Heartland Financial USA, Inc.

HTLFNASDAQFinancial Services

$64.67

$-1.43(-2.16%)

Market Cap$2.8B

P/E Ratio—

52W High$70.27

52W Low$32.035

Avg Volume280K

Open$66.68

Beta0.94

Free Cash Flow Financials Revenue

Heartland Financial USA, Inc. (HTLF) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

HTLF · free cash flow · updated Jun 8, 2026

Core FCF metrics

HTLF · FCF · TTM · margin & CAGR

Free cash flow was $273.3M for FY2023 (fiscal year ending 2023-12-31), down 26.8% year-over-year The FCF margin was 49.4%. Five-year CAGR stands at +3.5%.

FY2023 Free Cash Flow$273.3M▼ -26.8% YoY

Trailing 12M (TTM)$181.0Mtrailing 4 quarters sum

FCF Margin49.4%$273.3M ÷ revenue

3-Year CAGR+16.7%FY2020 → FY2023

5-Year CAGR+3.5%FY2018 → FY2023

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

HTLF · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2023Latest$280.3M(7M)$273.3M▼ 26.8%49.4%

FY2022$388.0M(15M)$373.2M▲ +20.8%51.3%

FY2021$326.0M(17M)$308.8M▲ +79.7%44.8%

FY2020$190.4M(19M)$171.8M▲ +20.0%28.3%

FY2019$161.2M(18M)$143.2M▼ 37.7%25.2%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

HTLF · P/FCF · FCF yield · FCF per share

Heartland Financial USA, Inc. (HTLF) trades at a FCF yield of 9.85% and a price-to-free-cash-flow ratio of 17.0x. FCF per share stands at $3.80, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

9.85%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$3.80

TTM FCF ÷ Shares Outstanding

Price / FCF

x17.0

Share Price ÷ FCF per Share

EV / FCF (TTM)

x12.7

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2023 · 2023-12-31

Cash flow statement summary

HTLF · cash flow statement · operating / investing / financing

For FY2023, Heartland Financial USA, Inc. generated $280.3M in operating cash flow and spent 7M in capital expenditures, yielding $273.3M in free cash flow.

Operating Activities

+$280.3M

Cash from core business operations

2023-12-31

Investing Activities

+$802.2M

CapEx, acquisitions & investments

2023-12-31

Financing Activities

−$1.12B

Buybacks, dividends & debt

2023-12-31

FCF FormulaOperating CF ($280.3M) − |CapEx| (7M) = FCF ($273.3M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Financial Services)

HTLF vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Heartland Financial USA, Inc.YOU

HTLF

$273.3M-26.8%49.4%

Berkshire Hathaway Inc.

BRK-B

$25.04B+115.6%6.7%

25%

Berkshire Hathaway Inc.

Mastercard Incorporated

$16.91B+18.2%51.6%

17%

Financial Services · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Heartland Financial USA, Inc. (HTLF) reported free cash flow of $273.3M for FY2023 (fiscal year ending 2023-12-31), down 26.8% year-over-year. The FCF margin was 49.4%.

Based on available data, Heartland Financial USA, Inc. has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $373.2M in FY2022. The 5-year CAGR stands at +3.5%.

Heartland Financial USA, Inc.'s FCF yield is 9.85% and price-to-FCF ratio is 17.0x for FY2023, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

HTLF free cash flow · 8 questions

Heartland Financial USA, Inc. free cash flow was $273.3M for FY2023, down 26.8% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $181.0M.

HTLF free cash flowHTLF FCFHTLF FCF 2023HTLF free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Heartland Financial USA, Inc. · Heartland Financial USA, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026