A Business at a Glance
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FIRST FINANCIAL BANKSHARES INC
FFIN
$5.0B
Mkt Cap
$34.68
+0.52%
FIRST FINANCIAL BANKSHARES INC (FFIN) has a current P/E ratio of 19.6, compared to its historical median P/E of 22.7. The stock is currently considered Fair based on its historical valuation range.
FIRST FINANCIAL BANKSHARES INC (FFIN) has a 5-year average return on invested capital (ROIC) of 14.4%. This indicates solid capital allocation.
FIRST FINANCIAL BANKSHARES INC (FFIN) has a market capitalization of $5.0B. It is classified as a mid-cap stock.
Yes, FIRST FINANCIAL BANKSHARES INC (FFIN) pays a dividend with a trailing twelve-month yield of 2.16%.
Based on historical P/E analysis, FIRST FINANCIAL BANKSHARES INC (FFIN) appears fair. The current P/E of 19.6 is 14% below its historical median of 22.7. The estimated fair value CAGR (P/E method) is 4.4%.
FIRST FINANCIAL BANKSHARES INC (FFIN) operates in the State Commercial Banks industry, within the Financials sector.
FIRST FINANCIAL BANKSHARES INC (FFIN) reported annual revenue of $833 million in its most recent fiscal year, based on SEC EDGAR filings.
First Financial Bankshares, Inc. is a Texas-based financial holding company operating a full-service commercial banking business through its wholly-owned subsidiary First Financial Bank and related entities, with 79 financial centers concentrated across Central, North Central, Southeast and West Texas as of December 31, 2025. The company generates revenue through traditional banking operations including net interest income from loans and deposits, fee income from mortgage banking, wealth management, client swaps, and leasing operations through its Summit Funding Group subsidiary, as well as trust and asset management services. The business model emphasizes local decision-making and community-focused banking in small and mid-size Texas markets where competitive intensity is lower, supported by consolidated back-office operations for efficiency while maintaining regional management structures with local advisory boards and presidents. The company's loan portfolio includes commercial, consumer, residential mortgage, and finance lease products, with deposit funding comprising transaction accounts, money market accounts, and certificates of deposit. First Financial has grown organically and through acquisitions since 1997, expanding from $1.57 billion in assets to $15.45 billion as of December 31, 2025, and targets acquisition opportunities in non-metropolitan Texas markets with banks in the $1.0–$5.0 billion asset range that align with its community-bank culture. The company operates in Texas, one of the nation's largest and fastest-growing states with approximately 31.7 million residents, with many of its operating communities experiencing significant population growth ranging from 9.8% to 47.1% between 2014 and 2024.
【Asset-sensitive margin positioning】 Management expects modest net interest margin contraction in the near term due to sustained competitive pressures on deposit pricing and fewer anticipated rate hikes, with margin stabilizing around 3.90%–4.00% in the middle of 2024 assuming the Federal Reserve pauses rate increases after July. Loan growth is expected to remain in the mid-single digits, supported by continued contributions from the leasing business, though the company remains selective in certain segments. Deposit balances are projected to grow modestly as pricing strategies gain traction, and fee income is expected to remain stable with strong performance anticipated from mortgage banking and wealth management. The company expects continued stability in credit quality trends and maintains strong capital ratios in excess of regulatory targets, with the dividend expected to remain at current levels.
