A Business at a Glance
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BayFirst Financial Corp. BayFirst Financial Corp. is a bank holding company that operates through its wholly owned subsidiary, BayFirst National Bank (the “Bank”), together referred to as “the Company” or “BayFirst”. BayFirst commenced its bank holding company operations on September 1, 2000, by acquiring all shares of the Bank. BayFirst’s primary source of income is from the Bank, which serves a broad spectrum of consumers and small businesses in the Tampa Bay/Sarasota region and is supported by a national government guaranteed lending business. BayFirst utilizes this national business line to provide financial support for the delivery and expansion of traditional banking services, and to serve as a specialized lead product to introduce the Bank to new customers in the Tampa Bay/Sarasota region. BayFirst strives to be a progressive institution in its products and services, technology, design, and social responsibility.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 86M | 98M | 86M | 62M | 58M | 131M |
| Net Income | -11M | 11M | 4.7M | -1.2M | 24M | 12M |
| EPS | $-3.01 | $2.62 | $1.12 | $-0.22 | $5.91 | $3.01 |
| Free Cash Flow | 282M | 389M | 447M | 432M | 482M | -111M |
| ROIC | 0.0% | 119.5% | 58.2% | -97.2% | 31.3% | 102.9% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.00 | 0.02 | 0.02 | 0.03 | 0.03 | 0.05 |
| Dividends/Share | $0.00 | $0.31 | $0.31 | $0.24 | $0.26 | $0.23 |
| Operating Income | 0 | 58M | 38M | 8.9M | 34M | 25M |
| Operating Margin | 0.0% | 59.1% | 43.7% | 14.5% | 57.4% | 19.2% |
| ROE | -11.9% | 10.5% | 4.7% | -1.3% | 24.5% | 16.7% |
| Shares Outstanding | 4M | 4M | 4M | 5M | 4M | 4M |
| Metric | 2020 | 2021 | 2022 | |||
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 131M | 58M | 62M | 86M | 98M | 86M |
| Gross Margin | 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 |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 25M | 34M | 8.9M | 38M | 58M | 0 |
| Op. Margin | 19.2% | 57.4% | 14.5% | 43.7% | 59.1% | 0.0% |
| Net Income | 12M | 24M | -1.2M | 4.7M | 11M | -11M |
| Net Margin | 9.0% | 40.4% | -1.9% | 5.5% | 11.2% | -12.4% |
| Non-Recurring | 0 | 0 | 0 | 0 | 12M | 12M |
| Returns on Capital | ||||||
| ROIC | 102.9% | 31.3% | -97.2% | 58.2% | 119.5% | 0.0% |
| ROE | 16.7% | 24.5% | -1.3% | 4.7% | 10.5% | -11.9% |
| ROA | 0.8% | 2.6% | -0.1% | 0.4% | 0.9% | -75.8% |
| Cash Flow | ||||||
| Op. Cash Flow | -108M | 495M | 440M | 455M | 391M | 282M |
| Free Cash Flow | -111M | 482M | 432M | 447M | 389M | 282M |
| Owner Earnings | -110M | 494M | 438M | 452M | 388M | 279M |
| CapEx | 3.0M | 13M | 8.1M | 7.6M | 1.7M | 257K |
| Maint. CapEx | 1.4M | 1.3M | 1.7M | 2.2M | 2.5M | 2.5M |
| Growth CapEx | 1.6M | 12M | 6.3M | 5.3M | 0 | 0 |
| D&A | 1.4M | 1.3M | 1.7M | 2.2M | 2.5M | 2.5M |
| CapEx/OCF | N/A | 2.6% | 1.8% | 1.7% | 0.4% | 0.1% |
| Capital Allocation | ||||||
| Dividends Paid | 915K | 1.1M | 1.3M | 1.3M | 1.3M | 0 |
| Dividend Yield | N/A | 1.2% | 1.3% | 2.3% | 2.5% | N/A |
| Share Buybacks | 0 | 0 | 49K | 13K | 0 | 0 |
| Buyback Yield | N/A | N/A | 0.1% | 0.0% | N/A | 0.0% |
| Stock-Based Comp | 373K | 461K | 763K | 604K | 396K | 396K |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||||
