A Business at a Glance
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Primis Financial Corp.
FRST
$379M
Mkt Cap
$15.34
-2.23%
Primis Financial Corp. (FRST) has a 5-year average return on invested capital (ROIC) of 3.4%. This is below average and may indicate limited pricing power.
Primis Financial Corp. (FRST) has a market capitalization of $379M. It is classified as a small-cap stock.
Yes, Primis Financial Corp. (FRST) pays a dividend with a trailing twelve-month yield of 2.61%. The company also returns capital through share buybacks, with a buyback yield of 0.21%.
Primis Financial Corp. (FRST) operates in the State Commercial Banks industry, within the Financials sector.
Primis Financial Corp. (FRST) reported annual revenue of $313 million in its most recent fiscal year, based on SEC EDGAR filings.
Primis Financial Corp. (FRST) has a net profit margin of 19.6%. This is a healthy margin.
Primis Financial Corp. (FRST) generated $9 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Item 1. Business Primis Financial Corp. is the bank holding company for Primis Bank, a Virginia state-chartered bank which commenced operations on April 14, 2005. Primis Bank provides a range of financial services to individuals and small and medium-sized businesses. As of December 31, 2025, Primis had $4.0 billion in total assets, $3.3 billion in total loans held for investment, $3.4 billion in total deposits and $423 million in total stockholders’ equity. As of December 31, 2025, Primis Bank had 24 full-service branches in Virginia and Maryland and also provides services to customers through certain online and mobile applications. Headquartered in McLean, Virginia, the Company has an administrative office in Glen Allen, Virginia and an operations center in Atlee, Virginia. PMC, a residential mortgage lender headquartered in Wilmington, North Carolina, is a consolidated subsidiary of Primis Bank.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 313M | 313M | 254M | 238M | 142M | 124M |
| Net Income | 61M | 61M | -16M | -7.8M | 14M | 31M |
| EPS | $2.49 | $2.49 | $-0.66 | $-0.32 | $0.57 | $1.26 |
| Free Cash Flow | 9.0M | 9.0M | 18M | 27M | 11M | 25M |
| ROIC | 16.0% | 13.0% | -3.6% | -1.8% | 2.9% | 6.6% |
| Gross Margin | 70.7% | 70.7% | 42.4% | 51.1% | 76.8% | 80.0% |
| Debt/Equity | 0.20 | 0.20 | 0.24 | 0.23 | 0.27 | 0.24 |
| Dividends/Share | $0.40 | $0.40 | $0.40 | $0.40 | $0.40 | $0.40 |
| Operating Income | 73M | 73M | 1.3M | 1.5M | 785K | 1.6M |
| Operating Margin | 23.2% | 23.2% | 0.5% | 0.7% | 0.6% | 1.3% |
| ROE | 14.5% | 15.9% | -4.5% | -2.0% | 3.5% | 7.7% |
| Shares Outstanding | 25M | 25M | 25M | 24M | 25M | 25M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 40M | 47M | 52M | 89M | 129M | 132M | 132M | 124M | 142M | 238M | 254M | 313M | 313M |
| Gross Margin | 79.9% | 78.4% | 73.8% | 72.7% | 75.2% | 72.0% | 65.6% | 80.0% | 76.8% | 51.1% | 42.4% | 70.7% | 70.7% |
| 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 | 10M | 12M | 12M | 20M | 28M | 26M | 37M | 37M | 49M | 59M | 67M | 79M | 79M |
