A Business at a Glance
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AMES NATIONAL CORP
ATLO
$267M
Mkt Cap
$30.05
+0.87%
AMES NATIONAL CORP (ATLO) has a current P/E ratio of 14.0, compared to its historical median P/E of 10.9. The stock is currently considered Expensive based on its historical valuation range.
AMES NATIONAL CORP (ATLO) has a 5-year average return on invested capital (ROIC) of 8.7%. This is below average and may indicate limited pricing power.
AMES NATIONAL CORP (ATLO) has a market capitalization of $267M. It is classified as a small-cap stock.
Yes, AMES NATIONAL CORP (ATLO) pays a dividend with a trailing twelve-month yield of 2.66%. The company also returns capital through share buybacks, with a buyback yield of 0.63%.
Based on historical P/E analysis, AMES NATIONAL CORP (ATLO) appears expensive. The current P/E of 14.0 is 28% above its historical median of 10.9. The estimated fair value CAGR (P/E method) is -6.1%.
AMES NATIONAL CORP (ATLO) operates in the National Commercial Banks industry, within the Financials sector.
AMES NATIONAL CORP (ATLO) reported annual revenue of $98 million in its most recent fiscal year, based on SEC EDGAR filings.
Ames National Corporation (the "Company") is an Iowa corporation and bank holding company registered under the Bank Holding Company Act of 1956, as amended. The Company owns 100% of the stock of six bank subsidiaries consisting of one national bank and five state-chartered banks, as described below. All of the Company’s operations are conducted in the State of Iowa and primarily within the central, north-central and south-central Iowa counties of Boone, Clarke, Hancock, Marshall, Polk, Story, Taylor and Union where the Company’s banking subsidiaries are located. The Company does not engage in any material business activities apart from its ownership of its banking subsidiaries and the management of its own loan portfolios. The principal executive offices of the Company are located at 323 Sixth Street, Ames, Iowa 50010. The Company’s telephone number is (515) 232-6251 and website address is www.amesnational.com.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 98M | 98M | 92M | 84M | 71M | 71M |
| Net Income | 19M | 19M | 10M | 11M | 19M | 24M |
| EPS | $2.14 | $2.14 | $1.14 | $1.20 | $2.14 | $2.62 |
| Free Cash Flow | 21M | 21M | 14M | 14M | 18M | 29M |
| ROIC | 19.1% | 9.0% | 5.6% | 6.8% | 10.8% | 11.5% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.09 | 0.09 | 0.11 | 0.02 | 13.32 | 9.29 |
| Dividends/Share | $0.80 | $0.60 | $0.94 | $1.08 | $1.08 | $1.29 |
| Operating Income | 24M | 24M | 12M | 13M | 25M | 31M |
| Operating Margin | 24.3% | 24.3% | 13.2% | 15.4% | 35.3% | 43.2% |
| ROE | 9.2% | 9.9% | 6.0% | 6.9% | 10.8% | 11.5% |
| Shares Outstanding | 9M | 9M | 9M | 9M | 9M | 9M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 50M | 51M | 52M | 54M | 58M | 65M | 74M | 71M | 71M | 84M | 92M | 98M | 98M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 14M | 15M | 16M | 16M | 18M | 20M | 23M | 22M | 23M | 24M | 25M | 26M | 26M |
| EBIT | 21M | 21M | 23M | 21M | 21M | 21M | 23M | 31M | 25M | 13M | 12M | 24M | 24M |
