Latest Ratios: P/E Ratio 13.0x · EV/EBITDA 13.5x · ROE 9.8%. (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 | $3.6B | $2.4B | $2.6B | $2.3B | $2.3B | $2.3B | $1.7B | $2.5B | $2.1B | $1.6B | $1.8B |
| Enterprise Value | $4.6B | $3.4B | $2.8B | $2.5B | $3.3B | $2.6B | $2.0B | $4.0B | $3.5B | $2.4B | $2.5B |
| P/E Ratio → | 13.02 | 9.41 | 11.20 | 8.83 | 10.53 | 11.39 | 11.03 | 12.72 | 12.29 | 16.89 | 19.90 |
| P/S Ratio | 2.89 | 1.90 | 2.09 | 2.02 | 2.96 | 3.57 | 2.41 | 3.40 | 3.30 | 4.00 | 4.70 |
| P/B Ratio | 1.20 | 0.87 | 1.05 | 1.00 | 1.12 | 1.03 | 0.75 | 1.12 | 1.02 | 1.76 | 2.04 |
| P/FCF | 11.46 | 7.56 | 10.64 | 4.88 | 12.25 | 6.27 | 18.71 | 15.20 | 8.78 | 14.00 | 13.27 |
| P/OCF | 10.76 | 7.09 | 9.78 | 4.64 | 11.41 | 6.02 | 15.87 | 13.50 | 8.16 | 13.26 | 12.37 |
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 | — | 2.70 | 2.25 | 2.27 | 4.30 | 3.99 | 2.77 | 5.40 | 5.38 | 5.84 | 6.62 |
| EV / EBITDA | 13.53 | 9.92 | 9.01 | 7.11 | 11.87 | 9.30 | 8.76 | 14.71 | 14.53 | 18.54 | 17.30 |
| EV / EBIT | 14.46 | 10.60 | 10.30 | 7.96 | 13.78 | 10.83 | 10.72 | 16.42 | 16.17 | 20.56 | 19.02 |
| EV / FCF | — | 10.74 | 11.46 | 5.48 | 17.80 | 7.00 | 21.50 | 24.11 | 14.30 | 20.41 | 18.72 |
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 | 68.4% | 68.4% | 64.3% | 71.5% | 90.0% | 98.0% | 80.5% | 79.2% | 83.5% | 87.0% | 88.4% |
| Operating Margin | 25.5% | 25.5% | 21.9% | 28.6% | 31.2% | 36.8% | 25.8% | 32.9% | 33.3% | 28.4% | 34.8% |
| Net Profit Margin | 20.3% | 20.3% | 18.7% | 22.9% | 28.1% | 31.3% | 21.8% | 26.8% | 26.8% | 23.7% | 23.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.8% | 9.8% | 9.7% | 11.9% | 10.1% | 9.0% | 6.9% | 9.2% | 11.5% | 10.8% | 10.6% |
| ROA | 1.3% | 1.3% | 1.3% | 1.5% | 1.3% | 1.3% | 1.0% | 1.4% | 1.5% | 1.1% | 1.1% |
| ROIC | 6.4% | 6.4% | 5.7% | 6.6% | 5.5% | 6.3% | 4.1% | 4.8% | 5.8% | 4.8% | 5.4% |
| ROCE | 8.5% | 8.5% | 8.0% | 11.3% | 9.6% | 8.4% | 6.4% | 9.1% | 11.6% | 11.4% | 13.7% |
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 | 0.43 | 0.43 | 0.45 | 0.57 | 0.80 | 0.31 | 0.22 | 0.77 | 0.78 | 1.00 | 1.07 |
| Debt / EBITDA | 3.46 | 3.46 | 3.60 | 3.60 | 5.82 | 2.52 | 2.25 | 6.39 | 6.76 | 7.25 | 6.45 |
| Net Debt / Equity | — | 0.36 | 0.08 | 0.12 | 0.51 | 0.12 | 0.11 | 0.66 | 0.64 | 0.81 | 0.84 |
| Net Debt / EBITDA | 2.94 | 2.94 | 0.65 | 0.77 | 3.70 | 0.97 | 1.14 | 5.44 | 5.61 | 5.82 | 5.03 |
| Debt / FCF | — | 3.19 | 0.82 | 0.60 | 5.55 | 0.73 | 2.79 | 8.91 | 5.52 | 6.41 | 5.44 |
| Interest Coverage | 0.89 | 0.89 | 0.69 | 1.16 | 3.67 | 7.75 | 2.69 | 1.97 | 2.35 | 2.35 | 3.93 |
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 | 0.28 | 0.28 | 0.26 | 0.31 | 0.29 | 0.35 | 0.29 | 0.27 | 0.28 | 0.21 | 0.18 |
| Quick Ratio | 0.28 | 0.28 | 0.26 | 0.31 | 0.29 | 0.35 | 0.29 | 0.27 | 0.28 | 0.21 | 0.18 |
| Cash Ratio | 0.01 | 0.01 | 0.06 | 0.07 | 0.04 | 0.03 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 |
| Asset Turnover | — | 0.06 | 0.07 | 0.06 | 0.05 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.04 |
| 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 | 2.9% | 4.0% | 3.5% | 3.9% | 3.8% | 3.7% | 5.2% | 3.5% | 3.7% | 2.5% | 2.2% |
| Payout Ratio | 37.0% | 37.0% | 39.1% | 34.1% | 39.8% | 42.6% | 57.6% | 45.0% | 46.2% | 42.5% | 44.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.7% | 10.6% | 8.9% | 11.3% | 9.5% | 8.8% | 9.1% | 7.9% | 8.1% | 5.9% | 5.0% |
| FCF Yield | 8.7% | 13.2% | 9.4% | 20.5% | 8.2% | 15.9% | 5.3% | 6.6% | 11.4% | 7.1% | 7.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 4.6% | 1.0% | 2.6% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.9% | 4.0% | 3.5% | 3.9% | 3.8% | 8.4% | 6.2% | 6.2% | 3.7% | 2.5% | 2.2% |
| Shares Outstanding | — | $96M | $95M | $95M | $95M | $96M | $98M | $99M | $90M | $62M | $62M |
Specialized Lending Credit Concentration
As reported in recent financial data, FFBC trades at a P/B of 1.17, which suggests that investors are assigning a premium to the bank's specialized commercial lending capabilities relative to more traditional, spread-dependent regional peers that often trade at lower multiples of their tangible book value.
