First Mid Bancshares, Inc. (FMBH) Key Metrics
FMBH valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.32B
- Enterprise value
- $1.50B
- P/E (TTM)
- 12.3 10-yr median 12.4
- Forward P/E
- 12.0
- PEG ratio
- 1.27
- Price / sales
- 3.5 10-yr median 2.9
- Price / book
- 1.2 10-yr median 1.0
- EV / EBITDA
- — 10-yr median 1.5
- Dividend yield
- 2.09% $1.04 a year
- Beta
- 0.80
FMBH key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsFMBH valuation Price multiples at each fiscal year-end price.
FMBH returns How much profit the business earns on the capital it uses.
FMBH per-share figures Results divided by the shares outstanding at year-end.
FMBH financial health Debt, liquidity and how easily interest is covered.
FMBH efficiency & capital use Working capital cycle and where the cash goes.
FMBH valuation history
FMBH returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FMBH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FMBH cash returned to shareholders
FMBH price vs earnings per share
FMBH key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $935.5M | $879.9M | $758.0M | $649.4M | $767.6M | $564.2M | $589.0M | $462.9M | $483.2M | $362.2M |
| Enterprise value | $414.8M | $264.5M | $1.51B | $100.6M | −$535.0M | −$390.4M | $26.8M | −$132.7M | $29.2M | −$172.5M |
| P/E ratio | 10.2 | 11.2 | 11.0 | 8.9 | 14.9 | 12.5 | 12.3 | 12.6 | 18.1 | 16.6 |
| Price / sales | 2.0 | 2.0 | 2.5 | 2.3 | 3.1 | 2.8 | 2.9 | 2.9 | 3.8 | 3.6 |
| Price / book | 1.0 | 1.0 | 1.0 | 1.0 | 1.2 | 1.0 | 1.1 | 1.0 | 1.6 | 1.3 |
| Price / free cash flow | 7.5 | 7.4 | 11.0 | 10.7 | 11.6 | 9.2 | 10.0 | 11.8 | 10.8 | 13.6 |
| Price / operating cash flow | 7.1 | 7.1 | 10.5 | 9.9 | 11.0 | 8.9 | 9.4 | 11.0 | 10.5 | 13.2 |
| EV / sales | 0.9 | 0.6 | 5.0 | 0.4 | -2.1 | -1.9 | 0.1 | -0.8 | 0.2 | -1.7 |
| EV / EBITDA | 3.0 | 2.1 | 17.1 | 0.9 | — | — | 0.4 | — | 0.6 | — |
| EV / free cash flow | 3.3 | 2.2 | 21.9 | 1.7 | — | — | 0.5 | — | 0.7 | — |
| Earnings yield | 9.8% | 9.0% | 9.1% | 11.2% | 6.7% | 8.0% | 8.1% | 7.9% | 5.5% | 6.0% |
| Free cash flow yield | 13.3% | 13.6% | 9.1% | 9.4% | 8.6% | 10.8% | 10.0% | 8.4% | 9.3% | 7.4% |
| Dividend yield | 2.5% | 2.5% | 2.6% | 2.7% | 1.9% | 2.3% | 2.0% | 1.9% | 1.5% | 1.8% |
| Shareholder yield (dividends + buybacks) | 2.6% | 2.6% | 2.6% | 2.8% | 2.0% | 2.3% | 2.2% | 1.9% | 1.7% | 1.8% |
| Share price at fiscal year-end | $39.00 | $36.82 | $34.66 | $32.08 | $42.79 | $33.66 | $35.25 | $31.92 | $38.54 | $34.00 |
| Per share | ||||||||||
| Revenue per share | $19.43 | $18.72 | $13.73 | $14.14 | $13.92 | $12.01 | $12.10 | $10.83 | $10.17 | $9.43 |
| Earnings per share | $3.83 | $3.30 | $3.15 | $3.60 | $2.87 | $2.70 | $2.87 | $2.52 | $2.13 | $2.05 |
| Operating cash flow per share | $5.46 | $5.21 | $3.31 | $3.25 | $3.88 | $3.79 | $3.76 | $2.91 | $3.68 | $2.57 |
| Free cash flow per share | $5.17 | $5.00 | $3.15 | $3.00 | $3.67 | $3.64 | $3.51 | $2.69 | $3.58 | $2.51 |
| Cash per share | $45.24 | $49.71 | −$6.54 | $67.44 | $88.64 | $77.34 | $50.01 | $60.73 | $53.34 | $72.42 |
| Book value per share | $39.97 | $35.42 | $36.27 | $31.28 | $35.34 | $33.90 | $31.52 | $32.82 | $24.57 | $26.35 |
| Tangible book value per share | $29.42 | $24.46 | $15.20 | $22.88 | $27.46 | $26.25 | $23.54 | $23.22 | $18.92 | $19.72 |
| Dividends per share | $0.98 | $0.94 | $0.89 | $0.88 | $0.82 | $0.76 | $0.71 | $0.61 | $0.58 | $0.62 |
| Capex per share | $0.29 | $0.21 | $0.17 | $0.25 | $0.21 | $0.15 | $0.25 | $0.21 | $0.10 | $0.07 |
| Debt per share | $23.53 | $23.96 | $27.82 | $40.33 | $16.02 | $20.39 | $16.36 | $19.66 | $17.13 | $22.22 |
| Shares outstanding | 24.0M | 23.9M | 21.9M | 20.2M | 17.9M | 16.8M | 16.7M | 14.5M | 12.5M | 10.7M |
