A Business at a Glance
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FIRST MID BANCSHARES, INC.
FMBH
$1.2B
Mkt Cap
$51.00
+1.90%
FIRST MID BANCSHARES, INC. (FMBH) has a current P/E ratio of 13.3, compared to its historical median P/E of 10.7. The stock is currently considered Expensive based on its historical valuation range.
FIRST MID BANCSHARES, INC. (FMBH) has a 5-year average return on invested capital (ROIC) of 9.4%. This is below average and may indicate limited pricing power.
FIRST MID BANCSHARES, INC. (FMBH) has a market capitalization of $1.2B. It is classified as a small-cap stock.
Yes, FIRST MID BANCSHARES, INC. (FMBH) pays a dividend with a trailing twelve-month yield of 1.91%. The company also returns capital through share buybacks, with a buyback yield of 0.06%.
Based on historical P/E analysis, FIRST MID BANCSHARES, INC. (FMBH) appears expensive. The current P/E of 13.3 is 24% above its historical median of 10.7. The estimated fair value CAGR (P/E method) is 4.8%.
FIRST MID BANCSHARES, INC. (FMBH) operates in the State Commercial Banks industry, within the Financials sector.
Company and Subsidiaries First Mid Bancshares, Inc. (the “Company”), is a financial holding company. The Company is engaged in the business of banking through its wholly owned subsidiary, First Mid Bank & Trust, N.A. (“First Mid Bank”). The Company offers insurance products and services to customers through its wholly owned subsidiary, First Mid Insurance Group, Inc. (“First Mid Insurance”). The Company offers trust, farm services, investment services, and retirement planning through its wholly owned subsidiary, First Mid Wealth Management Company. The Company also wholly owns a captive insurance company, First Mid Captive, Inc. Through First Mid Bank, the Company owns an investment subsidiary, First Mid Investments, Inc.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 466M | 466M | 454M | 387M | 291M | 253M |
| Net Income | 92M | 92M | 79M | 69M | 73M | 51M |
| EPS | $3.83 | $3.83 | $3.30 | $3.15 | $3.60 | $2.87 |
| Free Cash Flow | 124M | 124M | 119M | 69M | 61M | 66M |
| ROIC | 8.7% | 8.5% | 9.6% | 9.7% | 11.5% | 7.9% |
| Gross Margin | 76.8% | 76.8% | 75.2% | 78.4% | 87.5% | 88.0% |
| Debt/Equity | 0.37 | 0.37 | 0.00 | 0.00 | 0.00 | 0.00 |
| Dividends/Share | $0.98 | $0.98 | $0.94 | $0.89 | $0.90 | $0.85 |
| Operating Income | 117M | 117M | 7.5M | 5.3M | 4.3M | 3.8M |
| Operating Margin | 25.1% | 25.1% | 1.7% | 1.4% | 1.5% | 1.5% |
| ROE | 9.6% | 10.2% | 9.6% | 9.7% | 11.5% | 8.6% |
| Shares Outstanding | 24M | 24M | 24M | 22M | 20M | 18M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 73M | 80M | 102M | 130M | 160M | 206M | 204M | 253M | 291M | 387M | 454M | 466M | 466M |
| Gross Margin | 94.7% | 94.0% | 93.0% | 89.3% | 86.6% | 85.2% | 83.9% | 88.0% | 87.5% | 78.4% | 75.2% | 76.8% | 76.8% |
| 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 | 25M | 26M | 32M | 40M | 47M | 63M | 66M | 90M | 99M | 105M | 124M | 135M | 135M |
| EBIT | 1.5M | 1.8M | 2.2M | 3.7M | 2.9M | 3.8M | 3.2M | 3.8M | 4.3M | 5.3M | 7.5M | 117M | 117M |
| Op. Margin | 2.0% | 2.3% | 2.2% | 2.9% | 1.8% | 1.8% | 1.5% | 1.5% | 1.5% | 1.4% | 1.7% | 25.1% | 25.1% |
