A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
MIDDLEFIELD BANC CORP
MBCN
$221M
Mkt Cap
MIDDLEFIELD BANC CORP (MBCN) has a current P/E ratio of 13.4, compared to its historical median P/E of 11.3. The stock is currently considered Fair based on its historical valuation range.
MIDDLEFIELD BANC CORP (MBCN) has a 5-year average return on invested capital (ROIC) of 8.3%. This is below average and may indicate limited pricing power.
MIDDLEFIELD BANC CORP (MBCN) has a market capitalization of $282M. It is classified as a small-cap stock.
Yes, MIDDLEFIELD BANC CORP (MBCN) pays a dividend with a trailing twelve-month yield of 2.38%.
Based on historical P/E analysis, MIDDLEFIELD BANC CORP (MBCN) appears fair. The current P/E of 13.4 is 19% above its historical median of 11.3. The estimated fair value CAGR (P/E method) is 4.7%.
MIDDLEFIELD BANC CORP (MBCN) operates in the State Commercial Banks industry, within the Financials sector.
MIDDLEFIELD BANC CORP (MBCN) reported annual revenue of $108 million in its most recent fiscal year, based on SEC EDGAR filings.
Item 1 — Business Forward-looking Statements This document contains forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995) about the Company and its subsidiaries. The information incorporated in this document by reference, future filings by the Company on Form 10-Q and Form 8-K, and future oral and written statements by the Company and its management may also contain forward-looking statements. Forward-looking statements include statements about anticipated operating and financial performance, such as loan originations, operating efficiencies, loan sales, charge-offs and loan loss provisions, growth opportunities, interest rates, and deposit growth. Words such as “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “project,” “plan,” and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to many assumptions, risks, and uncertainties.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 76M | 108M | 97M | 62M | 60M | 59M |
| Net Income | 21M | 16M | 17M | 16M | 19M | 8.3M |
| EPS | $2.62 | $1.92 | $2.14 | $2.59 | $3.00 | $1.30 |
| Free Cash Flow | 18M | 17M | 21M | 17M | 15M | 14M |
| ROIC | 0.0% | 7.3% | 8.2% | 8.6% | 11.9% | 5.5% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.01 | 0.82 | 0.84 | 0.38 | 0.08 | 0.08 |
| Dividends/Share | $0.83 | $0.80 | $0.81 | $0.81 | $0.69 | $0.60 |
| Operating Income | 0 | 18M | 21M | 19M | 23M | 9.8M |
| Operating Margin | 0.0% | 16.9% | 21.4% | 30.6% | 38.1% | 16.6% |
| ROE | 9.4% | 7.5% | 8.6% | 9.1% | 12.9% | 5.9% |
| Shares Outstanding | 8M | 8M | 8M | 6M | 6M | 6M |
| Metric | 2013 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 26M | 31M | 33M | 34M | 49M | 54M | 59M | 59M | 60M | 62M | 97M | 108M | 76M |
| Gross Margin | N/A | N/A | N/A | 0.0% | 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 | 17M | 8.8M | 9.8M | 10M | 14M | 16M | 17M | 16M | 17M | 18M | 25M | 25M | 26M |
| EBIT | 14M | 9.2M | 8.4M | 8.3M | 14M | 15M | 15M | 9.8M | 23M | 19M | 21M | 18M | 0 |
| Op. Margin | 54.7% | 29.2% | 25.8% | 24.5% | 28.0% | 27.0% | 25.8% | 16.6% | 38.1% | 30.6% | 21.4% | 16.9% | 0.0% |
