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First United Corporation

FUNC Financial Banks Regional

First United Corporation’s revenue for fiscal 2025 (year ended December 2025) was $121.4 million, up 8.58% from fiscal 2024.

Revenue
+4.79%
EPS
+3.97%
Free cash flow
+1,978.1%
Total debt
−67.8%

Quarter to September 2026, against a year earlier

45.74 1.56 −3.30%
Market cap
$295.0M
P/E
11.7×
Fwd P/E
10.8×
Dividend yield
2.32%
F-score
7/9
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 0.04
Sold, $m 0.55
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 4 — — 4 — — 4 — — 3
Sell — — 1 — — — — 3 — — — 1
Insider Ownership 5.03%

Capital & Financial Ratios $m

Size
Market Cap 295.03
Revenue ttm 126.55
Net income ttm 25.29
Free cash flow ttm 30.47
Net debt Q (43.94)
Valuation
P/E 11.69
Forward P/E 10.80
Price / sales 2.33
Forward P/S Powerpack
Price / FCF 9.69
Price / book 1.38
Financial health
Current ratio Q 0.92
Debt / equity Q 0.14
Interest coverage Q —
Growth
Revenue growth Q +4.79% (above 0%: growing)
Operating income growth Q +2.53% (above 0%: growing)
EPS, this year +13.02%
EPS, next year A +8.53%
Revenue, next year A −19.18% (below 0%: weak)
EPS, past 5 yrs +13.18%
EPS, next 5 yrs A +9.39%

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 69.56%
10-year low 10-year high
P/S against its own 10 years 97.80%
10-year low 10-year high
P/B against its own 10 years 98.64%
10-year low 10-year high

Dividends raised every year since 2018

Yield
2.32%
Annual rate
1.06
Payout ratio
27.2%
Growth, 2018–26
+18.6%/yr
  1. 0.27 ’18
  2. 0.40 ’19 +48
  3. 0.52 ’20 +30
  4. 0.58 ’21 +12
  5. 0.60 ’22 +3
  6. 0.78 ’23 +30
  7. 0.82 ’24 +5
  8. 0.92 ’25 +12
  9. 1.06 ’26 +15
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 50 78 133 75
Receivables — — — —
Inventory — — — —
Other — — — —
1,447 1,549 1,652 1,673
2023 2024 2025 Q'26
Payables 1,551 1,575 1,735 1,788
ST’ Debt — — — —
Other — — — —
1,597 1,641 1,754 1,821

Compound Annual Growth %

10y 5y 3y
Sales 5.51% 9.60% 14.69%
Cash Flow (1.35%) 3.68% (9.96%)
Earnings 9.07% 12.11% (0.71%)
Book Value 5.36% 9.22% 10.29%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.16 Actual 1.11

