A Business at a Glance
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GERMAN AMERICAN BANCORP, INC.
GABC
$1.8B
Mkt Cap
$48.43
+1.62%
GERMAN AMERICAN BANCORP, INC. (GABC) has a current P/E ratio of 15.8, compared to its historical median P/E of 12.6. The stock is currently considered Expensive based on its historical valuation range.
GERMAN AMERICAN BANCORP, INC. (GABC) has a 5-year average return on invested capital (ROIC) of 11.4%. This indicates solid capital allocation.
GERMAN AMERICAN BANCORP, INC. (GABC) has a market capitalization of $1.8B. It is classified as a small-cap stock.
Yes, GERMAN AMERICAN BANCORP, INC. (GABC) pays a dividend with a trailing twelve-month yield of 2.42%.
Based on historical P/E analysis, GERMAN AMERICAN BANCORP, INC. (GABC) appears expensive. The current P/E of 15.8 is 25% above its historical median of 12.6. The estimated fair value CAGR (P/E method) is 5.0%.
GERMAN AMERICAN BANCORP, INC. (GABC) operates in the State Commercial Banks industry, within the Financials sector.
GERMAN AMERICAN BANCORP, INC. (GABC) reported annual revenue of $487 million in its most recent fiscal year, based on SEC EDGAR filings.
German American Bancorp, Inc. is a Nasdaq-listed (symbol: GABC) financial holding company based in Jasper, Indiana. German American, through its banking subsidiary German American Bank, operates 94 banking offices located throughout Indiana (central/southern), Kentucky (northern/central/western), and Ohio (central/southwest). In Columbus, Ohio and Greater Cincinnati, the Company does business as Heartland Bank, a Division of German American Bank. The Company also owns an investment brokerage subsidiary, German American Investment Services, Inc. Throughout this Report, when we use the term “Company” and “German American”, we will usually be referring to the business and affairs (financial and otherwise) of German American Bancorp, Inc. and its consolidated subsidiaries as a whole. Occasionally, we will refer to the term “German American Bancorp”, “Bancorp”, “parent company” or “holding company” when we mean to refer to only German American Bancorp, Inc.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 376M | 487M | 354M | 317M | 278M | 230M |
| Net Income | 135M | 113M | 84M | 86M | 82M | 84M |
| EPS | $3.61 | $3.06 | $2.83 | $2.91 | $2.78 | $3.17 |
| Free Cash Flow | 153M | 154M | 91M | 101M | 102M | 96M |
| ROIC | 11.5% | 10.8% | 10.6% | 12.5% | 11.9% | 11.1% |
| Gross Margin | - | 72.4% | 73.6% | 81.2% | 91.1% | 93.0% |
| Debt/Equity | -0.01 | 0.16 | 0.30 | 0.30 | 0.38 | 0.23 |
| Dividends/Share | $1.17 | $1.16 | $1.08 | $1.00 | $0.92 | $0.84 |
| Operating Income | 9.1M | 8.8M | 5.4M | 5.8M | 5.1M | 7.0M |
| Operating Margin | 2.4% | 1.8% | 1.5% | 1.8% | 1.8% | 3.0% |
| ROE | 11.5% | 12.0% | 12.2% | 14.1% | 13.3% | 13.0% |
| Shares Outstanding | 38M | 37M | 30M | 30M | 29M | 27M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 104M | 109M | 135M | 143M | 171M | 222M | 229M | 230M | 278M | 317M | 354M | 487M | 376M |
| Gross Margin | 94.1% | 94.4% | 92.9% | 91.0% | 87.6% | 83.5% | 84.0% | 93.0% | 91.1% | 81.2% | 73.6% | 72.4% | 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 | 33M | 35M | 44M | 47M | 51M | 64M | 68M | 69M | 84M | 83M | 82M | 108M | 108M |
