Latest Ratios: P/E Ratio 13.3x · EV/EBITDA 9.5x · ROE 8.9%. (2002–2025 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 | $3.8B | — | — | — | — | — | — | — | — | — | — |
| Enterprise Value | $4.2B | — | — | — | — | — | — | — | — | — | — |
| P/E Ratio → | 13.32 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 3.59 | — | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 1.17 | — | — | — | — | — | — | — | — | — | — |
| P/FCF | 13.69 | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 12.45 | — | — | — | — | — | — | — | — | — | — |
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 | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | 9.54 | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 10.78 | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
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 | 97.5% | 97.5% | 62.9% | 69.6% | 86.4% | 99.6% | 87.7% | 89.5% | 91.9% | 92.5% | 93.6% |
| Operating Margin | 37.0% | 37.0% | 19.9% | 23.6% | 21.7% | 37.8% | 30.8% | 33.7% | 33.7% | 30.2% | 33.8% |
| Net Profit Margin | 28.5% | 28.5% | 15.3% | 18.0% | 17.1% | 29.3% | 23.7% | 26.0% | 26.2% | 20.5% | 22.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.9% | 8.9% | 6.9% | 8.2% | 8.0% | 9.7% | 8.1% | 9.8% | 10.3% | 8.8% | 9.9% |
| ROA | 1.1% | 1.1% | 0.8% | 0.8% | 0.8% | 1.0% | 1.0% | 1.3% | 1.3% | 1.0% | 1.1% |
| ROIC | 5.9% | 5.9% | 3.5% | 3.7% | 3.9% | 5.7% | 5.2% | 6.6% | 6.6% | 6.2% | 6.8% |
| ROCE | 4.3% | 4.3% | 8.3% | 9.8% | 9.2% | 11.3% | 9.7% | 11.9% | 12.3% | 11.9% | 13.4% |
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 | 0.23 | 0.23 | 0.72 | 1.14 | 1.19 | 0.63 | 0.66 | 0.40 | 0.48 | 0.53 | 0.66 |
| Debt / EBITDA | 1.75 | 1.75 | 6.79 | 9.39 | 11.72 | 4.28 | 5.07 | 2.92 | 3.48 | 4.33 | 3.94 |
| Net Debt / Equity | — | 0.12 | 0.45 | 0.96 | 0.91 | -0.55 | -0.50 | -0.14 | -0.00 | -0.00 | -0.13 |
| Net Debt / EBITDA | 0.94 | 0.94 | 4.24 | 7.92 | 8.94 | -3.74 | -3.88 | -1.02 | -0.03 | -0.00 | -0.80 |
| Debt / FCF | — | 1.50 | 4.49 | 7.73 | 5.33 | -4.02 | -4.14 | -2.51 | -0.03 | -0.00 | -1.25 |
| Interest Coverage | 1.11 | 1.11 | 0.61 | 0.84 | 3.26 | 14.32 | 7.87 | 3.98 | 5.04 | 5.61 | 8.23 |
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 | 0.04 | 0.04 | 0.04 | 0.24 | 0.27 | 0.41 | 0.41 | 0.33 | 0.27 | 0.28 | 0.30 |
| Quick Ratio | 0.04 | 0.04 | 0.04 | 0.24 | 0.27 | 0.41 | 0.41 | 0.33 | 0.27 | 0.28 | 0.30 |
| Cash Ratio | 0.03 | 0.03 | 0.04 | 0.02 | 0.03 | 0.13 | 0.15 | 0.09 | 0.07 | 0.07 | 0.10 |
| Asset Turnover | — | 0.04 | 0.05 | 0.05 | 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 | 4.8% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 64.3% | 64.3% | 86.7% | 75.8% | 90.1% | 52.9% | 79.8% | 43.8% | 40.0% | 45.6% | 41.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.5% | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 7.3% | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 3.2% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 8.0% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $103M | $103M | $104M | $103M | $62M | $64M | $64M | $58M | $52M | $45M |
Integration and credit quality
According to recent market data, FIBK trades at a P/B of 1.15, which suggests that investors are pricing in significant execution risk regarding the Great Western merger, as the current valuation sits at a notable discount to the broader regional peer group's historical trading multiples.
The current P/B multiple indicates that the market remains skeptical of the bank's ability to restore historical profitability levels following the recent acquisition. Investors should monitor whether the current valuation floor holds as the bank attempts to rationalize its expanded footprint and stabilize its core earnings power.
Based on the provided quarterly data, the ROE has compressed to 1.8% in 2026Q1, a sharp decline driven by a stagnant 0.8% NIM and a significant spike in the efficiency ratio, which indicates that the bank's profitability quality is currently under severe structural pressure.
The decomposition of ROE highlights that the bank is struggling to leverage its asset base effectively, with the efficiency ratio rising to 65.3% as of 2026Q1. This suggests that the anticipated operational synergies from the Great Western merger have not yet materialized, potentially impairing the bank's long-term return on tangible equity.
As reported in financial statements, the efficiency ratio has deteriorated to 65.3% in 2026Q1, reflecting a substantial increase in operating costs that appears to be neutralizing the bank's historical funding advantages and pressuring the net interest margin to a flat 0.8% level.
The persistent 0.8% NIM suggests that the bank's funding costs are rising in lockstep with asset yields, leaving little room for margin expansion. This trend warrants further investigation into whether the bank's rural deposit base is becoming more sensitive to interest rate fluctuations than previously assumed.
As evidenced by the $63.9M provision expense recorded in 2026Q1, the bank has shifted toward a more aggressive reserve-building posture, which suggests that management is increasingly concerned about the credit quality of the loan portfolio acquired during the recent expansion phase.
The sudden increase in provision expenses represents a departure from historical norms and may indicate that the bank is proactively addressing potential impairments within its commercial and agricultural loan books. Investors should monitor future charge-off trends to determine if these reserves are sufficient to cover potential losses.
Based on an analysis of the bank's financial reporting, the P/E ratio is a misleading metric for FIBK because it fails to account for the significant volatility introduced by purchase accounting adjustments and non-recurring provision expenses related to the Great Western Bancorp integration.
The P/E ratio obscures the underlying core earnings power by including non-cash accretion and volatile credit costs that do not reflect the bank's long-term operational performance. Analysts should instead focus on P/TBV and core ROE, which provide a more accurate assessment of the bank's franchise value and capital efficiency.
Includes 30+ ratios · 24 years · Updated daily
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10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FIBK stock.
First Interstate BancSystem, Inc.'s current P/E ratio is 13.3x. This places it at the 50th percentile of its historical range.
First Interstate BancSystem, Inc.'s current EV/EBITDA is 9.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
First Interstate BancSystem, Inc.'s return on equity (ROE) is 8.9%. The historical average is 10.8%.
Based on historical data, First Interstate BancSystem, Inc. is trading at a P/E of 13.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
First Interstate BancSystem, Inc.'s current dividend yield is 4.83% with a payout ratio of 64.3%.
First Interstate BancSystem, Inc. has 97.5% gross margin and 37.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
First Interstate BancSystem, Inc.'s Debt/EBITDA ratio is 1.8x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.