Latest Ratios: P/E Ratio -21.9x · EV/EBITDA N/A · ROE -2.7%. (2010–2025 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 | $100M | $90M | $89M | $143M | $140M | $186M | $147M | $180M | $155M | $174M | $176M |
| Enterprise Value | $339M | $329M | $370M | $347M | $380M | $180M | $191M | $244M | $265M | $292M | $229M |
| P/E Ratio → | -21.88 | — | — | 63.76 | 8.98 | 12.47 | 14.18 | 19.92 | 21.81 | 52.58 | 34.28 |
| P/S Ratio | 0.93 | 0.84 | 0.76 | 1.36 | 1.55 | 2.35 | 2.17 | 3.20 | 3.00 | 3.74 | 4.10 |
| P/B Ratio | 0.64 | 0.57 | 0.58 | 0.87 | 0.89 | 0.98 | 0.79 | 1.02 | 0.90 | 0.99 | 0.99 |
| P/FCF | 69.85 | 62.73 | 5.29 | 8.74 | 10.81 | 20.41 | 12.82 | 13.16 | 14.74 | 41.88 | 984.09 |
| P/OCF | 69.85 | 62.73 | 5.29 | 7.97 | 8.83 | 12.30 | 11.06 | 12.76 | 11.60 | 33.24 | 155.20 |
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 | — | 3.07 | 3.17 | 3.30 | 4.19 | 2.27 | 2.84 | 4.34 | 5.13 | 6.26 | 5.33 |
| EV / EBITDA | — | — | — | 80.82 | 20.67 | 9.11 | 12.81 | 19.25 | 25.82 | 34.55 | 27.78 |
| EV / EBIT | — | — | — | 129.61 | 23.26 | 9.89 | 14.40 | 22.01 | 30.77 | 39.43 | 33.82 |
| EV / FCF | — | 230.42 | 21.95 | 21.27 | 29.27 | 19.67 | 16.74 | 17.86 | 25.25 | 70.06 | 1280.93 |
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 | 47.3% | 47.3% | 38.0% | 61.1% | 86.7% | 91.5% | 81.1% | 78.5% | 80.3% | 100.0% | 85.1% |
| Operating Margin | -5.5% | -5.5% | -6.5% | 2.5% | 18.0% | 22.9% | 19.7% | 19.7% | 16.8% | 15.6% | 15.8% |
| Net Profit Margin | -3.9% | -3.9% | -5.7% | 2.2% | 17.2% | 19.4% | 15.3% | 16.0% | 13.8% | 7.1% | 11.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.7% | -2.7% | -4.2% | 1.4% | 9.0% | 8.2% | 5.7% | 5.2% | 4.1% | 1.9% | 2.8% |
| ROA | -0.2% | -0.2% | -0.3% | 0.1% | 0.8% | 0.9% | 0.7% | 0.7% | 0.6% | 0.3% | 0.5% |
| ROIC | -0.9% | -0.9% | -1.1% | 0.4% | 3.3% | 4.5% | 3.4% | 2.8% | 2.1% | 1.9% | 1.9% |
| ROCE | -1.5% | -1.5% | -2.1% | 0.9% | 5.5% | 6.6% | 5.7% | 4.8% | 1.6% | 1.3% | 2.6% |
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 | 2.06 | 2.06 | 2.30 | 2.00 | 1.80 | 0.63 | 0.59 | 0.64 | 0.79 | 0.81 | 0.44 |
| Debt / EBITDA | — | — | — | 76.31 | 15.51 | 6.05 | 7.36 | 8.91 | 13.31 | 17.06 | 9.38 |
| Net Debt / Equity | — | 1.52 | 1.83 | 1.25 | 1.51 | -0.04 | 0.24 | 0.36 | 0.64 | 0.66 | 0.30 |
| Net Debt / EBITDA | — | — | — | 47.60 | 13.03 | -0.34 | 3.00 | 5.06 | 10.74 | 13.90 | 6.44 |
| Debt / FCF | — | 167.69 | 16.66 | 12.52 | 18.46 | -0.74 | 3.92 | 4.70 | 10.50 | 28.18 | 296.84 |
| Interest Coverage | -0.12 | -0.12 | -0.13 | 0.07 | 1.55 | 3.38 | 1.72 | 0.97 | 0.96 | — | 1.31 |
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 | 0.06 | 0.06 | 0.23 | 0.23 | 0.23 | 0.31 | 0.32 | 0.35 | 0.29 | 0.11 | 0.32 |
| Quick Ratio | 0.06 | 0.06 | 0.23 | 0.23 | 0.23 | 0.31 | 0.32 | 0.35 | 0.29 | 0.11 | 0.32 |
| Cash Ratio | 0.05 | 0.05 | 0.04 | 0.07 | 0.03 | 0.08 | 0.05 | 0.05 | 0.03 | 0.08 | 0.03 |
| Asset Turnover | — | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 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 | 1.3% | 1.5% | 3.0% | 1.9% | 2.0% | 1.4% | 1.5% | 0.8% | 0.2% | — | — |
| Payout Ratio | — | — | — | 118.1% | 17.8% | 16.4% | 21.1% | 15.7% | 4.7% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 1.6% | 11.1% | 8.0% | 7.1% | 5.0% | 4.6% | 1.9% | 2.9% |
| FCF Yield | 1.4% | 1.6% | 18.9% | 11.4% | 9.2% | 4.9% | 7.8% | 7.6% | 6.8% | 2.4% | 0.1% |
| Buyback Yield | 0.0% | 0.0% | 4.5% | 0.8% | 3.9% | 3.2% | 5.1% | 4.4% | 6.5% | 1.3% | 9.4% |
| Total Shareholder Yield | 1.3% | 1.5% | 7.5% | 2.7% | 5.9% | 4.6% | 6.5% | 5.1% | 6.7% | 1.3% | 9.4% |
| Shares Outstanding | — | $10M | $9M | $9M | $9M | $9M | $9M | $10M | $10M | $11M | $11M |
CRE concentration and margin
