First Internet Bancorp (INBK) Stock Fundamentals, Analysis & Risk Signals

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

First Internet Bancorp

NasdaqGS•Financial Services•Banks - Regional

$28.73-1.02(-0.03%)After hours

Market Cap

$243.10M

P/S

1.8x

P/B

0.7x

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides various commercial, small business, consumer, and municipal banking products and services to individuals and commercial customers in the United States. The company offers noninterest-bearing and interest-bearing demand deposits, savings accounts, and money market accounts, as well as certificates of deposit and brokered deposits. It also provides commercial and industrial, owner-occupied commercial real estate, investor commercial real estate, construction, single tenant lease financing, single tenant lease, public, specialty, healthcare and finance, small business lending, commercial deposits and treasury management, franchise finance, residential mortgage, home equity, and other consumer loans. In addition, the company is involved in the provision of municipal finance lending and leasing products to government entities, as well as treasury management services; purchase, manage, service, and safekeeping of municipal securities; and offers corporate credit cards. First Internet Bancorp was founded in 1998 and is headquartered in Fishers, Indiana.

How this company scores

WeakMetricSide Score: 46/100

Grade capped at D — Interest coverage below 1× (0.0x) — earnings cannot cover interest. Strongest: Cash & Earnings Quality (20/25); weakest: Growth (4/25).

Profitability8/25

Growth4/25

Balance Sheet & Red Flags14/25

Cash & Earnings Quality20/25

Strengths

Long cash runwayCash-backed earningsNet cash position

Grade capped at D

Interest coverage below 1× (0.0x) — earnings cannot cover interest.

Valuation vs. 5-year range

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

P/E · 15.2x5y range 7.2x – 36.8x

Currently near its 16-quarter median.

P/S · 1.8x5y range 1.4x – 3.1x

Currently below its 20-quarter median.

P/B · 0.7x5y range 0.5x – 1.0x

Watch items

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

High Risk

Margin Pressure

Red Flag

Operating margins dropped 2549.9% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.

Price & Volume

Market Cap $243.10M

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $131.64M
Q. Revenue: $41.12M
TTM EBITDA: $-38.69M
TTM Op. Income: $-45.67M
Q. Op. Income: $1.59M
TTM Net Income: $-31.43M
Q. Net Income: $2.37M
EPS: $0.27
Shares Out.: $8.75M

$131.64M in TTM revenue declined 7.5% YoY, reaching $41.12M last quarter. TTM EBITDA of $-38.69M and TTM operating income of $-45.67M show growth is flowing through to the bottom line. However, net income is negative at $31.43M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 3 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 8.8%
Op. Margin: 3.9%
Net Margin: 5.8%

Op. margin of 3.9% is up 9.4% YoY — cost efficiency is improving. Net margin at 5.8% Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

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

P/E Ratio: N/A
P/S Ratio: 1.8x
P/B Ratio: 0.7x

P/S of 1.8x and P/B of 0.7x. P/S is low relative to typical market levels. Over the past year, P/E is up 0% — a weakening trend.

Assets & Liabilities

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

Total Assets: $5.56B
Cash: $410.97M
Long-Term Debt: $345.13M
Book Value: $363.55M
D/E Ratio: 0.9
Debt/EBITDA: 95.6

With $5.56B in assets and $345.13M in long-term debt, D/E is 0.9and book value is $363.55M — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 0% — an improving trend.

Cash Flow

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

Op. Cash Flow: $24.28M
TTM Free Cash Flow: $159.91M
FCF Margin: 121.5%
FCF / Net Income: -5.1

TTM FCF of $159.91M on $24.28M in operating cash flow. The FCF / Net Income ratio of -5.1x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has risen for 4 consecutive quarters — an improving trend.