Latest Ratios: P/E Ratio 18.0x · EV/EBITDA 11.0x · ROE 14.4%. (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 | $4.6B | $4.3B | $5.2B | $4.3B | $4.9B | $7.3B | $5.2B | $4.8B | $3.9B | $3.0B | $3.0B |
| Enterprise Value | $3.5B | $3.2B | $4.6B | $4.2B | $5.2B | $7.4B | $4.9B | $4.9B | $4.1B | $2.9B | $3.2B |
| P/E Ratio → | 18.03 | 16.88 | 23.11 | 21.80 | 20.98 | 31.97 | 25.47 | 29.01 | 25.99 | 24.76 | 28.25 |
| P/S Ratio | 7.33 | 6.87 | 9.61 | 9.06 | 9.48 | 14.57 | 10.79 | 12.37 | 10.76 | 9.36 | 9.84 |
| P/B Ratio | 2.39 | 2.24 | 3.21 | 2.89 | 3.89 | 4.14 | 3.07 | 3.90 | 3.72 | 3.24 | 3.57 |
| P/FCF | 14.89 | 13.95 | 17.63 | 16.19 | 15.97 | 21.66 | 26.55 | 24.70 | 23.25 | 16.97 | 21.29 |
| P/OCF | 14.27 | 13.37 | 16.68 | 15.21 | 15.19 | 20.49 | 24.47 | 23.64 | 21.05 | 15.71 | 18.59 |
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 | — | 5.17 | 8.56 | 8.78 | 10.08 | 14.85 | 10.17 | 12.63 | 11.36 | 9.22 | 10.46 |
| EV / EBITDA | 10.99 | 10.09 | 16.11 | 16.41 | 17.84 | 26.03 | 19.03 | 23.31 | 21.71 | 18.40 | 21.55 |
| EV / EBIT | 11.36 | 10.43 | 16.94 | 17.26 | 18.65 | 27.28 | 20.04 | 24.68 | 23.24 | 20.01 | 23.38 |
| EV / FCF | — | 10.51 | 15.69 | 15.69 | 16.98 | 22.09 | 25.01 | 25.22 | 24.55 | 16.73 | 22.65 |
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 | 71.8% | 71.8% | 70.8% | 75.1% | 91.1% | 99.0% | 93.1% | 92.1% | 93.6% | 95.2% | 94.9% |
| Operating Margin | 37.5% | 37.5% | 36.8% | 39.1% | 51.0% | 53.8% | 49.3% | 47.5% | 46.5% | 44.8% | 44.0% |
| Net Profit Margin | 30.7% | 30.7% | 30.2% | 32.0% | 42.5% | 45.0% | 41.1% | 39.5% | 39.3% | 36.6% | 33.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.4% | 14.4% | 14.4% | 14.4% | 15.5% | 13.2% | 13.9% | 14.5% | 15.2% | 13.7% | 12.8% |
| ROA | 1.7% | 1.7% | 1.7% | 1.5% | 1.8% | 1.9% | 2.1% | 2.1% | 2.0% | 1.7% | 1.6% |
| ROIC | 12.4% | 12.4% | 11.0% | 9.6% | 9.7% | 9.0% | 9.8% | 9.5% | 9.6% | 8.7% | 7.5% |
| ROCE | 16.6% | 16.6% | 16.0% | 16.6% | 17.4% | 14.8% | 15.8% | 16.4% | 17.0% | 15.3% | 12.8% |
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 | 0.01 | 0.01 | 0.12 | 0.27 | 0.51 | 0.38 | 0.26 | 0.31 | 0.44 | 0.36 | 0.53 |
| Debt / EBITDA | 0.07 | 0.07 | 0.69 | 1.58 | 2.19 | 2.35 | 1.69 | 1.82 | 2.46 | 2.07 | 3.02 |
| Net Debt / Equity | — | -0.55 | -0.35 | -0.09 | 0.25 | 0.08 | -0.18 | 0.08 | 0.21 | -0.05 | 0.23 |
| Net Debt / EBITDA | -3.30 | -3.30 | -1.99 | -0.52 | 1.06 | 0.50 | -1.17 | 0.49 | 1.15 | -0.27 | 1.29 |
| Debt / FCF | — | -3.44 | -1.93 | -0.50 | 1.01 | 0.42 | -1.54 | 0.53 | 1.30 | -0.24 | 1.36 |
| Interest Coverage | 1.54 | 1.54 | 1.34 | 1.69 | 8.93 | 45.01 | 17.02 | 6.58 | 9.41 | 15.85 | 24.94 |
Net cash position: cash ($1.1B) exceeds total debt ($22M)
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 | 0.68 | 0.68 | 0.09 | 0.46 | 0.50 | 0.63 | 0.56 | 0.53 | 0.52 | 0.55 | 0.53 |
| Quick Ratio | 0.68 | 0.68 | 0.09 | 0.46 | 0.50 | 0.63 | 0.56 | 0.53 | 0.52 | 0.55 | 0.53 |
| Cash Ratio | 0.08 | 0.08 | 0.06 | 0.05 | 0.03 | 0.05 | 0.08 | 0.04 | 0.04 | 0.06 | 0.04 |
| Asset Turnover | — | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.05 | 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 | 2.3% | 2.5% | 2.0% | 2.3% | 1.9% | 1.1% | 1.4% | 1.3% | 1.4% | 1.6% | 1.5% |
| Payout Ratio | 41.8% | 41.8% | 46.0% | 50.2% | 38.9% | 35.0% | 34.8% | 37.0% | 35.8% | 40.7% | 42.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.5% | 5.9% | 4.3% | 4.6% | 4.8% | 3.1% | 3.9% | 3.4% | 3.8% | 4.0% | 3.5% |
| FCF Yield | 6.7% | 7.2% | 5.7% | 6.2% | 6.3% | 4.6% | 3.8% | 4.0% | 4.3% | 5.9% | 4.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.1% | 0.2% | 0.0% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.3% | 2.5% | 2.0% | 2.4% | 2.0% | 1.1% | 1.5% | 1.3% | 1.4% | 1.6% | 1.5% |
| Shares Outstanding | — | $143M | $143M | $143M | $143M | $143M | $143M | $136M | $136M | $133M | $132M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying FFIN stock.
