First Financial Bankshares (FFIN)
Market Price (5/24/2026): $32.23 | Market Cap: $4.6 BilSector: Financials | Industry: Regional Banks
First Financial Bankshares (FFIN)
Market Price (5/24/2026): $32.23Market Cap: $4.6 BilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.0%, Dividend Yield is 2.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.9%, FCF Yield is 6.7% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -19% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 49% Low stock price volatilityVol 12M is 26% Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending. | Weak multi-year price returns2Y Excs Rtn is -35%, 3Y Excs Rtn is -53% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.01 | Key risksFFIN key risks include [1] a significant recent credit loss attributed to suspected commercial borrower fraud and [2] the resulting exposure of fragility within its broader loan portfolio. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.0%, Dividend Yield is 2.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.9%, FCF Yield is 6.7% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -19% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 49% |
| Low stock price volatilityVol 12M is 26% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending. |
| Weak multi-year price returns2Y Excs Rtn is -35%, 3Y Excs Rtn is -53% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.01 |
| Key risksFFIN key risks include [1] a significant recent credit loss attributed to suspected commercial borrower fraud and [2] the resulting exposure of fragility within its broader loan portfolio. |
Qualitative Assessment
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1. Strong First Quarter 2026 Financial Performance. First Financial Bankshares reported robust first-quarter 2026 earnings, significantly surpassing analyst expectations. The company announced diluted earnings per share (EPS) of $0.50, beating estimates of $0.48, and net income increased by 16.6% year-over-year to $71.54 million. Additionally, revenue of $170.68 million exceeded forecasts. Net interest income rose to $134.79 million, contributing to an improved net interest margin (NIM) of 3.86%, up from 3.74% in the same quarter last year.
2. Improved Regional Banking Sector Sentiment. The broader regional banking sector experienced a stabilization and rebound throughout late 2025 and into early 2026. This positive shift was driven by regional banks' efforts to enhance liquidity, bolster capital ratios, and reduce reliance on volatile funding sources, leading to a moderation of deposit outflows and stabilization of loan books. The sector also benefited from shifts in the Federal Reserve's policy towards a more dovish or neutral stance in 2025, which eased concerns about funding costs and interest rate risks. The KBW Regional Bank Total Return Index (KRX) rose 6.50% in 2025, indicating an improved outlook that likely contributed to FFIN's stock performance.
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Stock Movement Drivers
Fundamental Drivers
The 2.0% change in FFIN stock from 1/31/2026 to 5/23/2026 was primarily driven by a 6.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 5232026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.62 | 32.24 | 2.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 600 | 635 | 6.0% |
| Net Income Margin (%) | 40.5% | 41.5% | 2.6% |
| P/E Multiple | 18.7 | 17.5 | -6.1% |
| Shares Outstanding (Mil) | 143 | 143 | -0.1% |
| Cumulative Contribution | 2.0% |
Market Drivers
1/31/2026 to 5/23/2026| Return | Correlation | |
|---|---|---|
| FFIN | 2.0% | |
| Market (SPY) | 8.1% | 35.6% |
| Sector (XLF) | -2.3% | 61.2% |
Fundamental Drivers
The 5.7% change in FFIN stock from 10/31/2025 to 5/23/2026 was primarily driven by a 9.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 5232026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.51 | 32.24 | 5.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 578 | 635 | 9.9% |
| Net Income Margin (%) | 42.5% | 41.5% | -2.3% |
| P/E Multiple | 17.8 | 17.5 | -1.5% |
| Shares Outstanding (Mil) | 143 | 143 | -0.1% |
| Cumulative Contribution | 5.7% |
Market Drivers
