FMBH

MKT CAP:$1B

First Mid Bancshares, Inc.

Market Cap

$1B

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

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$42.99+$4.36 (+11.29%)

Apr 22, 2026

Company Details

First Mid Bancshares, Inc., a financial holding company, provides community banking products and services to commercial, retail, and agricultural customers in the United States. It accepts various deposit products, such as demand deposits, ...

CEO

Joseph R. Dively

IPO Date

Mar 16, 1999

Website

www.firstmid.com

Key Metrics TTM

Revenue

$466M

+4.3% YoY

Net Income

$92M

EPS (Diluted)

$3.84

Free Cash Flow

$124M

Revenue / Share

$19.43

Gross Margin

66.6%

Operating Margin

25.1%

Net Margin

19.7%

FCF Margin

26.6%

P/S

2.2x

P/E

11.3x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 27, 2026

$466M+4.2%EPS $3.83

Q4 2025

Feb 27, 2026

$118M+3.0%EPS $0.99

Q3 2025

Nov 7, 2025

$122M+8.9%EPS $0.94

Q2 2025

Aug 8, 2025

$116M+5.5%EPS $0.98

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$67M	$61M	$21M
Q2 22	$69M	$64M	$23M
Q3 22	$72M	$64M	$23M
Q4 22	$78M	$62M	$24M
Q1 23	$85M	$65M	$25M
Q2 23	$85M	$60M	$21M
Q3 23	$102M	$66M	$20M
Q4 23	$110M	$77M	$22M
Q1 24	$111M	$79M	$27M
Q2 24	$110M	$77M	$27M
Q3 24	$112M	$77M	$25M
Q4 24	$114M	$80M	$25M
Q1 25	$111M	$81M	$28M
Q2 25	$116M	$84M	$30M
Q3 25	$122M	$60M	$29M
Q4 25	$118M	$86M	$30M

Valuation

Quarter	P/S	P/E
Q1 22	4.0x	16.2x
Q2 22	3.9x	14.9x
Q3 22	3.8x	15.0x
Q4 22	3.6x	14.2x
Q1 23	3.4x	13.7x
Q2 23	3.2x	13.9x
Q3 23	3.0x	14.5x
Q4 23	2.7x	15.0x
Q1 24	2.5x	14.7x
Q2 24	2.4x	14.1x
Q3 24	2.3x	13.3x
Q4 24	2.3x	13.1x
Q1 25	2.3x	12.9x
Q2 25	2.3x	12.3x
Q3 25	2.2x	11.9x
Q4 25	2.2x	11.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$24M	$24M
Q2 22	-$4M	-$7M
Q3 22	$34M	$33M
Q4 22	$12M	$10M
Q1 23	$20M	$19M
Q2 23	$18M	$17M
Q3 23	$5M	$4M
Q4 23	$29M	$28M
Q1 24	$29M	$28M
Q2 24	$24M	$23M
Q3 24	$33M	$32M
Q4 24	$38M	$37M
Q1 25	$48M	$46M
Q2 25	$8M	$6M
Q3 25	$33M	$32M
Q4 25	$42M	$40M

