Live Oak Bancshares, Inc. LOB

FinancialsBanking ServicesUnited States of America

Last close 34.42 USD on Nov 3, 2026, +0.4% year to date

Quant rating

Quant rating C Rank 418 of 799 in Financials

Growth B 193 of 799
Valuation A 37 of 799
Quality C 432 of 799
Revisions C 424 of 799
Momentum D 714 of 799

Wall Street consensus Hold (2.60)Average target 40.50 USD +17.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.6B
Enterprise value: 869M
52-week range: 29.36 – 44.53
3-year range: 23.17 – 50.22
Dividend yield: 0.34%
Beta (5 years): 2.16
Shares outstanding: 46.4M
Next earnings: Jan 19, 2027

About the company

Live Oak Bancshares, Inc. is the bank holding company for Live Oak Banking Company (the Bank). The Bank specializes in providing lending and deposit-related services to small businesses nationwide. The Bank operates a national online platform for small business lending and deposit gathering. In addition to the Bank, the Company directly or indirectly holds wholly owned subsidiaries, including Live Oak Ventures, Inc. (Live Oak Ventures), Live Oak Grove, LLC (Grove), and Government Loan Solutions, Inc. (GLS). Live Oak Ventures has an investment in Synply, Inc. (Synply). Synply is a cloud-based technology platform designed to simplify the loan syndication process for financial institutions. The Grove provides Company employees and business visitors with on-site dining at the Company’s Wilmington, North Carolina headquarters. GLS is a management and technology consulting firm that advises and offers solutions and services to participants in the government-guaranteed lending sector.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	908	812	688	444	361	–
Revenue growth	11.8%	18.0%	54.9%	23.1%	25.2%	25.8%
EPS (basic, normalized)	2.26	1.73	1.97	4.33	3.96	–
EPS growth	30.6%	−12.1%	−54.5%	9.2%	63.2%	−1.4%
Gross margin	–	–	–	–	–	–
Net margin	11.3%	9.5%	10.7%	39.6%	46.2%	23.5%
ROE	9.1%	8.1%	8.6%	23.1%	26.0%	15.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	11.2%
Long-term debt (mil)	99.8
Net debt (mil)	–
Total equity (mil)	1,308
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	908	+11.8%	1.0x	25.06	+9.5%	1.4x	2.23	+32.0%	15.4x
2026	644	−29.1%	1.3x	28.05	+11.9%	1.2x	2.91	+30.3%	11.8x
2027	629	−2.3%	1.4x	31.40	+12.0%	1.1x	4.27	+46.8%	8.1x
2028	624	−0.9%	1.4x	–	–	–	4.18	−2.1%	8.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	644	+0.8%	+0.8%	+5.1%	2.91	−4.2%	−4.2%	−0.8%
2027	629	−11.0%	−11.0%	−11.5%	4.27	+4.0%	+4.0%	+6.1%
2028	624	–	–	–	4.18	–	–	–

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	116	125	130	128	126	144	146	173	145	156
Sales mean (mil)	117	120	124	124	122	129	143	145	147	150
Surprise	−0.4%	+4.5%	+5.1%	+3.7%	+3.7%	+11.1%	+2.4%	+19.5%	−0.8%	+4.1%
EPS reported	0.36	0.59	0.28	0.22	0.21	0.51	0.55	0.95	0.60	0.74
EPS mean	0.47	0.46	0.55	0.54	0.34	0.53	0.60	0.95	0.51	0.63
Surprise	−23.0%	+27.6%	−49.5%	−59.6%	−39.0%	−3.8%	−8.0%	−0.3%	+18.6%	+17.6%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
LOB Live Oak Bancshares, Inc.	1.6B	11.2%	11.3%	1.16x	11.8x	8.1x	1.2x	1.1x
EWBC East West Bancorp, Inc.	18.1B	15.4%	30.9%	1.20x	12.3x	11.3x	2.0x	1.7x
UMBF UMB Financial Corporation	10.3B	12.0%	20.4%	1.58x	10.0x	9.7x	1.3x	1.1x
CFR Cullen/Frost Bankers, Inc.	9.9B	14.2%	26.3%	1.99x	14.3x	13.2x	2.3x	2.0x
ZION Zions Bancorporation, National Association	9.5B	11.9%	21.1%	1.26x	8.4x	9.4x	1.2x	1.1x
PB Prosperity Bancshares, Inc.	8.8B	15.9%	34.6%	1.33x	11.7x	9.8x	0.9x	0.8x
Mean		13.4%	24.1%	1.42x	11.4x	10.2x	1.5x	1.3x
Median		13.1%	23.7%	1.29x	11.8x	9.7x	1.3x	1.1x

