First Financial Bancorp. (FFBC) 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

+52.5%

$50.34

vs $33.01 price

Levered DCF

$62.85

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.36

Distress zone

Rating

A-

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	9.3×	11.11×	8.73×	10.4×	11.29×	10.96×	12.66×	12.16×
P/B	0.86×	1.04×	0.98×	1.11×	1.03×	0.75×	1.11×	1.01×
P/S	1.89×	2.07×	2×	2.93×	3.54×	2.39×	3.38×	3.26×
EV / EBITDA	9.37×	8.92×	7.03×	11.78×	9.23×	8.7×	14.66×	14.42×
Gross margin	68.4%	64.3%	71.5%	90.0%	98.0%	80.5%	79.2%	83.5%
Operating margin	25.5%	21.9%	28.6%	31.2%	36.8%	25.8%	32.9%	33.3%
Net margin	20.3%	18.7%	22.9%	28.1%	31.3%	21.8%	26.8%	26.8%
Current ratio	0.28×	0.26×	0.31×	0.29×	0.35×	0.29×	0.27×	0.28×
Debt / equity	0.43×	0.45×	0.57×	0.8×	0.31×	0.22×	0.77×	0.78×
Interest coverage	0.89×	0.69×	1.16×	3.67×	7.75×	2.69×	1.97×	2.35×
Dividend yield	4.0%	3.5%	3.9%	3.8%	3.8%	5.3%	3.6%	3.8%
Payout ratio	37.0%	39.1%	34.1%	39.8%	42.6%	57.6%	45.0%	46.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.2%	9.4%	11.3%	10.7%	9.1%	6.8%	8.8%	8.3%
Return on invested capital	5.4%	5.4%	6.1%	5.9%	6.9%	4.8%	5.0%	4.7%
Return on assets	1.2%	1.2%	1.5%	1.3%	1.3%	1.0%	1.4%	1.2%
Free cash flow yield	13.4%	9.5%	20.7%	8.3%	16.1%	5.4%	6.6%	11.5%
Earnings yield	10.8%	9.0%	11.5%	9.6%	8.9%	9.1%	7.9%	8.2%
Enterprise value	$3.4B	$2.7B	$2.5B	$3.3B	$2.6B	$2B	$4B	$3.4B
Net debt / EBITDA	2.8×	0.65×	0.77×	3.7×	0.97×	1.14×	5.44×	5.61×
Cash conversion cycle (days)	173	174	151	-2,840	-13,782	-1,318	-723	-486