Latest Ratios: P/E Ratio 13.2x · EV/EBITDA 3.7x · ROE 13.0%. (1998–2025 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 | $216M | $198M | $108M | $93M | $84M | $136M | $203M | $244M | $142M | $122M | $108M |
| Enterprise Value | $78M | $59M | $-703500 | $88M | $51M | $103M | $161M | $215M | $115M | $103M | $73M |
| P/E Ratio → | 13.22 | 12.11 | 9.03 | 7.30 | 7.01 | 11.88 | 20.05 | 23.62 | 15.34 | 16.48 | 15.81 |
| P/S Ratio | 3.31 | 3.03 | 1.86 | 1.82 | 2.00 | 3.47 | 5.31 | 6.31 | 4.10 | 3.73 | 3.48 |
| P/B Ratio | 1.57 | 1.44 | 0.94 | 0.89 | 0.98 | 1.19 | 1.83 | 2.47 | 1.65 | 1.51 | 1.43 |
| P/FCF | 10.85 | 9.94 | 4.99 | 6.90 | 5.18 | 6.35 | 17.70 | 21.98 | 10.94 | 10.07 | 17.35 |
| P/OCF | 10.17 | 9.31 | 4.83 | 6.59 | 5.05 | 6.27 | 16.82 | 17.34 | 10.61 | 9.12 | 13.15 |
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 | — | 0.91 | -0.01 | 1.71 | 1.21 | 2.65 | 4.22 | 5.57 | 3.32 | 3.14 | 2.34 |
| EV / EBITDA | 3.70 | 2.83 | -0.05 | 5.46 | 3.32 | 6.97 | 12.37 | 16.07 | 9.67 | 8.73 | 6.88 |
| EV / EBIT | 3.90 | 2.99 | -0.05 | 5.83 | 3.57 | 7.55 | 13.63 | 17.47 | 10.78 | 9.75 | 7.75 |
| EV / FCF | — | 2.98 | -0.03 | 6.49 | 3.15 | 4.84 | 14.08 | 19.39 | 8.87 | 8.47 | 11.66 |
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 | 75.7% | 75.7% | 72.3% | 80.2% | 93.9% | 97.9% | 91.2% | 91.2% | 92.0% | 93.0% | 92.3% |
| Operating Margin | 30.5% | 30.5% | 24.4% | 29.4% | 34.0% | 35.1% | 31.0% | 31.9% | 30.8% | 32.2% | 30.2% |
| Net Profit Margin | 25.1% | 25.1% | 20.5% | 25.0% | 28.4% | 29.3% | 26.5% | 26.7% | 26.8% | 22.7% | 22.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.0% | 13.0% | 10.9% | 13.4% | 11.9% | 10.2% | 9.7% | 11.2% | 11.1% | 9.5% | 9.1% |
| ROA | 1.3% | 1.3% | 1.0% | 1.1% | 1.0% | 1.1% | 1.1% | 1.3% | 1.2% | 1.0% | 0.9% |
| ROIC | 11.8% | 11.8% | 8.8% | 10.6% | 10.7% | 9.1% | 8.5% | 10.0% | 9.0% | 9.5% | 9.4% |
| ROCE | 15.0% | 15.0% | 11.3% | 13.9% | 14.3% | 12.2% | 11.3% | 13.3% | 12.0% | 12.6% | 12.5% |
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 | — | — | — | 0.20 | — | — | — | — | — | 0.12 | — |
| Debt / EBITDA | — | — | — | 1.34 | — | — | — | — | — | 0.85 | — |
| Net Debt / Equity | — | -1.01 | -0.95 | -0.05 | -0.38 | -0.28 | -0.38 | -0.29 | -0.31 | -0.24 | -0.47 |
| Net Debt / EBITDA | -6.61 | -6.61 | -7.11 | -0.35 | -2.14 | -2.18 | -3.19 | -2.15 | -2.26 | -1.65 | -3.35 |
| Debt / FCF | — | -6.96 | -5.02 | -0.41 | -2.03 | -1.51 | -3.63 | -2.60 | -2.07 | -1.60 | -5.68 |
| Interest Coverage | 1.35 | 1.35 | 0.97 | 1.67 | 8.93 | 12.13 | 7.58 | 6.29 | 6.62 | 7.58 | 5.33 |
Net cash position: cash ($139M) exceeds total debt ($0)
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 | 0.35 | 0.35 | 0.47 | 0.46 | 0.47 | 0.46 | 0.36 | 0.39 | 0.41 | 0.45 | 0.44 |
| Quick Ratio | 0.35 | 0.35 | 0.47 | 0.46 | 0.47 | 0.46 | 0.36 | 0.39 | 0.41 | 0.45 | 0.44 |
| Cash Ratio | 0.12 | 0.12 | 0.10 | 0.03 | 0.03 | 0.03 | 0.05 | 0.04 | 0.04 | 0.04 | 0.05 |
| Asset Turnover | — | 0.05 | 0.05 | 0.04 | 0.04 | 0.03 | 0.04 | 0.05 | 0.04 | 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 | 1.9% | 2.0% | 3.5% | 3.9% | 4.2% | 2.6% | 1.6% | 1.3% | 2.2% | 2.4% | 2.6% |
| Payout Ratio | 24.7% | 24.7% | 31.6% | 28.4% | 29.6% | 30.8% | 32.1% | 31.1% | 33.5% | 38.8% | 41.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.6% | 8.3% | 11.1% | 13.7% | 14.3% | 8.4% | 5.0% | 4.2% | 6.5% | 6.1% | 6.3% |
| FCF Yield | 9.2% | 10.1% | 20.0% | 14.5% | 19.3% | 15.7% | 5.6% | 4.5% | 9.1% | 9.9% | 5.8% |
| Buyback Yield | 0.3% | 0.3% | 0.0% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.1% | 2.3% | 3.5% | 4.4% | 4.2% | 2.6% | 1.6% | 1.3% | 2.2% | 2.4% | 2.6% |
| Shares Outstanding | — | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M |
Excessive Liquidity Drag
