Latest Ratios: P/E Ratio 11.9x · EV/EBITDA 12.6x · ROE 9.8%. (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 | $3.3B | $2.4B | $2.6B | $2.3B | $2.3B | $2.3B | $1.7B | $2.5B | $2.1B | $1.6B | $1.8B |
| Enterprise Value | $4.3B | $3.4B | $2.8B | $2.5B | $3.3B | $2.6B | $2.0B | $4.0B | $3.5B | $2.4B | $2.5B |
| P/E Ratio → | 11.86 | 9.41 | 11.20 | 8.83 | 10.53 | 11.39 | 11.03 | 12.72 | 12.29 | 16.89 | 19.90 |
| P/S Ratio | 3.68 | 2.66 | 3.07 | 2.69 | 3.23 | 3.75 | 2.66 | 4.08 | 3.85 | 4.55 | 5.15 |
| P/B Ratio | 1.09 | 0.87 | 1.05 | 1.00 | 1.12 | 1.03 | 0.75 | 1.12 | 1.02 | 1.76 | 2.04 |
| P/FCF | 10.44 | 7.56 | 10.64 | 4.88 | 12.25 | 6.27 | 18.71 | 15.20 | 8.78 | 14.00 | 13.27 |
| P/OCF | 9.80 | 7.09 | 9.78 | 4.64 | 11.41 | 6.02 | 15.87 | 13.50 | 8.16 | 13.26 | 12.37 |
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 | — | 3.79 | 3.31 | 3.02 | 4.70 | 4.18 | 3.06 | 6.48 | 6.27 | 6.64 | 7.27 |
| EV / EBITDA | 12.59 | 9.92 | 9.01 | 7.11 | 11.87 | 9.30 | 8.76 | 14.71 | 14.53 | 18.54 | 17.30 |
| EV / EBIT | 13.45 | 10.60 | 10.30 | 7.96 | 13.78 | 10.83 | 10.72 | 16.42 | 16.17 | 20.56 | 19.02 |
| EV / FCF | — | 10.74 | 11.46 | 5.48 | 17.80 | 7.00 | 21.50 | 24.11 | 14.30 | 20.41 | 18.72 |
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 | 68.4% | 68.4% | 64.3% | 71.5% | 90.0% | 98.0% | 80.5% | 79.2% | 83.5% | 87.0% | 88.4% |
| Operating Margin | 25.5% | 25.5% | 21.9% | 28.6% | 31.2% | 36.8% | 25.8% | 32.9% | 33.3% | 28.4% | 34.8% |
| Net Profit Margin | 20.3% | 20.3% | 18.7% | 22.9% | 28.1% | 31.3% | 21.8% | 26.8% | 26.8% | 23.7% | 23.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.8% | 9.8% | 9.7% | 11.9% | 10.1% | 9.0% | 6.9% | 9.2% | 11.5% | 10.8% | 10.6% |
| ROA | 1.3% | 1.3% | 1.3% | 1.5% | 1.3% | 1.3% | 1.0% | 1.4% | 1.5% | 1.1% | 1.1% |
| ROIC | 6.4% | 6.4% | 5.7% | 6.6% | 5.5% | 6.3% | 4.1% | 4.8% | 5.8% | 4.8% | 5.4% |
| ROCE | 8.5% | 8.5% | 8.0% | 11.3% | 9.6% | 8.4% | 6.4% | 9.1% | 11.6% | 11.4% | 13.7% |
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 | 0.43 | 0.43 | 0.45 | 0.57 | 0.80 | 0.31 | 0.22 | 0.77 | 0.78 | 1.00 | 1.07 |
| Debt / EBITDA | 3.46 | 3.46 | 3.60 | 3.60 | 5.82 | 2.52 | 2.25 | 6.39 | 6.76 | 7.25 | 6.45 |
| Net Debt / Equity | — | 0.36 | 0.08 | 0.12 | 0.51 | 0.12 | 0.11 | 0.66 | 0.64 | 0.81 | 0.84 |
| Net Debt / EBITDA | 2.94 | 2.94 | 0.65 | 0.77 | 3.70 | 0.97 | 1.14 | 5.44 | 5.61 | 5.82 | 5.03 |
| Debt / FCF | — | 3.19 | 0.82 | 0.60 | 5.55 | 0.73 | 2.79 | 8.91 | 5.52 | 6.41 | 5.44 |
| Interest Coverage | 0.89 | 0.89 | 0.69 | 1.16 | 3.67 | 7.75 | 2.69 | 1.97 | 2.35 | 2.35 | 3.93 |
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 | 0.28 | 0.28 | 0.26 | 0.31 | 0.29 | 0.35 | 0.29 | 0.27 | 0.28 | 0.21 | 0.18 |
| Quick Ratio | 0.28 | 0.28 | 0.26 | 0.31 | 0.29 | 0.35 | 0.29 | 0.27 | 0.28 | 0.21 | 0.18 |
| Cash Ratio | 0.01 | 0.01 | 0.06 | 0.07 | 0.04 | 0.03 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 |
| Asset Turnover | — | 0.06 | 0.07 | 0.06 | 0.05 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 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 | 3.1% | 4.0% | 3.5% | 3.9% | 3.8% | 3.7% | 5.2% | 3.5% | 3.7% | 2.5% | 2.2% |
| Payout Ratio | 37.0% | 37.0% | 39.1% | 34.1% | 39.8% | 42.6% | 57.6% | 45.0% | 46.2% | 42.5% | 44.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.4% | 10.6% | 8.9% | 11.3% | 9.5% | 8.8% | 9.1% | 7.9% | 8.1% | 5.9% | 5.0% |
| FCF Yield | 9.6% | 13.2% | 9.4% | 20.5% | 8.2% | 15.9% | 5.3% | 6.6% | 11.4% | 7.1% | 7.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 4.6% | 1.0% | 2.6% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.1% | 4.0% | 3.5% | 3.9% | 3.8% | 8.4% | 6.2% | 6.2% | 3.7% | 2.5% | 2.2% |
| Shares Outstanding | — | $96M | $95M | $95M | $95M | $96M | $98M | $99M | $90M | $62M | $62M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying FFBC stock.
