First National Corp. (FXNC) vs National Bankshares, Inc. (NKSH)

First National Corp. and National Bankshares, Inc. are both Banks Regional companies. First National Corp. and National Bankshares, Inc. are of similar size ($269.0M and $267.9M). First National Corp. trades at the lower P/E: 12.2× against 13.3×. First National Corp. grew revenue faster over the last twelve months: 7.66% against 5.28%. National Bankshares, Inc. has the higher net margin (23.2% vs 18.4%) and the lower return on invested capital (11.2% vs 37.4%). Both pay a dividend; National Bankshares, Inc. yields more (8.58% vs 3.11%). Across the 20 metrics below, First National Corp. leads on 15 and National Bankshares, Inc. on 5.

Valuation

Metric FXNC NKSH Banks Regional median
P/E 12.19 13.28 12.15
P/S 2.26 3.08 2.37
P/B 1.37 1.40 1.21
Price to free cash flow 9.51 14.63 10.80
EV/EBITDA n/m n/m —
EV/Sales 1.00 2.46 2.27
Earnings yield 8.20% 7.53% 8.11%
Free cash flow yield 10.52% 6.83% 8.98%

Profitability

Metric FXNC NKSH Banks Regional median
Gross margin 79.28% 69.15% 69.57%
Operating margin 0.00% 0.00% 0.00%
Net margin 18.43% 23.22% 18.66%
Free cash flow margin 23.75% 21.07% 21.18%
Return on equity 11.81% 11.25% 10.64%
Return on assets 1.05% 1.12% 1.13%
Return on invested capital 37.41% 11.23% 8.33%

Growth

Metric FXNC NKSH Banks Regional median
Revenue growth (TTM) 7.66% 5.28% 6.61%
EPS growth (last fiscal year) 96.00% 100.81% —
Revenue growth, 5-year CAGR 23.17% 10.43% 12.30%
Net income growth, 5-year CAGR 14.85% (0.31%) 9.71%

Health

Metric FXNC NKSH Banks Regional median
Debt to equity 0.09 0.00 0.22
Current ratio 0.88 0.65 0.94
Net debt to EBITDA 0.00 0.00 0.00

Dividend

Metric FXNC NKSH Banks Regional median
Dividend yield 3.11% 8.58% 3.75%
Payout ratio 0.22 0.38 0.27

Size

Metric FXNC NKSH Banks Regional median
Market cap 267.93m 268.97m 921.07m

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