A Business at a Glance
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FIRST NATIONAL CORP /VA/
FXNC
$269M
Mkt Cap
$29.75
+2.91%
FIRST NATIONAL CORP /VA/ (FXNC) has a current P/E ratio of 29.8, compared to its historical median P/E of 9.2. The stock is currently considered Expensive based on its historical valuation range.
FIRST NATIONAL CORP /VA/ (FXNC) has a 5-year average return on invested capital (ROIC) of 9.7%. This is below average and may indicate limited pricing power.
FIRST NATIONAL CORP /VA/ (FXNC) has a market capitalization of $269M. It is classified as a small-cap stock.
Yes, FIRST NATIONAL CORP /VA/ (FXNC) pays a dividend with a trailing twelve-month yield of 2.05%.
Based on historical P/E analysis, FIRST NATIONAL CORP /VA/ (FXNC) appears expensive. The current P/E of 29.8 is 225% above its historical median of 9.2. The estimated fair value CAGR (P/E method) is -7.7%.
FIRST NATIONAL CORP /VA/ (FXNC) operates in the State Commercial Banks industry, within the Financials sector.
FIRST NATIONAL CORP /VA/ (FXNC) reported annual revenue of $117 million in its most recent fiscal year, based on SEC EDGAR filings.
First National Corporation (the Company) is a bank holding company incorporated under Virginia law on September 7, 1983. The Company owns all of the stock of its primary operating subsidiary, First Bank (the Bank), which is a commercial bank chartered under Virginia law. The Company’s subsidiaries are: First Bank. The Bank owns: First Bank Financial Services, Inc. Shen-Valley Land Holdings, LLC • Bank of Fincastle Services, Inc. • ESF, LLC • McKenney Group, LLC First National (VA) Statutory Trust II (Trust II) First National (VA) Statutory Trust III (Trust III and, together with Trust II, the Trusts) First Bank Financial Services, Inc. owns an interest in an entity that provides title insurance services. Bank of Fincastle Services, Inc. is no longer an active operating entity and was dissolved in March 2025. Shen-Valley Land Holdings, LLC and ESF, LLC were formed to hold other real estate owned and future office sites.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 117M | 117M | 93M | 70M | 62M | 47M |
| Net Income | 18M | 18M | 7.0M | 9.6M | 17M | 10M |
| EPS | $1.96 | $1.96 | $1.00 | $1.53 | $2.68 | $1.86 |
| Free Cash Flow | 21M | 21M | -26M | 15M | 26M | 7.0M |
| ROIC | 2.5% | 10.0% | 4.9% | 8.6% | 14.9% | 10.3% |
| Gross Margin | 0.0% | 0.0% | 68.9% | 71.5% | 90.9% | 93.8% |
| Debt/Equity | 2.79 | 2.79 | 3.38 | 3.17 | 2.65 | 2.05 |
| Dividends/Share | $0.61 | $0.64 | $0.61 | $0.60 | $0.56 | $0.48 |
| Operating Income | 1.5M | 1.5M | 1.6M | 686K | 1.1M | 555K |
| Operating Margin | 1.3% | 1.3% | 1.7% | 1.0% | 1.8% | 1.2% |
| ROE | 9.5% | 10.0% | 4.9% | 8.6% | 14.9% | 10.3% |
| Shares Outstanding | 9M | 9M | 7M | 6M | 6M | 6M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 28M | 31M | 34M | 36M | 40M | 41M | 41M | 47M | 62M | 70M | 93M | 117M | 117M |
| Gross Margin | 79.8% | 94.9% | 94.1% | 93.1% | 89.8% | 87.1% | 84.5% | 93.8% | 90.9% | 71.5% | 68.9% | 0.0% | 0.0% |
| 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 | 11M | 14M | 13M | 13M | 13M | 14M | 13M | 18M | 21M | 21M | 25M | 34M | 34M |