With a P/B ratio of 1.57, First Capital trades at a valuation that appears to discount its localized franchise strength, as reported in recent market data, likely due to the bank's persistent inability to deploy its substantial cash reserves into higher-yielding, risk-adjusted loan assets.
The current P/B multiple suggests that investors are pricing the bank as a commodity balance sheet rather than a premium franchise. This valuation implies a modest expectation for future ROTCE, as the market likely views the excess liquidity as a structural drag on earnings power rather than a strategic buffer.
Based on the provided quarterly data, the bank's ROE has remained suppressed in the 2.6% to 3.6% range, a trend that appears to be driven by an inefficient asset base where significant cash holdings dilute the overall return on equity for shareholders.
The DuPont decomposition reveals that while the NIM has shown slight improvement, the overall profitability is hampered by low asset utilization. The bank's inability to convert its fortress balance sheet into higher-yielding loan growth suggests that the current ROE profile may remain stagnant without a shift in capital deployment strategy.
As reported in the financial statements, the net interest margin has expanded from 0.7% to 0.9% over the last ten quarters, while the efficiency ratio improved to 45.7%, indicating that management is successfully controlling costs despite the challenging interest rate environment for regional lenders.
The improvement in the efficiency ratio suggests that the bank is effectively leveraging its fixed-cost branch network to drive productivity. However, investors should monitor whether this margin expansion is sustainable or if it remains overly dependent on the interest earned on excess reserves rather than core lending activities.
According to the quarterly balance sheet data, the equity-to-assets ratio has held steady at approximately 11%, providing a robust capital buffer that significantly exceeds regulatory minimums and positions the bank to withstand potential regional economic volatility in the Southern Indiana market.
This high level of capitalization indicates a conservative management philosophy that prioritizes stability over aggressive growth. While this provides a strong safety net, it also raises questions regarding the bank's long-term capital return strategy, as the current excess capital may be under-leveraged relative to peer benchmarks.
The P/E ratio is frequently misapplied to First Capital, as it obscures the impact of non-cash mortgage servicing rights and volatile provision expenses, which can lead to a distorted view of the bank's core earnings power compared to its regional peers.
Investors should instead focus on P/TBV, as it provides a more accurate reflection of the bank's underlying equity value and capital adequacy. Relying on P/E in a bank context often fails to account for the cyclical nature of fee income and the impact of CECL provisioning on reported net income.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying FCAP stock.
First Capital, Inc.'s current P/E ratio is 13.2x. The historical average is 15.2x. This places it at the 48th percentile of its historical range.
First Capital, Inc.'s current EV/EBITDA is 3.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.3x.
First Capital, Inc.'s return on equity (ROE) is 13.0%. The historical average is 9.0%.
Based on historical data, First Capital, Inc. is trading at a P/E of 13.2x. This is at the 48th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
First Capital, Inc.'s current dividend yield is 1.86% with a payout ratio of 24.7%.
First Capital, Inc. has 75.7% gross margin and 30.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.