FRST

MKT CAP:$348M

Primis Financial Corp.

Market Cap

$348M

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

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$14.04+$0.99 (+7.59%)

Apr 22, 2026

Company Details

Primis Financial Corp. operates as the bank holding company for Primis Bank that provides a range of financial services to individuals and small and medium sized businesses in the United States. Its deposit products include checking, NOW, s...

CEO

Dennis J. Zember Jr.

IPO Date

Nov 1, 2006

Website

www.primisbank.com

Key Metrics TTM

Revenue

$225M

-1.4% YoY

Net Income

$39M

EPS (Diluted)

$1.58

Free Cash Flow

-$26M

Revenue / Share

—

Gross Margin

65.2%

Operating Margin

21.3%

Net Margin

17.2%

FCF Margin

-11.7%

P/S

1.5x

P/E

9.0x

Earnings Reports

Q1 2026

Apr 23, 2026

NEW

$0EPS $0.00

FY 2025

Mar 16, 2026

$313MEPS $2.49

Q4 2025

Mar 16, 2026

$103MEPS $1.20

Q3 2025

Nov 10, 2025

$64MEPS $0.28

Q2 2025

Aug 11, 2025

$58MEPS $0.10

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 19	$32M	$24M	$10M
Q1 20	$31M	$20M	$33.0K
Q2 20	$31M	$16M	$6M
Q3 20	$31M	$23M	$8M
Q4 20	$34M	$28M	$12M
Q1 22	$29M	$25M	$6M
Q2 22	$31M	$26M	$6M
Q3 22	$36M	$28M	$4M
Q4 22	$50M	$33M	$4M
Q1 23	$62M	$38M	$11M
Q2 23	$59M	$28M	-$3M
Q3 23	$58M	$32M	-$5M
Q2 25	$58M	$27M	$3M
Q3 25	$64M	$41M	$9M
Q4 25	$103M	$78M	$36M
Q1 26	$0	$0	$8.1K

Valuation

Quarter	P/S	P/E
Q4 19	3.0x	11.9x
Q1 20	1.8x	8.7x
Q2 20	1.8x	10.1x
Q3 20	1.7x	9.0x
Q4 20	2.4x	12.8x
Q1 22	2.9x	12.8x
Q2 22	2.7x	12.1x
Q3 22	2.3x	14.4x
Q4 22	2.0x	19.2x
Q1 23	1.3x	12.4x
Q2 23	1.0x	16.9x
Q3 23	0.9x	57.4x
Q2 25	1.1x	96.5x
Q3 25	1.1x	210.1x
Q4 25	1.1x	9.8x
Q1 26	1.4x	8.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 19	$12M	$12M
Q4 19	$9M	$9M
Q1 20	$10M	$10M
Q2 20	$1M	$982.0K
Q3 20	-$1M	-$2M
Q4 20	$19M	$19M
Q1 22	$3M	$3M
Q2 22	$9M	$9M
Q3 22	$11M	$10M
Q4 22	-$10M	-$10M
Q1 23	-$12M	-$12M
Q2 23	-$24M	-$25M
Q3 23	-$930.0K	-$930.0K
Q2 25	-$41M	-$41M
Q3 25	-$11M	-$11M
Q4 25	$29M	$27M

Capital Expenditures

Quarter	CapEx
Q3 19	$431.0K
Q4 19	$597.0K
Q1 20	$383.0K
Q2 20	$486.0K
Q3 20	$96.0K
Q4 20	$117.0K
Q1 22	$47.0K
Q2 22	$489.0K
Q3 22	$170.0K
Q4 22	$306.0K
Q1 23	$461.0K
Q2 23	$944.0K
Q3 23	$0
Q2 25	$0
Q3 25	$0
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 19	+3.4%	+8.1%
Q1 20	-5.7%	+22.3%
Q2 20	-6.2%	+10.4%
Q3 20	-5.6%	+5.6%
Q4 20	+4.0%	-2.0%
Q1 22	-6.9%	-25.6%
Q2 22	-0.3%	-0.7%
Q3 22	+16.0%	+40.8%
Q4 22	+47.8%	+113.1%
Q1 23	+115.5%	+122.8%
Q2 23	+93.5%	+150.5%
Q3 23	+61.3%	+95.0%
Q2 25	+17.5%	+20.3%
Q3 25	+2.9%	+7.5%
Q4 25	+74.8%	+8.8%
Q1 26	-100.0%	-100.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 19	$85.0K	0.3%
Q4 19	$80.0K	0.2%
Q1 20	$1M	4.5%
Q2 20	-$11.0K	-0.0%
Q3 20	$92.0K	0.3%
Q4 20	$58.0K	0.2%
Q1 22	$751.0K	2.6%
Q2 22	$92.0K	0.3%
Q3 22	$116.0K	0.3%
Q4 22	-$564.0K	-1.1%
Q1 23	$108.0K	0.2%
Q2 23	$73.0K	0.1%
Q3 23	$76.0K	0.1%
Q2 25	$18.0K	0.0%
Q3 25	$12.0K	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q4 19	$8M	—
Q1 20	$13M	—
Q2 20	$9M	—
Q3 20	$9M	—
Q4 20	$10M	—
Q1 22	$10M	$465.0K
Q2 22	$11M	$731.0K
Q3 22	$13M	$938.0K
Q4 22	$16M	$3M
Q1 23	$15M	$569.0K
Q2 23	$16M	$521.0K
Q3 23	$15M	$377.0K
Q2 25	$18M	$720.0K
Q3 25	$20M	$450.0K
Q4 25	$30M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$298M	$272M	$570M
Q2 22	$71M	$257M	$328M
Q3 22	$98M	$239M	$337M
Q4 22	$78M	$236M	$314M
Q1 23	$607M	$231M	$839M
Q2 23	$101M	$223M	$324M
Q3 23	$94M	$217M	$311M
Q4 23	$78M	$228M	$306M
Q1 24	$89M	$231M	$319M
Q2 24	$67M	$233M	$299M
Q3 24	$77M	$243M	$320M
Q4 24	$65M	$179M	$243M
Q1 25	$57M	$242M	$299M
Q2 25	$94M	$242M	$336M
Q3 25	$8M	$235M	$242M
Q4 25	$144M	$171M	$315M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 19	24M	+0.2%	+0.6%
Q1 20	24M	-0.1%	+0.3%
Q2 20	24M	-0.1%	+0.1%
Q3 20	24M	+0.1%	+0.0%
Q4 20	24M	+0.1%	-0.0%
Q1 22	25M	+1.1%	+1.1%
Q2 22	25M	+0.1%	+1.3%
Q3 22	25M	+0.0%	+1.3%
Q4 22	25M	-0.0%	+1.2%
Q1 23	25M	-0.0%	+0.1%
Q2 23	25M	-0.2%	-0.2%
Q3 23	25M	+0.0%	-0.2%
Q2 25	25M	+0.3%	+0.1%
Q3 25	25M	-0.3%	-0.2%
Q4 25	25M	+0.2%	+0.2%
Q1 26	0	-100.0%	-100.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 19	$92.1K	350
Q1 20	$88.2K	350
Q2 20	$87.6K	350
Q3 20	$88.2K	350
Q4 20	$87.8K	382
Q1 22	$68.8K	418
Q2 22	$73.1K	418
Q3 22	$85.7K	418
Q4 22	$87.7K	565
Q1 23	$109.6K	565
Q2 23	$104.7K	565
Q3 23	$102.2K	565
Q2 25	$98.3K	592
Q3 25	$107.7K	592
Q4 25	$174.3K	593
Q1 26	$0	593

Revenue / Employee