| Net Income | 11M | 14M | 21M | 27M | 37M | 48M | 45M | 51M | 73M | 69M | 79M | 92M | 92M |
| Net Margin | 15.5% | 17.9% | 20.5% | 20.5% | 22.9% | 23.3% | 22.2% | 20.4% | 25.1% | 17.8% | 17.4% | 19.7% | 19.7% |
| Non-Recurring | 711K | 984K | 1.3M | 1.1M | 1.1M | 1.6M | 5.3M | 4.3M | 1.2M | 1.3M | 4.8M | 630K | 630K |
| Returns on Capital | |||||||||||||
| ROIC | 5.7% | 7.0% | 8.4% | 8.7% | 9.1% | 9.5% | 7.6% | 7.9% | 11.5% | 9.7% | 9.6% | 8.5% | 8.7% |
| ROE | 7.2% | 7.7% | 8.7% | 9.1% | 9.3% | 9.6% | 8.3% | 8.6% | 11.5% | 9.7% | 9.6% | 10.2% | 9.6% |
| ROA | 0.7% | 0.8% | 0.8% | 0.9% | 1.1% | 1.2% | 1.1% | 1.0% | 1.1% | 1.0% | 1.0% | 1.2% | 1.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 18M | 22M | 27M | 46M | 42M | 63M | 64M | 70M | 66M | 72M | 124M | 131M | 131M |
| Free Cash Flow | 17M | 20M | 27M | 45M | 39M | 59M | 61M | 66M | 61M | 69M | 119M | 124M | 124M |
| Owner Earnings | 14M | 19M | 23M | 40M | 36M | 53M | 54M | 59M | 53M | 57M | 104M | 116M | 116M |
| CapEx | 1.2M | 1.8M | 695K | 1.3M | 3.1M | 4.1M | 2.5M | 3.7M | 5.0M | 3.6M | 4.9M | 6.8M | 6.8M |
| Maint. CapEx | 3.0M | 3.1M | 4.4M | 4.9M | 6.2M | 9.4M | 8.9M | 9.8M | 11M | 14M | 18M | 12M | 12M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 3.0M | 3.1M | 4.4M | 4.9M | 6.2M | 9.4M | 8.9M | 9.8M | 11M | 14M | 18M | 12M | 12M |
| CapEx/OCF | 6.6% | 8.0% | 2.5% | 2.8% | 7.4% | 6.5% | 3.9% | 5.3% | 7.6% | 5.0% | 4.0% | 5.2% | 5.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 2.6M | 3.5M | 5.3M | 7.2M | 8.8M | 12M | 13M | 15M | 18M | 20M | 22M | 23M | 23M |
| Dividend Yield | 2.8% | 2.7% | 2.5% | 2.0% | 1.9% | 2.5% | 3.2% | 2.3% | 2.6% | 3.4% | 2.8% | 2.7% | 1.9% |
| Share Buybacks | 1.8M | 1.1M | 0 | 797K | 138K | 1.3M | 213K | 326K | 340K | 465K | 659K | 724K | 724K |
| Buyback Yield | 2.0% | 0.7% | N/A | 0.2% | 0.0% | 0.3% | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Stock-Based Comp | 376K | 378K | 384K | 954K | 294K | 453K | 774K | 1.3M | 1.8M | 1.7M | 2.4M | 2.6M | 2.6M |
| Debt Repayment | 1.0M | 0 | 0 | 3.8M | 10M | 7.7M | 0 | 0 | 0 | 0 | 0 | 4.0M | 4.0M |
| Balance Sheet | |||||||||||||
| Net Debt | -389M | -635M | -778M | -657M | -826M | -771M | -1.2B | -1.6B | -1.4B | -1.3B | -1.2B | -977M | 100M |
| Cash & Equiv. | 52M | 116M | 176M | 89M | 141M | 85M | 417M | 169M | 152M | 143M | 121M | 255M | 255M |
| Long-Term Debt | 41M | 0 | 14M | 10M | 7.7M | 0 | 94M | 0 | 0 | N/A | N/A | 354M | 354M |
| Debt/Equity | 0.25 | 0.00 | 0.06 | 0.03 | 0.02 | 0.00 | 0.17 | 0.00 | 0.00 | 0.00 | 0.00 | 0.37 | 0.37 |
| 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 | 1.0 |
| Equity | 165M | 205M | 281M | 308M | 476M | 527M | 568M | 634M | 633M | 793M | 846M | 959M | 959M |
| Total Assets | 1.6B | 2.1B | 2.9B | 2.8B | 3.8B | 3.8B | 4.7B | 6.0B | 6.7B | 7.6B | 7.5B | 8.0B | 8.0B |
| Total Liabilities | 1.4B | 1.9B | 2.6B | 2.5B | 3.4B | 3.3B | 4.2B | 5.4B | 6.1B | 6.8B | 6.7B | 7.0B | 7.0B |
| Intangibles | 1.8M | 9.0M | 13M | 11M | 34M | 28M | 23M | 30M | 29M | 68M | 59M | 50M | 50M |
| Retained Earnings | 62M | 72M | 86M | 105M | 131M | 167M | 198M | 234M | 289M | 339M | 395M | 464M | 464M |
