Latest Ratios: P/E Ratio 10.7x · EV/EBITDA 7.9x · ROE 19.0%. (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 | $4.0B | $3.3B | $3.1B | $2.9B | $2.4B | $2.9B | $2.0B | $2.3B | $1.9B | $1.1B | $1.4B |
| Enterprise Value | $3.7B | $3.0B | $2.5B | $2.9B | $2.9B | $1.1B | $1.5B | $2.6B | $2.4B | $1.6B | $2.7B |
| P/E Ratio → | 10.73 | 9.64 | 10.27 | 9.62 | 8.00 | 10.52 | 20.04 | 13.93 | 9.35 | 17.00 | 15.37 |
| P/S Ratio | 3.80 | 3.32 | 3.39 | 3.25 | 2.75 | 3.56 | 2.96 | 3.70 | 3.27 | 2.10 | 2.65 |
| P/B Ratio | 2.12 | 1.69 | 1.84 | 1.95 | 1.84 | 1.39 | 0.88 | 1.03 | 0.91 | 0.59 | 0.80 |
| P/FCF | 13.07 | 7.68 | 7.79 | 8.56 | 5.81 | 7.54 | 7.13 | 8.46 | 6.96 | 4.87 | 7.54 |
| P/OCF | 8.92 | 7.49 | 7.60 | 8.03 | 5.54 | 7.28 | 6.74 | 7.81 | 6.46 | 4.67 | 7.15 |
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 | — | 3.03 | 2.73 | 3.25 | 3.27 | 1.29 | 2.21 | 4.19 | 4.15 | 3.09 | 5.01 |
| EV / EBITDA | 7.90 | 6.95 | 5.95 | 6.85 | 6.05 | 2.27 | 10.52 | 10.02 | 11.27 | 19.52 | 17.61 |
| EV / EBIT | 8.82 | 7.29 | 6.33 | 7.33 | 6.47 | 2.47 | 12.89 | 10.89 | 12.37 | 26.08 | 20.65 |
| EV / FCF | — | 7.00 | 6.28 | 8.56 | 6.90 | 2.73 | 5.32 | 9.59 | 8.81 | 7.14 | 14.23 |
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 | 91.4% | 91.4% | 93.2% | 92.5% | 96.8% | 108.0% | 74.8% | 93.6% | 89.6% | 72.6% | 83.6% |
| Operating Margin | 41.6% | 41.6% | 43.2% | 44.3% | 50.5% | 52.3% | 17.2% | 38.5% | 33.5% | 11.8% | 24.2% |
| Net Profit Margin | 34.4% | 34.4% | 33.0% | 33.8% | 34.4% | 34.4% | 15.1% | 26.9% | 35.4% | 12.8% | 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 | 19.0% | 19.0% | 18.9% | 21.5% | 17.8% | 12.8% | 4.5% | 7.8% | 10.3% | 3.7% | 5.4% |
| ROA | 1.8% | 1.8% | 1.6% | 1.6% | 1.5% | 1.4% | 0.7% | 1.3% | 1.6% | 0.6% | 0.8% |
| ROIC | 13.7% | 13.7% | 13.4% | 13.5% | 13.3% | 10.7% | 2.8% | 5.8% | 4.6% | 1.4% | 3.0% |
| ROCE | 3.9% | 3.9% | 16.4% | 19.6% | 21.3% | 15.9% | 4.0% | 8.0% | 6.6% | 2.4% | 5.7% |
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 | 0.19 | 0.19 | 0.34 | 0.44 | 0.70 | 0.33 | 0.41 | 0.38 | 0.53 | 0.65 | 0.87 |
| Debt / EBITDA | 0.83 | 0.83 | 1.35 | 1.55 | 1.95 | 1.47 | 6.49 | 3.28 | 5.13 | 14.78 | 10.18 |
| Net Debt / Equity | — | -0.15 | -0.36 | -0.00 | 0.34 | -0.88 | -0.22 | 0.14 | 0.24 | 0.28 | 0.71 |
| Net Debt / EBITDA | -0.67 | -0.67 | -1.43 | -0.00 | 0.95 | -4.00 | -3.58 | 1.18 | 2.37 | 6.21 | 8.27 |
| Debt / FCF | — | -0.67 | -1.51 | -0.00 | 1.08 | -4.81 | -1.81 | 1.13 | 1.85 | 2.27 | 6.68 |
| Interest Coverage | 1.64 | 1.64 | 1.36 | 1.76 | 6.65 | 6.60 | 1.25 | 2.20 | 1.91 | 0.64 | 1.29 |
Net cash position: cash ($657M) exceeds total debt ($364M)
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 | 6.85 | 6.85 | 0.34 | 0.36 | 0.36 | 0.48 | 0.37 | 0.28 | 0.29 | 0.27 | 0.22 |
