Question 1

What is First Financial's EV/EBITDA ratio?

Accepted Answer

First Financial (THFF) EV/EBITDA ratio is 13.8× as of June 5, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for First Financial?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For First Financial specifically, the relevant sector benchmark is the current sector median of 9.3×.

Question 5

Is First Financial's EV/EBITDA ratio high or low?

Accepted Answer

First Financial's EV/EBITDA ratio of 13.8× is above its own 5-year average of -7.8× and above the sector median of 9.3×. That places the current reading at the 100th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is First Financial's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, First Financial (THFF) EV/EBITDA ratio has ranged from a low of -19.5× in 2022 to a high of 30.2× in 2008. The 5-year average is -7.8× and the 5-year median is -9.6×.

Question 7

What was First Financial's EV/EBITDA ratio in 2025?

Accepted Answer

First Financial (THFF) EV/EBITDA ratio at the end of 2025 was 3.4×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does First Financial's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$716.16M	$108.46M	3.4×	+4.3×	Dec 31, 2025
2024	$545.50M	$67.10M	-0.9×	+7.3×	Dec 31, 2024
2023	$513.65M	$79.02M	-8.2×	+1.5×	Dec 31, 2023
2022	$559.18M	$93.87M	-9.7×	+9.1×	Dec 31, 2022
2021	$579.71M	$71.77M	-18.8×	-4.6×	Dec 31, 2021
2020	$532.05M	$71.63M	-14.2×	-9.4×	Dec 31, 2020
2019	$628.10M	$65.83M	-4.8×	+0.0×	Dec 31, 2019
2018	$492.44M	$61.92M	-4.8×	-0.8×	Dec 31, 2018
2017	$554.81M	$54.18M	-4.0×	-2.1×	Dec 31, 2017
2016	$644.16M	$63.26M	-1.9×	+9.0×	Dec 31, 2016
2015	$429.58M	$46.08M	-10.9×	-2.5×	Dec 31, 2015
2014	$460.53M	$53.94M	-8.4×	-0.9×	Dec 31, 2014
2013	$487.16M	$50.78M	-7.5×	-3.3×	Dec 31, 2013
2012	$401.01M	$51.73M	-4.2×	-3.9×	Dec 31, 2012
2011	$439.16M	$55.49M	-0.3×	-12.9×	Dec 31, 2011
2010	$461.77M	$44.65M	12.6×	-7.1×	Dec 31, 2010
2009	$400.42M	$34.47M	19.7×	-4.6×	Dec 31, 2009
2008	$537.62M	$36.11M	24.3×	+6.5×	Dec 31, 2008
2007	$371.91M	$37.73M	17.8×	-2.5×	Dec 31, 2007
2006	$469.71M	$36.95M	20.3×	+0.5×	Dec 31, 2006
2005	$360.48M	$32.87M	19.8×	+0.3×	Dec 31, 2005
2004	$463.13M	$41.28M	19.5×	-0.2×	Dec 31, 2004
2003	$406.71M	$38.78M	19.7×	+1.4×	Dec 31, 2003
2002	$330.46M	$37.86M	18.3×	-2.9×	Dec 31, 2002
2001	$294.43M	$33.44M	21.1×	—	Dec 31, 2001


Wells Fargo (WFC)	2.9×
Farmers & Merchants Bancorp (FMCB)	2.8×
JPMorgan Chase (JPM)	2.3×
AXIS Capital Holdings (AXS)	2.2×
American International Group (AIG)	1.9×
Ally Financial (ALLY)	1.7×
United Bankshares (UBSI)	1.6×
Commerce Bancshares (CBSH)	0.7×
W. R. Berkley (WRB)	-0.0×
Morgan Stanley (MS)	-0.3×
M&T Bank (MTB)	-0.6×
Capital One Financial (COF)	-0.6×
Everest Re Group (EG)	-0.7×
Travelers Companies (TRV)	-2.5×
Globe Life (GL-PD)	-2.6×
RenaissanceRe Holdings (RNR)	-3.5×
PNC Financial Services Group (PNC)	-3.8×
BancFirst (BANF)	-5.5×
U.S. Bancorp (USB)	-5.5×
KeyCorp (KEY)	-9.2×
Bank of New York Mellon (BNY)	-13.3×
Bank of New York Mellon (BK)	-13.3×
Ames National (ATLO)	-14.6×
State Street (STT)	-17.7×
MetLife (MET)	-46.3×

EV/EBITDA for First Financial (THFF)

EV/EBITDA daily chart for First Financial (THFF)

Historical EV/EBITDA for First Financial (THFF) from 2001 to 2025

About EV/EBITDA at First Financial (THFF)

First Financial EV/EBITDA by Year

First Financial EV/EBITDA 2025: 3.4×

First Financial EV/EBITDA 2024: -0.9×

First Financial EV/EBITDA 2023: -8.2×

First Financial EV/EBITDA 2022: -9.7×

First Financial EV/EBITDA 2021: -18.8×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

First Financial (THFF) Key Financials

EV/EBITDA daily chart for First Financial (THFF)

Historical EV/EBITDA for First Financial (THFF) from 2001 to 2025

About EV/EBITDA at First Financial (THFF)

First Financial EV/EBITDA by Year

First Financial EV/EBITDA 2025: 3.4×

First Financial EV/EBITDA 2024: -0.9×

First Financial EV/EBITDA 2023: -8.2×

First Financial EV/EBITDA 2022: -9.7×

First Financial EV/EBITDA 2021: -18.8×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

+What is First Financial's EV/EBITDA ratio?

+How is the EV/EBITDA ratio calculated?

+What is the EV/EBITDA ratio?

+What is a good EV/EBITDA ratio for First Financial?

+Is First Financial's EV/EBITDA ratio high or low?

+What is First Financial's historical EV/EBITDA ratio range?

+What was First Financial's EV/EBITDA ratio in 2025?

+Why does First Financial's EV/EBITDA ratio change over time?

First Financial (THFF) Key Financials