Latest Ratios: P/E Ratio 11.6x · EV/EBITDA 9.2x · ROE 11.7%. (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 | $4.6B | $3.5B | $3.4B | $2.7B | $2.8B | $2.8B | $2.1B | $2.9B | $2.7B | $3.1B | $3.3B |
| Enterprise Value | $4.9B | $3.8B | $4.1B | $4.7B | $5.0B | $2.6B | $2.2B | $4.2B | $4.2B | $4.5B | $4.5B |
| P/E Ratio → | 11.65 | 9.29 | 12.28 | 10.04 | 10.08 | 10.49 | 11.78 | 12.54 | 13.12 | 18.27 | 20.22 |
| P/S Ratio | 2.45 | 1.87 | 1.90 | 1.83 | 2.55 | 2.78 | 2.13 | 2.81 | 2.86 | 3.61 | 4.13 |
| P/B Ratio | 1.27 | 1.02 | 1.07 | 0.99 | 1.08 | 1.02 | 0.79 | 1.25 | 1.22 | 1.41 | 1.55 |
| P/FCF | 16.29 | 12.46 | 9.13 | 8.32 | 4.86 | 8.66 | 15.13 | 31.11 | 10.64 | 12.37 | 15.89 |
| P/OCF | 15.21 | 11.64 | 8.20 | 7.56 | 4.68 | 8.20 | 13.18 | 22.90 | 9.21 | 10.94 | 14.50 |
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 | — | 2.01 | 2.30 | 3.13 | 4.57 | 2.60 | 2.21 | 4.06 | 4.44 | 5.21 | 5.69 |
| EV / EBITDA | 9.25 | 7.19 | 10.31 | 12.31 | 13.16 | 7.13 | 9.30 | 14.40 | 16.22 | 17.30 | 19.14 |
| EV / EBIT | 10.08 | 7.84 | 12.01 | 13.48 | 14.37 | 7.76 | 10.65 | 16.02 | 18.18 | 19.37 | 21.66 |
| EV / FCF | — | 13.38 | 11.06 | 14.24 | 8.70 | 8.08 | 15.70 | 44.99 | 16.49 | 17.83 | 21.85 |
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 | 67.4% | 67.4% | 62.8% | 68.5% | 90.5% | 95.5% | 80.4% | 79.9% | 81.7% | 86.6% | 88.0% |
| Operating Margin | 25.7% | 25.7% | 19.1% | 23.2% | 31.8% | 33.5% | 20.8% | 25.3% | 24.4% | 26.9% | 26.3% |
| Net Profit Margin | 20.7% | 20.7% | 16.0% | 18.9% | 26.3% | 27.6% | 18.3% | 21.7% | 21.8% | 19.7% | 20.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.7% | 11.7% | 9.7% | 10.6% | 10.8% | 10.3% | 7.2% | 9.8% | 9.3% | 7.9% | 7.8% |
| ROA | 1.2% | 1.2% | 1.0% | 1.0% | 1.1% | 1.1% | 0.7% | 1.1% | 1.0% | 0.9% | 0.9% |
| ROIC | 7.5% | 7.5% | 5.1% | 4.9% | 5.4% | 5.8% | 3.5% | 4.8% | 4.4% | 4.7% | 4.4% |
| ROCE | 9.5% | 9.5% | 6.6% | 6.7% | 8.1% | 8.6% | 5.1% | 7.4% | 6.5% | 6.7% | 6.3% |
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 | 0.37 | 0.37 | 0.56 | 0.90 | 1.11 | 0.54 | 0.74 | 0.78 | 0.78 | 0.74 | 0.69 |
| Debt / EBITDA | 2.45 | 2.45 | 4.44 | 6.52 | 7.58 | 4.00 | 8.32 | 6.20 | 6.69 | 6.31 | 6.24 |
| Net Debt / Equity | — | 0.08 | 0.23 | 0.71 | 0.85 | -0.07 | 0.03 | 0.56 | 0.67 | 0.62 | 0.58 |
| Net Debt / EBITDA | 0.50 | 0.50 | 1.80 | 5.12 | 5.81 | -0.51 | 0.34 | 4.44 | 5.76 | 5.30 | 5.23 |
| Debt / FCF | — | 0.92 | 1.93 | 5.92 | 3.84 | -0.57 | 0.57 | 13.87 | 5.85 | 5.47 | 5.97 |
| Interest Coverage | 0.84 | 0.84 | 0.55 | 0.83 | 4.17 | 5.60 | 1.78 | 1.49 | 1.82 | 2.51 | 2.53 |
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 | 0.13 | 0.13 | 0.14 | 0.15 | 0.17 | 0.23 | 0.24 | 0.19 | 0.16 | 0.19 | 0.20 |
| Quick Ratio | 0.13 | 0.13 | 0.14 | 0.15 | 0.17 | 0.23 | 0.24 | 0.19 | 0.16 | 0.19 | 0.20 |
| Cash Ratio | 0.04 | 0.04 | 0.04 | 0.02 | 0.03 | 0.07 | 0.09 | 0.03 | 0.01 | 0.02 | 0.02 |
| Asset Turnover | — | 0.06 | 0.06 | 0.05 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 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% | 4.0% | 3.9% | 4.2% | 4.2% | 4.0% | 4.4% | 3.2% | 3.3% | 2.6% | 2.1% |
| Payout Ratio | 36.1% | 36.1% | 45.6% | 40.7% | 40.4% | 40.7% | 51.1% | 40.8% | 43.0% | 46.8% | 42.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.6% | 10.8% | 8.1% | 10.0% | 9.9% | 9.5% | 8.5% | 8.0% | 7.6% | 5.5% | 4.9% |
| FCF Yield | 6.1% | 8.0% | 10.9% | 12.0% | 20.6% | 11.6% | 6.6% | 3.2% | 9.4% | 8.1% | 6.3% |
| Buyback Yield | 1.4% | 1.9% | 0.9% | 2.8% | 0.0% | 1.6% | 1.9% | 3.8% | 3.5% | 0.0% | 0.6% |
| Total Shareholder Yield | 4.6% | 5.8% | 4.7% | 7.0% | 4.2% | 5.6% | 6.3% | 7.0% | 6.8% | 2.6% | 2.7% |
| Shares Outstanding | — | $183M | $177M | $167M | $165M | $163M | $163M | $168M | $177M | $176M | $174M |
CRE Concentration and Integration
