Detailed financial statements for Renasant Corporation (RNST): 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.
Renasant Corporation acts as the parent bank holding company for Renasant Bank, delivering a full spectrum of financial, wealth management, fiduciary, and insurance services to both individual consumers and business clients. Its operations are organized into three primary segments: Community Banks, Insurance, and Wealth Management.
Analysis Summary
Renasant Corporation reported revenue of $985.8M in the most recent fiscal year, growing at a 5-year CAGR of 8.3%. Net income reached $181.3M, with a 16.7% 5-year CAGR.
Trailing-twelve-month margins: gross margin 60.0%, operating margin 15.3%, net margin 26.0%. Free cash flow grew at 34.5% CAGR over 5 years.
At $39.76 (closing price, November 3, 2026), RNST trades at a P/E of 11.14 and an ROE of 8.62%. Market capitalisation stands at $3.6B.
Balance sheet quality for RNST: debt-to-equity ratio of 0.41, current ratio of 4.43 over the last 12 months, net cash position of $15.2M 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 $237.8M represents 131% 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 | $438.4M | $469.0M | $540.5M | $596.9M | $660.3M | $651.0M | $630.6M | $631.8M | $662.5M | $985.8M |
| Cost of Revenue | $7.5M | $7.5M | $6.8M | $7.0M | $86.8M | $42.5M | $23.9M | $15.6M | $9.3M | $107.5M |
| Gross Profit | $430.9M | $461.5M | $533.7M | $589.9M | $573.4M | $653.2M | $606.7M | $616.2M | $653.2M | $878.4M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $205.6M | $216.8M | $250.7M | $290.9M | $312.7M | $292.8M | $276.0M | $296.5M | $300.0M | $386.9M |
| Operating Expenses | $295.1M | $301.6M | $345.0M | $374.2M | $469.9M | $430.3M | $395.4M | $439.0M | $408.2M | $651.7M |
| Operating Income | $135.8M | $159.9M | $188.6M | $215.7M | $103.5M | $222.8M | $211.3M | $177.2M | $245.0M | $226.7M |
| EBITDA | $138.9M | $164.7M | $192.1M | $223.9M | $138.1M | $270.2M | $254.1M | $212.4M | $277.2M | $242.9M |
| Interest Expense | $28.1M | $37.9M | $65.3M | $98.9M | $71.3M | $44.7M | $60.5M | $278.0M | $375.6M | $458.3M |
| Pre-tax Income | $135.8M | $159.9M | $188.6M | $215.7M | $103.5M | $222.8M | $211.3M | $177.2M | $245.0M | $226.7M |
| Income Tax | $44.8M | $67.7M | $41.7M | $48.1M | $19.8M | $46.9M | $45.2M | $32.5M | $49.5M | $45.5M |
| Net Income | $90.9M | $92.2M | $146.9M | $167.6M | $83.7M | $175.9M | $166.1M | $144.7M | $195.5M | $181.3M |
| EPS | $2.18 | $1.97 | $2.80 | $2.89 | $1.49 | $3.13 | $2.97 | $2.58 | $3.29 | $2.09 |
| EPS (Diluted) | $2.17 | $1.96 | $2.79 | $2.88 | $1.48 | $3.12 | $2.95 | $2.58 | $3.27 | $2.07 |
| Shares Outstanding (Diluted) | 42.0 M | 47.0 M | 52.6 M | 58.2 M | 56.5 M | 56.4 M | 56.2 M | 56.1 M | 59.7 M | 95.2 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $256.9M | $272.4M | $122.0M | $273.0M |
| Gross Profit | $246.0M | $264.4M | -$643,000 | $259.7M |
| Operating Income | $96.8M | $110.4M | -$110.4M | $99.3M |
| EBITDA | $99.9M | $110.7M | -$106.0M | $223.0M |
| Net Income | $78.9M | $88.2M | $87.1M | $78.9M |
| EPS | $0.84 | $0.94 | $0.95 | $0.87 |
