Detailed financial statements for Stock Yards Bancorp, Inc. (SYBT): 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.
Stock Yards Bancorp, Inc. serves as the parent company for Stock Yards Bank & Trust Company, providing a comprehensive range of financial solutions to individuals, businesses, and other clients across the United States. Its operations are divided into two main segments: Commercial Banking and Wealth Management & Trust (WM&T).
Analysis Summary
Stock Yards Bancorp, Inc. reported revenue of $564.5M in the most recent fiscal year, growing at a 5-year CAGR of 23.4%. Net income reached $140.2M, with a 18.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 70.3%, operating margin 34.6%, net margin 27.1%. Free cash flow grew at 16.5% CAGR over 5 years.
At $78.43 (closing price, October 30, 2026), SYBT trades at a P/E of 15.11 and an ROE of 19.04%. Market capitalisation stands at $2.4B.
Balance sheet quality for SYBT: debt-to-equity ratio of -4.92, current ratio of 0.86 over the last 12 months, net debt of $363.9M 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 $154.0M represents 110% 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 | $145.1M | $155.4M | $172.7M | $194.8M | $197.2M | $238.5M | $330.6M | $432.5M | $500.9M | $564.5M |
| Cost of Revenue | $7.9M | $9.8M | $18.1M | $23.5M | $30.4M | $5.2M | $28.5M | $113.2M | $165.6M | $174.0M |
| Gross Profit | $137.2M | $145.6M | $155.7M | $172.5M | $166.8M | $233.3M | $302.0M | $319.3M | $335.4M | $390.6M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $52.8M | $56.2M | $60.3M | $64.4M | $66.0M | $82.5M | $111.0M | $120.2M | $132.6M | $118.1M |
| Operating Expenses | $80.9M | $90.4M | $87.1M | $95.6M | $99.1M | $137.9M | $181.5M | $181.4M | $191.0M | $212.4M |
| Operating Income | $56.3M | $55.2M | $67.5M | $75.7M | $67.7M | $95.4M | $120.5M | $137.9M | $144.4M | $178.2M |
| EBITDA | $67.4M | $68.6M | $73.5M | $80.5M | $77.5M | $106.7M | $141.1M | $159.9M | $157.7M | $186.0M |
| Interest Expense | $4.9M | $7.2M | $15.4M | $22.5M | $11.9M | $6.0M | $18.3M | $99.4M | $155.8M | $167.3M |
| Pre-tax Income | $56.3M | $55.2M | $67.5M | $75.7M | $67.7M | $95.4M | $120.5M | $137.9M | $144.4M | $178.2M |
| Income Tax | $15.2M | $17.1M | $12.0M | $9.6M | $8.9M | $20.8M | $27.2M | $30.2M | $29.8M | $38.0M |
| Net Income | $41.0M | $38.0M | $55.5M | $66.1M | $58.9M | $74.6M | $93.0M | $107.7M | $114.5M | $140.2M |
| EPS | $1.84 | $1.69 | $2.45 | $2.92 | $2.61 | $3.00 | $3.24 | $3.69 | $3.91 | $4.77 |
| EPS (Diluted) | $1.80 | $1.66 | $2.42 | $2.89 | $2.59 | $2.97 | $3.21 | $3.67 | $3.89 | $4.75 |
| Shares Outstanding (Diluted) | 22.8 M | 23.0 M | 22.9 M | 22.9 M | 22.8 M | 25.2 M | 28.9 M | 29.3 M | 29.4 M | 29.5 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $146.3M | $142.2M | $128.3M | $160.7M |
| Gross Profit | $102.7M | $101.4M | $84.0M | $117.9M |
| Operating Income | $47.9M | $46.1M | $50.8M | $55.2M |
| EBITDA | $51.8M | $49.1M | $54.3M | $55.2M |
| Net Income | $36.6M | $36.6M | $40.1M | $43.5M |
| EPS | $1.25 | $1.25 | $1.31 | $1.41 |
| EPS (Diluted) | $1.24 | $1.24 | $1.31 | $1.40 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $39.7M | $42.0M | $51.9M | $46.9M | $43.2M | $62.3M | $82.5M | $94.5M | $78.9M | $70.1M |
