Latest Ratios: P/E Ratio 10.4x · EV/EBITDA 8.9x · ROE 12.8%. (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 | $411M | $296M | $305M | $313M | $330M | $345M | $278M | $329M | $285M | $295M | $359M |
| Enterprise Value | $566M | $452M | $401M | $347M | $407M | $394M | $457M | $488M | $464M | $503M | $620M |
| P/E Ratio → | 10.38 | 8.61 | 11.26 | 10.61 | 8.48 | 9.52 | 10.24 | 12.92 | 12.12 | 15.04 | 19.94 |
| P/S Ratio | 4.11 | 3.13 | 3.78 | 3.88 | 3.55 | 4.03 | 3.56 | 4.94 | 4.54 | 4.92 | 6.48 |
| P/B Ratio | 1.44 | 1.05 | 1.21 | 1.29 | 1.44 | 1.40 | 1.24 | 1.55 | 1.49 | 1.63 | 2.08 |
| P/FCF | 0.02 | 8.57 | 12.40 | 9.12 | 8.30 | 6.52 | 13.78 | 13.45 | 8.82 | 14.93 | 18.84 |
| P/OCF | 10.86 | 7.84 | 11.70 | 8.47 | 8.01 | 6.09 | 12.23 | 12.63 | 8.43 | 13.23 | 16.95 |
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 | — | 4.78 | 4.98 | 4.30 | 4.38 | 4.60 | 5.87 | 7.32 | 7.39 | 8.41 | 11.19 |
| EV / EBITDA | 8.85 | 10.25 | 11.53 | 9.18 | 8.25 | 8.57 | 13.27 | 15.17 | 15.67 | 17.94 | 23.67 |
| EV / EBIT | 13.51 | 10.79 | 12.31 | 9.72 | 8.60 | 8.97 | 14.18 | 16.14 | 16.68 | 19.21 | 25.36 |
| EV / FCF | — | 13.08 | 16.33 | 10.12 | 10.23 | 7.44 | 22.69 | 19.95 | 14.35 | 25.50 | 32.55 |
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 | 98.0% | 98.0% | 99.1% | 98.5% | 98.1% | 100.4% | 92.2% | 98.1% | 97.6% | 96.7% | 97.1% |
| Operating Margin | 44.3% | 44.3% | 40.5% | 44.3% | 50.9% | 51.2% | 41.4% | 45.4% | 44.3% | 43.8% | 44.1% |
| Net Profit Margin | 36.3% | 36.3% | 33.6% | 36.6% | 41.9% | 42.3% | 34.8% | 38.3% | 37.5% | 32.7% | 32.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.8% | 12.8% | 10.9% | 12.5% | 16.4% | 15.5% | 12.4% | 12.6% | 12.6% | 11.1% | 10.6% |
| ROA | 1.1% | 1.1% | 0.9% | 1.0% | 1.5% | 1.5% | 1.2% | 1.3% | 1.2% | 1.1% | 1.1% |
| ROIC | 7.2% | 7.2% | 6.9% | 8.3% | 9.9% | 7.6% | 5.5% | 5.7% | 5.1% | 4.6% | 3.8% |
| ROCE | 10.6% | 10.6% | 9.9% | 13.4% | 16.4% | 13.9% | 11.7% | 11.7% | 9.5% | 8.4% | 8.0% |
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 | 0.66 | 0.66 | 0.58 | 0.29 | 0.45 | 0.56 | 1.17 | 0.87 | 1.10 | 1.26 | 1.62 |
| Debt / EBITDA | 4.25 | 4.25 | 4.20 | 1.84 | 2.10 | 2.97 | 7.60 | 5.74 | 7.10 | 8.15 | 10.64 |
| Net Debt / Equity | — | 0.55 | 0.38 | 0.14 | 0.34 | 0.20 | 0.80 | 0.75 | 0.94 | 1.15 | 1.51 |
| Net Debt / EBITDA | 3.53 | 3.53 | 2.77 | 0.91 | 1.56 | 1.07 | 5.21 | 4.94 | 6.04 | 7.44 | 9.97 |
| Debt / FCF | — | 4.51 | 3.93 | 1.00 | 1.94 | 0.93 | 8.91 | 6.50 | 5.54 | 10.57 | 13.71 |
| Interest Coverage | 0.51 | 0.51 | 0.38 | 0.57 | 2.81 | 4.07 | 1.87 | 1.16 | 1.37 | 1.94 | 2.26 |
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 | 0.11 | 0.11 | 0.12 | 0.12 | 0.13 | 0.19 | 0.20 | 0.22 | 0.21 | 0.21 | 0.23 |
| Quick Ratio | 0.11 | 0.11 | 0.12 | 0.12 | 0.13 | 0.19 | 0.20 | 0.22 | 0.21 | 0.21 | 0.23 |
| Cash Ratio | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | 0.04 | 0.04 | 0.01 | 0.02 | 0.01 | 0.01 |
| Asset Turnover | — | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
| 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 | 4.0% | 5.5% | 5.2% | 4.9% | 4.5% | 4.0% | 4.8% | 3.9% | 4.2% | 3.9% | 2.7% |
| Payout Ratio | 47.5% | 47.5% | 58.4% | 52.2% | 37.9% | 38.5% | 49.1% | 50.8% | 51.2% | 58.5% | 54.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.6% | 11.6% | 8.9% | 9.4% | 11.8% | 10.5% | 9.8% | 7.7% | 8.3% | 6.6% | 5.0% |
| FCF Yield | 100.0% | 11.7% | 8.1% | 11.0% | 12.1% | 15.3% | 7.3% | 7.4% | 11.3% | 6.7% | 5.3% |
| Buyback Yield | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.0% |
| Total Shareholder Yield | 4.1% | 5.6% | 5.3% | 5.0% | 4.6% | 4.1% | 4.9% | 4.0% | 4.3% | 3.9% | 2.8% |
| Shares Outstanding | — | $11M | $11M | $11M | $11M | $11M | $11M | $11M | $11M | $11M | $11M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FNLC stock.
