BNCCORP (BNCC) Stock Analysis & Winston Score

BancCorp, Inc. is a small regional bank holding company based in Bismarck, North Dakota. It serves everyday customers, small businesses, and local communities through its main subsidiary, BNC National Bank. The bank offers standard financial services like checking and savings accounts, loans, and wealth management.

The company makes money primarily through interest income on loans and fees from banking services. It operates mainly in North Dakota and Arizona, with a small number of branch locations, making it a community-focused institution rather than a national player. Its local relationships and knowledge of regional markets give it some competitive footing against larger banks, but its small size limits its ability to absorb economic shocks. The main risk the business faces is exposure to interest rate changes, which directly affect how much profit it earns on loans relative to what it pays depositors.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+65.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-1.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

13.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$211M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

BNCCORP grew revenue 66% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.8% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 3.6M (2021) → 3.5M (2025)

Score breakdown

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Quality

Gross Margin

62.2%

Premium pricing power — 62.2% gross margin

Operating Margin

18.8%

Healthy — 18.8% operating margin

ROCE

2.3%

Weak — 2.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+18.9%

Fast-growing sales (18.9% YoY)

EPS YoY

+10.7%

Earnings growing (10.7% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

146%

Turns 146% of profit into real cash

FCF Margin

21.9%

Converts sales into free cash efficiently (21.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.15

Conservative — low debt load (0.15)

Interest Cover

0.66x

Dangerous — barely covers interest (0.7x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

14.5x

Attractive valuation — P/E 14.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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