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HEARTLAND FINANCIAL USA INC (HTLF) Stock Fundamental Analysis

NASDAQ:HTLF - Nasdaq - US42234Q1022 - Common Stock - Currency: USD

64.67  -1.43 (-2.16%)

After market: 63.7263 -0.94 (-1.46%)

Fundamental Rating

2

We assign a fundamental rating of 2 out of 10 to HTLF. HTLF was compared to 504 industry peers in the Banks industry. Both the profitability and financial health of HTLF have multiple concerns. HTLF has a expensive valuation and it also scores bad on growth.


Dividend Valuation Growth Profitability Health

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2

1. Profitability

1.1 Basic Checks

HTLF had positive earnings in the past year.
HTLF had a positive operating cash flow in the past year.
Each year in the past 5 years HTLF has been profitable.
In the past 5 years HTLF always reported a positive cash flow from operatings.
HTLF Yearly Net Income VS EBIT VS OCF VS FCFHTLF Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M

1.2 Ratios

HTLF's Return On Assets of 0.42% is on the low side compared to the rest of the industry. HTLF is outperformed by 76.94% of its industry peers.
HTLF has a worse Return On Equity (3.61%) than 83.21% of its industry peers.
Industry RankSector Rank
ROA 0.42%
ROE 3.61%
ROIC N/A
ROA(3y)0.83%
ROA(5y)0.87%
ROE(3y)8.4%
ROE(5y)8.21%
ROIC(3y)N/A
ROIC(5y)N/A
HTLF Yearly ROA, ROE, ROICHTLF Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2 4 6 8 10

1.3 Margins

HTLF has a Profit Margin of 13.31%. This is in the lower half of the industry: HTLF underperforms 78.20% of its industry peers.
In the last couple of years the Profit Margin of HTLF has declined.
The Operating Margin and Gross Margin are not available for HTLF so they could not be analyzed.
Industry RankSector Rank
OM N/A
PM (TTM) 13.31%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-17.2%
PM growth 5Y-11.15%
GM growth 3YN/A
GM growth 5YN/A
HTLF Yearly Profit, Operating, Gross MarginsHTLF Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 10 20 30

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2

2. Health

2.1 Basic Checks

HTLF does not have a ROIC to compare to the WACC, probably because it is not profitable.
The number of shares outstanding for HTLF has been increased compared to 1 year ago.
Compared to 5 years ago, HTLF has more shares outstanding
The debt/assets ratio for HTLF has been reduced compared to a year ago.
HTLF Yearly Shares OutstandingHTLF Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 10M 20M 30M 40M
HTLF Yearly Total Debt VS Total AssetsHTLF Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 5B 10B 15B 20B

2.2 Solvency

HTLF has a debt to FCF ratio of 2.16. This is a good value and a sign of high solvency as HTLF would need 2.16 years to pay back of all of its debts.
The Debt to FCF ratio of HTLF (2.16) is comparable to the rest of the industry.
HTLF has a Debt/Equity ratio of 0.20. This is a healthy value indicating a solid balance between debt and equity.
The Debt to Equity ratio of HTLF (0.20) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.2
Debt/FCF 2.16
Altman-Z N/A
ROIC/WACCN/A
WACC13.75%
HTLF Yearly LT Debt VS Equity VS FCFHTLF Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 500M 1B 1.5B 2B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
HTLF Yearly Current Assets VS Current LiabilitesHTLF Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M 400M 500M

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2

3. Growth

3.1 Past

The earnings per share for HTLF have decreased by -3.16% in the last year.
Measured over the past 5 years, HTLF shows a small growth in Earnings Per Share. The EPS has been growing by 4.81% on average per year.
The Revenue for HTLF has decreased by -20.67% in the past year. This is quite bad
The Revenue has been growing slightly by 2.09% on average over the past years.
EPS 1Y (TTM)-3.16%
EPS 3Y7.54%
EPS 5Y4.81%
EPS Q2Q%8.33%
Revenue 1Y (TTM)-20.67%
Revenue growth 3Y-1.76%
Revenue growth 5Y2.09%
Sales Q2Q%1.58%

3.2 Future

The Earnings Per Share is expected to grow by 2.70% on average over the next years.
Based on estimates for the next years, HTLF will show a small growth in Revenue. The Revenue will grow by 0.67% on average per year.
EPS Next Y5.54%
EPS Next 2Y-0.48%
EPS Next 3Y2.7%
EPS Next 5YN/A
Revenue Next Year0.93%
Revenue Next 2Y2.02%
Revenue Next 3Y0.67%
Revenue Next 5YN/A

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
HTLF Yearly Revenue VS EstimatesHTLF Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 200M 400M 600M
HTLF Yearly EPS VS EstimatesHTLF Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1 2 3 4 5

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2

4. Valuation

4.1 Price/Earnings Ratio

HTLF is valuated correctly with a Price/Earnings ratio of 14.06.
The rest of the industry has a similar Price/Earnings ratio as HTLF.
HTLF is valuated rather cheaply when we compare the Price/Earnings ratio to 26.31, which is the current average of the S&P500 Index.
With a Price/Forward Earnings ratio of 14.71, HTLF is valued correctly.
HTLF's Price/Forward Earnings ratio is a bit more expensive when compared to the industry. HTLF is more expensive than 67.17% of the companies in the same industry.
HTLF's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 22.06.
Industry RankSector Rank
PE 14.06
Fwd PE 14.71
HTLF Price Earnings VS Forward Price EarningsHTLF Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

The rest of the industry has a similar Price/Free Cash Flow ratio as HTLF.
Industry RankSector Rank
P/FCF 14.27
EV/EBITDA N/A
HTLF Per share dataHTLF EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30 40

