FXNC
First National CorporationFinancial Services·Banks - Regional
$27.80
$251M market cap
Revenue
$58.1M
Free Cash Flow
$12.9M
Rev Growth
+0.0%
FCF Margin
22.2%
P/FCF
19.4x
EV/FCF
7.2x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
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 organizations in Virginia. The company's deposit products include checking, savings, money market, and individual retirement accounts, as well as certificates of deposit and treasury management solutions. Its loan products comprise construction loans, including resid
2-Year Price History
$27.82+90.8%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 28.2 | 6.1 | 6.1 | 4.9 | 6.4 | 5.9 | -0.5 | 201.1 | 42.7 | 9.1 | 18.7% | 1.1x | -- |
| Act | 2025-Q4 | 30.0 | 6.9 | 6.9 | 5.5 | 8.5 | 7.0 | -1.5 | 177.8 | 42.6 | 9.0 | 21.4% | 1.1x | -- |
Valuation & Metrics
Market Stats
Price$27.80
Market Cap$251M
Enterprise Value$93M
P/S Ratio4.3x
P/FCF19.4x
EV/FCF7.2x
FCF Margin (TTM)22.2%
FCF Yield5.1%
Dividend Yield (TTM)3.0%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$58.1M
Net Income$10.4M
Free Cash Flow$12.9M
Revenue Growth (YoY)+0.0%
EBITDA Margin22.3%
Net Margin17.9%
FCF Margin22.2%
CapEx % of Revenue3.4%
SBC % of Revenue0.6%
ROIC20.0%
WC Change % Rev-0.3%
Interest Coverage1.1x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.1M
Days to Cover1.0
Change (vs Prior)+2.9%
Need at least 2 settlement dates for chart
Employees
Headcount303
Revenue / Employee$191,884
Gross Profit / Employee$147,904
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
27.6%(+4.1% YoY)
74 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
13.2%(+8.2% YoY)
9 filers
Vanguard, iShares, SPDR
Market makers
0.0%(-1.4% YoY)
1 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 |
|---|---|---|---|---|---|---|
| Fourthstone LLC | $20.8M | $20.13 | −$3.1M | −$2.4M | -1.8% | $590M |
| BlackRock, Inc.Passive | $10.8M | $20.05 | +$490K | +$9.8M | -0.2% | $5.69T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $8.8M | $26.92 | +$8.8M | +$8.8M | — | $4.04T |
| Petiole USA ltd | $8.3M | $13.69 | −$94K | −$94K | -1.7% | $143M |
| Siena Capital Partners GP, LLC | $7.4M | $16.06 | +$0 | −$1.1M | -0.4% | $385M |
| Cutler Capital Management, LLC | $5.5M | $15.94 | +$27K | +$36K | -0.7% | $310M |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $4.8M | $18.54 | +$41K | +$2.5M | +2.3% | $1.61T |
| De Lisle Partners LLP | $3.7M | $19.02 | +$0 | +$1.8M | -0.7% | $836M |
| STATE STREET CORPPassive | $3.2M | $21.90 | +$946K | +$2.8M | -0.2% | $2.89T |
| ACADIAN ASSET MANAGEMENT LLC | $2.7M | $26.67 | +$2.6M | +$2.7M | -0.5% | $70.48B |
| NORTHERN TRUST CORPPassive | $1.7M | $20.30 | +$102K | +$1.0M | -0.2% | $755.34B |
| GOLDMAN SACHS GROUP INC | $1.4M | $24.77 | +$1.1M | +$280K | -0.2% | $760.93B |
| DIMENSIONAL FUND ADVISORS LPPassive | $1.4M | $23.14 | +$551K | +$712K | -0.4% | $480.92B |
| BANC FUNDS CO LLC | $1.3M | $16.06 | −$299K | −$1.2M | -1.3% | $537M |
| VANGUARD FIDUCIARY TRUST COPassive | $1.3M | $26.92 | +$1.3M | +$1.3M | — | $395.83B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $1.2M | $26.92 | +$1.2M | +$1.2M | — | $1.91T |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $1.2M | $19.79 | −$156K | −$34K | -2.3% | $4.93B |
| Piedmont Capital Management, LLC/NC | $1.2M | $25.08 | +$0 | +$1.2M | -0.3% | $150M |
| COMMONWEALTH EQUITY SERVICES, LLC | $978K | $17.28 | +$168K | +$168K | -0.3% | $71.14B |
| FIRST MANHATTAN CO | $956K | $22.24 | +$0 | +$0 | -0.2% | $36.06B |
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
-0.98%
avg per quarter
Holders (ex-self)
-1.02%
excl. this stock
Buyers (this Q)
-0.22%
44 buyers · $0.02B in
Sellers (this Q)
-0.65%
22 sellers · $0.01B out
alpha coverage: 89% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-24.4%
how holders react when this stock falls
On quiet Qs
-15.6%
−10% to +10% baseline
On rallies (+10%+)
-10.6%
how they react when this stock rises
Holders' portfolio flow this Q
+1.9%
inflows — adds are organic
Sellers' portfolio flow this Q
+2.5%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-7.7%
Holder mid (any stock)
-3.7%
Holder rally (any stock)
-1.6%
Biggest decreases this quarter
Fourthstone LLC−$3.1Mα-1.8Empowered Funds, LLCexited−$495KBROWN BROTHERS HARRIMAN & CO−$343Kα-0.3BANC FUNDS CO LLC−$299Kα-1.3JANE STREET GROUP, LLCexited−$285KBRIDGEWAY CAPITAL MANAGEMENT, LLC−$156Kα-2.3Petiole USA ltd−$94Kα-1.7LOS ANGELES CAPITAL MANAGEMENT & EQUITY RESEARCH INCexited−$81KAMALGAMATED BANKexited−$6KROYAL BANK OF CANADAexited−$4K
New buyers this quarter
Top-5 holders · 54.7%
Fourthstone LLC--
BlackRock, Inc.--
VANGUARD CAPITAL MANAGEMENT LLC--
Petiole USA ltd--
Siena Capital Partners GP, LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Fourthstone LLC774KPetiole USA ltd308KSiena Capital Partners GP, LLC276KALLIANCEBERNSTEIN L.P.22KCutler Capital Management, LLC204KBANC FUNDS CO LLC49KDe Lisle Partners LLP138KRhino Investment Partners, Inc—ACADIAN ASSET MANAGEMENT LLC100KCoppell Advisory Solutions LLC—
Analyst Coverage
Analyst Coverage
Analyst Ratings
1
Buy: 1Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$88K
4 txns · 1 insider · 4,000 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-04 | BUY | Schwartz Brad E | officer: EVP - CFO | 1,000 | $26.91 | $27K | $174K |
| 2025-08-07 | BUY | Schwartz Brad E | officer: EVP - CFO | 1,000 | $21.02 | $21K | $105K |
| 2025-06-05 | BUY | Schwartz Brad E | officer: EVP - CFO | 1,000 | $19.65 | $20K | $79K |
| 2025-06-02 | BUY | Schwartz Brad E | officer: EVP - CFO | 1,000 | $20.20 | $20K | $61K |
Order Flow (FINRA, ~3w lag)
8.0%retail+1.2pp
26.3%dark+1.1pp
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 NATIONAL CORPORATION: Standard Administrative Compliance Profile
Overall Risk
2/10
Fraud
1/10
Dilution
1/10
Insolvency
2/10
Earnings Overstated
2/10
Hidden Liabilities
1/10
Legal
1/10
Audit Warnings
1/10
Hidden Upside
1/10
Contextually Acceptable
10/10