FBNC
FIRST BANCORP /NC/
Financials • CIK: 0000811589
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Market Cap
$2.09B
P/E (TTM)
19.0x
Rev Growth (TTM)
+11.5%
Net Margin (TTM)
28.3%
FCF Yield (TTM)
9.5%
FCF Margin (TTM)
51.0%
Cash Flow Health
Free Cash Flow6/8 positive
TTM$199M
Q4 '25
$54M+12%
Q3 '25
$48M+9%
FCF Margin
TTM51.0%
Q4 '2564.3%+20%
Sector: 22.2%Top 25%
OCF Margin52.0%
OCF/NI1.84x
CapEx Coverage47.9x
FCF Yield9.5%
FCF Growth (2Y)-4%
Cash Conversion Cycle
0 days
DSO: 0+DIO: –−DPO: –
Capital Allocation & Returns
Growth Focused
Total Shareholder YieldTTM
TTM1.8%
Div Yield1.8%
+Buyback (TTM)0.0%
Prioritizing reinvestment over distributions
Dividend & Payout Metrics
Dividend Yield (TTM)1.8%
FCF Payout Ratio18.8%
Free Cash Flow (TTM)$198.9M
Stock Repurchases (TTM)$991000
Capital Return / FCF19.5%
Est. Dividends Paid (TTM)$37.5M
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
–
P25MedianP75
(med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
–
Asset Turnover
0.03x
8Q: 0.03x
Leverage (1+D/E)
1.00x
D/E: 0.00x
Asset & CapEx Efficiency
Fixed Asset Turn
2.76x
8Q:2.55x
+16.8%
CapEx/Depreciation
0.63x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $390.3M | $83.9M↓6.4% | $89.6M↓19.3% | $111.0M↑4.9% | $105.8M↑137.8% | $-280.0M↓389.8% | $96.6M↑0.9% | $95.7M↑3.8% | $92.2M |
Operating Income | $151.0M | $21.7M↓26.3% | $29.4M↓43.5% | $52.0M↑8.6% | $47.9M↑117.1% | $-280.0M↓861.6% | $36.8M↓1.7% | $37.4M↑13.5% | $33.0M |
Net Income | $110.4M | $15.6M↓22.8% | $20.3M↓47.2% | $38.3M↑5.9% | $36.2M↑78613.0% | $46.0K↓99.8% | $18.5M↓34.9% | $28.5M↑13.6% | $25.1M |
Operating Cash Flow | $203.1M | $55.2M↑11.0% | $49.7M↑8.7% | $45.7M↓13.1% | $52.6M | $0↓100.0% | $38.4M↓56.2% | $87.7M↑536.6% | $-20.1M |
Free Cash Flow | $198.9M | $54.0M↑12.0% | $48.2M↑8.7% | $44.3M↓15.3% | $52.4M | $0↓100.0% | $38.0M↓56.7% | $87.6M↑503.3% | $-21.7M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
19.0x
Volatile
8Q: 75.8x+2124%
Valuation Lenses
Earnings
19.0x
vs – sector
Cash Flow
7.4x
EV/FCF vs –
Growth-Adj
0.4xPEG
Undervalued for growth
Quality-Adj
–P/E per %ROIC
ROIC: –
Shareholder Returns
Dividend
1.8%
Buyback
0.0%
Total Yield
1.8%
Market Cap$2.09B
EV$1.47B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
63/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Below Avg
7.1%
8Q:–
Return on Invested Capital (ROIC)
–
8Q:–
vs Sector:0.1%
Earnings Quality
Cash Conversion
1.84x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin–
Capital Efficiency
Invested Capital Turnover–
Working Capital
Cash Conversion Cycle0 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
59/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
11.5%
OpInc Growth YoY
107.7%
EPS Growth YoY
45.7%
FCF 3Y CAGR
-4.1%
Growth Quality Analysis
⚠Working Capital Drag: FCF growth lagging revenue by 15.5%
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
—
Operating
—
Net
28.3%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+22.7 pts
FCF: 51.0% | Net: 28.3%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $309.60M
Interest Coverage
–
+Net cash position: $309.60M
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis