Hilltop
Hilltop's revenue rose 7.8% to $1.3 billion in fiscal 2025. Net income was $166 million, up 46.3%. Its return on equity was 7.6%, up from 5.2% a year earlier. Its efficiency ratio was 82.2%, down from 86.9% a year earlier. It paid out $229 million in dividends and buybacks. The diluted share count fell 3.6%.
Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
Charts show fiscal years, from the 10-K filings.
What Hilltop does
Hilltop Holdings is a Texas-based financial holding company in Dallas. Its main business is banking for businesses and consumers through its bank, PlainsCapital Bank, with offices across Texas. It also has a securities broker-dealer and a mortgage lending business.
It reports three segments: banking, broker-dealer and mortgage origination. The bank offers traditional banking plus wealth, investment and treasury management services, and makes home loans across the country. Its securities arm, Securities Holdings, does investment banking, municipal advisory work, trading and underwriting of bonds, clearing, securities lending, structured finance and retail brokerage. Its income comes from interest on loans and investments, from fees, and from trading and mortgage activity.
At the end of 2025 it had total assets of $15.8 billion, total deposits of $10.9 billion and total loans, including loans held for sale, of $9.2 billion. It says it may grow through acquisitions as well as organic growth.
Its biggest risks, as it describes them
- Borrowers not repaying loans, with allowances for credit losses turning out too low.
- Swings in mortgage lending, which move with interest rates and the housing market.
- Results in its securities and broker-dealer business that depend on financial markets.
- Strict banking and securities regulation.
- Concentration of its banking in Texas.
Income statement
From fiscal 2016 to 2025, earnings per share grew 6.6% a year and net income 1.4% a year, as buybacks cut the share count by 36%.
Return on equity
Balance sheet
Five years at a glance
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Loans, net | 7,789 | — | — | — | — |
| Deposits | 12,818 | 11,316 | 11,063 | 11,065 | 10,878 |
| Loans to deposits | 60.8% | — | — | — | — |
| Provision for credit losses | −58 | 8 | 18 | 1 | 7 |
| Provision to average loans | −0.8% | — | — | — | — |
| Total assets | 18,689 | 16,259 | 16,467 | 16,268 | 15,845 |
| Shareholders' equity | 2,523 | 2,037 | 2,123 | 2,190 | 2,168 |
Cash flow
Projections
Project Hilltop's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them. Every projected figure is yours: it is not a forecast of ours.
Insider trades
Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Hilltop shares on the open market, and 5 insiders sold $15.4 million.
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 24, 2026 | Rhodes R BobbittDirector | Sold | 5,000 | $38.80 | $194,000 | Form 4 |
| Aug 21, 2026 | Rhodes R BobbittDirector | Sold | 5,000 | $38.80 | $194,000 | Form 4 |
| Aug 14, 2026 | Rhodes R BobbittDirector | Sold | 10,000 | $39.80 | $398,000 | Form 4 |
| Aug 13, 2026 | Rhodes R BobbittDirector | Sold | 10,000 | $39.50 | $395,000 | Form 4 |
