BFC
Bank First CorporationFinancial Services·Banks - Regional
$139.02
$1.6B market cap
Revenue
$145.7M
Free Cash Flow
$9.4M
Rev Growth
+0.0%
FCF Margin
6.5%
P/FCF
164.7x
EV/FCF
135.6x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Bank First Corporation operates as a holding company for Bank First N.A. that provides consumer and commercial financial services to businesses, professionals, consumers, associations, individuals, and governmental authorities in Wisconsin. The company offers checking, savings, money market, cash management, retirement, and health savings accounts; other time deposits; certificates of deposit; and residential mortgage products. It also provides credit cards; ATM processing; insurance; data proce
2-Year Price History
$141.87+88.3%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 84.3 | 24.7 | 24.7 | 20.0 | -11.7 | -16.9 | -5.2 | 398.6 | 124.8 | 11.2 | 15.8% | 1.2x | -- |
| Act | 2025-Q4 | 61.4 | 22.9 | 22.9 | 18.4 | 29.0 | 26.3 | -2.7 | 55.3 | 123.6 | 9.8 | 22.1% | 1.4x | -- |
Valuation & Metrics
Market Stats
Price$139.02
Market Cap$1.6B
Enterprise Value$1.3B
P/S Ratio10.7x
P/FCF164.7x
EV/FCF135.6x
FCF Margin (TTM)6.5%
FCF Yield0.6%
Dividend Yield (TTM)1.7%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$145.7M
Net Income$38.4M
Free Cash Flow$9.4M
Revenue Growth (YoY)+0.0%
EBITDA Margin32.7%
Net Margin26.3%
FCF Margin6.5%
CapEx % of Revenue5.4%
SBC % of Revenue0.8%
ROIC18.9%
WC Change % Rev0.0%
Interest Coverage1.3x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.4M
Days to Cover4.4
Change (vs Prior)+1.8%
Need at least 2 settlement dates for chart
Employees
Headcount362
Revenue / Employee$402,461
Gross Profit / Employee$300,641
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
12.5%(+4.0% YoY)
129 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
19.9%(+7.9% YoY)
11 filers
Vanguard, iShares, SPDR
Market makers
0.3%(+0.1% YoY)
7 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $103M | $91.09 | +$9.4M | +$8.0M | -0.2% | $5.69T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $63.6M | $135.06 | +$63.6M | +$63.6M | — | $4.04T |
| STATE STREET CORPPassive | $47.2M | $104.18 | +$607K | +$14.3M | -0.2% | $2.89T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $38.1M | $96.30 | +$4.7M | +$7.6M | +2.3% | $1.61T |
| Merit Financial Group, LLC | $23.9M | $90.09 | −$104K | +$1.8M | -0.7% | $13.32B |
| DIMENSIONAL FUND ADVISORS LPPassive | $21.6M | $113.65 | +$3.8M | +$15.9M | -0.4% | $480.92B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $18.4M | $135.06 | +$18.4M | +$18.4M | — | $1.91T |
| BANK OF MONTREAL /CAN/ | $14.0M | $85.61 | −$0 | +$20K | -0.1% | $234.58B |
| NORTHERN TRUST CORPPassive | $13.3M | $91.92 | +$1.7M | +$888K | -0.2% | $755.34B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $11.3M | $83.47 | +$1.2M | +$1.3M | +0.7% | $645.81B |
| FIRST TRUST ADVISORS LP | $9.9M | $118.01 | +$867K | +$9.0M | +0.1% | $139.72B |
| VANGUARD FIDUCIARY TRUST COPassive | $9.2M | $135.06 | +$9.2M | +$9.2M | — | $395.83B |
| Creative Planning | $7.9M | $97.24 | −$0 | +$498K | -0.7% | $144.46B |
| NICOLET BANKSHARES INC | $7.0M | $135.06 | +$5.8M | +$5.8M | +0.3% | $2.70B |
| STIFEL FINANCIAL CORP | $5.7M | $85.95 | −$116K | −$345K | -0.3% | $108.17B |
