COLB · Financials(state commercial banks) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Columbia Banking System, Inc. reported revenue of $177.0 million in fiscal 2025. Of the $4.7 billion its operations generated over 10 years, 35.9% went to dividends and 5.9% to buybacks; the share count rose 109.0%. On the accounting screens, it passes 3 of 6 Piotroski tests; none of the six cross-checks between its statements fires.
Revenue, fiscal 2025177.0M
Operating margin—gross margin —
Return on invested capital—
Free cash flow—
Net debt ÷ EBITDA—net debt —
Piotroski F-score3/6tests of improvement passed
Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units:
2-for-1 before fiscal 2021.
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
0100M200M300M400M
2016Operating income 154.1M
2017Operating income 184.7M
2018Operating income 230.1M
2019Operating income 278.2M
2020Operating income 210.1M
2021Revenue 83.3MOperating income 298.9M
2022Revenue 85.8MOperating income 395.6M
2023Revenue 134.0M
2024Revenue 149.0M
2025Revenue 177.0M
2016201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+27.3%
—
—
Net income
+17.8%
+29.0%
+20.2%
Earnings per share
-4.0%
+16.1%
+10.8%
Dividend per share
-0.1%
+15.8%
+6.8%
Shares
+22.6%
+11.0%
+8.5%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Needs a cost of capital, which comes from the valuation below.
Return on equity
7.0%
Return on assets
0.8%
Asset turnover
0.00×
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
00.5B1.0B1.5B
2016Net income 104.9MFree cash flow 141.3MAfter stock-based pay 136.3M
2017Net income 112.8MFree cash flow 122.0MAfter stock-based pay 114.3M
2018Net income 172.9MFree cash flow 225.9MAfter stock-based pay 217.5M
2019Net income 194.5MFree cash flow 196.3MAfter stock-based pay 187.0M
2020Net income 154.2MFree cash flow 183.6MAfter stock-based pay 172.8M
2021Net income 420.3MFree cash flow 647.2MAfter stock-based pay 636.3M
2022Net income 336.8MFree cash flow 1.0BAfter stock-based pay 1.0B
2023Net income 349.0M
2024Net income 534.0M
2025Net income 550.0M
2016201720182019202020212022202320242025
Where 10 years of operating cash went, 2016–2025
4.7B generated by the business. Each band is its share of that total.
Reinvested in the business 2%82.1M
Acquisitions 0%0
Dividends 36%1.7B
Share buybacks 6%277.8M
Kept, or used to pay down debt 56%2.7B
Over the same years it paid 132.8M in stock. The share count rose 109.0%. 145.0M of the buybacks went beyond offsetting that dilution.
Per share
Earnings per shareFree cash flow per shareDividend per share
$0.0$2.5$5.0$7.5$10.0
2016Earnings per share $0.92Free cash flow per share $1.24Dividend per share $0.78
2017Earnings per share $0.94Free cash flow per share $1.02Dividend per share $0.43
2018Earnings per share $1.19Free cash flow per share $1.56Dividend per share $0.58
2019Earnings per share $1.35Free cash flow per share $1.36Dividend per share $0.71
2020Earnings per share $1.09Free cash flow per share $1.29Dividend per share $0.67
2021Earnings per share $3.21Free cash flow per share $4.94Dividend per share $1.40
2022Earnings per share $2.60Free cash flow per share $8.00Dividend per share $1.40
2023Earnings per share $1.78Dividend per share $1.38
2024Earnings per share $2.55Dividend per share $1.43
2025Earnings per share $2.30Dividend per share $1.40
2016201720182019202020212022202320242025
Shares outstanding
Diluted shares
100M150M200M250M
2016Diluted shares 114.4M
2017Diluted shares 119.8M
2018Diluted shares 144.8M
2019Diluted shares 144.1M
2020Diluted shares 141.8M
2021Diluted shares 131.0M
2022Diluted shares 129.7M
2023Diluted shares 195.9M
2024Diluted shares 209.3M
2025Diluted shares 239.1M
2016201720182019202020212022202320242025
Debt and liquidity
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt ÷ EBITDA
—
Interest coverage
— operating income ÷ interest
Current ratio
— current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
3of 6 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✕Profitability improvedReturn on assets higher than a year beforefailed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
–Less long-term debtLong-term debt as a share of assets fell — not reportedno data
–More liquidCurrent ratio higher than a year before — not reportedno data
✕No new sharesShare count did not growfailed
–Better gross marginGross margin higher than a year before — not reportedno data
✕Sells more per assetAsset turnover higher than a year beforefailed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
The accounts lack a line it needs (retained earnings, current assets or liabilities).
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
None of the six cross-checks fires for the latest year: receivables and inventory move with revenue, profit turns into cash, investment keeps up with depreciation, the tax rate is ordinary and debt is moderate.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 5 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market$22,4781 purchase(s) by 1 insider(s)
Sold on the open market—none in the period
Under pre-arranged plans—of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