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.96 1.10 Beat by 0.14
Q1 FY26 0.92 1.02 Beat by 0.10
Q2 FY26 1.05 1.13 Beat by 0.08
Q3 FY26 1.16 1.11 Miss by 0.05
Q4 FY26 1.28 — Reports 3 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.03 0.87 1.11 — —
’25 0.89 0.92 1.07 0.89 3.77
’24 0.56 0.75 0.89 0.95 3.15
’23 0.65 0.66 0.67 0.26 2.24
’22 0.86 0.82 1.04 1.04 3.76
’21 0.49 0.66 0.66 1.14 2.95
’20 0.25 0.37 0.70 0.72 2.03
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 31 32 33 — —
’25 29 30 31 31 121
’24 27 28 28 29 112
’23 22 25 26 23 96
’22 19 19 21 22 80
’21 19 19 20 21 79
’20 19 19 19 19 77
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 14 5 5 — —
’25 7 1 2 10 19
’24 4 7 2 9 22
’23 4 5 9 6 22
’22 3 7 8 8 27
’21 8 (1) 4 10 20
’20 4 (1) 5 8 16
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 13 6 4 — —
’25 6 1 0 8 15
’24 4 7 1 9 20
’23 4 4 9 7 23
’22 3 5 8 7 23
’21 8 (2) 4 9 19
’20 3 (1) 6 7 15
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
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 Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 61 61 67 75 77 79 80 96 112 121 127 +8.0% 98 104 110 (3.4%)
Gross margin, % 86.41 87.97 87.98 84.57 87.42 92.77 94.05 74.60 71.37 73.04 75.70 (13.4) pt
EBT 10 12 13 16 18 26 33 19 27 33 33 +13.9%
EBT margin, % 16.63 19.93 19.91 22.04 23.17 33.30 41.23 20.37 24.35 26.79 26.35 +10.2 pt
Net income 7 5 11 13 14 20 25 15 21 25 25 +14.4%
Per share, $
Per share, $ Revenue 9.66 8.84 9.53 10.52 10.96 11.77 12.10 14.30 17.13 18.71 19.61 +7.6%
Earnings 0.84 0.58 1.51 1.85 2.04 2.95 3.77 2.25 3.15 3.78 3.91 +18.2%
Cash flow 1.83 1.86 2.58 2.31 2.31 2.98 3.99 3.36 3.41 2.99 5.18 +5.6%
Capex (0.58) (0.81) (1.34) (0.56) (0.23) (0.16) (0.50) 0.11 (0.29) (0.61) (0.46) +0.5%
Free cash flow 1.25 1.05 1.24 1.75 2.08 2.82 3.50 3.47 3.12 2.37 4.72 +7.4%
Book value 18.15 15.64 16.54 17.74 18.71 21.15 22.83 24.21 27.47 31.38 33.15 +6.3%
Shares, m 6 7 7 7 7 7 7 7 7 6 6 +0.4%
Valuation, ×
Valuation, × P/E 18.99 30.00 10.54 13.02 7.60 6.36 5.21 10.58 10.67 9.90 11.69 12.3
P/S 1.65 1.97 1.67 2.29 1.41 1.59 1.62 1.66 1.97 2.00 2.33 1.8
P/B 1.07 1.11 0.96 1.36 0.83 0.89 0.86 0.98 1.23 1.19 1.38 1.0
EV/Sales 2.78 2.57 2.82 2.97 0.78 0.52 1.08 2.30 2.35 1.70 — 2.0
EV/FCF 21.50 21.59 21.57 17.88 4.12 2.17 3.75 9.51 12.90 13.39 — 12.8
Cash, $m
Cash, $m Operating cash flow 11 13 18 16 16 20 27 22 22 19 33 +6.0%
Capex (4) (6) (9) (4) (2) (1) (3) 1 (2) (4) (3) +0.9%
Free cash flow 8 7 9 12 15 19 23 23 20 15 30 +7.8%
Balance, $m
Balance, $m Working capital (106) (119) (125) (106) (172) (276) (290) (150) (92) (102) (148) (0.5%)
Net debt 68 37 77 51 (49) (85) (43) 61 43 (37) (44) n/m
Shareholders’ equity 114 108 117 126 131 142 152 162 179 204 214 +6.7%
Returns, %
Returns, % ROA 0.40 0.31 0.78 0.93 0.87 1.14 1.40 0.80 1.06 1.21 1.23 +0.8 pt
ROIC 3.45 5.24 4.32 5.82 13.47 28.79 19.13 5.46 7.67 12.18 12.26 +8.7 pt
ROE 5.70 4.01 9.46 10.81 10.77 14.49 17.06 9.60 12.06 12.80 12.24 +7.1 pt
People
People Employees 356 363 356 319 319 303 336 338 291 343 — (0.4%)
Revenue/emp, $m 0.17 0.17 0.19 0.23 0.24 0.26 0.24 0.28 0.38 0.35 — +8.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