| 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 | 1.85 | 1.81 | 2.05 | 2.13 | 2.52 | 2.87 | 2.70 | 2.87 | 3.60 | 3.15 | 3.30 | 3.83 | 3.83 |
| Owner EPS | 2.35 | 2.34 | 2.21 | 3.22 | 2.46 | 3.17 | 3.22 | 3.26 | 2.61 | 2.59 | 4.33 | 4.83 | 4.83 |
| Book Value | 26.98 | 25.93 | 27.38 | 24.58 | 32.76 | 31.52 | 33.89 | 35.33 | 31.24 | 36.25 | 35.40 | 40.02 | 40.02 |
| Cash Flow/Share | 2.91 | 2.78 | 2.67 | 3.68 | 2.90 | 3.76 | 3.79 | 3.88 | 3.25 | 3.31 | 5.20 | 5.46 | 4.35 |
| Dividends/Share | 0.55 | 0.59 | 0.62 | 0.66 | 0.70 | 0.76 | 0.81 | 0.85 | 0.90 | 0.89 | 0.94 | 0.98 | 0.98 |
| Shares Out. | 6.1M | 7.9M | 10.3M | 12.5M | 14.5M | 16.7M | 16.8M | 17.9M | 20.3M | 21.9M | 23.9M | 24.0M | 24.0M |
| Valuation | |||||||||||||
| P/E Ratio | 7.6 | 10.9 | 13.2 | 14.9 | 10.2 | 10.4 | 10.9 | 13.3 | 8.1 | 10.6 | 10.9 | 10.4 | 13.3 |
| P/FCF | 5.2 | 7.7 | 10.4 | 8.9 | 9.6 | 8.5 | 8.1 | 10.4 | 9.7 | 10.6 | 7.2 | 7.7 | 9.9 |
| EV/EBIT | 23.5 | 21.3 | 28.0 | 66.0 | 60.3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 11.3 |
| Price/Book | 0.5 | 0.8 | 1.0 | 1.3 | 0.8 | 0.9 | 0.9 | 1.1 | 0.9 | 0.9 | 1.0 | 1.0 | 1.3 |
| Price/Sales | 1.4 | 1.7 | 2.2 | 2.9 | 3.1 | 2.6 | 2.1 | 2.7 | 2.6 | 2.1 | 2.5 | 2.5 | 2.6 |
| FCF Yield | 19.2% | 12.9% | 9.6% | 11.3% | 10.4% | 11.7% | 12.4% | 9.6% | 10.3% | 9.4% | 13.9% | 13.0% | 10.2% |
| Market Cap | 86M | 156M | 278M | 399M | 375M | 500M | 493M | 685M | 588M | 730M | 857M | 953M | 1.2B |
| Avg. Price | 15.67 | 16.30 | 20.84 | 28.39 | 31.13 | 28.45 | 23.67 | 36.06 | 33.48 | 26.34 | 33.67 | 36.54 | 51.00 |
| Year-End Price | 14.15 | 19.78 | 27.08 | 31.82 | 25.80 | 29.93 | 29.39 | 38.17 | 29.02 | 33.36 | 35.83 | 39.77 | 51.00 |
FIRST MID BANCSHARES, INC. passes 4 of 9 quality checks, suggesting mixed fundamentals.
FIRST MID BANCSHARES, INC. trades at 13.3x trailing earnings, compared to its 15-year median P/E of 10.7x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 9.9x vs a median of 9.2x. The company's 5-year average ROIC is 9.4% with a gross margin of 81.2%. Total shareholder yield (dividends) is 2.0%. At current prices, the estimated annualized return to fair value is +4.2%.
FIRST MID BANCSHARES, INC. (FMBH) reported annual revenue of $466 million in its most recent fiscal year, based on SEC EDGAR filings.
FIRST MID BANCSHARES, INC. (FMBH) has a net profit margin of 19.7%. This is a healthy margin.
FIRST MID BANCSHARES, INC. (FMBH) generated $124 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
FIRST MID BANCSHARES, INC. (FMBH) has a debt-to-equity ratio of 0.37. This indicates a conservatively financed balance sheet.
FIRST MID BANCSHARES, INC. (FMBH) reported earnings per share (EPS) of $3.83 in its most recent fiscal year.
FIRST MID BANCSHARES, INC. (FMBH) has a return on equity (ROE) of 10.2%. This indicates moderate shareholder returns.
FIRST MID BANCSHARES, INC. (FMBH) has a 5-year average gross margin of 81.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for FIRST MID BANCSHARES, INC. (FMBH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FIRST MID BANCSHARES, INC. (FMBH) has a book value per share of $40.02, based on its most recent annual SEC filing.