Detailed financial statements for MVB Financial Corp. (MVBF): 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.
MVB Financial Corp. operates as a financial holding company, delivering a comprehensive suite of financial services to both individual consumers and corporate clients. The company serves customers across the Mid-Atlantic region and extends its reach internationally. Its operations are structured into three primary divisions: CoRe Banking, Mortgage Banking, and Financial Holding Company.
Analysis Summary
MVB Financial Corp. reported revenue of $270.4M in the most recent fiscal year, growing at a 5-year CAGR of 16.0%. Net income reached $26.9M, with a -6.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 63.3%, operating margin 23.5%, net margin 17.7%. Free cash flow grew at -54.3% CAGR over 5 years.
At the current price of $30.89, MVBF trades at a P/E of 10.35 and an ROE of 11.57%. Market capitalisation stands at $397M.
Balance sheet quality for MVBF: current ratio of 0.1, net cash position of $172.5M. 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 below average: free cash flow of $2.1M represents 8% 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 | $94.0M | $94.1M | $104.8M | $143.9M | $128.7M | $111.1M | $152.4M | $213.0M | $227.3M | $270.4M |
| Cost of Revenue | $14.8M | $14.5M | $20.1M | $24.8M | $28.2M | -$5000 | $28.3M | $64.6M | $80.2M | $76.7M |
| Gross Profit | $79.2M | $79.6M | $84.7M | $119.2M | $100.5M | $111.1M | $124.0M | $148.4M | $147.1M | $193.8M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $55.5M | $55.4M | $55.8M | $67.3M | $63.7M | $55.0M | $65.1M | $67.8M | $72.1M | $71.0M |
| Operating Expenses | $65.9M | $67.3M | $69.3M | $84.2M | $53.6M | $63.6M | $109.0M | $121.1M | $120.8M | $156.9M |
| Operating Income | $13.4M | $12.3M | $15.4M | $35.0M | $46.9M | $47.5M | $15.0M | $27.3M | $26.3M | $36.9M |
| EBITDA | $16.8M | $15.0M | $18.3M | $38.3M | $50.2M | $51.7M | $20.4M | $32.3M | $30.3M | $39.4M |
| Interest Expense | $11.1M | $12.3M | $17.7M | $23.0M | $11.6M | $6.3M | $14.2M | $66.5M | $76.6M | $67.9M |
| Pre-tax Income | $13.4M | $12.3M | $15.4M | $35.0M | $46.9M | $47.5M | $15.0M | $27.3M | $26.3M | $36.9M |
| Income Tax | $4.4M | $4.8M | $3.4M | $8.4M | $9.5M | $9.6M | $3.3M | $5.1M | $6.1M | $9.9M |
| Net Income | $12.9M | $7.6M | $12.0M | $27.0M | $37.4M | $39.1M | $15.0M | $31.2M | $20.1M | $26.9M |
| EPS | $1.44 | $0.69 | $1.04 | $2.26 | $3.13 | $3.32 | $1.23 | $2.46 | $1.56 | $2.11 |
| EPS (Diluted) | $1.31 | $0.68 | $1.00 | $2.20 | $3.06 | $3.10 | $1.17 | $2.40 | $1.53 | $2.06 |
| Shares Outstanding (Diluted) | $10.1M | $10.4M | $12.7M | $12.0M | $12.1M | $12.6M | $12.9M | $13.0M | $13.1M | $13.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $42.4M | $56.4M | $53.0M | $67.4M |
| Gross Profit | $20.3M | $37.1M | $34.8M | $46.4M |
| Operating Income | $23.4M | $5.5M | $6.7M | $16.0M |
| EBITDA | $24.0M | $5.9M | $7.1M | $16.4M |
| Net Income | $17.1M | $4.2M | $5.2M | $12.3M |
| EPS | $1.36 | $0.33 | $0.41 | $0.95 |
| EPS (Diluted) | $1.32 | $0.32 | $0.39 | $0.93 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $31.9M | $35.1M | $37.0M | $40.6M | $275.7M | $310.2M | $40.3M | $398.2M | $317.9M | $244.1M |
