First Interstate BancSystem, Inc. (FIBK) 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

+32.2%

$51.22

vs $38.73 price

Levered DCF

$59.26

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-0.32

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	11.73×	14.83×	12.4×	19.72×	13.04×	16.11×	14.76×	13.2×
P/B	1.03×	1.01×	0.99×	1.3×	1.26×	1.33×	1.32×	1.25×
P/S	3.35×	2.26×	2.24×	3.37×	3.82×	3.82×	3.83×	3.45×
EV / EBITDA	8.96×	13.75×	16.09×	21.7×	4.84×	6.34×	8.73×	9×
Gross margin	97.5%	62.9%	69.6%	86.4%	99.6%	87.7%	89.5%	91.9%
Operating margin	37.0%	19.9%	23.6%	21.7%	37.8%	30.8%	33.7%	33.7%
Net margin	28.5%	15.3%	18.0%	17.1%	29.3%	23.7%	26.0%	26.2%
Current ratio	0.04×	0.04×	0.24×	0.27×	0.41×	0.41×	0.33×	0.27×
Debt / equity	0.23×	0.72×	1.14×	1.19×	0.63×	0.66×	0.4×	0.48×
Interest coverage	1.11×	0.61×	0.84×	3.26×	14.32×	7.87×	3.98×	5.04×
Dividend yield	5.5%	5.9%	6.1%	4.6%	4.1%	5.0%	3.0%	3.0%
Payout ratio	64.3%	86.7%	75.8%	90.1%	52.9%	79.8%	43.8%	40.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.8%	6.8%	8.0%	6.6%	9.7%	8.2%	9.0%	9.5%
Return on invested capital	2.0%	4.0%	3.7%	3.0%	5.9%	4.9%	6.4%	6.4%
Return on assets	1.1%	0.8%	0.8%	0.6%	1.0%	0.9%	1.2%	1.2%
Free cash flow yield	7.8%	9.9%	12.5%	13.1%	10.8%	9.2%	4.1%	10.1%
Earnings yield	8.5%	6.8%	8.1%	5.1%	7.7%	6.2%	6.8%	7.6%
Enterprise value	$4B	$4.8B	$6.3B	$6.8B	$1.4B	$1.6B	$2.4B	$2.1B
Net debt / EBITDA	0.94×	4.24×	7.92×	8.94×	-3.74×	-3.88×	-1.02×	-0.03×
Cash conversion cycle (days)	35	-255	-331	-1,003	-20,535	-629	-685	-725