Latest Ratios: P/E Ratio 11.3x · EV/EBITDA 11.5x · ROE 13.2%. (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 | $900M | $716M | $546M | $514M | $563M | $597M | $533M | $588M | $492M | $554M | $650M |
| Enterprise Value | $1.3B | $1.1B | $667M | $613M | $421M | $25M | $3M | $572M | $487M | $596M | $737M |
| P/E Ratio → | 11.33 | 9.04 | 11.55 | 8.47 | 7.92 | 11.27 | 9.89 | 12.03 | 10.57 | 19.05 | 16.92 |
| P/S Ratio | 2.76 | 2.19 | 1.77 | 1.89 | 2.45 | 3.07 | 2.63 | 3.14 | 2.99 | 3.69 | 4.16 |
| P/B Ratio | 1.38 | 1.10 | 0.99 | 0.97 | 1.18 | 1.03 | 0.89 | 1.05 | 1.11 | 1.34 | 1.57 |
| P/FCF | 10.42 | 8.29 | 10.06 | 6.46 | 7.27 | 11.66 | 7.25 | 12.05 | 8.88 | 11.76 | 17.05 |
| P/OCF | 9.96 | 7.92 | 9.04 | 5.97 | 7.14 | 10.85 | 6.88 | 11.79 | 8.57 | 11.06 | 15.79 |
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 | — | 3.27 | 2.17 | 2.26 | 1.83 | 0.13 | 0.02 | 3.05 | 2.96 | 3.97 | 4.72 |
| EV / EBITDA | 11.53 | 9.83 | 9.94 | 7.75 | 4.48 | 0.35 | 0.04 | 8.69 | 7.87 | 10.99 | 11.66 |
| EV / EBIT | 12.59 | 10.73 | 11.67 | 8.45 | 4.79 | 0.38 | 0.05 | 9.37 | 8.44 | 11.97 | 12.65 |
| EV / FCF | — | 12.34 | 12.30 | 7.70 | 5.44 | 0.49 | 0.04 | 11.72 | 8.79 | 12.63 | 19.33 |
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 | 77.7% | 77.7% | 65.6% | 74.8% | 92.9% | 94.2% | 87.8% | 88.2% | 90.6% | 92.3% | 95.1% |
| Operating Margin | 30.4% | 30.4% | 18.6% | 26.7% | 38.2% | 33.8% | 32.3% | 32.5% | 35.1% | 33.1% | 37.3% |
| Net Profit Margin | 24.3% | 24.3% | 15.4% | 22.4% | 30.9% | 27.3% | 26.5% | 26.1% | 28.3% | 19.4% | 24.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.2% | 13.2% | 8.8% | 12.1% | 13.4% | 9.0% | 9.3% | 9.8% | 10.9% | 7.0% | 9.3% |
| ROA | 1.4% | 1.4% | 0.9% | 1.2% | 1.4% | 1.1% | 1.3% | 1.4% | 1.6% | 1.0% | 1.3% |
| ROIC | 7.9% | 7.9% | 5.8% | 8.6% | 10.5% | 6.9% | 7.1% | 7.7% | 8.3% | 6.8% | 8.5% |
| ROCE | 12.7% | 12.7% | 8.5% | 11.7% | 14.4% | 9.6% | 9.7% | 10.4% | 12.4% | 12.1% | 12.9% |
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 | 0.74 | 0.74 | 0.39 | 0.33 | 0.17 | 0.20 | 0.21 | 0.20 | 0.16 | 0.28 | 0.39 |
| Debt / EBITDA | 4.43 | 4.43 | 3.21 | 2.22 | 0.86 | 1.61 | 1.78 | 1.69 | 1.13 | 2.13 | 2.56 |
| Net Debt / Equity | — | 0.54 | 0.22 | 0.19 | -0.30 | -0.98 | -0.89 | -0.03 | -0.01 | 0.10 | 0.21 |
| Net Debt / EBITDA | 3.23 | 3.23 | 1.81 | 1.25 | -1.51 | -7.98 | -7.40 | -0.25 | -0.08 | 0.76 | 1.38 |
| Debt / FCF | — | 4.05 | 2.24 | 1.25 | -1.84 | -11.17 | -7.21 | -0.33 | -0.09 | 0.88 | 2.28 |
| Interest Coverage | 1.31 | 1.31 | 0.64 | 1.19 | 4.81 | 7.46 | 4.64 | 3.49 | 5.99 | 7.85 | 13.23 |
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 | 0.18 | 0.18 | 0.17 | 0.33 | 0.35 | 0.46 | 0.44 | 0.32 | 0.35 | 0.35 | 0.36 |
| Quick Ratio | 0.18 | 0.18 | 0.17 | 0.33 | 0.35 | 0.46 | 0.44 | 0.32 | 0.35 | 0.35 | 0.36 |
| Cash Ratio | 0.03 | 0.03 | 0.02 | 0.02 | 0.05 | 0.15 | 0.17 | 0.04 | 0.03 | 0.03 | 0.03 |
| Asset Turnover | — | 0.06 | 0.06 | 0.06 | 0.05 | 0.04 | 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 | 2.7% | 3.4% | 3.9% | 3.0% | 2.6% | 2.4% | 2.7% | 2.2% | 2.5% | 5.5% | 1.9% |
| Payout Ratio | 30.5% | 30.5% | 44.9% | 25.4% | 20.3% | 26.8% | 26.5% | 25.9% | 26.8% | 104.9% | 32.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.8% | 11.1% | 8.7% | 11.8% | 12.6% | 8.9% | 10.1% | 8.3% | 9.5% | 5.2% | 5.9% |
| FCF Yield | 9.6% | 12.1% | 9.9% | 15.5% | 13.7% | 8.6% | 13.8% | 8.3% | 11.3% | 8.5% | 5.9% |
| Buyback Yield | 0.1% | 0.1% | 0.1% | 2.2% | 4.9% | 7.1% | 1.7% | 0.1% | 0.1% | 0.1% | 3.0% |
| Total Shareholder Yield | 2.8% | 3.5% | 4.0% | 5.2% | 7.5% | 9.5% | 4.4% | 2.2% | 2.6% | 5.6% | 4.9% |
| Shares Outstanding | — | $12M | $12M | $12M | $12M | $13M | $14M | $13M | $12M | $12M | $12M |
Deposit cost sensitivity
With a P/B ratio of 1.41, First Financial Corporation trades at a valuation that suggests investors are pricing the bank as a stable, value-oriented franchise rather than a high-growth entity, as evidenced by the modest 10.59 forward P/E multiple reported in recent financial data.
