Detailed financial statements for Mechanics Bank (MCHB): 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.
Mechanics Bank delivers a comprehensive suite of financial solutions, catering to the diverse needs of individual clients and small to mid-sized businesses. Its foundational offerings include a variety of checking and savings accounts.
Analysis Summary
Mechanics Bank reported revenue of $1.03B in the most recent fiscal year, growing at a 5-year CAGR of 20.8%. Net income reached $265.7M, with a 27.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 73.1%, operating margin 31.5%, net margin 26.5%.
At the current price of $14.93, MCHB trades at a P/E of 11.92 and an ROE of 9.28%. Market capitalisation stands at $3.3B.
Balance sheet quality for MCHB: current ratio of 8.2, net cash position of $800.7M. 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 $187.1M represents 70% 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 | $578.2M | $550.4M | $301.9M | $352.1M | $401.4M | $364.3M | $703.8M | $779.4M | $589.6M | $1.03B |
| Cost of Revenue | $33.6M | $44.0M | $64.5M | $87.7M | $63.8M | $2.2M | $46.5M | $156.5M | $215.0M | $245.6M |
| Gross Profit | $544.6M | $506.4M | $237.4M | $264.4M | $337.6M | $362.0M | $657.4M | $622.9M | $374.6M | $785.4M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $345.2M | $332.1M | $136.9M | $144.4M | $161.4M | $144.9M | $219.8M | $213.6M | $209.1M | $231.4M |
| Operating Expenses | $453.9M | $440.2M | $209.2M | $215.7M | $235.7M | $215.3M | $355.2M | $345.0M | $338.9M | $465.8M |
| Operating Income | $90.8M | $66.2M | $28.3M | $48.7M | $101.9M | $146.7M | $302.1M | $277.9M | $35.7M | $319.6M |
| EBITDA | $90.8M | $66.2M | $28.3M | $48.7M | $112.6M | $157.7M | $333.8M | $305.9M | $58.5M | $330.2M |
| Interest Expense | $29.5M | $43.2M | $61.5M | $88.2M | $43.4M | $17.2M | $19.8M | $155.7M | $216.5M | $226.0M |
| Pre-tax Income | $90.8M | $66.2M | $28.3M | $48.7M | $101.9M | $146.7M | $302.1M | $277.9M | $35.7M | $319.6M |
| Income Tax | $32.6M | -$2.8M | $2.0M | $8.0M | $21.9M | $31.3M | $85.6M | $76.0M | $6.7M | $53.8M |
| Net Income | $58.2M | $68.9M | $40.0M | $39.1M | $80.0M | $115.4M | $216.6M | $201.9M | $29.0M | $265.7M |
| EPS | $0.24 | $0.26 | $0.15 | $0.15 | $0.35 | $0.55 | $0.98 | $0.91 | $0.13 | $1.22 |
| EPS (Diluted) | $0.23 | $0.25 | $0.15 | $0.15 | $0.35 | $0.55 | $0.98 | $0.91 | $0.13 | $1.21 |
| Shares Outstanding (Diluted) | $24.8M | $27.1M | $27.2M | $25.8M | $23.1M | $21.1M | $19.0M | $18.8M | $212.1M | $218.8M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $277.4M | $274.8M | $246.1M | $261.7M |
| Gross Profit | $171.2M | $224.6M | $175.5M | $203.9M |
| Operating Income | $45.1M | $154.0M | $61.9M | $73.1M |
| EBITDA | $45.1M | $164.9M | $61.9M | $73.1M |
| Net Income | $55.2M | $124.3M | $44.1M | $57.7M |
| EPS | $0.26 | $0.54 | $0.20 | $0.25 |
| EPS (Diluted) | $0.26 | $0.54 | $0.20 | $0.25 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $56.3M | $73.9M | $58.6M | $57.9M | $58.0M | $65.2M | $72.8M | $215.7M | $999.7M | $1.03B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | $19.0M | $24.7M | 0 | $49.5M |
| Receivables | 0 | 0 | 0 | 0 | $21.2M | $17.8M | $26.9M | $28.9M | $33.6M | $53.1M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $56.3M | $73.9M | $58.6M | $57.9M | $79.2M | $83.0M | $118.7M | $269.3M | $1.03B | $1.13B |
| Property, Plant & Equipment | $77.6M | $104.7M | $88.1M | $171.8M | $65.1M | $58.2M | $51.2M | $53.6M | $170.9M | $226.0M |
| Goodwill | $22.2M | $22.6M | $22.6M | $28.5M | $32.9M | 0 | 0 | 0 | $843.3M | $843.3M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | $31.7M | $30.0M | $9.6M | $38.7M | $212.5M |
| Total Assets | $6.29B | $6.77B | $7.07B | $6.86B | $7.28B | $7.23B | $9.41B | $9.43B | $16.53B | $22.47B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | 0 | $1.02B | $19.0M | $541.8M | $383.6M | $102.0M | $88.3M | $806.4M | 0 | $138.1M |
| Total Current Liabilities | 0 | $1.02B | $19.0M | $541.8M | $383.6M | $102.0M | $88.3M | $806.4M | 0 | $138.1M |
| Long-term Debt | $993.5M | $80.6M | $1.06B | $70.6M | $65.0M | $65.0M | $1.16B | $1.17B | 0 | $79.6M |
| Total Liabilities | $5.66B | $6.07B | $6.33B | $6.18B | $6.56B | $6.52B | $8.85B | $8.89B | $14.23B | $19.61B |
| Retained Earnings | $303.0M | $372.0M | $412.0M | $374.7M | $403.9M | $444.3M | $435.1M | $395.4M | $239.5M | $456.7M |
| Total Equity | $629.3M | $704.4M | $739.5M | $679.7M | $717.8M | $715.3M | $562.1M | $538.4M | $2.30B | $2.86B |
| Total Debt | $993.5M | $1.10B | $1.08B | $710.3M | $448.6M | $167.0M | $1.28B | $2.00B | $56.1M | $278.8M |
| Net Debt | $937.2M | $1.03B | $1.02B | $652.5M | $390.6M | $101.8M | $1.19B | $1.76B | -$943.6M | -$800.7M |
| Working Capital | $56.3M | -$950.0M | $39.6M | -$483.9M | -$304.4M | -$19.0M | $30.4M | -$537.2M | $1.03B | $994.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.44B | $1.03B | $483.5M | $553.9M |
| Total Assets | $22.71B | $22.35B | $21.39B | $21.23B |
| Total Liabilities | $19.93B | $19.49B | $18.60B | $18.54B |
| Total Equity | $2.77B | $2.86B | $2.79B | $2.69B |
| Total Debt | $280.9M | $231.3M | $211.2M | $208.6M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $58.2M | $68.9M | $26.2M | $40.1M | $80.0M | $115.4M | $66.5M | -$27.5M | $29.0M | $265.7M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $27.8M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $5.6M |
| Change in Working Capital | -$17.7M | $7.8M | -$12.1M | -$31.5M | -$31.0M | -$8.0M | $20.3M | -$9.8M | $1.2M | -$16.4M |
| Operating Cash Flow | -$255.0M | -$160.5M | $286.0M | $258.8M | -$25.5M | $173.0M | $237.3M | $13.7M | $292.3M | $193.6M |
| Capital Expenditure | -$24.5M | -$42.3M | -$9.7M | -$2.3M | -$3.3M | -$2.9M | -$6.8M | -$3.8M | -$6.4M | -$6.5M |
| Acquisitions | $123.9M | $19.3M | $808,000 | $134.8M | $4.3M | 0 | 0 | $327.9M | $2.6M | $156.9M |
| Stock Repurchased | 0 | -$45,000 | 0 | -$98.5M | -$58.0M | -$84.2M | -$75.0M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | -$13.9M | -$21.3M | -$26.8M | -$12.3M | -$95.0M | -$48.6M |
