FMBH
First Mid Bancshares, Inc.Financial Services·Banks - Regional
$44.05
$1.2B market cap
Revenue
$218.2M
Free Cash Flow
$63.3M
Rev Growth
+0.0%
FCF Margin
29.0%
P/FCF
18.5x
EV/FCF
17.3x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
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, savings accounts, money market deposits, and time deposits. The company's loan products include commercial real estate, commercial and industrial, agricultural and agricultural real estate, residential real estate, and consumer loans; and other loans comprisin
2-Year Price History
$43.60+44.4%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 100.6 | 10.8 | 7.5 | 26.3 | 25.1 | 23.1 | -2.0 | 689.5 | 612.0 | 24.9 | 1.9% | 0.4x | -- |
| Act | 2025-Q4 | 117.6 | 30.0 | 30.0 | 23.7 | 42.2 | 40.2 | -2.0 | 1,085 | 564.4 | 24.0 | 10.8% | 1.0x | -- |
Valuation & Metrics
Market Stats
Price$44.05
Market Cap$1.2B
Enterprise Value$1.1B
P/S Ratio5.4x
P/FCF18.5x
EV/FCF17.3x
FCF Margin (TTM)29.0%
FCF Yield5.4%
Dividend Yield (TTM)2.3%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$218.2M
Net Income$50.0M
Free Cash Flow$63.3M
Revenue Growth (YoY)+0.0%
EBITDA Margin18.7%
Net Margin22.9%
FCF Margin29.0%
CapEx % of Revenue1.8%
SBC % of Revenue0.7%
ROIC6.3%
WC Change % Rev-2.7%
Interest Coverage0.7x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.3M
Days to Cover2.9
Change (vs Prior)+10.7%
Need at least 2 settlement dates for chart
Employees
Headcount1,194
Revenue / Employee$182,747
Gross Profit / Employee$131,198
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
28.2%(+11.9% YoY)
150 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
20.7%(+4.6% YoY)
11 filers
Vanguard, iShares, SPDR
Market makers
0.2%(-0.0% 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 | $85.2M | $37.24 | −$1.5M | +$9.1M | -0.2% | $5.69T |
| Ballentine Partners, LLC | $68.9M | $36.47 | +$68.2M | +$68.6M | +0.0% | $7.18B |
| DIMENSIONAL FUND ADVISORS LPPassive | $45.4M | $33.17 | +$2.3M | +$6.3M | -0.4% | $480.92B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $38.4M | $40.95 | +$38.2M | +$38.4M | — | $4.04T |
| AMERICAN CENTURY COMPANIES INC | $27.0M | $34.32 | +$1.6M | +$6.6M | +0.7% | $193.48B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $23.1M | $31.51 | +$621K | +$241K | +2.3% | $1.61T |
| STATE STREET CORPPassive | $21.6M | $31.47 | −$236K | −$486K | -0.2% | $2.89T |
| Boston Partners | $19.1M | $40.55 | +$15.3M | +$16.1M | +0.5% | $95.40B |
| WELLINGTON MANAGEMENT GROUP LLP | $18.2M | $31.81 | +$45K | +$1.9M | -0.3% | $533.98B |
| GW&K Investment Management, LLC | $17.8M | $28.55 | −$1.7M | −$1.1M | +2.3% | $11.34B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $12.0M | $40.95 | +$12.0M | +$12.0M | — | $1.91T |
| NORTHERN TRUST CORPPassive | $9.0M | $33.11 | +$394K | +$246K | -0.2% | $755.34B |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $8.5M | $23.17 | −$135K | −$455K | -0.2% | $113.45B |
| ENDEAVOUR CAPITAL ADVISORS INC | $7.6M | $25.81 | −$952K | −$2.9M | -1.9% | $441M |
| GOLDMAN SACHS GROUP INC | $7.5M | $32.06 | −$284K | +$2.8M | -0.2% | $760.93B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $7.4M | $31.88 | −$32K | +$206K | +0.7% | $645.81B |