| Metric | Target | Period |
|---|---|---|
| Net interest margin | 3.90%–4.00% | Mid-2024 |
Net interest margin (Mid-2024): “we think our margin stabilizes, somewhere around 3.90%-4% in the middle of next year. That assumes, again, that assumes that the Fed, you know, increases here in July, you know, but pauses, you know, at a minimum there in the first part of 2024.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q1 FY2023 Earnings Call, Q1 FY2021 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 649M | 833M | 753M | 636M | 565M | 519M |
| Net Income | 264M | 254M | 224M | 199M | 234M | 228M |
| EPS | $1.84 | $1.77 | $1.56 | $1.39 | $1.64 | $1.59 |
| Free Cash Flow | 309M | 286M | 293M | 268M | 308M | 336M |
| ROIC | 0.0% | 14.4% | 14.4% | 14.4% | 15.5% | 13.2% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.03 | 0.03 | 0.08 | 0.25 | 0.49 | 0.38 |
| Dividends/Share | $0.75 | $0.75 | $0.72 | $0.71 | $0.66 | $0.58 |
| Operating Income | 0 | 310M | 272M | 243M | 281M | 272M |
| Operating Margin | 0.0% | 37.2% | 36.1% | 38.3% | 49.8% | 52.4% |
| ROE | 13.6% | 14.4% | 14.4% | 14.4% | 15.5% | 13.2% |
| Shares Outstanding | 143M | 143M | 143M | 143M | 143M | 143M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 265M | 295M | 317M | 337M | 393M | 428M | 504M | 519M | 565M | 636M | 753M | 833M | 649M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 70M | 81M | 91M | 95M | 105M | 112M | 135M | 142M | 134M | 132M | 153M | 175M | 178M |
| EBIT | 119M | 132M | 136M | 147M | 178M | 198M | 242M | 272M | 281M | 243M | 272M | 310M | 0 |
| Op. Margin | 44.7% | 44.7% | 42.8% | 43.7% | 45.3% | 46.3% | 48.1% | 52.4% | 49.8% | 38.3% | 36.1% | 37.2% | 0.0% |
| Net Income | 90M | 100M | 105M | 120M | 151M | 165M | 202M | 228M | 234M | 199M | 224M | 254M | 264M |
| Net Margin | 33.8% | 34.0% | 33.0% | 35.7% | 38.3% | 38.5% | 40.1% | 43.9% | 41.5% | 31.3% | 29.7% | 30.4% | 40.6% |
| Non-Recurring | 10K | -820K | 168K | -396K | -147K | 319K | 112K | 210K | 520K | 1.5M | 484K | 6K | 6K |
| Returns on Capital | |||||||||||||
| ROIC | 14.1% | 13.5% | 12.8% | 13.7% | 15.2% | 14.5% | 13.9% | 13.2% | 15.5% | 14.4% | 14.4% | 14.4% | 0.0% |
| ROE | 14.1% | 13.5% | 12.8% | 13.7% | 15.2% | 14.5% | 13.9% | 13.2% | 15.5% | 14.4% | 14.4% | 14.4% | 13.6% |
| ROA | 1.6% | 1.6% | 1.6% | 1.7% | 2.0% | 2.1% | 2.1% | 1.9% | 1.8% | 1.5% | 1.7% | 1.7% | 1.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 131M | 109M | 161M | 190M | 186M | 202M | 211M | 355M | 324M | 285M | 310M | 299M | 324M |
| Free Cash Flow | 114M | 92M | 140M | 176M | 169M | 194M | 194M | 336M | 308M | 268M | 293M | 286M | 309M |
| Owner Earnings | 123M | 99M | 150M | 178M | 173M | 190M | 197M | 340M | 308M | 269M | 293M | 281M | 197M |
| CapEx | 17M | 17M | 20M | 14M | 18M | 8.7M | 16M | 19M | 16M | 17M | 17M | 13M | 15M |
| Maint. CapEx | 8.1M | 9.7M | 10M | 10M | 11M | 11M | 12M | 12M | 12M | 12M | 12M | 12M | 121M |