First Financial Bankshares, Inc.'s current P/E ratio is 18.0x. The historical average is 21.8x. This places it at the 40th percentile of its historical range.
First Financial Bankshares, Inc.'s current EV/EBITDA is 11.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.1x.
First Financial Bankshares, Inc.'s return on equity (ROE) is 14.4%. The historical average is 14.5%.
Based on historical data, First Financial Bankshares, Inc. is trading at a P/E of 18.0x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
First Financial Bankshares, Inc.'s current dividend yield is 2.31% with a payout ratio of 41.8%.
First Financial Bankshares, Inc. has 71.8% gross margin and 37.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
First Financial Bankshares, Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Texas CRE concentration risk
Metrics are mathematically derived from official filings.
Premium Valuation Reflects Franchise Quality
According to recent market data, FFIN trades at a P/B multiple of 2.64, which significantly exceeds the peer group average, suggesting that investors assign a premium valuation to the bank's historical deposit stability and its integrated trust and wealth management business model.
The elevated P/B ratio relative to peers like IBOC and BOKF implies that the market expects superior long-term returns on tangible equity despite the current interest rate environment. This valuation suggests that the bank is viewed as a defensive, high-quality franchise rather than a commodity balance sheet, though such a premium leaves little room for error if deposit costs continue to rise.
DuPont Analysis Reveals Operational Efficiency
Based on quarterly financial statements, FFIN maintains a consistent ROE profile, supported by an efficiency ratio that hovered around 35 percent throughout early 2026, indicating that the bank's profitability is driven more by disciplined cost management than by aggressive leverage or high-risk asset utilization.
The bank's ability to maintain a stable NIM of 0.9 percent while keeping non-interest expenses low highlights the strength of its core Texas deposit franchise. Investors should monitor whether this profitability can be sustained as the bank expands into more competitive urban markets where the cost of acquiring deposits may naturally compress margins.
Efficiency Ratio Anchors Margin Stability
As reported in recent filings, FFIN's efficiency ratio remained remarkably stable at 35.7 percent in 2026Q1, demonstrating that management has successfully controlled operating costs even as the bank scales its footprint across its core Texas hub markets.
This low efficiency ratio is a critical component of the bank's competitive moat, allowing it to generate higher returns on assets than peers with less favorable funding structures. The stability of this metric suggests that the bank's operational leverage remains intact, though future margin expansion may be limited by the current interest rate environment.
Capital Position Supports Strategic Flexibility
According to regulatory disclosures, FFIN maintained an equity-to-assets ratio of approximately 0.13 in 2026Q1, providing a robust capital buffer that exceeds typical regional banking requirements and supports the bank's ongoing commitment to consistent dividend growth.
The bank's conservative capital allocation strategy appears to prioritize long-term stability over aggressive share repurchases, which may be viewed as a prudent approach given the potential for economic volatility in the Texas energy and agricultural sectors. This capital strength provides the bank with significant flexibility to pursue organic growth or strategic acquisitions as opportunities arise.
P/E Ratio Obscures Earnings Quality
As indicated by the bank's current P/E of 19.91, this metric is frequently misapplied to FFIN because it fails to account for the volatility introduced by CECL-driven credit loss provisions and the non-cash impact of unrealized losses in the securities portfolio.
Investors should prioritize P/TBV and ROE over P/E, as the latter is heavily distorted by the timing of credit provisions and market-to-market fluctuations in the investment book. Relying on P/E may lead to an inaccurate assessment of the bank's underlying earnings power, which is better reflected in its core net interest income and fee-based trust revenue.