10/31/2025 to 5/23/2026| Return | Correlation | |
|---|---|---|
| FFIN | 5.7% | |
| Market (SPY) | 9.9% | 33.3% |
| Sector (XLF) | 0.0% | 56.3% |
Fundamental Drivers
The -1.5% change in FFIN stock from 4/30/2025 to 5/23/2026 was primarily driven by a -16.4% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5232026 | Change |
|---|---|---|---|
| Stock Price ($) | 32.74 | 32.24 | -1.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 537 | 635 | 18.3% |
| Net Income Margin (%) | 41.6% | 41.5% | -0.2% |
| P/E Multiple | 20.9 | 17.5 | -16.4% |
| Shares Outstanding (Mil) | 143 | 143 | -0.2% |
| Cumulative Contribution | -1.5% |
Market Drivers
4/30/2025 to 5/23/2026| Return | Correlation | |
|---|---|---|
| FFIN | -1.5% | |
| Market (SPY) | 36.0% | 46.2% |
| Sector (XLF) | 8.2% | 63.3% |
Fundamental Drivers
The 18.0% change in FFIN stock from 4/30/2023 to 5/23/2026 was primarily driven by a 22.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302023 | 5232026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.32 | 32.24 | 18.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 520 | 635 | 22.2% |
| Net Income Margin (%) | 45.1% | 41.5% | -7.9% |
| P/E Multiple | 16.6 | 17.5 | 5.3% |
| Shares Outstanding (Mil) | 143 | 143 | -0.4% |
| Cumulative Contribution | 18.0% |
Market Drivers
4/30/2023 to 5/23/2026| Return | Correlation | |
|---|---|---|
| FFIN | 18.0% | |
| Market (SPY) | 86.3% | 46.8% |
| Sector (XLF) | 64.4% | 64.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FFIN Return | 42% | -31% | -10% | 22% | -15% | 8% | -1% |
| Peers Return | 29% | 0% | -4% | 17% | 6% | 7% | 66% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| FFIN Win Rate | 58% | 25% | 50% | 50% | 50% | 40% | |
| Peers Win Rate | 67% | 48% | 48% | 52% | 57% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| FFIN Max Drawdown | -17% | -38% | -38% | -16% | -21% | -17% | |
| Peers Max Drawdown | -23% | -24% | -37% | -17% | -23% | -14% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PB, TCBI, CFR, SBSI, HWC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/22/2026 (YTD)
How Low Can It Go
| Event | FFIN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.7% | -18.8% |
| % Gain to Breakeven | 18.6% | 23.1% |
| Time to Breakeven | 60 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -24.4% | -9.5% |
| % Gain to Breakeven | 32.3% | 10.5% |
| Time to Breakeven | 55 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -31.5% | -6.7% |
| % Gain to Breakeven | 46.0% | 7.1% |
| Time to Breakeven | 438 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.5% | -33.7% |
| % Gain to Breakeven | 45.9% | 50.9% |
| Time to Breakeven | 238 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.4% | -12.2% |
| % Gain to Breakeven | 32.2% | 13.9% |
| Time to Breakeven | 84 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -15.7% | -6.8% |
| % Gain to Breakeven | 18.6% | 7.3% |
| Time to Breakeven | 89 days | 15 days |
In The Past
First Financial Bankshares's stock fell -15.7% during the 2025 US Tariff Shock. Such a loss loss requires a 18.6% gain to breakeven.
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| Event | FFIN | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -24.4% | -9.5% |
| % Gain to Breakeven | 32.3% | 10.5% |
| Time to Breakeven | 55 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -31.5% | -6.7% |
| % Gain to Breakeven | 46.0% | 7.1% |
| Time to Breakeven | 438 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.5% | -33.7% |
| % Gain to Breakeven | 45.9% | 50.9% |
| Time to Breakeven | 238 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.4% | -12.2% |
| % Gain to Breakeven | 32.2% | 13.9% |
| Time to Breakeven | 84 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -23.5% | -17.9% |
| % Gain to Breakeven | 30.8% | 21.8% |
| Time to Breakeven | 24 days | 123 days |
In The Past
First Financial Bankshares's stock fell -15.7% during the 2025 US Tariff Shock. Such a loss loss requires a 18.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About First Financial Bankshares (FFIN)
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Here are 1-3 brief analogies to describe First Financial Bankshares (FFIN):
- It's like the PNC Bank of Texas.
