A Business at a Glance
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COMPANY OVERVIEW HBT Financial, Inc. (the “Company” or "HBT Financial"), a Delaware corporation incorporated in 1982, is a bank holding company headquartered in Bloomington, Illinois that has elected to be regulated as a financial holding company. As of December 31, 2025, we had total assets of $5.1 billion, loans held for investment of $3.5 billion, and total deposits of $4.4 billion. Through our bank subsidiary, Heartland Bank and Trust Company (“Heartland Bank” or the “Bank”), we provide a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois and eastern Iowa. The Company’s common stock is traded on the Nasdaq Global Select Market under the symbol “HBT.” The roots of our Company can be traced back to 1920 when M.B. Drake, the grandfather of our Executive Chairman, Fred Drake, helped found a community bank in Cornland, Illinois.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 294M | 294M | 287M | 265M | 188M | 166M |
| Net Income | 77M | 77M | 72M | 66M | 56M | 56M |
| EPS | $2.44 | $2.44 | $2.26 | $2.07 | $1.95 | $2.02 |
| Free Cash Flow | 85M | 85M | 89M | 66M | 73M | 43M |
| ROIC | 15.6% | 13.3% | 13.2% | 13.5% | 15.1% | 13.7% |
| Gross Margin | 81.3% | 81.3% | 79.4% | 87.7% | 95.8% | 91.6% |
| Debt/Equity | 0.00 | 7.24 | 8.24 | 9.36 | 10.47 | 9.47 |
| Dividends/Share | $0.84 | $0.84 | $0.76 | $0.68 | $0.64 | $0.60 |
| Operating Income | 105M | 105M | 97M | 89M | 76M | 3.0M |
| Operating Margin | 35.5% | 35.5% | 33.9% | 33.4% | 40.6% | 1.8% |
| ROE | 12.5% | 13.3% | 13.2% | 13.5% | 15.1% | 13.7% |
| Shares Outstanding | 32M | 32M | 32M | 32M | 29M | 28M |
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 169M | 176M | 159M | 166M | 188M | 265M | 287M | 294M | 294M |
| Gross Margin | 91.9% | 92.4% | 89.3% | 91.6% | 95.8% | 87.7% | 79.4% | 81.3% | 81.3% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 90M | 91M | 92M | 91M | 105M | 131M | 124M | 129M | 129M |
| EBIT | 3.6M | 4.1M | 3.8M | 3.0M | 76M | 89M | 97M | 105M | 105M |
| Op. Margin | 2.1% | 2.3% | 2.4% | 1.8% | 40.6% | 33.4% | 33.9% | 35.5% | 35.5% |
| Net Income | 64M | 67M | 37M | 56M | 56M | 66M | 72M | 77M | 77M |
| Net Margin | 37.8% | 37.9% | 23.2% | 34.0% | 30.1% | 24.8% | 25.0% | 26.2% | 26.2% |
| Non-Recurring | -1.3M | 940K | 0 | -723K | 136K | 166K | -635K | -85K | -85K |
| Returns on Capital | |||||||||
| ROIC | 18.7% | 20.1% | 10.1% | 13.7% | 15.1% | 13.5% | 13.2% | 13.3% | 15.6% |
| ROE | 18.7% | 20.1% | 10.1% | 13.7% | 15.1% | 13.5% | 13.2% | 13.3% | 12.5% |
| ROA | 2.0% | 2.1% | 1.0% | 1.3% | 1.3% | 1.3% | 1.4% | 1.5% | 1.5% |
| Cash Flow | |||||||||
| Op. Cash Flow | 80M | 89M | 31M | 43M | 73M | 66M | 89M | 85M | 85M |
| Free Cash Flow | 80M | 89M | 31M | 43M | 73M | 66M | 89M | 85M | 85M |
| Owner Earnings | 77M | 86M | 28M | 39M | 68M | 61M | 85M | 80M | 80M |
| CapEx | 0 | 41K | 6K | 6K | 6K | 0 | 0 | 0 | 0 |
| Maint. CapEx | 3.2M | 2.7M | 2.9M | 3.1M | 3.0M | 3.1M | 2.9M | 3.2M | 3.2M |
| Growth CapEx | N/A | 0 | 0 | 0 | 0 | N/A | N/A | N/A | 0 |
| D&A | 3.2M | 2.7M | 2.9M | 3.1M | 3.0M | 3.1M | 2.9M | 3.2M | 3.2M |
| CapEx/OCF | N/A | 0.0% | 0.0% | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||
| Dividends Paid | 43M | 225M | 17M | 17M | 19M | 22M | 24M | 27M | 27M |
| Dividend Yield | N/A | 83.0% | 5.5% | 4.2% | 3.9% | 3.9% | 3.9% | N/A | 3.0% |
| Share Buybacks | 907K | 907K | 907K | 4.9M | 4.8M | 8.9M | 4.4M | 4.5M | 4.5M |
| Buyback Yield | N/A | N/A | N/A | 1.1% | 1.0% | 1.4% | 0.7% | 0.0% | 0.5% |
| Stock-Based Comp | N/A | N/A | 351K | 764K | 1.9M | 2.0M | 1.8M | 1.9M | 1.9M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -122M |
| Cash & Equiv. | 187M | 284M | 312M | 409M | 114M | 141M | 138M | 122M | 122M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | 8.55 | 8.75 | 9.08 | 9.47 | 10.47 | 9.36 | 8.24 | 7.24 | 0.00 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2.0 |
