A Business at a Glance
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HILLS BANCORPORATION
HBIA
$398M
Mkt Cap
$44.76
+0.00%
HILLS BANCORPORATION (HBIA) has a current P/E ratio of 7.0, compared to its historical median P/E of 13.7. The stock is currently considered Cheap based on its historical valuation range.
HILLS BANCORPORATION (HBIA) has a 5-year average return on invested capital (ROIC) of 10.4%. This indicates solid capital allocation.
HILLS BANCORPORATION (HBIA) has a market capitalization of $398M. It is classified as a small-cap stock.
Yes, HILLS BANCORPORATION (HBIA) pays a dividend with a trailing twelve-month yield of 2.59%. The company also returns capital through share buybacks, with a buyback yield of 3.93%.
Based on historical P/E analysis, HILLS BANCORPORATION (HBIA) appears cheap. The current P/E of 7.0 is 49% below its historical median of 13.7. The estimated fair value CAGR (P/E method) is 3.5%.
HILLS BANCORPORATION (HBIA) operates in the State Commercial Banks industry, within the Financials sector.
HILLS BANCORPORATION (HBIA) reported annual revenue of $175 million in its most recent fiscal year, based on SEC EDGAR filings.
Hills Bancorporation (the "Company") is a holding company principally engaged, through its subsidiary bank, in the business of banking. The Company was incorporated December 12, 1982 and all operations are conducted within the state of Iowa. The Company became owner of 100% of the outstanding stock of Hills Bank and Trust Company, Hills, Iowa (“Hills Bank and Trust” or the “Bank”) as of January 23, 1984 when stockholders of Hills Bank and Trust exchanged their shares for shares of the Company. Effective July 1, 1996, the Company formed a new subsidiary, Hills Bank, which acquired for cash all the outstanding shares of a bank in Lisbon, Iowa. Subsequently an office of Hills Bank was opened in Mount Vernon, Iowa, a community that is contiguous to Lisbon. Effective November 17, 2000, Hills Bank was merged into the Bank.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 175M | 175M | 143M | 142M | 143M | 138M |
| Net Income | 61M | 61M | 48M | 38M | 48M | 48M |
| EPS | $6.81 | $6.81 | $5.26 | $4.16 | $5.15 | $5.16 |
| Free Cash Flow | 65M | 65M | 51M | 50M | 55M | 84M |
| ROIC | 5.5% | 11.6% | 9.9% | 8.5% | 11.0% | 11.0% |
| Gross Margin | 0.0% | 0.0% | 98.5% | 89.0% | 95.6% | 96.0% |
| Debt/Equity | 1.07 | 1.07 | 1.11 | 0.47 | 0.00 | 8.11 |
| Dividends/Share | $1.16 | $1.15 | $1.10 | $1.05 | $1.00 | $0.94 |
| Operating Income | 76M | 76M | 60M | 48M | 61M | 62M |
| Operating Margin | 43.4% | 43.4% | 42.2% | 34.0% | 42.6% | 45.0% |
| ROE | 11.0% | 11.6% | 9.9% | 8.5% | 11.0% | 11.0% |
| Shares Outstanding | 9M | 9M | 9M | 9M | 9M | 9M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 91M | 98M | 102M | 109M | 116M | 122M | 130M | 138M | 143M | 142M | 143M | 175M | 175M |
| Gross Margin | 98.9% | 98.3% | 98.9% | 98.4% | 92.7% | 97.6% | 96.6% | 96.0% | 95.6% | 89.0% | 98.5% | 0.0% | 0.0% |
| 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 | 26M | 28M | 31M | 33M | 35M | 37M | 41M | 42M | 43M | 45M | 45M | 46M | 46M |