- Think of it as a Texas-focused U.S. Bancorp.
- It's a scaled-down, Texas-only version of Bank of America.
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- Deposit Accounts: Offers checking, savings, money market, and time deposit accounts.
- Lending Services: Provides a wide array of loans including commercial, real estate, agricultural, construction, residential, and consumer.
- Wealth Management & Trust Services: Administers personal trusts, wealth management, estate planning, and retirement/employee benefits accounts.
- Securities Brokerage Services: Facilitates the buying and selling of securities.
- Funds Transfer Services: Allows for the transmission of funds.
- Safe Deposit Facilities: Offers secure storage options for customer valuables.
- Digital & Commercial Banking Tools: Provides features like internet and mobile banking, remote deposit capture, and payroll cards to support banking operations.
- Technology Services: The company also provides technology services.
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Major Customers of First Financial Bankshares (FFIN)
First Financial Bankshares (FFIN) is a commercial bank that serves a diverse customer base. Given the nature of its services, it does not have a few major customer companies but rather serves a broad range of clients. The company primarily serves the following categories of customers:- Businesses and Commercial Entities: This includes a wide array of commercial and industrial clients, construction and development companies, agricultural operations, and farm and ranch operations. They receive commercial and industrial loans, municipal loans, construction and development loans, and various business banking services such as deposits, remote deposit capture, and payroll cards.
- Individual Consumers: This category encompasses individuals seeking everyday banking services. These services include checking, savings, and money market accounts, time deposits, residential mortgages, and consumer auto and non-auto loans. This also covers "professional individuals" for their personal financial needs.
- Wealth Management and Trust Clients: This segment targets individuals, families, and estates requiring specialized financial services. This includes personal trust services, wealth management, administration of estates and testamentary trusts, and management of various trust and agency accounts. The company also administers retirement and employee benefits accounts like 401(k) profit-sharing plans and IRAs, which primarily benefit individuals.
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David Bailey, President and Chief Executive Officer
David Bailey was promoted to President and Chief Executive Officer of First Financial Bankshares and First Financial Bank effective February 1, 2026. He began his career with First Financial Bankshares over 22 years ago as a bank teller. Bailey progressively moved through various roles, including Eastland Division President, Executive Vice President and Chief Banking Officer, and President. In his previous role as Chief Banking Officer, he oversaw all lending and treasury management functions. He is a graduate of McMurry University, FFIN University, and the Southwestern Graduate School of Banking at Southern Methodist University.
Michelle S. Hickox, Executive Vice President and Chief Financial Officer
Michelle S. Hickox was appointed Executive Vice President and Chief Financial Officer of First Financial Bankshares in January 2023. She is responsible for overseeing the Company's accounting, financial reporting, asset liability management, and budgeting. Before joining FFIN, she served as CFO for another public regional Texas bank, where she led the finance team in over 10 acquisitions of other financial institutions. Prior to that, she was an audit partner with RSMUS, LLP in Dallas, Texas, specializing in financial institutions. Hickox is a certified public accountant and holds a degree from Texas A&M University.
F. Scott Dueser, Executive Chairman
F. Scott Dueser transitioned from CEO to Executive Chairman on February 1, 2026, after serving as CEO since 2001. He has been with the First Financial family for over 48 years, having started as a management trainee in 1976. His extensive banking career began in 1971 as a bookkeeper. Dueser earned his BBA in finance and accounting from Texas Tech University and is a graduate of the Southwestern Graduate School of Banking at Southern Methodist University. He has held prominent leadership positions in the banking industry, including Chairman of the Texas Bankers Association.
