GABC
German American Bancorp, Inc.Financial Services·Banks - Regional
$43.72
$1.6B market cap
Revenue
$249.6M
Free Cash Flow
$77.0M
Rev Growth
+0.0%
FCF Margin
30.8%
P/FCF
21.3x
EV/FCF
22.6x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
German American Bancorp, Inc. operates as a bank holding company for German American Bank that provides retail and commercial banking services. The company operates through three segments: Core Banking, Wealth Management Services, and Insurance Operations. The Core Banking segment accepts deposits from the general public; and originates consumer, commercial and agricultural, commercial and agricultural real estate, and residential mortgage loans, as well as sells residential mortgage loans in th
2-Year Price History
$43.27+43.1%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 122.9 | 41.7 | 41.7 | 33.2 | 37.0 | 36.0 | -1.1 | 76.0 | 174.7 | 37.5 | 23.7% | 1.6x | -- |
| Act | 2025-Q4 | 126.7 | 57.0 | 43.8 | 35.7 | 42.7 | 41.0 | -1.7 | 1,234 | 182.7 | 37.5 | 25.5% | 1.9x | -- |
Valuation & Metrics
Market Stats
Price$43.72
Market Cap$1.6B
Enterprise Value$1.7B
P/S Ratio6.6x
P/FCF21.3x
EV/FCF22.6x
FCF Margin (TTM)30.8%
FCF Yield4.7%
Dividend Yield (TTM)3.4%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$249.6M
Net Income$68.8M
Free Cash Flow$77.0M
Revenue Growth (YoY)+0.0%
EBITDA Margin39.6%
Net Margin27.6%
FCF Margin30.8%
CapEx % of Revenue1.1%
SBC % of Revenue0.5%
ROIC24.6%
WC Change % Rev-15.1%
Interest Coverage1.7x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares1.2M
Days to Cover10.1
Change (vs Prior)-2.5%
Need at least 2 settlement dates for chart
Employees
Headcount1,020
Revenue / Employee$244,691
Gross Profit / Employee$184,159
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
28.7%(+3.8% YoY)
164 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
21.6%(+4.0% YoY)
11 filers
Vanguard, iShares, SPDR
Market makers
0.5%(+0.4% YoY)
6 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 | $113M | $36.92 | −$934K | +$8.8M | -0.2% | $5.69T |
| FRANKLIN RESOURCES INC | $78.6M | $33.01 | +$2.1M | +$3.6M | -0.2% | $403.03B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $63.7M | $41.50 | +$63.2M | +$63.7M | — | $4.04T |
| DIMENSIONAL FUND ADVISORS LPPassive | $51.0M | $32.05 | +$1.3M | +$2.6M | -0.4% | $480.92B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $48.2M | $34.26 | −$10.9M | +$1.8M | +0.7% | $645.81B |
| GERMAN AMERICAN BANCORP, INC. | $40.4M | $37.36 | +$522K | +$18.0M | +0.0% | $1.16B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $39.3M | $33.90 | +$1.1M | +$4.4M | +2.3% | $1.61T |
| STATE STREET CORPPassive | $38.4M | $34.59 | +$345K | +$6.3M | -0.2% | $2.89T |
| Champlain Investment Partners, LLC | $26.2M | $34.05 | −$5.6M | −$22.7M | -2.5% | $7.75B |
| ROYCE & ASSOCIATES LP | $22.9M | $37.49 | +$1.7M | +$5.0M | -0.9% | $10.09B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $20.6M | $41.50 | +$20.5M | +$20.6M | — | $1.91T |
| RAYMOND JAMES FINANCIAL INC | $19.4M | $36.16 | −$187K | −$2.1M | -0.0% | $322.69B |
| GOLDMAN SACHS GROUP INC | $18.7M | $39.87 | +$11.3M | +$15.3M | -0.2% | $760.93B |
| NORTHERN TRUST CORPPassive | $13.6M | $34.94 | +$642K | +$1.5M | -0.2% | $755.34B |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $12.7M | $31.15 | −$124K | −$578K | -0.2% | $113.45B |
| Russell Investments Group, Ltd. | $12.0M | $36.46 | +$2.5M | +$5.3M | +1.5% | $93.03B |
| Aptus Capital Advisors, LLC | $11.4M | $36.04 | +$115K | +$2.5M | -0.1% | $11.84B |
| VANGUARD FIDUCIARY TRUST COPassive | $10.1M | $41.50 | +$10.0M | +$10.1M | — | $395.83B |
| DEPRINCE RACE & ZOLLO INC | $9.8M | $34.94 | +$1.3M | +$2.6M | -1.1% | $5.29B |
| Bank of New York Mellon Corp | $8.7M | $34.42 | −$84K | +$866K | -0.2% | $543.21B |
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
-0.22%
avg per quarter
