MBCN Fundamental Analysis - MIDDLEFIELD BANC CORP

Fundamental Rating

We assign a fundamental rating of 4 out of 10 to MBCN. MBCN was compared to 396 industry peers in the Banks industry. While MBCN seems to be doing ok healthwise, there are quite some concerns on its profitability. While showing a medium growth rate, MBCN is valued expensive at the moment.

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1. Profitability

1.1 Basic Checks

MBCN had positive earnings in the past year.

In the past year MBCN had a positive cash flow from operations.

Each year in the past 5 years MBCN has been profitable.

Each year in the past 5 years MBCN had a positive operating cash flow.

1.2 Ratios

MBCN has a Return On Assets of 0.86%. This is comparable to the rest of the industry: MBCN outperforms 52.53% of its industry peers.

MBCN has a Return On Equity (7.57%) which is comparable to the rest of the industry.

		Industry Rank	Sector Rank
ROA	0.86%
ROE	7.57%
ROIC	N/A

ROA(3y)0.91%

ROA(5y)0.94%

ROE(3y)7.91%

ROE(5y)8.47%

ROIC(3y)N/A

ROIC(5y)N/A

1.3 Margins

With a Profit Margin value of 23.39%, MBCN perfoms like the industry average, outperforming 49.24% of the companies in the same industry.

In the last couple of years the Profit Margin of MBCN has declined.

The Operating Margin and Gross Margin are not available for MBCN so they could not be analyzed.

		Industry Rank	Sector Rank
OM	N/A
PM (TTM)	23.39%
GM	N/A

OM growth 3YN/A

OM growth 5YN/A

PM growth 3Y-12.08%

PM growth 5Y-3.63%

GM growth 3YN/A

GM growth 5YN/A

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

MBCN does not have a ROIC to compare to the WACC, probably because it is not profitable.

MBCN has less shares outstanding than it did 1 year ago.

The number of shares outstanding for MBCN has been increased compared to 5 years ago.

Compared to 1 year ago, MBCN has an improved debt to assets ratio.

2.2 Solvency

The Debt to FCF ratio of MBCN is 0.61, which is an excellent value as it means it would take MBCN, only 0.61 years of fcf income to pay off all of its debts.

MBCN has a better Debt to FCF ratio (0.61) than 81.57% of its industry peers.

MBCN has a Debt/Equity ratio of 0.05. This is a healthy value indicating a solid balance between debt and equity.

MBCN has a better Debt to Equity ratio (0.05) than 80.05% of its industry peers.

		Industry Rank	Sector Rank
Debt/Equity	0.05
Debt/FCF	0.61
Altman-Z	N/A

ROIC/WACCN/A

WACC14.15%

2.3 Liquidity

		Industry Rank	Sector Rank
Current Ratio	N/A
Quick Ratio	N/A

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WACC

Debt/Equity

How to determine the health of a company

Altman-Z score

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3. Growth

3.1 Past

The Earnings Per Share has been growing slightly by 5.45% over the past year.

The Earnings Per Share has been growing slightly by 1.06% on average over the past years.

Looking at the last year, MBCN shows a decrease in Revenue. The Revenue has decreased by -1.85% in the last year.

The Revenue has been growing slightly by 7.99% on average over the past years.

EPS 1Y (TTM)5.45%

EPS 3Y-12.16%

EPS 5Y1.06%

EPS Q2Q%17.65%

Revenue 1Y (TTM)-1.85%

Revenue growth 3Y7.02%

Revenue growth 5Y7.99%

Sales Q2Q%7.62%

3.2 Future

MBCN is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 4.67% yearly.

MBCN is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 6.83% yearly.

EPS Next Y11.13%

EPS Next 2Y4.67%

EPS Next 3YN/A

EPS Next 5YN/A

Revenue Next Year8.67%

Revenue Next 2Y6.83%

Revenue Next 3YN/A

Revenue Next 5YN/A

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.

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

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4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 13.97 indicates a correct valuation of MBCN.

MBCN's Price/Earnings is on the same level as the industry average.

The average S&P500 Price/Earnings ratio is at 27.50. MBCN is valued slightly cheaper when compared to this.

A Price/Forward Earnings ratio of 13.32 indicates a correct valuation of MBCN.

MBCN's Price/Forward Earnings ratio is a bit more expensive when compared to the industry. MBCN is more expensive than 69.95% of the companies in the same industry.

The average S&P500 Price/Forward Earnings ratio is at 36.44. MBCN is valued rather cheaply when compared to this.

		Industry Rank	Sector Rank
PE	13.97
Fwd PE	13.32

4.2 Price Multiples

MBCN's Price/Free Cash Flow is on the same level as the industry average.

		Industry Rank	Sector Rank
P/FCF	12.6
EV/EBITDA	N/A

4.3 Compensation for Growth

MBCN's PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.

PEG (NY)1.26

PEG (5Y)13.15

EPS Next 2Y4.67%

EPS Next 3YN/A

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5. Dividend

5.1 Amount

MBCN has a Yearly Dividend Yield of 2.83%.

Compared to an average industry Dividend Yield of 3.25, MBCN has a dividend in line with its industry peers.

Compared to an average S&P500 Dividend Yield of 2.34, MBCN pays a bit more dividend than the S&P500 average.

		Industry Rank	Sector Rank
Dividend Yield	2.83%

5.2 History

On average, the dividend of MBCN grows each year by 6.90%, which is quite nice.

MBCN has paid a dividend for at least 10 years, which is a reliable track record.

Dividend Growth(5Y)6.9%

Div Incr Years0

Div Non Decr Years0

5.3 Sustainability

40.42% of the earnings are spent on dividend by MBCN. This is a bit on the high side, but may be sustainable.

