First Financial Bankshares Inc FFIN

FinancialsBanking ServicesUnited States of America

Last close 30.59 USD on Nov 1, 2026, +4.4% year to date

Quant rating

Quant rating D Rank 561 of 799 in Financials

Growth C 405 of 799
Valuation C 548 of 799
Quality B 193 of 799
Revisions C 536 of 799
Momentum D 701 of 799

Wall Street consensus Hold (2.86)Average target 34.83 USD +13.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.4B
Enterprise value: 4.3B
52-week range: 28.15 – 36.52
3-year range: 24.13 – 43.05
Dividend yield: 2.88%
Beta (5 years): 0.81
Shares outstanding: 143M
Next earnings: Jan 20, 2027

About the company

First Financial Bankshares, Inc. is a financial holding company. The Company, through its wholly owned subsidiary, First Financial Bank (the Bank), operates multiple banking regions with approximately 79 locations in Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Bryan, Burleson, College Station, Cisco, Cleburne, Clyde, Conroe, Cut and Shoot, Decatur, Eastland and others. The Bank provides general commercial banking services, which include accepting and holding checking, savings and time deposits, making loans, offering automated teller machines (ATMs), drive-in and night deposit services, safe deposit facilities, remote deposit capture, Internet banking, mobile banking, payroll cards, funds transfer, and performing other customary commercial banking services. The Company also operates First Financial Trust and Asset Management Company, with nine locations and First Technology Services, Inc., a technology operating company.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	702	629	528	433	376	–
Revenue growth	11.7%	19.1%	22.0%	15.0%	3.4%	14.0%
EPS (basic, normalized)	1.77	1.56	1.39	1.64	1.60	–
EPS growth	13.5%	12.7%	−15.6%	2.7%	12.4%	4.5%
Gross margin	–	–	–	–	–	–
Net margin	36.1%	35.5%	37.7%	54.2%	60.5%	44.8%
ROE	14.6%	14.5%	15.0%	16.7%	13.3%	14.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	20.4%
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	1,833
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	702	+11.7%	6.1x	13.39	+14.6%	2.3x	1.77	+13.5%	17.3x
2026	707	+0.6%	6.0x	13.64	+1.9%	2.2x	2.04	+15.2%	15.0x
2027	744	+5.2%	5.7x	15.33	+12.4%	2.0x	2.13	+4.3%	14.4x
2028	790	+6.2%	5.4x	15.99	+4.3%	1.9x	2.25	+5.6%	13.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	707	+0.2%	+0.3%	+0.4%	2.04	−0.4%	−0.6%	+0.2%
2027	744	−0.2%	−0.5%	−1.5%	2.13	−1.2%	−2.0%	−0.5%
2028	790	−0.7%	–	–	2.25	−2.8%	–	–

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales reported (mil)	135	139	147	149	157	149	165	154	173	163
Sales mean (mil)	133	140	145	150	156	161	166	166	174	179
Surprise	+0.8%	−0.7%	+1.7%	−0.3%	+0.1%	−7.6%	−0.6%	−7.1%	−0.8%	−8.6%
EPS reported	0.37	0.39	0.43	0.43	0.47	0.36	0.51	0.50	0.50	0.52
EPS mean	0.36	0.39	0.40	0.43	0.44	0.47	0.48	0.47	0.50	0.52
Surprise	+2.8%	+0.5%	+7.5%	+0.8%	+6.4%	−23.3%	+6.7%	+5.9%	−0.5%	−0.3%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
FFIN First Financial Bankshares Inc	4.4B	20.4%	36.1%	1.66x	15.0x	14.4x	2.2x	2.0x
MBWM Mercantile Bank Corporation	1.0B	12.3%	26.9%	1.11x	10.7x	10.3x	1.3x	1.2x
Mean		16.3%	31.5%	1.38x	12.9x	12.3x	1.8x	1.6x
Median		16.3%	31.5%	1.38x	12.9x	12.3x	1.8x	1.6x

