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First Internet Bancorp

INBK Financial Banks Regional

First Internet Bancorp’s revenue for fiscal 2025 (year ended December 2025) was $322.9 million, down 4.82% from fiscal 2024.

Revenue
+49.4%
EPS
+111.6%
Free cash flow
−20.6%
Total debt
+2.29%

Quarter to September 2026, against a year earlier

25.66 0.11 −0.43%
Market cap
$225.1M
P/E
15.1×
Fwd P/E
11.6×
Dividend yield
0.93%
F-score
3/9
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 0.02
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 16.58%

Capital & Financial Ratios $m

Size
Market Cap 225.06
Revenue ttm 351.31
Net income ttm 14.98
Free cash flow ttm 152.31
Net debt Q (289.27)
Valuation
P/E 15.05
Forward P/E 11.60
Price / sales 0.65
Forward P/S Powerpack
Price / FCF 1.49
Price / book 0.64
Financial health
Current ratio Q 0.88
Debt / equity Q 1.02
Interest coverage Q —
Growth
Revenue growth Q +49.36% (above 0%: growing)
Operating income growth Q +109.27% (above 0%: growing)
EPS, this year +425.76% (at or above 15%: strong)
EPS, next year A +109.65% (at or above 15%: strong)
Revenue, next year A −56.42% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +26.44% (at or above 15%: strong)

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 85.22%
10-year low 10-year high
P/S against its own 10 years 11.95%
10-year low 10-year high
P/B against its own 10 years 28.09%
10-year low 10-year high

Dividends

Yield
0.93%
Annual rate
0.24
Payout ratio
14.1%
Growth, 2017–25
0.00%/yr
  1. 0.24 ’17
  2. 0.24 ’18 +0
  3. 0.24 ’19 +0
  4. 0.24 ’20 +0
  5. 0.24 ’21 +0
  6. 0.24 ’22 +0
  7. 0.24 ’23 +0
  8. 0.24 ’24 +0
  9. 0.24 ’25 +0
  10. 0.24 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 406 466 457 652
Receivables — — — —
Inventory — — — —
Other — — — —
4,256 4,675 4,284 —
2023 2024 2025 Q'26
Payables 4,067 4,933 4,840 5,153
ST’ Debt — — — —
Other — — — —
4,085 4,954 4,857 —

Compound Annual Growth %

10y 5y 3y
Sales 20.13% 13.27% 21.92%
Cash Flow (10.88%) (23.39%) (65.32%)
Earnings 0.00% 0.00% 0.00%
Book Value 13.18% 1.68% (0.48%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.80 Actual 0.57

