FFIN
First Financial Bankshares, Inc.Financial Services·Banks - Regional
$32.68
$4.7B market cap
Revenue
$431.3M
Free Cash Flow
$170.3M
Rev Growth
+0.0%
FCF Margin
39.5%
P/FCF
27.5x
EV/FCF
22.6x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
First Financial Bankshares, Inc., through its subsidiaries, provides commercial banking products and services in Texas. The company accepts checking, savings and money market accounts, and time deposits; commercial and industrial, municipal, agricultural, construction and development, farm, non-owner occupied and owner-occupied commercial real estate, residential, and consumer auto and non-auto loans to businesses, professional individuals, and farm and ranch operations. It also provides drive-i
2-Year Price History
$32.24+12.4%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 215.0 | 87.8 | 87.8 | 71.5 | 101.6 | 97.5 | -4.1 | 921.0 | 90.3 | 143.6 | 39.2% | 1.8x | -- |
| Act | 2025-Q4 | 216.2 | 89.6 | 89.6 | 73.3 | 78.8 | 72.9 | -6.0 | 1,078 | 21.7 | 143.5 | 45.5% | 1.7x | -- |
Valuation & Metrics
Market Stats
Price$32.68
Market Cap$4.7B
Enterprise Value$3.9B
P/S Ratio10.9x
P/FCF27.5x
EV/FCF22.6x
FCF Margin (TTM)39.5%
FCF Yield3.6%
Dividend Yield (TTM)3.0%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$431.3M
Net Income$144.9M
Free Cash Flow$170.3M
Revenue Growth (YoY)+0.0%
EBITDA Margin41.1%
Net Margin33.6%
FCF Margin39.5%
CapEx % of Revenue2.3%
SBC % of Revenue0.4%
ROIC42.3%
WC Change % Rev-1227.3%
Interest Coverage1.8x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares8.3M
Days to Cover12.0
Change (vs Prior)+1.7%
Need at least 2 settlement dates for chart
Employees
Headcount1,400
Revenue / Employee$308,042
Gross Profit / Employee$235,224
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
26.5%(-16.9% YoY)
314 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
29.1%(-6.0% YoY)
12 filers
Vanguard, iShares, SPDR
Market makers
0.3%(-0.1% YoY)
7 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $504M | $35.80 | −$3.0M | −$11.1M | -0.2% | $5.69T |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $212M | $29.45 | +$212M | +$212M | — | $1.91T |
| STATE STREET CORPPassive | $193M | $30.29 | +$11.2M | +$12.4M | -0.2% | $2.89T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $164M | $29.45 | +$164M | +$164M | — | $4.04T |
| Neuberger Berman Group LLC | $113M | $30.23 | +$23.0M | +$27.7M | -0.3% | $131.37B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $108M | $31.42 | +$5.0M | +$8.5M | +2.3% | $1.61T |
| KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC | $95.7M | $32.71 | +$249K | +$23.0M | -0.8% | $34.05B |
| DIMENSIONAL FUND ADVISORS LPPassive | $81.3M | $30.35 | +$1.3M | +$4.7M | -0.4% | $480.92B |
| FULLER & THALER ASSET MANAGEMENT, INC. | $64.5M | $29.41 | +$31.4M | +$36.5M | -0.0% | $29.55B |
| AQR CAPITAL MANAGEMENT LLC | $63.7M | $31.14 | +$35.5M | +$60.2M | -0.2% | $218.19B |
| MORGAN STANLEY | $56.5M | $30.75 | −$1.3M | −$38.8M | -0.3% | $1.65T |
| GOLDMAN SACHS GROUP INC | $51.1M | $30.42 | +$20.2M | +$19.0M | -0.2% | $760.93B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $50.9M | $32.31 | +$783K | +$1.2M | +0.7% | $645.81B |
| NORTHERN TRUST CORPPassive | $48.3M | $31.89 | +$1.0M | −$2.5M | -0.2% | $755.34B |
| Invesco Ltd. | $38.5M | $33.19 | +$6.4M | +$26.5M | -0.2% | $652.04B |
| Champlain Investment Partners, LLC | $34.6M | $29.56 | −$14.1M | −$50.9M | -2.5% | $7.75B |
| Bank of New York Mellon Corp | $34.1M | $31.31 | −$805K | +$2.9M | -0.2% | $543.21B |
| BANK OF AMERICA CORP /DE/ | $28.3M | $31.82 | −$6.1M | +$1.5M | -0.1% | $1.36T |
| VANGUARD FIDUCIARY TRUST COPassive | $26.8M | $29.45 | +$26.8M | +$26.8M | — | $395.83B |
| ProShare Advisors LLC | $23.0M | $29.71 | +$22.1M | +$22.0M | -0.7% | $67.49B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
-0.25%
avg per quarter
Holders (ex-self)
-0.24%
excl. this stock
Buyers (this Q)
-0.01%