| EBIT | 11M | 104K | 322K | 10M | 515K | 12M | 11M | 555K | 1.1M | 686K | 1.6M | 1.5M | 1.5M |
| Op. Margin | 40.0% | 0.3% | 1.0% | 28.3% | 1.3% | 28.5% | 26.5% | 1.2% | 1.8% | 1.0% | 1.7% | 1.3% | 1.3% |
| Net Income | 6.5M | 1.5M | 5.9M | 6.4M | 10M | 9.6M | 8.9M | 10M | 17M | 9.6M | 7.0M | 18M | 18M |
| Net Margin | 23.3% | 5.1% | 17.5% | 17.9% | 25.2% | 23.1% | 21.5% | 21.9% | 27.1% | 13.8% | 7.5% | 15.2% | 15.2% |
| Non-Recurring | -2K | 0 | -8K | -252K | -2K | -14K | 29K | 180K | -29K | 47K | -48K | 13K | 13K |
| Returns on Capital | |||||||||||||
| ROIC | 10.9% | 2.8% | 11.5% | 11.7% | 16.2% | 13.3% | 10.9% | 10.3% | 14.9% | 8.6% | 4.9% | 10.0% | 2.5% |
| ROE | 11.5% | 2.9% | 12.0% | 11.7% | 16.2% | 13.3% | 10.9% | 10.3% | 14.9% | 8.6% | 4.9% | 10.0% | 9.5% |
| ROA | 1.2% | 0.3% | 0.8% | 0.9% | 1.4% | 1.2% | 1.0% | 0.9% | 1.2% | 0.7% | 0.4% | 0.9% | 0.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 7.0M | 4.6M | 9.0M | 6.6M | 14M | 12M | 15M | 7.9M | 27M | 16M | -22M | 25M | 25M |
| Free Cash Flow | 6.5M | 2.6M | 8.0M | 5.5M | 12M | 11M | 14M | 7.0M | 26M | 15M | -26M | 21M | 21M |
| Owner Earnings | 6.0M | 3.3M | 7.5M | 5.0M | 12M | 10M | 13M | 6.1M | 24M | 14M | -25M | 19M | 19M |
| CapEx | 475K | 2.0M | 1.0M | 1.1M | 1.5M | 1.0M | 909K | 835K | 1.2M | 1.9M | 3.3M | 4.2M | 4.2M |
| Maint. CapEx | 967K | 1.2M | 1.4M | 1.4M | 1.3M | 1.6M | 1.5M | 1.4M | 1.5M | 1.6M | 2.4M | 4.6M | 4.6M |
| Growth CapEx | 0 | 768K | 0 | 0 | 192K | 0 | 0 | 0 | 0 | 247K | 940K | 0 | 0 |
| D&A | 967K | 1.2M | 1.4M | 1.4M | 1.3M | 1.6M | 1.5M | 1.4M | 1.5M | 1.6M | 2.4M | 4.6M | 4.6M |
| CapEx/OCF | 6.8% | 43.4% | 11.5% | 16.3% | 11.2% | 8.7% | 6.0% | 10.6% | 4.4% | 11.4% | N/A | N/A | 16.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 342K | 454K | 550K | 646K | 929K | 1.7M | 2.0M | 2.5M | 3.3M | 3.6M | 4.0M | 5.5M | 5.5M |
| Dividend Yield | 1.1% | 1.3% | 1.4% | 1.1% | 1.2% | 2.0% | 3.1% | 2.6% | 3.1% | 3.6% | 3.3% | N/A | 2.1% |
| Share Buybacks | 0 | 1K | 0 | 0 | 25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | 0.0% |
| Stock-Based Comp | N/A | 99K | 113K | 141K | 189K | 183K | 290K | 354K | 785K | 753K | 635K | 1.2M | 1.2M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 96M | 94M | 85M | 94M | 25K | 51M | -30M | -225M | 57M | 128M | 236M | 358M | 358M |
| Cash & Equiv. | 25M | 39M | 41M | 40M | 29M | 46M | 127M | 176M | 67M | 87M | 163M | 161M | 161M |
| Long-Term Debt | N/A | 4.9M | N/A | N/A | N/A | 2K | 0 | 0 | N/A | N/A | N/A | N/A | 519M |
| Debt/Equity | 2.03 | 2.89 | 2.41 | 2.31 | 1.93 | 2.82 | 2.80 | 2.05 | 2.65 | 3.17 | 3.38 | 2.79 | 2.79 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0 | 0.1 |
| Equity | 60M | 46M | 52M | 58M | 67M | 77M | 85M | 117M | 108M | 116M | 167M | 186M | 186M |
| Total Assets | 518M | 692M | 716M | 739M | 753M | 800M | 951M | 1.4B | 1.4B | 1.4B | 2.0B | 2.0B | 2.0B |
| Total Liabilities | 459M | 646M | 664M | 681M | 686M | 723M | 866M | 1.3B | 1.3B | 1.3B | 1.8B | 1.9B | 1.9B |
| Intangibles | N/A | N/A | N/A | N/A | 472K | 170K | 19K | 154K | 136K | 117K | 15M | 13M | 13M |
