Business First B Financials
This page shows Business First B (BFST) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Balance-sheet expansion is the main earnings engine, with modest asset returns amplified by a still-high 8.2x leverage posture.
From FY2021 to FY2025, assets expanded to$8.2B even as debt-to-equity eased to 8.2x, so growth was not simply bought with more leverage. Because return on assets stayed near1.1% in FY2025, the larger and slightly better-capitalized balance sheet converted that modest efficiency into a return on equity of9.8% .
In FY2025, operating cash flow of
Across the last three years, investing outflows were consistently large and were largely counterbalanced by financing inflows, showing that growth still depends on actively reshaping the balance sheet rather than on retained earnings alone. Even so, cash rose to
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Business First B's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Business First B's revenue grew a modest 1.2% year-over-year to $10.7M. This slow but positive growth earns a score of 42/100.
Business First B has elevated debt relative to equity (D/E of 8.16), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Business First B converts 859.7% of revenue into free cash flow ($92.0M). This strong cash generation earns a score of 100/100.
Business First B's ROE of 9.8% shows moderate profitability relative to equity, earning a score of 32/100. This is up from 8.1% the prior year.
Business First B passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Business First B generates $1.05 in operating cash flow ($92.1M OCF vs $87.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Business First B generated $10.7M in revenue in fiscal year 2025. This represents an increase of 1.2% from the prior year.
Business First B reported $87.9M in net income in fiscal year 2025. This represents an increase of 35.0% from the prior year.
Business First B earned $2.79 per diluted share (EPS) in fiscal year 2025. This represents an increase of 23.5% from the prior year.
Cash & Balance Sheet
Business First B generated $92.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 53.8% from the prior year.
Business First B held $411.2M in cash against $0 in long-term debt as of fiscal year 2025.
Business First B paid $0.57 per share in dividends in fiscal year 2025. This represents an increase of 1.8% from the prior year.
Business First B had 30M shares outstanding in fiscal year 2025. This represents a decrease of 0.1% from the prior year.
Margins & Returns
Business First B's net profit margin was 821.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 205.7 percentage points from the prior year.
Business First B's ROE was 9.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.7 percentage points from the prior year.
Capital Allocation
Business First B spent $3.7M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Business First B invested $66K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 95.8% from the prior year.
BFST Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.1M+18.7% | $2.6M+3.2% | $2.6M-2.6% | $2.6M-7.9% | $2.9M-0.6% | $2.9M+5.7% | $2.7M+7.3% | $2.5M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $33.0M+8.6% | $30.4M+10.2% | $27.6M-2.5% | $28.3M-4.0% | $29.5M+5.0% | $28.1M+13.0% | $24.9M-2.5% | $25.5M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $47.3M+0.8% | $46.9M-5.0% | $49.4M+3.4% | $47.8M+0.2% | $47.7M-5.4% | $50.4M+8.1% | $46.6M+1.7% | $45.9M |
| Income Tax | $5.9M+13.6% | $5.2M-13.3% | $6.0M+1.7% | $5.9M+12.3% | $5.3M+9.6% | $4.8M-2.3% | $4.9M+8.1% | $4.6M |
| Net Income | $23.6M+5.2% | $22.4M-2.0% | $22.9M+3.4% | $22.1M+7.6% | $20.5M+24.6% | $16.5M-7.6% | $17.8M+3.7% | $17.2M |
| EPS (Diluted) | $0.68 | N/A | $0.73+4.3% | $0.70+7.7% | $0.65 | N/A | $0.65+4.8% | $0.62 |
BFST Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $8.9B+8.4% | $8.2B+3.3% | $8.0B+0.1% | $7.9B+2.1% | $7.8B-0.9% | $7.9B+14.1% | $6.9B+2.8% | $6.7B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $589.8M+43.4% | $411.2M+3.0% | $399.1M-19.5% | $495.8M+58.4% | $312.9M-1.9% | $319.1M+49.7% | $213.2M+2.5% | $208.1M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $133.6M+10.3% | $121.1M0.0% | $121.1M0.0% | $121.1M-0.4% | $121.7M+0.1% | $121.6M+32.8% | $91.5M0.0% | $91.5M |
