First Financial Bankshares

FFIN · Nasdaq · Financials · Financials, fiscal 2016 to 2025

FFIN · Last close · October 26, 2026

$30.00

Value First Financial Bankshares yourself

First Financial Bankshares' revenue rose 14.7% to $632 million in fiscal 2025. Net income was $254 million, up 13.4%. Its return on equity was 14.4%, about the same as 14.4% a year earlier. Its efficiency ratio was 46.5%, down from 48.1% a year earlier. It paid out $106 million in dividends and buybacks. The diluted share count rose 0.1%.

First Financial Bankshares, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0001193125-26-071549 Updated October 18, 2026

Revenue

$632M

14.7%

Net income

$254M

13.4%

Return on equity

14.4%

0.0 pts

Return on tangible equity

17.5%

0.5 pts

Efficiency ratio

46.5%

1.7 pts

Market cap

$4.3B

Oct 26 close

P/E

16.0x

On $1.87 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (2-for-1), so every year is on today's share basis.

Charts show fiscal years, from the 10-K filings.

Revenue and returns

Revenue

US$ billions, fiscal years. Revenue is net of interest expense.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 9.2% a year and net income 10.3% a year, as new shares raised the share count by 8% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Efficiency and income mix

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Value First Financial Bankshares yourself from its earnings. A bank's cash flow is mostly the money it lends and takes in, so the cash flow model on other company pages doesn't suit it.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from First Financial Bankshares' earnings per share of $1.87 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 13.8×, the middle of First Financial Bankshares' own P/E today, its peers' median and its sector's median (the Financials median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Intl Bancshares, Home BancShares, United Bankshares, Prosperity Bancshares.

Earnings growth in the years ahead (% a year) Starts at First Financial Bankshares' revenue growth over the last 3 years, 5.8% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $30.00
Value at this multiple, against the last close: —
First Financial Bankshares' P/E at the last close: 16.0×

Company	Last close	Earnings per share	P/E today
First Financial BanksharesFFIN	$30.00	$1.87	16.0×
United BanksharesUBSI	$48.92	$3.67	13.3×
Home BancSharesHOMB	$30.07	$2.43	12.4×
Prosperity BancsharesPB	$69.74	$5.77	12.1×
Intl BancsharesIBOC	$66.78	$6.63	10.1×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Loans, net	5,326	6,366	7,060	—	—
Deposits	10,566	11,006	11,138	12,099	13,346
Loans to deposits	50.4%	57.8%	63.4%	—	—
Provision for credit losses	−1	17	11	14	29
Provision to average loans	−0.0%	0.3%	0.2%	—	—
Total assets	13,102	12,974	13,106	13,979	15,446
Shareholders' equity	1,759	1,266	1,499	1,607	1,917

US$ millions unless stated, at each fiscal year end.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 9 insiders bought $1.2 million of First Financial Bankshares shares on the open market, and 1 insider sold $524,250.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 18, 2026	Michael B. DennyDirector	Bought	3,000	$34.66	$103,980	Form 4
Aug 17, 2026	Ronald David Butler IIEvp/cao	Sold	15,000	$34.95	$524,250	Form 4
Jul 24, 2026	Robert Clark Nickles JrDirector	Bought	700	$34.89	$24,423	Form 4
Jun 11, 2026	Murray Hamilton EdwardsDirector	Bought	1,000	$33.18	$33,180	Form 4
May 5, 2026	Robert Clark Nickles JrDirector	Bought	664	$31.96	$21,221	Form 4
Mar 13, 2026	Murray Hamilton EdwardsDirector	Bought	1,000	$29.32	$29,320	Form 4
Mar 12, 2026	Geoff HaneyDirector	Bought	1,500	$29.18	$43,770	Form 4
Mar 12, 2026	Johnny TrotterDirector	Bought	1,000	$29.26	$29,260	Form 4
Mar 9, 2026	Michelle S HickoxEvp/cfo	Bought	2,000	$29.50	$59,000	Form 4
Mar 6, 2026	Sally Pope DavisDirector	Bought	1,800	$29.52	$53,136	Form 4
Mar 6, 2026	Brian D. GoodrichEVP - General Counsel	Bought	1,665	$29.89	$49,767	Form 4
Mar 5, 2026	Johnny TrotterDirector	Bought	4,000	$30.02	$120,080	Form 4

The latest 12 of 21 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put First Financial Bankshares side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
First Financial Bankshares	FY25	14.7%	40.1%	14.4%	17.5%	46.5%
Intl Bancshares	FY25	1.0%	49.0%	13.6%	15.0%	36.4%	Compare
Home BancShares	FY25	7.2%	43.6%	11.5%	17.4%	42.0%	Compare
United Bankshares	FY25	19.6%	37.5%	8.9%	14.1%	48.5%	Compare
Prosperity Bancshares	FY25	4.8%	43.4%	7.2%	13.5%	44.5%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	312	328	374	398	490	512	533	492	551	632
Revenue growth	7.2%	5.0%	14.3%	6.1%	23.2%	4.6%	4.0%	−7.7%	12.0%	14.7%
Net interest income	227	237	273	289	350	370	401	384	427	501
Noninterest income	85	91	102	108	140	142	132	108	124	131
Noninterest expense	166	174	191	196	228	242	235	238	265	293
Provision for credit losses	10	6	6	3	20	−1	17	11	14	29
Net income	105	120	151	165	202	228	234	199	224	254
Diluted EPS (US$)	0.80	0.91	1.11	1.21	1.42	1.59	1.64	1.39	1.56	1.77
Diluted shares (millions)	132	133	136	136	142	143	143	143	143	143
Payouts
Dividends paid	45	49	54	61	70	80	91	100	103	106
Share buybacks	0	0	0	0	8	0	9	3	0	0
Balance sheet at fiscal year end
Loans, net	3,312	3,437	3,902	4,142	5,104	5,326	6,366	7,060	—	—
Deposits	5,478	5,963	6,180	6,604	8,676	10,566	11,006	11,138	12,099	13,346
Total assets	6,810	7,255	7,732	8,262	10,904	13,102	12,974	13,106	13,979	15,446
Shareholders' equity	838	923	1,053	1,227	1,678	1,759	1,266	1,499	1,607	1,917
Ratios
Return on equity	12.8%	13.7%	15.2%	14.4%	13.9%	13.2%	15.5%	14.4%	14.4%	14.4%
Return on tangible common equity	15.4%	16.3%	18.1%	17.0%	16.7%	16.2%	19.6%	18.6%	18.0%	17.5%
Return on assets	1.6%	1.7%	2.0%	2.1%	2.1%	1.9%	1.8%	1.5%	1.6%	1.7%
Efficiency ratio	53.2%	53.1%	50.9%	49.4%	46.5%	47.2%	44.0%	48.4%	48.1%	46.5%

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: First Financial Bankshares' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with First Financial Bankshares.