First United Corporation 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
NEWT NewtekOne, Inc. $308.3M 4.8× 6.2× +14.68% (above 0%: growing) −9.43% (below 0%: shrinking) +18.31% (above 0%: growing) 100.00% 70.56% Compare
ATLO Ames National Corporation $301.5M 13.1× 11.8× +7.68% (above 0%: growing) +31.37% (above 0%: growing) −13.26% (below 0%: shrinking) 73.46% 0.00% Compare
MYFW First Western Financial, Inc. $300.4M 14.1× 12.9× +0.29% (above 0%: growing) +84.85% (above 0%: growing) −26.07% (below 0%: shrinking) 57.81% 0.00% Compare
BPRN Princeton Bancorp, Inc. $299.7M 11.6× 11.2× −2.61% (below 0%: shrinking) +940.00% (above 0%: growing) −38.15% (below 0%: shrinking) 65.93% 0.00% Compare
FUNC First United Corporation $295.0M 11.7× 10.8× +4.79% (above 0%: growing) +3.97% (above 0%: growing) +1,978.11% (above 0%: growing) 77.40% 0.00%
FVCB Fvcbankcorp, Inc. $293.8M 10.9× 10.5× +9.18% (above 0%: growing) +19.35% (above 0%: growing) −23.59% (below 0%: shrinking) 64.10% 0.00% Compare
FNRN First Northern Community Bancorp $291.4M 13.1× — +2.07% (above 0%: growing) −12.99% (below 0%: shrinking) +31.66% (above 0%: growing) 83.16% 0.00% Compare
QNBC QNB Corp. $291.4M — (loss-making) — (loss-making) −74.89% (below 0%: shrinking) n/m +282.00% (above 0%: growing) (90.91%) 0.00% Compare
OVLY Oak Valley Bancorp (CA) $288.3M 12.1× — +4.45% (above 0%: growing) −8.82% (below 0%: shrinking) −20.28% (below 0%: shrinking) 85.32% 0.00% Compare
Median of peers $296.7M 12.1× 11.2× +3.26% +19.35% −16.77% 69.70% 0.00%

All 327 Banks Regional stocks →

Pay and ownership Proxy statement filed 25 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 1.04m 1.08m 81.04
2024 816.96k 862.23k 85.65
2023 609.85k 597.62k 25.41

Ownership

Directors and executive officers, together 8.10%
Black Rock, Inc. 6.00%
Dimensional Fund Advisors LP 5.60%
Vanguard Group, Inc. 5.30%
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 United Corporation (FUNC) Latest News

21 Oct

Impact 3 · · Simply Wall St.

19 Oct

Impact 3 · · Zacks

16 Oct

Impact 3 · · Zacks

30 Sep

Impact 3 · · Zacks

28 Sep

Impact 3 · · Barchart

20 Jul

Impact 3 ·

23 Apr

Impact 3 · · Zacks

22 Apr

Impact 3 · · Simply Wall St.

20 Apr

Impact 4 ·
Impact 4 ·

12 Feb

Impact 3 · · Simply Wall St.

11 Feb

Impact 4 · · Simply Wall St.

10 Feb

Impact 3 · · Simply Wall St.

9 Feb

Impact 4 · · Zacks
Impact 3 · · Simply Wall St.

5 Feb

Impact 4 · · Zacks

4 Feb

Impact 4 · · Zacks
Impact 4 · · PR Newswire

3 Feb

Impact 3 · · Simply Wall St.

2 Feb

Impact 3 · · Simply Wall St.

30 Jan

Impact 3 · · Simply Wall St.

29 Jan

Impact 3 · · Simply Wall St.

28 Jan

Impact 3 · · Simply Wall St.

27 Jan

Impact 3 · · Simply Wall St.

26 Jan

Impact 3 · · Simply Wall St.

16 Jan

Impact 3 · · Simply Wall St.

14 Jan

Impact 3 · · Simply Wall St.

13 Jan

Impact 3 · · Simply Wall St.

11 Jan

Impact 4 · · Simply Wall St.

9 Jan

Impact 3 · · Simply Wall St.
stockrow.com/FUNC · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com