Latest Ratios: P/E Ratio 11.1x · EV/EBITDA 8.6x · ROE 11.7%. (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 | $4.5B | $3.5B | $3.4B | $2.7B | $2.8B | $2.8B | $2.1B | $2.9B | $2.7B | $3.1B | $3.3B |
| Enterprise Value | $4.8B | $3.8B | $4.1B | $4.7B | $5.0B | $2.6B | $2.2B | $4.2B | $4.2B | $4.5B | $4.5B |
| P/E Ratio → | 11.06 | 9.29 | 12.28 | 10.04 | 10.08 | 10.49 | 11.78 | 12.54 | 13.12 | 18.27 | 20.22 |
| P/S Ratio | 3.26 | 2.70 | 2.90 | 2.54 | 2.76 | 2.96 | 2.42 | 3.38 | 3.31 | 4.05 | 4.62 |
| P/B Ratio | 1.25 | 1.02 | 1.07 | 0.99 | 1.08 | 1.02 | 0.79 | 1.25 | 1.22 | 1.41 | 1.55 |
| P/FCF | 7.81 | 12.46 | 9.13 | 8.32 | 4.86 | 8.66 | 15.13 | 31.11 | 10.64 | 12.37 | 15.89 |
| P/OCF | 14.91 | 11.64 | 8.20 | 7.56 | 4.68 | 8.20 | 13.18 | 22.90 | 9.21 | 10.94 | 14.50 |
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 | — | 2.90 | 3.51 | 4.34 | 4.94 | 2.77 | 2.51 | 4.89 | 5.13 | 5.84 | 6.35 |
| EV / EBITDA | 8.61 | 7.10 | 10.31 | 12.31 | 13.16 | 7.13 | 9.30 | 14.40 | 16.22 | 17.30 | 19.14 |
| EV / EBIT | 9.89 | 7.84 | 12.01 | 13.48 | 14.37 | 7.76 | 10.65 | 16.02 | 18.18 | 19.37 | 21.66 |
| EV / FCF | — | 13.38 | 11.06 | 14.24 | 8.70 | 8.08 | 15.70 | 44.99 | 16.49 | 17.83 | 21.85 |
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 | 97.3% | 97.3% | 95.9% | 95.0% | 98.0% | 101.6% | 91.0% | 96.2% | 94.3% | 97.1% | 98.2% |
| Operating Margin | 37.0% | 37.0% | 29.2% | 32.2% | 34.4% | 35.7% | 23.6% | 30.5% | 28.2% | 30.1% | 29.3% |
| Net Profit Margin | 29.9% | 29.9% | 24.5% | 26.3% | 28.4% | 29.4% | 20.7% | 26.2% | 25.2% | 22.1% | 22.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.7% | 11.7% | 9.7% | 10.6% | 10.8% | 10.3% | 7.2% | 9.8% | 9.3% | 7.9% | 7.8% |
| ROA | 1.2% | 1.2% | 1.0% | 1.0% | 1.1% | 1.1% | 0.7% | 1.1% | 1.0% | 0.9% | 0.9% |
| ROIC | 7.5% | 7.5% | 5.1% | 4.9% | 5.4% | 5.8% | 3.5% | 4.8% | 4.4% | 4.7% | 4.4% |
| ROCE | 9.5% | 9.5% | 6.6% | 6.7% | 8.1% | 8.6% | 5.1% | 7.4% | 6.5% | 6.7% | 6.3% |
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 | 0.37 | 0.37 | 0.56 | 0.90 | 1.11 | 0.54 | 0.74 | 0.78 | 0.78 | 0.74 | 0.69 |
| Debt / EBITDA | 2.42 | 2.42 | 4.44 | 6.52 | 7.58 | 4.00 | 8.32 | 6.20 | 6.69 | 6.31 | 6.24 |
| Net Debt / Equity | — | 0.08 | 0.23 | 0.71 | 0.85 | -0.07 | 0.03 | 0.56 | 0.67 | 0.62 | 0.58 |
| Net Debt / EBITDA | 0.49 | 0.49 | 1.80 | 5.12 | 5.81 | -0.51 | 0.34 | 4.44 | 5.76 | 5.30 | 5.23 |
| Debt / FCF | — | 0.92 | 1.93 | 5.92 | 3.84 | -0.57 | 0.57 | 13.87 | 5.85 | 5.47 | 5.97 |
| Interest Coverage | 0.84 | 0.84 | 0.55 | 0.83 | 4.17 | 5.60 | 1.78 | 1.49 | 1.82 | 2.51 | 2.53 |
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 | 0.13 | 0.13 | 0.14 | 0.15 | 0.17 | 0.23 | 0.24 | 0.19 | 0.16 | 0.19 | 0.20 |
| Quick Ratio | 0.13 | 0.13 | 0.14 | 0.15 | 0.17 | 0.23 | 0.24 | 0.19 | 0.16 | 0.19 | 0.20 |
