First National (FXNC) Stock Fundamentals, Analysis & Risk Signals

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

First National

NasdaqCM•Financial Services•Banks - Regional

$30.91+0.04(<0.01%)After hours

Market Cap

$279.47M

P/E

12.9x

P/S

3.0x

P/B

1.4x

First National Corporation operates as the bank holding company for First Bank that provides various commercial banking services to small and medium-sized businesses, individuals, estates, local governmental entities, and non-profit organizations in Virginia. The company's deposit products include checking, savings, money market, and individual retirement accounts, as well as certificates of deposit and treasury management solutions. Its loan products also comprise construction loans, including residential and land development loans; 1-4 family residential real estate loans; and commercial real estate loans that are secured by commercial real estate, such as multi-family residential buildings, industrial and warehouse buildings, hotels, and religious facilities. In addition, the company's loan products include commercial and industrial loans; home equity loans; consumer loans, such as lines of credit, automobile loans, and unsecured loans. Further, it provides wealth management services comprising estate planning, investment management of assets, trustee under an agreement, trustee under a will, and estate settlement. Additionally, the company offers title insurance and investment services; and holds other real estate owned and office sites, as well as provides internet and mobile banking, remote deposit capture, and other traditional banking services. First National Corporation was founded in 1907 and is headquartered in Strasburg, Virginia.

How this company scores

GoodMetricSide Score: 73/100

Strongest: Profitability (23/25); weakest: Balance Sheet & Red Flags (8/25).

Profitability23/25

Growth20/25

Balance Sheet & Red Flags8/25

Cash & Earnings Quality22/25

Strengths

Strong marginsRising earningsCash-backed earningsProfit converts from growth

Valuation vs. 5-year range

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

P/E · 12.9x5y range 5.9x – 37.6x

Currently near its 20-quarter median.

P/S · 3.0x5y range 1.7x – 3.5x

Currently above its 20-quarter median.

P/B · 1.4x5y range 0.8x – 1.4x

Watch items

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

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Share Dilution

Red Flag

Shares outstanding increased 43.8% — significant dilution, likely from stock compensation or capital raises.

Price & Volume

Market Cap $279.47M

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $93.26M
Q. Revenue: $24.00M
TTM EBITDA: $31.17M
TTM Op. Income: $26.92M
Q. Op. Income: $7.14M
TTM Net Income: $21.68M
Q. Net Income: $5.74M
EPS: $0.64
Shares Out.: $9.04M

$93.26M in TTM revenue grew 12.0% YoY, reaching $24.00M last quarter. TTM EBITDA of $31.17M and TTM operating income of $26.92M show growth is flowing through to the bottom line. TTM net income of $21.68M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 76.4%
EBITDA Margin: 32.8%
Op. Margin: 29.7%
Net Margin: 23.9%

Op. margin of 29.7% is up 1.5% YoY — cost efficiency is improving. Net margin at 23.9% and gross margin of 76.4% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 5% — an improving trend.

Price Ratios

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

P/E Ratio: 12.9x
P/S Ratio: 3.0x
P/B Ratio: 1.4x

At 12.9x P/E, the stock trades below typical market levels. P/S of 3.0x and P/B of 1.4x provide additional context. P/E sits below typical market levels while revenue is growing. Over the past year, P/E is down 41% — a weakening trend.

Assets & Liabilities

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

Total Assets: $2.08B
Cash: $166.15M
Long-Term Debt: N/A
Book Value: $193.59M
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

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

Op. Cash Flow: $6.93M
TTM Free Cash Flow: $26.19M
FCF Margin: 28.1%
FCF / Net Income: 1.2

TTM FCF of $26.19M on $6.93M in operating cash flow. The FCF / Net Income ratio of 1.2x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 5 consecutive quarters — an improving trend.