A Business at a Glance
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FIRST INTERSTATE BANCSYSTEM INC
FIBK
$3.9B
Mkt Cap
$38.12
+0.05%
FIRST INTERSTATE BANCSYSTEM INC (FIBK) has a current P/E ratio of 13.0, compared to its historical median P/E of 12.1. The stock is currently considered Fair based on its historical valuation range.
FIRST INTERSTATE BANCSYSTEM INC (FIBK) has a 5-year average return on invested capital (ROIC) of 8.0%. This is below average and may indicate limited pricing power.
FIRST INTERSTATE BANCSYSTEM INC (FIBK) has a market capitalization of $3.7B. It is classified as a mid-cap stock.
Yes, FIRST INTERSTATE BANCSYSTEM INC (FIBK) pays a dividend with a trailing twelve-month yield of 5.17%. The company also returns capital through share buybacks, with a buyback yield of 5.56%.
Based on historical P/E analysis, FIRST INTERSTATE BANCSYSTEM INC (FIBK) appears fair. The current P/E of 13.0 is 7% above its historical median of 12.1. The estimated fair value CAGR (P/E method) is -1.7%.
FIRST INTERSTATE BANCSYSTEM INC (FIBK) operates in the State Commercial Banks industry, within the Financials sector.
Table of Contents Item 1. Business Our Company We are a financial and bank holding company focused on community banking. Since our incorporation in Montana in 1971, we have grown both organically and through strategic acquisitions. As of February 20, 2026, we operated 290 banking offices, including branches and detached drive-up facilities, in communities across 12 states— Colorado, Idaho, Iowa, Minnesota, Missouri, Montana, Nebraska, North Dakota, Oregon, South Dakota, Washington, and Wyoming. Through our bank subsidiary, First Interstate Bank, we deliver a comprehensive range of banking products and services—including online and mobile banking—to individuals, businesses, government entities, and others throughout our market areas.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.1B | 1.4B | 1.5B | 1.4B | 1.2B | 656M |
| Net Income | 312M | 302M | 226M | 258M | 202M | 192M |
| EPS | $3.06 | $2.94 | $2.19 | $2.48 | $1.96 | $3.11 |
| Free Cash Flow | 253M | 278M | 332M | 400M | 524M | 272M |
| ROIC | 9.3% | 8.6% | 6.7% | 7.9% | 7.6% | 9.2% |
| Gross Margin | - | 76.9% | 73.4% | 69.6% | 86.4% | 95.1% |
| Debt/Equity | 0.00 | 0.05 | 0.08 | 0.08 | 0.04 | 0.06 |
| Dividends/Share | $1.97 | $1.88 | $1.88 | $1.88 | $1.70 | $1.64 |
| Operating Income | 84M | 83M | 24M | 18M | 20M | 12M |
| Operating Margin | 7.9% | 5.9% | 1.6% | 1.3% | 1.7% | 1.8% |
| ROE | 9.3% | 8.9% | 6.9% | 8.2% | 8.0% | 9.7% |
| Shares Outstanding | 97M | 103M | 103M | 104M | 103M | 62M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 379M | 404M | 434M | 520M | 612M | 697M | 680M | 656M | 1.2B | 1.4B | 1.5B | 1.4B | 1.1B |
| Gross Margin | 93.3% | 93.8% | 93.6% | 92.5% | 91.9% | 89.5% | 87.7% | 95.1% | 86.4% | 69.6% | 73.4% | 76.9% | 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 | 97M | 101M | 109M | 123M | 146M | 155M | 174M | 165M | 282M | 263M | 271M | 275M | 275M |
| EBIT | 12M | 11M | 10M | 14M | 15M | 16M | 14M | 12M | 20M | 18M | 24M | 83M | 84M |
| Op. Margin | 3.0% | 2.8% | 2.3% | 2.8% | 2.5% | 2.3% | 2.0% | 1.8% | 1.7% | 1.3% | 1.6% | 5.9% | 7.9% |