| Free Cash Flow | -$279.5M | -$202.8M | $276.3M | $256.6M | -$28.8M | $170.1M | $230.5M | $9.9M | $285.9M | $187.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $106.2M | $113.9M | $11.4M | $48.6M |
| Capital Expenditure | -$2.9M | -$3.5M | -$2.6M | -$3.1M |
| Free Cash Flow | $103.3M | $110.4M | $8.8M | $45.5M |
| Dividends Paid | 0 | -$48.6M | -$92.6M | -$162.0M |
| Stock-based Compensation | 0 | $4.8M | $1.3M | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -4.8% | -45.1% | +16.6% | +14.0% | -9.2% | +93.2% | +10.7% | -24.4% | +74.8% | |
| Net Income Growth (YoY) | +18.6% | -41.9% | -2.3% | +104.5% | +44.3% | +87.6% | -6.8% | -85.6% | +816.4% | |
| EPS Growth (YoY) | +8.3% | -42.3% | +0.0% | +133.3% | +57.1% | +78.2% | -7.1% | -85.7% | +838.5% | |
| Shares Change (YoY) | +9.0% | +0.3% | -5.1% | -10.5% | -8.4% | -9.9% | -1.4% | +1,029.1% | +3.1% | |
| FCF Growth (YoY) | +27.5% | +236.2% | -7.1% | -111.2% | +689.7% | +35.5% | -95.7% | +2,785.5% | -34.6% | |
| Gross Margin | 94.2% | 92.0% | 78.6% | 75.1% | 84.1% | 99.4% | 93.4% | 79.9% | 63.5% | 76.2% |
| Operating Margin | 15.7% | 12.0% | 9.4% | 13.8% | 25.4% | 40.3% | 42.9% | 35.7% | 6.1% | 31.0% |
| EBITDA Margin | 15.7% | 12.0% | 9.4% | 13.8% | 28.1% | 43.3% | 47.4% | 39.3% | 9.9% | 32.0% |
| Net Margin | 10.1% | 12.5% | 13.3% | 11.1% | 19.9% | 31.7% | 30.8% | 25.9% | 4.9% | 25.8% |
| FCF Margin | -48.3% | -36.8% | 91.5% | 72.9% | -7.2% | 46.7% | 32.8% | 1.3% | 48.5% | 18.1% |
| Effective Tax Rate | 35.9% | -4.2% | 7.2% | 16.4% | 21.5% | 21.3% | 28.3% | 27.4% | 18.8% | 16.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-11.25 | $-7.49 | $10.17 | $9.96 | $-1.25 | $8.04 | $12.11 | $0.53 | $1.35 | $0.86 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.60 | $1.01 | $1.41 | $0.66 | $0.45 | $0.22 |
| Shares Outstanding (Basic) | $24.6M | $26.9M | $27.0M | $25.6M | $22.9M | $20.9M | $18.9M | $18.8M | $18.9M | $218.7M |
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 | 9.28% |
| Return on Invested Capital | 1.18% |
| Return on Assets | 1.18% |
| Gross Margin | 73.12% |
| Operating Margin | 31.51% |
| Net Margin | 26.53% |
Financial Health
| Debt / Equity | 0.08 |
| Current Ratio | 231.49 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 0.27 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 131.67 | 111.35 | 141.53 | 226.67 | 96.43 | 94.55 | 28.14 | 11.32 | 87.85 | 11.99 |
| P/B | 1.24 | 1.10 | 0.77 | 1.28 | 1.08 | 1.52 | 0.93 | 0.36 | 0.09 | 1.12 |
| P/S | 1.35 | 1.41 | 1.90 | 2.47 | 1.92 | 2.98 | 0.74 | 0.25 | 0.37 | 3.10 |
| Gross Margin | 94.2% | 92.0% | 78.6% | 75.1% | 84.1% | 99.4% | 93.4% | 79.9% | 63.5% | 76.2% |
| Operating Margin | 15.7% | 12.0% | 9.4% | 13.8% | 25.4% | 40.3% | 42.9% | 35.7% | 6.1% | 31.0% |
| Net Margin | 10.1% | 12.5% | 13.3% | 11.1% | 19.9% | 31.7% | 30.8% | 25.9% | 4.9% | 25.8% |
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Explore sector: Financial Services · Banks - Regional
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