First Mid Bancshares, Inc. (FMBH) 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

-24.1%

$39.08

vs $51.47 price

Levered DCF

$50.23

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-0.61

Distress zone

Rating

B+

Overall 3 / 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	10.16×	11.12×	10.93×	8.86×	14.86×	12.42×	12.24×	12.62×
P/B	0.97×	1.04×	0.95×	1.02×	1.21×	0.99×	1.12×	0.97×
P/S	2×	1.96×	1.98×	2.26×	3.07×	2.79×	2.91×	2.95×
EV / EBITDA	9.05×	10.58×	12.02×	12.39×	11.78×	8.05×	11.63×	11.76×
Gross margin	72.8%	70.0%	70.4%	87.3%	87.8%	83.7%	84.9%	86.3%
Operating margin	25.1%	23.3%	23.2%	31.9%	26.8%	29.7%	31.3%	30.9%
Net margin	19.7%	17.6%	18.1%	25.5%	20.6%	22.5%	23.7%	23.3%
Current ratio	0.17×	0.2×	0.21×	0.25×	0.32×	0.34×	0.25×	0.27×
Debt / equity	0.59×	0.68×	0.79×	1.29×	0.57×	0.76×	0.69×	0.73×
Interest coverage	1×	0.81×	0.83×	2.89×	4.38×	3.57×	2.63×	3.78×
Dividend yield	2.5%	2.6%	2.6%	2.8%	1.9%	2.3%	2.0%	1.9%
Payout ratio	25.5%	28.4%	28.4%	24.4%	28.6%	28.3%	24.7%	24.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.6%	9.3%	8.7%	11.5%	8.1%	8.0%	9.1%	7.7%
Return on invested capital	5.9%	5.4%	4.7%	4.9%	5.0%	4.4%	5.2%	4.3%
Return on assets	1.2%	1.0%	0.9%	1.1%	0.9%	1.0%	1.2%	1.0%
Free cash flow yield	13.3%	13.6%	9.1%	9.4%	8.6%	10.9%	10.0%	8.4%
Earnings yield	9.9%	9.0%	9.1%	11.3%	6.7%	8.0%	8.2%	7.9%
Enterprise value	$1.2B	$1.3B	$1.2B	$1.3B	$957.3M	$575.6M	$861.9M	$662.9M
Net debt / EBITDA	2.25×	3.58×	4.72×	6.3×	2.36×	0.18×	3.7×	3.56×
Cash conversion cycle (days)	15	17	16	3	13	9	1	9