MBCN Fundamental Analysis - MIDDLEFIELD BANC CORP

Fundamental Rating

Taking everything into account, MBCN scores 4 out of 10 in our fundamental rating. MBCN was compared to 393 industry peers in the Banks industry. The financial health of MBCN is average, but there are quite some concerns on its profitability. MBCN is not valued too expensively and it also shows a decent growth rate.

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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.

MBCN had positive earnings in each of the past 5 years.

In the past 5 years MBCN always reported a positive cash flow from operatings.

1.2 Ratios

MBCN has a Return On Assets (0.94%) which is in line with its industry peers.

Looking at the Return On Equity, with a value of 8.41%, MBCN is in line with its industry, outperforming 50.64% of the companies in the same industry.

		Industry Rank	Sector Rank
ROA	0.94%
ROE	8.41%
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

MBCN has a Profit Margin (24.95%) which is comparable to the rest of the industry.

MBCN's Profit Margin has declined in the last couple of years.

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)	24.95%
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.

MBCN has more shares outstanding than it did 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 0.58, which is an excellent value as it means it would take MBCN, only 0.58 years of fcf income to pay off all of its debts.

MBCN has a Debt to FCF ratio of 0.58. This is amongst the best in the industry. MBCN outperforms 81.93% 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 80.41% of its industry peers.

		Industry Rank	Sector Rank
Debt/Equity	0.05
Debt/FCF	0.58
Altman-Z	N/A

ROIC/WACCN/A

WACC14.25%

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 grown by an nice 18.56% over the past year.

Measured over the past 5 years, MBCN shows a small growth in Earnings Per Share. The EPS has been growing by 1.06% on average per year.

MBCN shows a small growth in Revenue. In the last year, the Revenue has grown by 6.53%.

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

EPS 1Y (TTM)18.56%

EPS 3Y-12.16%

EPS 5Y1.06%

EPS Q2Q%32.69%

Revenue 1Y (TTM)6.53%

Revenue growth 3Y7.02%

Revenue growth 5Y7.99%

Sales Q2Q%21.8%

3.2 Future

Based on estimates for the next years, MBCN will show a small growth in Earnings Per Share. The EPS will grow by 4.67% on average per year.

Based on estimates for the next years, MBCN will show a quite strong growth in Revenue. The Revenue will grow by 8.55% on average per year.

EPS Next Y11.13%

EPS Next 2Y4.67%

EPS Next 3YN/A

EPS Next 5YN/A

Revenue Next Year11.06%

Revenue Next 2Y8.55%

Revenue Next 3YN/A

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 accelerating.

The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.

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4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 12.25 indicates a correct valuation of MBCN.

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

When comparing the Price/Earnings ratio of MBCN to the average of the S&P500 Index (26.85), we can say MBCN is valued rather cheaply.

A Price/Forward Earnings ratio of 12.61 indicates a correct valuation of MBCN.

Based on the Price/Forward Earnings ratio, MBCN is valued a bit more expensive than 67.94% of the companies in the same industry.

MBCN is valuated cheaply when we compare the Price/Forward Earnings ratio to 34.98, which is the current average of the S&P500 Index.

		Industry Rank	Sector Rank
PE	12.25
Fwd PE	12.61

4.2 Price Multiples

MBCN's Price/Free Cash Flow ratio is in line with the industry average.

		Industry Rank	Sector Rank
P/FCF	11.36
EV/EBITDA	N/A

4.3 Compensation for Growth

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

PEG (NY)1.1

PEG (5Y)11.53

EPS Next 2Y4.67%

EPS Next 3YN/A

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5. Dividend

5.1 Amount

MBCN has a Yearly Dividend Yield of 2.91%.

MBCN's Dividend Yield is comparable with the industry average which is at 3.41.

Compared to an average S&P500 Dividend Yield of 2.36, MBCN pays a bit more dividend than the S&P500 average.

		Industry Rank	Sector Rank
Dividend Yield	2.91%

5.2 History

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

MBCN has been paying a dividend for at least 10 years, so it has a reliable track record.

Dividend Growth(5Y)6.9%

Div Incr Years0

Div Non Decr Years0

5.3 Sustainability

36.45% of the earnings are spent on dividend by MBCN. This is a low number and sustainable payout ratio.

