First National Corporation (FXNC) 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

+104.8%

$64.24

vs $31.36 price

Levered DCF

$53.69

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.45

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	12.81×	23.01×	14.12×	6.37×	12.3×	9.29×	11.15×	9.46×
P/B	1.22×	0.96×	1.17×	0.99×	1.09×	0.97×	1.38×	1.44×
P/S	2.02×	1.82×	2.01×	1.77×	2.77×	2.06×	2.62×	2.43×
EV / EBITDA	4.11×	2.67×	8.45×	2.45×	-2.03×	-2.07×	5.56×	5.74×
Gross margin	74.0%	64.1%	69.9%	90.7%	96.4%	84.1%	86.8%	89.6%
Operating margin	19.6%	9.1%	17.4%	34.2%	28.0%	27.2%	29.1%	31.5%
Net margin	15.8%	7.9%	14.2%	27.7%	22.4%	22.1%	23.6%	25.7%
Current ratio	0.1×	0.09×	0.19×	0.19×	0.37×	0.32×	0.24×	0.19×
Debt / equity	0.23×	0.18×	0.55×	0.13×	0.16×	0.23×	0.18×	0.21×
Interest coverage	0.84×	0.34×	0.83×	5.43×	5.62×	3.22×	2.41×	3.54×
Dividend yield	2.4%	2.5%	2.6%	3.1%	2.0%	2.4%	1.6%	1.0%
Payout ratio	31.2%	58.0%	37.4%	19.7%	24.2%	22.7%	17.5%	9.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.5%	4.2%	8.3%	15.5%	8.9%	10.4%	12.4%	15.2%
Return on invested capital	7.4%	3.4%	5.2%	13.7%	7.6%	8.5%	10.4%	12.5%
Return on assets	0.9%	0.3%	0.7%	1.2%	0.7%	0.9%	1.2%	1.3%
Free cash flow yield	9.3%	-15.9%	10.7%	23.9%	5.5%	17.2%	10.2%	12.7%
Earnings yield	7.8%	4.3%	7.1%	15.7%	8.1%	10.7%	9.0%	10.5%
Enterprise value	$108.7M	$27.9M	$113.4M	$54.5M	-$29.1M	-$25.6M	$74.7M	$81.7M
Net debt / EBITDA	-4.47×	-12.67×	-1.71×	-2.36×	-10.92×	-8.73×	-2.35×	-1.01×
Cash conversion cycle (days)	21	25	25	-321	-934	-220	-127	-112