| Equity | 340M | 333M | 364M | 412M | 374M | 489M | 545M | 615M | 615M |
| Total Assets | 3.2B | 3.2B | 3.7B | 4.3B | 4.3B | 5.1B | 5.0B | 5.1B | 5.1B |
| Total Liabilities | 2.9B | 2.9B | 3.3B | 3.9B | 3.9B | 4.6B | 4.5B | 4.5B | 4.5B |
| Intangibles | 5.5M | 4.0M | 2.8M | 1.9M | 1.1M | 21M | 18M | 15M | 15M |
| Retained Earnings | 315M | 134M | 155M | 194M | 232M | 269M | 317M | 367M | 367M |
| 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 | 3.54 | 3.33 | 1.34 | 2.02 | 1.95 | 2.07 | 2.26 | 2.44 | 2.44 |
| Owner EPS | 4.26 | 4.30 | 1.02 | 1.41 | 2.33 | 1.91 | 2.67 | 2.53 | 2.53 |
| Book Value | 18.89 | 16.58 | 13.24 | 14.79 | 12.91 | 15.39 | 17.15 | 19.50 | 19.50 |
| Cash Flow/Share | 4.44 | 4.44 | 1.14 | 1.54 | 2.51 | 2.07 | 2.81 | 2.70 | 2.54 |
| Dividends/Share | 2.36 | 12.48 | 0.60 | 0.60 | 0.64 | 0.68 | 0.76 | 0.84 | 0.84 |
| Shares Out. | 18.0M | 20.1M | 27.5M | 27.9M | 29.0M | 31.8M | 31.8M | 31.6M | 31.6M |
| Valuation | |||||||||
| P/E Ratio | N/A | 4.5 | 9.5 | 8.0 | 8.9 | 9.6 | 9.2 | N/A | 11.7 |
| P/FCF | N/A | 3.4 | 11.2 | 10.4 | 6.9 | 9.6 | 7.4 | N/A | 10.6 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 7.4 |
| Price/Book | N/A | 0.9 | 1.0 | 1.1 | 1.3 | 1.3 | 1.2 | N/A | 1.5 |
| Price/Sales | N/A | 1.6 | 2.0 | 2.5 | 2.6 | 2.5 | 2.8 | N/A | 3.1 |
| FCF Yield | N/A | 29.7% | 8.9% | 9.6% | 14.5% | 10.4% | 13.5% | N/A | 9.5% |
| Market Cap | N/A | 299M | 351M | 449M | 502M | 632M | 660M | 0 | 898M |
| Avg. Price | N/A | 13.50 | 11.01 | 14.41 | 16.31 | 17.55 | 19.62 | 0.00 | 28.45 |
| Year-End Price | N/A | 14.91 | 12.76 | 16.13 | 17.35 | 19.86 | 20.77 | 0.00 | 28.45 |
HBT Financial, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
HBT Financial, Inc. trades at 12.6x trailing earnings, compared to its 15-year median P/E of 9.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 10.1x vs a median of 8.5x. The company's 5-year average ROIC is 13.7% with a gross margin of 87.2%. Total shareholder yield (dividends + buybacks) is 3.5%. At current prices, the estimated annualized return to fair value is +0.9%.
HBT Financial, Inc. (HBT) has a current P/E ratio of 12.6, compared to its historical median P/E of 9.0. The stock is currently considered Expensive based on its historical valuation range.
HBT Financial, Inc. (HBT) has a 5-year average return on invested capital (ROIC) of 13.7%. This indicates solid capital allocation.
HBT Financial, Inc. (HBT) has a market capitalization of $898M. It is classified as a small-cap stock.
Yes, HBT Financial, Inc. (HBT) pays a dividend with a trailing twelve-month yield of 2.96%. The company also returns capital through share buybacks, with a buyback yield of 0.50%.
Based on historical P/E analysis, HBT Financial, Inc. (HBT) appears expensive. The current P/E of 12.6 is 39% above its historical median of 9.0. The estimated fair value CAGR (P/E method) is -0.2%.
HBT Financial, Inc. (HBT) operates in the State Commercial Banks industry, within the Financials sector.
HBT Financial, Inc. (HBT) reported annual revenue of $294 million in its most recent fiscal year, based on SEC EDGAR filings.
HBT Financial, Inc. (HBT) has a net profit margin of 26.2%. This is a strong margin indicating high profitability.
HBT Financial, Inc. (HBT) generated $85 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
HBT Financial, Inc. (HBT) has a debt-to-equity ratio of 7.24. This indicates higher leverage, which may increase financial risk.
HBT Financial, Inc. (HBT) reported earnings per share (EPS) of $2.44 in its most recent fiscal year.
HBT Financial, Inc. (HBT) has a return on equity (ROE) of 13.3%. This indicates moderate shareholder returns.
HBT Financial, Inc. (HBT) has a 5-year average gross margin of 87.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 8 years of financial data for HBT Financial, Inc. (HBT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
HBT Financial, Inc. (HBT) has a book value per share of $19.50, based on its most recent annual SEC filing.