Latest Ratios: P/E Ratio 11.7x · EV/EBITDA 7.5x · ROE 12.8%. (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 | $283M | $244M | $220M | $158M | $131M | $126M | $109M | $171M | $113M | $121M | $100M |
| Enterprise Value | $267M | $227M | $330M | $266M | $154M | $102M | $112M | $274M | $268M | $207M | $204M |
| P/E Ratio → | 11.66 | 9.93 | 10.70 | 10.45 | 5.23 | 6.38 | 7.60 | 13.02 | 10.54 | 30.00 | 18.99 |
| P/S Ratio | 2.38 | 2.04 | 1.97 | 1.65 | 1.63 | 1.60 | 1.41 | 2.29 | 1.67 | 1.97 | 1.65 |
| P/B Ratio | 1.40 | 1.20 | 1.23 | 0.97 | 0.86 | 0.89 | 0.83 | 1.36 | 0.96 | 1.11 | 0.88 |
| P/FCF | 18.40 | 15.81 | 10.83 | 7.12 | 5.70 | 6.67 | 7.46 | 13.78 | 12.79 | 18.96 | 13.20 |
| P/OCF | 14.63 | 12.57 | 9.89 | 7.01 | 4.93 | 6.29 | 6.72 | 10.44 | 6.16 | 9.33 | 8.69 |
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 | — | 1.90 | 2.95 | 2.78 | 1.92 | 1.29 | 1.46 | 3.67 | 3.97 | 3.37 | 3.38 |
| EV / EBITDA | 7.49 | 6.37 | 10.63 | 10.89 | 4.19 | 3.42 | 5.26 | 13.80 | 16.88 | 14.64 | 17.38 |
| EV / EBIT | 8.19 | 6.97 | 12.11 | 13.62 | 4.65 | 3.86 | 6.31 | 16.64 | 19.94 | 16.92 | 20.29 |
| EV / FCF | — | 14.71 | 16.20 | 12.01 | 6.72 | 5.38 | 7.71 | 22.06 | 30.39 | 32.48 | 27.00 |
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 | 70.2% | 70.2% | 68.8% | 73.0% | 94.8% | 93.8% | 80.4% | 82.8% | 84.9% | 83.8% | 81.3% |
| Operating Margin | 27.3% | 27.3% | 24.4% | 20.4% | 41.2% | 33.5% | 23.1% | 22.0% | 19.9% | 19.9% | 16.6% |
| Net Profit Margin | 20.6% | 20.6% | 18.4% | 15.8% | 31.1% | 25.1% | 18.0% | 17.6% | 15.8% | 8.6% | 12.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.8% | 12.8% | 12.1% | 9.6% | 17.1% | 14.5% | 10.8% | 10.8% | 9.5% | 4.7% | 6.2% |
| ROA | 1.2% | 1.2% | 1.1% | 0.8% | 1.4% | 1.1% | 0.9% | 0.9% | 0.8% | 0.4% | 0.6% |
| ROIC | 7.1% | 7.1% | 5.9% | 5.1% | 10.3% | 7.6% | 4.7% | 4.3% | 3.5% | 3.3% | 2.6% |
| ROCE | 9.8% | 9.8% | 8.5% | 7.5% | 16.6% | 12.2% | 7.2% | 6.7% | 5.7% | 5.1% | 3.9% |
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 | 0.56 | 0.56 | 1.05 | 0.98 | 0.64 | 0.64 | 1.17 | 1.21 | 1.53 | 1.57 | 1.48 |
| Debt / EBITDA | 3.22 | 3.22 | 6.05 | 6.47 | 2.66 | 3.07 | 7.17 | 7.70 | 11.26 | 12.03 | 14.27 |
| Net Debt / Equity | — | -0.08 | 0.61 | 0.67 | 0.16 | -0.17 | 0.03 | 0.82 | 1.32 | 0.79 | 0.92 |
| Net Debt / EBITDA | -0.47 | -0.47 | 3.53 | 4.43 | 0.64 | -0.82 | 0.17 | 5.18 | 9.78 | 6.10 | 8.88 |
| Debt / FCF | — | -1.09 | 5.37 | 4.89 | 1.03 | -1.29 | 0.25 | 8.29 | 17.60 | 13.52 | 13.80 |
| Interest Coverage | 0.99 | 0.99 | 0.85 | 0.80 | 6.93 | 4.60 | 1.84 | 1.43 | 1.66 | 1.66 | 1.22 |
Net cash position: cash ($132M) exceeds total debt ($115M)
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 | 0.09 | 0.09 | 0.10 | 0.10 | 0.13 | 0.27 | 0.26 | 0.17 | 0.16 | 0.23 | 0.21 |
| Quick Ratio | 0.09 | 0.09 | 0.10 | 0.10 | 0.13 | 0.27 | 0.26 | 0.17 | 0.16 | 0.23 | 0.21 |
| Cash Ratio | 0.07 | 0.07 | 0.05 | 0.03 | 0.05 | 0.08 | 0.10 | 0.04 | 0.02 | 0.08 | 0.06 |
| Asset Turnover | — | 0.06 | 0.06 | 0.05 | 0.04 | 0.05 | 0.04 | 0.05 | 0.05 | 0.05 | 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 | 2.1% | 2.5% | 2.4% | 3.3% | 3.0% | 3.1% | 3.4% | 1.8% | 1.7% | 1.0% | 2.0% |
| Payout Ratio | 24.3% | 24.3% | 26.1% | 34.6% | 15.9% | 19.7% | 26.3% | 23.8% | 17.9% | — | — |
| 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% | 10.1% | 9.3% | 9.6% | 19.1% | 15.7% | 13.2% | 7.7% | 9.5% | 3.3% | 5.3% |
| FCF Yield | 5.4% | 6.3% | 9.2% | 14.0% | 17.5% | 15.0% | 13.4% | 7.3% | 7.8% | 5.3% | 7.6% |
| Buyback Yield | 0.0% | 0.0% | 1.8% | 0.9% | 0.0% | 5.7% | 2.5% | 0.0% | 0.0% | 0.0% | 10.0% |
| Total Shareholder Yield | 2.1% | 2.5% | 4.3% | 4.3% | 3.0% | 8.8% | 5.9% | 1.8% | 1.7% | 1.0% | 12.0% |
| Shares Outstanding | — | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $6M |
Deposit beta and liquidity
