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First Mid Bancshares, Inc.

FMBH Financial Banks Regional

First Mid Bancshares, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $466.0 million, up 2.73% from fiscal 2024.

Revenue
+22.8%
EPS
+7.14%
Free cash flow
+290.9%
Total debt
−90.2%

Quarter to June 2026, against a year earlier

50.95 0.99 −1.91%
Market cap
$1.4B
P/E
12.6×
Fwd P/E
11.2×
Dividend yield
1.98%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.01
Sold, $m 0.48
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — — — — — — — —
Sell 2 — 2 — — — — — — — — —
Insider Ownership 9.71%

Capital & Financial Ratios $m

Size
Market Cap 1,350.00
Revenue ttm 507.40
Net income ttm 100.26
Free cash flow ttm 126.88
Net debt Q (274.35)
Valuation
P/E 12.61
Forward P/E 11.20
Price / sales 2.66
Forward P/S Powerpack
Price / FCF 10.63
Price / book 1.22
Financial health
Current ratio Q 0.95
Debt / equity Q 0.03
Interest coverage Q —
Growth
Revenue growth Q +22.84% (above 0%: growing)
Operating income growth Q +20.56% (above 0%: growing)
EPS, this year +14.88%
EPS, next year A +17.12% (at or above 15%: strong)
Revenue, next year A −32.30% (below 0%: weak)
EPS, past 5 yrs +7.24%
EPS, next 5 yrs A +12.72%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 52.37%
10-year low 10-year high
P/S against its own 10 years 51.60%
10-year low 10-year high
P/B against its own 10 years 77.89%
10-year low 10-year high

Dividends raised 7 years running

Yield
1.98%
Annual rate
1.01
Payout ratio
25.1%
Growth, 2017–25
+5.07%/yr
  1. 0.66 ’17
  2. 0.41 ’18 −38
  3. 0.76 ’19 +85
  4. 0.81 ’20 +7
  5. 0.85 ’21 +5
  6. 0.90 ’22 +6
  7. 0.92 ’23 +2
  8. 0.94 ’24 +2
  9. 0.98 ’25 +4
  10. 1.02 ’26e +4
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 143 121 255 308
Receivables — — — —
Inventory — — — —
Other — — — —
5,690 5,762 6,231 7,199
2023 2024 2025 Q'26
Payables 6,124 6,057 6,395 7,572
ST’ Debt — — — —
Other — — — —
6,236 6,150 6,461 7,604

Compound Annual Growth %

10y 5y 3y
Sales 19.30% 18.01% 17.05%
Cash Flow 19.52% 15.55% 25.74%
Earnings 20.42% 15.17% 7.94%
Book Value 16.68% 11.03% 14.83%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.15 Actual 1.26