| Retained Earnings | 34M | 34M | 40M | 46M | 55M | 63M | 69M | 77M | 90M | 94M | 97M | 109M | 109M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Per Share Data | |||||||||||||
| EPS | 1.32 | 0.31 | 1.20 | 1.30 | 2.04 | 1.92 | 1.82 | 1.86 | 2.68 | 1.53 | 1.00 | 1.96 | 1.96 |
| Owner EPS | 1.23 | 0.66 | 1.53 | 1.02 | 2.46 | 2.02 | 2.74 | 1.09 | 3.90 | 2.23 | -3.62 | 2.14 | 2.14 |
| Book Value | 12.11 | 9.24 | 10.59 | 11.72 | 13.42 | 15.51 | 17.45 | 21.01 | 17.29 | 18.48 | 23.91 | 20.61 | 20.61 |
| Cash Flow/Share | 1.42 | 0.92 | 1.83 | 1.32 | 2.77 | 2.38 | 3.10 | 1.41 | 4.27 | 2.61 | -3.19 | 2.78 | 2.47 |
| Dividends/Share | 0.08 | 0.10 | 0.12 | 0.13 | 0.19 | 0.36 | 0.44 | 0.48 | 0.56 | 0.60 | 0.61 | 0.64 | 0.61 |
| Shares Out. | 4.9M | 5.0M | 4.9M | 5.0M | 5.0M | 5.0M | 4.9M | 5.6M | 6.3M | 6.3M | 7.0M | 9.0M | 9.0M |
| Valuation | |||||||||||||
| P/E Ratio | 5.1 | 22.5 | 8.7 | 11.3 | 7.7 | 9.2 | 7.9 | 10.9 | 5.7 | 13.4 | 23.1 | N/A | 15.2 |
| P/FCF | 5.1 | 13.4 | 6.4 | 13.2 | 6.4 | 8.1 | 4.9 | 16.0 | 3.8 | 8.9 | N/A | N/A | 12.8 |
| EV/EBIT | 3.6 | 423.3 | 187.6 | 6.5 | 169.0 | 5.8 | 5.5 | 219.4 | 96.0 | 74.0 | 4.8 | N/A | 418.8 |
| Price/Book | 0.6 | 0.8 | 1.0 | 1.3 | 1.2 | 1.1 | 0.8 | 1.0 | 0.9 | 1.1 | 1.0 | N/A | 1.4 |
| Price/Sales | 1.1 | 1.2 | 1.3 | 1.8 | 10.4 | 10.5 | 8.6 | 10.9 | 10.6 | 9.8 | 8.7 | N/A | 2.3 |
| FCF Yield | 19.6% | 7.5% | 15.6% | 7.6% | 15.7% | 12.4% | 20.4% | 6.3% | 26.5% | 11.3% | -15.8% | N/A | 7.8% |
| Market Cap | 33M | 35M | 51M | 73M | 78M | 88M | 70M | 113M | 97M | 129M | 161M | 0 | 269M |
| Avg. Price | 6.05 | 7.10 | 8.13 | 12.12 | 16.21 | 16.46 | 13.31 | 17.64 | 17.09 | 15.88 | 17.65 | 0.00 | 29.75 |
| Year-End Price | 6.79 | 6.99 | 10.39 | 14.67 | 15.65 | 17.59 | 14.30 | 20.20 | 15.41 | 20.46 | 23.13 | 0.00 | 29.75 |
FIRST NATIONAL CORP /VA/ passes 2 of 9 quality checks, indicating weak fundamentals.
FIRST NATIONAL CORP /VA/ trades at 29.8x trailing earnings, compared to its 15-year median P/E of 9.2x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 9.7% with a gross margin of 65.0%. Total shareholder yield (dividends) is 2.1%. At current prices, the estimated annualized return to fair value is -3.1%.
FIRST NATIONAL CORP /VA/ (FXNC) has a net profit margin of 15.2%. This is a healthy margin.
FIRST NATIONAL CORP /VA/ (FXNC) generated $21 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
FIRST NATIONAL CORP /VA/ (FXNC) has a debt-to-equity ratio of 2.79. This indicates higher leverage, which may increase financial risk.
FIRST NATIONAL CORP /VA/ (FXNC) reported earnings per share (EPS) of $1.96 in its most recent fiscal year.
FIRST NATIONAL CORP /VA/ (FXNC) has a return on equity (ROE) of 10.0%. This indicates moderate shareholder returns.
FIRST NATIONAL CORP /VA/ (FXNC) has a 5-year average gross margin of 65.0%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for FIRST NATIONAL CORP /VA/ (FXNC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FIRST NATIONAL CORP /VA/ (FXNC) has a book value per share of $20.61, based on its most recent annual SEC filing.
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