Ronald D. Butler II, Vice Chairman of the Executive Management Committee and Chief Administrative Officer
Ronald D. Butler II was promoted to Vice Chairman of the Executive Management Committee of First Financial Bankshares in December 2024, continuing his role as Chief Administrative Officer. He has a tenure of over 32 years with the Company. His past roles at First Financial include Senior Vice President of Commercial Lending, President and CEO of the Eastland Division, President and CEO of the Stephenville Region, and CEO of the Abilene Region. Butler holds a bachelor's degree from Texas Tech University, a master's degree from Tarleton State University, and is a graduate of the Southwestern Graduate School of Banking at Southern Methodist University. He was inducted into the Texas Bankers Hall of Fame in 2023 and currently serves as Chair for the Texas Bankers Association.
Kyle McVey, Executive Vice President, Chief Accounting Officer and Investor Relations Director
Kyle McVey serves as Executive Vice President, Chief Accounting Officer, and Investor Relations Director for First Financial Bankshares. In July 2025, he was also promoted to Executive Vice President and Chief Financial Officer of First Financial Bank, the Company's subsidiary bank. McVey joined First Financial in 2011 after working for two years with KPMG LLP. He is responsible for overseeing financial reporting, acquisition strategy, audit controls, and investor relations. He is a licensed CPA and holds bachelor's degrees in accounting and finance, as well as a master's in accounting from Abilene Christian University. McVey is also a graduate of the Southwestern Graduate School of Banking at Southern Methodist University, where he was recognized as valedictorian.
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Here are the key risks to First Financial Bankshares (FFIN):
- Geographic Concentration in Texas: First Financial Bankshares operates exclusively within Texas, making it vulnerable to localized economic downturns, adverse events such as severe weather conditions, or changes in state-specific regulations. This geographic concentration limits the company's ability to diversify its risk profile and could hinder its growth if the Texas economy faces significant challenges.
- Economic and Regulatory Uncertainties: The banking industry, including FFIN, is highly susceptible to economic fluctuations, such as changes in interest rate policies by the Federal Reserve, as well as broader trade and fiscal policies. Additionally, the company faces risks related to credit quality, particularly given its loan portfolio which has a notable emphasis on construction and development. Regulatory changes and heightened compliance demands, stemming from laws like Dodd-Frank and consumer protection rules, can also increase operational costs and constrain business activities.
- Technological Disruptions, Cybersecurity Risks, and Competition: First Financial Bankshares operates in a highly competitive and evolving financial landscape. The company faces increasing cyber threats, necessitating continuous investment in robust cybersecurity measures to protect customer data and maintain trust. Furthermore, the rise of financial technology (FinTech) companies and competition from larger banks with greater resources could challenge FFIN's market share, requiring ongoing innovation and investment in digital offerings to remain competitive.
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The clear emerging threats to First Financial Bankshares (FFIN) stem from the rapid advancement and adoption of financial technology (FinTech), which facilitates the emergence of digital-first competitors across its core business lines.
Neobanks and Digital-Only Banks: These challenger banks operate without physical branches, leveraging technology to offer deposit accounts, payment services, and basic lending with lower overhead costs and often superior digital user experiences. This directly threatens FFIN's traditional deposit-gathering and retail banking services, particularly for consumers and small businesses seeking convenience and potentially lower fees, akin to how Netflix challenged Blockbuster's physical presence.
Specialized Online Lenders: Various FinTech platforms specialize in specific lending areas (e.g., consumer loans, small business loans). These platforms often offer streamlined application processes, faster approval times, and competitive rates, potentially diverting loan demand from FFIN's diverse lending portfolio.
Robo-advisors and Online Wealth Management Platforms: For FFIN's personal trust, wealth management, and securities brokerage services, robo-advisors and other automated investment platforms offer lower-cost, technology-driven alternatives for managing investments. These services appeal to clients seeking efficient, algorithm-based portfolio management, threatening FFIN's traditional fee-based advisory services.
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First Financial Bankshares (FFIN) operates in Texas, offering a range of commercial banking products and services. The addressable markets for their main offerings in the specified region are outlined below:
- Commercial Banking Products and Services (including checking, savings, money market accounts, and time deposits): The market size of the Commercial Banking industry in Texas is estimated to be $108.7 billion in 2026.
