FXNC

MKT CAP:$256M

First National Corporation

Market Cap

$256M

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

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$28.15+$3.61 (+14.71%)

Apr 23, 2026

Company Details

First National Corporation operates as the bank holding company for First Bank that provides various commercial banking services to small and medium-sized businesses, individuals, estates, local governmental entities, and non-profit organiz...

CEO

Scott C. Harvard

IPO Date

Jan 14, 1999

Website

www.fbvirginia.com

Key Metrics TTM

Revenue

$115M

+30.6% YoY

Net Income

$18M

EPS (Diluted)

$1.97

Free Cash Flow

$21M

Revenue / Share

$12.77

Gross Margin

74.7%

Operating Margin

19.0%

Net Margin

15.4%

FCF Margin

18.2%

P/S

2.2x

P/E

14.5x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Mar 25, 2026

$112M+27.1%EPS $1.96

Q4 2025

Mar 25, 2026

$30M+4.8%EPS $0.61

Q3 2025

Nov 14, 2025

$30M+46.2%EPS $0.62

Q2 2025

Aug 13, 2025

$29M+47.2%EPS $0.56

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$13M	$13M	$5M
Q2 22	$14M	$13M	$5M
Q3 22	$15M	$14M	$5M
Q4 22	$17M	$15M	$6M
Q1 23	$16M	$14M	$5M
Q2 23	$17M	$13M	$4M
Q3 23	$17M	$13M	$4M
Q4 23	$18M	$8M	-$1M
Q1 24	$20M	$14M	$4M
Q2 24	$19M	$13M	$3M
Q3 24	$20M	$13M	$3M
Q4 24	$29M	$17M	-$2M
Q1 25	$27M	$20M	$2M
Q2 25	$29M	$21M	$6M
Q3 25	$30M	$23M	$7M
Q4 25	$30M	$23M	$7M

Valuation

Quarter	P/S	P/E
Q1 22	2.6x	11.2x
Q2 22	2.1x	9.3x
Q3 22	1.7x	6.7x
Q4 22	1.8x	6.6x
Q1 23	1.6x	5.9x
Q2 23	1.6x	6.2x
Q3 23	1.7x	7.3x
Q4 23	1.9x	13.2x
Q1 24	1.4x	11.3x
Q2 24	1.3x	12.1x
Q3 24	1.6x	17.3x
Q4 24	1.8x	23.3x
Q1 25	2.1x	37.6x
Q2 25	1.7x	22.0x
Q3 25	1.8x	18.2x
Q4 25	2.0x	13.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$9M	$8M
Q2 22	$4M	$3M
Q3 22	$5M	$4M
Q4 22	$10M	$9M
Q1 23	$5M	$4M
Q2 23	$3M	$3M
Q3 23	$3M	$3M
Q4 23	$5M	$4M
Q1 24	$5M	$4M
Q2 24	$4M	$3M
Q3 24	$6M	$5M
Q4 24	-$37M	-$38M
Q1 25	$4M	$3M
Q2 25	$5M	$4M
Q3 25	$8M	$7M
Q4 25	$9M	$7M

Capital Expenditures

Quarter	CapEx
Q1 22	$195.0K
Q2 22	$209.0K
Q3 22	$192.0K
Q4 22	$585.0K
Q1 23	$159.0K
Q2 23	$316.0K
Q3 23	$207.0K
Q4 23	$1M
Q1 24	$305.0K
Q2 24	$653.0K
Q3 24	$1M
Q4 24	$1M
Q1 25	$483.0K
Q2 25	$588.0K
Q3 25	$2M
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+34.2%	+25.9%
Q2 22	+39.8%	+61.0%
Q3 22	+22.4%	+3.4%
Q4 22	+31.4%	+9.0%
Q1 23	+18.4%	+26.5%
Q2 23	+17.3%	+30.0%
Q3 23	+11.3%	+33.7%
Q4 23	+2.9%	+65.5%
Q1 24	+25.9%	+43.6%
Q2 24	+15.7%	+31.3%
Q3 24	+17.4%	+30.4%
Q4 24	+59.2%	+59.2%
Q1 25	+35.8%	+58.0%
Q2 25	+47.2%	+36.5%
Q3 25	+46.2%	+30.5%
Q4 25	+4.8%	-24.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$485.0K	3.6%
Q2 22	$56.0K	0.4%
Q3 22	$187.0K	1.2%
Q4 22	$57.0K	0.3%
Q1 23	$338.0K	2.1%
Q2 23	$69.0K	0.4%
Q3 23	$274.0K	1.6%
Q4 23	$72.0K	0.4%
Q1 24	$142.0K	0.7%
Q2 24	$60.0K	0.3%
Q3 24	$264.0K	1.3%
Q4 24	$169.0K	0.6%
Q1 25	$265.0K	1.0%
Q2 25	$180.0K	0.6%
Q3 25	$586.0K	2.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$5M	$151.0K
Q2 22	$5M	$223.0K
Q3 22	$5M	$211.0K
Q4 22	$5M	$228.0K
Q1 23	$5M	$268.0K
Q2 23	$5M	$248.0K
Q3 23	$6M	$204.0K
Q4 23	$5M	$190.0K
Q1 24	$6M	$195.0K
Q2 24	$6M	$273.0K
Q3 24	$6M	$262.0K
Q4 24	$8M	$307.0K
Q1 25	$9M	$220.0K
Q2 25	$8M	$286.0K
Q3 25	$10M	—
Q4 25	$11M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$150M	$285M	$435M
Q2 22	$124M	$265M	$389M
Q3 22	$76M	$176M	$252M
Q4 22	$67M	$163M	$230M
Q1 23	$78M	$162M	$240M
Q2 23	$72M	$157M	$229M
Q3 23	$50M	$148M	$198M
Q4 23	$87M	$153M	$240M
Q1 24	$139M	$148M	$286M
Q2 24	$136M	$145M	$280M
Q3 24	$127M	$146M	$273M
Q4 24	$163M	$2M	$164M
Q1 25	$206M	$1M	$207M
Q2 25	$194M	$15M	$210M
Q3 25	$189M	$12M	$201M
Q4 25	$21M	$218M	$238M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	6M	+0.2%	+28.2%
Q2 22	6M	+0.2%	+28.4%
Q3 22	6M	+0.1%	+0.6%
Q4 22	6M	+0.1%	+0.6%
Q1 23	6M	+0.1%	+0.6%
Q2 23	6M	-0.1%	+0.3%
Q3 23	6M	-0.1%	+0.1%
Q4 23	6M	+0.2%	+0.2%
Q1 24	6M	-0.0%	+0.0%
Q2 24	6M	+0.1%	+0.2%
Q3 24	6M	+0.2%	+0.5%
Q4 24	9M	+42.7%	+43.2%
Q1 25	9M	+0.1%	+43.3%
Q2 25	9M	-0.0%	+43.2%
Q3 25	9M	+0.2%	+43.2%
Q4 25	9M	+0.1%	+0.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$64.0K	210
Q2 22	$68.0K	210
Q3 22	$73.7K	210
Q4 22	$81.3K	215
Q1 23	$74.0K	215
Q2 23	$77.9K	215
Q3 23	$80.2K	215
Q4 23	$80.3K	224
Q1 24	$89.4K	224
Q2 24	$86.5K	224
Q3 24	$90.4K	224
Q4 24	$94.5K	303
Q1 25	$89.8K	303
Q2 25	$94.1K	303
Q3 25	$97.7K	303
Q4 25	$97.4K	308

Revenue / Employee