Latest Ratios: P/E Ratio 11.4x · EV/EBITDA 8.0x · 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 | $3.7B | $3.6B | — | — | — | — | — | — | — | — | — |
| Enterprise Value | $4.1B | $4.0B | — | — | — | — | — | — | — | — | — |
| P/E Ratio → | 11.41 | 11.77 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 4.66 | 3.36 | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 1.13 | 1.03 | — | — | — | — | — | — | — | — | — |
| P/FCF | 14.09 | 12.81 | — | — | — | — | — | — | — | — | — |
| P/OCF | 12.02 | 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 | — | 3.76 | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | 7.98 | 8.98 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 10.44 | 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% | 93.2% | 96.9% | 92.5% | 102.3% | 91.3% | 97.8% | 98.5% | 97.8% | 97.6% |
| Operating Margin | 37.0% | 37.0% | 29.5% | 32.8% | 23.3% | 38.8% | 32.0% | 36.9% | 36.1% | 31.9% | 35.3% |
| Net Profit Margin | 28.5% | 28.5% | 22.6% | 25.1% | 18.3% | 30.1% | 24.7% | 28.4% | 28.0% | 21.7% | 23.2% |
| 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 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 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 | 5.0% | 5.5% | — | — | — | — | — | — | — | — | — |
| 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 | 8.8% | 8.5% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 7.1% | 7.8% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 3.3% | 3.4% | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 8.3% | 8.9% | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $103M | $103M | $104M | $103M | $62M | $64M | $64M | $58M | $52M | $45M |
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying FIBK stock.
First Interstate BancSystem, Inc.'s current P/E ratio is 11.4x. The historical average is 11.8x.
First Interstate BancSystem, Inc.'s current EV/EBITDA is 8.0x. 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 11.4x. Compare with industry peers and growth rates for a complete picture.
First Interstate BancSystem, Inc.'s current dividend yield is 5.00% 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
Earnings compression and guidance gap
Metrics are mathematically derived from official filings.
Discount Multiples Reflect Earnings Uncertainty
Based on FIBK's reported figures, the stock trades at 1.13x book value and a 12.86x trailing P/E, a discount to the Glacier Bancorp 1.49x P/B and 24.20x P/E multiples that suggests the market is pricing in weaker earnings durability rather than a premium franchise.
The P/B of 1.13 sits below the peer median and is consistent with ROE of 8.9% that the market appears to view as insufficient to justify a premium to tangible book. Forward P/E of 13.31 implies little expected earnings recovery, which may reflect the Q3 EPS miss and absent guidance. Investors should monitor whether tangible book value per share, which has trended upward from roughly $19.63 to $20.85, converts into sustainable returns before assuming the discount is excessive.
ROE Recovery Depends on Margin Durability
As reported in financial statements, FIBK's Q3 2026 ROE of 1.9% and ROA of 0.2% sit well below the 10.1% to 11.1% ROE at Banner and Columbia, indicating a substantial profitability gap that is not explained by leverage alone.
Equity-to-assets of 0.12 is comparable to leveraged peers, so the ROE shortfall appears driven by low asset yield and a 63.0% efficiency ratio rather than balance sheet structure. The modest margin improvement to roughly 0.8% has not yet lifted returns, suggesting fee income volatility, including a negative Q1 2026 fee ratio, is offsetting core spread gains. Sustained ROE above 8% would require both margin stability and fee normalization.
Margin Gains Offset by Expense Pressure
Based on FIBK's reported figures, the net interest margin improved to approximately 0.8% in Q3 2026 while the efficiency ratio stood at 63.0%, down from 92.1% in Q1 2026 but still above the 61.6% to 65.0% range seen through 2024 and 2025.
The margin recovery is meaningful relative to the 0.7% levels of 2024, and the rise in non-interest-bearing deposits suggests funding cost discipline. However, the efficiency ratio has not returned to its earlier band, indicating expenses are not scaling down with the contracting revenue base. Investors should watch whether further efficiency improvement accompanies margin gains, as operating leverage is currently negative.
Capital Ratios Constrain Acquisition Capacity
According to reported quarterly data, FIBK's equity-to-assets ratio of 0.12 and tangible book value of $20.85 per share provide a cushion, though the rise in that ratio appears driven by a shrinking asset base rather than capital accumulation.
The equity ratio's mechanical increase as total assets declined from $30.3B to $25.8B means the apparent capital strength partly reflects balance sheet retrenchment rather than retained earnings growth. Regulatory capital ratios such as CET1 were not supplied, so capacity for buybacks or further acquisitions cannot be confirmed from the provided data. Continued dividend payments near $45M to $49M per quarter against modest ROE warrant monitoring of payout sustainability.
Provision Swings Obscure Credit Trajectory
As reported in financial statements, FIBK's provision moved from a $216.8M reserve release in Q2 2026 to a $10.5M charge in Q3 2026, making underlying credit trends difficult to isolate from the headline figures.
Reserve releases of this magnitude may reflect model-driven adjustments under CECL rather than improving borrower performance, which warrants caution in extrapolating recent credit quality. The absence of updated criticized loan commentary in the Q3 2026 materials means the prior credit support thesis cannot be confirmed. Investors should review NPL and charge-off trends in the full 10-Q before drawing conclusions about reserve adequacy.
Lagging Returns Versus Western Regional Peers
Based on reported peer figures, FIBK's 1.13x P/B and 8.9% ROE compare unfavorably with Banner's 1.24x P/B and 10.1% ROE, and Columbia's 11.1% ROE, suggesting the valuation discount is partly structural rather than purely cyclical.
FIBK's lower ROE relative to Banner and Columbia, despite comparable leverage, points to weaker asset yields and fee income rather than capital structure. Glacier's premium multiples reflect its higher perceived franchise quality, which FIBK's recent acquisition-driven revenue decline may not yet support. Whether the gap closes depends on evidence that the Great Western integration is generating the earnings contribution the market is currently discounting.
Trailing P/E Misleads on Acquisition Earnings
Based on FIBK's reported figures, the 12.86x trailing P/E may appear attractive, but purchase accounting accretion and reserve releases could inflate recent earnings, making the multiple a potentially misleading indicator of normalized earnings power.
The most commonly misapplied metric here is trailing P/E, since reserve releases and loan discount accretion from Great Western can temporarily lift reported earnings above the core run rate. A better approach is to evaluate P/TBV against normalized ROTCE after stripping purchase accounting effects and provision timing. Until that normalization is possible from the filings, the apparent P/E discount should be treated with caution.