-
Loans (Commercial and Industrial, Real Estate, Agricultural, Consumer):
- Real Estate Loans (Commercial and Residential): The market size for the Real Estate Loans & Collateralized Debt industry in Texas is projected at $76.1 billion in 2026.
- Unsecured Personal Loans (Consumer auto and non-auto loans): Texans are estimated to have carried $28 billion to $30 billion in unsecured personal loan debt by early 2025.
- Commercial Lending (overall): The global commercial lending market size was valued at USD 10,923.28 billion in 2025 and is projected to grow to USD 11,864.16 billion in 2026. North America's commercial lending market is projected to reach a valuation of USD 2,892.50 billion by 2025. Commercial lending constituted 43.78% of the U.S. commercial banking market share in 2025.
- Personal Trust Services (including wealth management, administration of estates, testamentary trusts, revocable and irrevocable trusts, and agency accounts): While a definitive total market size for personal trust services and wealth management in Texas in dollar terms is not explicitly available, the Dallas/Fort Worth market alone had over 2,330 ultra-high net worth households with $30 million or more in net worth as of July 2020, indicating a significant addressable market within a key region of Texas. The Custody, Asset & Securities Services industry in Texas, which encompasses trust and fiduciary services, has been growing at an average annual rate of 4.0% from 2020 to 2025.
- Securities Brokerage Services: The United States securities brokerage market size is estimated at USD 4.03 billion in 2026. The South region accounted for 35.10% of the U.S. securities brokerage market share in 2025. Another source indicates the United States Securities Brokerage Market was valued at USD 201.07 billion in 2024, projected to reach USD 252.58 billion by 2030.
- Retirement and Employee Benefits Accounts (401(k) profit-sharing plans and IRAs): Approximately 5.7 million workers in Texas, representing 53% of the state's private sector workforce, did not have access to an employer-sponsored retirement savings plan as of June 2025, indicating a substantial addressable market for individual retirement accounts. The Employees Retirement System of Texas (ERS) manages over $45 billion in pension fund assets as of January 2026.
- Asset Management Services: The United States asset management market size is projected at USD 70.97 trillion in 2026. Within Texas, the Real Estate Asset Management & Consulting industry is valued at $8.2 billion in 2026.
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First Financial Bankshares (FFIN) is expected to drive future revenue growth over the next two to three years through a combination of strategic initiatives and expansion within its core banking operations. Key drivers include:
- Growth in Specialty Businesses: The company continues to benefit from a strategic focus on its specialty businesses, which include leasing, mortgage, and bank card operations. These areas have demonstrated double-digit growth, contributing significantly to overall revenue expansion.
- Expansion of Non-Interest Income Streams: First Financial Bankshares has seen an increase in adjusted non-interest income, particularly led by growth in wealth management and foreign exchange income. These diversified revenue sources are anticipated to continue contributing to the company's financial performance.
- Core Banking Operations Growth and Net Interest Margin Management: Revenue growth is also driven by the overall expansion of the company's balance sheet, fueled by strong deposit growth, which subsequently enables increased loan activity. Furthermore, diligent management of deposit costs helps maintain a robust net interest margin, a crucial factor for profitability in its core commercial banking products and services offered across its Texas financial centers.
