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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: 55.2GRADE 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
8.8%
Sector: 8.5%
Dividend Analysis audit
INCOME
3.04%
Trailing Yield
$3.04
Per $100 Invested
Solid dividend yield for income-focused strategies.
Est. Payout Ratio
42%SAFE
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, TRICO BANCSHARES / (TCBK) receives a "Hold" rating with a composite score of 52.7/100, ranked #640 out of 4446 stocks. Key factor scores: Quality 55/100, Value 73/100, Momentum 51/100. This is quantitative analysis only — not investment advice.
TRICO BANCSHARES / (TCBK) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does TRICO BANCSHARES / Do?
TriCo Bancshares operates as a bank holding company for Tri Counties Bank that provides commercial banking services to individual and corporate customers. The company accepts demand, savings, and time deposits. It also provides small business loans; real estate mortgage loans, such as residential and commercial loans; consumer loans; commercial loans, including agricultural loans; and real estate construction loans. In addition, the company offers treasury management services; and other customary banking services, including safe deposit boxes; and independent financial and broker-dealer services. It operates 61 traditional branches, 7 in-store branches, and 7 loan production offices in 31 counties throughout California. The company was founded in 1975 and is headquartered in Chico, California. TRICO BANCSHARES / (TCBK) is classified as a small-cap stock in the Financials sector, specifically within the Banking industry. The company is led by CEO Richard P. Smith and employs approximately 1,070 people, headquartered in CHICO, California. With a market capitalization of $1.5B, TCBK is one of the notable companies in the Financials sector.
TRICO BANCSHARES / (TCBK) Stock Rating — Hold (April 2026)
As of April 2026, TRICO BANCSHARES / receives a Hold rating with a composite score of 52.7/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.TCBK ranks #640 out of 4,446 stocks in our coverage universe. Within the Financials sector, TRICO BANCSHARES / ranks #192 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%).
TCBK Stock Price and 52-Week Range
TRICO BANCSHARES / (TCBK) currently trades at $50.27. The stock lost $0.72 (1.4%) in the most recent trading session. The 52-week high for TCBK is $53.18, which means the stock is currently trading -5.5% from its annual peak. The 52-week low is $35.20, putting the stock 42.8% above its annual trough. Recent trading volume was 69K shares, suggesting relatively thin trading activity.
Is TCBK Overvalued or Undervalued? — Valuation Analysis
TRICO BANCSHARES / (TCBK) carries a value factor score of 73/100 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 13.79x, compared to the Financials sector average of 14.88x — a discount of 7%. The price-to-book ratio stands at 1.21x, versus the sector average of 1.22x. The price-to-sales ratio is 30.51x, compared to 0.90x for the average Financials stock. On an enterprise value basis, TCBK trades at 10.14x EV/EBITDA, versus 3.26x for the sector.
Based on these multiples, TRICO BANCSHARES / 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.
TRICO BANCSHARES / Profitability — ROE, Margins, and Quality Score
TRICO BANCSHARES / (TCBK) earns a quality factor score of 55/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 8.8%, 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 1.2% versus the sector average of 1.2%.
On a margin basis, TRICO BANCSHARES / reports gross margins of 0.0%. The operating margin is 300.4% (sector: 21.8%). Net profit margin stands at 221.1%, versus 17.7% for the average Financials stock. Revenue growth is running at 7.5% 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.
TCBK Debt, Balance Sheet, and Financial Health
TRICO BANCSHARES / has a debt-to-equity ratio of 640.0%, 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 $58M. Cash and equivalents stand at $299M.
TCBK has a beta of 0.75, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for TRICO BANCSHARES / is 86/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
TRICO BANCSHARES / Revenue and Earnings History — Quarterly Trend
In TTM 2026, TRICO BANCSHARES / reported revenue of $53M and earnings per share (EPS) of $3.72. Net income for the quarter was $117M. Gross margin was 0.0%. Operating income came in at $159M.
In FY 2025, TRICO BANCSHARES / reported revenue of $53M and earnings per share (EPS) of $3.72. Net income for the quarter was $122M. Revenue grew -86.5% year-over-year compared to FY 2024. Operating income came in at $166M.
In Q3 2025, TRICO BANCSHARES / reported revenue of $14M and earnings per share (EPS) of $1.04. Net income for the quarter was $34M. Revenue grew 7.6% year-over-year compared to Q3 2024. Operating income came in at $46M.
In Q2 2025, TRICO BANCSHARES / reported revenue of $14M and earnings per share (EPS) of $0.84. Net income for the quarter was $28M. Revenue grew 6.7% year-over-year compared to Q2 2024. Operating income came in at $38M.