Technical analysis

1M−4.6%
3M−12.5%
1Y+0.1%
3Y+38.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, First Financial Bankshares Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	702	629	528	433	376	364
Total interest expense	202	202	144	31.4	6.0	14.2
Net interest income	501	427	384	401	370	350
Loan loss provision	28.6	13.8	10.6	17.4	−1.1	19.5
Net interest income after loan loss provision	472	413	373	384	372	330
Non-interest income	131	124	108	132	142	140
Non-interest expense	−293	−265	−238	−235	−242	−228
Net income before taxes	310	272	243	281	272	242
Provision for taxes	56.0	48.3	44.3	46.4	44.4	40.3
Minority interest & equity in affiliates	–	–	–	–	–	–
Other	0	0	0	0	0	0
Net income before extraordinary items	254	224	199	234	228	202
Extraordinary items	–	–	–	–	–	0
Net income	254	224	199	234	228	202
Basic weighted average shares (mil)	143	143	143	143	142	142
Diluted weighted average shares (mil)	143	143	143	143	143	143
Basic EPS excluding extraordinary items	1.77	1.56	1.39	1.64	1.60	1.42
Basic EPS, normalized	1.77	1.56	1.39	1.64	1.60	1.42

Balance sheet in millions of USD, fiscal years

Balance sheet, First Financial Bankshares Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	249	260	281	293	205	211
Other earning assets	6,373	5,129	5,002	5,524	6,935	4,995
Net loans	8,053	7,815	7,060	6,366	5,326	5,104
Property, plant & equipment	150	152	152	153	150	142
Goodwill	–	–	–	–	–	–
Intangibles	314	314	315	316	317	318
Long-term investments	–	–	–	–	–	–
Other long-term assets	–	–	–	–	–	–
Other assets	308	309	296	323	171	133
Total assets	15,446	13,979	13,106	12,974	13,102	10,904
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Total deposits	13,346	12,099	11,138	11,006	10,566	8,676
Other bearing liabilities	–	–	–	–	–	0
Short-term borrowings	84.6	197	404	643	671	430
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	99.0	76.7	64.3	60.3	106	120
Total liabilities	13,529	12,373	11,607	11,708	11,343	9,226
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1.4	1.4	1.4	1.4	1.4	1.4
Additional paid-in capital	700	689	681	678	677	670
Retained earnings (accumulated deficit)	1,486	1,340	1,220	1,122	982	837
Treasury stock	−14.3	−12.9	−11.9	−11.0	−10.1	−9.1
Other equity	−256	−411	−391	−524	109	180
Total equity	1,917	1,607	1,499	1,266	1,759	1,678
Total liabilities & shareholders' equity	15,446	13,979	13,106	12,974	13,102	10,904

Cash flow statement in millions of USD, fiscal years

Cash flow statement, First Financial Bankshares Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	254	224	199	234	228	202
Depreciation, depletion & amortization	13.7	13.4	12.6	12.8	13.1	12.8
Deferred taxes	−0.5	−0.6	−0.4	−4.2	3.5	−5.2
Non-cash items	45.4	49.6	62.5	65.2	64.7	34.2
Changes in working capital	−12.7	23.7	11.2	15.7	44.3	−33.1
Cash from operations	299	310	285	324	353	211
Investing activities
Capital expenditures	−13.4	−16.7	−17.3	−15.8	−19.2	−16.4
Other investing cash flows	−1,003	−720	145	−822	−2,592	−1,246
Cash from investing	−1,016	−737	127	−838	−2,612	−1,262
Financing activities
Financing cash flow items	1,246	961	133	439	1,891	1,523
Cash dividends paid	−106	−103	−100.0	−91.3	−79.7	−70.3
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−109	−204	−239	−31.5	247	45.4
Cash from financing	1,031	654	−206	316	2,058	1,498
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	315	227	206	−198	−200	446
Free cash flow	286	293	268	308	334	194

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.