FCAP

MKT CAP:$180M

First Capital, Inc.

Market Cap

$180M

Financial Services·Banks - Regional·🇺🇸 United States·NASDAQ

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$54.10-$4.17 (-7.16%)

Apr 21, 2026

Company Details

First Capital, Inc. operates as the bank holding company for First Harrison Bank that provides various banking services to individuals and business customers. The company offers various deposit instruments, including non-interest bearing ch...

CEO

Michael Chris Frederick

IPO Date

Jan 4, 1999

Website

www.firstharrison.com

Key Metrics TTM

Revenue

$65M

+12.3% YoY

Net Income

$16M

EPS (Diluted)

$4.90

Free Cash Flow

$3M

Revenue / Share

$19.53

Gross Margin

75.8%

Operating Margin

30.5%

Net Margin

25.1%

FCF Margin

5.3%

P/S

2.8x

P/E

11.0x

Earnings Reports

FY 2025

Mar 31, 2026

$65M+12.4%EPS $4.89

Q4 2025

Mar 31, 2026

$17M+13.0%EPS $1.46

Q3 2025

Nov 14, 2025

$17M+12.9%EPS $1.34

Q2 2025

Aug 14, 2025

$16M+12.7%EPS $1.13

Q1 2025

May 14, 2025

$15M+10.5%EPS $0.97

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$9M	$9M	$3M
Q2 22	$10M	$9M	$3M
Q3 22	$11M	$10M	$4M
Q4 22	$12M	$11M	$4M
Q1 23	$12M	$11M	$5M
Q2 23	$12M	$10M	$3M
Q3 23	$13M	$10M	$4M
Q4 23	$13M	$10M	$4M
Q1 24	$14M	$10M	$3M
Q2 24	$14M	$10M	$3M
Q3 24	$15M	$10M	$3M
Q4 24	$15M	$11M	$4M
Q1 25	$15M	$11M	$4M
Q2 25	$16M	$12M	$5M
Q3 25	$17M	$13M	$6M
Q4 25	$17M	$13M	$6M

Valuation

Quarter	P/S	P/E
Q1 22	3.4x	11.9x
Q2 22	2.3x	8.2x
Q3 22	2.2x	7.7x
Q4 22	2.1x	7.5x
Q1 23	1.9x	6.5x
Q2 23	2.2x	7.9x
Q3 23	1.8x	6.8x
Q4 23	1.8x	7.3x
Q1 24	1.8x	8.0x
Q2 24	1.9x	8.5x
Q3 24	2.1x	10.0x
Q4 24	1.9x	9.0x
Q1 25	2.2x	10.5x
Q2 25	2.3x	10.5x
Q3 25	2.4x	10.3x
Q4 25	3.1x	12.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$3M	$3M
Q2 22	$4M	$4M
Q3 22	$5M	$5M
Q4 22	$4M	$4M
Q1 23	$5M	$5M
Q2 23	$2M	$2M
Q3 23	$6M	$5M
Q4 23	$957.0K	$772.0K
Q1 24	$7M	$7M
Q2 24	$3M	$3M
Q3 24	$8M	$7M
Q4 24	$4M	$4M
Q1 25	$4M	$4M
Q2 25	$4M	$3M
Q3 25	$8M	$8M
Q4 25	-$12M	-$13M