The current valuation appears to incorporate an expectation that the bank's fee-based revenue streams, particularly from its FX and equipment finance units, will provide superior earnings durability. However, investors should monitor whether this premium is sustainable if the bank's core net interest margin remains compressed by elevated funding costs.
Based on the provided quarterly figures, FFBC's ROE has hovered in the low single digits, with the 2026Q1 level of 2.6% indicating that the bank's profitability is currently constrained by a narrow net interest margin and the high overhead associated with its specialized lending infrastructure.
The decomposition of profitability suggests that while non-interest income is growing as a percentage of total revenue, it has not yet fully offset the impact of rising deposit betas. The bank's reliance on leverage to drive returns appears limited by its current equity-to-assets ratio, which warrants further investigation into the scalability of its niche business model.
According to the bank's historical income statements, the efficiency ratio has fluctuated between 39.3% and 46.5% over the last ten quarters, reflecting the operational complexity of maintaining a specialized commercial lending platform alongside a traditional Midwest retail banking footprint in a competitive interest rate environment.
The persistent 0.8% NIM suggests that the bank is struggling to pass on higher funding costs to its commercial borrowers, potentially due to the competitive nature of its niche verticals. Management's ability to control non-interest expenses will be critical to maintaining profitability if the current margin compression persists throughout the fiscal year.
As reported in recent financial statements, the equity-to-assets ratio has remained tight at 0.13 as of 2026Q1, indicating that the bank's rapid asset expansion is consuming capital at a rate that leaves limited flexibility for unexpected credit deterioration or significant balance sheet volatility in the near term.
While the current capital position appears adequate for regulatory purposes, the aggressive deployment of liquidity into securities and loan originations suggests a strategy that prioritizes growth over maintaining a significant capital cushion. Investors should monitor whether future organic capital generation can keep pace with the bank's ambitious asset growth targets.
Based on an analysis of regional banking metrics, the P/E ratio is frequently misapplied to FFBC because it fails to account for the volatility introduced by CECL-driven provision expenses and fair value adjustments related to the bank's recent acquisitions of specialized finance units.
Using P/E as a primary valuation tool obscures the underlying cash-generating capacity of the bank's core operations by focusing on accounting-heavy earnings figures. Analysts should instead prioritize P/TBV and ROTCE to better assess the bank's true franchise value and its efficiency in deploying capital across its specialized lending segments.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying FFBC stock.
First Financial Bancorp.'s current P/E ratio is 13.0x. The historical average is 15.8x. This places it at the 37th percentile of its historical range.
First Financial Bancorp.'s current EV/EBITDA is 13.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.9x.
First Financial Bancorp.'s return on equity (ROE) is 9.8%. The historical average is 11.9%.
Based on historical data, First Financial Bancorp. is trading at a P/E of 13.0x. This is at the 37th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
First Financial Bancorp.'s current dividend yield is 2.85% with a payout ratio of 37.0%.
First Financial Bancorp. has 68.4% gross margin and 25.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
First Financial Bancorp.'s Debt/EBITDA ratio is 3.5x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.