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.59 0.64 Beat by 0.05
Q1 FY26 0.08 0.29 Beat by 0.21
Q2 FY26 0.03 0.27 Beat by 0.24
Q3 FY26 0.80 0.57 Miss by 0.23
Q4 FY26 1.04 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.29 0.27 0.54 — —
’25 0.11 0.02 (4.76) 0.60 (4.03)
’24 0.59 0.67 0.80 0.83 2.88
’23 (0.33) 0.44 0.39 0.48 0.95
’22 1.14 0.99 0.89 0.68 3.70
’21 1.05 1.31 1.21 1.25 4.82
’20 0.62 0.40 0.86 1.12 2.99
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 87 85 89 — —
’25 87 86 60 89 323
’24 77 82 87 94 339
’23 57 64 70 74 266
’22 43 40 43 51 178
’21 42 42 41 42 167
’20 42 39 45 46 173
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 76 24 29 — —
’25 33 (90) 37 24 3
’24 3 16 0 (6) 13
’23 6 (11) 4 12 12
’22 31 21 22 9 83
’21 31 10 1 12 55
’20 (26) 12 (21) 48 13
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 75 24 29 — —
’25 33 (91) 37 23 2
’24 2 15 0 (7) 10
’23 3 (11) 2 12 6
’22 21 18 20 6 65
’21 25 10 (7) 4 33
’20 (31) 6 (29) 41 (12)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.5
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 73 95 124 164 173 167 178 266 339 323 351 +18.0% 141 159 171 (19.1%)
Gross margin, % 73.68 67.75 57.18 48.57 58.24 71.61 66.43 38.04 39.71 36.07 48.36 (37.6) pt
EBT 18 23 24 27 34 57 40 5 28 (51) 14 n/m
EBT margin, % 24.65 24.07 19.28 16.54 19.57 33.93 22.51 1.86 8.12 (15.76) 3.96 (40.4) pt
Net income 12 15 22 25 29 48 36 8 25 (35) 15 n/m
Per share, $
Per share, $ Revenue 14.00 13.38 13.09 16.35 17.60 16.81 18.69 30.05 39.04 36.98 40.09 +11.4%
Earnings 2.32 2.14 2.31 2.51 2.99 4.85 3.73 0.95 2.91 (4.03) 1.72 n/m
Cash flow 5.08 3.46 3.09 (4.34) 1.33 5.53 8.68 1.32 1.50 0.40 17.46 (24.7%)
Capex (0.61) (0.21) (0.23) (0.41) (2.60) (2.20) (1.84) (0.61) (0.30) (0.14) (0.07) (15.0%)
Free cash flow 4.47 3.25 2.86 (4.75) (1.27) 3.33 6.84 0.71 1.20 0.25 17.38 (27.3%)
Book value 29.54 31.48 30.43 30.36 33.63 38.35 38.29 41.05 44.20 41.21 40.44 +3.8%
Shares, m 5 7 9 10 10 10 10 9 9 9 9 +5.9%
Valuation, ×
Valuation, × P/E 13.74 17.35 8.74 9.45 9.58 9.68 6.62 24.73 12.37 0.00 15.05 11.2
P/S 2.27 2.81 1.56 1.45 1.63 2.80 1.31 0.80 0.92 0.56 0.65 1.6
P/B 1.07 1.20 0.67 0.78 0.85 1.23 0.64 0.59 0.81 0.51 0.64 0.8
EV/Sales 4.83 7.00 4.54 3.02 2.64 3.86 3.91 1.98 0.73 0.25 — 3.3
EV/FCF 15.12 28.86 20.79 (10.38) (36.63) 19.44 10.68 83.50 23.70 36.19 — 19.1
Cash, $m
Cash, $m Operating cash flow 26 25 29 (44) 13 55 83 12 13 3 153 (20.3%)
Capex (3) (2) (2) (4) (26) (22) (18) (5) (3) (1) (1) (10.0%)
Free cash flow 23 23 27 (48) (12) 33 65 6 10 2 152 (23.0%)
Balance, $m
Balance, $m Working capital (161) 91 228 133 186 155 308 171 (278) (573) (605) +15.2%
Net debt 187 399 370 257 175 176 463 314 (66) (102) (289) n/m
Shareholders’ equity 154 224 289 305 331 380 365 363 384 360 354 +9.9%
Returns, %
Returns, % ROA 0.77 0.66 0.69 0.66 0.71 1.14 0.81 0.17 0.46 (0.62) 0.26 (1.4) pt
ROIC 3.30 2.30 2.50 3.02 4.45 6.35 3.03 0.46 5.42 (12.33) 13.36 (15.6) pt
ROE 9.35 8.05 8.54 8.50 9.26 13.53 9.54 2.31 6.77 (9.46) 4.24 (18.8) pt
People
People Employees 192 206 201 231 257 286 319 290 326 355 — +7.1%
Revenue/emp, $m 0.38 0.46 0.62 0.71 0.67 0.58 0.56 0.92 1.04 0.91 — +10.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026

