Latest Ratios: P/E Ratio 15.1x · EV/EBITDA 5.7x · ROE 10.0%. (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 | $268M | $228M | $160M | $137M | $107M | $128M | $82M | $106M | $96M | $89M | $63M |
| Enterprise Value | $150M | $109M | $28M | $114M | $55M | $-28875137 | $-25550505 | $75M | $82M | $63M | $36M |
| P/E Ratio → | 15.12 | 12.88 | 23.01 | 14.22 | 6.39 | 12.37 | 9.29 | 11.15 | 9.51 | 13.85 | 10.71 |
| P/S Ratio | 2.39 | 2.03 | 1.82 | 2.01 | 1.77 | 2.77 | 2.06 | 2.62 | 2.44 | 2.53 | 1.93 |
| P/B Ratio | 1.44 | 1.22 | 0.96 | 1.17 | 0.99 | 1.09 | 0.97 | 1.38 | 1.44 | 1.53 | 1.21 |
| P/FCF | 12.76 | 10.83 | — | 9.40 | 4.19 | 18.18 | 5.82 | 9.82 | 7.87 | 16.19 | 7.94 |
| P/OCF | 10.64 | 9.03 | — | 8.33 | 4.01 | 16.25 | 5.47 | 8.97 | 6.99 | 13.55 | 7.03 |
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 | — | 0.97 | 0.32 | 1.67 | 0.90 | -0.63 | -0.64 | 1.84 | 2.07 | 1.80 | 1.11 |
| EV / EBITDA | 5.65 | 4.13 | 2.68 | 8.47 | 2.45 | -2.01 | -2.06 | 5.57 | 5.75 | 5.19 | 3.51 |
| EV / EBIT | 6.82 | 4.98 | 3.48 | 9.63 | 2.63 | -2.23 | -2.34 | 6.34 | 6.59 | 6.22 | 4.41 |
| EV / FCF | — | 5.20 | — | 7.83 | 2.13 | -4.11 | -1.80 | 6.91 | 6.69 | 11.50 | 4.57 |
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 | 74.0% | 74.0% | 64.1% | 69.9% | 90.7% | 96.4% | 84.1% | 86.8% | 89.6% | 92.9% | 94.0% |
| Operating Margin | 19.6% | 19.6% | 9.1% | 17.4% | 34.2% | 28.0% | 27.2% | 29.1% | 31.5% | 29.0% | 25.1% |
| Net Profit Margin | 15.8% | 15.8% | 7.9% | 14.2% | 27.7% | 22.4% | 22.1% | 23.6% | 25.7% | 18.4% | 18.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.0% | 10.0% | 4.9% | 8.6% | 14.9% | 10.3% | 10.9% | 13.3% | 16.2% | 11.7% | 12.0% |
| ROA | 0.9% | 0.9% | 0.4% | 0.7% | 1.2% | 0.9% | 1.0% | 1.2% | 1.4% | 0.9% | 0.8% |
| ROIC | 7.7% | 7.7% | 3.2% | 5.8% | 12.0% | 8.1% | 8.4% | 10.3% | 12.2% | 11.0% | 9.8% |
| ROCE | 9.9% | 9.9% | 4.7% | 9.1% | 16.0% | 10.8% | 11.1% | 13.7% | 16.2% | 14.6% | 13.0% |
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 | 0.18 | 0.55 | 0.13 | 0.16 | 0.23 | 0.18 | 0.21 | 0.24 | 0.27 |
| Debt / EBITDA | 1.61 | 1.61 | 2.91 | 4.79 | 0.64 | 1.34 | 1.56 | 1.06 | 1.00 | 1.17 | 1.37 |
| Net Debt / Equity | — | -0.64 | -0.80 | -0.20 | -0.49 | -1.34 | -1.27 | -0.41 | -0.22 | -0.44 | -0.52 |
| Net Debt / EBITDA | -4.47 | -4.47 | -12.67 | -1.71 | -2.36 | -10.92 | -8.73 | -2.35 | -1.01 | -2.11 | -2.59 |
| Debt / FCF | — | -5.63 | — | -1.58 | -2.06 | -22.29 | -7.62 | -2.91 | -1.18 | -4.68 | -3.37 |
| Interest Coverage | 0.84 | 0.84 | 0.34 | 0.83 | 5.43 | 5.62 | 3.22 | 2.41 | 3.54 | 4.26 | 4.17 |
Net cash position: cash ($161M) exceeds total debt ($43M)
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 | 0.10 | 0.10 | 0.09 | 0.19 | 0.19 | 0.37 | 0.32 | 0.24 | 0.19 | 0.20 | 0.21 |
| Quick Ratio | 0.10 | 0.10 | 0.09 | 0.19 | 0.19 | 0.37 | 0.32 | 0.24 | 0.19 | 0.20 | 0.21 |
| Cash Ratio | 0.09 | 0.09 | 0.09 | 0.07 | 0.05 | 0.14 | 0.15 | 0.06 | 0.04 | 0.06 | 0.06 |
| Asset Turnover | — | 0.06 | 0.04 | 0.05 | 0.04 | 0.03 | 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% | 2.4% | 2.5% | 2.6% | 3.1% | 2.0% | 2.4% | 1.6% | 1.0% | 0.7% | 0.9% |
| Payout Ratio | 31.2% | 31.2% | 58.0% | 37.4% | 19.7% | 24.2% | 22.7% | 17.5% | 9.2% | 10.0% | 9.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.6% | 7.8% | 4.3% | 7.0% | 15.6% | 8.1% | 10.8% | 9.0% | 10.5% | 7.2% | 9.3% |
| FCF Yield | 7.8% | 9.2% | — | 10.6% | 23.9% | 5.5% | 17.2% | 10.2% | 12.7% | 6.2% | 12.6% |
| Buyback Yield | 0.1% | 0.1% | 0.1% | 0.5% | 0.2% | 0.0% | 2.6% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.1% | 2.5% | 2.6% | 3.1% | 3.3% | 2.0% | 5.0% | 1.6% | 1.0% | 0.7% | 0.9% |
| Shares Outstanding | — | $9M | $7M | $6M | $6M | $6M | $5M | $5M | $5M | $5M | $5M |
Regional CRE Concentration
According to current market data, FXNC trades at a P/B of 1.48, which appears to reflect a premium valuation relative to peers like MNSB, despite the bank's historically low ROE levels that suggest investors are pricing in future earnings power rather than current profitability.