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<h3>Capital Allocation Decisions for First Financial Bankshares (FFIN)</h3>
<p>Over the last 3-5 years, First Financial Bankshares (FFIN) has made several capital allocation decisions, primarily focusing on share repurchases and strategic capital expenditures.</p>
<h4>Share Repurchases</h4>
<ul>
<li>In July 2021, First Financial Bankshares renewed its stock repurchase plan, authorizing the repurchase of up to 5,000,000 shares of its common stock through July 31, 2023, representing approximately 3.5% of its outstanding shares at that time.</li>
<li>The company further renewed its stock repurchase plan in July 2025, allowing for the buyback of up to 5,000,000 shares of common stock through July 31, 2026. This authorization represented approximately 3.5% of outstanding shares as of July 22, 2025.</li>
<li>Both plans grant management flexibility to repurchase shares through open market, block trades, or privately negotiated transactions, with no minimum number of shares required.</li>
</ul>
<h4>Share Issuance</h4>
<ul>
<li>In May 2024, an independent director received 1,398 shares of common stock upon appointment to the Board as part of a pro-rata annual retainer fee.</li>
<li>First Financial Bankshares reported 143 million shares outstanding in Q3 2025, showing a minimal increase of 0.1% from the prior quarter, suggesting negligible share issuance.</li>
</ul>
<h4>Capital Expenditures</h4>
<ul>
<li>First Financial Bankshares invested $6.0 million in capital expenditures in Q4 2025, which was a significant increase of 113.9% from the previous quarter.</li>
<li>The company's long-term growth strategy includes organic expansion and new branches, implying ongoing capital allocation towards physical infrastructure.</li>
<li>FFIN also focuses on investments in technology, including robust cybersecurity measures for its digital offerings, to maintain competitiveness.</li>
</ul>Latest Trefis Analyses
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| 04302026 | EEFT | Euronet Worldwide | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04242026 | HOMB | Home BancShares | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 1.5% | 1.5% | 0.0% |
| 03312026 | HBAN | Huntington Bancshares | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 7.1% | 7.1% | 0.0% |
| 03312026 | NP | Neptune Insurance | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 3.9% | 3.9% | 0.0% |
| 03272026 | JKHY | Jack Henry & Associates | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.3% | 0.3% | -4.0% |
| 05312022 | FFIN | First Financial Bankshares | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -11.9% | -36.0% | -36.7% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 68.30 |
| Mkt Cap | 5.1 |
| Rev LTM | 1,277 |
| Op Inc LTM | - |
| FCF LTM | 480 |
| FCF 3Y Avg | 429 |
| CFO LTM | 500 |
| CFO 3Y Avg | 493 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.4% |
| Rev Chg 3Y Avg | 5.6% |
| Rev Chg Q | 11.1% |
| QoQ Delta Rev Chg LTM | 2.8% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 41.4% |
| CFO/Rev 3Y Avg | 40.2% |
| FCF/Rev LTM | 38.5% |
| FCF/Rev 3Y Avg | 37.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 5.1 |
| P/S | 3.9 |
| P/Op Inc | - |
| P/EBIT | - |
| P/E | 13.2 |
| P/CFO | 10.4 |
| Total Yield | 9.8% |
| Dividend Yield | 2.6% |
| FCF Yield 3Y Avg | 8.9% |
| D/E | 0.3 |
| Net D/E | -0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.2% |
| 3M Rtn | -4.0% |
| 6M Rtn | 13.7% |
| 12M Rtn | 18.1% |
| 3Y Rtn | 41.5% |