| Aug 5, 2026 | Rhodes R BobbittDirector | Sold | 455 | $40.25 | $18,314 | Form 4 |
| Aug 4, 2026 | Rhodes R BobbittDirector | Sold | 20,000 | $40.12 | $802,500 | Form 4 |
| Aug 3, 2026 | Rhodes R BobbittDirector | Sold | 12,100 | $40.00 | $484,000 | Form 4 |
| Jun 2, 2026 | Rhodes R BobbittDirector | Sold | 10,000 | $38.00 | $380,000 | Form 4 |
| May 27, 2026 | Rhodes R BobbittDirector | Sold | 10,000 | $38.00 | $380,000 | Form 4 |
| May 26, 2026 | Rhodes R BobbittDirector | Sold | 10,000 | $37.75 | $377,500 | Form 4 |
| May 13, 2026 | Rhodes R BobbittDirector | Sold | 10,000 | $37.25 | $372,500 | Form 4 |
| May 5, 2026 | Keith E. BornemannChief Accounting Officer | Sold | 2,000 | $38.00 | $76,000 | Form 4 |
Compare
Put Hilltop side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Net margin | Return on equity | Return on tangible equity | Efficiency ratio | Compare |
|---|---|---|---|---|---|---|---|
| Hilltop | FY25 | 7.8% | 12.9% | 7.6% | 8.7% | 82.2% | |
| Texas Capital Bancshares | FY25 | 34.7% | 26.3% | 9.4% | 9.8% | 61.2% | Compare |
| First BanCorp (Puerto Rico) | FY25 | 2.4% | 27.5% | 19.0% | 19.4% | 39.7% | Compare |
| Fulton Financial | FY25 | 6.2% | 29.8% | 11.7% | 14.9% | 60.3% | Compare |
| Prosperity Bancshares | FY25 | 4.8% | 43.4% | 7.2% | 13.5% | 44.5% | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 1,684 | 1,627 | 1,313 | 1,502 | 2,115 | 1,833 | 1,291 | 1,196 | 1,189 | 1,282 |
| Revenue growth | 3.0% | −3.4% | −19.3% | 14.3% | 40.8% | −13.3% | −29.6% | −7.4% | −0.6% | 7.8% |
| Net interest income | 398 | 422 | 433 | 439 | 424 | 423 | 459 | 467 | 418 | 441 |
| Noninterest income | 1,287 | 1,205 | 880 | 1,063 | 1,690 | 1,410 | 832 | 729 | 771 | 841 |
| Noninterest expense | 1,412 | 1,369 | 1,153 | 1,212 | 1,454 | 1,387 | 1,127 | 1,028 | 1,034 | 1,054 |
| Provision for credit losses | — | — | — | — | 96 | −58 | 8 | 18 | 1 | 7 |
| Net income | 146 | 132 | 121 | 225 | 448 | 374 | 113 | 110 | 113 | 166 |
| Diluted EPS (US$) | 1.48 | 1.36 | 1.28 | 2.44 | 5.01 | 4.61 | 1.60 | 1.69 | 1.74 | 2.64 |
| Diluted shares (millions) | 99 | 97 | 95 | 92 | 89 | 81 | 71 | 65 | 65 | 63 |
| Payouts | ||||||||||
| Dividends paid | 6 | 23 | 27 | 30 | 32 | 39 | 43 | 42 | 44 | 45 |
| Share buybacks | 0 | 27 | 59 | 73 | 209 | 124 | 442 | 5 | 20 | 184 |
| Balance sheet at fiscal year end | ||||||||||
| Loans, net | 5,789 | 6,213 | — | 7,320 | 7,544 | 7,789 | — | — | — | — |
| Deposits | 7,064 | 7,978 | 8,536 | 9,032 | 11,242 | 12,818 | 11,316 | 11,063 | 11,065 | 10,878 |
| Total assets | 12,738 | 13,366 | 13,684 | 15,172 | 16,944 | 18,689 | 16,259 | 16,467 | 16,268 | 15,845 |
| Shareholders' equity | 1,870 | 1,912 | 1,950 | 2,103 | 2,324 | 2,523 | 2,037 | 2,123 | 2,190 | 2,168 |
| Ratios | ||||||||||
| Return on equity | 8.1% | 7.0% | 6.3% | 11.1% | 20.2% | 15.4% | 5.0% | 5.3% | 5.2% | 7.6% |
| Return on tangible common equity | — | 8.3% | 7.5% | 13.1% | 23.3% | 17.5% | 5.7% | 6.1% | 6.0% | 8.7% |
| Return on assets | 1.2% | 1.0% | 0.9% | 1.6% | 2.8% | 2.1% | 0.7% | 0.7% | 0.7% | 1.0% |
| Efficiency ratio | 83.8% | 84.2% | 87.8% | 80.7% | 68.8% | 75.7% | 87.3% | 86.0% | 86.9% | 82.2% |