According to current market data, FNWB trades at a P/B of 0.64, a significant discount to regional peers like HFWA and COLB, which suggests that investors are pricing in the bank's persistent inability to generate positive returns on tangible equity in the current interest rate environment.
The market's valuation appears to reflect a lack of confidence in the bank's strategic pivot toward urban commercial lending, given the recent negative earnings performance. This discount is likely structural rather than cyclical, as the bank's inability to maintain a positive ROE suggests that the current franchise value is being eroded by high operating costs and margin compression.
Based on reported quarterly figures, FNWB's ROE has frequently dipped into negative territory, reaching -6.0% in 2025Q1, which highlights a fundamental disconnect between the bank's revenue generation and its high fixed-cost structure in a competitive regional market.
The DuPont decomposition reveals that the bank's profitability is severely hampered by an efficiency ratio that often exceeds 60%, indicating that operating expenses are consuming the majority of net interest income. Without a significant improvement in asset utilization or a reduction in the cost-to-income ratio, the bank may continue to struggle with generating sustainable shareholder returns.
As reported in financial statements, FNWB's net interest margin has remained stagnant between 0.6% and 0.7% over the last ten quarters, suggesting that the bank lacks the pricing power to offset rising funding costs in its competitive Puget Sound operating environment.
The persistent margin compression appears to be a direct result of the bank's reliance on higher-cost funding to support its Seattle-centric growth strategy. This trend warrants further investigation, as the bank's inability to expand its NIM suggests that its current asset-liability management strategy may be ill-suited for the prevailing interest rate cycle.
Based on the bank's reported equity-to-assets ratio of 0.07, FNWB maintains a relatively thin capital cushion, which, according to regulatory standards, may limit the bank's capacity for further balance sheet expansion or aggressive lending in the volatile commercial real estate sector.
The stability of this ratio at 0.07 over the last ten quarters suggests that the bank is not currently accumulating capital organically, likely due to its recent earnings volatility. Investors should monitor whether this capital level remains sufficient to absorb potential credit losses, particularly given the bank's high concentration in construction and land development loans.
The P/E ratio is frequently misapplied to FNWB, as the bank's recent negative earnings and volatile provision expenses render this metric largely meaningless for assessing the underlying health of the banking franchise.
Investors should instead focus on P/TBV and P/B multiples, as these provide a more accurate reflection of the bank's liquidation value and capital adequacy. Relying on P/E in the context of significant CECL-related provision volatility obscures the bank's core pre-provision net revenue (PPNR) performance and may lead to erroneous conclusions regarding its true valuation.
Includes 30+ ratios · 16 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FNWB stock.
First Northwest Bancorp's current P/E ratio is -21.9x. The historical average is 29.6x.
First Northwest Bancorp's return on equity (ROE) is -2.7%. The historical average is 2.4%.
Based on historical data, First Northwest Bancorp is trading at a P/E of -21.9x. Compare with industry peers and growth rates for a complete picture.
First Northwest Bancorp's current dividend yield is 1.31%.
First Northwest Bancorp has 47.3% gross margin and -5.5% operating margin.