Latest Ratios: P/E Ratio 11.7x · EV/EBITDA 7.9x · 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 | $296M | $244M | $220M | $158M | $131M | $126M | $109M | $171M | $113M | $121M | $100M |
| Enterprise Value | $280M | $227M | $330M | $266M | $154M | $102M | $112M | $274M | $268M | $207M | $204M |
| P/E Ratio → | 11.74 | 9.93 | 10.70 | 10.45 | 5.23 | 6.38 | 7.60 | 13.02 | 10.54 | 30.00 | 18.99 |
| P/S Ratio | 3.16 | 2.82 | 2.76 | 2.21 | 1.73 | 1.73 | 1.62 | 2.71 | 1.90 | 2.24 | 1.91 |
| P/B Ratio | 1.47 | 1.20 | 1.23 | 0.97 | 0.86 | 0.89 | 0.83 | 1.36 | 0.96 | 1.11 | 0.88 |
| P/FCF | 9.27 | 15.81 | 10.83 | 7.12 | 5.70 | 6.67 | 7.46 | 13.78 | 12.79 | 18.96 | 13.20 |
| P/OCF | 15.30 | 12.57 | 9.89 | 7.01 | 4.93 | 6.29 | 6.72 | 10.44 | 6.16 | 9.33 | 8.69 |
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 | — | 2.62 | 4.13 | 3.73 | 2.04 | 1.39 | 1.67 | 4.34 | 4.51 | 3.83 | 3.91 |
| EV / EBITDA | 7.86 | 6.37 | 10.63 | 10.89 | 4.19 | 3.42 | 5.26 | 13.80 | 16.88 | 14.64 | 17.38 |
| EV / EBIT | 8.59 | 6.97 | 12.11 | 13.62 | 4.65 | 3.86 | 6.31 | 16.64 | 19.94 | 16.92 | 20.29 |
| EV / FCF | — | 14.71 | 16.20 | 12.01 | 6.72 | 5.38 | 7.71 | 22.06 | 30.39 | 32.48 | 27.00 |
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 | 96.8% | 96.8% | 96.3% | 97.8% | 100.8% | 101.1% | 92.0% | 97.9% | 96.4% | 95.3% | 94.0% |
| Operating Margin | 37.6% | 37.6% | 34.1% | 27.3% | 43.9% | 36.1% | 26.4% | 26.1% | 22.6% | 22.7% | 19.2% |
| Net Profit Margin | 28.4% | 28.4% | 25.8% | 21.1% | 33.1% | 27.1% | 20.6% | 20.8% | 18.0% | 9.8% | 13.9% |
| 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% | 12.1% | 9.6% | 17.1% | 14.5% | 10.8% | 10.8% | 9.5% | 4.7% | 6.2% |
| ROA | 1.2% | 1.2% | 1.1% | 0.8% | 1.4% | 1.1% | 0.9% | 0.9% | 0.8% | 0.4% | 0.6% |
| ROIC | 7.1% | 7.1% | 5.9% | 5.1% | 10.3% | 7.6% | 4.7% | 4.3% | 3.5% | 3.3% | 2.6% |
| ROCE | 9.8% | 9.8% | 8.5% | 7.5% | 16.6% | 12.2% | 7.2% | 6.7% | 5.7% | 5.1% | 3.9% |
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 | 0.56 | 0.56 | 1.05 | 0.98 | 0.64 | 0.64 | 1.17 | 1.21 | 1.53 | 1.57 | 1.48 |
| Debt / EBITDA | 3.22 | 3.22 | 6.05 | 6.47 | 2.66 | 3.07 | 7.17 | 7.70 | 11.26 | 12.03 | 14.27 |
| Net Debt / Equity | — | -0.08 | 0.61 | 0.67 | 0.16 | -0.17 | 0.03 | 0.82 | 1.32 | 0.79 | 0.92 |
| Net Debt / EBITDA | -0.47 | -0.47 | 3.53 | 4.43 | 0.64 | -0.82 | 0.17 | 5.18 | 9.78 | 6.10 | 8.88 |
| Debt / FCF | — | -1.09 | 5.37 | 4.89 | 1.03 | -1.29 | 0.25 | 8.29 | 17.60 | 13.52 | 13.80 |
| Interest Coverage | 0.99 | 0.99 | 0.85 | 0.80 | 6.93 | 4.60 | 1.84 | 1.43 | 1.66 | 1.66 | 1.22 |
Net cash position: cash ($132M) exceeds total debt ($115M)
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 | 0.09 | 0.09 | 0.10 | 0.10 | 0.13 | 0.27 | 0.26 | 0.17 | 0.16 | 0.23 | 0.21 |
| Quick Ratio | 0.09 | 0.09 | 0.10 | 0.10 | 0.13 | 0.27 | 0.26 | 0.17 | 0.16 | 0.23 | 0.21 |
| Cash Ratio | 0.07 | 0.07 | 0.05 | 0.03 | 0.05 | 0.08 | 0.10 | 0.04 | 0.02 | 0.08 | 0.06 |
| Asset Turnover | — | 0.04 | 0.04 | 0.04 | 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 | 2.0% | 2.5% | 2.4% | 3.3% | 3.0% | 3.1% | 3.4% | 1.8% | 1.7% | 1.0% | 2.0% |
| Payout Ratio | 24.3% | 24.3% | 26.1% | 34.6% | 15.9% | 19.7% | 26.3% | 23.8% | 17.9% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.5% | 10.1% | 9.3% | 9.6% | 19.1% | 15.7% | 13.2% | 7.7% | 9.5% | 3.3% | 5.3% |
| FCF Yield | 10.8% | 6.3% | 9.2% | 14.0% | 17.5% | 15.0% | 13.4% | 7.3% | 7.8% | 5.3% | 7.6% |
| Buyback Yield | 0.0% | 0.0% | 1.8% | 0.9% | 0.0% | 5.7% | 2.5% | 0.0% | 0.0% | 0.0% | 10.0% |
| Total Shareholder Yield | 2.0% | 2.5% | 4.3% | 4.3% | 3.0% | 8.8% | 5.9% | 1.8% | 1.7% | 1.0% | 12.0% |
| Shares Outstanding | — | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $6M |
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 FUNC stock.