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.06 1.06 Met by 0.00
Q1 FY26 1.03 1.14 Beat by 0.11
Q2 FY26 1.12 1.26 Beat by 0.14
Q3 FY26 1.15 1.26 Beat by 0.11
Q4 FY26 1.19 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.06 1.04 — — —
’25 0.93 0.98 0.94 0.99 3.83
’24 0.86 0.82 0.81 0.80 3.30
’23 0.93 0.80 0.68 0.76 3.15
’22 0.86 0.86 0.88 1.01 3.60
’21 0.24 0.68 1.01 0.93 2.87
’20 0.60 0.60 0.69 0.81 2.70
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 127 144 — — —
’25 112 117 119 118 466
’24 112 111 114 116 454
’23 86 86 103 112 387
’22 68 70 74 79 291
’21 59 65 66 64 253
’20 51 49 50 53 204
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 25 26 — — —
’25 48 8 33 42 131
’24 29 24 33 38 124
’23 20 18 5 29 72
’22 24 (4) 34 12 66
’21 22 (20) 45 23 70
’20 17 9 8 30 64
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 23 24 — — —
’25 49 6 36 43 135
’24 28 23 32 37 119
’23 19 17 4 28 69
’22 24 (7) 33 10 61
’21 20 (21) 53 13 66
’20 16 8 8 29 61
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 102 130 160 206 204 253 291 387 454 466 507 +18.3% 316 342 349 (9.2%)
Gross margin, % 95.81 95.01 91.98 88.31 91.79 93.96 89.12 72.42 71.64 74.93 75.52 (20.9) pt
EBT 34 42 49 63 60 67 91 88 104 117 129 +14.8%
EBT margin, % 32.99 32.12 30.32 30.75 29.33 26.42 31.42 22.85 23.01 25.12 25.42 (7.9) pt
Net income 22 27 37 48 45 51 73 69 79 92 100 +17.3%
Per share, $
Per share, $ Revenue 10.09 10.36 11.04 12.34 12.18 14.13 14.41 17.77 19.06 19.52 19.18 +7.6%
Earnings 2.07 2.13 2.53 2.88 2.71 2.88 3.62 3.17 3.31 3.84 4.04 +7.1%
Cash flow 2.70 3.68 2.91 3.77 3.80 3.89 3.26 3.32 5.23 5.48 4.79 +8.2%
Capex (0.06) (0.10) (0.21) (0.25) (0.15) (0.21) (0.25) (0.17) (0.21) 0.18 0.01 n/m
Free cash flow 2.65 3.58 2.70 3.52 3.65 3.68 3.01 3.16 5.02 5.66 4.80 +8.8%
Book value 27.66 24.57 32.85 31.58 33.99 35.44 31.39 36.42 35.56 40.16 41.64 +4.2%
Shares, m 10 13 14 17 17 18 20 22 24 24 25 +10.0%
Valuation, ×
Valuation, × P/E 16.10 17.88 12.57 12.24 12.42 14.96 8.89 10.83 11.16 10.16 12.61 12.7
P/S 3.30 3.69 2.89 2.86 2.76 3.03 2.23 1.94 1.93 2.00 2.66 2.7
P/B 1.20 1.56 0.97 1.12 0.99 1.21 1.03 0.95 1.04 0.97 1.22 1.1
EV/Sales 2.20 3.65 2.94 3.09 1.73 2.78 3.38 2.32 1.72 1.50 — 2.5
EV/FCF 8.39 10.58 12.03 10.82 5.77 10.66 16.13 13.04 6.52 5.17 — 9.9
Cash, $m
Cash, $m Operating cash flow 27 46 42 63 64 70 66 72 124 131 127 +19.0%
Capex (1) (1) (3) (4) (2) (4) (5) (4) (5) 4 0 n/m
Free cash flow 27 45 39 59 61 66 61 69 119 135 127 +19.7%
Balance, $m
Balance, $m Working capital (520) (411) (214) (359) (369) (923) (407) (546) (388) (230) (405) (8.7%)
Net debt (112) (5) 7 48 (210) (63) 332 145 (97) (230) (274) +8.4%
Shareholders’ equity 281 308 476 527 568 634 633 793 846 959 1,102 +14.6%
Returns, %
Returns, % ROA 0.84 0.93 1.10 1.25 1.06 0.96 1.15 0.96 1.04 1.18 1.19 +0.3 pt
ROIC 12.51 8.60 6.27 6.89 10.42 7.31 5.91 5.89 8.71 10.05 9.74 (2.5) pt
ROE 9.17 9.07 9.34 9.56 8.27 8.57 11.52 9.67 9.62 10.17 10.05 +1.0 pt
People
People Employees 598 592 818 827 824 994 1,070 1,219 1,198 1,170 — +7.7%
Revenue/emp, $m 0.17 0.22 0.20 0.25 0.25 0.25 0.27 0.32 0.38 0.40 — +9.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

