Bayfirst Financial Corp. is a US-listed company in the regional banks industry. Its financial year ends in December.
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~$16
Valuation models combined (2)
Base case. Range ~$8.7–$23. Weighted average of 2 models (price-to-book vs return on equity (peers), price-to-book vs peers).
No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.
Bayfirst Financial Corp. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $33m, down 64.7% on a year earlier, a steeper fall than the 42.3% decline a quarter earlier. That puts it 239 of 240 for growth among the regional banks companies we cover. Our price-to-book vs return on equity value is $14.16 a share, against a share price of $5.80.
Source: 10-Q filed August 14, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Bayfirst Financial Corp.'s trailing-twelve-month revenue fell 64.7% year on year, with a free-cash-flow margin of 442.7%. Where it stands out: stock pay as % of revenue of 0.4% ranks 12 of 206 regional banks companies we cover. Where it lags: revenue growth of -64.7% ranks 244 of 245 regional banks companies we cover.
Current signal Revenue growth decelerating: TTM revenue growth slowed to -64.7% (-22.5pp vs the prior quarter), the 4th consecutive quarterly slowdown.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
We value Bayfirst Financial Corp. as a bank or lender, with every model that fits that kind of business. Cost of equity 7.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.59 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Price-to-book vs return on equity (peers) The price-to-book that peers with this return on equity trade on, from a line fitted across peers. | ~$8.7 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$23 ~$30–$44 | Included |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: no current dividend figure in the company's tagged filings |
| Combined value Weighted average of the models that apply: the primary model (residual income) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$16 ~$8.7–$23 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Bayfirst Financial Corp. with banks and lenders in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
No analyst estimates are published for Bayfirst Financial Corp.: too few analysts cover it.
Last 12 months −33.9%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $94m | $33m | −64.7% |
| P/S multiple | 0.4x | 0.7x | +86.4% |
| Share count | 4m | 4m | +0.5% |
Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.
Last 3 years −42.0%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $75m | $33m | −56.1% |
| P/S multiple | 0.6x | 0.7x | +26.6% |
| Share count | 4m | 4m | +4.6% |
Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|
| Return | |||||
| BAFN | −25% | −20% | +5% | −40% | −25% |
| Industry peers (median) | −4% | −2% | +16% | +10% | +24% |
| S&P 500 | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | |||||
| BAFN | 50% | 33% | 50% | 33% | 36% |
| S&P 500 | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | |||||
| BAFN | −36% | −53% | −17% | −66% | −46% |
| S&P 500 | −25% | −10% | −8% | −19% | −9% |