| Net Income | 7.0M | 7.2M | 6.9M | 6.4M | 9.5M | 12M | 13M | 8.3M | 19M | 16M | 17M | 16M | 21M |
| Net Margin | 27.0% | 22.8% | 21.0% | 18.9% | 19.4% | 23.0% | 21.4% | 14.2% | 31.3% | 25.4% | 17.9% | 14.3% | 27.9% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27K | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 17.3% | 10.7% | 10.1% | 8.7% | 8.9% | 9.4% | 8.9% | 5.5% | 11.9% | 8.6% | 8.2% | 7.3% | 0.0% |
| ROE | 12.9% | 12.2% | 10.9% | 9.2% | 9.6% | 10.0% | 9.6% | 5.9% | 12.9% | 9.1% | 8.6% | 7.5% | 9.4% |
| ROA | 1.1% | 1.1% | 1.0% | 0.8% | 1.0% | 1.1% | 1.0% | 0.6% | 1.4% | 1.0% | 1.0% | 0.8% | 1.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 9.9M | 7.5M | 7.2M | 7.8M | 14M | 14M | 13M | 15M | 15M | 18M | 22M | 17M | 20M |
| Free Cash Flow | 8.1M | 6.6M | 6.7M | 5.6M | 13M | 12M | 12M | 14M | 15M | 17M | 21M | 17M | 18M |
| Owner Earnings | 2.9M | 6.7M | 6.4M | 7.0M | 13M | 13M | 12M | 13M | 14M | 16M | 19M | 14M | -23M |
| CapEx | 1.8M | 902K | 507K | 2.2M | 1.2M | 2.1M | 1.9M | 1.1M | 605K | 884K | 1.1M | 776K | 2.7M |
| Maint. CapEx | 7.0M | 750K | 755K | 775K | 1.3M | 1.3M | 1.3M | 1.6M | 1.7M | 1.7M | 2.8M | 2.6M | 43M |
| Growth CapEx | 0 | 152K | 0 | 1.4M | 0 | 798K | 556K | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 7.0M | 750K | 755K | 775K | 1.3M | 1.3M | 1.3M | 1.6M | 1.7M | 1.7M | 2.8M | 2.6M | 43M |
| CapEx/OCF | 18.5% | 12.1% | 7.1% | N/A | 8.6% | 14.7% | 14.1% | 7.1% | 3.9% | 4.8% | 4.9% | 4.4% | 13.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 2.1M | 2.1M | 2.2M | 2.3M | 3.4M | 3.8M | 3.7M | 3.8M | 4.2M | 5.5M | 6.9M | 6.5M | 6.7M |
| Dividend Yield | 10.7% | 4.9% | 4.4% | N/A | 3.1% | 1.5% | 1.6% | 3.5% | 3.3% | 3.8% | 3.3% | 3.2% | 2.4% |
| Share Buybacks | 0 | 0 | 6.8M | 0 | 0 | 0 | 2.2M | 1.2M | 12M | 6.1M | 4.5M | 1.1M | 0 |
| Buyback Yield | N/A | N/A | 13.7% | 0.0% | N/A | N/A | 1.6% | 1.0% | 8.8% | 4.0% | 1.8% | 0.5% | 0.0% |
| Stock-Based Comp | 59K | 10K | 18K | 29K | 33K | 280K | 316K | 257K | 151K | 633K | 396K | 611K | 433K |
| Debt Repayment | 4.3M | 4.0M | 21M | 33M | 6.3M | 16M | 85M | 5.1M | 0 | 65M | 98M | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -164M | -157M | 13M | 44M | -51M | -108M | -125M | -215M | -278M | -143M | -58M | -49M | -101M |
| Cash & Equiv. | 26M | 26M | 24M | 32M | 40M | 108M | 35M | 112M | 119M | 54M | 61M | 56M | 104M |
| Long-Term Debt | 8.8M | 8.7M | 502K | 8.5M | 8.4M | 8.3M | 11M | 12M | 12M | 11M | 11M | N/A | 3.1M |
| Debt/Equity | 0.37 | 0.37 | 0.58 | 1.00 | 0.69 | 0.77 | 0.11 | 0.08 | 0.08 | 0.38 | 0.84 | 0.82 | 0.01 |
| Interest Coverage | 2.7 | 3.3 | 3.2 | 0.0 | 3.1 | 2.5 | 2.2 | 2.1 | 6.4 | 5.0 | 1.8 | 1.5 | 1.5 |
| Equity | 53M | 64M | 62M | 77M | 120M | 128M | 138M | 144M | 145M | 198M | 206M | 211M | 224M |
| Total Assets | 647M | 678M | 735M | 788M | 1.1B | 1.2B | 1.2B | 1.4B | 1.3B | 1.7B | 1.8B | 1.9B | 2.0B |
| Total Liabilities | 594M | 614M | 673M | 711M | 986M | 1.1B | 1.0B | 1.2B | 1.2B | 1.5B | 1.6B | 1.6B | 1.8B |
| Intangibles | 4.7M | 116K | 76K | 36K | 2.7M | 2.4M | 2.1M | 1.7M | 1.4M | 7.7M | 6.6M | 5.6M | 4.9M |
