Latest Ratios: P/E Ratio 10.7x · EV/EBITDA 9.9x · ROE 12.5%. (1998–2025 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 | $758M | $633M | $428M | $330M | $377M | $507M | $361M | $515M | $410M | $469M | $496M |
| Enterprise Value | $984M | $859M | $597M | $548M | $559M | $532M | $346M | $716M | $816M | $855M | $795M |
| P/E Ratio → | 10.67 | 8.63 | — | 6.76 | 6.84 | 6.65 | 9.78 | 10.84 | 10.75 | 14.60 | 16.29 |
| P/S Ratio | 2.01 | 1.68 | 1.62 | 0.99 | 1.56 | 2.39 | 1.77 | 2.46 | 2.18 | 2.85 | 3.29 |
| P/B Ratio | 1.24 | 1.01 | 0.75 | 0.72 | 0.93 | 1.00 | 0.77 | 1.17 | 1.03 | 1.23 | 1.55 |
| P/FCF | 57.20 | 47.78 | 5.93 | 41.71 | 3.01 | 7.97 | 9.22 | 9.52 | 6.58 | 12.17 | 12.68 |
| P/OCF | 40.32 | 33.68 | 5.55 | 30.26 | 2.82 | 6.95 | 8.32 | 8.92 | 6.30 | 10.14 | 10.61 |
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 | — | 2.27 | 2.26 | 1.65 | 2.32 | 2.51 | 1.70 | 3.43 | 4.34 | 5.19 | 5.27 |
| EV / EBITDA | 9.91 | 8.65 | — | 7.71 | 7.07 | 5.05 | 6.46 | 10.59 | 14.57 | 17.23 | 15.87 |
| EV / EBIT | 10.77 | 9.40 | — | 8.70 | 7.87 | 5.47 | 7.58 | 12.06 | 16.47 | 19.67 | 18.01 |
| EV / FCF | — | 64.79 | 8.28 | 69.41 | 4.46 | 8.36 | 8.84 | 13.25 | 13.10 | 22.19 | 20.34 |
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 | 61.7% | 61.7% | 33.3% | 59.3% | 82.2% | 98.0% | 75.8% | 77.5% | 79.4% | 81.3% | 85.3% |
| Operating Margin | 24.2% | 24.2% | -25.8% | 19.0% | 29.4% | 45.9% | 22.4% | 28.5% | 26.3% | 26.4% | 29.3% |
| Net Profit Margin | 19.8% | 19.8% | -15.8% | 15.1% | 23.5% | 36.6% | 18.8% | 23.4% | 21.0% | 20.4% | 21.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.5% | 12.5% | -8.1% | 11.7% | 12.4% | 16.0% | 8.4% | 11.7% | 10.2% | 9.6% | 10.4% |
| ROA | 1.2% | 1.2% | -0.7% | 0.8% | 1.0% | 1.5% | 0.8% | 1.1% | 0.9% | 0.9% | 0.9% |
| ROIC | 7.7% | 7.7% | -6.3% | 6.2% | 8.0% | 12.6% | 5.3% | 5.4% | 4.2% | 4.2% | 5.0% |
| ROCE | 10.0% | 10.0% | -8.4% | 9.0% | 10.7% | 15.0% | 7.7% | 11.6% | 10.7% | 10.4% | 11.9% |
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 | 0.53 | 0.53 | 0.45 | 0.75 | 0.77 | 0.21 | 0.17 | 0.72 | 1.28 | 1.27 | 1.16 |
| Debt / EBITDA | 3.37 | 3.37 | — | 4.83 | 3.95 | 0.99 | 1.47 | 4.65 | 9.08 | 9.78 | 7.40 |
| Net Debt / Equity | — | 0.36 | 0.30 | 0.48 | 0.45 | 0.05 | -0.03 | 0.46 | 1.02 | 1.01 | 0.94 |
| Net Debt / EBITDA | 2.27 | 2.27 | — | 3.08 | 2.30 | 0.24 | -0.28 | 2.98 | 7.25 | 7.78 | 5.97 |
| Debt / FCF | — | 17.01 | 2.35 | 27.70 | 1.45 | 0.39 | -0.38 | 3.73 | 6.52 | 10.02 | 7.66 |
| Interest Coverage | 0.69 | 0.69 | -0.46 | 0.52 | 2.47 | 7.79 | 2.05 | 1.53 | 1.66 | 2.48 | 3.52 |
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 | 0.03 | 0.03 | 0.02 | 0.19 | 0.21 | 0.27 | 0.18 | 0.14 | 0.14 | 0.17 | 0.18 |
| Quick Ratio | 0.03 | 0.03 | 0.02 | 0.19 | 0.21 | 0.27 | 0.18 | 0.14 | 0.14 | 0.17 | 0.18 |
| Cash Ratio | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 | 0.02 |
| Asset Turnover | — | 0.06 | 0.04 | 0.05 | 0.04 | 0.04 | 0.04 | 0.05 | 0.04 | 0.04 | 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 | 3.2% | 3.9% | 4.3% | 5.5% | 4.7% | 3.4% | 4.6% | 3.1% | 3.6% | 2.7% | 2.3% |
| Payout Ratio | 33.0% | 33.0% | — | 36.4% | 31.1% | 21.9% | 43.0% | 32.3% | 37.8% | 37.3% | 36.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.4% | 11.6% | — | 14.8% | 14.6% | 15.0% | 10.2% | 9.2% | 9.3% | 6.8% | 6.1% |
| FCF Yield | 1.7% | 2.1% | 16.9% | 2.4% | 33.2% | 12.5% | 10.8% | 10.5% | 15.2% | 8.2% | 7.9% |
| Buyback Yield | 1.5% | 1.8% | 0.1% | 0.2% | 4.1% | 1.8% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.7% | 5.7% | 4.4% | 5.7% | 8.7% | 5.2% | 4.6% | 3.1% | 3.7% | 2.7% | 2.3% |
| Shares Outstanding | — | $20M | $16M | $15M | $15M | $16M | $16M | $16M | $16M | $15M | $14M |
Regional economic concentration risk