| 1M Excs Rtn | -6.3% |
| 3M Excs Rtn | -8.5% |
| 6M Excs Rtn | 4.5% |
| 12M Excs Rtn | -10.5% |
| 3Y Excs Rtn | -39.5% |
Price Behavior
| Market Price | $32.24 | |
| Market Cap ($ Bil) | 4.6 | |
| First Trading Date | 11/01/1993 | |
| Distance from 52W High | -13.6% | |
| 50 Days | 200 Days | |
| DMA Price | $31.07 | $32.07 |
| DMA Trend | down | indeterminate |
| Distance from DMA | 3.8% | 0.5% |
| 3M | 1YR | |
| Volatility | 26.6% | 25.8% |
| Downside Capture | 111.22 | 100.13 |
| Upside Capture | 68.15 | 64.89 |
| Correlation (SPY) | 41.6% | 42.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.63 | 0.62 | 0.64 | 0.63 | 0.97 | 0.97 |
| Up Beta | 0.49 | 0.62 | 0.70 | 0.79 | 1.27 | 0.99 |
| Down Beta | -0.31 | 0.44 | 0.40 | 0.55 | 0.91 | 0.82 |
| Up Capture | 85% | 71% | 71% | 60% | 59% | 88% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 14 | 23 | 36 | 62 | 117 | 354 |
| Down Capture | 76% | 59% | 67% | 59% | 102% | 103% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 8 | 20 | 28 | 62 | 131 | 391 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FFIN | |
|---|---|---|---|---|
| FFIN | -4.9% | 25.7% | -0.23 | - |
| Sector ETF (XLF) | 4.9% | 14.5% | 0.11 | 61.5% |
| Equity (SPY) | 29.5% | 12.0% | 1.86 | 42.4% |
| Gold (GLD) | 35.5% | 26.8% | 1.11 | 1.0% |
| Commodities (DBC) | 42.9% | 18.7% | 1.77 | -18.5% |
| Real Estate (VNQ) | 15.2% | 13.1% | 0.82 | 43.6% |
| Bitcoin (BTCUSD) | -31.3% | 41.8% | -0.78 | 23.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FFIN | |
|---|---|---|---|---|
| FFIN | -7.1% | 31.0% | -0.20 | - |
| Sector ETF (XLF) | 8.4% | 18.6% | 0.33 | 64.7% |
| Equity (SPY) | 14.0% | 17.0% | 0.64 | 49.6% |
| Gold (GLD) | 18.8% | 18.0% | 0.85 | -0.4% |
| Commodities (DBC) | 10.4% | 19.4% | 0.42 | 7.4% |
| Real Estate (VNQ) | 3.8% | 18.8% | 0.10 | 50.4% |
| Bitcoin (BTCUSD) | 11.6% | 55.3% | 0.41 | 19.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FFIN | |
|---|---|---|---|---|
| FFIN | 9.7% | 32.2% | 0.36 | - |
| Sector ETF (XLF) | 12.9% | 22.1% | 0.53 | 72.4% |
| Equity (SPY) | 15.7% | 17.9% | 0.75 | 56.4% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | -6.3% |
| Commodities (DBC) | 7.8% | 17.9% | 0.35 | 18.0% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 50.4% |
| Bitcoin (BTCUSD) | 66.7% | 66.9% | 1.06 | 13.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/23/2026 | -2.1% | -2.8% | -1.6% |
| 10/24/2025 | 0.6% | -0.7% | -0.5% |
| 7/17/2025 | 1.4% | 0.2% | -3.8% |
| 4/17/2025 | -1.3% | 2.1% | 9.8% |
| 1/23/2025 | 3.4% | 3.0% | 0.6% |
| 10/17/2024 | -1.2% | -5.1% | 6.4% |
| 7/19/2024 | 3.0% | 10.6% | 0.7% |
| 4/19/2024 | 1.4% | 1.2% | 4.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 16 | 15 |
| # Negative | 8 | 8 | 9 |
| Median Positive | 2.2% | 2.7% | 7.4% |
| Median Negative | -1.2% | -3.0% | -4.3% |
| Max Positive | 4.2% | 10.6% | 18.2% |
| Max Negative | -9.1% | -13.9% | -14.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Nickles, Robert Clark JR | Limited Liability Corporation | Buy | 5062026 | 31.96 | 664 | 21,221 | 3,120,063 | Form | |
| 2 | Edwards, Murray Hamilton | Trust | Buy | 3162026 | 29.32 | 1,000 | 29,320 | 1,279,349 | Form | |
| 3 | Haney, Geoff | Direct | Buy | 3132026 | 29.18 | 1,500 | 43,770 | 981,790 | Form | |
| 4 | Trotter, Johnny | Direct | Buy | 3132026 | 29.26 | 1,000 | 29,260 | 27,985,551 | Form | |
| 5 | Hickox, Michelle S | EVP/CFO | Direct | Buy | 3112026 | 29.50 | 1,000 | 29,500 | 349,900 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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