Detailed financial statements for BancFirst Corporation (BANF): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
BancFirst Corporation functions as the parent bank holding company for BancFirst, delivering a wide spectrum of commercial banking services to both retail customers and small to mid-sized businesses. Its operations are organized into key divisions: Metropolitan Banks, Community Banks, Pegasus Bank, and a segment for Other Financial Services.
Analysis Summary
BancFirst Corporation reported revenue of $514.5M in the most recent fiscal year, growing at a 5-year CAGR of 3.0%. Net income reached $240.6M, with a 19.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 84.2%, operating margin 38.3%, net margin 30.0%. Free cash flow grew at 21.8% CAGR over 5 years.
At $111.72 (closing price, November 3, 2026), BANF trades at a P/E of 14.84 and an ROE of 13.30%. Market capitalisation stands at $3.8B.
Balance sheet quality for BANF: debt-to-equity ratio of 0.01, current ratio of 0.40 over the last 12 months, net cash position of $93.3M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $237.0M represents 98% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $310.9M | $345.2M | $385.7M | $419.1M | $443.9M | $485.7M | $557.4M | $609.9M | $631.4M | $514.5M |
| Cost of Revenue | $11.5M | $8.5M | $3.8M | $8.3M | $62.6M | $2.7M | $10.1M | $7.5M | $9.0M | $140.9M |
| Gross Profit | $299.3M | $336.7M | $381.9M | $410.9M | $381.2M | $494.4M | $547.3M | $602.4M | $622.4M | $683.4M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $129.8M | $134.8M | $150.0M | $162.7M | $173.8M | $177.6M | $197.8M | $214.9M | $227.7M | $294.3M |
| Operating Expenses | $191.4M | $200.4M | $222.1M | $241.3M | $257.7M | $286.0M | $309.9M | $332.5M | $347.2M | $379.8M |
| Operating Income | $107.9M | $136.3M | $159.8M | $169.6M | $123.5M | $208.4M | $237.4M | $269.9M | $275.3M | $303.4M |
| EBITDA | $120.3M | $148.1M | $173.3M | $185.6M | $141.9M | $228.4M | $259.5M | $292.1M | $297.0M | $325.9M |
| Interest Expense | $14.7M | $20.9M | $42.7M | $54.7M | $20.4M | $11.4M | $46.1M | $199.5M | $277.3M | $309.9M |
| Pre-tax Income | $107.9M | $136.3M | $159.8M | $169.6M | $123.5M | $208.4M | $237.4M | $269.9M | $275.3M | $305.1M |
| Income Tax | $37.3M | $49.9M | $33.9M | $34.7M | $23.9M | $40.8M | $44.3M | $57.5M | $58.9M | $64.5M |
| Net Income | $70.7M | $86.4M | $125.8M | $134.9M | $99.6M | $167.6M | $193.1M | $212.5M | $216.4M | $240.6M |
| EPS | $2.26 | $2.72 | $3.85 | $4.13 | $3.05 | $5.12 | $5.89 | $6.45 | $6.55 | $7.22 |
| EPS (Diluted) | $2.22 | $2.65 | $3.76 | $4.05 | $3.00 | $5.03 | $5.77 | $6.34 | $6.44 | $7.12 |
| Shares Outstanding (Diluted) | 31.8 M | 32.6 M | 33.4 M | 33.3 M | 33.2 M | 33.3 M | 33.4 M | 33.5 M | 33.6 M | 33.9 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $73.6M | $179.0M | $182.9M | $187.4M |
| Gross Profit | $181.0M | $176.9M | $178.0M | $184.3M |
| Operating Income | $73.6M | $83.0M | $85.1M | $86.1M |
| EBITDA | $79.3M | $83.0M | $91.0M | $155.1M |
| Net Income | $59.5M | $63.0M | $66.7M | $67.3M |
| EPS | $1.78 | $1.88 | $1.98 | $2.00 |
| EPS (Diluted) | $1.75 | $1.85 | $1.96 | $1.97 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.85B | $1.76B | $1.42B | $1.87B | $1.62B | $2.05B | $3.17B | $2.40B | $3.55B | $227.0M |
