Carter Bankshares, Inc. (CARE)

Neutral

Insufficient data to determine institutional momentum.

Data as of Q3 2026

FY2025 basis· bank

$29.00▼ 2.98%

EOD close · as of 2026-10-30

Market Cap

$640.7M

Enterprise Value

$535.5M

P/E

21.0×

P/S

31.5×

Revenue (FY)

$20.3M

Rev. growth

8.0%/yr

basis changed FY2021

Gross margin

—

Net margin

154%

ROIC

Net debt / EBITDA

n/a for a bank

Revenue· FY2025$20.3M

Net Income· FY2025$31.4M

Free Cash Flow· FY2025$31.8M

Deep analysis

Valuation vs. its own history

Cheap or dear — against itself

Where each multiple sits in its own 7-yr range · 90th pct blended

P/E

20.4× now

7.9×23.1×

83th

rich

P/S

31.5× now

15.6×48.0×

86th

rich

P/B

1.5× now

0.6×1.3×

100th

rich

Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 7-yr history.

Quality of the business

What backs the price

Is the profit real, and how strong is the balance sheet?

Cash flow includes customer money

Operating cash flow exceeds revenue, so it carries customer balances rather than earnings — the cash-flow checks below cannot be scored

not scored

Returns on capital

ROIC 7%

Income statement

How a revenue dollar becomes profit

FY2025 · every deduction from revenue to net income

Returns

Why ROE is 7.5%

DuPont — the three levers

Net margin

154.4%

profit / rev

Asset turns

0.00×

rev / assets

Leverage

11.56×

assets / year-end equity

ROE

7.5%

on year-end equity

ROE 7% against ROIC 7% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.

Leverage & liquidity

Debt structure

What the company owes vs. what it holds

Total Debt

—

Cash & Equivalents

$105.2M

Net Debt

—

Net debt / EBITDA—

This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.

Operating leverage

How profit responds to sales

Latest year: profit growth vs revenue growth

Revenue Δ

+4.6%

Op. income Δ

—

Op. leverage

—

Operating leverage needs meaningful revenue change.

Operating leverage

Common-size income statement

Each line as % of revenue — the trend in color

% of revenue	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Income Tax	9.5	4.3	23.5	63.3	30.9	32.7	42.5
Net Income	207.9	-254.9	180.7	273.4	135.4	126.3	154.4

Green = margin-favorable vs the row's own range · red = unfavorable.

Track record · FY2019 → FY2025

How the ratios & debt developed

The metrics that matter, over time

ROE

FY2025 · latest

Net margin

154%

FY2025 · latest

ROIC

FY2025 · latest

Gross margin

—

— · latest

—

Current ratio

—

— · latest

—

FCF margin

157%

FY2025 · latest

Free cash flow

$31.8M

FY2025 · latest

Institutional ownership: 22 holders · 0% of shares · 70th percentile crowding — Insufficient data to determine institutional momentum. (see the 13F tab)

A 30-second read on CARE: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.

Loading snapshot...

Financials

$29.00▼ 2.98%

EOD close · as of 2026-10-30

Market Cap

$640.7M

Enterprise Value

$535.5M

Revenue → Profit Flow

How a revenue dollar becomes profit — FY2025

Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.

Each value shows its share of revenue below it (common-size).

Line Item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Revenue	$20.3M 100.0%	$19.4M 100.0%	$17.3M 100.0%	$18.3M 100.0%	$17.5M 100.0%	$18.0M 100.0%	$12.8M 100.0%
Interest Expense	—	—	$74.1M 429.2%	$20.3M 110.5%	$22.7M 129.9%	$35.8M 199.1%	$46.8M 365.9%
Pretax Income	$40.0M 196.9%	$30.9M 159.0%	$28.7M 166.3%	$61.7M 336.7%	$35.7M 204.2%	-$45.1M -250.6%	$27.8M 217.4%
Income Tax Expense	$8.6M 42.5%	$6.3M 32.7%	$5.3M 30.9%	$11.6M 63.3%	$4.1M 23.5%	$772K 4.3%	$1.2M 9.5%
Net Income	$31.4M 154.4%	$24.5M 126.3%	$23.4M 135.4%	$50.1M 273.4%	$31.6M 180.7%	-$45.9M -254.9%	$26.6M 207.9%
Per Share
EPS (Basic)	$1.38	$1.06	$1.00	$2.03	$1.19	-$1.74	$1.01
EPS (Diluted)	$1.38	$1.06	$1.00	$2.03	$1.19	-$1.74	$1.01
Weighted Avg Shares (Basic)	22.5M	22.8M	23.2M	24.6M	26.3M	26.4M	26.3M
Weighted Avg Shares (Diluted)	22.5M	22.8M	23.2M	24.6M	26.3M	26.4M	26.3M

Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.

Loading financials...

Is the business good?

Can't say

No positive operating income in the last three years, so there is no return on capital to compare against its cost.

Not enough history to draw the spread — it needs at least two fiscal years with a computable ROIC and a cost of capital.

