The First Bancorp, Inc. (FNLC) 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

-53.9%

$16.96

vs $36.82 price

Levered DCF

$22.58

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-0.52

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	8.53×	11.16×	10.53×	8.39×	9.43×	10.16×	12.81×	12.06×
P/B	1.03×	1.2×	1.28×	1.43×	1.39×	1.23×	1.54×	1.48×
P/S	1.65×	1.83×	2.16×	2.98×	3.55×	2.9×	3.52×	3.42×
EV / EBITDA	10.17×	11.46×	9.13×	8.19×	8.52×	13.21×	15.1×	15.63×
Gross margin	52.3%	48.2%	55.3%	83.1%	89.2%	75.5%	70.5%	73.7%
Operating margin	23.6%	19.7%	24.9%	43.1%	45.5%	33.9%	32.6%	33.5%
Net margin	19.4%	16.3%	20.6%	35.5%	37.6%	28.5%	27.5%	28.3%
Current ratio	0.11×	0.12×	0.12×	0.13×	0.19×	0.2×	0.22×	0.21×
Debt / equity	0.66×	0.58×	0.29×	0.45×	0.56×	1.17×	0.87×	1.1×
Interest coverage	0.51×	0.38×	0.57×	2.81×	4.07×	1.87×	1.16×	1.37×
Dividend yield	5.6%	5.2%	5.0%	4.5%	4.1%	4.8%	4.0%	4.2%
Payout ratio	47.5%	58.4%	52.2%	37.9%	38.5%	49.1%	50.8%	51.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.1%	10.7%	12.1%	17.0%	14.8%	12.1%	12.0%	12.3%
Return on invested capital	6.9%	6.3%	8.5%	10.8%	9.0%	5.3%	6.1%	5.6%
Return on assets	1.1%	0.9%	1.0%	1.4%	1.4%	1.1%	1.2%	1.2%
Free cash flow yield	11.8%	8.1%	11.0%	12.2%	15.5%	7.3%	7.5%	11.4%
Earnings yield	11.7%	8.9%	9.5%	11.9%	10.6%	9.8%	7.8%	8.3%
Enterprise value	$448.8M	$398.8M	$345.1M	$404.3M	$391.4M	$455.5M	$486.2M	$463M
Net debt / EBITDA	3.53×	2.77×	0.91×	1.56×	1.07×	5.21×	4.94×	6.04×
Cash conversion cycle (days)	29	31	30	33	29	36	28	29