| EBIT | 38M | 41M | 46M | 48M | 46M | 58M | 50M | 62M | 61M | 48M | 60M | 76M | 76M |
| Op. Margin | 41.9% | 41.7% | 45.2% | 43.7% | 39.3% | 47.3% | 38.4% | 45.0% | 42.6% | 34.0% | 42.2% | 43.4% | 43.4% |
| Net Income | 27M | 28M | 32M | 28M | 37M | 45M | 39M | 48M | 48M | 38M | 48M | 61M | 61M |
| Net Margin | 29.7% | 29.0% | 31.1% | 25.8% | 31.6% | 37.1% | 29.7% | 34.9% | 33.4% | 26.8% | 33.4% | 34.7% | 34.7% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | -28K | 10K | 0 | 0 | 0 | -616K | -1.1M | -1.1M |
| Returns on Capital | |||||||||||||
| ROIC | 10.8% | 10.8% | 11.2% | 9.3% | 11.4% | 12.8% | 9.8% | 11.0% | 11.0% | 8.5% | 9.9% | 11.6% | 5.5% |
| ROE | 10.8% | 10.8% | 11.2% | 9.3% | 11.4% | 12.8% | 9.8% | 11.0% | 11.0% | 8.5% | 9.9% | 11.6% | 11.0% |
| ROA | 1.2% | 1.2% | 1.2% | 1.0% | 1.2% | 1.4% | 1.1% | 1.2% | 1.2% | 0.9% | 1.1% | 1.3% | 1.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 33M | 32M | 29M | 46M | 48M | 39M | 8.1M | 85M | 56M | 53M | 56M | 69M | 69M |
| Free Cash Flow | 31M | 25M | 22M | 43M | 46M | 36M | 6.3M | 84M | 55M | 50M | 51M | 65M | 65M |
| Owner Earnings | 31M | 30M | 26M | 43M | 45M | 36M | 5.0M | 82M | 54M | 51M | 53M | 66M | 66M |
| CapEx | 1.8M | 7.2M | 7.1M | 2.9M | 2.2M | 3.2M | 1.9M | 1.5M | 1.9M | 3.0M | 4.5M | 3.7M | 3.7M |
| Maint. CapEx | 2.6M | 2.7M | 2.7M | 2.9M | 3.0M | 3.1M | 3.1M | 3.1M | 2.7M | 2.3M | 2.2M | 2.4M | 2.4M |
| Growth CapEx | 0 | 4.5M | 4.3M | 0 | 0 | 95K | 0 | 0 | 0 | 712K | 2.3M | 1.2M | 1.2M |
| D&A | 2.6M | 2.7M | 2.7M | 2.9M | 3.0M | 3.1M | 3.1M | 3.1M | 2.7M | 2.3M | 2.2M | 2.4M | 2.4M |
| CapEx/OCF | 5.4% | 22.2% | 24.5% | 6.2% | 4.6% | 8.1% | 22.8% | 1.7% | 3.4% | 5.7% | 8.1% | N/A | 5.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 5.4M | 5.9M | 6.1M | 6.5M | 7.0M | 7.7M | 8.3M | 8.8M | 9.3M | 9.7M | 10M | 10M | 10M |
| Dividend Yield | 0.8% | 1.5% | 1.5% | 1.4% | 1.3% | 1.3% | 1.5% | 1.5% | 1.5% | 1.6% | 1.7% | N/A | 2.6% |
| Share Buybacks | 4.0M | 3.5M | 3.9M | 2.4M | 6.8M | 5.5M | 8.6M | 3.6M | 7.9M | 7.7M | 13M | 16M | 16M |
| Buyback Yield | 1.1% | 0.8% | 0.9% | 0.5% | 1.2% | 0.9% | 1.5% | 0.6% | 1.2% | 1.1% | 2.0% | 0.0% | 3.9% |
| Stock-Based Comp | 29K | 29K | 29K | 11K | 0 | 14K | 25K | 25K | 25K | 25K | 23K | 36K | 36K |
| Debt Repayment | 5.5M | 3.4M | 11M | 33M | 0 | 0 | 0 | 249K | 82M | 137M | 328M | 40M | 40M |
| Balance Sheet | |||||||||||||
| Net Debt | 18M | 8.6M | -4.7M | -440M | -362M | -597M | -983M | N/A | -813M | -620M | -521M | -411M | 545M |
| Cash & Equiv. | 29M | 35M | 38M | 154M | 43M | 242M | 574M | 782M | 37M | 59M | 123M | 42M | 42M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 587M |
| Debt/Equity | 0.19 | 0.16 | 0.12 | 0.00 | 0.00 | 0.00 | 0.00 | 8.11 | 0.00 | 0.47 | 1.11 | 1.07 | 1.07 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0 | 1.4 |
| Equity | 256M | 272M | 289M | 312M | 335M | 375M | 416M | 438M | 428M | 470M | 493M | 548M | 548M |
| Total Assets | 2.3B | 2.5B | 2.7B | 3.0B | 3.0B | 3.3B | 3.8B | 4.0B | 4.0B | 4.3B | 4.6B | 4.6B | 4.6B |
