First United Corporation (FUNC) 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

+56.1%

$72.79

vs $46.62 price

Levered DCF

$66.26

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

-0.48

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	9.9×	10.7×	10.45×	5.21×	6.36×	7.6×	13.02×	10.54×
P/B	1.19×	1.23×	0.97×	0.86×	0.89×	0.83×	1.36×	0.96×
P/S	2.04×	1.97×	1.64×	1.62×	1.6×	1.41×	2.29×	1.67×
EV / EBITDA	6.35×	10.62×	10.88×	4.19×	3.41×	5.26×	13.8×	16.88×
Gross margin	70.2%	68.8%	73.0%	94.8%	93.8%	80.4%	82.8%	84.9%
Operating margin	27.3%	24.4%	20.4%	41.2%	33.5%	23.1%	22.0%	19.9%
Net margin	20.6%	18.4%	15.8%	31.1%	25.1%	18.0%	17.6%	15.8%
Current ratio	0.09×	0.1×	0.1×	0.13×	0.27×	0.26×	0.17×	0.16×
Debt / equity	0.56×	1.05×	0.98×	0.64×	0.64×	1.17×	1.21×	1.53×
Interest coverage	0.99×	0.85×	0.8×	6.93×	4.6×	1.84×	1.43×	1.66×
Dividend yield	2.5%	2.4%	3.3%	3.1%	3.1%	3.4%	1.8%	1.7%
Payout ratio	24.3%	26.1%	34.6%	15.9%	19.7%	26.3%	23.8%	17.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.0%	11.5%	9.3%	16.5%	13.9%	10.6%	10.4%	9.1%
Return on invested capital	7.0%	5.2%	4.3%	9.1%	8.1%	4.7%	4.4%	3.4%
Return on assets	1.2%	1.0%	0.8%	1.4%	1.1%	0.8%	0.9%	0.8%
Free cash flow yield	6.3%	9.3%	14.1%	17.6%	15.0%	13.4%	7.3%	7.8%
Earnings yield	10.1%	9.3%	9.6%	19.2%	15.7%	12.7%	7.7%	9.5%
Enterprise value	$226.1M	$329.4M	$265.3M	$154.2M	$101.5M	$112.2M	$274M	$267.8M
Net debt / EBITDA	-0.47×	3.53×	4.43×	0.64×	-0.82×	0.17×	5.18×	9.78×
Cash conversion cycle (days)	14	19	20	14	-1,114	-341	-496	-600