First Mid Bancshares (FMBH) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

First Mid Bancshares

NasdaqGM•Financial Services•Banks - Regional

$51.33+0.25(<0.01%)Market closed

Market Cap

$1.33B

P/E

13.2x

P/S

2.6x

P/B

1.2x

First Mid Bancshares, Inc., a financial holding company, provides community banking products and services to commercial, retail, and agricultural customers in the United States. It accepts various deposit products, such as demand deposits, savings accounts, money market deposits, and time deposits. The company's loan products include commercial real estate, commercial and industrial, agricultural and agricultural real estate, residential real estate owner and non-owner occupied, and consumer loans, as well as construction and land development, 1-4 family residential properties, and multifamily residential properties loans; and other loans comprising loans to municipalities to support community projects, such as infrastructure improvements or equipment purchases. In addition, it offers wealth management services, which include estate planning and investment services to individuals; employee benefit services for businesses; and farm management and brokerage services. Further, the company provides property and casualty, senior insurance products, and group medical insurance for businesses; and personal lines insurance to individuals. The company was formerly known as First Mid-Illinois Bancshares, Inc. and changed its name to First Mid Bancshares, Inc. in April 2019. First Mid Bancshares, Inc. was founded in 1865 and is headquartered in Mattoon, Illinois.

How this company scores

GoodMetricSide Score: 74/100

Strongest: Growth (20/25); weakest: Cash & Earnings Quality (18/25).

Profitability18/25

Growth20/25

Balance Sheet & Red Flags18/25

Cash & Earnings Quality18/25

Strengths

Strong marginsRising earningsLow leverageCash-backed earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 13.2x5y range 6.8x – 15.4x

Currently above its 20-quarter median.

P/S · 2.6x5y range 1.6x – 3.1x

Currently above its 20-quarter median.

P/B · 1.2x5y range 0.8x – 1.2x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Share Dilution

Red Flag

Shares outstanding increased 10.7% — significant dilution, likely from stock compensation or capital raises.

Price & Volume

Market Cap $1.33B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $507.40M
Q. Revenue: $143.72M
TTM EBITDA: $149.88M
TTM Op. Income: $129.00M
Q. Op. Income: $36.32M
TTM Net Income: $100.26M
Q. Net Income: $27.79M
EPS: $1.05
Shares Out.: $26.46M

$507.40M in TTM revenue grew 10.3% YoY, reaching $143.72M last quarter. TTM EBITDA of $149.88M and TTM operating income of $129.00M show growth is flowing through to the bottom line. TTM net income of $100.26M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 75.5%
EBITDA Margin: 28.0%
Op. Margin: 25.3%
Net Margin: 19.3%

Op. margin of 25.3% is down 0.5% YoY — costs are rising relative to revenue. Net margin at 19.3% and gross margin of 75.5% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 2% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 13.2x
P/S Ratio: 2.6x
P/B Ratio: 1.2x

At 13.2x P/E, the stock trades below typical market levels. P/S of 2.6x and P/B of 1.2x provide additional context. P/E sits below typical market levels while revenue is growing. Across the last 8 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $9.21B
Cash: $303.85M
Long-Term Debt: $276.35M
Book Value: $1.10B
D/E Ratio: 0.3
Debt/EBITDA: 6.9

With $9.21B in assets and $276.35M in long-term debt, D/E is 0.3and book value is $1.10B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 4 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $26.33M
TTM Free Cash Flow: $119.39M
FCF Margin: 23.5%
FCF / Net Income: 1.2

TTM FCF of $119.39M on $26.33M in operating cash flow. The FCF / Net Income ratio of 1.2x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is down 1% — an improving trend.