First United Corporation's current P/E ratio is 11.7x. The historical average is 12.2x. This places it at the 64th percentile of its historical range.
First United Corporation's current EV/EBITDA is 7.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.1x.
First United Corporation's return on equity (ROE) is 12.8%. The historical average is 9.2%.
Based on historical data, First United Corporation is trading at a P/E of 11.7x. This is at the 64th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
First United Corporation's current dividend yield is 2.00% with a payout ratio of 24.3%.
First United Corporation has 96.8% gross margin and 37.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
First United Corporation's Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Rising provisions and thin margins
Metrics are mathematically derived from official filings.
Book Value Premium Versus Peers
Based on FUNC's reported figures, the stock trades at 1.47 times book value and roughly 1.5 times tangible book, a premium to peers such as MNSB at 0.77 and NKSH at 1.35 that appears to price in sustained return improvement beyond the current 3.4% ROE.
A P/B of 1.47 paired with a 3.4% ROE implies the market is pricing a return path well above current levels, since a bank earning this return would typically trade closer to book. The 12.2 trailing P/E and 10.2 forward P/E suggest earnings growth is being capitalized, though the forward multiple depends on sustaining the recent quarterly profit rebuild. Investors should monitor whether ROTCE converges toward the 13.9% achieved by BWFG before accepting the premium as justified.
ROE Recovery Driven by Operating Leverage
Per the reported quarterly series, FUNC's ROE recovered to 3.4% in 2026Q3 from 2.3% in 2024Q1, but with ROA stuck near 0.3% and equity-to-assets around 0.10, leverage rather than asset productivity is doing much of the lifting.
DuPont decomposition shows ROA of roughly 0.3% multiplied by a leverage factor near 10x, so the ROE gain reflects balance sheet structure more than improved asset returns. The efficiency ratio improvement from 68.9% to 54.8% is the clearest operating driver, indicating cost control contributed meaningfully. Fee income volatility, which ranged from 15.8% to 26.1% of revenue, means the non-interest contribution cannot yet be relied upon as a stable profitability anchor.
Thin Spreads Offset by Cost Discipline
As reported in the quarterly data, FUNC's net interest margin held between 0.7% and 0.9% while the efficiency ratio fell from 68.9% to 54.8%, indicating that expense control rather than spread expansion has driven the improvement in operating results.
A net interest margin below 1% is structurally narrow for a regional bank and may indicate limited asset-side pricing power against its funding base. The efficiency gain suggests management has leveraged revenue growth against a relatively fixed cost base, which supports earnings even without margin expansion. This dependence on operating leverage rather than spread widening warrants further investigation, since it leaves earnings exposed if revenue growth slows.
Equity Cushion Lacks Regulatory Detail
Based on reported figures, equity-to-assets near 0.10 and equity growth to $214.0M suggest a moderate capital cushion, though the supplied data does not disclose CET1, Tier 1, or total capital ratios needed to assess regulatory headroom.
An equity-to-assets ratio near 10% appears adequate on a simple leverage basis, but without risk-weighted capital ratios the true capacity for capital return cannot be assessed. The modest and sporadic buyback pattern suggests capital deployment has been conservative. Capital adequacy conclusions should remain provisional until regulatory ratios are reviewed directly against minimums and peers.
Provision Spike Warrants Credit Monitoring
As reported in quarterly figures, FUNC's provision expense rose from $250K in 2024Q3 to $1.9M in 2026Q3, the highest level in the ten-quarter window, which may signal emerging credit cost pressure relative to a thin margin base.
Given NIM near 0.9%, a provision jump of this magnitude consumes a meaningful share of net interest income and may indicate deterioration in loan quality. Non-performing loan and reserve coverage data are not supplied, so adequacy of the allowance cannot be confirmed. Investors should monitor subsequent quarters to determine whether the spike is a single-period event or the start of a sustained trend.
Price-to-Book Misreads Earnings Quality
The most commonly misapplied metric for FUNC is P/E, since provision volatility distorts reported earnings, and P/TBV on a normalized ROTCE basis would better reflect whether the 1.47 book multiple is justified.
Trailing P/E of 12.2 can look attractive, but quarterly net income swung between $3.7M and $7.2M largely because provision expense moved from $250K to $1.9M. Using P/E on this base risks overstating earnings power in good quarters. Normalizing ROE through a through-cycle provision assumption and evaluating P/TBV against that figure would provide a more reliable valuation anchor.