| Op. Margin | 41.6% | 40.5% | 43.2% | 39.6% | 37.2% | 32.5% | 31.6% | 43.2% | 35.3% | 15.4% | 13.2% | 24.3% | 24.3% |
| Net Income | 15M | 15M | 16M | 14M | 17M | 17M | 19M | 24M | 19M | 11M | 10M | 19M | 19M |
| Net Margin | 30.4% | 29.2% | 30.2% | 25.5% | 29.5% | 26.5% | 25.6% | 33.7% | 27.1% | 13.0% | 11.1% | 19.4% | 19.4% |
| Non-Recurring | 3.0M | -5K | -26K | -2K | -11K | -9K | -106K | -13K | 76K | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 9.0% | 8.5% | 8.9% | 7.6% | 9.2% | 9.1% | 9.4% | 11.5% | 10.8% | 6.8% | 5.6% | 9.0% | 19.1% |
| ROE | 10.3% | 9.5% | 9.6% | 8.2% | 9.9% | 9.5% | 9.5% | 11.5% | 10.8% | 6.9% | 6.0% | 9.9% | 9.2% |
| ROA | 1.2% | 1.1% | 1.2% | 1.0% | 1.2% | 1.1% | 1.0% | 1.2% | 0.9% | 0.5% | 0.5% | 0.9% | 0.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 20M | 23M | 21M | 19M | 21M | 20M | 30M | 30M | 21M | 19M | 14M | 21M | 21M |
| Free Cash Flow | 18M | 20M | 21M | 18M | 20M | 19M | 28M | 29M | 18M | 14M | 14M | 21M | 21M |
| Owner Earnings | 18M | 21M | 20M | 17M | 19M | 18M | 27M | 28M | 19M | 17M | 13M | 20M | 20M |
| CapEx | 1.6M | 2.2M | 268K | 518K | 617K | 780K | 1.2M | 1.9M | 2.9M | 4.9M | 298K | 642K | 642K |
| Maint. CapEx | 1.2M | 1.6M | 1.6M | 1.5M | 1.6M | 1.8M | 2.3M | 2.0M | 2.0M | 1.8M | 1.7M | 1.6M | 1.6M |
| Growth CapEx | 381K | 628K | 0 | 0 | 0 | 0 | 0 | 0 | 860K | 3.1M | 0 | 0 | 0 |
| D&A | 1.2M | 1.6M | 1.6M | 1.5M | 1.6M | 1.8M | 2.3M | 2.0M | 2.0M | 1.8M | 1.7M | 1.6M | 1.6M |
| CapEx/OCF | 8.2% | 9.7% | 1.3% | 2.7% | 3.0% | 3.9% | 4.2% | 6.2% | 13.5% | 25.5% | 2.1% | 3.0% | 3.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 6.5M | 7.3M | 7.7M | 8.1M | 11M | 8.8M | 9.1M | 9.4M | 9.7M | 9.7M | 9.1M | 7.1M | 7.1M |
| Dividend Yield | 4.9% | 4.9% | 4.7% | 4.2% | 5.7% | 4.8% | 6.1% | 5.3% | 5.5% | 6.2% | 5.7% | 4.3% | 2.7% |
| Share Buybacks | 0 | 0 | 0 | 0 | 452K | 1.8M | 2.0M | 710K | 2.3M | 0 | 704K | 1.7M | 1.7M |
| Buyback Yield | N/A | N/A | N/A | N/A | 0.3% | 0.9% | 1.1% | 0.4% | 1.3% | N/A | 0.5% | 0.8% | 0.6% |
| Stock-Based Comp | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt Repayment | 7.1M | 10M | 4.0M | 1.0M | 25M | 13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -540M | -545M | -530M | -509M | -464M | -599M | -770M | N/A | N/A | -788M | -730M | -108M | -108M |
| Cash & Equiv. | 24M | 24M | 29M | 26M | 30M | 122M | 173M | 89M | 28M | 55M | 101M | 127M | 127M |
| Long-Term Debt | 23M | 13M | 13M | 13M | 13M | 3.0M | 0 | N/A | N/A | 3.5M | 20M | 18M | 18M |
| Debt/Equity | 0.15 | 0.08 | 0.08 | 0.08 | 0.15 | 0.02 | 0.00 | 9.29 | 13.32 | 0.02 | 0.11 | 0.09 | 0.09 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.8 |
| Equity | 155M | 161M | 165M | 171M | 173M | 188M | 209M | 208M | 149M | 166M | 175M | 208M | 208M |
| Total Assets | 1.3B | 1.3B | 1.4B | 1.4B | 1.5B | 1.7B | 2.0B | 2.1B | 2.1B | 2.2B | 2.1B | 2.1B | 2.1B |
| Total Liabilities | 1.1B | 1.2B | 1.2B | 1.2B | 1.3B | 1.5B | 1.8B | 1.9B | 2.0B | 2.0B | 2.0B | 1.9B | 1.9B |
| Intangibles | 1.7M | 1.3M | 1.4M | 1.1M | 2.7M | 4.0M | 3.1M | 2.5M | 1.9M | 1.4M | 1.1M | 791K | 791K |
