A Business at a Glance
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Company Overview and History Alerus Financial Corporation (the “Company”) is a diversified financial services company headquartered in Grand Forks, North Dakota. Through the Company’s subsidiary, Alerus Financial, National Association (the “Bank”), the Company provides innovative and comprehensive financial solutions to businesses and consumers through three distinct business segments—banking, retirement and benefit services, and wealth. In prior periods, the Company had a fourth operating segment, mortgage. As of January 1, 2024, the mortgage division was fully integrated into the banking division to reflect the way the Company currently manages and views the business. These solutions are delivered through a relationship oriented primary point of contact along with responsive and client friendly technology. As of December 31, 2025, the Company had $5.2 billion of total assets, $4.0 billion of total loans, $4.2 billion of total deposits, $564.9 million of stockholders’ equity, $44.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 332M | 332M | 337M | 245M | 227M | 240M |
| Net Income | 17M | 17M | 18M | 12M | 40M | 53M |
| EPS | $0.68 | $0.68 | $0.83 | $0.58 | $2.10 | $2.97 |
| Free Cash Flow | 59M | 59M | 9.4M | 26M | 101M | 148M |
| ROIC | 0.8% | 3.0% | 3.2% | 2.7% | 9.6% | 12.6% |
| Gross Margin | 71.9% | 71.9% | 68.1% | 77.4% | 91.5% | 96.2% |
| Debt/Equity | 0.65 | 0.65 | 0.60 | 1.01 | 1.22 | 0.16 |
| Dividends/Share | $0.81 | $0.83 | $0.79 | $0.75 | $0.70 | $0.63 |
| Operating Income | 9.4M | 9.4M | 12M | 8.0M | 4.9M | 4.6M |
| Operating Margin | 2.8% | 2.8% | 3.7% | 3.3% | 2.1% | 1.9% |
| ROE | 3.1% | 3.3% | 3.6% | 3.2% | 11.2% | 14.7% |
| Shares Outstanding | 26M | 26M | 21M | 20M | 19M | 18M |
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 190M | 207M | 245M | 240M | 227M | 245M | 337M | 332M | 332M |
| Gross Margin | 88.9% | 87.4% | 90.6% | 96.2% | 91.5% | 77.4% | 68.1% | 71.9% | 71.9% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 136M | 143M | 164M | 169M | 159M | 150M | 181M | 201M | 201M |
| EBIT | 5.0M | 6.9M | 5.2M | 4.6M | 4.9M | 8.0M | 12M | 9.4M | 9.4M |
| Op. Margin | 2.6% | 3.3% | 2.1% | 1.9% | 2.1% | 3.3% | 3.7% | 2.8% | 2.8% |
| Net Income | 26M | 30M | 45M | 53M | 40M | 12M | 18M | 17M | 17M |
| Net Margin | 13.6% | 14.2% | 18.2% | 21.9% | 17.6% | 4.8% | 5.3% | 5.3% | 5.3% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||
| ROIC | 11.7% | 8.6% | 11.5% | 12.6% | 9.6% | 2.7% | 3.2% | 3.0% | 0.8% |
| ROE | 15.9% | 10.3% | 13.5% | 14.7% | 11.2% | 3.2% | 3.6% | 3.3% | 3.1% |
| ROA | 1.2% | 1.3% | 1.5% | 1.6% | 1.1% | 0.3% | 0.3% | 0.3% | 0.3% |
| Cash Flow | |||||||||
| Op. Cash Flow | 54M | 19M | -22M | 150M | 103M | 29M | 22M | 68M | 68M |
| Free Cash Flow | 50M | 16M | -26M | 148M | 101M | 26M | 9.4M | 59M | 59M |
| Owner Earnings | 43M | 8.7M | -33M | 138M | 93M | 19M | 10M | 50M | 50M |
| CapEx | 3.8M | 2.9M | 3.8M | 1.7M | 1.8M | 3.2M | 12M | 8.7M | 8.7M |
| Maint. CapEx | 8.7M | 8.8M | 8.9M | 8.9M | 8.5M | 8.5M | 9.8M | 15M | 15M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 2.5M | 0 | 0 |
| D&A | 8.7M | 8.8M | 8.9M | 8.9M | 8.5M | 8.5M | 9.8M | 15M | 15M |
| CapEx/OCF | 7.0% | 15.1% | N/A | 1.1% | 1.7% | 11.0% | 56.9% | 12.9% | 12.9% |
| Capital Allocation | |||||||||
| Dividends Paid | 7.5M | 8.9M | 10M | 11M | 13M | 15M | 15M | 21M | 21M |
| Dividend Yield | 2.8% | 3.5% | 3.4% | 2.4% | 3.1% | 4.4% | 3.6% | 4.0% | 3.2% |
| Share Buybacks | 356K | 1.9M | 482K | 712K | 738K | 6.6M | 276K | 737K | 737K |
| Buyback Yield | 0.2% | 0.7% | 0.1% | 0.2% | 0.2% | 1.6% | 0.1% | 0.1% | 0.1% |
| Stock-Based Comp | 1.8M | 1.8M | 1.9M | 3.1M | 1.9M | 1.6M | 1.6M | 2.7M | 2.7M |
| Debt Repayment | 171K | 230K | 210K | 50M | 203K | 203K | 77M | 70M | 70M |
| Balance Sheet | |||||||||
| Net Debt | -139M | -302M | -707M | -1.0B | -339M | 113M | 176M | 234M | 301M |
| Cash & Equiv. | 41M | 144M | 173M | 242M | 58M | 130M | 61M | 67M | 67M |
| Long-Term Debt | 59M | 59M | 59M | 59M | 59M | 59M | 59M | 59M | 59M |
