FFIN
FIRST FINANCIAL BANKSHARES INC
Financials • CIK: 0000036029
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Market Cap
$4.27B
P/E (TTM)
16.8x
Rev Growth (TTM)
+14.7%
Net Margin (TTM)
40.1%
FCF Yield (TTM)
6.7%
FCF Margin (TTM)
45.3%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$286M
Q4 '25
$69M-18%
Q3 '25
$84M+43%
FCF Margin
TTM45.3%
Q4 '2541.8%-19%
Sector: 22.2%Top 25%
OCF Margin47.4%
OCF/NI1.18x
CapEx Coverage22.3x
FCF Yield6.7%
FCF Growth (2Y)-2%
Cash Conversion Cycle
0 days
DSO: 0+DIO: –−DPO: –
Capital Allocation & Returns
Balanced
Total Shareholder Yield
TTM2.5%
Div Yield2.5%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)2.5%
FCF Payout Ratio37.5%
Free Cash Flow (TTM)$286.0M
Stock Repurchases ()$0
Capital Return / FCF37.6%
Est. Dividends Paid (TTM)$107.3M
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
0.04x
8Q: 0.04x
Leverage (1+D/E)
1.01x
D/E: 0.01x
Asset & CapEx Efficiency
Fixed Asset Turn
4.21x
8Q:3.91x
+103.7%
CapEx/Depreciation
0.98x
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 | $631.6M | $164.7M↑2.1% | $161.3M↑3.0% | $156.6M↑5.1% | $149.0M↑1.3% | $147.1M↑5.5% | $139.5M↑3.7% | $134.5M↑3.8% | $129.6M |
Operating Income | $338.2M | $87.1M↓0.6% | $87.6M↑3.2% | $84.9M↑7.9% | $78.7M↑2.2% | $77.0M↑4.8% | $73.5M↑5.7% | $69.5M↑5.9% | $65.7M |
Net Income | $253.6M | $73.3M↑40.3% | $52.3M↓21.6% | $66.7M↑8.7% | $61.3M↓1.6% | $62.3M↑12.7% | $55.3M↑5.4% | $52.5M↓1.7% | $53.4M |
Operating Cash Flow | $299.4M | $74.9M↓13.4% | $86.5M↑41.1% | $61.3M↓20.2% | $76.8M↓9.1% | $84.5M↑4.7% | $80.7M↑17.3% | $68.8M↓9.0% | $75.6M |
Free Cash Flow | $286.0M | $68.9M↓17.6% | $83.7M↑42.5% | $58.7M↓21.4% | $74.7M↓6.3% | $79.7M↑2.6% | $77.7M↑21.7% | $63.8M↓11.0% | $71.7M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
16.8x
Volatile
8Q: 83.7x-1753%
Valuation Lenses
Earnings
16.8x
vs – sector
Cash Flow
12.3x
EV/FCF vs –
Growth-Adj
1.2xPEG
Fair for growth
Quality-Adj
–P/E per %ROIC
ROIC: –
Shareholder Returns
Dividend
2.5%
Buyback
–
Total Yield
2.5%
Market Cap$4.27B
EV$3.51B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
84/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
14.5%
8Q:–
Return on Invested Capital (ROIC)
–
8Q:–
vs Sector:0.1%
Earnings Quality
Cash Conversion
1.18x
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
63/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
14.7%
OpInc Growth YoY
13.1%
EPS Growth YoY
13.5%
FCF 3Y CAGR
-2.5%
Growth Quality Analysis
⚠Working Capital Drag: FCF growth lagging revenue by 17.2%
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
—
Operating
—
Net
40.1%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+5.1 pts
FCF: 45.3% | Net: 40.1%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $1.06B
Interest Coverage
–
+Net cash position: $1.06B
Leverage Metrics
Debt-to-Equity
0.01x
Balance sheet risk & solvency analysis