First Mid Bancshares, Inc. vs peers in Banks Regional (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TMP Tompkins Financial Corporation $1.4B 7.9× 12.6× +0.61% (above 0%: growing) +21.08% (above 0%: growing) +4.04% (above 0%: growing) 73.43% 0.00% Compare
BHRB Burke & Herbert Financial Services Corp. $1.4B 11.2× 11.4× +20.93% (above 0%: growing) −74.75% (below 0%: shrinking) +49.60% (above 0%: growing) 70.87% 0.00% Compare
PEBO Peoples Bancorp Inc. $1.4B 11.3× 11.8× −1.59% (below 0%: shrinking) +11.61% (above 0%: growing) +270.28% (above 0%: growing) 77.52% 0.00% Compare
WABC Westamerica Bancorporation $1.4B 12.9× 12.8× +0.43% (above 0%: growing) +8.93% (above 0%: growing) −33.14% (below 0%: shrinking) 94.65% 0.00% Compare
FMBH First Mid Bancshares, Inc. $1.4B 12.6× 11.2× +22.84% (above 0%: growing) +7.14% (above 0%: growing) +290.93% (above 0%: growing) 75.49% 0.00%
HBT HBT Financial, Inc. $1.4B 15.9× 13.1× +37.46% (above 0%: growing) +26.23% (above 0%: growing) +36.90% (above 0%: growing) 80.56% 0.00% Compare
CTBI Community Trust Bancorp, Inc. $1.3B 11.6× 11.2× +6.97% (above 0%: growing) +18.84% (above 0%: growing) +217.37% (above 0%: growing) 72.12% 0.00% Compare
OSBC Old Second Bancorp, Inc. $1.2B 11.3× 11.3× −1.73% (below 0%: shrinking) +200.00% (above 0%: growing) +282.25% (above 0%: growing) 84.33% 0.00% Compare
PFBC Preferred Bank $1.2B 9.4× 9.8× −3.71% (below 0%: shrinking) −4.14% (below 0%: shrinking) −33.29% (below 0%: shrinking) 57.05% 0.00% Compare
Median of peers $1.4B 11.3× 11.6× +0.52% +15.23% +43.25% 75.48% 0.00%

All 327 Banks Regional stocks →

Pay and ownership Proxy statement filed 17 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 2.11m 2.21m 131.92
2024 1.60m 1.79m 121.36
2023 1.18m 1.18m 111.24
2022 1.55m 1.30m 99.68
2021 1.69m 1.98m 129.81

Ownership

Directors and executive officers, together 6.00% of Common
Blackrock, Inc. 7.30% of Common
EPL LINCO Trust, dated December 5.20% of Common
The Vanguard Group 5.00% of Common
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

First Mid Bancshares, Inc. (FMBH) Latest News

29 Oct

Impact 4 · · Zacks
Impact 4 · · GlobeNewswire
Impact 4 · · GlobeNewswire
Impact 3 · · Zacks
Impact 3 · · Associated Press

28 Oct

Impact 3 · · Zacks

22 Oct

Impact 4 · · Zacks

19 Oct

Impact 3 · · Zacks

13 Oct

Impact 3 · · Zacks

12 Oct

Impact 3 · · Zacks

25 Sep

Impact 3 · · Zacks

10 Sep

Impact 3 ·

31 Jul

Impact 3 ·

23 Jul

Impact 3 ·
Impact 3 ·

7 May

Impact 4 · · Simply Wall St.

6 May

Impact 4 · · Simply Wall St.

29 Apr

Impact 4 · · Zacks
Impact 4 · · GlobeNewswire
Impact 3 · · GlobeNewswire

8 Apr

Impact 3 · · Zacks

2 Mar

Impact 4 · · GlobeNewswire

2 Feb

Impact 4 · · Zacks
Impact 3 ·

30 Jan

Impact 3 · · Zacks

29 Jan

Impact 4 · · GlobeNewswire
Impact 3 · · Zacks
Impact 3 · · Associated Press Finance

6 Jan

Impact 3 · · Simply Wall St.

10 Dec

Impact 4 · · Simply Wall St.
stockrow.com/FMBH · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com