Over the past 8 quarters, TRICO BANCSHARES / has demonstrated a growth trajectory, with revenue expanding from $13M to $53M. Investors analyzing TCBK stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
TCBK Dividend Yield and Income Analysis
TRICO BANCSHARES / (TCBK) currently pays a dividend yield of 3.0%. At this yield, a $10,000 investment in TCBK stock would generate approximately $$304.00 in annual dividend income. This compares to the Financials sector average dividend yield of 2.5%, meaning TCBK offers above-average income for its sector. With a net margin of 221.1%, the dividend appears well-covered by earnings, suggesting sustainable payouts going forward.
TCBK Momentum and Technical Analysis Profile
TRICO BANCSHARES / (TCBK) 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 30/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 10/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
TCBK vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing TCBK against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full TCBK vs S&P 500 (SPY) comparison to assess how TRICO BANCSHARES / stacks up against the broader market across all factor dimensions.
TCBK Next Earnings Date
No upcoming earnings date has been announced for TRICO BANCSHARES / (TCBK) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy TCBK? — Investment Thesis Summary
TRICO BANCSHARES / presents a balanced picture with arguments on both sides. The value score of 73/100 suggests attractive pricing relative to fundamentals. Low volatility (stability score 86/100) reduces downside risk.
In summary, TRICO BANCSHARES / (TCBK) earns a Hold rating with a composite score of 52.7/100 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 TCBK stock.
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Institutional Research Dossier
TRICO BANCSHARES / (TCBK) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain our Hold rating on TriCo Bancshares (TCBK). While the company exhibits attractive valuation metrics relative to its peers and demonstrates strong profitability, its relatively small size and geographic concentration in California expose it to specific regional economic risks. The bank's impressive operating and net margins are noteworthy, but the sustainability of these margins, given the competitive banking landscape and potential for increased regulatory scrutiny, warrants caution.
Our Hold rating reflects a balanced view of TCBK's strengths and weaknesses. The bank's strong capital position and efficient operations are positives, but its limited diversification and reliance on the California economy present challenges. Investors should carefully consider these factors before making an investment decision.
Business Strategy & Overview
TriCo Bancshares, through its subsidiary Tri Counties Bank, operates as a community bank primarily serving individual and corporate customers in California. The bank's core business revolves around accepting deposits and originating loans, including small business, real estate (residential and commercial), consumer, agricultural, and construction loans. This traditional banking model is augmented by treasury management services, safe deposit boxes, and financial and broker-dealer services, aiming to provide a comprehensive suite of financial products to its customer base.
TCBK's strategy appears to be focused on maintaining a strong presence in its existing markets, as evidenced by its network of 61 traditional branches, 7 in-store branches, and 7 loan production offices across 31 California counties. This branch network allows the bank to cultivate local relationships and cater to the specific needs of its communities. However, this geographic concentration also makes the bank vulnerable to regional economic fluctuations and competitive pressures within California.
The bank's revenue generation is primarily driven by net interest income, the difference between the interest earned on loans and the interest paid on deposits. Additionally, TCBK generates fee income from services such as treasury management and brokerage activities. The bank's ability to effectively manage its interest rate spread and generate fee income is crucial to its overall profitability.
In the current economic environment, TCBK faces challenges related to interest rate volatility, increasing competition from larger banks and fintech companies, and evolving regulatory requirements. To succeed, the bank must effectively manage its risk profile, adapt to changing customer preferences, and maintain a strong capital base.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
7.5%
Sector: 9.4%
-20% VS SCTR
Economic Moat Analysis
TriCo Bancshares possesses a narrow economic moat, primarily derived from its established community banking presence and local relationships within its California markets. While the banking industry is generally competitive, community banks can carve out a niche by providing personalized service and building strong ties with local businesses and residents. This localized focus can create some degree of customer loyalty and reduce the likelihood of customers switching to larger, national banks.
However, TCBK's moat is not particularly wide due to the relatively low switching costs in the banking industry. Customers can easily move their accounts to other banks if they find better rates, services, or technology. Furthermore, the rise of online banking and fintech companies has increased competition and made it easier for customers to access financial services from anywhere.
The bank's intangible assets, such as its brand reputation and customer relationships, contribute to its narrow moat. However, these assets are not as strong as those of larger, more established banks with national brands. TCBK's cost advantages are likely limited, as it faces similar operating expenses and regulatory burdens as other banks of its size.
Efficient scale is not a significant factor in TCBK's moat, as the banking industry is not characterized by natural monopolies or economies of scale that would prevent new entrants from competing. While larger banks may have some cost advantages due to their size, community banks can still compete effectively by focusing on niche markets and providing personalized service.
Overall, TCBK's narrow moat provides some degree of competitive advantage, but it is not insurmountable. The bank must continue to invest in its customer relationships, technology, and service offerings to maintain its competitive position in the face of increasing competition.
Financial Health & Profitability
TriCo Bancshares exhibits a mixed financial profile. The company's revenue has fluctuated, with a significant drop from $395.84M in FY2024 to $53.45M in the latest TTM period (FY2025). This dramatic decrease warrants further investigation to understand the underlying drivers and assess the sustainability of the current revenue level. However, the net income has remained relatively stable, hovering around $120M, suggesting effective cost management or non-recurring gains.