Worst fall since January 8, 2021: 85% from September 24, 2021 to June 24, 2026. Getting back needed a 561% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 29, 2026 | −9.5% | −2.1% | — | — |
| August 13, 2026 | +2.1% | +0.5% | +17.5% | +40.1% |
| July 15, 2026 | +4.5% | −0.1% | +4.5% | +17.5% |
| April 30, 2026 | −20.4% | +1.3% | −10.3% | −26.1% |
| January 29, 2026 | +0.1% | −0.5% | −4.9% | −3.4% |
| October 30, 2025 | −8.2% | −0.8% | −13.7% | −18.5% |
| July 29, 2025 | −10.3% | −0.4% | −19.4% | −38.6% |
| April 24, 2025 | −7.9% | +2.8% | −4.2% | −5.4% |
| January 30, 2025 | +0.4% | 0.0% | +9.9% | +22.2% |
| October 24, 2024 | +0.4% | +0.2% | +4.1% | +1.2% |
| July 25, 2024 | +0.7% | +0.6% | +0.2% | +9.1% |
| April 25, 2024 | +0.4% | +0.6% | −0.4% | −8.2% |
Source: SEC EDGAR filings. Retrieved October 31, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $79.6M |
| FY23 Q4 | $86.2M |
| FY24 Q1 | $90.7M |
| FY24 Q2 | $90.5M |
| FY24 Q3 | $89.1M |
| FY24 Q4 | $96M |
| FY25 Q1 | $92M |
| FY25 Q2 | $93.9M |
| FY25 Q3 | $82.4M |
| FY25 Q4 | $61.9M |
| FY26 Q1 | $53.2M |
| FY26 Q2 | $33.1M |
Source: SEC EDGAR filings. Retrieved October 31, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 42.4% |
| FY23 Q4 | 40.0% |
| FY24 Q1 | 32.0% |
| FY24 Q2 | 19.9% |
| FY24 Q3 | 12.0% |
| FY24 Q4 | 11.3% |
| FY25 Q1 | 1.5% |
| FY25 Q2 | 3.7% |
| FY25 Q3 | -7.6% |
| FY25 Q4 | -35.5% |
| FY26 Q1 | -42.3% |
| FY26 Q2 | -64.7% |
Source: SEC EDGAR filings. Retrieved October 31, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | 596.8% |
| FY23 Q4 | 518.9% |
| FY24 Q1 | 559.5% |
| FY24 Q2 | 509.9% |
| FY24 Q3 | 468.1% |
| FY24 Q4 | 408.2% |
| FY25 Q1 | 373.9% |
| FY25 Q2 | 351.4% |
| FY25 Q3 | 349.0% |
| FY25 Q4 | 465.9% |
| FY26 Q1 | 395.6% |
| FY26 Q2 | 442.7% |
| Fiscal year | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|
| Income | |||||||
| Revenue | 131 | 58 | 62 | 86 | 96 | 63 | 33 |
| Net income | 13 | 25 | −0 | 6 | 10 | −25 | −60 |
| Diluted EPS | $3.01 | $5.91 | −$0.22 | $1.12 | $2.09 | −$6.32 | −$14.67 |
| Growth (year on year) | |||||||
| Revenue | — | −55.4% | +5.2% | +40.0% | +11.3% | −34.3% | −64.7% |
| Net income | — | +93.8% | −101.4% | — | +78.7% | −341.1% | <−999% |
| Diluted EPS | — | +96.3% | −103.7% | — | +86.6% | −402.4% | <−999% |
| Margins | |||||||
| Net margin | 9.7% | 42.1% | −0.6% | 6.6% | 10.6% | −39.0% | −182.3% |
| Free-cash-flow margin | −84.5% | 824.4% | 702.2% | 518.9% | 408.2% | 457.6% | 442.7% |
| Cash flow | |||||||
| Cash from operations | −108 | 495 | 440 | 455 | 393 | 289 | 147 |
| Capital spending | 3 | 13 | 8 | 8 | 2 | 0 | 0 |
| Free cash flow | −111 | 482 | 432 | 447 | 392 | 289 | 147 |
| Stock-based pay | 0 | 0 | 1 | 1 | 0 | 0 | 0 |
| Free cash flow after stock pay | −111 | 482 | 431 | 447 | 391 | 288 | 146 |
| Balance sheet | |||||||
| Cash | 55 | 110 | 66 | 58 | 78 | 207 | 139 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −55 | −110 | −66 | −58 | −78 | −207 | −139 |
| Diluted shares | 4m | 4m | 4m | 5m | 4m | 4m | 4m |
| Returned to shareholders | |||||||
| Dividends | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Buybacks | — | 0 | 0 | 0 | 0 | 0 | 0 |
| Total returned | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 22 | 30 | 19 | 23 | 10 | 10 | 10 | 3 |
| Net income | 1 | 7 | −1 | −2 | −19 | −3 | −6 | −33 |
