Latest Ratios: P/E Ratio 16.3x · EV/EBITDA 27.2x · ROE 7.2%. (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 | $2.7B | $2.1B | $1.8B | $1.5B | $1.5B | $1.6B | $980M | $1.2B | $970M | $893M | $563M |
| Enterprise Value | $2.6B | $2.0B | $1.3B | $1.6B | $1.5B | $1.2B | $636M | $1.5B | $1.2B | $1.1B | $528M |
| P/E Ratio → | 16.29 | 18.95 | 23.90 | 14.75 | 10.40 | 17.06 | 12.04 | 12.87 | 10.85 | 19.40 | 20.41 |
| P/S Ratio | 8.35 | 5.47 | 5.28 | 3.82 | 3.90 | 5.17 | 3.28 | 4.32 | 3.65 | 4.18 | 3.53 |
| P/B Ratio | 1.61 | 1.27 | 1.26 | 1.11 | 1.48 | 1.32 | 1.10 | 1.39 | 1.27 | 1.29 | 1.53 |
| P/FCF | 9.66 | 10.56 | 10.56 | 12.00 | 6.78 | 12.25 | 21.33 | 24.86 | 27.19 | 40.26 | 17.27 |
| P/OCF | 13.16 | 10.34 | 10.40 | 11.59 | 6.63 | 11.44 | 16.81 | 23.15 | 20.91 | 33.27 | 13.63 |
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 | — | 5.28 | 3.85 | 4.03 | 3.82 | 3.76 | 2.13 | 5.30 | 4.52 | 5.14 | 3.32 |
| EV / EBITDA | 27.21 | 12.74 | 11.42 | 10.63 | 7.46 | 8.84 | 5.45 | 11.19 | 9.50 | 14.16 | 11.01 |
| EV / EBIT | 18.03 | 14.06 | 13.50 | 12.18 | 8.08 | 9.87 | 6.17 | 12.53 | 10.58 | 16.20 | 12.53 |
| EV / FCF | — | 10.20 | 7.69 | 12.66 | 6.64 | 8.93 | 13.84 | 30.54 | 33.63 | 49.48 | 16.21 |
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 | 99.1% | 99.1% | 95.2% | 95.5% | 96.8% | 95.2% | 88.3% | 99.2% | 101.4% | 99.7% | 100.0% |
| Operating Margin | 37.5% | 37.5% | 28.5% | 33.1% | 47.3% | 38.2% | 34.5% | 42.3% | 42.7% | 31.7% | 26.5% |
| Net Profit Margin | 28.9% | 28.9% | 22.2% | 26.1% | 37.5% | 30.3% | 27.3% | 33.5% | 33.6% | 21.5% | 17.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.2% | 7.2% | 5.4% | 8.7% | 13.0% | 9.0% | 9.3% | 11.4% | 12.3% | 8.7% | 7.7% |
| ROA | 0.9% | 0.9% | 0.6% | 0.9% | 1.4% | 1.1% | 1.2% | 1.5% | 1.6% | 1.0% | 0.8% |
| ROIC | 6.8% | 6.8% | 4.7% | 6.7% | 11.0% | 8.3% | 6.8% | 6.2% | 6.0% | 5.0% | 5.4% |
| ROCE | 5.9% | 5.9% | 5.3% | 7.6% | 13.3% | 10.0% | 10.4% | 12.7% | 13.7% | 9.3% | 6.9% |
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 | 0.05 | 0.05 | 0.01 | 0.23 | 0.23 | 0.02 | 0.03 | 0.59 | 0.91 | 1.00 | 0.74 |
| Debt / EBITDA | 0.47 | 0.47 | 0.13 | 2.13 | 1.19 | 0.15 | 0.20 | 3.86 | 5.49 | 8.96 | 5.66 |
| Net Debt / Equity | — | -0.04 | -0.34 | 0.06 | -0.03 | -0.36 | -0.39 | 0.32 | 0.30 | 0.29 | -0.09 |
| Net Debt / EBITDA | -0.45 | -0.45 | -4.25 | 0.55 | -0.16 | -3.29 | -2.95 | 2.08 | 1.82 | 2.64 | -0.72 |
| Debt / FCF | — | -0.36 | -2.86 | 0.66 | -0.14 | -3.32 | -7.49 | 5.67 | 6.45 | 9.21 | -1.06 |
| Interest Coverage | 0.91 | 0.91 | 0.52 | 0.93 | 11.50 | 12.63 | 5.27 | 3.43 | 4.77 | 5.35 | 5.54 |
Net cash position: cash ($147M) exceeds total debt ($75M)
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 | 0.24 | 0.24 | 0.23 | 0.25 | 0.28 | 0.34 | 0.29 | 0.21 | 0.20 | 0.18 | 0.17 |
| Quick Ratio | 0.24 | 0.24 | 0.23 | 0.25 | 0.28 | 0.34 | 0.29 | 0.21 | 0.20 | 0.18 | 0.17 |
| Cash Ratio | 0.02 | 0.02 | 0.05 | 0.02 | 0.03 | 0.05 | 0.06 | 0.04 | 0.09 | 0.10 | 0.10 |
| Asset Turnover | — | 0.03 | 0.03 | 0.03 | 0.04 | 0.03 | 0.04 | 0.04 | 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 | 1.4% | 1.8% | 2.0% | 2.3% | 2.0% | 1.4% | 2.1% | 1.2% | 1.2% | 0.9% | 1.1% |
| Payout Ratio | 33.6% | 33.6% | 47.6% | 33.6% | 20.9% | 23.2% | 25.7% | 14.8% | 12.6% | 16.5% | 23.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.1% | 5.3% | 4.2% | 6.8% | 9.6% | 5.9% | 8.3% | 7.8% | 9.2% | 5.2% | 4.9% |
| FCF Yield | 10.4% | 9.5% | 9.5% | 8.3% | 14.7% | 8.2% | 4.7% | 4.0% | 3.7% | 2.5% | 5.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 3.3% | 0.8% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.4% | 1.8% | 2.0% | 2.3% | 2.0% | 1.6% | 5.4% | 2.0% | 1.2% | 0.9% | 1.1% |
| Shares Outstanding | — | $41M | $41M | $41M | $36M | $36M | $29M | $30M | $30M | $25M | $21M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying FBNC stock.