| Quick Ratio | 6.85 | 6.85 | 0.34 | 0.36 | 0.36 | 0.48 | 0.37 | 0.28 | 0.29 | 0.27 | 0.22 |
| Cash Ratio | 6.11 | 6.11 | 0.07 | 0.04 | 0.03 | 0.14 | 0.09 | 0.06 | 0.06 | 0.07 | 0.03 |
| Asset Turnover | — | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.05 | 0.05 | 0.04 | 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 | 2.8% | 3.5% | 3.4% | 3.4% | 3.6% | 2.2% | 2.2% | 1.3% | 0.3% | 0.2% | 0.0% |
| Payout Ratio | 33.5% | 33.5% | 35.3% | 32.9% | 28.8% | 23.1% | 42.5% | 18.1% | 3.2% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.3% | 10.4% | 9.7% | 10.4% | 12.5% | 9.5% | 5.0% | 7.2% | 10.7% | 5.9% | 6.5% |
| FCF Yield | 7.6% | 13.0% | 12.8% | 11.7% | 17.2% | 13.3% | 14.0% | 11.8% | 14.4% | 20.6% | 13.3% |
| Buyback Yield | 3.9% | 4.6% | 3.3% | 7.0% | 11.4% | 8.7% | 0.0% | 0.1% | 0.2% | 0.2% | 0.1% |
| Total Shareholder Yield | 6.6% | 8.1% | 6.8% | 10.4% | 15.0% | 10.9% | 2.2% | 1.4% | 0.5% | 0.5% | 0.1% |
| Shares Outstanding | — | $161M | $165M | $177M | $192M | $211M | $218M | $217M | $217M | $216M | $216M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying FBP stock.
First BanCorp.'s current P/E ratio is 10.7x. The historical average is 21.5x. This places it at the 33th percentile of its historical range.
First BanCorp.'s current EV/EBITDA is 7.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.9x.
First BanCorp.'s return on equity (ROE) is 19.0%. The historical average is 9.0%.
Based on historical data, First BanCorp. is trading at a P/E of 10.7x. This is at the 33th 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 2.76% with a payout ratio of 33.5%.
First BanCorp. has 91.4% gross margin and 41.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
First BanCorp.'s Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
NIM compression and AOCI unrealized losses on concentrated securities portfolio
Metrics are mathematically derived from official filings.
Premium Multiple Against Puerto Rican Peers
FBP trades at 2.18x book and approximately 2.21x tangible book versus OFG Bancorp at 1.73x and Popular at 1.71x, a premium that appears to embed the market's expectation of ROTCE sustained above 18%, per current market pricing data.
The 2.18x P/B against a TTM ROE of 19.0% implies a cost of equity of roughly 8.7%, which is defensible for a top-three franchise in an oligopolistic market but assumes no structural NIM compression. The forward P/E of 11.1x against a trailing 12.4x suggests consensus expects earnings growth, yet with NIM flat at 1.2% for four quarters and NII growth halved to 4.4%, that forward multiple may be relying on accretion tailwinds rather than organic momentum; investors should test whether the premium to OFG and BPOP is warranted by structural moat quality or by a temporary accounting lift.
