Latest Ratios: P/E Ratio 12.3x · EV/EBITDA 8.9x · ROE 8.9%. (2002–2025 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 | $3.5B | $3.6B | — | — | — | — | — | — | — | — | — |
| Enterprise Value | $3.9B | $4.0B | — | — | — | — | — | — | — | — | — |
| P/E Ratio → | 12.25 | 11.77 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 4.96 | 5.04 | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 1.07 | 1.03 | — | — | — | — | — | — | — | — | — |
| P/FCF | 12.60 | 12.81 | — | — | — | — | — | — | — | — | — |
| P/OCF | 11.45 | 11.64 | — | — | — | — | — | — | — | — | — |
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 | — | 5.63 | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | 8.85 | 8.98 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 10.00 | 10.15 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 14.31 | — | — | — | — | — | — | — | — | — |
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 | 97.5% | 97.5% | 62.9% | 69.6% | 86.4% | 99.6% | 87.7% | 89.5% | 91.9% | 92.5% | 93.6% |
| Operating Margin | 37.0% | 37.0% | 19.9% | 23.6% | 21.7% | 37.8% | 30.8% | 33.7% | 33.7% | 30.2% | 33.8% |
| Net Profit Margin | 28.5% | 28.5% | 15.3% | 18.0% | 17.1% | 29.3% | 23.7% | 26.0% | 26.2% | 20.5% | 22.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.9% | 8.9% | 6.9% | 8.2% | 8.0% | 9.7% | 8.1% | 9.8% | 10.3% | 8.8% | 9.9% |
| ROA | 1.1% | 1.1% | 0.8% | 0.8% | 0.8% | 1.0% | 1.0% | 1.3% | 1.3% | 1.0% | 1.1% |
| ROIC | 5.9% | 5.9% | 3.5% | 3.7% | 3.9% | 5.7% | 5.2% | 6.6% | 6.6% | 6.2% | 6.8% |
| ROCE | 4.3% | 4.3% | 8.3% | 9.8% | 9.2% | 11.3% | 9.7% | 11.9% | 12.3% | 11.9% | 13.4% |
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 | 0.23 | 0.23 | 0.72 | 1.14 | 1.19 | 0.63 | 0.66 | 0.40 | 0.48 | 0.53 | 0.66 |
| Debt / EBITDA | 1.75 | 1.75 | 6.79 | 9.39 | 11.72 | 4.28 | 5.07 | 2.92 | 3.48 | 4.33 | 3.94 |
| Net Debt / Equity | — | 0.12 | 0.45 | 0.96 | 0.91 | -0.55 | -0.50 | -0.14 | -0.00 | -0.00 | -0.13 |
| Net Debt / EBITDA | 0.94 | 0.94 | 4.24 | 7.92 | 8.94 | -3.74 | -3.88 | -1.02 | -0.03 | -0.00 | -0.80 |
| Debt / FCF | — | 1.50 | 4.49 | 7.73 | 5.33 | -4.02 | -4.14 | -2.51 | -0.03 | -0.00 | -1.25 |
| Interest Coverage | 1.11 | 1.11 | 0.61 | 0.84 | 3.26 | 14.32 | 7.87 | 3.98 | 5.04 | 5.61 | 8.23 |
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 | 0.04 | 0.04 | 0.04 | 0.24 | 0.27 | 0.41 | 0.41 | 0.33 | 0.27 | 0.28 | 0.30 |
| Quick Ratio | 0.04 | 0.04 | 0.04 | 0.24 | 0.27 | 0.41 | 0.41 | 0.33 | 0.27 | 0.28 | 0.30 |
| Cash Ratio | 0.03 | 0.03 | 0.04 | 0.02 | 0.03 | 0.13 | 0.15 | 0.09 | 0.07 | 0.07 | 0.10 |
| Asset Turnover | — | 0.04 | 0.05 | 0.05 | 0.04 | 0.03 | 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 | 5.2% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 64.3% | 64.3% | 86.7% | 75.8% | 90.1% | 52.9% | 79.8% | 43.8% | 40.0% | 45.6% | 41.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.2% | 8.5% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 7.9% | 7.8% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 3.5% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 8.7% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $103M | $103M | $104M | $103M | $62M | $64M | $64M | $58M | $52M | $45M |
Includes 30+ ratios · 24 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FIBK stock.