With a P/B ratio of 1.45, First United Corporation trades at a premium compared to regional peers like MainStreet Bancshares, suggesting that investors are assigning a valuation uplift to the bank's recurring fee-based trust income rather than purely its interest-sensitive balance sheet growth.
The current valuation multiple appears to price in the stability of the trust division as a hedge against cyclical loan volatility. However, investors should monitor whether this premium is sustainable if the bank's geographic footprint in rural Maryland fails to generate the organic loan growth required to justify higher tangible book value multiples.
According to quarterly financial data, the bank's ROE has stabilized near 3.3% in 2026Q1, a performance supported by the trust division's contribution which helps mitigate the margin pressure typically seen in community banking during periods of rising interest-bearing deposit costs.
The DuPont decomposition suggests that profitability is currently constrained by a relatively low asset utilization rate, which is common for institutions with high trust-related overhead. The shift toward fee-based income appears to be a strategic necessity to maintain margins as the net interest margin remains compressed at 0.9%.
As reported in recent financial statements, the efficiency ratio improved to 43.9% in 2026Q1 from a high of 54.0% in 2023Q4, indicating that management is successfully controlling non-interest expenses despite the ongoing challenges of maintaining a net interest margin that has stagnated at 0.9%.
The improvement in the efficiency ratio suggests that the bank is achieving better operating leverage, likely through the scaling of its trust and wealth management platform. However, the persistent stagnation in NIM warrants further investigation into whether the bank's deposit beta is becoming structurally unfavorable in its competitive markets.
Based on the company's reported figures, the equity-to-total-assets ratio has remained steady at 0.10, reflecting a conservative capital management philosophy that provides a sufficient buffer for the bank to continue its dividend payments and opportunistic share buybacks despite potential macro-economic headwinds.
The bank's capital position appears robust enough to support its current risk profile, though the reliance on retained earnings for capital growth may limit the bank's ability to pursue aggressive inorganic expansion. Investors should monitor if regulatory changes for banks under $10B in assets necessitate a higher capital cushion.
The P/E ratio is frequently misapplied to First United Corporation, as it fails to distinguish between the volatile, interest-rate-sensitive earnings of the lending arm and the more stable, annuity-like fee income generated by the bank's disproportionately large trust and wealth management division.
Using a standard P/E multiple obscures the underlying quality of earnings, as it treats all income streams as equally susceptible to credit cycles. Analysts should instead focus on a sum-of-the-parts valuation or an adjusted P/TBV that accounts for the higher-margin, capital-light nature of the trust business.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying FUNC stock.
First United Corporation's current P/E ratio is 11.7x. The historical average is 12.2x. This places it at the 64th percentile of its historical range.
First United Corporation's current EV/EBITDA is 7.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.1x.
First United Corporation's return on equity (ROE) is 12.8%. The historical average is 9.2%.
Based on historical data, First United Corporation is trading at a P/E of 11.7x. This is at the 64th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
First United Corporation's current dividend yield is 2.09% with a payout ratio of 24.3%.
First United Corporation has 70.2% gross margin and 27.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
First United Corporation's Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.