| EPS (Diluted) | $0.83 | $0.94 | $0.94 | $0.86 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $306.2M | $281.5M | $569.1M | $414.9M | $633.2M | $1.88B | $576.0M | $801.4M | $1.09B | $1.07B |
| Short-term Investments | $674.2M | $671.5M | $1.25B | $1.29B | $1.34B | $2.39B | $1.53B | $923.3M | $831.0M | 0 |
| Receivables | $49.2M | $57.4M | $65.0M | $84.8M | $74.2M | $74.6M | $112.5M | $113.5M | $87.2M | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.03B | $1.01B | $1.88B | $1.79B | $2.06B | $4.34B | $2.22B | $1.84B | $2.01B | $1.07B |
| Property, Plant & Equipment | $179.2M | $183.3M | $209.2M | $309.7M | $300.5M | $293.1M | $283.6M | $283.2M | $279.8M | $465.1M |
| Goodwill | $470.5M | $611.0M | $932.9M | $939.7M | $939.7M | $939.7M | $991.7M | $991.7M | $988.9M | $1.41B |
| Intangible Assets | $50.4M | $63.8M | $93.1M | $90.5M | $93.1M | $113.1M | $108.6M | $110.5M | $87.1M | $146.6M |
| Total Assets | $8.70B | $9.83B | $12.93B | $13.40B | $14.93B | $16.81B | $16.99B | $17.36B | $18.03B | $26.75B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $109.7M | $89.8M | $387.7M | $489.1M | $21.3M | $13.9M | $712.2M | $307.6M | $108.0M | $555.8M |
| Total Current Liabilities | $7.17B | $8.01B | $10.52B | $10.70B | $12.08B | $13.92B | $14.20B | $14.38B | $14.68B | $555.8M |
| Long-term Debt | $202.5M | $207.5M | $263.6M | $376.5M | $475.0M | $471.2M | $428.1M | $429.4M | $430.6M | $499.8M |
| Total Liabilities | $7.47B | $8.31B | $10.89B | $11.27B | $12.80B | $14.60B | $14.85B | $15.06B | $15.36B | $22.87B |
| Retained Earnings | $337.5M | $397.4M | $500.7M | $617.4M | $615.8M | $741.6M | $857.7M | $952.1M | $1.09B | $1.20B |
| Total Equity | $1.23B | $1.51B | $2.04B | $2.13B | $2.13B | $2.21B | $2.14B | $2.30B | $2.68B | $3.88B |
| Total Debt | $312.1M | $297.4M | $651.3M | $865.6M | $496.3M | $485.2M | $1.14B | $737.0M | $538.6M | $1.06B |
| Net Debt | -$668.3M | -$655.6M | -$1.17B | -$839.9M | -$1.48B | -$3.78B | -$969.6M | -$987.7M | -$1.38B | -$15.2M |
| Working Capital | -$6.14B | -$7.00B | -$8.63B | -$8.91B | -$10.03B | -$9.58B | -$11.98B | -$12.55B | -$12.67B | $514.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $1.07B | $1.22B | $881.2M | $734.5M |
| Total Assets | $26.75B | $27.11B | $27.00B | $27.52B |
| Total Liabilities | $22.87B | $23.24B | $23.13B | $23.69B |
| Total Equity | $3.88B | $3.87B | $3.87B | $3.83B |
| Total Debt | $1.06B | $806.2M | $1.11B | $1.56B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $90.9M | $92.2M | $146.9M | $167.6M | $83.7M | $175.9M | $166.1M | $144.7M | $195.5M | $181.3M |
| Depreciation & Amortization | $3.1M | $4.8M | $3.5M | $8.2M | $34.6M | $47.4M | $42.7M | $35.2M | $32.3M | $16.2M |
| Stock-based Compensation | $3.1M | $5.3M | $7.3M | $10.2M | $10.6M | $10.1M | $11.5M | $13.7M | $13.9M | $17.7M |
| Change in Working Capital | -$3.7M | -$13.7M | -$53.8M | -$11.6M | -$32.1M | -$63.7M | -$36.0M | -$28.0M | -$22.9M | -$18.1M |
| Operating Cash Flow | $163.8M | $207.0M | $82.1M | $163.6M | $82.2M | $142.7M | $574.0M | $148.6M | $129.4M | $271.5M |
| Capital Expenditure | -$13.6M | -$13.0M | -$22.4M | -$35.0M | -$28.3M | -$20.5M | -$14.8M | -$21.6M | -$13.6M | -$33.7M |