144 buyers · $0.62B in
Sellers (this Q)
-0.61%
107 sellers · $0.14B out
alpha coverage: 84% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+0.9%
how holders react when this stock falls
On quiet Qs
+2.2%
−10% to +10% baseline
On rallies (+10%+)
-15.0%
how they react when this stock rises
Holders' portfolio flow this Q
+2.0%
inflows — adds are organic
Sellers' portfolio flow this Q
+0.2%
Sellers' overall flow ~ flat.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-3.0%
Holder mid (any stock)
-1.8%
Holder rally (any stock)
-3.9%
Biggest decreases this quarter
MILLENNIUM MANAGEMENT LLC−$29.9Mα-0.5NFJ INVESTMENT GROUP, LLCexited−$26.4MChamplain Investment Partners, LLC−$14.1Mα-2.5Qube Research & Technologies Ltdexited−$7.1MPoint72 Asset Management, L.P.exited−$6.6MBANK OF AMERICA CORP /DE/−$6.1Mα-0.1MARSHALL WACE, LLPexited−$5.9MPANAGORA ASSET MANAGEMENT INCexited−$4.6MVerition Fund Management LLCexited−$3.8MBlackRock, Inc.−$3.0Mα-0.2
New buyers this quarter
Top-5 holders · 46.0%
BlackRock, Inc.--
VANGUARD PORTFOLIO MANAGEMENT LLC--
STATE STREET CORP--
VANGUARD CAPITAL MANAGEMENT LLC--
Neuberger Berman Group LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
FIRST FINANCIAL BANKSHARES INC—Neuberger Berman Group LLC3.8MALLIANCEBERNSTEIN L.P.265KKAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC3.2MStrategic Financial Concepts, LLC79KJPMORGAN CHASE & CO227KChamplain Investment Partners, LLC1.2MMORGAN STANLEY1.9MArdevora Asset Management LLP—GOLDMAN SACHS GROUP INC1.7M
Analyst Coverage
Analyst Coverage
Price Targets
Last Year (2 analysts)$39.001930.0%
Current Price$32.68
Analyst Ratings
11
4
Hold: 11Sell: 4Consensus: Hold
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$1.26M
20 txns · 9 insiders · 39,326 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-05 | BUY | Nickles Robert Clark Jr | director | 664 | $31.96 | $21K | $3.12M |
| 2026-03-13 | BUY | Edwards Murray Hamilton | director | 1,000 | $29.32 | $29K | $1.28M |
| 2026-03-12 | BUY | Haney Geoff | director | 1,500 | $29.18 | $44K | $982K |
| 2026-03-12 | BUY | TROTTER JOHNNY | director | 1,000 | $29.26 | $29K | $27.99M |
| 2026-03-09 | BUY | Hickox Michelle S | officer: EVP/CFO | 2,000 | $29.50 | $59K | $431K |
| 2026-03-06 | BUY | Davis Sally Pope | director | 1,800 | $29.52 | $53K | $306K |
| 2026-03-06 | BUY | Goodrich Brian D. | officer: EVP - General Counsel | 1,665 | $29.89 | $50K | $174K |
| 2026-03-05 | BUY | Goodrich Brian D. | officer: EVP - General Counsel | 1,565 | $30.13 | $47K | $123K |
| 2026-03-05 | BUY | TROTTER JOHNNY | director | 4,000 | $30.02 | $120K | $28.68M |
| 2026-03-02 | BUY | Davis Sally Pope | director | 1,600 | $31.21 | $50K | $268K |
| 2026-02-20 | BUY | Haney Geoff | director | 10,200 | $33.18 | $338K | $1.07M |
| 2026-02-05 | BUY | Edwards Murray Hamilton | director | 500 | $34.18 | $17K | $1.46M |
| 2026-02-02 | BUY | Nickles Robert Clark Jr | director | 629 | $32.54 | $20K | $3.16M |
| 2025-10-31 | BUY | Davis Sally Pope | director | 1,700 | $30.73 | $52K | $214K |
| 2025-10-29 | BUY | Bailey David William | officer: President | 1,000 | $31.54 | $32K | $579K |
| 2025-10-29 | BUY | Nickles Robert Clark Jr | director | 653 | $31.16 | $20K | $3.00M |
| 2025-10-28 | BUY | Hickox Michelle S | officer: EVP/CFO | 2,000 | $31.15 | $62K | $762K |
| 2025-07-23 | BUY | Nickles Robert Clark Jr | director | 550 | $36.77 | $20K | $3.52M |
| 2025-06-13 | BUY | Denny Michael B. | director | 5,000 | $36.02 | $180K | $3.92M |
| 2025-05-29 | BUY | Edwards Murray Hamilton | director | 300 | $35.05 | $11K | $1.48M |
Order Flow (FINRA, ~3w lag)
15.6%retail+3.2pp
17.9%dark-4.4pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
First Financial Bankshares: Routine Regulatory Metadata Review
Overall Risk
2/10
Fraud
1/10
Dilution
1/10
Insolvency
1/10
Earnings Overstated
1/10
Hidden Liabilities
1/10
Legal
1/10
Audit Warnings
1/10
Hidden Upside
1/10
Contextually Acceptable
10/10