| Net Debt | -52M | -106M | -63M | -56M | -76M | -119M |
| Cash & Equiv. | N/A | N/A | N/A | N/A | N/A | 119M |
| Long-Term Debt | 3.8M | 3.3M | 2.8M | 2.4M | 1.9M | 1.9M |
| Debt/Equity | 0.05 | 0.03 | 0.03 | 0.02 | 0.02 | 0.00 |
| Interest Coverage | 2.5 | 4.6 | 1.0 | 1.2 | 1.4 | 1.4 |
| Equity | 71M | 96M | 92M | 101M | 111M | 90M |
| Total Assets | 1.5B | 917M | 939M | 1.1B | 1.3B | 14M |
| Total Liabilities | 1.5B | 821M | 847M | 1.0B | 1.2B | 106M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 13M | 36M | 33M | 34M | 44M | 44M |
| Working Capital | 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 |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | ||||||
| EPS | 3.01 | 5.91 | -0.22 | 1.12 | 2.62 | -3.01 |
| Owner EPS | -27.86 | 123.54 | 81.55 | 106.86 | 91.82 | 67.97 |
| Book Value | 18.07 | 24.10 | 17.12 | 23.81 | 26.27 | 21.83 |
| Cash Flow/Share | -27.41 | 123.99 | 82.01 | 107.53 | 92.50 | -2.00 |
| Dividends/Share | 0.23 | 0.26 | 0.24 | 0.31 | 0.31 | 0.00 |
| Shares Out. | 3.9M | 4.0M | 5.4M | 4.2M | 4.2M | 4.1M |
| Valuation | ||||||
| P/E Ratio | N/A | 3.8 | N/A | 11.2 | 5.1 | -2.4 |
| P/FCF | N/A | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 |
| EV/EBIT | N/A | -0.5 | 2.3 | -0.1 | -0.3 | N/A |
| Price/Book | N/A | 0.9 | 0.9 | 0.5 | 0.5 | 0.3 |
| Price/Sales | N/A | 1.5 | 1.6 | 0.7 | 0.5 | 0.3 |
| FCF Yield | N/A | 535.7% | 517.0% | 842.8% | 689.2% | 964.9% |
| Market Cap | N/A | 90M | 84M | 53M | 56M | 29M |
| Avg. Price | N/A | 21.78 | 17.81 | 13.44 | 12.52 | 7.11 |
| Year-End Price | N/A | 22.53 | 15.57 | 12.55 | 13.36 | 7.11 |
BayFirst Financial Corp. passes 5 of 9 quality checks, suggesting mixed fundamentals.
On a free-cash-flow basis, the stock trades at 0.1x vs a median of 0.2x. The company's 5-year average ROIC is 42.9%. Total shareholder yield (dividends) is 4.4%. At current prices, the estimated annualized return to fair value is +21.8%.
BayFirst Financial Corp. (BAFN) has a 5-year average return on invested capital (ROIC) of 42.9%. This indicates strong capital allocation and a potential competitive advantage.
BayFirst Financial Corp. (BAFN) has a market capitalization of $29M. It is classified as a small-cap stock.
Yes, BayFirst Financial Corp. (BAFN) pays a dividend with a trailing twelve-month yield of 4.41%.
BayFirst Financial Corp. (BAFN) operates in the State Commercial Banks industry, within the Financials sector.
BayFirst Financial Corp. (BAFN) reported annual revenue of $98 million in its most recent fiscal year, based on SEC EDGAR filings.
BayFirst Financial Corp. (BAFN) has a net profit margin of 11.2%. This is a healthy margin.
BayFirst Financial Corp. (BAFN) generated $389 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
BayFirst Financial Corp. (BAFN) has a debt-to-equity ratio of 0.02. This indicates a conservatively financed balance sheet.
BayFirst Financial Corp. (BAFN) reported earnings per share (EPS) of $2.62 in its most recent fiscal year.
BayFirst Financial Corp. (BAFN) has a return on equity (ROE) of 10.5%. This indicates moderate shareholder returns.
The Ledger Terminal provides 5 years of financial data for BayFirst Financial Corp. (BAFN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BayFirst Financial Corp. (BAFN) has a book value per share of $26.27, based on its most recent annual SEC filing.