| EBIT | 2.0M | 3.5M | 3.7M | 2.6M | 2.8M | 3.2M | 3.4M | 7.0M | 5.1M | 5.8M | 5.4M | 8.8M | 9.1M |
| Op. Margin | 1.9% | 3.2% | 2.7% | 1.8% | 1.6% | 1.5% | 1.5% | 3.0% | 1.8% | 1.8% | 1.5% | 1.8% | 2.4% |
| Net Income | 28M | 30M | 35M | 41M | 47M | 59M | 62M | 84M | 82M | 86M | 84M | 113M | 135M |
| Net Margin | 27.2% | 27.6% | 26.0% | 28.5% | 27.2% | 26.7% | 27.2% | 36.6% | 29.4% | 27.1% | 23.7% | 23.1% | 36.0% |
| Non-Recurring | -93K | -389K | 0 | 0 | -44K | 352K | -43K | 0 | 0 | 0 | 38M | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 9.8% | 9.4% | 8.8% | 8.5% | 8.5% | 8.8% | 8.2% | 11.1% | 11.9% | 12.5% | 10.6% | 10.8% | 11.5% |
| ROE | 13.2% | 12.5% | 12.1% | 11.7% | 11.3% | 11.5% | 10.4% | 13.0% | 13.3% | 14.1% | 12.2% | 12.0% | 11.5% |
| ROA | 1.3% | 1.3% | 1.3% | 1.3% | 1.3% | 1.4% | 1.3% | 1.6% | 1.4% | 1.4% | 1.3% | 1.5% | 1.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 36M | 31M | 42M | 55M | 62M | 65M | 92M | 101M | 110M | 107M | 96M | 159M | 158M |
| Free Cash Flow | 33M | 30M | 37M | 44M | 47M | 56M | 85M | 96M | 102M | 101M | 91M | 154M | 153M |
| Owner Earnings | 31M | 26M | 36M | 49M | 55M | 55M | 82M | 90M | 98M | 95M | 84M | 138M | 136M |
| CapEx | 3.1M | 1.6M | 5.2M | 11M | 15M | 9.4M | 7.1M | 4.7M | 7.9M | 5.7M | 5.0M | 5.3M | 5.1M |
| Maint. CapEx | 4.8M | 4.3M | 4.3M | 4.7M | 6.2M | 8.6M | 9.4M | 8.8M | 10M | 9.6M | 9.3M | 19M | 20M |
| Growth CapEx | 0 | 0 | 919K | 6.5M | 9.0M | 744K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 4.8M | 4.3M | 4.3M | 4.7M | 6.2M | 8.6M | 9.4M | 8.8M | 10M | 9.6M | 9.3M | 19M | 20M |
| CapEx/OCF | 8.4% | 5.2% | 12.5% | 20.4% | 24.4% | 14.4% | 7.7% | 4.6% | 7.1% | 5.4% | 5.3% | 3.3% | 3.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 8.4M | 9.0M | 11M | 12M | 14M | 18M | 20M | 22M | 27M | 29M | 32M | 43M | 44M |
| Dividend Yield | 4.6% | 2.9% | 2.5% | 1.9% | 2.1% | 2.6% | 2.9% | 2.4% | 2.7% | 3.5% | 3.1% | 3.1% | 2.4% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 5.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 627K | 963K | 1.4M | 1.2M | 1.4M | 1.3M | 1.1M | 1.7M | 2.3M | 2.3M | 2.9M | 2.9M | 2.9M |
| Debt Repayment | 43M | 44M | 25M | 54M | 40M | 65M | 41M | 58M | 42M | 132K | 50M | 64M | 64M |
| Balance Sheet | |||||||||||||
| Net Debt | 173M | 237M | 210M | -536M | -533M | -609M | -1.4B | -238M | 93M | 85M | 27M | 69M | -137M |
| Cash & Equiv. | 33M | 36M | 48M | 70M | 97M | 104M | 344M | 395M | 117M | 115M | 189M | 118M | 124M |
| Long-Term Debt | 65M | 96M | 121M | 142M | 127M | 182M | 142M | 84M | 64M | 90M | 115M | 100M | N/A |
| Debt/Equity | 0.90 | 1.08 | 0.78 | 0.75 | 0.82 | 0.61 | 0.31 | 0.23 | 0.38 | 0.30 | 0.30 | 0.16 | -0.01 |
| 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 | 37.1 |
| Equity | 229M | 252M | 330M | 365M | 459M | 574M | 625M | 668M | 558M | 664M | 715M | 1.2B | 1.2B |
| Total Assets | 2.2B | 2.4B | 3.0B | 3.1B | 3.9B | 4.4B | 5.0B | 5.6B | 6.2B | 6.2B | 6.3B | 8.4B | 8.4B |
| Total Liabilities | 2.0B | 2.1B | 2.6B | 2.8B | 3.5B | 3.8B | 4.4B | 4.9B | 5.6B | 5.5B | 5.6B | 7.2B | 7.2B |
| Intangibles | 2.1M | 1.3M | 2.8M | 2.1M | 10.0M | 13M | 9.0M | 5.8M | 9.4M | 6.3M | 4.0M | 34M | 31M |