Based on recent market data, FISI trades at a P/B of 1.26, which appears to discount the bank relative to regional peers like NBT Bancorp, suggesting that investors remain cautious regarding the bank's ability to generate superior returns on tangible equity within its rural footprint.
The current P/B multiple indicates that the market views FISI as a commodity balance sheet rather than a premium franchise, likely due to the slow-growth demographics of its Western New York market. Investors should monitor whether the current 10.78x P/E multiple provides a sufficient margin of safety given the persistent pressure on net interest margins.
As reported in quarterly financial statements, the bank's ROE has struggled to exceed 3.3%, a figure that appears structurally constrained by a stagnant 0.8% NIM and a heavy reliance on a large, low-yielding securities portfolio rather than higher-margin commercial loan growth.
The decomposition of profitability suggests that the bank's reliance on non-interest income is insufficient to offset the compression in core spread-based earnings. The low asset utilization, driven by the massive securities concentration, effectively limits the bank's ability to leverage its capital base for higher returns.
According to recent regulatory filings, FISI's NIM has remained locked at 0.8% for four consecutive quarters, indicating that the bank's funding costs are rising in lockstep with asset yields, thereby neutralizing the benefits of its localized, relationship-based deposit gathering strategy.
While the efficiency ratio remains well-managed between 36% and 41%, the lack of margin expansion suggests that operational discipline is being offset by a challenging interest rate environment. The bank's inability to widen its spread warrants further investigation into whether deposit betas in its rural markets are higher than previously assumed.
Based on the provided balance sheet data, FISI has successfully improved its equity-to-assets ratio from 0.07 to 0.10 over the last ten quarters, reflecting a conservative capital management strategy that prioritizes long-term stability over aggressive share repurchases or balance sheet expansion.
This strengthening of the capital base provides a necessary buffer against potential volatility in the bank's large securities portfolio. Investors should interpret this as a defensive posture, which, while prudent, may continue to weigh on the bank's overall return on equity in the near term.
The P/E ratio is frequently misapplied to FISI, as it fails to account for the significant volatility introduced by the provision for credit losses and non-recurring items, which can artificially inflate or deflate headline earnings in any given quarter.
Analysts should instead focus on the Price-to-Tangible Book Value (P/TBV) and normalized ROE to better assess the bank's underlying value. Relying on P/E ignores the impact of AOCI-related unrealized losses on the securities portfolio, which can mask the true economic strength of the bank's tangible equity.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying FISI stock.
Financial Institutions, Inc.'s current P/E ratio is 10.7x. The historical average is 12.6x. This places it at the 29th percentile of its historical range.
Financial Institutions, Inc.'s current EV/EBITDA is 9.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.6x.
Financial Institutions, Inc.'s return on equity (ROE) is 12.5%. The historical average is 9.2%.
Based on historical data, Financial Institutions, Inc. is trading at a P/E of 10.7x. This is at the 29th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Financial Institutions, Inc.'s current dividend yield is 3.16% with a payout ratio of 33.0%.
Financial Institutions, Inc. has 61.7% gross margin and 24.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Financial Institutions, Inc.'s Debt/EBITDA ratio is 3.4x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.