First Financial Bancorp.'s current P/E ratio is 11.9x. The historical average is 15.8x. This places it at the 23th percentile of its historical range.
First Financial Bancorp.'s current EV/EBITDA is 12.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.9x.
First Financial Bancorp.'s return on equity (ROE) is 9.8%. The historical average is 11.9%.
Based on historical data, First Financial Bancorp. is trading at a P/E of 11.9x. 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 Bancorp.'s current dividend yield is 3.13% with a payout ratio of 37.0%.
First Financial Bancorp. has 68.4% gross margin and 25.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
First Financial Bancorp.'s Debt/EBITDA ratio is 3.5x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Deposit mix shift pressure
Metrics are mathematically derived from official filings.
Premium Pricing for Fee Diversification
FFBC trades at 1.14x tangible book and 12.4x trailing earnings, a modest premium to peers like ONB, reflecting market recognition of its fee-based revenue streams, per recent valuation data.
The P/B of 1.14x sits below the peer median of approximately 1.4x, suggesting the market does not fully credit FFBC's specialty lending and FX diversification. However, the forward P/E of 10.88x implies expectations of earnings growth, likely from Summit integration and NII acceleration. The 3.0% dividend yield provides income support, but the valuation gap may narrow if fee income volatility persists.
ROE Stability Masks Fee Volatility
ROE has held near 2.6% over the past year, supported by stable NIM and improved efficiency, but fee income swings from 10% to 23% of revenue introduce earnings variability, as reported in quarterly data.
DuPont decomposition shows ROA at 0.3-0.4% with leverage around 7.7x (equity/assets of 0.13), yielding a modest ROE. The efficiency ratio improved to 37.7% in 2026Q2, indicating strong cost control, but the reliance on volatile non-interest income (e.g., Bannockburn FX) means profitability quality is less predictable than peers with steadier fee streams. Investors should monitor whether fee income can sustain above 20% of revenue.
NIM Stability Hinges on Deposit Costs
NIM remained at 0.9% for five consecutive quarters, but the migration of non-interest-bearing deposits to interest-bearing accounts may compress spreads, as flagged in recent context, challenging future margin stability.
The stable NIM suggests asset yields are keeping pace with funding costs, but the deposit mix shift is a leading indicator of pressure. The efficiency ratio improvement to 37.7% from 41.0% a year ago reflects revenue growth outpacing expenses, yet if NIM contracts, the efficiency gains could reverse. Management's lack of guidance on deposit betas warrants close monitoring of upcoming disclosures.
Capital Ratios Adequate for M&A
Equity-to-assets held at 13% in 2026Q2, unchanged from prior quarters, indicating a stable capital position despite rapid asset growth from Summit acquisition, per balance sheet data.
The stable equity ratio suggests FFBC maintains a buffer for further acquisitions or organic growth, but the lack of disclosed CET1 details limits deeper analysis. The conservative dividend payout (3.0% yield) and zero buybacks indicate capital is retained for expansion, which may be prudent given the integration risk. Investors should monitor whether capital ratios remain above regulatory minimums as assets grow.
Credit Stability in Specialty Niches
Provision for credit losses remained steady at $10.8M in 2026Q2, with no significant deterioration, though franchise and equipment finance exposures carry cyclical risk, as reported in financial statements.
The stable provisions suggest current credit quality is holding, but the specialty lending verticals—restaurant franchises and equipment finance—are sensitive to consumer spending and economic cycles. The absence of rising NPLs in the data is reassuring, yet the CECL model may not fully capture tail risks. Analysts should watch for any uptick in charge-offs in these segments.
P/E Misleads on Earnings Quality
The P/E of 12.4x understates FFBC's true valuation because provision volatility and fee income swings distort earnings, as seen in quarterly ROE fluctuations, per reported figures.
For banks, P/E is often misapplied because provisions can be lumpy and non-interest income volatile, making trailing earnings unreliable. A better metric is P/TBV, which at 1.14x reflects the tangible book value growth from retained earnings. Additionally, adjusting for one-time gains from securities sales and acquisition fair value marks would provide a clearer picture of core earnings power. Investors should focus on ROTCE and NIM stability rather than headline P/E.