| Short-term Investments | $570.1M | $574.5M | $437.0M | $470.7M | $587.0M | $1.18B | $1.14B | $1.03B | $990.1M | $12.6M |
| Receivables | $9.0M | $10.6M | $10.3M | $26.5M | $29.8M | $30.0M | $38.6M | $46.3M | $47.4M | $28.8M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $618.8M | $629.9M | $502.3M | $546.9M | $662.9M | $1.28B | $1.27B | $1.18B | $1.12B | $120.3M |
| Property, Plant & Equipment | $42.4M | $41.7M | $44.8M | $58.6M | $58.0M | $76.9M | $101.6M | $101.2M | $112.7M | $118.7M |
| Goodwill | $682,000 | $682,000 | $682,000 | $12.5M | $12.5M | $135.8M | $194.1M | $194.1M | $194.1M | $194.1M |
| Intangible Assets | $2.3M | $2.1M | $2.1M | $3.7M | $4.7M | $10.1M | $40.2M | $33.4M | $27.2M | $22.3M |
| Total Assets | $3.04B | $3.24B | $3.30B | $3.72B | $4.61B | $6.65B | $7.50B | $8.17B | $8.86B | $9.54B |
| Accounts Payable | $144,000 | $232,000 | $762,000 | $640,000 | $391,000 | $300,000 | $660,000 | $2.1M | $1.9M | $1.7M |
| Short-term Debt | $115.0M | $231.8M | $46.3M | $42.8M | $59.4M | $85.8M | $142.1M | $165.8M | $169.5M | $119.8M |
| Total Current Liabilities | $2.64B | $2.81B | $2.84B | $3.18B | $4.05B | $5.87B | $6.53B | $6.84B | $7.34B | $7.91B |
| Long-term Debt | $51.1M | $49.5M | $48.2M | $80.0M | $31.6M | 0 | $76.3M | $226.7M | $326.8M | $326.8M |
| Total Liabilities | $2.73B | $2.91B | $2.94B | $3.32B | $4.17B | $5.97B | $6.74B | $7.31B | $7.92B | $8.46B |
| Retained Earnings | $252.4M | $267.2M | $298.2M | $333.7M | $353.6M | $391.2M | $439.9M | $506.3M | $577.6M | $675.1M |
| Total Equity | $313.9M | $333.6M | $366.5M | $406.3M | $440.7M | $675.9M | $760.4M | $858.1M | $940.5M | $1.08B |
| Total Debt | $166.0M | $281.3M | $94.5M | $122.7M | $91.1M | $85.8M | $218.5M | $392.6M | $496.3M | $446.6M |
| Net Debt | -$443.7M | -$335.2M | -$394.4M | -$394.9M | -$539.1M | -$1.16B | -$1.01B | -$733.1M | -$572.7M | $363.9M |
| Working Capital | -$2.02B | -$2.18B | -$2.34B | -$2.63B | -$3.39B | -$4.60B | -$5.26B | -$5.66B | -$6.22B | -$7.79B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $84.4M | $70.1M | $85.6M | $85.6M |
| Total Assets | $9.31B | $9.54B | $9.47B | $9.51B |
| Total Liabilities | $8.27B | $8.46B | $8.36B | $8.32B |
| Total Equity | $1.04B | $1.08B | $1.10B | $1.19B |
| Total Debt | $406.7M | $446.6M | $421.7M | $421.7M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $41.0M | $38.0M | $55.5M | $66.1M | $58.9M | $74.6M | $93.0M | $107.7M | $114.5M | $140.2M |
| Depreciation & Amortization | $11.1M | $13.6M | $5.8M | $4.9M | $9.7M | $11.3M | $20.7M | $21.9M | $13.4M | $7.8M |
| Stock-based Compensation | $2.5M | $2.9M | $4.0M | $3.6M | $3.3M | $4.6M | $4.4M | $4.5M | $3.8M | $4.4M |
| Change in Working Capital | $5.1M | -$5.1M | -$1.3M | -$2.7M | $9.4M | -$7.6M | -$24.4M | -$34.6M | $8.4M | $13.0M |
| Operating Cash Flow | $63.3M | $53.7M | $65.9M | $58.4M | $77.1M | $102.1M | $108.7M | $106.7M | $142.9M | $166.0M |
| Capital Expenditure | -$6.3M | -$2.8M | -$7.1M | -$5.1M | -$5.5M | -$4.6M | -$18.4M | -$7.7M | -$9.8M | -$12.0M |
| Acquisitions | 0 | 0 | 0 | -$24.7M | 0 | $25.0M | $354.4M | 0 | 0 | 0 |
