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First Mid Bancshares Inc. · Financials
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Business engineSteady: revenue compounds ~10.1%/yr (FY21→FY25), net margin 26.3%, and free cash flow (~$124.0M) tracks net income. Earnings are cash, not paper. Worth your attention in FY25: Share count (+17.8%). Visible in the receipts below.
The four lines that matter · FY21–FY25
Revenue ($M)▲7.4%
349.2
FY21→FY25CAGR +10.1%/yr
Net income ($M)▲16.3%
91.7
FY21→FY25CAGR +15.5%/yr
Free cash flow ($M)▲3.8%
124.0
FY21→FY25CAGR +17.1%/yr
Diluted EPS▲16.1%
3.83
FY21→FY25CAGR +7.5%/yr
What the receipts whisper · what a headline number hides
Share count
+17.8%
20.4mn → 24.1mn diluted shares since FY21. Rising share count dilutes EPS. Growth must outrun it.
Capex
$6.8M
+38.4% YoY in FY25 · 2.0% of revenue.
Returns vs FCF
19%
$24.1M returned vs $124.0M of FCF in FY25. Buybacks + dividends covered by cash flow.
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($M)
26¢ of every revenue dollar becomes profit.
Margin trend · direction beats level Net
Net margin 26.3% is above the sector median. This filer reports no gross profit or operating income line, so those margins are not drawn.
The receipt · income statement · FY21–FY25 USD millions except per-share & ratios · hover a line for its definition
| Line item | TTM † | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 383.2 | 349.2 | 325.0 | 280.2 | 259.0 | 237.5 | ▲7.4% | +10.1% |
Pretax income | 129.0 | 117.0 | 104.4 | 88.4 | 91.3 | 66.8 | ▲12.1% | +15.1% |
Income tax | 28.7 | 25.3 | 25.5 | 19.5 | 18.3 | 15.3 | ▼0.8% | +13.4% |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 100.3 | 91.7 | 78.9 | 68.9 | 73.0 | 51.5 | ▲16.3% | +15.5% |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | 4.02 | 3.83 | 3.30 | 3.15 | 3.60 | 2.87 | ▲16.1% | +7.5% |
Diluted shares (mn) | 26.60 | 24.08 | 23.98 | 23.89 | 20.50 | 20.44 | ▲0.4% | +4.2% |
| Margins | ||||||||
Net margin59th pct in Financial Services | 26.2% | 26.3% | 24.3% | 24.6% | 28.2% | 21.7% | ▲2.0pp | +4.6pp |
† TTM = trailing four quarters through 2026-06-30.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-02-27 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.