A Business at a Glance
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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 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 161M | 172M | 152M | 165M | 137M | 116M |
| Net Income | 46M | 36M | 29M | 43M | 35M | 24M |
| EPS | $2.74 | $2.14 | $1.69 | $2.55 | $2.22 | $1.62 |
| Free Cash Flow | 59M | 46M | 33M | 44M | 44M | 24M |
| ROIC | 0.0% | 25.0% | 88.4% | 36.0% | 10.3% | 10.5% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.00 | 9.74 | 9.50 | 9.72 | 9.74 | 8.25 |
| Dividends/Share | $0.32 | $0.32 | $0.32 | $0.28 | $0.24 | $0.20 |
| Operating Income | 0 | 155M | 120M | 76M | 56M | 48M |
| Operating Margin | 0.0% | 90.2% | 79.1% | 46.1% | 40.9% | 41.0% |
| ROE | 8.6% | 7.6% | 6.2% | 9.9% | 8.1% | 6.8% |
| Shares Outstanding | 17M | 17M | 17M | 17M | 16M | 15M |
SMARTFINANCIAL INC. passes 2 of 9 quality checks, indicating weak fundamentals.
SMARTFINANCIAL INC. trades at 15.5x trailing earnings, compared to its 15-year median P/E of 13.1x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 12.4x vs a median of 12.2x. The company's 5-year average ROIC is 34.0%. Total shareholder yield (dividends + buybacks) is 1.2%. At current prices, the estimated annualized return to fair value is +13.3%.
SMARTFINANCIAL INC. (SMBK) has a current P/E ratio of 15.5, compared to its historical median P/E of 13.1. 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 34.0%. This indicates strong capital allocation and a potential competitive advantage.
SMARTFINANCIAL INC. (SMBK) has a market capitalization of $724M. It is classified as a small-cap stock.
Yes, SMARTFINANCIAL INC. (SMBK) pays a dividend with a trailing twelve-month yield of 0.75%. The company also returns capital through share buybacks, with a buyback yield of 0.41%.
Based on historical P/E analysis, SMARTFINANCIAL INC. (SMBK) appears fair. The current P/E of 15.5 is 18% above its historical median of 13.1. The estimated fair value CAGR (P/E method) is 6.7%.
SMARTFINANCIAL INC. (SMBK) operates in the National Commercial Banks industry, within the Financials sector.
SMARTFINANCIAL INC. (SMBK) reported annual revenue of $172 million in its most recent fiscal year, based on SEC EDGAR filings.
SMARTFINANCIAL INC. (SMBK) has a net profit margin of 21.1%. This is a strong margin indicating high profitability.
SMARTFINANCIAL INC. (SMBK) generated $46 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 9.74. This indicates higher leverage, which may increase financial risk.
SMARTFINANCIAL INC. (SMBK) reported earnings per share (EPS) of $2.14 in its most recent fiscal year.
SMARTFINANCIAL INC. (SMBK) has a return on equity (ROE) of 7.6%. This indicates moderate shareholder returns.
The Ledger Terminal provides 13 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 $29.09, based on its most recent annual SEC filing.