First Interstate BancSystem, Inc.'s current P/E ratio is 12.3x. The historical average is 11.8x. This places it at the 100th percentile of its historical range.
First Interstate BancSystem, Inc.'s current EV/EBITDA is 8.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.0x.
First Interstate BancSystem, Inc.'s return on equity (ROE) is 8.9%. The historical average is 10.8%.
Based on historical data, First Interstate BancSystem, Inc. is trading at a P/E of 12.3x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
First Interstate BancSystem, Inc.'s current dividend yield is 5.25% with a payout ratio of 64.3%.
First Interstate BancSystem, Inc. has 97.5% gross margin and 37.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
First Interstate BancSystem, Inc.'s Debt/EBITDA ratio is 1.8x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Revenue decline and deposit beta pressure
Metrics are mathematically derived from official filings.
Discount Pricing for Integration Risk
FIBK trades at 1.13x book and 12.9x trailing earnings, a discount to GBCI's 1.46x, per peer data, implying the market prices in lingering Great Western integration risk.
The P/B of 1.13x is below the peer median of 1.19x, and the forward P/E of 13.3x is roughly in line with WAFD and COLB. This suggests the market is not yet crediting FIBK with a premium franchise status, likely due to the revenue contraction and integration overhang. The 5.0% dividend yield, the highest among peers, may be compensating for perceived risk rather than signaling confidence.
ROE Suppressed by Thin NIM
ROE of 2.5% in 2026Q2, as reported, is far below peers like COLB's 9.2%, driven by a NIM of just 0.8% and negative fee income, indicating structural profitability challenges.
The DuPont decomposition shows that the bank's ROE is constrained by a very low NIM (0.8%) and a negative fee contribution (-3.4% of revenue) in 2026Q2. While the efficiency ratio spiked to 165.2% due to revenue decline, the core issue is the low yield on earning assets relative to funding costs. The negative provisions in 2026Q2 provided a temporary boost, but without a recovery in NIM or fee income, ROE is unlikely to approach peer levels.
NIM Flat, Efficiency Deteriorates
NIM has been flat at 0.8% for five consecutive quarters, per financial statements, while the efficiency ratio spiked to 165.2% in 2026Q2 from 53.3% in 2025Q4, reflecting a severe revenue drop.
The flat NIM suggests that the bank's asset yields and funding costs are moving in tandem, but the absolute level is low compared to peers, indicating a potential structural disadvantage. The efficiency ratio spike is alarming, but it is largely due to the 28.5% revenue decline, not a sudden cost increase. Management's expense discipline, as highlighted in the Q2 beat, may help, but the lack of revenue growth makes it difficult to achieve operating leverage.
Capital Ratios Stable, Buffer Thin
Equity-to-assets ratio held at 0.13 in 2026Q2, as per balance sheet data, indicating stable but modest capital levels relative to peers, limiting flexibility for capital return.
The equity-to-assets ratio of 13% is below the peer average, and with a tangible book value per share of $22.18, the bank's capital position appears adequate but not robust. The high dividend yield of 5.0% and recent buybacks suggest a commitment to returning capital, but the thin capital buffer may constrain future increases. Investors should monitor CET1 ratios, which are not disclosed here, to assess the true capital adequacy.
Credit Improving, Concentrations Remain
Negative provisions of -$216.8M in 2026Q2, as reported, indicate credit quality improvements, but criticized loans and CRE concentration remain key risks to monitor.
The negative provision is a positive signal, suggesting that the bank is releasing reserves as credit conditions improve. However, the absolute level of criticized loans, as mentioned in the CEO's remarks, is still a variable to watch. The bank's significant CRE exposure, particularly in a high-rate environment, could lead to future provisions if valuations weaken. The agricultural portfolio also carries commodity price risk, which could deteriorate quickly.
P/E Misleads on Earnings Quality
The P/E of 12.9x, based on reported earnings, is distorted by negative provisions and non-interest income reversals, obscuring the bank's true operating profitability.
The trailing P/E is artificially low because earnings were boosted by one-time items, such as the -$216.8M provision reversal and the -$208.9M non-interest income swing. A more appropriate metric is P/TBV, which at 1.7x (price $37.81 / TBV $22.18) reflects the market's valuation of the tangible book value. Investors should also consider the core NIM, excluding purchase accounting adjustments, to assess sustainable profitability.