| Cash Ratio | 0.04 | 0.04 | 0.04 | 0.02 | 0.03 | 0.07 | 0.09 | 0.03 | 0.01 | 0.02 | 0.02 |
| Asset Turnover | — | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 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 | 3.2% | 4.0% | 3.9% | 4.2% | 4.2% | 4.0% | 4.4% | 3.2% | 3.3% | 2.6% | 2.1% |
| Payout Ratio | 36.1% | 36.1% | 45.6% | 40.7% | 40.4% | 40.7% | 51.1% | 40.8% | 43.0% | 46.8% | 42.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.0% | 10.8% | 8.1% | 10.0% | 9.9% | 9.5% | 8.5% | 8.0% | 7.6% | 5.5% | 4.9% |
| FCF Yield | 12.8% | 8.0% | 10.9% | 12.0% | 20.6% | 11.6% | 6.6% | 3.2% | 9.4% | 8.1% | 6.3% |
| Buyback Yield | 1.5% | 1.9% | 0.9% | 2.8% | 0.0% | 1.6% | 1.9% | 3.8% | 3.5% | 0.0% | 0.6% |
| Total Shareholder Yield | 4.7% | 5.8% | 4.7% | 7.0% | 4.2% | 5.6% | 6.3% | 7.0% | 6.8% | 2.6% | 2.7% |
| Shares Outstanding | — | $183M | $177M | $167M | $165M | $163M | $163M | $168M | $177M | $176M | $174M |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FULT stock.
Fulton Financial Corporation's current P/E ratio is 11.1x. The historical average is 15.1x. This places it at the 14th percentile of its historical range.
Fulton Financial Corporation's current EV/EBITDA is 8.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.2x.
Fulton Financial Corporation's return on equity (ROE) is 11.7%. The historical average is 10.7%.
Based on historical data, Fulton Financial Corporation is trading at a P/E of 11.1x. This is at the 14th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Fulton Financial Corporation's current dividend yield is 3.24% with a payout ratio of 36.1%.
Fulton Financial Corporation has 97.3% gross margin and 37.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Fulton Financial Corporation's Debt/EBITDA ratio is 2.4x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Acquisition integration and credit cost volatility
Metrics are mathematically derived from official filings.
Discount to Book Reflects Subdued Returns
At a P/B of 1.25 and P/TBV implied near 1.5x on reported tangible book of $15.91, the market appears to price FULT as a commodity balance sheet earning sub-12% returns rather than a premium franchise.
Based on FULT's reported figures, the stock trades at 1.25x book and 11.06x trailing earnings, a multiple that suggests investors expect return on tangible equity to remain in the low double digits. The forward P/E of 10.85 and PEG of 0.79 point to limited expected growth priced in, which may indicate skepticism that post-integration earnings will expand meaningfully. Investors should monitor whether ROTCE converges toward peer levels, since sustained improvement would be needed to justify re-rating toward the 1.5x P/TBV range seen among higher-returning peers.