| Total Liabilities | $7.9B+8.2% | $7.3B+3.4% | $7.1B-0.3% | $7.1B+2.0% | $7.0B-1.4% | $7.1B+14.0% | $6.2B+2.5% | $6.0B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $991.2M+10.5% | $896.9M+2.1% | $878.4M+3.5% | $848.4M+2.7% | $826.3M+3.4% | $799.5M+14.3% | $699.5M+5.3% | $664.5M |
| Retained Earnings | $343.9M+5.3% | $326.6M+5.3% | $310.0M+5.9% | $292.6M+6.0% | $276.0M+5.8% | $261.0M+4.4% | $250.0M+5.5% | $237.0M |
BFST Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $26.7M+57.7% | $16.9M-47.8% | $32.4M+128.6% | $14.2M-50.4% | $28.6M+64.8% | $17.3M-19.0% | $21.4M+42.1% | $15.1M |
| Capital Expenditures | N/A | -$1.6M-566.2% | $334K+50.5% | $222K-79.2% | $1.1M+488.0% | -$275K-170.0% | $393K-62.7% | $1.1M |
| Free Cash Flow | N/A | $15.4M-52.1% | $32.1M+129.9% | $14.0M-49.3% | $27.5M+61.2% | $17.1M-18.8% | $21.0M+50.0% | $14.0M |
| Investing Cash Flow | $253.8M+204.1% | -$243.7M-163.3% | -$92.6M-437.8% | -$17.2M-123.9% | $71.9M+3851.5% | -$1.9M+98.8% | -$153.7M-772.2% | $22.9M |
| Financing Cash Flow | -$101.8M-142.6% | $238.8M+753.8% | -$36.5M-119.7% | $185.9M+274.2% | -$106.7M-217.9% | $90.5M-34.2% | $137.5M+970.7% | -$15.8M |
| Dividends Paid | $4.9M+10.5% | $4.4M+7.2% | $4.1M-0.8% | $4.2M+1.5% | $4.1M-1.3% | $4.2M+17.5% | $3.5M-0.7% | $3.6M |
| Share Buybacks | $2.8M | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
BFST Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 750.0%-96.5pp | 846.5%-44.6pp | 891.1%+51.6pp | 839.5%+121.2pp | 718.3%+145.6pp | 572.6%-82.6pp | 655.3%-22.9pp | 678.2% |
| Return on Equity | 2.4%-0.1pp | 2.5%-0.1pp | 2.6%-0.0pp | 2.6%+0.1pp | 2.5%+0.4pp | 2.1%-0.5pp | 2.5%-0.0pp | 2.6% |
| Return on Assets | 0.3%-0.0pp | 0.3%-0.0pp | 0.3%0.0pp | 0.3%+0.0pp | 0.3%+0.1pp | 0.2%-0.1pp | 0.3%0.0pp | 0.3% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 7.99-0.2 | 8.16+0.1 | 8.05-0.3 | 8.37-0.1 | 8.42-0.4 | 8.83-0.0 | 8.85-0.2 | 9.09 |
| FCF Margin | N/A | 580.9%-669.6pp | 1250.5%+720.5pp | 530.0%-431.7pp | 961.7%+368.8pp | 592.8%-178.8pp | 771.6%+219.5pp | 552.2% |
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Frequently Asked Questions
What is Business First B's annual revenue?
Business First B (BFST) reported $10.7M in total revenue for fiscal year 2025. This represents a 1.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Business First B's revenue growing?
Business First B (BFST) revenue grew by 1.2% year-over-year, from $10.6M to $10.7M in fiscal year 2025.
Is Business First B profitable?
Yes, Business First B (BFST) reported a net income of $87.9M in fiscal year 2025, with a net profit margin of 821.2%.
What is Business First B's net profit margin?
Business First B (BFST) had a net profit margin of 821.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Business First B pay dividends?
Yes, Business First B (BFST) paid $0.57 per share in dividends during fiscal year 2025.
What is Business First B's return on equity (ROE)?
Business First B (BFST) has a return on equity of 9.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Business First B's free cash flow?
Business First B (BFST) generated $92.0M in free cash flow during fiscal year 2025. This represents a 53.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Business First B's operating cash flow?
Business First B (BFST) generated $92.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Business First B's total assets?
Business First B (BFST) had $8.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Business First B's capital expenditures?
Business First B (BFST) invested $66K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Business First B's debt-to-equity ratio?
Business First B (BFST) had a debt-to-equity ratio of 8.16 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Business First B's return on assets (ROA)?
Business First B (BFST) had a return on assets of 1.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Business First B's Piotroski F-Score?
Business First B (BFST) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Business First B's earnings high quality?
Business First B (BFST) has an earnings quality ratio of 1.05x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Business First B?
Business First B (BFST) scores 29 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.