| Short-term Investments | $465.5M | $462.0M | $770.7M | $489.7M | $552.2M | $531.5M | $1.54B | $1.55B | $329.9M | 0 |
| Receivables | $139.4M | $150.4M | $167.8M | $202.9M | $220.6M | $234.0M | $301.6M | 0 | 0 | $41.8M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $2.46B | $2.37B | $2.36B | $2.56B | $2.39B | $2.82B | $5.01B | $3.95B | $3.88B | $268.8M |
| Property, Plant & Equipment | $126.8M | $134.1M | $174.4M | $206.3M | $261.7M | $269.0M | $278.1M | $278.6M | $295.9M | $352.2M |
| Goodwill | $54.0M | $54.0M | $79.7M | $148.6M | $149.9M | $149.9M | $182.1M | $182.3M | $182.3M | $182.7M |
| Intangible Assets | $13.3M | $11.1M | $16.5M | $22.6M | $19.0M | $17.6M | $20.0M | $16.7M | $13.2M | $21.4M |
| Total Assets | $7.02B | $7.25B | $7.57B | $8.57B | $9.21B | $9.41B | $12.39B | $12.37B | $13.55B | $14.87B |
| Accounts Payable | $27.3M | $29.6M | $37.5M | $49.2M | $51.9M | $56.0M | $76.5M | 0 | 0 | 0 |
| Short-term Debt | $500,000 | $900,000 | $1.7M | $1.1M | $1.1M | 0 | $300,000 | $3.4M | 0 | $13.2M |
| Total Current Liabilities | $6.28B | $6.45B | $6.64B | $7.53B | $8.12B | $8.15B | $11.05B | $10.70B | $11.72B | $13.2M |
| Long-term Debt | $32.0M | $32.0M | $26.8M | $26.8M | $26.8M | $86.0M | $86.0M | $86.1M | $86.2M | $98.2M |
| Total Liabilities | $6.31B | $6.48B | $6.67B | $7.56B | $8.14B | $8.23B | $11.14B | $10.94B | $11.93B | $13.02B |
| Retained Earnings | $577.6M | $638.6M | $722.6M | $815.5M | $871.2M | $977.1M | $1.12B | $1.28B | $1.43B | $1.61B |
| Total Equity | $711.1M | $775.6M | $902.8M | $1.00B | $1.07B | $1.17B | $1.25B | $1.43B | $1.62B | $1.85B |
| Total Debt | $32.5M | $32.9M | $28.5M | $27.9M | $27.9M | $86.0M | $86.3M | $89.5M | $86.2M | $133.7M |
| Net Debt | -$2.28B | -$2.19B | -$2.17B | -$2.33B | -$2.14B | -$2.50B | -$4.62B | -$3.86B | -$3.80B | -$93.3M |
| Working Capital | -$3.82B | -$4.08B | -$4.28B | -$4.97B | -$5.73B | -$5.33B | -$6.04B | -$6.75B | -$7.83B | $255.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $227.0M | $4.68B | $4.40B | $4.01B |
| Total Assets | $14.87B | $15.12B | $15.08B | $15.02B |
| Total Liabilities | $13.02B | $13.21B | $13.13B | $13.02B |
| Total Equity | $1.85B | $1.90B | $1.96B | $2.00B |
| Total Debt | $133.7M | $101.3M | $92.2M | $11.6M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $70.7M | $86.4M | $125.8M | $134.9M | $99.6M | $167.6M | $193.1M | $212.5M | $216.4M | $240.6M |
| Depreciation & Amortization | $12.4M | $11.8M | $13.5M | $16.0M | $18.4M | $20.0M | $22.0M | $22.2M | $21.7M | $22.5M |
| Stock-based Compensation | $1.6M | $1.2M | $1.4M | $1.3M | $1.5M | $2.1M | $1.9M | $3.0M | $3.5M | $3.7M |
| Change in Working Capital | -$1.4M | -$2.9M | -$2.2M | $870,000 | -$2.0M | $3.6M | -$13.7M | -$2.2M | $5.8M | $2.0M |
| Operating Cash Flow | $90.5M | $109.7M | $140.0M | $159.0M | $154.9M | $203.9M | $226.3M | $233.0M | $261.2M | $285.3M |
| Capital Expenditure | -$10.8M | -$18.0M | -$51.9M | -$27.1M | -$66.4M | -$27.3M | -$19.8M | -$22.5M | -$36.7M | -$48.3M |
| Acquisitions | 0 | 0 | $6.2M | $77.7M | $18.4M | $12.6M | $121.1M | $8.0M | 0 | $13.7M |
| Stock Repurchased | -$5.5M | 0 | -$7.9M | -$1.6M | -$3.1M | -$11.7M | 0 | -$1.8M | 0 | 0 |