| Diluted EPS | $0.18 | $1.69 | −$0.32 | −$0.54 | −$4.71 | −$1.09 | −$1.54 | −$8.05 |
| Growth (year on year) | ||||||||
| Revenue | −5.9% | +29.0% | −17.0% | +8.7% | −52.8% | −67.3% | −45.9% | −88.5% |
| Net income | −40.9% | +344.9% | −213.8% | −314.1% | <−999% | −136.6% | — | — |
| Diluted EPS | −56.1% | +482.8% | −390.9% | −550.0% | <−999% | −164.5% | — | — |
| Margins | ||||||||
| Net margin | 5.2% | 24.2% | −4.9% | −8.2% | −186.2% | −27.2% | −57.4% | <−999% |
| Free-cash-flow margin | 416.5% | 330.2% | 392.8% | 282.4% | 470.5% | >999% | −31.1% | 10.1% |
| Cash flow | ||||||||
| Cash from operations | 91 | 100 | 75 | 64 | 48 | 101 | −3 | 0 |
| Capital spending | 0 | −0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 90 | 100 | 75 | 64 | 48 | 101 | −3 | 0 |
| Stock-based pay | 0 | 0 | −0 | 0 | 0 | −0 | 0 | 0 |
| Free cash flow after stock pay | 90 | 100 | 75 | 64 | 48 | 101 | −3 | 0 |
| Last 12 months unless stated | BAFN | SRBK | AUBN | BYFC | ECBK | PNBK | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $33m | $33m | $34m | $39m | $39m | $39m | $255m |
| Revenue growth, last 12 months | −64.7% | 0.4% | 9.2% | 14.2% | 35.5% | 47.0% | 12.5% |
| Revenue growth, 3-year average | −24.0% | — | −0.8% | 3.9% | 12.8% | 0.8% | 6.0% |
| Revenue growth, latest quarter | −88.5% | −8.3% | 7.8% | 28.7% | 29.0% | 93.7% | 10.7% |
| Net margin | −182.3% | 10.0% | 24.5% | −53.8% | 29.4% | −16.7% | 28.7% |
| Cash from operations / revenue | 443.1% | 32.0% | 33.9% | 17.5% | 58.6% | −45.6% | 34.3% |
| Free-cash-flow margin | 442.7% | 29.5% | 27.6% | 16.0% | 57.7% | −47.3% | 31.4% |
| Free-cash-flow margin, 3-year average | 434.7% | 18.1% | 30.0% | 10.4% | 31.7% | −35.7% | 29.9% |
| Stock pay / revenue | 0.4% | 6.4% | 0.3% | 1.7% | 3.3% | 18.6% | 1.2% |
| Change in share count | −0.5% | −9.6% | 0.0% | 0.6% | −0.6% | >999% | 0.4% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -64.7% | 12.5% | 244 of 245 |
| Change in growth rate Growth | -22.5pp | +0.0pp | 237 of 244 |
| Net margin Profitability | -182.3% | 28.7% | 244 of 245 |
| Stock pay as % of revenue Cash generation | 0.4% | 1.3% | 12 of 206 |
| Change in share count Balance sheet | -0.5% | 0.4% | 80 of 230 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Vanguard Capital Management LLC | $754,030 | 151K | 25.0% | ▲ 1.5% |
| First Manhattan Co. Llc. | $664,630 | 133K | 22.0% | ▲ 3.9% |
| Banc Funds Co LLC | $458,395 | 92K | 15.2% | 0.0% |
| Blackrock, Inc. | $264,140 | 53K | 8.8% | ▲ 2.1% |
| Geode Capital Management, LLC | $193,929 | 39K | 6.4% | ▼ 12.2% |
| Stifel Financial Corp | $183,365 | 37K | 6.1% | ▲ 17.5% |
| Modern Wealth Management, LLC | $138,305 | 28K | 4.6% | New |
| Vanguard Fiduciary Trust Co | $111,075 | 22K | 3.7% | ▲ 5.0% |
| LPL Financial LLC | $96,605 | 19K | 3.2% | ▲ 50.7% |
| Renaissance Technologies LLC | $78,000 | 16K | 2.6% | New |
| Citadel Advisors LLC | $65,455 | 13K | 2.2% | ▲ 1.4% |
| Vanguard Global Advisers, LLC | $7,060 | 1K | 0.2% | 0.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Bayfirst Financial Corp.'s complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around January 25, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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