ROE Leaned on Fee Volatility, Not Spread
FBP's TTM ROE of 19.0% exceeds BPOP's 16.2% and OFG's 15.9%, yet the modest 1.2% NIM and 0.5% quarterly ROA suggest returns are being propped up by fee contribution and balance sheet efficiency rather than superior core spread economics, according to reported ratio data.
A DuPont-style read shows asset utilization (annualized ROA) at only ~2%, meaning the headline ROE is a function of a 10% equity-to-asset base plus non-interest income rather than NIM leadership. Critically, fee income has swung from $12.0M in 2024Q4 to $38.6M in 2026Q1 and back to $33.4M in 2026Q3, leaving earnings quality dependent on a mark-to-market-sensitive line that is not a reliable recurring contributor. With the efficiency ratio drifting to 50.2% in 2026Q3, operating leverage has stalled, and any further cost creep could erode the ROE advantage that justifies FBP's premium multiple.
NIM Plateau Tests Operating Leverage
NIM has held at 1.2% for four consecutive quarters through 2026Q3 while the efficiency ratio deteriorated from 48.2% to 50.2%, as disclosed in FBP's quarterly results, indicating non-interest expense is now outpacing a essentially flat revenue base of approximately $324.2M.
The combination of a stalled NIM and a rising efficiency ratio suggests FBP's extensive fixed-cost branch network—structurally necessary for deposit franchise advantage in Puerto Rico—may be generating negative incremental operating leverage as deposit costs rise in tandem with asset yields. This aligns with the halving of NII growth from 8.1% to 4.4% over the trailing period, confirming that the rate-driven earnings tailwind has been exhausted; future margin improvement will likely require either meaningful deposit repricing or a return to loan volume growth that the static ~$19.3B asset base has not delivered.
Distributions Constrain Capital Flexibility
FBP's equity-to-asset ratio has grown from 0.08 to 0.10 over ten quarters, yet combined buybacks and dividends have consumed approximately 84% of quarterly net income, per FBP's cash flow statements, leaving limited room for additional internal capital build or countercyclical buffer.
With roughly $81M in combined quarterly distributions against $96M in net income, the capital return program appears calibrated to a constructive credit-cycle narrative, but the aggressive drawdown of cash reserves from $1.3B in 2025Q1 to $461M in 2026Q3 raises questions about sustainability if the credit cycle turns or the securities portfolio requires restructuring. More importantly, the $18.1B investment securities balance at 94% of total assets introduces AOCI-driven equity volatility that the headline 10% equity ratio may not fully capture; a rate shock could compress tangible book value and effectively tighten the true capital ratio below what is currently reported.
P/E Obscures Accretion and AOCI Risk
The 12.4x TTM P/E appears competitive against NBT Bancorp at 15.6x and Popular at 12.8x, but this ratio is flattered by non-recurring purchase accounting accretion from the Santander acquisition and ignores potential AOCI-driven equity volatility embedded in a securities portfolio at 94% of assets, per FBP's reported financials.
P/E is the most commonly misapplied ratio to FBP because it captures neither the accretion income temporarily inflating net interest margin from the acquired Santander portfolio—whose run-off is likely baked into the flat 1.2% NIM trajectory—nor the unrealized loss exposure in an $18.1B securities book that dwarfs the ~$1.9B equity base. Analysts should instead use P/TBV adjusted for AOCI (currently ~2.21x on tangible book of $12.07/share) and test it against a normalized ROTCE excluding accretion, which would likely show a materially thinner premium to OFG and BPOP than the headline P/E or the 0.34 PEG ratio imply; the very low PEG appears to reflect earnings growth estimates anchored to accretion tailwinds rather than structural earnings power, warranting closer scrutiny before the multiple is treated as a value signal.