A Business at a Glance
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SMARTFINANCIAL INC.
SMBK
$845M
Mkt Cap
$50.01
+1.94%
SMARTFINANCIAL INC. (SMBK) has a current P/E ratio of 18.3, compared to its historical median P/E of 11.8. The stock is currently considered Fair based on its historical valuation range.
SMARTFINANCIAL INC. (SMBK) has a 5-year average return on invested capital (ROIC) of 7.7%. This is below average and may indicate limited pricing power.
SMARTFINANCIAL INC. (SMBK) has a market capitalization of $845M. It is classified as a small-cap stock.
Yes, SMARTFINANCIAL INC. (SMBK) pays a dividend with a trailing twelve-month yield of 0.65%.
Based on historical P/E analysis, SMARTFINANCIAL INC. (SMBK) appears fair. The current P/E of 18.3 is 55% above its historical median of 11.8. The estimated fair value CAGR (P/E method) is 5.2%.
SMARTFINANCIAL INC. (SMBK) operates in the National Commercial Banks industry, within the Financials sector.
SMARTFINANCIAL INC. (SMBK) reported annual revenue of $200 million in its most recent fiscal year, based on SEC EDGAR filings.
ITEM 1. BUSINESS SmartFinancial, Inc. (“SmartFinancial” or the “Company”) was incorporated on September 19, 1983, under the laws of the State of Tennessee. SmartFinancial is a bank holding company registered under the Bank Holding Company Act of 1956, as amended. In this Report on Form 10-K, the words “SmartFinancial,” “the Company,” “we,” “us,” and “our” refer to SmartFinancial, Inc. together with SmartBank and SmartBank’s wholly-owned subsidiaries, except where the context requires otherwise. The Company makes our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act available free of charge on our website at www.smartbank.com as soon as reasonably practicable after we electronically file such material with the SEC. These reports are also available without charge on the SEC’s website at www.sec.gov.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 200M | 200M | 172M | 152M | 165M | 137M |
| Net Income | 50M | 50M | 36M | 29M | 43M | 35M |
| EPS | $2.98 | $2.98 | $2.14 | $1.69 | $2.55 | $2.22 |
| Free Cash Flow | 59M | 59M | 46M | 33M | 44M | 44M |
| ROIC | 55.3% | 8.3% | 6.4% | 6.0% | 9.6% | 8.0% |
| Gross Margin | 0.0% | 0.0% | - | - | - | - |
| Debt/Equity | 0.01 | 0.01 | 0.33 | 0.06 | 0.10 | 0.20 |
| Dividends/Share | $0.32 | $0.32 | $0.32 | $0.32 | $0.28 | $0.24 |
| Operating Income | 62M | 62M | 45M | 36M | 55M | 44M |
| Operating Margin | 30.7% | 30.7% | 26.5% | 23.8% | 33.2% | 32.3% |
| ROE | 9.1% | 9.6% | 7.6% | 6.4% | 10.0% | 8.8% |
| Shares Outstanding | 17M | 17M | 17M | 17M | 17M | 16M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 20M | 27M | 42M | 51M | 83M | 99M | 116M | 137M | 165M | 152M | 172M | 200M | 200M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 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 | 9.1M | 12M | 18M | 21M | 31M | 37M | 43M | 52M | 63M | 66M | 72M | 78M | 78M |
| EBIT | 3.0M | 3.2M | 9.2M | 11M | 21M | 33M | 31M | 44M | 55M | 36M | 45M | 62M | 62M |
