Latest Ratios: P/E Ratio -6.9x · EV/EBITDA N/A · ROE -9.5%. (2005–2025 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 | $243M | $182M | $315M | $214M | $233M | $469M | $283M | $238M | $194M | $273M | $168M |
| Enterprise Value | $142M | $80M | $249M | $528M | $696M | $645M | $458M | $495M | $565M | $672M | $355M |
| P/E Ratio → | -6.93 | — | 12.50 | 25.46 | 6.56 | 9.76 | 9.61 | 9.45 | 8.89 | 17.91 | 13.91 |
| P/S Ratio | 0.75 | 0.56 | 0.95 | 0.82 | 1.34 | 2.90 | 1.65 | 1.46 | 1.58 | 2.89 | 2.33 |
| P/B Ratio | 0.68 | 0.51 | 0.82 | 0.59 | 0.64 | 1.23 | 0.85 | 0.78 | 0.67 | 1.22 | 1.09 |
| P/FCF | 109.58 | 82.03 | 30.34 | 33.95 | 3.57 | 18.81 | — | — | 7.16 | 11.80 | 7.20 |
| P/OCF | 70.56 | 52.83 | 24.28 | 18.35 | 2.82 | 8.56 | 21.65 | — | 6.62 | 11.08 | 6.33 |
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 | — | 0.25 | 0.75 | 2.03 | 4.01 | 3.98 | 2.67 | 3.04 | 4.58 | 7.13 | 4.92 |
| EV / EBITDA | — | — | 6.92 | 49.42 | 14.25 | 9.88 | 10.97 | 14.53 | 19.06 | 23.79 | 16.27 |
| EV / EBIT | — | — | 9.05 | 106.92 | 17.35 | 11.41 | 13.50 | 18.24 | 23.58 | 29.29 | 19.71 |
| EV / FCF | — | 36.19 | 23.96 | 83.66 | 10.67 | 25.87 | — | — | 20.81 | 29.07 | 15.22 |
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 | 13.7% | 13.7% | 33.5% | 30.3% | 62.7% | 70.2% | 52.3% | 44.6% | 53.7% | 62.2% | 67.3% |
| Operating Margin | -15.8% | -15.8% | 8.3% | 1.9% | 23.1% | 34.9% | 19.8% | 16.7% | 19.4% | 24.3% | 24.9% |
| Net Profit Margin | -10.9% | -10.9% | 7.6% | 3.2% | 20.5% | 29.7% | 17.2% | 15.5% | 17.8% | 16.2% | 16.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -9.5% | -9.5% | 6.8% | 2.3% | 9.5% | 13.5% | 9.3% | 8.5% | 8.5% | 8.1% | 9.3% |
| ROA | -0.6% | -0.6% | 0.5% | 0.2% | 0.8% | 1.1% | 0.7% | 0.7% | 0.7% | 0.7% | 0.8% |
| ROIC | -5.1% | -5.1% | 2.2% | 0.3% | 2.9% | 4.4% | 2.8% | 2.3% | 2.4% | 3.3% | 3.9% |
| ROCE | -1.6% | -1.6% | 2.9% | 0.5% | 3.8% | 5.9% | 3.7% | 3.1% | 3.2% | 4.4% | 5.2% |
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 | 0.99 | 0.99 | 1.04 | 1.98 | 1.97 | 1.63 | 1.80 | 1.92 | 1.94 | 1.99 | 1.47 |
| Debt / EBITDA | — | — | 11.11 | 67.34 | 14.73 | 9.47 | 14.25 | 17.15 | 18.87 | 15.83 | 10.40 |
| Net Debt / Equity | — | -0.28 | -0.17 | 0.87 | 1.27 | 0.46 | 0.53 | 0.84 | 1.28 | 1.78 | 1.21 |
| Net Debt / EBITDA | — | — | -1.84 | 29.37 | 9.48 | 2.70 | 4.19 | 7.54 | 12.50 | 14.13 | 8.58 |
| Debt / FCF | — | -45.84 | -6.37 | 49.72 | 7.10 | 7.06 | — | — | 13.65 | 17.26 | 8.02 |
| Interest Coverage | -0.25 | -0.25 | 0.13 | 0.03 | 0.67 | 1.20 | 0.47 | 0.32 | 0.45 | 0.75 | 0.94 |
Net cash position: cash ($457M) exceeds total debt ($355M)
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 | 110.02 | 110.02 | 0.38 | 0.45 | 0.46 | 0.60 | 0.57 | 0.59 | 0.60 | 0.64 | 0.75 |
| Quick Ratio | 110.02 | 110.02 | 0.38 | 0.45 | 0.46 | 0.60 | 0.57 | 0.59 | 0.60 | 0.64 | 0.75 |
| Cash Ratio | 45.68 | 45.68 | 0.09 | 0.10 | 0.07 | 0.14 | 0.13 | 0.10 | 0.07 | 0.02 | 0.03 |
| Asset Turnover | — | 0.06 | 0.06 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 0.03 | 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 | 0.9% | 1.1% | 0.7% | 1.0% | 1.0% | 0.5% | 0.8% | 1.0% | 1.1% | 0.6% | 0.7% |
| Payout Ratio | — | — | 8.2% | 25.6% | 6.5% | 5.0% | 8.0% | 9.6% | 10.2% | 11.0% | 9.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 8.0% | 3.9% | 15.2% | 10.2% | 10.4% | 10.6% | 11.3% | 5.6% | 7.2% |
| FCF Yield | 0.9% | 1.2% | 3.3% | 2.9% | 28.0% | 5.3% | — | — | 14.0% | 8.5% | 13.9% |
| Buyback Yield | 0.2% | 0.3% | 0.1% | 4.4% | 11.9% | 0.9% | 0.0% | 4.1% | 0.1% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.1% | 1.4% | 0.7% | 5.4% | 12.9% | 1.5% | 0.8% | 5.1% | 1.3% | 0.6% | 0.7% |
| Shares Outstanding | — | $9M | $9M | $9M | $10M | $10M | $10M | $10M | $10M | $7M | $5M |
High deposit funding costs