| Total Liabilities | 2.0B | 2.2B | 2.3B | 2.6B | 2.7B | 2.9B | 3.3B | 3.6B | 3.5B | 3.8B | 4.0B | 4.0B | 4.0B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Retained Earnings | 272M | 294M | 320M | 342M | 372M | 410M | 440M | 474M | 513M | 541M | 579M | 629M | 629M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Per Share Data | |||||||||||||
| EPS | 1.44 | 3.04 | 3.40 | 3.01 | 3.92 | 4.85 | 4.12 | 5.16 | 5.15 | 4.16 | 5.26 | 6.81 | 6.81 |
| Owner EPS | 1.63 | 3.16 | 2.81 | 4.62 | 4.77 | 3.88 | 0.53 | 8.80 | 5.80 | 5.50 | 5.89 | 7.47 | 7.47 |
| Book Value | 13.59 | 29.12 | 31.17 | 33.44 | 35.70 | 40.16 | 44.36 | 47.05 | 46.19 | 51.25 | 54.44 | 61.71 | 61.71 |
| Cash Flow/Share | 1.76 | 3.45 | 3.11 | 4.92 | 5.09 | 4.21 | 0.87 | 9.13 | 6.09 | 5.76 | 6.14 | 7.75 | 7.08 |
| Dividends/Share | 0.29 | 0.63 | 0.65 | 0.70 | 0.75 | 0.82 | 0.89 | 0.94 | 1.00 | 1.05 | 1.10 | 1.15 | 1.16 |
| Shares Out. | 18.8M | 9.3M | 9.3M | 9.3M | 9.4M | 9.3M | 9.4M | 9.3M | 9.3M | 9.2M | 9.1M | 8.9M | 8.9M |
| Valuation | |||||||||||||
| P/E Ratio | 13.9 | 14.3 | 13.7 | 17.4 | 15.0 | 13.1 | 14.6 | 12.9 | 13.6 | 18.0 | 13.3 | N/A | 6.6 |
| P/FCF | 24.0 | 16.2 | 19.8 | 11.3 | 12.1 | 16.4 | 89.6 | 7.4 | 11.9 | 13.8 | 12.4 | N/A | 6.1 |
| EV/EBIT | 7.4 | 7.5 | 6.9 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 12.5 |
| Price/Book | 1.5 | 1.5 | 1.5 | 1.6 | 1.6 | 1.6 | 1.4 | 1.4 | 1.5 | 1.5 | 1.3 | N/A | 0.7 |
| Price/Sales | 3.8 | 4.1 | 4.0 | 4.3 | 4.5 | 4.7 | 4.4 | 4.3 | 4.5 | 4.3 | 4.2 | N/A | 2.3 |
| FCF Yield | 8.3% | 6.2% | 5.0% | 8.8% | 8.2% | 6.1% | 1.1% | 13.5% | 8.4% | 7.3% | 8.1% | N/A | 16.4% |
| Market Cap | 376M | 408M | 433M | 488M | 552M | 592M | 563M | 621M | 649M | 686M | 632M | 0 | 398M |
| Avg. Price | 36.74 | 42.72 | 44.08 | 50.24 | 56.18 | 61.84 | 60.69 | 64.01 | 69.03 | 67.30 | 66.77 | 0.00 | 44.76 |
| Year-End Price | 39.96 | 43.59 | 46.61 | 52.31 | 58.85 | 63.32 | 60.06 | 66.65 | 69.99 | 74.76 | 69.84 | 0.00 | 44.76 |
HILLS BANCORPORATION passes 6 of 9 quality checks, suggesting mixed fundamentals.
HILLS BANCORPORATION trades at 7.0x trailing earnings, compared to its 15-year median P/E of 13.7x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 7.3x vs a median of 12.4x. The company's 5-year average ROIC is 10.4% with a gross margin of 75.8%. Total shareholder yield (dividends + buybacks) is 6.5%. At current prices, the estimated annualized return to fair value is +12.4%.
HILLS BANCORPORATION (HBIA) has a net profit margin of 34.7%. This is a strong margin indicating high profitability.
HILLS BANCORPORATION (HBIA) generated $65 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
HILLS BANCORPORATION (HBIA) has a debt-to-equity ratio of 1.07. This indicates moderate leverage.
HILLS BANCORPORATION (HBIA) reported earnings per share (EPS) of $6.81 in its most recent fiscal year.
HILLS BANCORPORATION (HBIA) has a return on equity (ROE) of 11.6%. This indicates moderate shareholder returns.
HILLS BANCORPORATION (HBIA) has a 5-year average gross margin of 75.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for HILLS BANCORPORATION (HBIA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
HILLS BANCORPORATION (HBIA) has a book value per share of $61.71, based on its most recent annual SEC filing.
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