| Op. Margin | 14.9% | 11.6% | 21.6% | 22.3% | 25.6% | 33.7% | 26.6% | 32.3% | 33.2% | 23.8% | 26.5% | 30.7% | 30.7% |
| Net Income | 1.7M | 1.4M | 4.8M | 4.8M | 18M | 27M | 24M | 35M | 43M | 29M | 36M | 50M | 50M |
| Net Margin | 8.6% | 5.1% | 11.3% | 9.4% | 21.7% | 26.8% | 20.9% | 25.3% | 26.0% | 18.8% | 21.1% | 25.1% | 25.1% |
| Non-Recurring | 0 | 0 | 0 | 0 | -41K | -35K | 0 | 478K | 244K | -19K | 1.6M | 4.0M | 4.0M |
| Returns on Capital | |||||||||||||
| ROIC | 3.2% | 1.8% | 4.7% | 3.1% | 6.9% | 6.7% | 5.4% | 8.0% | 9.6% | 6.0% | 6.4% | 8.3% | 55.3% |
| ROE | 3.2% | 1.8% | 4.7% | 3.1% | 7.4% | 8.9% | 7.3% | 8.8% | 10.0% | 6.4% | 7.6% | 9.6% | 9.1% |
| ROA | 0.4% | 0.2% | 0.5% | 0.3% | 0.9% | 1.1% | 0.8% | 0.9% | 0.9% | 0.6% | 0.7% | 0.9% | 0.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.7M | 2.3M | 12M | 1.2M | 21M | 30M | 29M | 46M | 57M | 40M | 53M | 62M | 62M |
| Free Cash Flow | -1.2M | 1.3M | 4.6M | -1.6M | 17M | 24M | 24M | 44M | 44M | 33M | 46M | 59M | 59M |
| Owner Earnings | -2.2M | 1.1M | 5.3M | -606K | 18M | 27M | 25M | 41M | 51M | 33M | 46M | 55M | 55M |
| CapEx | 2.9M | 1.1M | 7.0M | 2.8M | 3.8M | 6.3M | 5.4M | 2.4M | 12M | 6.3M | 6.4M | 2.4M | 2.4M |
| Maint. CapEx | 3.9M | 1.1M | 6.2M | 1.7M | 2.6M | 2.8M | 3.7M | 4.2M | 4.7M | 5.1M | 5.2M | 5.0M | 5.0M |
| Growth CapEx | 0 | 0 | 838K | 1.1M | 1.2M | 3.5M | 1.7M | 0 | 7.8M | 1.2M | 1.2M | 0 | 0 |
| D&A | 3.9M | 1.1M | 6.2M | 1.7M | 2.6M | 2.8M | 3.7M | 4.2M | 4.7M | 5.1M | 5.2M | 5.0M | 5.0M |
| CapEx/OCF | 168.9% | 46.2% | 60.3% | 225.7% | 18.5% | 21.0% | 18.7% | 5.1% | 22.0% | 15.8% | 12.2% | N/A | 3.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 120K | 120K | 752K | 195K | 0 | 700K | 3.0M | 3.7M | 4.7M | 5.4M | 5.4M | 5.5M | 5.5M |
| Dividend Yield | 0.2% | 0.2% | 0.8% | 0.1% | N/A | 0.3% | 1.3% | 1.0% | 1.1% | 1.4% | 1.2% | N/A | 0.6% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 4.3M | 1.2M | 0 | 0 | 3.0M | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 1.7% | 0.3% | N/A | N/A | 0.6% | 0.0% | 0.0% |
| Stock-Based Comp | 15K | 140K | 133K | 154K | 397K | 517K | 482K | 693K | 1.3M | 1.3M | 1.6M | 1.9M | 1.9M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 139M | 290M | 1.1M | 76M | 31M | 167M | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -146M | -244M | -198M | -255M | -278M | -204M | -616M | -1.4B | -708M | -326M | -227M | -461M | -461M |
| Cash & Equiv. | 47M | 80M | 69M | 113M | 116M | 184M | 482M | 1.0B | 266M | 352M | 388M | 464M | 464M |
| Long-Term Debt | N/A | N/A | N/A | 0 | 39M | 154M | 75M | 8.2M | 31M | 26M | 160M | 2.5M | 2.5M |
| Debt/Equity | 0.00 | 0.02 | 0.00 | 0.05 | 0.14 | 0.51 | 0.23 | 0.20 | 0.10 | 0.06 | 0.33 | 0.01 | 0.01 |
| Interest Coverage | 2.4 | 2.1 | 2.9 | 3.0 | 2.4 | 2.4 | 2.8 | 4.7 | 3.6 | 1.4 | 1.4 | 0.0 | 0.5 |
| Equity | 56M | 100M | 105M | 206M | 283M | 313M | 357M | 429M | 432M | 460M | 491M | 552M | 552M |
| Total Assets | 534M | 1.0B | 1.1B | 1.7B | 2.3B | 2.4B | 3.3B | 4.6B | 4.6B | 4.8B | 5.3B | 5.9B | 5.9B |
| Total Liabilities | 478M | 924M | 957M | 1.5B | 2.0B | 2.1B | 2.9B | 4.2B | 4.2B | 4.4B | 4.8B | 5.3B | 5.3B |