Gross, operating and net margin by fiscal year
Fiscal year	Gross margin	Operating margin	Net margin
FY2019	not reported	not reported	207.9%
FY2020	not reported	not reported	-254.9%
FY2021	not reported	not reported	180.7%
FY2022	not reported	not reported	273.4%
FY2023	not reported	not reported	135.4%
FY2024	not reported	not reported	126.3%
FY2025	not reported	not reported	154.4%

Shared scale — the distance between the lines is the cost structure▨ each line's own 7-year range

Return on equity (7%) and return on invested capital (7%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.

The other side

No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.

Missing from our data, so excluded from this answer: positive EBIT.

Basis: FY2025Source: SEC EDGAR XBRL

Are the earnings real?

Can't say

Free cash flow of $32M exceeds revenue of $20M, so the cash flow statement is carrying customer balances rather than earnings. Cash conversion cannot be read here.

The cash bridge needs net income and operating cash flow for the same year — one of them has no value on file here.

The other side

Banks, brokers, insurers and payment companies run customer money through operating cash flow. Treat free cash flow, FCF yield and any DCF on this company as unreliable.

Missing from our data, so excluded from this answer: free cash flow attributable to the company.

Basis: FY2025Source: SEC EDGAR XBRL

Can it survive?

Can't say

Leverage is not measurable this way for a bank.

A stress curve needs EBIT and a reported interest expense — one of them is not available for this company.

What is on hand

Cash & equivalents

$105M

excludes restricted cash

Net debt

—

not reported

Current ratio

—

not reported

Quick ratio

—

not reported

Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.

The other side

Funded by deposits, so debt-weighted leverage and a WACC are not defined. Capital adequacy (CET1, LCR) is the right question and is not collected yet.

Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.

Basis: FY2025Source: SEC EDGAR XBRL

What's priced in?

Demanding

At $29.00, free cash flow must compound 5.84%/yr for 10 years. It has done 0.16%/yr over 6 years after stock compensation, though across a reporting-basis change.

Achieved free cash flow growth by year against the growth the price requires
Fiscal year	FCF growth	Price requires
FY2020	−111.7%	5.8%
FY2022	−6.5%	5.8%
FY2023	−44.4%	5.8%
FY2024	−23.5%	5.8%
FY2025	9.9%	5.8%

The rate the price requires sits inside the range this business has delivered — matched or beaten in 1 of 5 years. Shaded band is ±1σ of its own free-cash-flow growth. The record spans a reporting-basis change, so part of the variation is the restatement rather than the business.

Implied FCF growth

5.8%

for 10 years, discounted at 10.0% (published default — this company's cost of capital could not be computed)

Achieved FCF growth

0.2%

6-year CAGR, on the same basis as the requirement above

Required vs achieved

36.47×

above 1 means the price asks for more than the record

Each multiple against its own 7-year history

P/E

20.4× FY · 5.0× TTM

7.9×23.1×

83th

6 yrs

P/S

31.5× FY

15.6×48.0×

86th

7 yrs

P/B

1.5× FY · 1.2× TTM

0.6×1.3×

100th

7 yrs

last fiscal year TTM medianshaded = middle half

The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.

P / E

21.0× · med 15.6× · 13.0×–16.6×

P / S

31.5× · med 3.4× · 2.5×–4.7×

EV / EBITDA

not reported for this company

P / B

1.5× · med 1.4× · 1.2×–2.1×

CARE cohort median p25–p7516 peersvalues clipped at p1/p99 before rankingeach row scaled to its own range

The other side

The achieved growth rate spans a reporting-basis change in FY2021, so part of it measures the restatement rather than the business.

Basis: FY2025Source: SEC EDGAR XBRL

Loading analysis...

CARE vs. National Commercial Banks peers

Ranked against 16 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.

Where it ranks

top thirdmiddlebottompeer median

ValuationCheaper than peers scores higher

P / E

CARE 21.0× · med 15.6× · p25–p75 13.0×–16.6×

18th pct

P / S

CARE 31.5× · med 3.4× · p25–p75 2.5×–4.7×

6th pct

EV / EBITDA

CARE — · med 12.1×

not enough peer data

—

P / B

CARE 1.5× · med 1.4× · p25–p75 1.2×–2.1×

41st pct

GrowthLatest fiscal-year revenue vs prior year

Revenue growth (YoY)

CARE 4.6% · med 7.2% · p25–p75 4.6%–13.2%

29th pct

ProfitabilityMargins vs the sector

Gross margin

CARE —

not enough peer data

—

Operating margin

CARE — · med 28.2%

not enough peer data

—

Net margin

CARE — · med 26.7% · p25–p75 21.4%–28.9%

not enough peer data

—

FCF margin

CARE — · med 24.1% · p25–p75 11.2%–28.9%

not enough peer data

—

Returns on capitalHow hard the capital works

Return on equity

CARE 7.5% · med 10.8% · p25–p75 8.9%–13.2%

24th pct

Return on invested capital

CARE 7.5% · med 8.7% · p25–p75 5.2%–12.7%

41st pct

LeverageLess debt scores higher

Net debt / EBITDA

CARE — · med 0.0×

not enough peer data

—

13F convictionInstitutional breadth & ownership

13F holders

CARE 22 · med 149 · p25–p75 53–681

7th pct

Institutional ownership

CARE 0.4% · med 2.3% · p25–p75 1.5%–3.2%

11th pct

Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.