| Stock Repurchased | -$1.9M | -$2.4M | -$2.0M | -$11.8M | -$2.3M | -$3.8M | -$4.8M | -$2.7M | -$4.2M | -$2.1M |
| Dividends Paid | -$16.1M | -$18.1M | -$21.8M | -$23.5M | -$24.5M | -$28.2M | -$33.3M | -$34.6M | -$35.8M | -$37.1M |
| Free Cash Flow | $56.9M | $50.9M | $58.8M | $53.3M | $71.7M | $97.5M | $90.3M | $99.0M | $133.0M | $154.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $38.2M | $52.1M | $12.2M | $58.0M |
| Capital Expenditure | -$3.1M | -$4.6M | -$2.7M | -$2.9M |
| Free Cash Flow | $35.2M | $47.5M | $9.5M | $55.1M |
| Dividends Paid | -$9.4M | -$9.4M | -$9.5M | -$9.9M |
| Stock-based Compensation | $1.1M | $1.0M | $1.3M | $1.3M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +7.1% | +11.1% | +12.8% | +1.2% | +21.0% | +38.6% | +30.8% | +15.8% | +12.7% | |
| Net Income Growth (YoY) | -7.3% | +45.9% | +19.0% | -10.9% | +26.8% | +24.6% | +15.9% | +6.3% | +22.4% | |
| EPS Growth (YoY) | -8.2% | +45.0% | +19.2% | -10.6% | +14.9% | +8.0% | +13.9% | +6.0% | +22.0% | |
| Shares Change (YoY) | +0.8% | -0.2% | -0.3% | -0.4% | +10.5% | +15.0% | +1.5% | +0.3% | +0.3% | |
| FCF Growth (YoY) | -10.6% | +15.6% | -9.3% | +34.4% | +36.1% | -7.4% | +9.6% | +34.4% | +15.8% | |
| Gross Margin | 94.5% | 93.7% | 90.2% | 88.5% | 84.6% | 97.8% | 91.4% | 73.8% | 66.9% | 69.2% |
| Operating Margin | 38.8% | 35.5% | 39.1% | 38.8% | 34.4% | 40.0% | 36.4% | 31.9% | 28.8% | 31.6% |
| EBITDA Margin | 46.4% | 44.2% | 42.6% | 41.3% | 39.3% | 44.7% | 42.7% | 37.0% | 31.5% | 32.9% |
| Net Margin | 28.3% | 24.5% | 32.2% | 33.9% | 29.9% | 31.3% | 28.1% | 24.9% | 22.9% | 24.8% |
| FCF Margin | 39.2% | 32.7% | 34.1% | 27.4% | 36.3% | 40.9% | 27.3% | 22.9% | 26.6% | 27.3% |
| Effective Tax Rate | 27.1% | 31.1% | 17.8% | 12.7% | 13.1% | 21.8% | 22.6% | 21.9% | 20.7% | 21.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.50 | $2.21 | $2.56 | $2.33 | $3.15 | $3.88 | $3.12 | $3.37 | $4.52 | $5.22 |
| Dividends Per Share | $0.71 | $0.79 | $0.95 | $1.03 | $1.08 | $1.12 | $1.15 | $1.18 | $1.22 | $1.26 |
| Shares Outstanding (Basic) | 22.4 M | 22.5 M | 22.6 M | 22.6 M | 22.6 M | 24.9 M | 28.7 M | 29.2 M | 29.3 M | 29.4 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 | 19.04% |
| Return on Invested Capital | 1.53% |
| Return on Assets | 1.53% |
| Gross Margin | 70.31% |
| Operating Margin | 34.63% |
| Net Margin | 27.15% |
Financial Health
| Debt / Equity | -4.92 |
| Current Ratio | 0.86 |
| Piotroski F-Score | 7 |
| Altman Z-Score | -0.63 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 25.52 | 22.31 | 13.39 | 14.06 | 15.51 | 21.29 | 20.06 | 13.95 | 18.31 | 13.62 |
| P/B | 3.34 | 2.55 | 2.02 | 2.28 | 2.07 | 2.35 | 2.45 | 1.75 | 2.23 | 1.77 |
| P/S | 7.23 | 5.47 | 4.30 | 4.76 | 4.63 | 6.67 | 5.64 | 3.48 | 4.19 | 3.38 |
| Gross Margin | 94.5% | 93.7% | 90.2% | 88.5% | 84.6% | 97.8% | 91.4% | 73.8% | 66.9% | 69.2% |
| Operating Margin | 38.8% | 35.5% | 39.1% | 38.8% | 34.4% | 40.0% | 36.4% | 31.9% | 28.8% | 31.6% |
| Net Margin | 28.3% | 24.5% | 32.2% | 33.9% | 29.9% | 31.3% | 28.1% | 24.9% | 22.9% | 24.8% |
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Explore sector: Financial Services · Banks - Regional
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