The bank's profitability metrics are exceptionally strong compared to the sector. Its operating margin of 300.4% and net margin of 221.1% significantly exceed the sector averages of 22.0% and 17.8%, respectively. These high margins could be attributed to specific accounting treatments or one-time gains, and their sustainability should be carefully scrutinized. The ROE of 8.8% is slightly above the sector average of 8.5%, indicating decent returns on equity.
TCBK's balance sheet appears to be in good shape, with total cash of $298.82M and total debt of $58.28M. The current ratio of 1.16 suggests adequate liquidity to meet short-term obligations. However, the debt-to-equity ratio of 640.00 is significantly higher than the sector average of 115.00, raising concerns about leverage. This high D/E ratio needs to be examined in the context of the bank's asset quality and risk management practices.
The free cash flow of $278.38M (TTM) indicates strong cash generation capabilities. However, the FCF figure for FY2024 was significantly higher at $596.52M. The quarterly financial history reveals volatile revenue and net income figures, highlighting the need for a deeper understanding of the bank's business drivers and potential risks.
Valuation Assessment
TriCo Bancshares appears attractively valued based on several key metrics. The company's P/E ratio of 12.4x is lower than the sector average of 15.5x, suggesting that the stock may be undervalued relative to its earnings. Similarly, the EV/EBITDA ratio of 2.2x is significantly lower than the sector average of 3.5x, further indicating potential undervaluation.
However, it's crucial to consider the context of these valuation metrics. The bank's high operating and net margins, while impressive, may not be sustainable in the long term. If these margins revert to more normal levels, the P/E and EV/EBITDA ratios could increase, making the stock less attractive. The dramatic revenue drop in the latest TTM period also raises concerns about the company's growth prospects.
The free cash flow yield, while not explicitly provided, can be estimated based on the free cash flow of $278.38M and the market cap of $1.48B. This yields a FCF yield of approximately 18.8%, which is quite high and suggests that the stock may be undervalued based on its cash generation capabilities. However, the volatility in FCF from FY2024 to the TTM period warrants caution.
Overall, TCBK's valuation appears attractive on the surface, but investors should carefully consider the sustainability of the bank's high margins and the potential for revenue growth to slow down. A discounted cash flow analysis, incorporating realistic assumptions about future growth and profitability, would be helpful in determining a fair value for the stock.
Risk & Uncertainty
TriCo Bancshares faces several specific risks that could negatively impact its business and financial performance. One of the most significant risks is its geographic concentration in California. The California economy is subject to various factors, including fluctuations in the technology sector, real estate market, and agricultural industry. A downturn in the California economy could lead to increased loan defaults, reduced demand for banking services, and lower profitability for TCBK.
Another risk is the increasing competition in the banking industry. TCBK faces competition from larger national banks, regional banks, and fintech companies. These competitors may offer more attractive rates, services, or technology, which could lead to customer attrition and reduced market share for TCBK. The bank must continuously innovate and improve its service offerings to remain competitive.
Regulatory risk is also a concern for TCBK. The banking industry is heavily regulated, and changes in regulations could increase compliance costs, restrict lending activities, or require the bank to hold more capital. Increased regulatory scrutiny could also lead to enforcement actions and penalties, which could damage the bank's reputation and financial performance.
Credit risk is inherent in the banking business. TCBK is exposed to the risk that borrowers will default on their loans, which could lead to losses for the bank. The bank must carefully manage its credit risk by implementing sound underwriting standards, diversifying its loan portfolio, and monitoring its loan portfolio for signs of deterioration.
Bulls Say / Bears Say
The Bull Case
BULL VIEWTCBK's low valuation multiples (P/E and EV/EBITDA) relative to peers suggest significant upside potential if the bank can maintain its current profitability levels.
BULL VIEWThe bank's strong capital position and efficient operations provide a solid foundation for future growth and shareholder value creation.
BULL VIEWTCBK's focus on community banking and local relationships gives it a competitive advantage in its markets, fostering customer loyalty and stability.
The Bear Case
BEAR VIEWTCBK's high debt-to-equity ratio and geographic concentration in California expose it to significant financial and economic risks.
BEAR VIEWThe bank's exceptionally high operating and net margins are unsustainable and likely to revert to more normal levels, reducing profitability and valuation.
BEAR VIEWIncreased competition from larger banks and fintech companies could erode TCBK'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 TCBK and 4,400+ other equities.
TRICO BANCSHARES / exhibits a 873% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
1.2%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
0.0%
Sector: 0.0%
Operating Margin
Core business profitability
300.4%
Sector: 21.8%
Net Margin
Bottom-line profitability
221.1%
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.
Sector Avg Yield2.48%
Yield Delta+23%
Income Projection audit
A $10,000 investment would generate approximately $304 annually in dividends at the current trailing rate.
