QCRH

QCR Holdings is a well-run, four-bank Midwest holding company (Iowa/Illinois/Missouri) delivering exactly what you want from a community bank: consistent, profitable growth. Net income has climbed every year — $98.9M (2021) → $99.1M (2022) → $114M (2023) → $114M (2024) → $127M (2025) — and FY2025 EPS of $7.49 grew 11.6%, helped by a ~1% share-count reduction that signals buybacks rather than dilution. The balance sheet is sound for the model: $9.58B assets, $1.11B equity (+11.5%), and retained earnings up 16.3% to $773M show real internal capital generation. Liabilities/equity of 7.61x looks heavy only to those unfamiliar with banks — it is normal leverage funded by deposits, not stressed wholesale debt (current debt is a trivial $2.65M).

The quality is solid but not exceptional, which is what caps this at a hold. ROE of 11.4% is respectable but below the 13–15% that earns a premium multiple, and at $96.64 the stock trades at roughly 1.45x book value (equity $1.11B / 16.7M shares ≈ $66.5 book). A 12.9x P/E on a low-teens grower is a fair, PEG-near-1 price — neither cheap enough to back the truck up nor expensive enough to flee. Note: the revenue line (and the derived P/S of 3.0 and 23.3% net margin) rests on an inconsistent XBRL tag — the +46.3% 'growth' and the missing FY2024/2025 figures are tagging artifacts, not real, so I anchor the valuation on EPS, net income, ROE and book value, which are clean.