Capital Expenditures

Quarter	CapEx
Q1 22	$59.0K
Q2 22	$127.0K
Q3 22	$137.0K
Q4 22	$92.0K
Q1 23	$132.0K
Q2 23	$160.0K
Q3 23	$150.0K
Q4 23	$185.0K
Q1 24	$159.0K
Q2 24	$152.0K
Q3 24	$83.0K
Q4 24	$323.0K
Q1 25	$220.0K
Q2 25	$269.0K
Q3 25	$489.0K
Q4 25	$709.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-3.9%	+4.1%
Q2 22	+1.8%	+3.8%
Q3 22	+9.0%	+9.9%
Q4 22	+22.7%	+18.9%
Q1 23	+30.2%	+18.2%
Q2 23	+26.4%	+38.8%
Q3 23	+20.2%	+32.1%
Q4 23	+14.8%	+33.7%
Q1 24	+12.8%	+35.4%
Q2 24	+14.3%	+17.4%
Q3 24	+14.5%	+23.1%
Q4 24	+12.3%	+13.1%
Q1 25	+10.5%	+9.7%
Q2 25	+12.7%	+4.6%
Q3 25	+12.9%	-1.5%
Q4 25	+13.0%	+0.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$98.0K	1.0%
Q2 22	$98.0K	1.0%
Q3 22	$156.0K	1.4%
Q4 22	$84.0K	0.7%
Q1 23	$84.0K	0.7%
Q2 23	$61.0K	0.5%
Q3 23	$53.0K	0.4%
Q4 23	$54.0K	0.4%
Q1 24	$78.0K	0.6%
Q2 24	$55.0K	0.4%
Q3 24	$35.0K	0.2%
Q4 24	$34.0K	0.2%
Q1 25	$38.0K	0.3%
Q2 25	$39.0K	0.2%
Q3 25	$13.0K	0.1%
Q4 25	$14.0K	0.1%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$3M	$62.0K
Q2 22	$4M	$79.0K
Q3 22	$4M	$62.0K
Q4 22	$4M	$150.0K
Q1 23	$4M	$83.0K
Q2 23	$4M	$94.0K
Q3 23	$4M	$62.0K
Q4 23	$4M	$90.0K
Q1 24	$4M	$88.0K
Q2 24	$4M	$79.0K
Q3 24	$4M	$107.0K
Q4 24	$4M	$83.0K
Q1 25	$4M	$74.0K
Q2 25	$327.0K	$120.0K
Q3 25	$290.0K	$147.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$39M	$438M	$477M
Q2 22	$36M	$459M	$495M
Q3 22	$26M	$455M	$481M
Q4 22	$33M	$461M	$494M
Q1 23	$27M	$470M	$497M
Q2 23	$29M	$456M	$484M
Q3 23	$23M	$440M	$463M
Q4 23	$27M	$437M	$464M
Q1 24	$25M	$428M	$453M
Q2 24	$28M	$414M	$442M
Q3 24	$30M	$408M	$438M
Q4 24	$27M	$65M	$92M
Q1 25	$119M	$392M	$511M
Q2 25	$137M	$396M	$532M
Q3 25	$116M	$437M	$553M
Q4 25	$104M	$434M	$538M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	3M	+0.0%	+0.1%
Q2 22	3M	0.0%	+0.2%
Q3 22	3M	+0.2%	+0.3%
Q4 22	3M	+0.0%	+0.3%
Q1 23	3M	-0.2%	+0.1%
Q2 23	3M	-0.3%	-0.2%
Q3 23	3M	+0.1%	-0.4%
Q4 23	3M	+0.0%	-0.4%
Q1 24	3M	-0.0%	-0.3%
Q2 24	3M	+0.0%	+0.0%
Q3 24	3M	+0.1%	+0.0%
Q4 24	3M	+0.0%	+0.0%
Q1 25	3M	+0.0%	+0.1%
Q2 25	3M	+0.1%	+0.1%
Q3 25	3M	-0.0%	+0.1%
Q4 25	3M	-0.2%	-0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$51.4K	182
Q2 22	$54.2K	182
Q3 22	$60.0K	182
Q4 22	$63.8K	184
Q1 23	$66.2K	184
Q2 23	$67.7K	184
Q3 23	$71.3K	184
Q4 23	$76.1K	177
Q1 24	$77.6K	177
Q2 24	$80.5K	177
Q3 24	$84.9K	177
Q4 24	$87.4K	173
Q1 25	$87.7K	173
Q2 25	$92.8K	173
Q3 25	$98.1K	173
Q4 25	$97.1K	176

Revenue / Employee