Technical analysis

1M−6.2%
3M−21.3%
1Y+9.3%
3Y+9.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Live Oak Bancshares, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	908	812	688	444	361	288
Total interest expense	460	436	343	117	64.4	93.7
Net interest income	448	376	345	328	297	195
Loan loss provision	96.3	96.2	51.3	40.9	15.2	–
Net interest income after loan loss provision	352	280	294	287	282	195
Non-interest income	129	124	112	238	160	86.0
Non-interest expense	−339	−314	−323	−314	−231	−233
Net income before taxes	143	89.2	82.8	210	211	47.4
Provision for taxes	37.2	11.8	8.9	34.1	43.8	−8.4
Minority interest & equity in affiliates	0.2	0.1	–	–	–	–
Other	0	0	0	0	0	0
Net income before extraordinary items	106	77.5	73.9	176	167	55.8
Extraordinary items	–	–	–	–	–	3.7
Net income	106	77.5	73.9	176	167	59.5
Basic weighted average shares (mil)	45.7	45.0	44.4	43.9	43.2	40.7
Diluted weighted average shares (mil)	46.0	45.8	45.1	44.9	45.1	41.8
Basic EPS excluding extraordinary items	2.25	1.72	1.67	4.02	3.87	1.37
Basic EPS, normalized	2.26	1.73	1.97	4.33	3.96	2.43

Balance sheet in millions of USD, fiscal years

Balance sheet, Live Oak Bancshares, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	865	609	583	280	187	297
Other earning assets	1,848	1,594	1,513	1,710	2,044	1,953
Net loans	11,781	10,066	8,508	7,248	5,458	5,093
Property, plant & equipment	242	266	261	265	242	262
Goodwill	–	–	–	–	–	–
Intangibles	63.2	56.1	48.6	26.3	33.6	33.9
Long-term investments	–	–	–	–	–	–
Other long-term assets	–	–	–	–	–	–
Other assets	336	352	358	326	249	233
Total assets	15,135	12,943	11,271	9,855	8,213	7,872
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	2.2	2.6	3.2	2.6	2.4	2.8
Total deposits	13,689	11,760	10,275	8,885	7,112	5,713
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	–	–	–	–	–	–
Current portion of long-term debt	–	–	–	–	–	14.5
Long-term debt	102	113	90.6	83.2	318	1,528
Minority interest	4.2	4.5	–	–	–	–
Other liabilities	87.4	63.9	0	73.8	65.5	46.8
Total liabilities	13,885	11,944	10,369	9,044	7,498	7,304
Shareholders' equity
Preferred stock	96.3	0	–	0	0	0
Common stock	388	366	345	331	312	311
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	810	716	643	572	401	236
Treasury stock	–	–	–	–	–	–
Other equity	−44.7	−82.3	−84.7	−92.3	1.9	21.5
Total equity	1,250	999	903	811	715	568
Total liabilities & shareholders' equity	15,135	12,943	11,271	9,855	8,213	7,872

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Live Oak Bancshares, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	106	77.4	73.9	176	167	59.5
Depreciation, depletion & amortization	30.4	23.3	21.3	20.8	21.4	21.7
Deferred taxes	−12.4	−11.4	−22.2	27.1	24.8	−17.4
Non-cash items	4.7	14.6	13.6	−99.9	−6.7	42.9
Changes in working capital	29.9	433	534	0.3	−326	−368
Cash from operations	158	536	620	124	−120	−261
Investing activities
Capital expenditures	−14.8	−49.3	−46.8	−43.8	−3.1	−21.0
Other investing cash flows	−1,889	−2,030	−1,728	−1,399	−147	−2,598
Cash from investing	−1,904	−2,079	−1,775	−1,442	−150	−2,619
Financing activities
Financing cash flow items	1,922	1,483	1,385	1,769	1,381	1,437
Cash dividends paid	−8.5	−5.4	−5.3	−5.3	−5.2	−4.9
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	88.8	91.8	−58.7	−233	−1,221	1,545
Cash from financing	2,002	1,569	1,321	1,531	155	2,977
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	256	26.3	166	213	−115	96.9
Free cash flow	143	487	573	80.7	−123	−282

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.