| Dividends Paid | -$22.8M | -$24.8M | -$30.3M | -$39.8M | -$42.5M | -$45.1M | -$48.5M | -$53.6M | -$57.8M | -$62.2M |
| Free Cash Flow | $79.7M | $91.7M | $88.1M | $131.9M | $88.4M | $176.7M | $206.5M | $210.5M | $224.5M | $237.0M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $54.8M | $75.8M | $83.1M | 0 |
| Capital Expenditure | -$11.5M | -$10.8M | -$9.8M | 0 |
| Free Cash Flow | $43.2M | $65.1M | $73.3M | 0 |
| Dividends Paid | -$16.3M | -$16.4M | -$16.5M | 0 |
| Stock-based Compensation | $960,000 | $767,000 | $843,000 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +11.0% | +11.7% | +8.7% | +5.9% | +9.4% | +14.8% | +9.4% | +3.5% | -18.5% | |
| Net Income Growth (YoY) | +22.3% | +45.6% | +7.2% | -26.2% | +68.3% | +15.2% | +10.0% | +1.8% | +11.2% | |
| EPS Growth (YoY) | +20.4% | +41.5% | +7.3% | -26.2% | +67.9% | +15.0% | +9.5% | +1.6% | +10.2% | |
| Shares Change (YoY) | +2.3% | +2.6% | -0.3% | -0.4% | +0.3% | +0.4% | +0.2% | +0.4% | +0.9% | |
| FCF Growth (YoY) | +15.1% | -3.9% | +49.6% | -33.0% | +99.8% | +16.9% | +2.0% | +6.7% | +5.5% | |
| Gross Margin | 96.3% | 97.5% | 99.0% | 98.0% | 85.9% | 101.8% | 98.2% | 98.8% | 98.6% | 132.8% |
| Operating Margin | 34.7% | 39.5% | 41.4% | 40.5% | 27.8% | 42.9% | 42.6% | 44.3% | 43.6% | 59.0% |
| EBITDA Margin | 38.7% | 42.9% | 44.9% | 44.3% | 32.0% | 47.0% | 46.6% | 47.9% | 47.0% | 63.4% |
| Net Margin | 22.7% | 25.0% | 32.6% | 32.2% | 22.4% | 34.5% | 34.6% | 34.8% | 34.3% | 46.8% |
| FCF Margin | 25.6% | 26.6% | 22.9% | 31.5% | 19.9% | 36.4% | 37.0% | 34.5% | 35.6% | 46.1% |
| Effective Tax Rate | 34.5% | 36.6% | 21.2% | 20.5% | 19.4% | 19.6% | 18.7% | 21.3% | 21.4% | 21.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.50 | $2.82 | $2.64 | $3.96 | $2.66 | $5.30 | $6.18 | $6.29 | $6.68 | $6.99 |
| Dividends Per Share | $0.72 | $0.76 | $0.91 | $1.19 | $1.28 | $1.35 | $1.45 | $1.60 | $1.72 | $1.83 |
| Shares Outstanding (Basic) | 31.2 M | 31.8 M | 32.7 M | 32.6 M | 32.7 M | 32.7 M | 32.8 M | 32.9 M | 33.1 M | 33.4 M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. Regulatory Tier 1 is not in our data.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 13.30% |
| Return on Invested Capital | 11.03% |
| Return on Assets | 1.71% |
| Gross Margin | 84.15% |
| Operating Margin | 38.30% |
| Net Margin | 29.96% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 0.40 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 0.46 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 20.59 | 18.81 | 12.96 | 15.12 | 19.25 | 13.78 | 14.97 | 15.09 | 17.89 | 14.68 |
| P/B | 2.04 | 2.10 | 1.81 | 2.03 | 1.80 | 1.97 | 2.31 | 2.23 | 2.39 | 1.91 |
| P/S | 4.67 | 4.71 | 4.23 | 4.86 | 4.32 | 4.75 | 5.19 | 5.25 | 6.13 | 6.89 |
| Gross Margin | 91.9% | 92.0% | 89.1% | 86.7% | 82.1% | 99.5% | 90.7% | 74.4% | 68.5% | 82.9% |
| Operating Margin | 34.7% | 39.5% | 41.4% | 40.5% | 27.8% | 42.9% | 42.6% | 44.3% | 43.6% | 59.0% |
| Net Margin | 22.7% | 25.0% | 32.6% | 32.2% | 22.4% | 34.5% | 34.6% | 34.8% | 34.3% | 46.8% |
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Explore sector: Financial Services · Banks - Regional
More sections of BANF: Overview · Valuation · Estimates · Technical · Ownership
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