Latest Ratios: P/E Ratio 23.6x · EV/EBITDA 16.4x · ROE 7.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.6B | $2.1B | $1.8B | $1.5B | $1.5B | $1.6B | $980M | $1.2B | $970M | $893M | $563M |
| Enterprise Value | $2.5B | $2.0B | $1.3B | $1.6B | $1.5B | $1.2B | $636M | $1.5B | $1.2B | $1.1B | $528M |
| P/E Ratio → | 23.57 | 18.95 | 23.90 | 14.75 | 10.40 | 17.06 | 12.04 | 12.87 | 10.85 | 19.40 | 20.41 |
| P/S Ratio | 4.81 | 3.87 | 3.42 | 2.82 | 3.75 | 5.01 | 3.08 | 3.84 | 3.35 | 3.95 | 3.37 |
| P/B Ratio | 1.58 | 1.27 | 1.26 | 1.11 | 1.48 | 1.32 | 1.10 | 1.39 | 1.27 | 1.29 | 1.53 |
| P/FCF | 13.14 | 10.56 | 10.56 | 12.00 | 6.78 | 12.25 | 21.33 | 24.86 | 27.19 | 40.26 | 17.27 |
| P/OCF | 12.87 | 10.34 | 10.40 | 11.59 | 6.63 | 11.44 | 16.81 | 23.15 | 20.91 | 33.27 | 13.63 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.73 | 2.49 | 2.97 | 3.67 | 3.65 | 2.00 | 4.72 | 4.14 | 4.85 | 3.17 |
| EV / EBITDA | 16.43 | 13.11 | 11.42 | 10.63 | 7.46 | 8.84 | 5.45 | 11.19 | 9.50 | 14.16 | 11.01 |
| EV / EBIT | 17.62 | 14.06 | 13.50 | 12.18 | 8.08 | 9.87 | 6.17 | 12.53 | 10.58 | 16.20 | 12.53 |
| EV / FCF | — | 10.20 | 7.69 | 12.66 | 6.64 | 8.93 | 13.84 | 30.54 | 33.63 | 49.48 | 16.21 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.1% | 70.1% | 61.7% | 70.4% | 93.0% | 92.4% | 82.9% | 88.3% | 93.0% | 94.1% | 95.5% |
| Operating Margin | 26.6% | 26.6% | 18.5% | 24.4% | 45.4% | 37.0% | 32.4% | 37.7% | 39.2% | 30.0% | 25.3% |
| Net Profit Margin | 20.4% | 20.4% | 14.4% | 19.2% | 36.0% | 29.4% | 25.6% | 29.8% | 30.8% | 20.3% | 16.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.2% | 7.2% | 5.4% | 8.7% | 13.0% | 9.0% | 9.3% | 11.4% | 12.3% | 8.7% | 7.7% |
| ROA | 0.9% | 0.9% | 0.6% | 0.9% | 1.4% | 1.1% | 1.2% | 1.5% | 1.6% | 1.0% | 0.8% |
| ROIC | 6.8% | 6.8% | 4.7% | 6.7% | 11.0% | 8.3% | 6.8% | 6.2% | 6.0% | 5.0% | 5.4% |
| ROCE | 5.9% | 5.9% | 5.3% | 7.6% | 13.3% | 10.0% | 10.4% | 12.7% | 13.7% | 9.3% | 6.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.01 | 0.23 | 0.23 | 0.02 | 0.03 | 0.59 | 0.91 | 1.00 | 0.74 |
| Debt / EBITDA | 0.48 | 0.48 | 0.13 | 2.13 | 1.19 | 0.15 | 0.20 | 3.86 | 5.49 | 8.96 | 5.66 |
| Net Debt / Equity | — | -0.04 | -0.34 | 0.06 | -0.03 | -0.36 | -0.39 | 0.32 | 0.30 | 0.29 | -0.09 |
| Net Debt / EBITDA | -0.47 | -0.47 | -4.25 | 0.55 | -0.16 | -3.29 | -2.95 | 2.08 | 1.82 | 2.64 | -0.72 |
| Debt / FCF | — | -0.36 | -2.86 | 0.66 | -0.14 | -3.32 | -7.49 | 5.67 | 6.45 | 9.21 | -1.06 |
| Interest Coverage | 0.91 | 0.91 | 0.52 | 0.93 | 11.50 | 12.63 | 5.27 | 3.43 | 4.77 | 5.35 | 5.54 |
Net cash position: cash ($147M) exceeds total debt ($75M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.24 | 0.24 | 0.23 | 0.25 | 0.28 | 0.34 | 0.29 | 0.21 | 0.20 | 0.18 | 0.17 |
| Quick Ratio | 0.24 | 0.24 | 0.23 | 0.25 | 0.28 | 0.34 | 0.29 | 0.21 | 0.20 | 0.18 | 0.17 |
| Cash Ratio | 0.02 | 0.02 | 0.05 | 0.02 | 0.03 | 0.05 | 0.06 | 0.04 | 0.09 | 0.10 | 0.10 |
| Asset Turnover | — | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 0.04 | 0.05 | 0.05 | 0.04 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.4% | 1.8% | 2.0% | 2.3% | 2.0% | 1.4% | 2.1% | 1.2% | 1.2% | 0.9% | 1.1% |
| Payout Ratio | 33.6% | 33.6% | 47.6% | 33.6% | 20.9% | 23.2% | 25.7% | 14.8% | 12.6% | 16.5% | 23.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.2% | 5.3% | 4.2% | 6.8% | 9.6% | 5.9% | 8.3% | 7.8% | 9.2% | 5.2% | 4.9% |
| FCF Yield | 7.6% | 9.5% | 9.5% | 8.3% | 14.7% | 8.2% | 4.7% | 4.0% | 3.7% | 2.5% | 5.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 3.3% | 0.8% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.5% | 1.8% | 2.0% | 2.3% | 2.0% | 1.6% | 5.4% | 2.0% | 1.2% | 0.9% | 1.1% |
| Shares Outstanding | — | $41M | $41M | $41M | $36M | $36M | $29M | $30M | $30M | $25M | $21M |
Margin compression and fee volatility