| Change in shares outstanding | +0.4% | +9.3% | +8.0% | +12.8% | +7.0% | +0.3% | +15.2% | +15.7% | +17.7% | +16.8% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 10.2% | 9.6% | 9.7% | 11.5% | 8.6% | 8.3% | 9.6% | 9.3% | 9.1% | 9.0% |
| Return on invested capital (ROIC) | 27.4% | 8.9% | 8.5% | — | — | — | — | — | — | — |
| Return on assets (ROA) | 1.2% | 1.0% | 1.0% | 1.1% | 1.0% | 1.1% | 1.2% | 1.1% | 0.9% | 0.9% |
| Return on tangible assets | 1.2% | 1.1% | 1.0% | 1.1% | 0.9% | 1.0% | 1.3% | 1.0% | 1.0% | 0.8% |
| Free cash flow margin | 26.6% | 26.7% | 22.9% | 21.2% | 26.4% | 30.3% | 29.0% | 24.9% | 35.2% | 26.6% |
| Income quality (OCF / net income) | 1.43 | 1.58 | 1.05 | 0.90 | 1.35 | 1.40 | 1.31 | 1.15 | 1.73 | 1.26 |
| Financial health | ||||||||||
| Total debt | $564.4M | $572.6M | $608.3M | $816.4M | $287.4M | $341.8M | $273.4M | $285.1M | $214.7M | $236.7M |
| Cash & short-term investments | $1.09B | $1.19B | −$143.1M | $1.37B | $1.59B | $1.30B | $835.6M | $880.6M | $668.7M | $771.5M |
| Net debt | −$520.7M | −$615.3M | $751.4M | −$548.8M | −$1.30B | −$954.7M | −$562.2M | −$595.5M | −$454.0M | −$534.8M |
| Debt / equity | 0.59 | 0.68 | 0.77 | 1.29 | 0.45 | 0.60 | 0.52 | 0.60 | 0.70 | 0.84 |
| Debt / assets | 0.07 | 0.08 | 0.08 | 0.12 | 0.05 | 0.07 | 0.07 | 0.07 | 0.08 | 0.08 |
| Net debt / EBITDA | −3.81 | −4.92 | 8.50 | −5.16 | −16.03 | −13.36 | −7.59 | −10.56 | −9.10 | −12.82 |
| Current ratio | 0.17 | 0.20 | 0.03 | 0.25 | — | 561.11 | 376.48 | — | — | — |
| Quick ratio | 0.17 | 0.20 | 0.01 | 0.29 | — | 749.49 | 424.65 | — | — | — |
| Interest coverage | 1.0 | 0.8 | 0.8 | 2.9 | 4.4 | 3.6 | 2.6 | 3.8 | 6.4 | 7.9 |
| Working capital | −$5.47B | −$5.04B | −$4.44B | −$4.09B | $1.61B | $1.31B | $849.0M | $2.88B | $2.08B | $2.08B |
| Invested capital | $438.0M | $231.0M | $1.54B | $84.3M | −$668.7M | −$386.4M | −$35.6M | −$119.7M | −$146.0M | −$254.1M |
| Tangible asset value | $705.7M | $584.5M | $332.5M | $463.3M | $492.5M | $440.1M | $393.4M | $336.8M | $237.1M | $210.1M |
| Net current asset value | −$5.88B | −$5.45B | −$6.65B | −$4.72B | −$3.74B | −$2.84B | −$2.46B | −$484.1M | −$449.0M | −$524.3M |
| Graham number | $58.65 | $51.30 | $50.72 | $50.36 | $47.77 | $45.38 | $45.11 | $43.17 | $34.30 | $34.86 |
| Graham net-net per share | −$245.68 | −$228.34 | −$313.52 | −$237.99 | −$214.38 | −$183.02 | −$150.81 | −$170.29 | −$148.00 | −$171.16 |
| Capital allocation | ||||||||||
| Dividends paid | $23.4M | $22.4M | $19.6M | $17.8M | $14.7M | $12.8M | $11.9M | $8.8M | $7.2M | $6.6M |
| Share buybacks (net) | $724,000 | $659,000 | $465,000 | $340,000 | $326,000 | $213,000 | $1.3M | $138,000 | $797,000 | $0 |
| Dividend payout ratio | 25.5% | 28.4% | 28.4% | 24.4% | 28.6% | 28.3% | 24.7% | 24.0% | 27.1% | 30.1% |
| Dividends + buybacks / free cash flow | 19.4% | 19.3% | 29.1% | 29.9% | 22.8% | 21.3% | 22.4% | 22.9% | 17.9% | 24.6% |
| Capex / revenue | 1.5% | 1.1% | 1.2% | 1.8% | 1.5% | 1.2% | 2.0% | 2.0% | 1.0% | 0.7% |
| Capex / operating cash flow | 5.2% | 4.0% | 5.0% | 7.6% | 5.3% | 3.9% | 6.5% | 7.4% | 2.8% | 2.6% |
| Capex / depreciation | 0.35 | 0.24 | 0.24 | 0.33 | 0.26 | 0.21 | 0.38 | 0.39 | 0.16 | 0.09 |
| Stock-based compensation / revenue | 0.6% | 0.5% | 0.6% | 0.6% | 0.5% | 0.4% | 0.2% | 0.2% | 0.7% | 0.4% |
| SG&A / revenue | 36.7% | 29.3% | 37.1% | 36.1% | 38.0% | 34.5% | 32.1% | 31.6% | 33.0% | 35.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 30.8 | 30.1 | 38.6 | 30.7 | 28.6 | 31.6 | 29.3 | 32.2 | 30.6 | 33.9 |
| Days of inventory on hand | — | — | -165.2 | -1,916.3 | -3,826.4 | -3,061.0 | -637.0 | 44.9 | 62.0 | 63.0 |