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates HTLF does not grow enough to justify the current Price/Earnings ratio.
PEG (NY)2.54
PEG (5Y)2.92
EPS Next 2Y-0.48%
EPS Next 3Y2.7%

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4

5. Dividend

5.1 Amount

HTLF has a Yearly Dividend Yield of 1.86%. Purely for dividend investing, there may be better candidates out there.
Compared to an average industry Dividend Yield of 2.38, HTLF is paying slightly less dividend.
HTLF's Dividend Yield is slightly below the S&P500 average, which is at 2.38.
Industry RankSector Rank
Dividend Yield 1.86%

5.2 History

On average, the dividend of HTLF grows each year by 18.17%, which is quite nice.
HTLF has paid a dividend for at least 10 years, which is a reliable track record.
HTLF has not decreased its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)18.17%
Div Incr Years8
Div Non Decr Years11
HTLF Yearly Dividends per shareHTLF Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.2 0.4 0.6 0.8 1

5.3 Sustainability

77.06% of the earnings are spent on dividend by HTLF. This is not a sustainable payout ratio.
HTLF's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP77.06%
EPS Next 2Y-0.48%
EPS Next 3Y2.7%
HTLF Yearly Income VS Free CF VS DividendHTLF Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M
HTLF Dividend Payout.HTLF Dividend Payout, showing the Payout Ratio.HTLF Dividend Payout.PayoutRetained Earnings

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HEARTLAND FINANCIAL USA INC

NASDAQ:HTLF (1/31/2025, 8:00:01 PM)

After market: 63.7263 -0.94 (-1.46%)

64.67

-1.43 (-2.16%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)02-03 2025-02-03/amc
Earnings (Next)N/A N/A
Inst Owners79.66%
Inst Owner Change-91.56%
Ins Owners0.92%
Ins Owner Change-84.87%
Market Cap2.77B
Analysts84.44
Price Target71.91 (11.2%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.86%
Yearly Dividend1.4
Dividend Growth(5Y)18.17%
DP77.06%
Div Incr Years8
Div Non Decr Years11
Ex-Date01-14 2025-01-14 (0.3)
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-1.45%
Min EPS beat(2)-2.13%
Max EPS beat(2)-0.77%
EPS beat(4)1
Avg EPS beat(4)-0.12%
Min EPS beat(4)-5.44%
Max EPS beat(4)7.85%
EPS beat(8)2
Avg EPS beat(8)-2.3%
EPS beat(12)4
Avg EPS beat(12)-1.19%
EPS beat(16)7
Avg EPS beat(16)-0.16%
Revenue beat(2)0
Avg Revenue beat(2)-6.24%
Min Revenue beat(2)-7.21%
Max Revenue beat(2)-5.27%
Revenue beat(4)1
Avg Revenue beat(4)-3.57%
Min Revenue beat(4)-7.21%
Max Revenue beat(4)0.41%
Revenue beat(8)2
Avg Revenue beat(8)-3.93%
Revenue beat(12)3
Avg Revenue beat(12)-3.33%
Revenue beat(16)4
Avg Revenue beat(16)-2.92%
PT rev (1m)1.81%
PT rev (3m)11.02%
EPS NQ rev (1m)6.86%
EPS NQ rev (3m)6.86%
EPS NY rev (1m)0.27%
EPS NY rev (3m)0.27%
Revenue NQ rev (1m)3.95%
Revenue NQ rev (3m)3.95%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0%
Valuation
Industry RankSector Rank
PE 14.06
Fwd PE 14.71
P/S 4.78
P/FCF 14.27
P/OCF 14.08
P/B 1.3
P/tB 1.79
EV/EBITDA N/A
EPS(TTM)4.6
EY7.11%
EPS(NY)4.4
Fwd EY6.8%
FCF(TTM)4.53
FCFY7.01%
OCF(TTM)4.59
OCFY7.1%
SpS13.52
BVpS49.9
TBVpS36.14
PEG (NY)2.54
PEG (5Y)2.92
Profitability
Industry RankSector Rank
ROA 0.42%
ROE 3.61%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 13.31%
GM N/A
FCFM 33.52%
ROA(3y)0.83%
ROA(5y)0.87%
ROE(3y)8.4%
ROE(5y)8.21%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-17.2%
PM growth 5Y-11.15%
GM growth 3YN/A
GM growth 5YN/A
F-Score4
Asset Turnover0.03
Health
Industry RankSector Rank
Debt/Equity 0.2
Debt/FCF 2.16
Debt/EBITDA N/A
Cap/Depr 13.98%
Cap/Sales 0.44%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 251.86%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score4
WACC13.75%
ROIC/WACCN/A
Cap/Depr(3y)52.99%
Cap/Depr(5y)56.97%
Cap/Sales(3y)1.92%
Cap/Sales(5y)2.41%
Profit Quality(3y)236.26%
Profit Quality(5y)186.73%
High Growth Momentum
Growth
EPS 1Y (TTM)-3.16%
EPS 3Y7.54%
EPS 5Y4.81%
EPS Q2Q%8.33%
EPS Next Y5.54%
EPS Next 2Y-0.48%
EPS Next 3Y2.7%
EPS Next 5YN/A
Revenue 1Y (TTM)-20.67%
Revenue growth 3Y-1.76%
Revenue growth 5Y2.09%
Sales Q2Q%1.58%
Revenue Next Year0.93%
Revenue Next 2Y2.02%
Revenue Next 3Y0.67%
Revenue Next 5YN/A
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-50.46%
FCF growth 3Y16.71%
FCF growth 5Y3.5%
OCF growth 1Y-51.51%
OCF growth 3Y13.76%
OCF growth 5Y2.91%