The P/B multiple of 1.48 indicates that the market assigns a premium to the bank's franchise value, likely anticipating that the recent acceleration in revenue will eventually translate into higher returns on tangible equity. Investors should monitor whether this valuation holds if the bank fails to improve its ROE beyond the low single-digit levels observed in recent quarters.
Based on the reported financial statements, FXNC's ROE has struggled to exceed 3.1% in recent quarters, a performance that appears structurally constrained by an exceptionally conservative capital structure and a reliance on low-yielding assets rather than aggressive loan-book expansion.
The DuPont decomposition suggests that the bank's profitability is currently hampered by a lack of leverage, as the equity-to-assets ratio remains high at 0.09. While this provides a fortress-like balance sheet, it simultaneously suppresses ROE, implying that management may need to deploy capital more efficiently to satisfy investor expectations for higher returns.
As reported in quarterly filings, FXNC has successfully improved its efficiency ratio to 56.8% by 2026Q1, demonstrating that the bank is effectively managing its fixed cost base even as it navigates a challenging interest rate environment that has kept NIM at a steady 0.9%.
The improvement in the efficiency ratio suggests that the bank's recent revenue growth is outpacing its operating expenses, which may indicate successful scaling of its branch-based model. However, the persistent 0.9% NIM warrants further investigation, as it may reflect a structural limitation in the bank's ability to reprice its loan portfolio in the current cycle.
Based on the bank's reported equity-to-assets ratio of 0.09, FXNC maintains a capital position that significantly exceeds regulatory requirements, suggesting that the bank possesses substantial untapped capacity for either aggressive balance sheet expansion or increased capital returns to shareholders in the coming periods.
The bank's conservative capital management appears to be a double-edged sword, providing a robust buffer against regional economic downturns while simultaneously acting as a drag on ROE. Investors should monitor whether management intends to utilize this excess capital to drive growth or if it will remain trapped on the balance sheet, limiting potential shareholder value creation.
The P/E ratio is frequently misapplied to FXNC, as the metric is heavily distorted by the bank's volatile provision for credit losses, which can swing earnings significantly without reflecting any fundamental change in the underlying health of the core lending franchise.
Because management's qualitative adjustments for the Virginia economy create substantial noise in quarterly net income, the P/E ratio often fails to provide a clear picture of the bank's true earnings power. Analysts should instead focus on P/TBV and pre-provision net revenue (PPNR) to better assess the bank's operational performance and valuation relative to its peers.
Includes 30+ ratios · 30 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FXNC stock.
First National Corporation's current P/E ratio is 15.1x. The historical average is 13.1x. This places it at the 84th percentile of its historical range.
First National Corporation's current EV/EBITDA is 5.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.9x.
First National Corporation's return on equity (ROE) is 10.0%. The historical average is 10.2%.
Based on historical data, First National Corporation is trading at a P/E of 15.1x. This is at the 84th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
First National Corporation's current dividend yield is 2.07% with a payout ratio of 31.2%.
First National Corporation has 74.0% gross margin and 19.6% operating margin. Operating margin between 10-20% is typical for established companies.
First National Corporation's Debt/EBITDA ratio is 1.6x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.