First Internet Bancorp 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
CMTV Community Bancorp. $248.3M 14.1× — +8.55% (above 0%: growing) +16.67% (above 0%: growing) +17.48% (above 0%: growing) 73.88% 0.00% Compare
EFSI Eagle Financial Services Inc. $245.4M 13.1× 14.4× +10.87% (above 0%: growing) −6.12% (below 0%: shrinking) −435.67% (below 0%: shrinking) 77.54% 0.00% Compare
PEBK Peoples Bancorp of North Carolina, Inc. $236.0M 10.4× 11.8× +1.75% (above 0%: growing) +53.76% (above 0%: growing) +91.79% (above 0%: growing) 80.53% 0.00% Compare
CFBK CF Bankshares Inc. $234.1M 11.9× 9.6× −0.68% (below 0%: shrinking) +18.18% (above 0%: growing) −35.84% (below 0%: shrinking) 52.15% 0.00% Compare
CZWI Citizens Community Bancorp, Inc. $227.4M 18.2× 15.0× −2.75% (below 0%: shrinking) −66.67% (below 0%: shrinking) +1,134.94% (above 0%: growing) 65.38% 0.00% Compare
OVBC Ohio Valley Banc Corp. $227.2M 16.0× 11.0× +11.63% (above 0%: growing) −30.34% (below 0%: shrinking) −91.53% (below 0%: shrinking) 69.70% 0.00% Compare
INBK First Internet Bancorp $225.1M 15.1× 11.6× +49.36% (above 0%: growing) n/m −20.56% (below 0%: shrinking) 49.24% 0.00%
GBFH GBank Financial Holdings Inc. $224.3M 12.0× 12.8× +22.90% (above 0%: growing) +15.15% (above 0%: growing) +3,151.19% (above 0%: growing) 68.86% 0.00% Compare
OPBK OP Bancorp $220.6M 7.6× 7.4× +5.31% (above 0%: growing) +28.57% (above 0%: growing) +3.10% (above 0%: growing) 58.66% 0.00% Compare
Median of peers $230.7M 12.6× 11.8× +6.93% +15.91% +10.29% 69.28% 0.00%

All 327 Banks Regional stocks →

Pay and ownership Proxy statement filed 27 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 1.49m 674.23k 76.00
2024 1.93m 2.14m 159.40
2023 1.73m 1.41m 106.30
2022 1.82m 342.70k 105.30
2021 1.92m 2.90m 202.50

Ownership

Directors and executive officers, together 8.60%
BlackRock, Inc.50 Hudson YardsNew York, NY 6.20%
The Vanguard Group, Inc.100 Vanguard Blvd.Malvern, PA 5.10%
Dimensional Fund Advisors LP6300 Bee Cave Road, Building OneAustin, TX 5.00%
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 Internet Bancorp (INBK) Latest News

30 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby

29 Oct

Impact 4 · · MarketBeat
Impact 3 · · Zacks
Impact 3 · · Zacks

24 Sep

Impact 3 · · Business Wire

8 Aug

Impact 4 · · The Motley Fool transcript

31 Jul

Impact 4 ·
Impact 3 · · MarketBeat transcript
Impact 3 · · Moby

30 Jul

Impact 3 ·
Impact 3 ·

28 Jul

Impact 3 ·

14 May

Impact 3 · · Insider Monkey

1 May

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 4 · · GuruFocus.com

30 Apr

Impact 4 · · Zacks
Impact 4 · · Zacks
Impact 4 · · MarketBeat
Impact 3 ·

11 Apr

Impact 3 · · Simply Wall St.

30 Jan

Impact 4 · · GuruFocus.com transcript

29 Jan

Impact 4 · · MarketBeat transcript
Impact 4 · · Zacks
Impact 4 · · Associated Press Finance
Impact 4 · · Business Wire
Impact 3 · · Zacks
Impact 3 · · The Motley Fool transcript
stockrow.com/INBK · Data as of Nov 4, 2026 · For information only; not investment advice. · © 2026 stockrow.com