First Bancorp's current P/E ratio is 16.3x. The historical average is 17.9x. This places it at the 55th percentile of its historical range.
First Bancorp's current EV/EBITDA is 27.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.8x.
First Bancorp's return on equity (ROE) is 7.2%. The historical average is 10.5%.
Based on historical data, First Bancorp is trading at a P/E of 16.3x. This is at the 55th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
First Bancorp's current dividend yield is 1.40% with a payout ratio of 33.6%.
First Bancorp has 99.1% gross margin and 37.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
First Bancorp's Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Earnings quality from fee volatility
Metrics are mathematically derived from official filings.
Modest Premium Pricing on Tangible Book
Based on FBNC's reported figures, the stock trades at 1.61x price-to-book and 16.29x trailing earnings, a multiple that sits above several Southeast peers and suggests investors are pricing in a return profile that has not yet been demonstrated in recent ROE readings.
With ROE at 3.0% in 2026Q3 and tangible book value per share near $29.49, the market appears to be capitalizing future earnings recovery rather than current returns. The forward P/E of 13.72 implies consensus expects meaningful earnings improvement, which warrants monitoring against whether efficiency gains translate into sustained ROTCE above the cost of equity. Relative to peers such as FFIN and TOWN, FBNC's valuation appears to reflect a conservative rural franchise that the market is not yet crediting with premium returns.
Thin ROE Driven by Fee Swings
As reported in financial statements, FBNC's ROE moved from 0.2% in 2024Q4 to 3.0% in 2026Q3, with the recovery depending heavily on non-interest income that swung between negative $25.0M and positive $15.1M over the period.
A DuPont view shows that net interest margin near 0.8% combined with a low equity-to-assets ratio of roughly 0.13 leaves limited leverage to lift returns. The profitability improvement since late 2025 appears to rest partly on fee income recovery, which may not be durable. Investors should monitor whether ROE can reach the 10% to 12% range seen among peers without relying on volatile non-interest items.
Efficiency Gains Offset Thin Margin
Based on FBNC's reported figures, the efficiency ratio improved to 49.3% in 2026Q3 from 74.2% in 2025Q4, while net interest margin remained near 0.8%, suggesting operating leverage has become the main earnings driver.
The compression in the efficiency ratio from the 60% to 88% range seen in 2024 and 2025 appears to reflect both cost discipline and the normalization of fee-related charges. A margin of roughly 0.8% is thin in absolute terms, so continued efficiency is doing much of the work. Any deposit cost pressure that compresses NIM further would likely reverse part of this improvement.
Capital Base Steady, Regulatory Ratios Missing
As reported in financial statements, the equity-to-assets ratio has held near 0.13 across recent quarters with equity rising to $1.7B, although CET1 and Tier 1 ratios are not included in the supplied data.
The stable equity ratio suggests capital has been retained rather than deployed aggressively, consistent with modest buybacks and steady dividends. Without CET1 and total capital ratios, capacity for capital return cannot be assessed against regulatory minimums. Investors should obtain these figures from the 10-Q before drawing firm conclusions about capital headroom.
P/B Misleads Given Fee Volatility
Based on FBNC's reported figures, the price-to-book multiple is the most commonly misapplied ratio here, because non-interest income swings from negative $25.0M to positive $15.1M can distort the earnings base used to justify it.
Using P/E alone can overstate or understate value when provisions and fee items move sharply, as they did with provisions spiking to $14.2M in 2024Q3. Price-to-tangible-book adjusted for AOCI unrealized losses on the securities portfolio, paired with a normalized ROTCE, offers a more stable anchor. Investors should treat the 16.29x trailing P/E as provisional until fee income and credit cost trends stabilize across several quarters.