The current P/B multiple indicates that the market is not assigning a significant premium to the bank's tangible book value, likely reflecting concerns over the scalability of its rural-focused model. This valuation implies that investors are discounting the potential for outsized ROTCE expansion, favoring the bank's defensive characteristics over aggressive growth prospects.
Based on the quarterly data, the bank's ROE has remained in a narrow 1.6% to 3.4% range, indicating that profitability is currently constrained by a compressed NIM and the operational drag of maintaining an extensive, service-heavy branch network across its regional footprint.
The DuPont decomposition suggests that the bank's profitability is heavily reliant on asset utilization, yet the persistent NIM compression limits the contribution of interest-earning activities. The volatility in non-interest income further complicates the quality of earnings, suggesting that the bank's bottom-line performance may remain sensitive to cyclical fee-based revenue streams.
As reported in financial statements, the efficiency ratio has fluctuated between 43.3% and 58.3% over the last ten quarters, highlighting the inherent difficulty in balancing the high fixed costs of a 78-branch network against the bank's ability to generate consistent net interest income growth.
The recent uptick in the efficiency ratio to 55.7% in 2026Q1 suggests that operating leverage may be under pressure as the bank integrates new acquisitions. Investors should monitor whether management can successfully rationalize the branch footprint to improve operating efficiency without compromising the localized deposit-gathering advantage.
According to recent SEC filings, the bank maintains a consistent equity-to-assets ratio of approximately 0.11, providing a solid capital buffer that appears sufficient to support ongoing expansion efforts while maintaining a conservative risk profile relative to its regional peers.
This capital position suggests that the bank is well-positioned to absorb potential credit volatility without requiring immediate capital raises. The stability of this ratio indicates a disciplined approach to capital management, which may allow for continued inorganic growth if attractive opportunities arise in the Tennessee and Kentucky markets.
The P/E ratio is frequently misapplied to First Financial Corporation, as it obscures the significant impact of provision volatility and non-cash accounting adjustments under the CECL framework, which can artificially distort quarterly earnings and lead to inaccurate assessments of the bank's true underlying profitability.
Investors should prioritize P/TBV and ROTCE over P/E, as these metrics provide a clearer view of the bank's capital efficiency and franchise value. Relying on P/E ignores the cyclical nature of credit provisions, which may lead to an overestimation of earnings power during periods of reserve releases or an underestimation during provisioning cycles.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying THFF stock.
First Financial Corporation's current P/E ratio is 11.3x. The historical average is 14.2x. This places it at the 23th percentile of its historical range.
First Financial Corporation's current EV/EBITDA is 11.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.1x.
First Financial Corporation's return on equity (ROE) is 13.2%. The historical average is 10.1%.
Based on historical data, First Financial Corporation is trading at a P/E of 11.3x. This is at the 23th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
First Financial Corporation's current dividend yield is 2.69% with a payout ratio of 30.5%.
First Financial Corporation has 77.7% gross margin and 30.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
First Financial Corporation's Debt/EBITDA ratio is 4.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.