| Growth CapEx | 9.3M | 7.7M | 10M | 3.7M | 6.2M | 0 | 4.6M | 7.1M | 3.7M | 5.5M | 4.8M | 1.8M | 0 |
| D&A | 8.1M | 9.7M | 10M | 10M | 11M | 11M | 12M | 12M | 12M | 12M | 12M | 12M | 121M |
| CapEx/OCF | 13.3% | 16.0% | 12.7% | 7.4% | 9.3% | 4.3% | 7.8% | 5.4% | 4.9% | 6.1% | 5.4% | 4.5% | 4.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 35M | 39M | 45M | 49M | 54M | 61M | 70M | 80M | 91M | 100M | 103M | 106M | 107M |
| Dividend Yield | 2.2% | 2.3% | 2.4% | 1.0% | 0.8% | 1.6% | 1.8% | 1.3% | 1.6% | 2.5% | 2.2% | 2.2% | 2.2% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 8.0M | 0 | 9.4M | 2.7M | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 0.2% | N/A | 0.2% | 0.1% | N/A | N/A | 0.0% |
| Stock-Based Comp | 709K | 644K | 882K | 1.7M | 1.5M | 1.5M | 1.4M | 3.2M | 4.0M | 4.3M | 4.9M | 6.9M | 6.9M |
| Debt Repayment | 97M | 235M | 170M | 115M | 138M | 87M | 49M | 241M | 29M | 238M | 207M | 112M | 112M |
| Balance Sheet | |||||||||||||
| Net Debt | 177M | -2.3B | -2.6B | -2.9B | -2.6B | -3.3B | -4.7B | -6.4B | -5.2B | -4.9B | -5.2B | -6.5B | -6.3B |
| Cash & Equiv. | 190M | 179M | 205M | 116M | -124M | 232M | 729M | 529M | 331M | 537M | 763M | 1.1B | 6.4B |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 68M |
| Debt/Equity | 0.54 | 0.76 | 0.53 | 0.36 | 0.44 | 0.31 | 0.26 | 0.38 | 0.49 | 0.25 | 0.08 | 0.03 | 0.03 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 682M | 805M | 838M | 923M | 1.1B | 1.2B | 1.7B | 1.8B | 1.3B | 1.5B | 1.6B | 1.9B | 1.9B |
| Total Assets | 5.8B | 6.7B | 6.8B | 7.3B | 7.7B | 8.3B | 10.9B | 13.1B | 13.0B | 13.1B | 14.0B | 15.4B | 15.4B |
| Total Liabilities | 5.2B | 5.9B | 6.0B | 6.3B | 6.7B | 7.0B | 9.2B | 11.3B | 11.7B | 11.6B | 12.4B | 13.5B | 13.4B |
| Intangibles | N/A | 4.5M | 3.6M | 1.2M | 3.1M | 2.1M | 4.9M | 3.3M | 2.1M | 1.1M | 523K | 171K | 0 |
| Retained Earnings | 328M | 388M | 447M | 517M | 607M | 708M | 837M | 982M | 1.1B | 1.2B | 1.3B | 1.5B | 1.5B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 0.70 | 0.77 | 0.80 | 0.46 | 0.56 | 1.21 | 1.42 | 1.59 | 1.64 | 1.39 | 1.56 | 1.77 | 1.84 |
| Owner EPS | 0.95 | 0.76 | 1.14 | 0.67 | 0.64 | 1.40 | 1.39 | 2.37 | 2.16 | 1.88 | 2.04 | 1.96 | 1.37 |
| Book Value | 5.29 | 6.17 | 6.36 | 3.49 | 3.88 | 9.01 | 11.80 | 12.29 | 8.85 | 10.47 | 11.21 | 13.38 | 13.57 |
| Cash Flow/Share | 1.02 | 0.84 | 1.22 | 0.72 | 0.69 | 1.49 | 1.48 | 2.48 | 2.27 | 1.99 | 2.16 | 2.09 | 2.68 |
| Dividends/Share | 0.28 | 0.31 | 0.35 | 0.19 | 0.20 | 0.47 | 0.51 | 0.58 | 0.66 | 0.71 | 0.72 | 0.75 | 0.75 |
| Shares Out. | 128.9M | 130.4M | 131.8M | 264.6M | 271.4M | 136.2M | 142.3M | 143.1M | 143.0M | 143.1M | 143.3M | 143.3M | 143.3M |
| Valuation | |||||||||||||
| P/E Ratio | 17.7 | 16.7 | 24.5 | 22.2 | 22.6 | 26.0 | 23.1 | 29.6 | 19.2 | 21.4 | 22.7 | 17.4 | 18.8 |
| P/FCF | 13.9 | 18.3 | 18.3 | 30.2 | 40.4 | 22.1 | 24.0 | 20.0 | 14.6 | 15.9 | 17.3 | 15.5 | 16.1 |
| EV/EBIT | 12.8 | N/A | N/A | N/A | 2.6 | 4.5 | 1.9 | 2.2 | N/A | N/A | 0.7 | N/A | N/A |