Peer table

Click a column to sort · latest FY

Company	Mkt cap ▼	P/E	EV/EBITDA	P/S	Rev gr	Gross	Net	ROE	ROIC	Net D/EBITDA	13F
JPMJPMORGAN CHASE & CO	$895.0B	16.8×	—	4.9×	2.8%	—	31.3%	15.7%	13.4%	—	1,974
BACBANK OF AMERICA CORP /…	$346.2B	13.1×	—	3.1×	6.8%	—	27.0%	10.1%	4.9%	—	1,281
CCITIGROUP INC	$203.0B	17.6×	—	2.4×	5.6%	—	16.8%	6.7%	2.5%	—	—
COFCAPITAL ONE FINANCIAL …	$125.7B	50.8×	—	2.4×	36.6%	—	4.6%	2.2%	2.1%	—	645
USBUS BANCORP DE	$92.6B	12.9×	—	3.2×	4.4%	—	26.4%	11.6%	9.2%	—	685
PNCPNC FINANCIAL SERVICES…	$90.5B	13.7×	—	3.9×	7.2%	—	30.3%	11.5%	5.9%	—	677
KEYKEYCORP /NEW/	$22.3B	13.9×	—	3.0×	62.7%	—	24.3%	9.0%	6.0%	—	248
FHNFIRST HORIZON CORP	$11.0B	12.4×	—	3.2×	7.2%	—	28.7%	11.1%	8.1%	—	—
CFRCULLEN/FROST BANKERS, …	$9.8B	15.9×	—	4.4×	8.3%	—	29.0%	14.2%	14.2%	—	149
WBHCWILSON BANK HOLDING CO	$6.8B	87.9×	—	19.1×	14.2%	—	21.2%	13.0%	12.8%	—	—
CBUCOMMUNITY FINANCIAL SY…	$3.3B	15.7×	—	4.0×	9.6%	—	25.7%	10.5%	10.5%	—	58
PRKPARK NATIONAL CORP /OH…	$3.2B	15.8×	—	4.8×	2.9%	—	27.1%	13.3%	12.6%	—	61
BANCBANC OF CALIFORNIA, IN…	$2.9B	15.6×	—	1.6×	-3.8%	—	12.6%	6.5%	4.1%	—	48
NBTBNBT BANCORP INC	$2.7B	15.7×	—	14.8×	10.4%	—	92.5%	8.9%	8.3%	—	62
CASHPATHWARD FINANCIAL, IN…	$1.6B	9.6×	—	1.9×	5.3%	—	22.1%	21.7%	20.6%	—	46
HAFCHANMI FINANCIAL CORP	$960M	13.0×	12.1×	3.5×	15.3%	—	28.2%	9.6%	9.6%	0.0×	38
CARECarter Bankshares, Inc…	$641M	21.0×	—	31.5×	4.6%	—	—	7.5%	7.5%	—	22

Peers = companies sharing CARE's sector (National Commercial Banks) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.

Loading peer comparison...

Open-market buys

$120k · 1 holder

Discretionary sales

$341k · 4 holders

10b5-1 plan sales

$0 · scheduled in advance

Filed late

20%

10 of 49 filings

1 open-market purchase and 4 discretionary sales against the share price · hover a marker

2025-10-31$16.96 – $34.482026-10-23

Shares held by reporting insiders1 → 17 insiders reporting — no comparable change

2025-12-16 · 54,1112026-09-11 · 545,898 (17 insiders)

Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.

Date	Insider	What it was	Shares	Price	Value
2026-09-11	Midkiff Catharine L. Director	Open-market sale	1,000	$31.25	$31k
2026-08-04	Feldmann Gregory W Director	Gift	280	$35.16	$10k
2026-07-30	Bolton Robert M. Director	Open-market saleindirect	1,500	$34.60	$52k
2026-07-30	Langs Bradford N. PRESIDENT, CHIEF STRATEGY OFCR

How this is measured

Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.

Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.

Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.

The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.

“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.

Insider activity is descriptive. Nothing here is investment advice.

Loading insider activity...

Carter Bankshares, Inc. (CARE)

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is 7.5%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Financials

Revenue → Profit Flow

Reverse DCF — what growth does the price assume?

Is the business good?

Are the earnings real?

Can it survive?

What's priced in?

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Debt & Leverage

Capital structure over time

Debt servicing

Liquidity

Short-term vs long-term debt

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -28%

CARE vs. National Commercial Banks peers

Where it ranks

Peer table

Ownership Map

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Institutional Holders

Institutional Holders

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Ownership Map

CARE vs. National Commercial Banks peers

Where it ranks

Peer table

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Reverse DCF — what growth does the price assume?

Debt & Leverage

Capital structure over time

Debt servicing

Liquidity

Short-term vs long-term debt

Financials

Revenue → Profit Flow

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -28%

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is 7.5%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Is the business good?