With a P/B ratio of 1.59, First Bancorp trades at a significant premium to peers like United Bankshares, despite reporting a modest ROE of 2.8% in 2026Q1, which suggests that the market may be pricing in future franchise value rather than current earnings power.
The current valuation appears disconnected from the bank's recent profitability metrics, implying investors are paying for the stability of the Sandhills franchise rather than immediate growth. This premium warrants caution, as the bank must demonstrate a clear path to improving its return on tangible equity to justify these multiples relative to regional peers.
As reported in recent financial statements, the bank's ROE has remained suppressed, peaking at only 2.8% in 2026Q1, a trend driven by a compressed NIM of 0.8% and a conservative leverage profile that limits the bank's ability to amplify returns on its asset base.
The decomposition of profitability highlights that the bank's reliance on a low-leverage model, while safe, prevents the scaling of returns during periods of margin pressure. Investors should monitor whether the bank can improve its non-interest income contribution to offset the structural limitations currently impacting its core interest-based earnings.
Based on quarterly data, the efficiency ratio has fluctuated between 37.7% and 52.5%, indicating that the bank's operational leverage is highly sensitive to revenue swings, particularly when non-interest income streams like SBA gain-on-sale activities experience periodic, sharp contractions in the current rate environment.
The wide variance in the efficiency ratio suggests that the bank's fixed cost base is not being perfectly offset by revenue growth, leading to inconsistent operating margins. This volatility may indicate that the bank's cost structure requires more rigorous management to maintain profitability during cycles where interest income is constrained.
According to recent regulatory filings, the bank maintains an equity-to-assets ratio of approximately 0.13, which provides a substantial capital buffer but may be viewed as an under-leveraged position that prevents the bank from optimizing its return on equity compared to more aggressive regional competitors.
While this conservative capital stance protects the bank against credit shocks, it appears to be a drag on shareholder returns. The lack of significant share buyback activity suggests that management is prioritizing capital preservation, which may be a prudent strategy given the current economic uncertainty in the Carolinas.
The P/E ratio is frequently misapplied to First Bancorp, as it obscures the impact of lumpy provision expenses and non-cash adjustments that distort quarterly earnings, making the P/TBV ratio a far more reliable metric for assessing the bank's true valuation and long-term franchise value.
Investors relying on P/E ratios may be misled by the volatility inherent in the bank's SBA gain-on-sale income and periodic credit loss provisions. A focus on P/TBV provides a more stable anchor for valuation, as it accounts for the tangible capital base that supports the bank's operations regardless of short-term accounting fluctuations.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying FBNC stock.
First Bancorp's current P/E ratio is 23.6x. The historical average is 17.9x. This places it at the 83th percentile of its historical range.
First Bancorp's current EV/EBITDA is 16.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.8x.
First Bancorp's return on equity (ROE) is 7.2%. The historical average is 10.5%.
Based on historical data, First Bancorp is trading at a P/E of 23.6x. This is at the 83th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
First Bancorp's current dividend yield is 1.43% with a payout ratio of 33.6%.
First Bancorp has 70.1% gross margin and 26.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
First Bancorp's Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.