First Bancorp /NC/ (FBNC) intrinsic value & 10-year financials
First Bancorp /NC/ (FBNC) has a Graham intrinsic value of $57.11 per share. At $60.36 on Oct 17, 2026, the stock trades 6% above that value. Over the last 10 fiscal years revenue shrank 10.5% a year to $67.6M, with an average return on invested capital of 9.2%.
- Graham intrinsic value
- $57.11
- Share price (Oct 17, 2026)
- $60.36
- Price vs Graham value
- 6% above
- Market cap
- $2.5B
- Revenue (FY2025)
- $67.6M
- Revenue growth (10-yr CAGR)
- -10.5%
- ROIC (10-yr avg)
- 9.2%
- Free cash flow (FY2025)
- $198.9M
FBNC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $67.6M | $111.0M | $2.68 | $198.9M | — | 9.1% |
| FY2024 | $70.1M | $76.2M | $1.84 | $172.1M | — | 4.6% |
| FY2023 | $32.8M | $104.1M | $2.53 | $127.0M | — | 5.8% |
| FY2022 | $17.4M | $146.9M | $4.12 | $225.4M | — | 14.0% |
| FY2021 | $25.3M | $95.6M | $3.19 | $129.5M | — | 13.4% |
| FY2020 | $200.0K | $81.5M | $2.81 | $44.7M | — | 9.5% |
| FY2019 | $3.2M | $92.0M | $3.10 | $47.7M | — | 8.8% |
| FY2018 | $2.7M | $89.3M | $3.01 | $35.7M | — | 11.3% |
| FY2017 | $218.9M | $46.0M | $1.82 | $22.2M | — | 7.5% |
| FY2016 | $183.8M | $27.5M | $1.33 | $32.6M | — | 7.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
FIRST BANCORP /NC/ is facing top-line stagnation, with revenue contracting over the decade.
FIRST BANCORP /NC/ returns on capital have been average, hovering around 9.2% ROIC over the decade.
FIRST BANCORP /NC/ has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, FIRST BANCORP /NC/ is modeled at 8.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $57.11 per share.