| Intangibles | 258K | 2.8M | 2.5M | 8.0M | 13M | 12M | 12M | 14M | 14M | 11M | 8.6M | 5.0M | 5.0M |
| Retained Earnings | 11M | 12M | 17M | 22M | 40M | 66M | 87M | 118M | 157M | 173M | 204M | 249M | 249M |
| 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 | 0.26 | 0.32 | 0.78 | 0.55 | 1.45 | 1.89 | 1.62 | 2.22 | 2.55 | 1.69 | 2.14 | 2.98 | 2.98 |
| Owner EPS | -0.34 | 0.26 | 0.87 | -0.07 | 1.43 | 1.89 | 1.66 | 2.63 | 3.01 | 1.97 | 2.72 | 3.24 | 3.24 |
| Book Value | 8.43 | 23.07 | 17.18 | 23.49 | 22.67 | 22.27 | 23.78 | 27.40 | 25.63 | 27.18 | 29.09 | 32.69 | 32.69 |
| Cash Flow/Share | 0.25 | 0.54 | 1.89 | 0.14 | 1.67 | 2.13 | 1.94 | 2.95 | 3.37 | 2.35 | 3.12 | 3.65 | 3.28 |
| Dividends/Share | 0.02 | 0.03 | 0.12 | 0.02 | 0.00 | 0.05 | 0.20 | 0.24 | 0.28 | 0.32 | 0.32 | 0.32 | 0.32 |
| Shares Out. | 6.6M | 4.3M | 6.1M | 8.8M | 12.5M | 14.0M | 15.0M | 15.7M | 16.9M | 16.9M | 16.9M | 16.9M | 16.9M |
| Valuation | |||||||||||||
| P/E Ratio | 26.5 | 44.6 | 22.3 | 37.1 | 11.4 | 11.7 | 10.6 | 11.8 | 10.4 | 14.5 | 14.4 | N/A | 16.8 |
| P/FCF | N/A | 49.2 | 23.2 | N/A | 12.2 | 13.2 | 10.9 | 9.4 | 10.1 | 12.4 | 11.2 | N/A | 14.2 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6.2 |
| Price/Book | 0.8 | 0.6 | 1.0 | 0.9 | 0.7 | 1.0 | 0.7 | 1.0 | 1.0 | 0.9 | 1.1 | N/A | 1.5 |
| Price/Sales | 1.6 | 2.2 | 2.2 | 3.6 | 3.2 | 2.7 | 2.0 | 2.6 | 2.6 | 2.5 | 2.5 | N/A | 4.2 |
| FCF Yield | -2.6% | 2.0% | 4.3% | -0.9% | 8.2% | 7.6% | 9.2% | 10.7% | 9.9% | 8.1% | 8.9% | N/A | 7.0% |
| Market Cap | 45M | 62M | 106M | 179M | 207M | 310M | 257M | 411M | 445M | 414M | 519M | 0 | 845M |
| Avg. Price | 9.84 | 13.72 | 15.33 | 21.05 | 21.54 | 19.27 | 15.24 | 22.68 | 25.13 | 22.67 | 25.74 | 0.00 | 50.01 |
| Year-End Price | 13.78 | 14.26 | 17.37 | 20.41 | 16.59 | 22.10 | 17.13 | 26.20 | 26.40 | 24.46 | 30.75 | 0.00 | 50.01 |
SMARTFINANCIAL INC. passes 2 of 9 quality checks, indicating weak fundamentals.
SMARTFINANCIAL INC. trades at 18.3x trailing earnings, compared to its 15-year median P/E of 11.8x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 14.6x vs a median of 11.7x. The company's 5-year average ROIC is 7.7%. Total shareholder yield (dividends) is 0.6%. At current prices, the estimated annualized return to fair value is +10.2%.
SMARTFINANCIAL INC. (SMBK) has a net profit margin of 25.1%. This is a strong margin indicating high profitability.
SMARTFINANCIAL INC. (SMBK) generated $59 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
SMARTFINANCIAL INC. (SMBK) has a debt-to-equity ratio of 0.01. This indicates a conservatively financed balance sheet.
SMARTFINANCIAL INC. (SMBK) reported earnings per share (EPS) of $2.98 in its most recent fiscal year.
SMARTFINANCIAL INC. (SMBK) has a return on equity (ROE) of 9.6%. This indicates moderate shareholder returns.
The Ledger Terminal provides 15 years of financial data for SMARTFINANCIAL INC. (SMBK), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
SMARTFINANCIAL INC. (SMBK) has a book value per share of $32.69, based on its most recent annual SEC filing.