| Retained Earnings | 104M | 125M | 150M | 179M | 211M | 253M | 288M | 350M | 405M | 462M | 514M | 583M | 605M |
| 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 | 2.14 | 1.51 | 1.57 | 1.77 | 1.99 | 2.29 | 2.34 | 3.17 | 2.78 | 2.91 | 2.83 | 3.06 | 3.61 |
| Owner EPS | 2.34 | 1.31 | 1.61 | 2.13 | 2.34 | 2.14 | 3.08 | 3.40 | 3.32 | 3.23 | 2.82 | 3.74 | 3.61 |
| Book Value | 17.28 | 12.67 | 14.74 | 15.86 | 19.62 | 22.19 | 23.50 | 25.19 | 18.97 | 22.48 | 24.15 | 31.58 | 31.27 |
| Cash Flow/Share | 2.75 | 1.57 | 1.87 | 2.39 | 2.67 | 2.52 | 3.48 | 3.80 | 3.74 | 3.63 | 3.23 | 4.33 | 4.13 |
| Dividends/Share | 0.64 | 0.45 | 0.48 | 0.52 | 0.60 | 0.68 | 0.76 | 0.84 | 0.92 | 1.00 | 1.08 | 1.16 | 1.17 |
| Shares Out. | 13.2M | 19.9M | 22.4M | 23.0M | 23.4M | 25.9M | 26.6M | 26.5M | 29.4M | 29.5M | 29.6M | 36.8M | 37.6M |
| Valuation | |||||||||||||
| P/E Ratio | 10.9 | 11.5 | 17.9 | 16.9 | 11.5 | 13.1 | 12.2 | 11.0 | 12.0 | 10.6 | 13.8 | 13.0 | 13.4 |
| P/FCF | 6.2 | 11.7 | 17.2 | 15.7 | 11.4 | 13.9 | 8.9 | 9.6 | 9.6 | 9.0 | 12.8 | 9.5 | 11.9 |
| EV/EBIT | 221.8 | 121.0 | 213.8 | 66.3 | 12.5 | 66.0 | 247.6 | 140.2 | 175.4 | 144.8 | 209.3 | 162.5 | 185.6 |
| Price/Book | 1.3 | 1.4 | 1.9 | 1.9 | 1.2 | 1.4 | 1.2 | 1.4 | 1.8 | 1.4 | 1.6 | 1.3 | 1.5 |
| Price/Sales | 2.8 | 3.0 | 3.4 | 4.7 | 4.4 | 3.5 | 3.3 | 4.2 | 3.8 | 3.4 | 4.1 | 3.9 | 4.8 |
| FCF Yield | 10.8% | 8.6% | 5.8% | 6.4% | 8.8% | 7.2% | 11.2% | 10.4% | 10.4% | 11.1% | 7.8% | 10.5% | 8.4% |
| Market Cap | 309M | 345M | 630M | 688M | 535M | 778M | 760M | 922M | 984M | 912M | 1.2B | 1.5B | 1.8B |
| Avg. Price | 13.89 | 15.43 | 19.01 | 27.14 | 28.28 | 25.82 | 25.88 | 34.58 | 33.81 | 28.56 | 34.71 | 38.35 | 48.43 |
| Year-End Price | 15.53 | 17.37 | 28.13 | 29.93 | 22.90 | 30.10 | 28.59 | 34.75 | 33.42 | 30.91 | 39.10 | 39.84 | 48.43 |
GERMAN AMERICAN BANCORP, INC. passes 6 of 9 quality checks, suggesting mixed fundamentals.
GERMAN AMERICAN BANCORP, INC. trades at 15.8x trailing earnings, compared to its 15-year median P/E of 12.6x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 11.8x vs a median of 10.5x. The company's 5-year average ROIC is 11.4% with a gross margin of 82.3%. Total shareholder yield (dividends) is 2.4%. At current prices, the estimated annualized return to fair value is +5.9%.
GERMAN AMERICAN BANCORP, INC. (GABC) has a net profit margin of 23.1%. This is a strong margin indicating high profitability.
GERMAN AMERICAN BANCORP, INC. (GABC) generated $154 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
GERMAN AMERICAN BANCORP, INC. (GABC) has a debt-to-equity ratio of 0.16. This indicates a conservatively financed balance sheet.
GERMAN AMERICAN BANCORP, INC. (GABC) reported earnings per share (EPS) of $3.06 in its most recent fiscal year.
GERMAN AMERICAN BANCORP, INC. (GABC) has a return on equity (ROE) of 12.0%. This indicates moderate shareholder returns.
GERMAN AMERICAN BANCORP, INC. (GABC) has a 5-year average gross margin of 82.3%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for GERMAN AMERICAN BANCORP, INC. (GABC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
GERMAN AMERICAN BANCORP, INC. (GABC) has a book value per share of $31.58, based on its most recent annual SEC filing.