| Bank of New York Mellon Corp | $5.6M | $86.51 | +$192K | +$264K | -0.2% | $543.21B |
| MORGAN STANLEY | $5.1M | $97.59 | −$1.7M | +$2.7M | -0.3% | $1.65T |
| GOLDMAN SACHS GROUP INC | $5.1M | $105.13 | −$1.2M | +$2.4M | -0.2% | $760.93B |
| Wealthcare Advisory Partners LLC | $5.0M | $94.82 | −$30K | +$1.9M | -0.1% | $5.14B |
| TWO SIGMA INVESTMENTS, LP | $4.8M | $119.08 | +$2.1M | +$4.2M | -0.9% | $117.03B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.14%
avg per quarter
Holders (ex-self)
-0.16%
excl. this stock
Buyers (this Q)
-0.08%
60 buyers · $0.16B in
Sellers (this Q)
+0.37%
56 sellers · $0.01B out
alpha coverage: 82% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-33.4%
how holders react when this stock falls
On quiet Qs
+4.9%
−10% to +10% baseline
On rallies (+10%+)
-2.7%
how they react when this stock rises
Holders' portfolio flow this Q
+8.5%
inflows — adds are organic
Sellers' portfolio flow this Q
-0.2%
Sellers' overall flow ~ flat.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-1.8%
Holder mid (any stock)
+0.1%
Holder rally (any stock)
-1.6%
Biggest decreases this quarter
J.W. COLE ADVISORS, INC.exited−$6.3MAMERICAN CENTURY COMPANIES INC−$2.8Mα+0.7JANE STREET GROUP, LLCexited−$2.6MRENAISSANCE TECHNOLOGIES LLC−$2.5Mα+1.2UBS Group AG−$2.1Mα-0.3MORGAN STANLEY−$1.7Mα-0.3GOLDMAN SACHS GROUP INC−$1.2Mα-0.2HARBOUR INVESTMENTS, INC.exited−$1.1MMILLENNIUM MANAGEMENT LLCexited−$1.0MAnnex Advisory Services, LLCexited−$1.0M
New buyers this quarter
Top-5 holders · 53.1%
BlackRock, Inc.--
VANGUARD CAPITAL MANAGEMENT LLC--
STATE STREET CORP--
GEODE CAPITAL MANAGEMENT, LLC--
Merit Financial Group, LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
ASSOCIATED BANC-CORP—Merit Financial Group, LLC177KNICOLET ADVISORY SERVICES, LLC—BANK OF MONTREAL /CAN/104KCHARLES SCHWAB INVESTMENT MANAGEMENT INC84KAMERICAN CENTURY COMPANIES INC27KFIRST TRUST ADVISORS LP73KRENAISSANCE TECHNOLOGIES LLC34KCreative Planning59KNICOLET BANKSHARES INC52K
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$157.001290.0%
Last Year (3 analysts)$149.67770.0%
Current Price$139.02
Analyst Ratings
1
2
Buy: 1Hold: 2Consensus: Hold
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$165K
4 txns · 2 insiders · 1,235 sh
Sells ($, 12mo)
$2.38M
2 txns · 1 insider · 16,000 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-04-22 | BUY | Sprang Todd A. | director | 450 | $138.96 | $63K | $280K |
| 2026-04-21 | BUY | Stayer-Suprick Michael S | director | 225 | $140.04 | $32K | $644K |
| 2026-02-11 | SELL | Eldred Steven M | director | 8,000 | $151.95 | $1.22M | $19.10M |
| 2026-02-06 | SELL | Eldred Steven M | director | 8,000 | $145.02 | $1.16M | $19.39M |
| 2026-01-27 | BUY | Sprang Todd A. | director | 150 | $141.06 | $21K | $163K |
| 2025-08-19 | BUY | Stayer-Suprick Michael S | director | 410 | $122.67 | $50K | $486K |
Order Flow (FINRA, ~3w lag)
10.1%retail-1.1pp
21.6%dark+2.3pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Bank First Corporation: Routine Regulatory Metadata Review
Overall Risk
1/10
Fraud
1/10
Dilution
1/10
Insolvency
1/10
Earnings Overstated
1/10
Hidden Liabilities
1/10
Legal
1/10
Audit Warnings
1/10
Hidden Upside
1/10
Contextually Acceptable
10/10