| JPMORGAN CHASE & CO | $7.3M | $32.10 | −$1.8M | −$2.3M | -0.2% | $1.47T |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $6.7M | $29.53 | −$294K | +$3.0M | -0.1% | $31.89B |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $6.5M | $32.99 | +$298K | +$1.4M | -2.3% | $4.93B |
| Rhino Investment Partners, Inc | $6.5M | $39.00 | +$1.2M | +$6.5M | -0.4% | $359M |
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)NEUTRAL
Holders
+0.19%
avg per quarter
Holders (ex-self)
+0.19%
excl. this stock
Buyers (this Q)
+0.05%
81 buyers · $0.17B in
Sellers (this Q)
-0.11%
50 sellers · $0.00B out
alpha coverage: 90% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+1.1%
how holders react when this stock falls
On quiet Qs
+0.9%
−10% to +10% baseline
On rallies (+10%+)
-12.0%
how they react when this stock rises
Holders' portfolio flow this Q
+2.3%
inflows — adds are organic
Sellers' portfolio flow this Q
+9.0%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-3.7%
Holder mid (any stock)
-1.9%
Holder rally (any stock)
-2.9%
Biggest decreases this quarter
JPMORGAN CHASE & CO−$1.8Mα-0.2GW&K Investment Management, LLC−$1.7Mα+2.3BlackRock, Inc.−$1.5Mα-0.2ENDEAVOUR CAPITAL ADVISORS INC−$952Kα-1.9RENAISSANCE TECHNOLOGIES LLCexited−$866KQube Research & Technologies Ltdexited−$537KWatershed Asset Management, L.L.C.exited−$425KD. E. Shaw & Co., Inc.exited−$345KHOTCHKIS & WILEY CAPITAL MANAGEMENT LLC−$294Kα-0.1GOLDMAN SACHS GROUP INC−$284Kα-0.2
New buyers this quarter
Top-5 holders · 46.2%
BlackRock, Inc.--
Ballentine Partners, LLC--
DIMENSIONAL FUND ADVISORS LP--
VANGUARD CAPITAL MANAGEMENT LLC--
AMERICAN CENTURY COMPANIES INC--
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)
Ballentine Partners, LLC1.7MAMERICAN CENTURY COMPANIES INC656KBoston Partners463KGW&K Investment Management, LLC432KWELLINGTON MANAGEMENT GROUP LLP442KENDEAVOUR CAPITAL ADVISORS INC185KFourthstone LLC—KENNEDY CAPITAL MANAGEMENT LLC—MANUFACTURERS LIFE INSURANCE COMPANY, THE207KJPMORGAN CHASE & CO180K
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (3 analysts)$50.001350.0%
Last Year (5 analysts)$48.801080.0%
Current Price$44.05
Analyst Ratings
2
3
Buy: 2Hold: 3Consensus: Hold
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$9K
1 txn · 1 insider · 217 sh
Sells ($, 12mo)
$538K
5 txns · 3 insiders · 12,777 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-02-20 | SELL | Wolak Stas R | officer: EVP Chief Retail Banking Ofc. | 430 | $43.67 | $19K | $159K |
| 2026-02-17 | BUY | Zimmer James Edwin | director | 217 | $43.66 | $9K | $9K |
| 2026-02-04 | SELL | Beesley Bradley L | officer: EVP, CEO First Mid Wealth Mgmt | 6,000 | $44.00 | $264K | $545K |
| 2025-12-24 | SELL | Dean Clay M | officer: CEO-First Mid Insurance Group | 3,696 | $40.58 | $150K | $11K |
| 2025-12-18 | SELL | Dean Clay M | officer: CEO-First Mid Insurance Group | 1,099 | $42.69 | $47K | $411K |
| 2025-08-06 | SELL | Dean Clay M | officer: CEO-First Mid Insurance Group | 1,553 | $37.64 | $58K | $423K |
Order Flow (FINRA, ~3w lag)
10.9%retail-2.7pp
20.3%dark+0.5pp
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 Mid Bancshares: Standard Regulatory Compliance with Minimal Forensic Footprint
Overall Risk
3/10
Fraud
1/10
Dilution
2/10
Insolvency
2/10
Earnings Overstated
3/10
Hidden Liabilities
2/10
Legal
1/10
Audit Warnings
1/10
Hidden Upside
2/10
Contextually Acceptable
10/10