Based on reported figures, INBK trades at a P/B ratio of 0.66, which suggests the market is pricing the bank at a significant discount to its tangible book value, reflecting investor skepticism regarding the long-term sustainability of its digital-only business model in a high-rate environment.
The current valuation implies that investors are discounting the bank's ability to generate a return on tangible equity that exceeds its cost of capital. This persistent discount suggests that the market views the bank as a commodity balance sheet rather than a premium digital franchise, likely due to the volatility in earnings and the structural challenges of its funding base.
As reported in recent financial statements, the bank's ROE has struggled to maintain positive territory, with a notable dip to -11.2% in 2025Q3, indicating that the combination of thin net interest margins and volatile fee income is currently failing to support meaningful shareholder returns.
The DuPont decomposition suggests that profitability is being hampered by both asset utilization constraints and the high cost of digital deposits. Without a significant improvement in non-interest income contribution or a reduction in funding costs, the bank's ability to drive ROE expansion appears limited by its current operating structure.
According to quarterly data, the NIM has remained compressed at 0.6% as of 2026Q1, which highlights the bank's structural difficulty in repricing its loan portfolio fast enough to offset the rapid increase in interest expenses associated with its digital-only deposit gathering strategy.
The efficiency ratio, which has fluctuated significantly, suggests that the bank's branchless model is not providing the expected operating leverage in the current rate cycle. Investors should monitor whether the bank can shift its deposit mix toward lower-beta sources to alleviate the ongoing pressure on its net interest margin.
Based on the provided financial data, the equity-to-assets ratio has hovered near 6% to 7% over the last ten quarters, indicating that the bank's capital position remains relatively thin and potentially vulnerable to further earnings volatility or unexpected credit losses within its specialized commercial loan book.
The current capital levels appear to leave little room for error, especially given the bank's exposure to concentrated commercial niches. This suggests that the capacity for aggressive capital return or balance sheet expansion is constrained by the need to maintain regulatory buffers against potential credit migration.
The P/E ratio is the most commonly misapplied metric for INBK, as it fails to account for the extreme volatility in quarterly provisions and gain-on-sale income that can artificially distort earnings, thereby obscuring the bank's true underlying profitability and long-term earning power.
Investors should prioritize P/TBV and core ROE trends over P/E, as the latter is highly sensitive to non-recurring items and accounting adjustments under CECL. Relying on P/E in this context may lead to a misunderstanding of the bank's valuation, as it ignores the capital-intensive nature of the business and the cyclicality of its niche lending segments.
Includes 30+ ratios · 21 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying INBK stock.
First Internet Bancorp's current P/E ratio is -6.9x. The historical average is 11.9x.
First Internet Bancorp's return on equity (ROE) is -9.5%. The historical average is 6.1%.
Based on historical data, First Internet Bancorp is trading at a P/E of -6.9x. Compare with industry peers and growth rates for a complete picture.
First Internet Bancorp's current dividend yield is 0.86%.
First Internet Bancorp has 13.7% gross margin and -15.8% operating margin.