The dividend of MBCN is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.

DP40.42%

EPS Next 2Y4.67%

EPS Next 3YN/A

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MIDDLEFIELD BANC CORP

NASDAQ:MBCN (7/18/2025, 8:00:01 PM)

After market: 29.76 0 (0%)

29.76

+0.04 (+0.13%)

Chartmill FA Rating

GICS SectorFinancials

GICS IndustryGroupBanks

GICS IndustryBanks

Earnings (Last)04-24 2025-04-24/amc

Earnings (Next)07-29 2025-07-29/bmo

Inst Owners26.86%

Inst Owner Change-1.62%

Ins Owners3.31%

Ins Owner Change0%

Market Cap240.46M

Analysts48.89

Price Target29.58 (-0.6%)

Short Float %0.9%

Short Ratio6.92

Dividend

		Industry Rank	Sector Rank
Dividend Yield	2.83%

Yearly Dividend0.8

Dividend Growth(5Y)6.9%

DP40.42%

Div Incr Years0

Div Non Decr Years0

Ex-Date05-30 2025-05-30 (0.21)

Surprises & Revisions

EPS beat(2)2

Avg EPS beat(2)28.26%

Min EPS beat(2)27.95%

Max EPS beat(2)28.58%

EPS beat(4)3

Avg EPS beat(4)18.02%

Min EPS beat(4)-11.17%

Max EPS beat(4)28.58%

EPS beat(8)4

Avg EPS beat(8)7.18%

EPS beat(12)8

Avg EPS beat(12)8.13%

EPS beat(16)12

Avg EPS beat(16)9.84%

Revenue beat(2)1

Avg Revenue beat(2)1.3%

Min Revenue beat(2)-0.04%

Max Revenue beat(2)2.64%

Revenue beat(4)1

Avg Revenue beat(4)-0.82%

Min Revenue beat(4)-3.78%

Max Revenue beat(4)2.64%

Revenue beat(8)2

Avg Revenue beat(8)-1.73%

Revenue beat(12)3

Avg Revenue beat(12)-1.65%

Revenue beat(16)4

Avg Revenue beat(16)-1.34%

PT rev (1m)2.35%

PT rev (3m)4.82%

EPS NQ rev (1m)0%

EPS NQ rev (3m)14.66%

EPS NY rev (1m)0%

EPS NY rev (3m)14.71%

Revenue NQ rev (1m)0%

Revenue NQ rev (3m)2.62%

Revenue NY rev (1m)0%

Revenue NY rev (3m)4.55%

Valuation

		Industry Rank	Sector Rank
PE	13.97
Fwd PE	13.32
P/S	3.48
P/FCF	12.6
P/OCF	11.99
P/B	1.12
P/tB	1.4
EV/EBITDA	N/A

EPS(TTM)2.13

EY7.16%

EPS(NY)2.23

Fwd EY7.51%

FCF(TTM)2.36

FCFY7.94%

OCF(TTM)2.48

OCFY8.34%

SpS8.56

BVpS26.46

TBVpS21.3

PEG (NY)1.26

PEG (5Y)13.15

Profitability

		Industry Rank	Sector Rank
ROA	0.86%
ROE	7.57%
ROCE	N/A
ROIC	N/A
ROICexc	N/A
ROICexgc	N/A
OM	N/A
PM (TTM)	23.39%
GM	N/A
FCFM	27.6%

ROA(3y)0.91%

ROA(5y)0.94%

ROE(3y)7.91%

ROE(5y)8.47%

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-12.08%

PM growth 5Y-3.63%

GM growth 3YN/A

GM growth 5YN/A

F-Score5

Asset Turnover0.04

Health

		Industry Rank	Sector Rank
Debt/Equity	0.05
Debt/FCF	0.61
Debt/EBITDA	N/A
Cap/Depr	74.19%
Cap/Sales	1.38%
Interest Coverage	N/A
Cash Conversion	N/A
Profit Quality	117.97%
Current Ratio	N/A
Quick Ratio	N/A
Altman-Z	N/A

F-Score5

WACC14.15%

ROIC/WACCN/A

Cap/Depr(3y)67.12%

Cap/Depr(5y)54.69%

Cap/Sales(3y)1.4%

Cap/Sales(5y)1.5%

Profit Quality(3y)113.84%

Profit Quality(5y)117.74%

High Growth Momentum

Growth

EPS 1Y (TTM)5.45%

EPS 3Y-12.16%

EPS 5Y1.06%

EPS Q2Q%17.65%

EPS Next Y11.13%

EPS Next 2Y4.67%

EPS Next 3YN/A

EPS Next 5YN/A

Revenue 1Y (TTM)-1.85%

Revenue growth 3Y7.02%

Revenue growth 5Y7.99%

Sales Q2Q%7.62%

Revenue Next Year8.67%

Revenue Next 2Y6.83%

Revenue Next 3YN/A

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-10.25%

FCF growth 3Y4.07%

FCF growth 5Y7.62%

OCF growth 1Y-10.26%

OCF growth 3Y4.24%

OCF growth 5Y5.35%

MIDDLEFIELD BANC CORP (MBCN) Stock Fundamental Analysis

1. Profitability

1.1 Basic Checks

1.2 Ratios

1.3 Margins

More info and screens

2. Health

2.1 Basic Checks

2.2 Solvency

2.3 Liquidity

More info and screens

3. Growth

3.1 Past

3.2 Future

3.3 Evolution

More info and screens

4. Valuation

4.1 Price/Earnings Ratio

4.2 Price Multiples

4.3 Compensation for Growth

More info and screens

5. Dividend

5.1 Amount

5.2 History

5.3 Sustainability

More info and screens