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

DP36.45%

EPS Next 2Y4.67%

EPS Next 3YN/A

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MIDDLEFIELD BANC CORP

NASDAQ:MBCN (8/19/2025, 8:03:01 PM)

After market: 28.17 0 (0%)

28.17

-0.82 (-2.83%)

Chartmill FA Rating

GICS SectorFinancials

GICS IndustryGroupBanks

GICS IndustryBanks

Earnings (Last)07-22 2025-07-22/amc

Earnings (Next)10-15 2025-10-15/bmo

Inst Owners26.67%

Inst Owner Change2.3%

Ins Owners3.31%

Ins Owner Change1.29%

Market Cap227.61M

Analysts48.89

Price Target33.32 (18.28%)

Short Float %0.72%

Short Ratio5.92

Dividend

		Industry Rank	Sector Rank
Dividend Yield	2.91%

Yearly Dividend0.8

Dividend Growth(5Y)6.9%

DP36.45%

Div Incr Years0

Div Non Decr Years0

Ex-Date08-29 2025-08-29 (0.21)

Surprises & Revisions

EPS beat(2)2

Avg EPS beat(2)26.07%

Min EPS beat(2)23.56%

Max EPS beat(2)28.58%

EPS beat(4)3

Avg EPS beat(4)17.23%

Min EPS beat(4)-11.17%

Max EPS beat(4)28.58%

EPS beat(8)5

Avg EPS beat(8)10.2%

EPS beat(12)8

Avg EPS beat(12)8.57%

EPS beat(16)12

Avg EPS beat(16)10.1%

Revenue beat(2)2

Avg Revenue beat(2)6.27%

Min Revenue beat(2)2.64%

Max Revenue beat(2)9.91%

Revenue beat(4)2

Avg Revenue beat(4)2.18%

Min Revenue beat(4)-3.78%

Max Revenue beat(4)9.91%

Revenue beat(8)2

Avg Revenue beat(8)-0.82%

Revenue beat(12)4

Avg Revenue beat(12)-0.76%

Revenue beat(16)5

Avg Revenue beat(16)-0.69%

PT rev (1m)15.29%

PT rev (3m)15.29%

EPS NQ rev (1m)6.63%

EPS NQ rev (3m)16.16%

EPS NY rev (1m)0%

EPS NY rev (3m)14.71%

Revenue NQ rev (1m)2.48%

Revenue NQ rev (3m)6.63%

Revenue NY rev (1m)2.2%

Revenue NY rev (3m)2.2%

Valuation

		Industry Rank	Sector Rank
PE	12.25
Fwd PE	12.61
P/S	3.12
P/FCF	11.36
P/OCF	10.58
P/B	1.05
P/tB	1.3
EV/EBITDA	N/A

EPS(TTM)2.3

EY8.16%

EPS(NY)2.23

Fwd EY7.93%

FCF(TTM)2.48

FCFY8.8%

OCF(TTM)2.66

OCFY9.45%

SpS9.02

BVpS26.74

TBVpS21.61

PEG (NY)1.1

PEG (5Y)11.53

Profitability

		Industry Rank	Sector Rank
ROA	0.94%
ROE	8.41%
ROCE	N/A
ROIC	N/A
ROICexc	N/A
ROICexgc	N/A
OM	N/A
PM (TTM)	24.95%
GM	N/A
FCFM	27.5%

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-Score7

Asset Turnover0.04

Health

		Industry Rank	Sector Rank
Debt/Equity	0.05
Debt/FCF	0.58
Debt/EBITDA	N/A
Cap/Depr	108.92%
Cap/Sales	2.03%
Interest Coverage	N/A
Cash Conversion	N/A
Profit Quality	110.23%
Current Ratio	N/A
Quick Ratio	N/A
Altman-Z	N/A

F-Score7

WACC14.25%

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)18.56%

EPS 3Y-12.16%

EPS 5Y1.06%

EPS Q2Q%32.69%

EPS Next Y11.13%

EPS Next 2Y4.67%

EPS Next 3YN/A

EPS Next 5YN/A

Revenue 1Y (TTM)6.53%

Revenue growth 3Y7.02%

Revenue growth 5Y7.99%

Sales Q2Q%21.8%

Revenue Next Year11.06%

Revenue Next 2Y8.55%

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-11.43%

FCF growth 3Y4.07%

FCF growth 5Y7.62%

OCF growth 1Y-9.27%

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

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