Capital Expenditures

Quarter	CapEx
Q1 22	$27.0K
Q2 22	$3M
Q3 22	$1M
Q4 22	$1M
Q1 23	$941.0K
Q2 23	$967.0K
Q3 23	$1M
Q4 23	$618.0K
Q1 24	$1M
Q2 24	$1M
Q3 24	$1M
Q4 24	$1M
Q1 25	$2M
Q2 25	$2M
Q3 25	$1M
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+16.3%	-13.3%
Q2 22	+8.3%	-4.3%
Q3 22	+11.2%	+20.6%
Q4 22	+23.0%	+31.2%
Q1 23	+26.5%	+30.8%
Q2 23	+22.3%	+36.9%
Q3 23	+40.7%	+66.0%
Q4 23	+42.2%	+64.6%
Q1 24	+30.7%	+40.0%
Q2 24	+29.8%	+31.4%
Q3 24	+10.4%	+7.0%
Q4 24	+3.4%	+0.1%
Q1 25	-0.3%	-1.9%
Q2 25	+5.5%	+3.1%
Q3 25	+8.9%	+7.6%
Q4 25	+3.0%	-1.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$508.0K	0.8%
Q2 22	$401.0K	0.6%
Q3 22	$433.0K	0.6%
Q4 22	$460.0K	0.6%
Q1 23	$307.0K	0.4%
Q2 23	$437.0K	0.5%
Q3 23	$469.0K	0.5%
Q4 23	$443.0K	0.4%
Q1 24	$606.0K	0.5%
Q2 24	$579.0K	0.5%
Q3 24	$556.0K	0.5%
Q4 24	$619.0K	0.5%
Q1 25	$688.0K	0.6%
Q2 25	$671.0K	0.6%
Q3 25	$637.0K	0.5%
Q4 25	$647.0K	0.6%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$25M	$873.0K
Q2 22	$26M	$706.0K
Q3 22	$25M	$739.0K
Q4 22	$24M	$681.0K
Q1 23	$27M	$654.0K
Q2 23	$25M	$908.0K
Q3 23	$26M	$764.0K
Q4 23	$31M	$679.0K
Q1 24	$31M	$862.0K
Q2 24	$31M	$814.0K
Q3 24	$32M	$836.0K
Q4 24	$33M	$906.0K
Q1 25	$33M	$852.0K
Q2 25	$34M	$777.0K
Q3 25	$31M	$959.0K
Q4 25	$47M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$220M	$1.5B	$1.7B
Q2 22	$132M	$1.3B	$1.5B
Q3 22	$155M	$1.2B	$1.4B
Q4 22	$146M	$1.2B	$1.4B
Q1 23	$163M	$1.2B	$1.4B
Q2 23	$168M	$1.2B	$1.3B
Q3 23	$377M	$1.2B	$1.6B
Q4 23	$136M	$1.2B	$1.3B
Q1 24	$359M	$1.1B	$1.5B
Q2 24	$239M	$1.1B	$1.3B
Q3 24	$168M	$1.1B	$1.3B
Q4 24	$125M	$1.1B	$1.2B
Q1 25	$204M	$250M	$454M
Q2 25	$192M	$245M	$437M
Q3 25	$278M	$219M	$497M
Q4 25	$57M	$76.0K	$57M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	19M	+6.7%	+11.6%
Q2 22	21M	+6.1%	+13.3%
Q3 22	21M	+0.0%	+13.2%
Q4 22	21M	0.0%	+13.2%
Q1 23	21M	+0.1%	+6.2%
Q2 23	21M	+0.3%	+0.5%
Q3 23	22M	+8.2%	+8.7%
Q4 23	24M	+7.2%	+16.5%
Q1 24	24M	+0.2%	+16.5%
Q2 24	24M	+0.2%	+16.3%
Q3 24	24M	+0.0%	+7.6%
Q4 24	24M	-0.4%	-0.1%
Q1 25	24M	+0.2%	-0.0%
Q2 25	24M	+0.1%	-0.0%
Q3 25	24M	-0.0%	-0.1%
Q4 25	24M	+0.1%	+0.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$67.6K	994
Q2 22	$69.6K	994
Q3 22	$72.7K	994
Q4 22	$72.5K	1K
Q1 23	$79.4K	1K
Q2 23	$79.1K	1K
Q3 23	$95.1K	1K
Q4 23	$90.5K	1K
Q1 24	$91.0K	1K
Q2 24	$90.1K	1K
Q3 24	$92.2K	1K
Q4 24	$95.3K	1K
Q1 25	$92.3K	1K
Q2 25	$96.7K	1K
Q3 25	$102.1K	1K
Q4 25	$98.1K	1K

Revenue / Employee