ROE Recovery Driven by Efficiency Gains
Reported ROE rebounded from 2.0% in 2024Q3 to 3.1% in 2026Q3, with the efficiency ratio improving from 71.8% to 59.5%, suggesting operating leverage rather than margin expansion drove the recovery.
DuPont decomposition shows ROA steady near 0.3% while leverage remains roughly 9-10x given equity-to-assets near 0.11, so the ROE gain appears attributable to expense absorption rather than balance sheet deployment. Fee income held near 20-21% of revenue, providing stability but no meaningful incremental lift. The current 11.7% TTM ROE remains below several regional peers such as IBCP and WSFS, which suggests the efficiency improvement has not yet closed the profitability gap.
Flat Margin Hides Funding Pressure
Net interest margin has held near 0.8% across ten quarters while the efficiency ratio swung from 71.8% to 59.5%, indicating cost control has carried earnings rather than spread expansion.
The stable headline NIM may conceal offsetting movements in asset yields and deposit costs that the reported ratios do not disaggregate. The sharp efficiency improvement from 2024 to 2025 likely reflects acquisition-related cost absorption, though the 2026Q2 reading of 63.5% shows this gain is not linear. Investors should monitor whether funding costs stabilize, since further efficiency gains will be harder to achieve without margin support.
Thin Equity Base Constrains Capital Return
Equity-to-assets near 0.11 across recent quarters, as reported, leaves limited cushion for a $34.8B balance sheet, which may constrain buyback capacity despite the $42.9M repurchase in 2026Q3.
Regulatory CET1 ratios are not included in the supplied data, so capacity conclusions rely on the equity-to-assets proxy, which sits at the low end for a regional bank of this size. The jump to $42.9M in buybacks during 2026Q3 appears to outpace the earnings base in a single quarter, which warrants further investigation into whether it reflects surplus capital or a deliberate reallocation. Investors should review the reported CET1 trajectory before assuming sustained repurchase capacity.
Provision Volatility Obscures Reserve Trend
Provisions swung from $16.7M in 2024Q4 to $2.9M in 2025Q4 and back to $14.4M in 2026Q1, as reported, a pattern that may track acquisition accounting and CECL forecast revisions rather than underlying credit deterioration.
Non-performing asset and charge-off ratios are not included in the supplied data, so reserve adequacy cannot be assessed directly against credit losses. The lumpiness in provisioning is consistent with acquisition-date accounting and forward-looking CECL adjustments, though this interpretation is inferential. Investors should monitor reserve coverage and NPA trends in upcoming filings before concluding whether current levels are adequate.
Lagging ROE Against Mid-Atlantic Peers
FULT's TTM ROE of 11.7% trails WSFS at 12.4% and IBCP at 13.6%, while its 1.25x P/B sits below WSFS at 1.58x, suggesting the valuation gap tracks the return gap.
The peer comparison shows FULT pricing in line with its profitability, with market multiples closely following ROE rather than a franchise premium. FULT's dividend yield of 3.2% sits above WSFS at 0.9%, which may reflect a more mature capital return profile rather than growth optionality. The gap appears more cyclical than structural, given the recent efficiency gains, but closing it will require sustained ROE improvement rather than one-time cost benefits.
Misapplied Leverage Metric Overstates Returns
Reported ROE of roughly 11.7% is commonly read as a clean return signal, but with equity-to-assets near 0.11 the figure is highly sensitive to small changes in earnings and to unrealized AOCI losses that CET1 may not fully capture.
Applying standard ROE to a bank with this leverage profile can overstate economic returns when intangibles from acquisitions are included in book value, which is why tangible return measures are more informative. The P/E of 11.06 may also be distorted by provision timing, since a single quarter of elevated credit costs can move trailing earnings materially. Analysts should instead anchor on ROTCE and normalized earnings excluding acquisition-related items, while recognizing these adjustments depend on disclosures not fully supplied here.