First BanCorp. (FBP) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+3.6%

$27.60

vs $26.63 price

Levered DCF

$32.59

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.49

Distress zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	9.6×	10.21×	9.56×	7.95×	10.44×	20.04×	13.93×	9.35×
P/B	1.69×	1.83×	1.94×	1.83×	1.38×	0.88×	1.03×	0.91×
P/S	2.64×	2.56×	2.58×	2.54×	3.28×	2.6×	3.14×	2.77×
EV / EBITDA	6.91×	5.92×	6.82×	6.02×	2.24×	10.49×	10×	11.23×
Gross margin	72.9%	70.7%	73.9%	90.0%	100.1%	65.8%	79.7%	76.3%
Operating margin	33.2%	32.8%	35.4%	46.9%	48.5%	15.1%	32.8%	28.5%
Net margin	27.4%	25.0%	27.0%	32.0%	31.9%	13.3%	22.9%	30.2%
Current ratio	6.85×	0.34×	0.36×	0.36×	0.48×	0.37×	0.28×	0.29×
Debt / equity	0.19×	0.34×	0.44×	0.7×	0.33×	0.41×	0.38×	0.53×
Interest coverage	1.64×	1.36×	1.76×	6.65×	6.6×	1.26×	2.2×	1.91×
Dividend yield	3.5%	3.5%	3.4%	3.6%	2.3%	2.3%	1.4%	0.5%
Payout ratio	33.5%	35.3%	32.9%	28.8%	24.0%	45.1%	19.7%	4.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.5%	17.9%	20.2%	23.0%	13.4%	4.5%	7.5%	9.9%
Return on invested capital	1.8%	12.3%	12.9%	13.5%	10.1%	3.2%	5.4%	6.1%
Return on assets	1.8%	1.5%	1.6%	1.6%	1.4%	0.5%	1.3%	1.6%
Free cash flow yield	13.1%	12.9%	11.7%	17.3%	13.3%	14.1%	11.8%	14.4%
Earnings yield	10.4%	9.8%	10.4%	12.6%	9.7%	5.1%	7.3%	10.9%
Enterprise value	$3B	$2.5B	$2.9B	$2.9B	$1B	$1.5B	$2.6B	$2.4B
Net debt / EBITDA	-0.67×	-1.43×	-0×	0.95×	-4×	-3.59×	1.18×	2.37×
Cash conversion cycle (days)	21	22	25	-856	154,094	-350	-418	-89