| Short-term Investments | $162.4M | $231.5M | $221.6M | $235.8M | $410.6M | $421.5M | $379.8M | $345.3M | $411.6M | $5.7M |
| Receivables | $23.4M | $26.4M | $33.7M | $49.7M | $69.9M | $63.2M | $89.3M | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $217.6M | $293.0M | $292.3M | $326.0M | $756.2M | $794.8M | $509.4M | $743.5M | $729.6M | $249.9M |
| Property, Plant & Equipment | $25.1M | $26.7M | $26.5M | $22.0M | $26.2M | $25.1M | $23.7M | $20.9M | $39.4M | $10.4M |
| Goodwill | $18.5M | $18.5M | $18.5M | $19.6M | $2.4M | $4.0M | $2.8M | $2.8M | 0 | 0 |
| Intangible Assets | $744000 | $646000 | $550000 | $3.5M | $2.4M | $2.3M | $1.6M | $352000 | $1.4M | 0 |
| Total Assets | $1.42B | $1.53B | $1.75B | $1.94B | $2.33B | $2.79B | $3.06B | $3.31B | $3.13B | $3.31B |
| Accounts Payable | $16.6M | $16.4M | $17.7M | $41.7M | $55.9M | $55.1M | $41.6M | 0 | 0 | 0 |
| Short-term Debt | $25.2M | $22.4M | $14.9M | $10.2M | $10.3M | $11.4M | $10.0M | $4.8M | $2.8M | $3.3M |
| Total Current Liabilities | $1.15B | $1.20B | $1.34B | $1.32B | $2.05B | $2.44B | $2.62B | $2.91B | $2.70B | $2.85B |
| Long-term Debt | $124.4M | $185.7M | $232.4M | $227.0M | $43.4M | $73.0M | $185.4M | $80.3M | $73.8M | $74.0M |
| Total Liabilities | $1.27B | $1.38B | $1.57B | $1.73B | $2.09B | $2.51B | $2.79B | $3.02B | $2.82B | $2.97B |
| Retained Earnings | $31.2M | $37.2M | $48.3M | $72.5M | $105.2M | $138.2M | $144.9M | $160.9M | $172.2M | $190.4M |
| Total Equity | $145.6M | $150.2M | $176.8M | $211.9M | $239.5M | $275.3M | $261.4M | $289.4M | $305.7M | $334.0M |
| Total Debt | $149.6M | $208.1M | $247.3M | $237.2M | $53.7M | $84.4M | $195.4M | $85.1M | $76.5M | $77.4M |
| Net Debt | -$44.6M | -$58.5M | -$11.3M | -$39.2M | -$632.6M | -$647.2M | -$224.7M | -$658.4M | -$653.0M | -$172.5M |
| Working Capital | -$931.1M | -$905.5M | -$1.05B | -$990.9M | -$1.29B | -$1.65B | -$2.11B | -$2.16B | -$1.97B | -$2.60B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $300.0M | $244.1M | $9.4M | $312.6M |
| Total Assets | $3.23B | $3.31B | $3.32B | $3.55B |
| Total Liabilities | $2.91B | $2.97B | $2.99B | $3.20B |
| Total Equity | $327.8M | $334.0M | $334.9M | $344.5M |
| Total Debt | $77.0M | $77.4M | $58.5M | $57.8M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $12.9M | $7.6M | $12.0M | $27.0M | $37.4M | $38.7M | $14.4M | $31.0M | $20.2M | $26.9M |
| Depreciation & Amortization | $3.4M | $2.7M | $2.9M | $3.3M | $3.3M | $4.2M | $5.3M | $5.0M | $3.9M | $196000 |
| Stock-based Compensation | $568000 | $813000 | $1.3M | $1.8M | $2.4M | $3.2M | $3.2M | $3.4M | $3.3M | $3.8M |
| Change in Working Capital | 0 | 0 | -$1.8M | $10.6M | -$8.5M | $1.2M | -$14.9M | -$5.3M | -$21.8M | $981000 |
| Operating Cash Flow | $25.3M | $33.1M | $6.7M | -$8.1M | $112.2M | $34.8M | $7.4M | $58.2M | -$285000 | $4.0M |
| Capital Expenditure | -$1.7M | -$4.5M | -$2.7M | -$2.0M | -$6.6M | -$4.9M | -$3.0M | -$1.9M | -$1.6M | -$1.9M |
| Acquisitions | $7.0M | 0 | 0 | -$2.7M | -$78.7M | -$96.3M | 0 | -$8000 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$15.7M | 0 | -$670000 | -$846000 | -$443000 | -$10.2M |