| EBIT | 11M | 14M | 15M | 269K | 43M | 38M | 7.2M | 1.6M | 785K | 1.5M | 1.3M | 73M | 73M |
| Op. Margin | 27.8% | 29.4% | 29.8% | 0.3% | 33.5% | 28.8% | 5.4% | 1.3% | 0.6% | 0.7% | 0.5% | 23.2% | 23.2% |
| Net Income | 7.5M | 9.3M | 10M | 2.4M | 34M | 32M | 15M | 31M | 14M | -7.8M | -16M | 61M | 61M |
| Net Margin | 18.5% | 19.6% | 19.9% | 2.7% | 26.1% | 24.4% | 11.0% | 24.8% | 10.0% | -3.3% | -6.4% | 19.6% | 19.6% |
| Non-Recurring | 41K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -684K | 11M | 463K | -191K | -191K |
| Returns on Capital | |||||||||||||
| ROIC | 6.8% | 8.3% | 8.7% | 1.0% | 9.1% | 7.8% | 3.3% | 6.6% | 2.9% | -1.8% | -3.6% | 13.0% | 16.0% |
| ROE | 6.8% | 8.0% | 8.4% | 1.1% | 10.0% | 8.9% | 3.8% | 7.7% | 3.5% | -2.0% | -4.5% | 15.9% | 14.5% |
| ROA | 0.9% | 1.0% | 0.9% | 0.1% | 1.3% | 1.2% | 0.5% | 1.0% | 0.4% | -0.2% | -0.4% | 1.6% | 1.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 11M | 12M | 18M | 25M | 41M | 37M | 30M | 28M | 12M | 29M | 20M | 11M | 11M |
| Free Cash Flow | 11M | 12M | 18M | 23M | 39M | 36M | 29M | 25M | 11M | 27M | 18M | 9.0M | 9.0M |
| Owner Earnings | 10M | 11M | 17M | 22M | 38M | 34M | 26M | 24M | 9.5M | 26M | 17M | 5.9M | 5.9M |
| CapEx | 897K | 307K | 143K | 1.4M | 2.0M | 1.1M | 1.1M | 2.5M | 1.0M | 1.9M | 1.2M | 1.7M | 1.7M |
| Maint. CapEx | 764K | 876K | 798K | 2.2M | 3.3M | 2.3M | 2.0M | 2.4M | 2.5M | 2.0M | 2.0M | 2.0M | 2.0M |
| Growth CapEx | 133K | 0 | 0 | 0 | 0 | 0 | 0 | 56K | 0 | 0 | 0 | 0 | 0 |
| D&A | 764K | 876K | 798K | 2.2M | 3.3M | 2.3M | 2.0M | 2.4M | 2.5M | 2.0M | 2.0M | 2.0M | 2.0M |
| CapEx/OCF | N/A | N/A | 0.8% | 5.8% | 4.8% | 3.0% | 3.7% | 8.9% | 8.1% | 6.7% | 6.1% | N/A | 16.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 7.2M | 6.4M | 3.9M | 5.8M | 7.7M | 8.7M | 9.7M | 9.8M | 9.9M | 9.9M | 9.9M | 9.9M | 9.9M |
| Dividend Yield | N/A | N/A | 1.6% | 2.4% | 2.5% | 3.0% | 7.2% | 3.2% | 3.4% | 4.6% | 3.6% | N/A | 2.6% |
| Share Buybacks | 0 | 721K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 807K | 807K |
| Buyback Yield | 0.0% | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | 0.2% |
| Stock-Based Comp | 317K | 331K | 260K | 251K | 280K | 432K | 1.5M | 747K | 395K | 712K | 940K | 2.9M | 2.9M |
| Debt Repayment | 0 | 10M | 21M | 191M | 169M | 48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | 1K | -30M | 31M | -171M | -195M | -269M | -432M | 27M | 8.2M | 21M | -57M | -57M |
| Cash & Equiv. | 38M | 30M | 47M | 25M | 29M | 32M | 196M | 530M | 78M | 78M | 65M | 144M | 144M |
| Long-Term Debt | N/A | -10M | N/A | 26M | 47M | 47M | 59M | 85M | 86M | 86M | 86M | 86M | 86M |
| Debt/Equity | 7.04 | 0.25 | 0.17 | 0.67 | 0.00 | 0.00 | 0.21 | 0.24 | 0.27 | 0.23 | 0.24 | 0.20 | 0.20 |
| 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 | 0.8 |
| Equity | 114M | 120M | 126M | 323M | 348M | 377M | 389M | 410M | 389M | 376M | 352M | 423M | 423M |
| Total Assets | 917M | 1.0B | 1.1B | 2.6B | 2.7B | 2.7B | 3.1B | 3.4B | 3.6B | 3.9B | 3.7B | 4.0B | 4.0B |