The First Bancorp, Inc.'s current P/E ratio is 10.4x. The historical average is 12.5x. This places it at the 26th percentile of its historical range.
The First Bancorp, 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 18.6x.
The First Bancorp, Inc.'s return on equity (ROE) is 12.8%. The historical average is 12.8%.
Based on historical data, The First Bancorp, Inc. is trading at a P/E of 10.4x. This is at the 26th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
The First Bancorp, Inc.'s current dividend yield is 4.00% with a payout ratio of 47.5%.
The First Bancorp, Inc. has 98.0% gross margin and 44.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
The First Bancorp, Inc.'s Debt/EBITDA ratio is 4.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Thin profitability and volatile provisions
Metrics are mathematically derived from official filings.
Discount to Book Reflects Modest Returns
Based on reported figures, FNLC trades at 1.44x book and 11.86x trailing earnings, a valuation that suggests the market prices it as a moderate-return regional bank rather than a premium franchise given its recent ROE of roughly 3.7%.
The P/B of 1.44 sits well above the 1.13x to 1.47x band of several peers, yet ROE of 3.7% is far below NBTB's 11.3% and FUNC's 12.9%, implying the premium is not supported by current return generation. The forward P/E of 9.80 versus trailing 11.86 suggests investors expect earnings to improve, which warrants monitoring of whether ROTCE actually expands toward the levels the multiple implies. Investors should weigh whether the valuation embeds a recovery that the reported profitability trend has not yet demonstrated.
ROE Recovery Driven by Efficiency Gains
As reported in financial statements, FNLC's ROE climbed from 2.5% in 2024Q2 to 3.7% in 2026Q3, with the efficiency ratio improving from 58.5% to 49.3%, indicating that cost discipline rather than margin expansion drove most of the gain.
A ROA of only 0.3% combined with an equity-to-assets ratio near 0.09 means ROE is primarily a function of leverage multiplied by a thin spread, leaving limited room for error. NIM stayed within a narrow 0.5% to 0.7% band, so the improvement in returns appears to come from operating leverage rather than asset yield. Fee income around 18% of revenue provides some diversification, though the drop in 2026Q1 suggests the non-interest income base is not uniformly stable.
Operating Leverage Offsets Flat Margins
Based on FNLC's reported figures, NIM of 0.7% in 2026Q3 is roughly flat across the series, while the efficiency ratio fell from 58.9% in 2025Q1 to 49.3%, suggesting cost control is doing the work that margin expansion has not.
A NIM this low relative to typical regional bank levels may reflect a funding or asset mix that limits spread income, which makes the cost base the primary lever for profitability. The 2026Q1 spike in efficiency ratio to 68.8% coincides with the zero fee income quarter, indicating operating results are sensitive to revenue volatility. Warrants further investigation into whether the efficiency gains are sustainable if revenue growth slows.
Equity Build Ahead of Regulatory Disclosure
According to the supplied data, FNLC's equity-to-assets ratio held near 0.09 while equity grew from $244.7M to $288.1M, but the absence of disclosed CET1 and leverage ratios limits any direct assessment of regulatory capital headroom.
Equity growth of roughly 18% over the series supports capital accumulation, and retained earnings net of dividends appear to be the source. Without CET1 or Tier 1 leverage figures, capacity for capital return or balance sheet growth cannot be confirmed from the provided data. Investors should obtain regulatory capital disclosures before drawing firm conclusions about buffer adequacy.
Provision Swings Obscure Credit Cost Trend
Based on reported figures, provision expense moved from a $638K benefit in 2024Q3 to a $1.4M charge in 2024Q4 and $979K in 2026Q3, making credit cost direction difficult to read from the quarterly series alone.
Reserve coverage, NPL ratios, and charge-off data are not included in the supplied dataset, so adequacy of reserves cannot be evaluated directly. The volatility in provisions may reflect discrete credit events or reserve reassessments rather than a structural trend, which warrants further investigation. Investors should track provision levels against loan growth and charge-off history before assuming credit costs have stabilized.
P/E Misleads on Provision-Driven Earnings
As reported in financial statements, FNLC's trailing P/E of 11.86 may understate valuation risk because quarterly earnings swing with provisions and fee income, and the 2026Q1 zero fee quarter shows net income can still rise without fee support.
Using P/E alone overstates earnings stability for a bank whose provision expense shifted from a benefit to a charge within two years, and whose ROE is only 3.7%. Price-to-tangible-book with a normalized ROTCE would give a cleaner read on whether the 1.44x multiple is justified by sustainable returns. Investors should treat the low P/E as conditional on credit costs remaining contained rather than as evidence of undervaluation.