Detailed financial statements for Burke & Herbert Financial Services Corp. (BHRB): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Burke & Herbert Financial Services Corp. operates as a bank holding company, offering a comprehensive range of banking products and financial solutions. Its client base includes small to medium-sized businesses, along with their owners and employees, professional corporations, non-profit organizations, and individual customers.
Analysis Summary
Burke & Herbert Financial Services Corp. reported revenue of $491.1M in the most recent fiscal year, growing at a 5-year CAGR of 32.3%. Net income reached $117.3M, with a 34.7% 5-year CAGR.
Trailing-twelve-month margins: gross margin 68.1%, operating margin 27.1%, net margin 21.9%. Free cash flow grew at 36.3% CAGR over 5 years.
At the current price of $70.58, BHRB trades at a P/E of 10.88 and an ROE of 10.37%. Market capitalisation stands at $1.4B.
Balance sheet quality for BHRB: current ratio of 3.8, net cash position of $1.13B. 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 decent: free cash flow of $96.2M represents 82% 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 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $127.5M | $121.4M | $119.1M | $127.5M | $162.3M | $396.9M | $491.1M |
| Cost of Revenue | $27.7M | $23.9M | $3.2M | $1.5M | $53.4M | $164.6M | $150.6M |
| Gross Profit | $99.8M | $97.4M | $115.9M | $126.0M | $108.9M | $232.3M | $340.5M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $61.4M | $48.9M | $53.4M | $51.4M | $53.2M | $101.5M | $132.2M |
| Operating Expenses | $83.1M | $69.0M | $75.5M | $73.7M | $83.9M | $192.4M | $195.6M |
| Operating Income | $16.7M | $28.4M | $40.4M | $52.3M | $25.1M | $39.9M | $144.9M |
| EBITDA | $19.8M | $31.4M | $43.6M | $55.6M | $27.9M | $57.3M | $167.7M |
| Interest Expense | $21.5M | $11.3M | $4.2M | $8.9M | $53.1M | $140.4M | $149.1M |
| Pre-tax Income | $16.7M | $28.4M | $40.4M | $52.3M | $25.1M | $39.9M | $144.9M |
| Income Tax | -$255000 | $1.9M | $4.3M | $8.3M | $2.4M | $4.2M | $27.6M |
| Net Income | $17.0M | $26.5M | $36.2M | $44.0M | $22.7M | $35.7M | $117.3M |
| EPS | $2.12 | $3.31 | $4.52 | $5.93 | $3.05 | $2.34 | $7.75 |
| EPS (Diluted) | $2.12 | $3.31 | $4.52 | $5.89 | $3.02 | $2.34 | $7.75 |
| Shares Outstanding (Diluted) | $8.0M | $8.0M | $8.0M | $7.5M | $7.4M | $15.0M | $15.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $121.6M | $122.8M | $118.3M | $80.6M |
| Gross Profit | $83.9M | $86.4M | $84.7M | $47.0M |
| Operating Income | $37.0M | $37.9M | $33.3M | $12.0M |
| EBITDA | $42.5M | $43.5M | $38.9M | $6.4M |
| Net Income | $30.0M | $30.3M | $27.3M | $9.5M |
| EPS | $1.98 | $2.00 | $1.80 | $0.50 |
| EPS (Diluted) | $1.97 | $2.00 | $1.79 | $0.50 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $83.7M | $228.7M | $77.4M | $50.3M | $44.5M | $135.3M | $53.5M |
| Short-term Investments | $693.8M | $1.16B | $1.61B | $1.37B | $505.9M | $332.4M | $1.62B |
| Receivables | $8.1M | $13.8M | $15.3M | $15.5M | $15.9M | $34.5M | $35.4M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $785.6M | $1.40B | $1.70B | $1.44B | $566.3M | $502.1M | $1.70B |
| Property, Plant & Equipment | $41.2M | $40.5M | $36.9M | $53.2M | $61.1M | $132.3M | $136.8M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | $32.8M | $34.1M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | $57.3M | $41.7M |
| Total Assets | $2.87B | $3.42B | $3.62B | $3.56B | $3.62B | $7.81B | $7.92B |
| Accounts Payable | $43.4M | $25.5M | $23.7M | $25.9M | $28.9M | 0 | 0 |
| Short-term Debt | $75.0M | $225.0M | $275.0M | $343.1M | $272.0M | $365.0M | $450.0M |
| Total Current Liabilities | $2.51B | $3.04B | $3.23B | $3.29B | $3.30B | $6.88B | $450.0M |
| Long-term Debt | $75.0M | $225.0M | $275.0M | $343.1M | $272.0M | $111.9M | $87.5M |
| Total Liabilities | $2.51B | $3.04B | $3.23B | $3.29B | $3.30B | $7.08B | $7.07B |
| Retained Earnings | $338.3M | $374.8M | $396.1M | $424.4M | $427.3M | $434.1M | $517.1M |