| Total Liabilities | 803M | 916M | 1.0B | 2.3B | 2.4B | 2.3B | 2.7B | 3.0B | 3.2B | 3.5B | 3.3B | 3.6B | 3.6B |
| Intangibles | 1.4M | 1.1M | 874K | 10M | 8.6M | 7.2M | 5.8M | 4.5M | 3.3M | 2.0M | 665K | 36K | 36K |
| Retained Earnings | 13M | 16M | 22M | 19M | 45M | 69M | 78M | 98M | 102M | 84M | 58M | 110M | 110M |
| 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 | 0.32 | 0.38 | 0.42 | 0.13 | 1.39 | 1.36 | 0.96 | 1.26 | 0.57 | -0.32 | -0.66 | 2.49 | 2.49 |
| Owner EPS | 0.44 | 0.44 | 0.68 | 1.19 | 1.56 | 1.44 | 1.72 | 1.00 | 0.38 | 1.07 | 0.68 | 0.24 | 0.24 |
| Book Value | 4.80 | 4.83 | 5.08 | 17.30 | 14.37 | 15.95 | 25.61 | 16.73 | 15.67 | 15.37 | 14.33 | 17.14 | 17.14 |
| Cash Flow/Share | 0.48 | 0.49 | 0.73 | 1.32 | 1.71 | 1.55 | 1.95 | 1.13 | 0.50 | 1.18 | 0.80 | 0.44 | 2.57 |
| Dividends/Share | 0.30 | 0.26 | 0.16 | 0.32 | 0.32 | 0.36 | 0.64 | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 |
| Shares Out. | 23.8M | 24.8M | 24.8M | 18.7M | 24.2M | 23.6M | 15.2M | 24.5M | 24.8M | 24.5M | 24.6M | 24.7M | 24.7M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | 15.0 | 96.2 | 7.5 | 9.8 | 10.9 | 10.4 | 18.3 | N/A | N/A | N/A | 6.2 |
| P/FCF | N/A | N/A | 17.3 | 10.1 | 6.4 | 8.8 | 5.5 | 12.7 | 22.8 | 10.8 | 15.0 | N/A | 41.9 |
| EV/EBIT | N/A | N/A | N/A | 808.0 | 3.3 | 4.0 | 1.3 | -126.1 | 242.7 | 143.5 | 140.2 | N/A | 4.4 |
| Price/Book | N/A | N/A | 1.2 | 0.7 | 0.7 | 0.9 | 0.7 | 0.8 | 0.7 | 0.8 | 0.8 | N/A | 0.9 |
| Price/Sales | N/A | N/A | 2.8 | 3.3 | 3.1 | 3.1 | 2.1 | 2.9 | 2.4 | 1.5 | 1.8 | N/A | 1.2 |
| FCF Yield | N/A | N/A | 11.6% | 9.9% | 15.5% | 11.0% | 11.2% | 7.8% | 4.4% | 9.3% | 6.7% | N/A | 2.4% |
| Market Cap | 0 | 0 | 155M | 233M | 254M | 324M | 254M | 323M | 259M | 290M | 276M | 0 | 379M |
| Avg. Price | 0.00 | 0.00 | 9.74 | 12.90 | 12.79 | 12.16 | 8.90 | 12.55 | 11.81 | 8.72 | 11.05 | 0.00 | 15.34 |
| Year-End Price | 0.00 | 0.00 | 12.44 | 12.51 | 10.47 | 13.28 | 10.34 | 13.08 | 10.47 | 11.84 | 11.23 | 0.00 | 15.34 |
Primis Financial Corp. passes 4 of 9 quality checks, suggesting mixed fundamentals.
On a free-cash-flow basis, the stock trades at 20.5x vs a median of 10.8x. The company's 5-year average ROIC is 3.4% with a gross margin of 64.2%. Total shareholder yield (dividends + buybacks) is 2.8%. At current prices, the estimated annualized return to fair value is -11.1%.
Primis Financial Corp. (FRST) has a debt-to-equity ratio of 0.20. This indicates a conservatively financed balance sheet.
Primis Financial Corp. (FRST) reported earnings per share (EPS) of $2.49 in its most recent fiscal year.
Primis Financial Corp. (FRST) has a return on equity (ROE) of 15.9%. This indicates the company generates strong returns for shareholders.
Primis Financial Corp. (FRST) has a 5-year average gross margin of 64.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for Primis Financial Corp. (FRST), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Primis Financial Corp. (FRST) has a book value per share of $17.14, based on its most recent annual SEC filing.