| Debt/Equity | 0.94 | 0.53 | 0.18 | 0.16 | 1.22 | 1.01 | 0.60 | 0.65 | 0.65 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.1 |
| Equity | 162M | 286M | 330M | 359M | 357M | 369M | 495M | 565M | 565M |
| Total Assets | 2.2B | 2.4B | 3.0B | 3.4B | 3.8B | 3.9B | 5.3B | 5.2B | 5.2B |
| Total Liabilities | 2.0B | 2.1B | 2.7B | 3.0B | 3.4B | 3.5B | 4.8B | 4.7B | 4.7B |
| Intangibles | 22M | 18M | 26M | 20M | 22M | 17M | 44M | 33M | 33M |
| Retained Earnings | 159M | 178M | 212M | 254M | 280M | 273M | 274M | 270M | 270M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||
| EPS | 1.84 | 1.91 | 2.52 | 2.97 | 2.10 | 0.58 | 0.83 | 0.68 | 0.68 |
| Owner EPS | 3.06 | 0.56 | -1.87 | 7.77 | 4.86 | 0.93 | 0.48 | 1.93 | 1.93 |
| Book Value | 11.56 | 18.47 | 18.62 | 20.26 | 18.73 | 18.30 | 23.13 | 22.03 | 22.03 |
| Cash Flow/Share | 3.81 | 1.24 | -1.26 | 8.45 | 5.41 | 1.43 | 1.02 | 2.63 | 1.28 |
| Dividends/Share | 0.53 | 0.57 | 0.60 | 0.63 | 0.70 | 0.75 | 0.79 | 0.83 | 0.81 |
| Shares Out. | 14.1M | 15.5M | 17.7M | 17.7M | 19.1M | 20.2M | 21.4M | 25.6M | 25.6M |
| Valuation | |||||||||
| P/E Ratio | 8.6 | 9.8 | 9.2 | 8.6 | 9.6 | 36.0 | 22.3 | 32.0 | 37.1 |
| P/FCF | 4.5 | 17.7 | N/A | 3.0 | 3.8 | 16.4 | 42.2 | 9.5 | 11.0 |
| EV/EBIT | 16.6 | N/A | N/A | N/A | 145.2 | 66.5 | 46.3 | 84.0 | 100.5 |
| Price/Book | 1.4 | 1.0 | 1.2 | 1.3 | 1.1 | 1.1 | 0.8 | 1.0 | 1.1 |
| Price/Sales | 1.5 | 1.3 | 1.3 | 1.9 | 2.0 | 2.0 | 1.9 | 2.3 | 1.9 |
| FCF Yield | 22.4% | 5.7% | -6.3% | 32.8% | 26.2% | 6.1% | 2.4% | 10.5% | 9.1% |
| Market Cap | 222M | 289M | 412M | 452M | 386M | 421M | 396M | 558M | 646M |
| Avg. Price | 18.81 | 16.32 | 17.10 | 25.65 | 21.96 | 16.69 | 19.97 | 20.49 | 25.20 |
| Year-End Price | 15.78 | 18.71 | 23.26 | 25.46 | 20.25 | 20.86 | 18.48 | 21.76 | 25.20 |
ALERUS FINANCIAL CORP passes 3 of 9 quality checks, indicating weak fundamentals.
ALERUS FINANCIAL CORP trades at 37.1x trailing earnings, compared to its 15-year median P/E of 9.7x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 10.9x vs a median of 9.5x. The company's 5-year average ROIC is 6.2% with a gross margin of 81.0%. Total shareholder yield (dividends + buybacks) is 3.3%. At current prices, the estimated annualized return to fair value is -3.2%.
ALERUS FINANCIAL CORP (ALRS) has a current P/E ratio of 37.1, compared to its historical median P/E of 9.7. The stock is currently considered Expensive based on its historical valuation range.
ALERUS FINANCIAL CORP (ALRS) has a 5-year average return on invested capital (ROIC) of 6.2%. This is below average and may indicate limited pricing power.
ALERUS FINANCIAL CORP (ALRS) has a market capitalization of $646M. It is classified as a small-cap stock.
Yes, ALERUS FINANCIAL CORP (ALRS) pays a dividend with a trailing twelve-month yield of 3.22%. The company also returns capital through share buybacks, with a buyback yield of 0.11%.
Based on historical P/E analysis, ALERUS FINANCIAL CORP (ALRS) appears expensive. The current P/E of 37.1 is 281% above its historical median of 9.7. The estimated fair value CAGR (P/E method) is -15.7%.
ALERUS FINANCIAL CORP (ALRS) operates in the National Commercial Banks industry, within the Financials sector.
ALERUS FINANCIAL CORP (ALRS) reported annual revenue of $332 million in its most recent fiscal year, based on SEC EDGAR filings.
ALERUS FINANCIAL CORP (ALRS) has a net profit margin of 5.3%. This is a modest margin.
ALERUS FINANCIAL CORP (ALRS) generated $59 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ALERUS FINANCIAL CORP (ALRS) has a debt-to-equity ratio of 0.65. This indicates moderate leverage.
ALERUS FINANCIAL CORP (ALRS) reported earnings per share (EPS) of $0.68 in its most recent fiscal year.
ALERUS FINANCIAL CORP (ALRS) has a return on equity (ROE) of 3.3%. This indicates moderate shareholder returns.
ALERUS FINANCIAL CORP (ALRS) has a 5-year average gross margin of 81.0%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 8 years of financial data for ALERUS FINANCIAL CORP (ALRS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ALERUS FINANCIAL CORP (ALRS) has a book value per share of $22.03, based on its most recent annual SEC filing.
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