| Total Equity | $353.5M | $384.9M | $389.6M | $273.5M | $314.8M | $730.2M | $854.6M |
| Total Debt | $150.0M | $450.0M | $550.0M | $686.2M | $544.0M | $476.9M | $537.5M |
| Net Debt | -$627.5M | -$938.4M | -$1.13B | -$735.9M | -$6.4M | $9.2M | -$1.13B |
| Working Capital | -$1.73B | -$1.64B | -$1.53B | -$1.85B | -$2.74B | -$6.38B | $1.25B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $131.7M | $53.5M | $69.6M | $116.4M |
| Total Assets | $7.89B | $7.92B | $7.93B | $10.99B |
| Total Liabilities | $7.07B | $7.07B | $7.06B | $9.79B |
| Total Equity | $822.2M | $854.6M | $864.5M | $1.20B |
| Total Debt | $536.1M | $537.5M | $613.8M | $677.2M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income | $17.0M | $26.5M | $36.2M | $44.0M | $22.7M | $35.7M | $117.3M |
| Depreciation & Amortization | $3.0M | $2.9M | $3.2M | $3.1M | $2.9M | $17.4M | $22.7M |
| Stock-based Compensation | $32000 | $146000 | $283000 | $2.0M | $2.5M | $2.9M | $4.8M |
| Change in Working Capital | $7.5M | -$14.5M | $1.1M | $4.2M | $9.9M | $34.2M | -$22.3M |
| Operating Cash Flow | $25.7M | $23.2M | $55.0M | $61.1M | $42.5M | $86.1M | $107.9M |
| Capital Expenditure | -$1.8M | -$2.7M | -$1.1M | -$23.1M | -$14.2M | -$4.6M | -$11.7M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$3.1M | -$1.5M | -$1.1M | 0 | 0 | 0 | 0 |
| Dividends Paid | -$15.0M | -$14.9M | -$14.9M | -$15.7M | -$15.7M | -$28.6M | -$33.9M |
| Free Cash Flow | $23.9M | $20.5M | $53.9M | $38.0M | $28.3M | $81.2M | $96.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $39.3M | $30.9M | $26.5M | $313000 |
| Capital Expenditure | -$3.9M | -$2.6M | -$1.9M | -$2.2M |
| Free Cash Flow | $35.4M | $28.3M | $24.6M | -$1.9M |
| Dividends Paid | -$8.5M | -$8.5M | -$8.5M | -$11.3M |
| Stock-based Compensation | $1.2M | $1.1M | $1.1M | 0 |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -4.8% | -1.8% | +7.0% | +27.3% | +144.6% | +23.7% | |
| Net Income Growth (YoY) | +56.1% | +36.5% | +21.7% | -48.4% | +57.4% | +228.5% | |
| EPS Growth (YoY) | +56.1% | +36.6% | +31.2% | -48.6% | -23.3% | +231.2% | |
| Shares Change (YoY) | +0.0% | +0.0% | -6.7% | -0.5% | +101.5% | +0.4% | |
| FCF Growth (YoY) | -14.3% | +162.9% | -29.5% | -25.6% | +187.4% | +18.5% | |
| Gross Margin | 78.3% | 80.3% | 97.3% | 98.8% | 67.1% | 58.5% | 69.3% |
| Operating Margin | 13.1% | 23.4% | 33.9% | 41.0% | 15.4% | 10.1% | 29.5% |
| EBITDA Margin | 15.5% | 25.9% | 36.6% | 43.6% | 17.2% | 14.4% | 34.1% |
| Net Margin | 13.3% | 21.8% | 30.4% | 34.5% | 14.0% | 9.0% | 23.9% |
| FCF Margin | 18.7% | 16.9% | 45.2% | 29.8% | 17.4% | 20.5% | 19.6% |
| Effective Tax Rate | -1.5% | 6.8% | 10.6% | 15.8% | 9.5% | 10.5% | 19.1% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.99 | $2.56 | $6.73 | $5.09 | $3.80 | $5.43 | $6.40 |
| Dividends Per Share | $1.87 | $1.86 | $1.86 | $2.11 | $2.12 | $1.91 | $2.26 |
| Shares Outstanding (Basic) | $8.0M | $8.0M | $8.0M | $7.4M | $7.4M | $15.0M | $15.0M |
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. FMP does not expose regulatory Tier 1 directly.
- 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 | 10.37% |
| Return on Invested Capital | 3.91% |
| Return on Assets | 0.88% |
| Gross Margin | 68.13% |
| Operating Margin | 27.12% |
| Net Margin | 21.89% |
Financial Health
| Debt / Equity | 0.56 |
| Current Ratio | 4.06 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| P/E | 26.37 | 12.89 | 12.17 | 11.92 | 20.62 | 26.65 | 8.04 |
| P/B | 1.27 | 0.89 | 1.13 | 1.92 | 1.48 | 1.28 | 1.10 |
| P/S | 3.51 | 2.81 | 3.69 | 4.12 | 2.88 | 2.35 | 1.91 |
| Gross Margin | 78.3% | 80.3% | 97.3% | 98.8% | 67.1% | 58.5% | 69.3% |
| Operating Margin | 13.1% | 23.4% | 33.9% | 41.0% | 15.4% | 10.1% | 29.5% |
| Net Margin | 13.3% | 21.8% | 30.4% | 34.5% | 14.0% | 9.0% | 23.9% |
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Explore sector: Financial Services · Banks - Regional
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