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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

Taking everything into account, HTLF scores 2 out of 10 in our fundamental rating. HTLF was compared to 395 industry peers in the Banks industry. Both the profitability and financial health of HTLF have multiple concerns. HTLF is valued expensive and it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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2

1. Profitability

1.1 Basic Checks

HTLF had positive earnings in the past year.
In the past year HTLF had a positive cash flow from operations.
HTLF had positive earnings in each of the past 5 years.
HTLF had a positive operating cash flow in each of the past 5 years.
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

With a Return On Assets value of 0.42%, HTLF is not doing good in the industry: 76.94% of the companies in the same industry are doing better.
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's Profit Margin of 13.31% is on the low side compared to the rest of the industry. HTLF is outperformed by 78.20% of its industry peers.
HTLF's Profit Margin has declined in the last couple of years.
HTLF does not have Operating Margin and Gross Margin available, so we won't be analyzing them here.
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.
Compared to 1 year ago, HTLF has more shares outstanding
The number of shares outstanding for HTLF has been increased compared to 5 years ago.
HTLF has a better debt/assets ratio than last year.
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

The Debt to FCF ratio of HTLF is 2.16, which is a good value as it means it would take HTLF, 2.16 years of fcf income to pay off all of its debts.
HTLF has a Debt to FCF ratio (2.16) which is comparable to the rest of the industry.
A Debt/Equity ratio of 0.20 indicates that HTLF is not too dependend on debt financing.
HTLF has a Debt to Equity ratio of 0.20. This is comparable to the rest of the industry: HTLF outperforms 49.37% of its industry peers.
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

HTLF shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -3.16%.
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
Measured over the past years, HTLF shows a small growth in Revenue. The Revenue has been growing by 2.09% on average per year.
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

Based on estimates for the next years, HTLF will show a small growth in Earnings Per Share. The EPS will grow by 2.70% on average per year.
The Revenue is expected to grow by 0.67% on average over the next years.
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

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
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

A Price/Earnings ratio of 14.06 indicates a correct valuation of HTLF.
HTLF's Price/Earnings ratio is in line with the industry average.
When comparing the Price/Earnings ratio of HTLF to the average of the S&P500 Index (27.45), we can say HTLF is valued slightly cheaper.
Based on the Price/Forward Earnings ratio of 14.71, the valuation of HTLF can be described as correct.
67.17% of the companies in the same industry are cheaper than HTLF, based on the Price/Forward Earnings ratio.
HTLF's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 21.90.
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

HTLF's Price/Free Cash Flow ratio is in line with the industry average.
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.
HTLF's Dividend Yield is slightly below the industry average, which is at 3.47.
HTLF's Dividend Yield is slightly below the S&P500 average, which is at 2.42.
Industry RankSector Rank
Dividend Yield 1.86%

5.2 History

The dividend of HTLF is nicely growing with an annual growth rate of 18.17%!
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.
The dividend of HTLF is growing, but the earnings are growing slower. 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-83.88%
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%