Based on recent market data, FULT trades at a P/B of 1.27, which suggests that investors are pricing the bank as a stable, mature franchise rather than a high-growth entity, particularly when compared to the broader regional peer group's valuation multiples and historical performance metrics.
The current P/B multiple indicates that the market is not assigning a significant premium to the bank's recent inorganic expansion efforts. This valuation appears to reflect investor caution regarding the integration of Republic First Bank and the potential for margin compression in a higher-for-longer interest rate environment.
According to quarterly financial data, the bank's ROE has remained constrained within a 2.0% to 3.2% range over the last ten quarters, indicating that profitability is currently pressured by stagnant net interest margins and the ongoing operational costs associated with the recent acquisition integration.
The decomposition of ROE suggests that the bank's reliance on a traditional spread-based model is currently challenged by rising funding costs. Without a meaningful expansion in non-interest income or a significant improvement in asset utilization, the bank's ability to drive higher returns on equity appears limited in the near term.
As reported in financial statements, the efficiency ratio has fluctuated between 36.4% and 47.1% over the past ten quarters, highlighting the operational challenges of managing a physical branch network while simultaneously absorbing the integration expenses linked to the Republic First Bank asset acquisition.
The lack of a clear downward trend in the efficiency ratio suggests that management has yet to achieve the expected economies of scale from its recent expansion. Investors should monitor whether the bank can rationalize its cost base as the integration process concludes, as current levels may be unsustainable for long-term margin expansion.
Based on reported figures, the equity-to-assets ratio has remained remarkably consistent at approximately 0.10 to 0.11 over the last ten quarters, demonstrating that the bank is maintaining a stable capital cushion even as it crosses the $25 billion asset threshold for increased regulatory oversight.
This stability in the capital ratio suggests a disciplined approach to balance sheet management, even during periods of inorganic growth. However, crossing the $25 billion threshold may necessitate higher capital retention, which could potentially limit the bank's flexibility regarding future share buybacks or aggressive dividend growth.
The P/E ratio is frequently misapplied to FULT, as it obscures the volatility introduced by CECL-driven provision expenses and acquisition-related accounting adjustments that do not necessarily reflect the bank's underlying core earnings power or its long-term cash-generating capability.
Investors should prioritize P/TBV and ROE over P/E, as the latter is highly sensitive to non-cash accounting swings that can distort the bank's true valuation. Relying on P/E may lead to an inaccurate assessment of the bank's profitability, particularly during periods of significant balance sheet restructuring.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying FULT stock.
Fulton Financial Corporation's current P/E ratio is 11.6x. The historical average is 15.1x. This places it at the 14th percentile of its historical range.
Fulton Financial Corporation's current EV/EBITDA is 9.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.2x.
Fulton Financial Corporation's return on equity (ROE) is 11.7%. The historical average is 10.7%.
Based on historical data, Fulton Financial Corporation is trading at a P/E of 11.6x. This is at the 14th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Fulton Financial Corporation's current dividend yield is 3.18% with a payout ratio of 36.1%.
Fulton Financial Corporation has 67.4% gross margin and 25.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Fulton Financial Corporation's Debt/EBITDA ratio is 2.5x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.