Latest Ratios: P/E Ratio 11.0x · EV/EBITDA 10.1x · ROE 12.5%. (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 | $781M | $633M | $428M | $330M | $377M | $507M | $361M | $515M | $410M | $469M | $496M |
| Enterprise Value | $1.0B | $859M | $597M | $548M | $559M | $532M | $346M | $716M | $816M | $855M | $795M |
| P/E Ratio → | 10.99 | 8.63 | — | 6.76 | 6.84 | 6.65 | 9.78 | 10.84 | 10.75 | 14.60 | 16.29 |
| P/S Ratio | 3.19 | 2.59 | 3.74 | 1.55 | 1.77 | 2.54 | 1.99 | 3.03 | 2.59 | 3.19 | 3.59 |
| P/B Ratio | 1.28 | 1.01 | 0.75 | 0.72 | 0.93 | 1.00 | 0.77 | 1.17 | 1.03 | 1.23 | 1.55 |
| P/FCF | 58.91 | 47.78 | 5.93 | 41.71 | 3.01 | 7.97 | 9.22 | 9.52 | 6.58 | 12.17 | 12.68 |
| P/OCF | 41.53 | 33.68 | 5.55 | 30.26 | 2.82 | 6.95 | 8.32 | 8.92 | 6.30 | 10.14 | 10.61 |
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 | — | 3.51 | 5.22 | 2.59 | 2.63 | 2.66 | 1.90 | 4.22 | 5.16 | 5.81 | 5.75 |
| EV / EBITDA | 10.14 | 8.65 | — | 7.71 | 7.07 | 5.05 | 6.46 | 10.59 | 14.57 | 17.23 | 15.87 |
| EV / EBIT | 11.01 | 9.40 | — | 8.70 | 7.87 | 5.47 | 7.58 | 12.06 | 16.47 | 19.67 | 18.01 |
| EV / FCF | — | 64.79 | 8.28 | 69.41 | 4.46 | 8.36 | 8.84 | 13.25 | 13.10 | 22.19 | 20.34 |
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 | 61.7% | 61.7% | 33.3% | 59.3% | 82.2% | 98.0% | 75.8% | 77.5% | 79.4% | 81.3% | 85.3% |
| Operating Margin | 24.2% | 24.2% | -25.8% | 19.0% | 29.4% | 45.9% | 22.4% | 28.5% | 26.3% | 26.4% | 29.3% |
| Net Profit Margin | 19.8% | 19.8% | -15.8% | 15.1% | 23.5% | 36.6% | 18.8% | 23.4% | 21.0% | 20.4% | 21.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.5% | 12.5% | -8.1% | 11.7% | 12.4% | 16.0% | 8.4% | 11.7% | 10.2% | 9.6% | 10.4% |
| ROA | 1.2% | 1.2% | -0.7% | 0.8% | 1.0% | 1.5% | 0.8% | 1.1% | 0.9% | 0.9% | 0.9% |
| ROIC | 7.7% | 7.7% | -6.3% | 6.2% | 8.0% | 12.6% | 5.3% | 5.4% | 4.2% | 4.2% | 5.0% |
| ROCE | 10.0% | 10.0% | -8.4% | 9.0% | 10.7% | 15.0% | 7.7% | 11.6% | 10.7% | 10.4% | 11.9% |
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 | 0.53 | 0.53 | 0.45 | 0.75 | 0.77 | 0.21 | 0.17 | 0.72 | 1.28 | 1.27 | 1.16 |
| Debt / EBITDA | 3.37 | 3.37 | — | 4.83 | 3.95 | 0.99 | 1.47 | 4.65 | 9.08 | 9.78 | 7.40 |
| Net Debt / Equity | — | 0.36 | 0.30 | 0.48 | 0.45 | 0.05 | -0.03 | 0.46 | 1.02 | 1.01 | 0.94 |
| Net Debt / EBITDA | 2.27 | 2.27 | — | 3.08 | 2.30 | 0.24 | -0.28 | 2.98 | 7.25 | 7.78 | 5.97 |
| Debt / FCF | — | 17.01 | 2.35 | 27.70 | 1.45 | 0.39 | -0.38 | 3.73 | 6.52 | 10.02 | 7.66 |
| Interest Coverage | 0.69 | 0.69 | -0.46 | 0.52 | 2.47 | 7.79 | 2.05 | 1.53 | 1.66 | 2.48 | 3.52 |
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 | 0.03 | 0.03 | 0.02 | 0.19 | 0.21 | 0.27 | 0.18 | 0.14 | 0.14 | 0.17 | 0.18 |
| Quick Ratio | 0.03 | 0.03 | 0.02 | 0.19 | 0.21 | 0.27 | 0.18 | 0.14 | 0.14 | 0.17 | 0.18 |
| Cash Ratio | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 | 0.02 |
| Asset Turnover | — | 0.06 | 0.04 | 0.05 | 0.04 | 0.04 | 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 | 3.1% | 3.9% | 4.3% | 5.5% | 4.7% | 3.4% | 4.6% | 3.1% | 3.6% | 2.7% | 2.3% |
| Payout Ratio | 33.0% | 33.0% | — | 36.4% | 31.1% | 21.9% | 43.0% | 32.3% | 37.8% | 37.3% | 36.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.1% | 11.6% | — | 14.8% | 14.6% | 15.0% | 10.2% | 9.2% | 9.3% | 6.8% | 6.1% |
| FCF Yield | 1.7% | 2.1% | 16.9% | 2.4% | 33.2% | 12.5% | 10.8% | 10.5% | 15.2% | 8.2% | 7.9% |
| Buyback Yield | 1.5% | 1.8% | 0.1% | 0.2% | 4.1% | 1.8% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.5% | 5.7% | 4.4% | 5.7% | 8.7% | 5.2% | 4.6% | 3.1% | 3.7% | 2.7% | 2.3% |
| Shares Outstanding | — | $20M | $16M | $15M | $15M | $16M | $16M | $16M | $16M | $15M | $14M |
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying FISI stock.