| Dividends Paid | -$1.8M | -$1.5M | -$1.7M | -$2.8M | -$4.7M | -$6.1M | -$8.4M | -$8.6M | -$8.8M | -$8.7M |
| Free Cash Flow | $23.6M | $28.6M | $4.0M | -$10.1M | $105.6M | $29.9M | $4.3M | $56.3M | -$1.9M | $2.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$2.6M | -$15.0M | -$23.3M | $5.2M |
| Capital Expenditure | -$955000 | -$508000 | -$140000 | -$329000 |
| Free Cash Flow | -$3.5M | -$15.5M | -$23.4M | $4.9M |
| Dividends Paid | -$2.1M | -$2.2M | -$2.2M | -$2.2M |
| Stock-based Compensation | $1.1M | $878000 | $741000 | $745000 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +0.1% | +11.4% | +37.3% | -10.6% | -13.7% | +37.2% | +39.8% | +6.7% | +19.0% | |
| Net Income Growth (YoY) | -41.3% | +58.5% | +124.9% | +38.6% | +4.6% | -61.5% | +107.6% | -35.7% | +34.1% | |
| EPS Growth (YoY) | -52.1% | +50.7% | +117.3% | +38.5% | +6.1% | -63.0% | +100.0% | -36.6% | +35.3% | |
| Shares Change (YoY) | +3.7% | +21.9% | -5.3% | +0.4% | +4.3% | +2.0% | +1.0% | +1.1% | -0.2% | |
| FCF Growth (YoY) | +21.3% | -86.0% | -352.5% | +1145.3% | -71.6% | -85.6% | +1206.1% | -103.4% | +210.9% | |
| Gross Margin | 84.3% | 84.6% | 80.8% | 82.8% | 78.1% | 100.0% | 81.4% | 69.7% | 64.7% | 71.7% |
| Operating Margin | 14.2% | 13.1% | 14.7% | 24.3% | 36.5% | 42.7% | 9.9% | 12.8% | 11.6% | 13.6% |
| EBITDA Margin | 17.8% | 16.0% | 17.5% | 26.6% | 39.0% | 46.5% | 13.4% | 15.2% | 13.3% | 14.6% |
| Net Margin | 13.7% | 8.1% | 11.4% | 18.8% | 29.1% | 35.2% | 9.9% | 14.7% | 8.8% | 10.0% |
| FCF Margin | 25.1% | 30.4% | 3.8% | -7.0% | 82.0% | 27.0% | 2.8% | 26.4% | -0.8% | 0.8% |
| Effective Tax Rate | 32.8% | 38.6% | 21.9% | 24.1% | 20.3% | 20.3% | 21.9% | 18.6% | 23.2% | 26.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.34 | $2.74 | $0.31 | $-0.84 | $8.74 | $2.37 | $0.34 | $4.33 | $-0.15 | $0.16 |
| Dividends Per Share | $0.18 | $0.15 | $0.13 | $0.23 | $0.39 | $0.48 | $0.65 | $0.66 | $0.67 | $0.66 |
| Shares Outstanding (Basic) | $8.2M | $10.3M | $11.0M | $11.7M | $11.8M | $11.8M | $12.1M | $12.7M | $12.9M | $12.8M |
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 | 11.57% |
| Return on Invested Capital | 1.09% |
| Return on Assets | 1.09% |
| Gross Margin | 63.26% |
| Operating Margin | 23.53% |
| Net Margin | 17.71% |
Financial Health
| Debt / Equity | 0.17 |
| Current Ratio | 84.28 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 8.89 | 29.13 | 17.35 | 11.03 | 7.25 | 12.51 | 17.90 | 9.17 | 13.27 | 12.24 |
| P/B | 0.72 | 1.38 | 1.13 | 1.38 | 1.12 | 1.78 | 1.02 | 0.99 | 0.87 | 0.99 |
| P/S | 1.12 | 2.20 | 1.90 | 2.03 | 2.08 | 4.40 | 1.74 | 1.34 | 1.17 | 1.22 |
| Gross Margin | 84.3% | 84.6% | 80.8% | 82.8% | 78.1% | 100.0% | 81.4% | 69.7% | 64.7% | 71.7% |
| Operating Margin | 14.2% | 13.1% | 14.7% | 24.3% | 36.5% | 42.7% | 9.9% | 12.8% | 11.6% | 13.6% |
| Net Margin | 13.7% | 8.1% | 11.4% | 18.8% | 29.1% | 35.2% | 9.9% | 14.7% | 8.8% | 10.0% |
Related companies: BWFG · CZNC · FMAO · OBT · PBFS · PCB · PDLB
Explore sector: Financial Services · Banks - Regional
More sections of MVBF: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Radar — undervalued stock signals · Investment Academy — learn to analyze stocks