Holders (ex-self)
-0.22%
excl. this stock
Buyers (this Q)
-0.25%
85 buyers · $0.18B in
Sellers (this Q)
-0.18%
55 sellers · $0.02B out
alpha coverage: 88% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-10.6%
how holders react when this stock falls
On quiet Qs
-5.1%
−10% to +10% baseline
On rallies (+10%+)
-21.7%
how they react when this stock rises
Holders' portfolio flow this Q
+3.5%
inflows — adds are organic
Sellers' portfolio flow this Q
+11.2%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-2.4%
Holder mid (any stock)
-1.2%
Holder rally (any stock)
-3.8%
Biggest decreases this quarter
CHARLES SCHWAB INVESTMENT MANAGEMENT INC−$10.9Mα+0.7STRATEGIC VALUE BANK PARTNERS LLCexited−$5.8MChamplain Investment Partners, LLC−$5.6Mα-2.5FJ Capital Management LLCexited−$4.3MMORGAN STANLEY−$1.9Mα-0.3BlackRock, Inc.−$934Kα-0.2Y-Intercept (Hong Kong) Ltdexited−$547KPharVision Advisers, LLCexited−$340KJOHN G ULLMAN & ASSOCIATES INCexited−$321KFIDUCIARY TRUST COexited−$265K
New buyers this quarter
Top-5 holders · 42.8%
BlackRock, Inc.--
FRANKLIN RESOURCES INC--
VANGUARD CAPITAL MANAGEMENT LLC--
DIMENSIONAL FUND ADVISORS LP--
CHARLES SCHWAB INVESTMENT MANAGEMENT INC--
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)
FRANKLIN RESOURCES INC1.9MChamplain Investment Partners, LLC626KCHARLES SCHWAB INVESTMENT MANAGEMENT INC1.2MGERMAN AMERICAN BANCORP, INC.967KGOLDMAN SACHS GROUP INC446KROYCE & ASSOCIATES LP548KRAYMOND JAMES FINANCIAL INC464KL.M. KOHN & COMPANY—MANUFACTURERS LIFE INSURANCE COMPANY, THE305KRussell Investments Group, Ltd.286K
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$49.001210.0%
Last Year (2 analysts)$48.00980.0%
Current Price$43.72
Analyst Ratings
3
5
Buy: 3Hold: 5Consensus: Hold
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$306K
41 txns · 8 insiders · 7,672 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-15 | BUY | Seger Andrew M | director | 24 | $41.84 | $1K | $769K |
| 2026-04-15 | BUY | SHEIDLER JACK | director | 25 | $43.58 | $1K | $2.92M |
| 2026-04-15 | BUY | Bawel Zachary W | director | 23 | $43.58 | $1K | $1.07M |
| 2026-03-17 | BUY | Bawel Zachary W | director | 25 | $40.48 | $1K | $991K |
| 2026-03-17 | BUY | Ellspermann Susan J | director | 49 | $40.48 | $2K | $477K |
| 2026-03-17 | BUY | Ryan Christina M | director | 49 | $40.84 | $2K | $710K |
| 2026-03-17 | BUY | SHEIDLER JACK | director | 25 | $40.84 | $1K | $2.73M |
| 2026-03-17 | BUY | Seger Andrew M | director | 52 | $40.48 | $2K | $743K |
| 2026-02-15 | BUY | Seger Andrew M | director | 23 | $43.64 | $1K | $798K |
| 2026-01-15 | BUY | Ellspermann Susan J | director | 25 | $40.60 | $1K | $474K |
| 2026-01-15 | BUY | SHEIDLER JACK | director | 25 | $40.60 | $1K | $2.71M |
| 2026-01-15 | BUY | Bawel Zachary W | director | 49 | $40.60 | $2K | $987K |
| 2025-12-15 | BUY | Ellspermann Susan J | director | 24 | $41.45 | $1K | $482K |
| 2025-12-15 | BUY | Ryan Christina M | director | 48 | $41.45 | $2K | $714K |
| 2025-12-15 | BUY | Seger Andrew M | director | 27 | $41.45 | $1K | $757K |
| 2025-11-15 | BUY | Seger Andrew M | director | 26 | $39.05 | $1000 | $711K |
| 2025-10-15 | BUY | Bawel Zachary W | director | 155 | $38.97 | $6K | $939K |
| 2025-10-15 | BUY | Ellspermann Susan J | director | 28 | $38.97 | $1K | $450K |
| 2025-10-15 | BUY | Ryan Christina M | director | 28 | $38.97 | $1K | $664K |
| 2025-10-15 | BUY | SHEIDLER JACK | director | 31 | $38.97 | $1K | $2.60M |
Order Flow (FINRA, ~3w lag)
9.2%retail-6.2pp
18.3%dark+1.2pp
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
GERMAN AMERICAN BANCORP, INC.: Metadata-Only Disclosure Limits Forensic Depth for Regional Bank Analysis
Overall Risk
4/10
Fraud
1/10
Dilution
2/10
Insolvency
3/10
Earnings Overstated
4/10
Hidden Liabilities
3/10
Legal
2/10
Audit Warnings
1/10
Hidden Upside
4/10
Contextually Acceptable
9/10