans. Economic downturns or industry-specific challenges could increase the default rate, leading to losses for BUSE. The company's ability to assess and manage credit risk is essential to protecting its asset quality. The concentration of loans in specific sectors or geographic regions could also increase credit risk.
Regulatory risk is also a concern for BUSE. The banking industry is heavily regulated, and changes in regulations could increase compliance costs or restrict BUSE's business activities. New regulations related to capital requirements, lending practices, or consumer protection could negatively impact BUSE's profitability and growth prospects. The company's ability to comply with existing and new regulations is critical to maintaining its license to operate.
Competition risk is another factor to consider. The banking industry is highly competitive, and BUSE faces competition from other regional banks, national financial institutions, and fintech companies. Increased competition could lead to lower interest rates, reduced fees, and loss of market share. BUSE's ability to differentiate its products and services and maintain its customer relationships is essential to remaining competitive.
Finally, integration risk associated with acquisitions poses a threat. BUSE has historically grown through acquisitions, and the successful integration of acquired companies is crucial to realizing the expected synergies and benefits. Integration challenges, such as cultural differences, operational inefficiencies, or customer attrition, could negatively impact BUSE's financial performance.
Bulls Say / Bears Say
The Bull Case
BULL VIEWFirst Busey's aggressive acquisition strategy has fueled impressive revenue growth, positioning it to capitalize on expanding regional markets.
BULL VIEWThe FirsTech segment's innovative payment solutions offer a unique competitive advantage, driving fee income and attracting new business clients.
BULL VIEWFirst Busey's strong stability score indicates a resilient business model capable of weathering economic downturns and maintaining consistent performance.
The Bear Case
BEAR VIEWFirst Busey's significantly lower ROE compared to the sector indicates inefficient capital allocation and a failure to generate adequate returns for shareholders.
BEAR VIEWThe company's high debt-to-equity ratio exposes it to increased financial risk, potentially hindering its ability to invest in growth opportunities or withstand economic shocks.
BEAR VIEWNegative free cash flow raises serious concerns about First Busey's long-term financial sustainability, suggesting a reliance on external funding to support its operations.
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 BUSE and 4,400+ other equities.
FIRST BUSEY CORP /NV/ exhibits a 162% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
0.6%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
0.0%
Sector: 0.0%
Operating Margin
Core business profitability
19.4%
Sector: 21.8%
Net Margin
Bottom-line profitability
13.2%
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.