Financial Institutions, Inc.'s current P/E ratio is 11.0x. The historical average is 12.6x. This places it at the 42th percentile of its historical range.
Financial Institutions, Inc.'s current EV/EBITDA is 10.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.6x.
Financial Institutions, Inc.'s return on equity (ROE) is 12.5%. The historical average is 9.2%.
Based on historical data, Financial Institutions, Inc. is trading at a P/E of 11.0x. This is at the 42th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Financial Institutions, Inc.'s current dividend yield is 3.07% with a payout ratio of 33.0%.
Financial Institutions, Inc. has 61.7% gross margin and 24.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Financial Institutions, Inc.'s Debt/EBITDA ratio is 3.4x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
NIM compression and fee volatility
Metrics are mathematically derived from official filings.
Discount Reflecting Rural Concentration
FISI trades at 11.3x trailing earnings and 1.32x book, a discount to peers like NBTB and TRMK, per market data, implying the market prices in slower growth and rural credit risk.
The P/B of 1.32 is below the peer average of approximately 1.4, suggesting investors assign a discount for the bank's geographic concentration and modest ROE. The forward P/E of 9.74 implies expectations of earnings recovery, but the stagnant NIM and fee volatility may cap re-rating. The dividend yield of 3.0% provides some support, but the market appears to treat FISI as a commodity balance sheet rather than a premium franchise.
ROE Stuck at 3% on Thin Leverage
ROE has hovered near 3.3% for the past year, as per financial statements, reflecting a NIM of only 0.8% and an equity-to-assets ratio of 10%, which limits return generation.
The DuPont decomposition shows that the bank's ROE is constrained by a very low NIM (0.8%) and a high equity buffer (10% of assets), which, while prudent, dilutes returns. The efficiency ratio spiked to 77.2% in 2026Q2 due to a one-time fee loss, but core efficiency around 37% suggests operating leverage is otherwise stable. The negative fee income in 2026Q2 (-171.9% of revenue) is a clear outlier that masks the underlying profitability trend.
NIM Flat at 0.8% Despite Loan Growth
Net interest margin remained at 0.8% for four consecutive quarters, as reported in financial statements, indicating that rising deposit costs are offsetting loan yield gains, pressuring spread income.
The flat NIM suggests that the bank's rural deposit base is beginning to demand higher rates, eroding the structural advantage of sticky deposits. Management's commentary on 10%+ loan growth has not translated into margin expansion, implying that asset yields are not keeping pace with funding costs. The efficiency ratio, excluding the 2026Q2 anomaly, has been stable around 37%, but the spike to 77.2% highlights the vulnerability to non-interest income swings.
Equity Buffer Strengthens, but AOCI Risk Looms
Equity-to-assets improved to 10% in 2026Q2 from 7% in 2024Q1, per balance sheet data, but the large securities portfolio may hold unrealized losses that could pressure tangible capital.
The gradual increase in equity ratio suggests conservative capital management, with a low debt-to-equity of 0.53% indicating minimal leverage. However, the $5.8B securities portfolio, which dominates the balance sheet, likely carries unrealized losses given the rate environment, which are not fully reflected in the equity ratio. Investors should monitor AOCI, as a realization of these losses could reduce tangible book value, which stood at $29.28 per share in 2026Q2.
Credit Costs Moderate, but Ag Exposure Watched
Provision for credit losses averaged $2.1M in 2026Q2, down from $6.8M in 2024Q4, as per financial statements, suggesting stable credit quality, though agricultural loan risks remain.
The decline in provisions indicates that credit conditions have not deteriorated, but the bank's specialization in agricultural lending exposes it to commodity price swings. The 2024Q4 negative ROE of -15.5% was likely driven by a large provision or charge-off, but subsequent quarters have normalized. The current reserve levels appear adequate, but any downturn in dairy or crop prices could quickly elevate NPLs given the geographic concentration.
P/E Distorted by One-Time Items
The trailing P/E of 11.3 is misleading due to the 2026Q2 negative fee income of -$52.5M, as per income statement data, which understates earnings and inflates the multiple.
The most commonly misapplied ratio for FISI is the P/E, because earnings are heavily influenced by volatile non-interest income and provisions. The 43% YoY revenue growth and the negative fee income in 2026Q2 suggest non-recurring items that distort the P/E. Instead, investors should focus on P/TBV and ROTCE, which better capture the bank's core profitability. The P/TBV of 1.32 is more meaningful, but even that may be understated if AOCI losses are not fully reflected.