| Days payables outstanding | 15.9 | 14.6 | 18.5 | 23.5 | 22.1 | 25.6 | 24.1 | 20.0 | 14.9 | 22.8 |
| Cash conversion cycle (days) | 14.8 | 15.5 | -145.1 | -1,909.1 | -3,819.9 | -3,055.0 | -631.8 | 57.1 | 77.7 | 74.1 |
| Receivables turnover | 11.86 | 12.13 | 9.46 | 11.87 | 12.75 | 11.55 | 12.46 | 11.33 | 11.92 | 10.78 |
| Payables turnover | 22.92 | 25.06 | 19.76 | 15.52 | 16.48 | 14.26 | 15.17 | 18.22 | 24.53 | 15.98 |
| Inventory turnover | — | — | — | — | — | — | — | 8.13 | 5.89 | 5.79 |
| Asset turnover | 0.06 | 0.06 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 |
| Average receivables | $39.3M | $36.9M | $31.7M | $24.1M | $19.6M | $17.4M | $16.2M | $13.9M | $10.7M | $9.3M |
| Average payables | $5.5M | $5.4M | $4.4M | $2.3M | $1.8M | $2.3M | $2.0M | $1.2M | $568,500 | $445,500 |
| Average inventory | — | — | −$39.3M | −$191.2M | −$318.8M | −$275.3M | −$53.2M | $2.6M | $2.4M | $1.2M |
| Intangibles / total assets | 3.2% | 3.5% | 6.1% | 2.5% | 2.4% | 2.7% | 3.5% | 3.6% | 2.5% | 2.4% |
Computed from FMBH's annual financial statements (latest annual report filed February 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
FMBH valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), First Mid Bancshares traded at 10.2 times earnings, against a 10-year median of 12.4. Based on the latest twelve months, the trailing P/E is 12.3 and the forward P/E is 12.0. First Mid Bancshares earned a return on equity of 10.2% and a return on invested capital of 27.4% in fiscal 2025. It ended the year with $564.4 million of debt and $1.1 billion in cash and short-term investments, a net cash position of $520.7 million. It returned $24.1 million to shareholders: $23.4 million in dividends and $0.7 million in share buybacks, 19% of free cash flow. The share count rose 125.1% from 10.7M to 24.0M over 9 years.
See the FMBH income statement, the FMBH chart for price history, or the FMBH stock overview for the latest quote and news.
FMBH key metrics FAQ
What is First Mid Bancshares's P/E ratio?
First Mid Bancshares's trailing P/E ratio is 12.3 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 12.0. At the end of fiscal 2025 it was 10.2, compared with a 10-year median of 12.4.
What is First Mid Bancshares's EV/EBITDA?
First Mid Bancshares's enterprise value was 3.0 times EBITDA at the end of fiscal 2025 (enterprise value $414.8 million, EBITDA $136.8 million).
What is First Mid Bancshares's return on equity?
First Mid Bancshares's return on equity (ROE) was 10.2% in fiscal 2025: net income of $91.7 million on average shareholders' equity of $902.5 million.
What is First Mid Bancshares's ROIC?
First Mid Bancshares's return on invested capital was 27.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does First Mid Bancshares have?
First Mid Bancshares had total debt of $564.4 million at the end of fiscal 2025, a debt-to-equity ratio of 0.59 and more cash than debt.
What is First Mid Bancshares's dividend yield?
First Mid Bancshares's forward dividend yield is 2.09%. First Mid Bancshares paid $23.4 million in dividends in fiscal 2025 ($0.98 per share), a payout ratio of 25.5%.
Does First Mid Bancshares buy back its shares?
Yes. First Mid Bancshares spent $0.7 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.4% over the year, to 24.0M..
What is First Mid Bancshares's free cash flow yield?
First Mid Bancshares generated $124.0 million of free cash flow in fiscal 2025, a free cash flow yield of 13.3% on its market value at year-end ($935.5 million).
What is First Mid Bancshares's current ratio?
First Mid Bancshares's current ratio was 0.17 at the end of fiscal 2025: current assets were 0.17 times current liabilities.