| Acquisitions | $25.3M | $41.7M | $153.5M | -$250,000 | 0 | 0 | -$120.9M | 0 | $55.3M | $267.9M |
| Stock Repurchased | 0 | 0 | -$7.1M | -$62.9M | -$24.6M | -$21.3M | 0 | 0 | 0 | -$13.3M |
| Dividends Paid | -$29.7M | -$34.4M | -$43.6M | -$50.9M | -$50.1M | -$50.0M | -$50.0M | -$50.3M | -$53.7M | -$78.6M |
| Free Cash Flow | $150.2M | $194.0M | $59.8M | $128.7M | $54.0M | $122.1M | $559.2M | $126.9M | $115.8M | $237.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $135.5M | $107.1M | $100.1M | $82.4M |
| Capital Expenditure | -$15.3M | -$19.8M | -$6.3M | -$6.0M |
| Free Cash Flow | $120.1M | $87.3M | $93.7M | $76.4M |
| Dividends Paid | -$21.2M | -$22.0M | -$21.6M | -$22.2M |
| Stock-based Compensation | $5.4M | $4.2M | $5.5M | $4.4M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +7.0% | +15.2% | +10.4% | +10.6% | -1.4% | -3.1% | +0.2% | +4.9% | +48.8% | |
| Net Income Growth (YoY) | +1.4% | +59.4% | +14.1% | -50.1% | +110.3% | -5.6% | -12.9% | +35.1% | -7.3% | |
| EPS Growth (YoY) | -9.6% | +42.1% | +3.2% | -48.4% | +110.1% | -5.1% | -13.1% | +27.5% | -36.5% | |
| Shares Change (YoY) | +12.0% | +12.0% | +10.6% | -3.0% | -0.1% | -0.4% | -0.1% | +6.4% | +59.3% | |
| FCF Growth (YoY) | +29.1% | -69.2% | +115.3% | -58.0% | +126.3% | +357.8% | -77.3% | -8.8% | +105.3% | |
| Gross Margin | 98.3% | 98.4% | 98.7% | 98.8% | 86.8% | 100.3% | 96.2% | 97.5% | 98.6% | 89.1% |
| Operating Margin | 31.0% | 34.1% | 34.9% | 36.1% | 15.7% | 34.2% | 33.5% | 28.0% | 37.0% | 23.0% |
| EBITDA Margin | 31.7% | 35.1% | 35.6% | 37.5% | 20.9% | 41.5% | 40.3% | 33.6% | 41.9% | 24.6% |
| Net Margin | 20.7% | 19.7% | 27.2% | 28.1% | 12.7% | 27.0% | 26.3% | 22.9% | 29.5% | 18.4% |
| FCF Margin | 34.3% | 41.4% | 11.1% | 21.6% | 8.2% | 18.8% | 88.7% | 20.1% | 17.5% | 24.1% |
| Effective Tax Rate | 33.0% | 42.3% | 22.1% | 22.3% | 19.2% | 21.1% | 21.4% | 18.3% | 20.2% | 20.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $3.58 | $4.13 | $1.14 | $2.21 | $0.96 | $2.16 | $9.95 | $2.26 | $1.94 | $2.50 |
| Dividends Per Share | $0.71 | $0.73 | $0.83 | $0.87 | $0.89 | $0.89 | $0.89 | $0.90 | $0.90 | $0.83 |
| Shares Outstanding (Basic) | 41.7 M | 46.9 M | 52.5 M | 58.0 M | 56.3 M | 56.1 M | 55.9 M | 56.1 M | 59.4 M | 94.5 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 | 8.62% |
| Return on Invested Capital | 2.82% |
| Return on Assets | 1.21% |
| Gross Margin | 60.01% |
| Operating Margin | 15.30% |
| Net Margin | 25.99% |
Financial Health
| Debt / Equity | 0.41 |
| Current Ratio | 4.43 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 0.26 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 19.37 | 20.76 | 10.78 | 12.26 | 22.60 | 12.12 | 12.66 | 13.05 | 10.87 | 16.85 |
| P/B | 1.43 | 1.27 | 0.78 | 0.97 | 0.89 | 0.96 | 0.98 | 0.82 | 0.79 | 0.86 |
| P/S | 4.02 | 4.09 | 2.93 | 3.44 | 2.87 | 3.27 | 3.33 | 2.99 | 3.20 | 3.37 |
| Gross Margin | 92.4% | 91.0% | 88.1% | 84.8% | 78.4% | 93.9% | 87.8% | 67.7% | 62.9% | 60.8% |
| Operating Margin | 31.0% | 34.1% | 34.9% | 36.1% | 15.7% | 34.2% | 33.5% | 28.0% | 37.0% | 23.0% |
| Net Margin | 20.7% | 19.7% | 27.2% | 28.1% | 12.7% | 27.0% | 26.3% | 22.9% | 29.5% | 18.4% |
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