| Price/Book | 2.3 | 2.1 | 3.1 | 2.9 | 3.2 | 3.5 | 2.8 | 3.8 | 3.6 | 2.8 | 3.2 | 2.3 | 2.6 |
| Price/Sales | 6.0 | 5.7 | 6.0 | 7.4 | 8.6 | 9.6 | 8.0 | 12.1 | 10.6 | 8.2 | 8.5 | 7.8 | 7.7 |
| FCF Yield | 7.2% | 5.5% | 5.5% | 6.6% | 4.9% | 4.5% | 4.2% | 5.0% | 6.8% | 6.3% | 5.8% | 6.5% | 6.2% |
| Market Cap | 1.6B | 1.7B | 2.6B | 2.7B | 3.4B | 4.3B | 4.7B | 6.7B | 4.5B | 4.3B | 5.1B | 4.4B | 5.0B |
| Avg. Price | 12.24 | 12.68 | 14.25 | 18.27 | 23.61 | 27.99 | 27.39 | 43.40 | 39.39 | 28.03 | 32.59 | 34.28 | 34.68 |
| Year-End Price | 12.28 | 12.85 | 19.51 | 20.12 | 25.13 | 31.50 | 32.82 | 47.03 | 31.55 | 29.81 | 35.38 | 30.85 | 34.68 |
FIRST FINANCIAL BANKSHARES INC passes 4 of 9 quality checks, suggesting mixed fundamentals.
FIRST FINANCIAL BANKSHARES INC trades at 19.6x trailing earnings, compared to its 15-year median P/E of 22.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 17.4x vs a median of 19.2x. The company's 5-year average ROIC is 14.4%. Total shareholder yield (dividends) is 2.2%. At current prices, the estimated annualized return to fair value is +7.0%.
FIRST FINANCIAL BANKSHARES INC (FFIN) has a net profit margin of 30.4%. This is a strong margin indicating high profitability.
FIRST FINANCIAL BANKSHARES INC (FFIN) generated $286 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
FIRST FINANCIAL BANKSHARES INC (FFIN) has a debt-to-equity ratio of 0.03. This indicates a conservatively financed balance sheet.
FIRST FINANCIAL BANKSHARES INC (FFIN) reported earnings per share (EPS) of $1.77 in its most recent fiscal year.
FIRST FINANCIAL BANKSHARES INC (FFIN) has a return on equity (ROE) of 14.4%. This indicates moderate shareholder returns.
The Ledger Terminal provides 16 years of financial data for FIRST FINANCIAL BANKSHARES INC (FFIN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FIRST FINANCIAL BANKSHARES INC (FFIN) has a book value per share of $13.38, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects modest net interest margin contraction in the near term due to sustained competitive pressures on deposit pricing and fewer anticipated rate hikes, with margin stabilizing around 3.90%–4.00% in the middle of 2024 assuming the Federal Reserve pauses rate increases after July. Loan growth is expected to remain in the mid-single digits, supported by continued contributions from the leasing business, though the company remains selective in certain segments. Deposit balances are projected to grow modestly as pricing strategies gain traction, and fee income is expected to remain stable with strong performance anticipated from mortgage banking and wealth management. The company expects continued stability in credit quality trends and maintains strong capital ratios in excess of regulatory targets, with the dividend expected to remain at current levels.
Based on recent SEC filings and earnings calls, FIRST FINANCIAL BANKSHARES INC (FFIN) has provided the following forward guidance: Net interest margin: 3.90%–4.00% (Mid-2024).