| Retained Earnings | 27M | 33M | 37M | 41M | 47M | 56M | 65M | 70M | 84M | 94M | 100M | 109M | 121M |
| Working Capital | N/A | N/A | N/A | 0 | 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 | 0 | 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 | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 3.47 | 1.75 | 1.70 | 1.52 | 1.55 | 0.96 | 0.98 | 1.30 | 3.00 | 2.59 | 2.14 | 1.92 | 2.62 |
| Owner EPS | 1.41 | 1.63 | 1.58 | 1.65 | 2.07 | 0.98 | 0.91 | 2.05 | 2.18 | 2.64 | 2.37 | 1.76 | -2.82 |
| Book Value | 26.40 | 15.57 | 15.38 | 18.17 | 19.65 | 9.86 | 10.57 | 22.39 | 23.40 | 32.67 | 25.34 | 26.05 | 27.71 |
| Cash Flow/Share | 4.89 | 1.82 | 1.77 | 1.84 | 2.28 | 1.10 | 1.03 | 2.35 | 2.48 | 3.02 | 2.75 | 2.16 | 7.89 |
| Dividends/Share | 1.04 | 0.52 | 0.54 | 0.54 | 0.54 | 0.29 | 0.29 | 0.60 | 0.69 | 0.81 | 0.81 | 0.80 | 0.83 |
| Shares Out. | 2.0M | 4.1M | 4.1M | 4.2M | 6.1M | 13.0M | 13.0M | 6.4M | 6.2M | 6.1M | 8.1M | 8.1M | 8.1M |
| Valuation | |||||||||||||
| P/E Ratio | 5.3 | 7.0 | 7.2 | N/A | 12.6 | 8.9 | 11.3 | 14.5 | 7.5 | 9.6 | 14.7 | 14.3 | 13.3 |
| P/FCF | 2.3 | 7.7 | 7.4 | N/A | 9.4 | 18.2 | 24.8 | 8.6 | 9.4 | 8.7 | 12.0 | 13.3 | 16.1 |
| EV/EBIT | 3.4 | 4.9 | 7.0 | N/A | 9.5 | 8.2 | 5.2 | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 0.7 | 0.8 | 0.8 | N/A | 1.0 | 0.9 | 1.0 | 0.8 | 1.0 | 0.8 | 1.2 | 1.1 | 1.3 |
| Price/Sales | 1.5 | 1.6 | 1.7 | N/A | 2.6 | 2.9 | 2.6 | 2.2 | 2.3 | 2.5 | 2.9 | 3.0 | 3.7 |
| FCF Yield | 21.8% | 13.1% | 13.5% | N/A | 10.7% | 11.0% | 8.1% | 11.6% | 10.6% | 11.5% | 8.3% | 7.5% | 6.2% |
| Market Cap | 37M | 50M | 50M | 0 | 119M | 110M | 143M | 121M | 140M | 151M | 256M | 221M | 282M |
| Avg. Price | 9.67 | 10.61 | 11.96 | 0.00 | 17.87 | 19.64 | 18.24 | 17.08 | 20.48 | 23.72 | 25.50 | 24.93 | 34.92 |
| Year-End Price | 9.13 | 12.23 | 12.24 | 0.00 | 19.53 | 17.01 | 21.98 | 18.83 | 22.50 | 24.99 | 31.49 | 27.37 | 34.92 |
MIDDLEFIELD BANC CORP passes 4 of 9 quality checks, suggesting mixed fundamentals.
MIDDLEFIELD BANC CORP trades at 13.4x trailing earnings, compared to its 15-year median P/E of 11.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 16.1x vs a median of 9.4x. The company's 5-year average ROIC is 8.3%. Total shareholder yield (dividends) is 2.4%. At current prices, the estimated annualized return to fair value is +4.5%.
MIDDLEFIELD BANC CORP (MBCN) has a net profit margin of 14.3%. This is a healthy margin.
MIDDLEFIELD BANC CORP (MBCN) generated $17 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
MIDDLEFIELD BANC CORP (MBCN) has a debt-to-equity ratio of 0.82. This indicates moderate leverage.
MIDDLEFIELD BANC CORP (MBCN) reported earnings per share (EPS) of $1.92 in its most recent fiscal year.
MIDDLEFIELD BANC CORP (MBCN) has a return on equity (ROE) of 7.5%. This indicates moderate shareholder returns.
The Ledger Terminal provides 16 years of financial data for MIDDLEFIELD BANC CORP (MBCN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MIDDLEFIELD BANC CORP (MBCN) has a book value per share of $26.05, based on its most recent annual SEC filing.