| Net Income | 84M | 87M | 96M | 107M | 160M | 181M | 161M | 192M | 202M | 258M | 226M | 302M | 312M |
| Net Margin | 22.3% | 21.5% | 22.1% | 20.5% | 26.2% | 26.0% | 23.7% | 29.3% | 17.1% | 18.0% | 15.3% | 21.4% | 29.6% |
| Non-Recurring | 1.5M | 931K | 0 | 200K | 1.3M | 2.4M | -200K | 1.8M | 4.8M | -700K | 2.9M | -8.4M | -8.4M |
| Returns on Capital | |||||||||||||
| ROIC | 9.5% | 9.0% | 9.6% | 8.7% | 10.2% | 9.7% | 7.9% | 9.2% | 7.6% | 7.9% | 6.7% | 8.6% | 9.3% |
| ROE | 9.9% | 9.3% | 9.9% | 8.8% | 10.3% | 9.8% | 8.1% | 9.7% | 8.0% | 8.2% | 6.9% | 8.9% | 9.3% |
| ROA | 1.0% | 1.0% | 1.1% | 1.0% | 1.3% | 1.3% | 1.0% | 1.0% | 0.8% | 0.8% | 0.8% | 1.1% | 1.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 122M | 115M | 118M | 155M | 219M | 127M | 268M | 282M | 534M | 428M | 355M | 306M | 282M |
| Free Cash Flow | 119M | 109M | 106M | 144M | 214M | 111M | 238M | 272M | 524M | 400M | 332M | 278M | 253M |
| Owner Earnings | 102M | 93M | 94M | 132M | 186M | 81M | 216M | 229M | 469M | 370M | 286M | 242M | 218M |
| CapEx | 2.9M | 6.0M | 12M | 11M | 4.9M | 17M | 30M | 10M | 11M | 28M | 23M | 28M | 29M |
| Maint. CapEx | 17M | 18M | 20M | 18M | 28M | 39M | 45M | 44M | 56M | 54M | 57M | 51M | 53M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 17M | 18M | 20M | 18M | 28M | 39M | 45M | 44M | 56M | 54M | 57M | 51M | 53M |
| CapEx/OCF | 2.4% | 5.2% | 10.1% | 7.1% | 2.2% | 13.0% | 11.3% | 3.6% | 2.0% | 6.6% | 6.5% | 9.1% | 10.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 29M | 36M | 39M | 49M | 64M | 79M | 129M | 102M | 182M | 195M | 196M | 194M | 192M |
| Dividend Yield | 3.9% | 4.6% | 4.5% | 3.7% | 3.9% | 4.4% | 8.2% | 5.0% | 5.6% | 8.0% | 7.3% | 6.5% | 5.2% |
| Share Buybacks | 9.7M | 21M | 27M | 1.3M | 1.0M | 2.5M | 117M | 5.4M | 199M | 34M | 1.2M | 122M | 206M |
| Buyback Yield | 1.3% | 2.5% | 2.2% | 0.1% | 0.1% | 0.1% | 6.0% | 0.3% | 6.2% | 1.2% | 0.0% | 3.3% | 5.6% |
| Stock-Based Comp | 3.6M | 4.0M | 4.4M | 3.9M | 5.6M | 8.0M | 7.5M | 8.9M | 9.6M | 4.7M | 12M | 13M | 12M |
| Debt Repayment | 13M | 7K | 0 | 100K | 26M | 4.1M | 0 | 0 | 0 | 0 | 0 | 2.8M | 2.8M |
| Balance Sheet | |||||||||||||
| Net Debt | -2.5B | -2.2B | -2.4B | -2.9B | -3.1B | -4.0B | -6.2B | -7.1B | -7.7B | -348M | -595M | -1.1B | -1.2B |
| Cash & Equiv. | 799M | 781M | 782M | 759M | 822M | 1.1B | 2.3B | 2.3B | 871M | 578M | 897M | 1.3B | 1.2B |
| Long-Term Debt | 38M | 28M | 28M | 13M | 16M | 14M | 112M | 112M | 121M | 121M | 132M | 146M | 2.6M |
| Debt/Equity | 0.04 | 0.03 | 0.03 | 0.02 | 0.01 | 0.01 | 0.06 | 0.06 | 0.04 | 0.08 | 0.08 | 0.05 | 0.00 |
| 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 | 0.3 |
| Equity | 909M | 951M | 983M | 1.4B | 1.7B | 2.0B | 2.0B | 2.0B | 3.1B | 3.2B | 3.3B | 3.4B | 3.4B |
| Total Assets | 8.6B | 8.7B | 9.1B | 12.2B | 13.3B | 14.6B | 17.6B | 19.7B | 32.3B | 30.7B | 29.1B | 26.6B | 26.4B |
| Total Liabilities | 7.7B | 7.8B | 8.1B | 10.8B | 11.6B | 12.6B | 15.7B | 17.7B | 29.2B | 27.4B | 25.8B | 23.2B | 23.1B |
| Intangibles | N/A | N/A | N/A | 49M | 57M | 62M | 51M | 41M | 97M | 81M | 67M | 53M | 50M |
| Retained Earnings | 588M | 638M | 695M | 753M | 852M | 954M | 962M | 1.1B | 1.1B | 1.1B | 1.2B | 1.3B | 1.3B |