| Retained Earnings | 111M | 118M | 126M | 132M | 138M | 146M | 158M | 170M | 180M | 180M | 182M | 196M | 196M |
| Working Capital | N/A | N/A | N/A | N/A | 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 | 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 | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.64 | 1.61 | 1.69 | 1.47 | 1.83 | 1.86 | 2.06 | 2.62 | 2.14 | 1.20 | 1.14 | 2.14 | 2.14 |
| Owner EPS | 1.97 | 2.26 | 2.13 | 1.86 | 2.06 | 1.98 | 3.00 | 3.12 | 2.13 | 1.94 | 1.41 | 2.22 | 2.22 |
| Book Value | 16.63 | 17.29 | 17.73 | 18.33 | 18.59 | 20.29 | 22.89 | 22.76 | 16.54 | 18.39 | 19.49 | 23.38 | 23.38 |
| Cash Flow/Share | 2.10 | 2.43 | 2.30 | 2.02 | 2.23 | 2.18 | 3.25 | 3.34 | 2.35 | 2.13 | 1.60 | 2.40 | 2.32 |
| Dividends/Share | 0.72 | 0.80 | 0.83 | 0.87 | 1.17 | 0.96 | 0.75 | 1.29 | 1.08 | 1.08 | 0.94 | 0.60 | 0.80 |
| Shares Out. | 9.3M | 9.3M | 9.3M | 9.3M | 9.3M | 9.2M | 9.2M | 9.1M | 9.0M | 9.0M | 9.0M | 8.9M | 8.9M |
| Valuation | |||||||||||||
| P/E Ratio | 10.1 | 9.8 | 13.4 | 13.3 | 10.1 | 11.2 | 9.4 | 7.6 | 9.3 | 16.5 | 13.8 | 10.7 | 14.0 |
| P/FCF | 8.6 | 7.2 | 10.0 | 9.9 | 8.6 | 9.9 | 6.2 | 6.4 | 9.8 | 12.5 | 10.0 | 9.8 | 12.9 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.1 | 6.7 |
| Price/Book | 1.0 | 0.9 | 1.3 | 1.1 | 1.0 | 1.0 | 0.8 | 0.9 | 1.2 | 1.1 | 0.8 | 1.0 | 1.3 |
| Price/Sales | 2.6 | 2.9 | 3.2 | 3.6 | 3.3 | 2.8 | 2.0 | 2.5 | 2.5 | 1.9 | 1.7 | 1.7 | 2.7 |
| FCF Yield | 11.6% | 13.9% | 10.0% | 10.1% | 11.6% | 10.1% | 16.1% | 15.7% | 10.2% | 8.0% | 10.0% | 10.2% | 7.7% |
| Market Cap | 154M | 147M | 212M | 182M | 173M | 193M | 177M | 182M | 180M | 178M | 141M | 203M | 267M |
| Avg. Price | 14.27 | 15.80 | 17.64 | 20.71 | 20.29 | 19.93 | 16.23 | 19.49 | 19.37 | 17.35 | 17.70 | 18.44 | 30.05 |
| Year-End Price | 16.54 | 15.81 | 22.72 | 19.53 | 18.57 | 20.84 | 19.32 | 19.94 | 19.98 | 19.78 | 15.69 | 22.88 | 30.05 |
AMES NATIONAL CORP passes 2 of 9 quality checks, indicating weak fundamentals.
AMES NATIONAL CORP trades at 14.0x trailing earnings, compared to its 15-year median P/E of 10.9x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 12.9x vs a median of 9.9x. The company's 5-year average ROIC is 8.7%. Total shareholder yield (dividends + buybacks) is 3.3%. At current prices, the estimated annualized return to fair value is -6.2%.
AMES NATIONAL CORP (ATLO) has a net profit margin of 19.4%. This is a healthy margin.
AMES NATIONAL CORP (ATLO) generated $21 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
AMES NATIONAL CORP (ATLO) has a debt-to-equity ratio of 0.09. This indicates a conservatively financed balance sheet.
AMES NATIONAL CORP (ATLO) reported earnings per share (EPS) of $2.14 in its most recent fiscal year.
AMES NATIONAL CORP (ATLO) has a return on equity (ROE) of 9.9%. This indicates moderate shareholder returns.
The Ledger Terminal provides 16 years of financial data for AMES NATIONAL CORP (ATLO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
AMES NATIONAL CORP (ATLO) has a book value per share of $23.38, based on its most recent annual SEC filing.
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