| 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 | 1.87 | 1.90 | 2.13 | 2.05 | 2.75 | 2.83 | 2.53 | 3.11 | 1.96 | 2.48 | 2.19 | 2.94 | 3.06 |
| Owner EPS | 2.25 | 2.04 | 2.09 | 2.55 | 3.19 | 1.26 | 3.39 | 3.71 | 4.55 | 3.56 | 2.77 | 2.35 | 2.23 |
| Book Value | 20.14 | 20.81 | 21.87 | 27.48 | 29.08 | 31.49 | 30.76 | 32.16 | 29.80 | 31.08 | 32.02 | 33.55 | 34.47 |
| Cash Flow/Share | 2.70 | 2.53 | 2.63 | 2.98 | 3.76 | 1.99 | 4.21 | 4.57 | 5.18 | 4.12 | 3.44 | 2.97 | 3.74 |
| Dividends/Share | 0.63 | 0.80 | 0.88 | 0.96 | 1.12 | 1.24 | 2.00 | 1.64 | 1.70 | 1.88 | 1.88 | 1.88 | 1.97 |
| Shares Out. | 45.1M | 45.7M | 44.9M | 52.0M | 58.3M | 64.0M | 63.7M | 61.8M | 103.2M | 103.8M | 103.2M | 102.8M | 97.4M |
| Valuation | |||||||||||||
| P/E Ratio | 9.1 | 9.7 | 13.0 | 13.3 | 9.0 | 10.4 | 12.1 | 10.1 | 15.8 | 11.0 | 13.7 | 12.1 | 12.4 |
| P/FCF | 6.4 | 7.7 | 11.7 | 9.8 | 6.8 | 17.0 | 8.2 | 7.1 | 6.1 | 7.1 | 9.3 | 13.1 | 14.7 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 242.2 | 268.1 | 165.8 | 36.9 | 30.0 |
| Price/Book | 0.8 | 0.9 | 1.3 | 1.0 | 0.9 | 0.9 | 1.0 | 1.0 | 1.0 | 0.9 | 0.9 | 1.1 | 1.1 |
| Price/Sales | 2.0 | 2.0 | 2.1 | 2.7 | 2.9 | 2.8 | 2.4 | 3.2 | 2.9 | 2.4 | 2.7 | 2.8 | 3.5 |
| FCF Yield | 15.6% | 13.0% | 8.5% | 10.2% | 14.8% | 5.9% | 12.2% | 14.0% | 16.4% | 14.1% | 10.7% | 7.6% | 6.8% |
| Market Cap | 765M | 840M | 1.2B | 1.4B | 1.4B | 1.9B | 1.9B | 1.9B | 3.2B | 2.8B | 3.1B | 3.6B | 3.7B |
| Avg. Price | 16.21 | 17.09 | 19.36 | 25.37 | 28.49 | 27.93 | 24.66 | 33.21 | 31.32 | 23.61 | 26.18 | 29.18 | 38.12 |
| Year-End Price | 16.95 | 18.39 | 27.70 | 27.21 | 24.87 | 29.46 | 30.59 | 31.39 | 30.93 | 27.27 | 30.05 | 35.50 | 38.12 |
FIRST INTERSTATE BANCSYSTEM INC passes 4 of 9 quality checks, suggesting mixed fundamentals.
FIRST INTERSTATE BANCSYSTEM INC trades at 13.0x trailing earnings, compared to its 15-year median P/E of 12.1x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 13.9x vs a median of 8.8x. The company's 5-year average ROIC is 8.0% with a gross margin of 80.3%. Total shareholder yield (dividends + buybacks) is 10.7%. At current prices, the estimated annualized return to fair value is +2.4%.
FIRST INTERSTATE BANCSYSTEM INC (FIBK) reported annual revenue of $1.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
FIRST INTERSTATE BANCSYSTEM INC (FIBK) has a net profit margin of 21.4%. This is a strong margin indicating high profitability.
FIRST INTERSTATE BANCSYSTEM INC (FIBK) generated $278 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
FIRST INTERSTATE BANCSYSTEM INC (FIBK) has a debt-to-equity ratio of 0.05. This indicates a conservatively financed balance sheet.
FIRST INTERSTATE BANCSYSTEM INC (FIBK) reported earnings per share (EPS) of $2.94 in its most recent fiscal year.
FIRST INTERSTATE BANCSYSTEM INC (FIBK) has a return on equity (ROE) of 8.9%. This indicates moderate shareholder returns.
FIRST INTERSTATE BANCSYSTEM INC (FIBK) has a 5-year average gross margin of 80.3%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for FIRST INTERSTATE BANCSYSTEM INC (FIBK), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FIRST INTERSTATE BANCSYSTEM INC (FIBK) has a book value per share of $33.55, based on its most recent annual SEC filing.