Question 1

What is First Financial's P/FCF ratio?

Accepted Answer

First Financial (THFF) P/FCF ratio is 9.9× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. 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 P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for First Financial?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For First Financial specifically, the relevant sector benchmark is the current sector median of 12.0×.

Question 5

Is First Financial's P/FCF ratio high or low?

Accepted Answer

First Financial's P/FCF ratio of 9.9× is above its own 5-year average of 8.1× and below the sector median of 12.0×. That places the current reading at the 77th 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 P/FCF ratio range?

Accepted Answer

In the available daily series, First Financial (THFF) P/FCF ratio has ranged from a low of 4.8× in 2023 to a high of 16.9× in 2008. The 5-year average is 8.1× and the 5-year median is 8.7×.

Question 7

What was First Financial's P/FCF ratio in 2025?

Accepted Answer

First Financial (THFF) P/FCF ratio at the end of 2025 was 8.0×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does First Financial's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). 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	$716M	$89.2M	8.0×	-2.0×	Dec 31, 2025
2024	$546M	$54.3M	10.1×	+3.6×	Dec 31, 2024
2023	$514M	$79.5M	6.5×	-1.2×	Dec 31, 2023
2022	$559M	$72.8M	7.7×	-3.6×	Dec 31, 2022
2021	$580M	$51.2M	11.3×	+4.1×	Dec 31, 2021
2020	$532M	$73.5M	7.2×	-5.6×	Dec 31, 2020
2019	$628M	$48.8M	12.9×	+4.0×	Dec 31, 2019
2018	$492M	$55.4M	8.9×	-2.9×	Dec 31, 2018
2017	$555M	$47.2M	11.8×	-5.1×	Dec 31, 2017
2016	$644M	$38.1M	16.9×	+5.5×	Dec 31, 2016
2015	$430M	$37.8M	11.4×	+2.6×	Dec 31, 2015
2014	$461M	$52.5M	8.8×	+0.7×	Dec 31, 2014
2013	$487M	$60.2M	8.1×	-1.1×	Dec 31, 2013
2012	$401M	$43.6M	9.2×	-2.0×	Dec 31, 2012
2011	$439M	$39.1M	11.2×	+1.2×	Dec 31, 2011
2010	$462M	$46.2M	10.0×	-4.0×	Dec 31, 2010
2009	$400M	$28.6M	14.0×	-1.9×	Dec 31, 2009
2008	$538M	$33.9M	15.9×	+5.4×	Dec 31, 2008
2007	$372M	$35.5M	10.5×	-2.1×	Dec 31, 2007
2006	$470M	$37.4M	12.6×	+2.6×	Dec 31, 2006
2005	$360M	$36.1M	10.0×	-1.9×	Dec 31, 2005
2004	$463M	$38.9M	11.9×	+2.5×	Dec 31, 2004
2003	$407M	$43.1M	9.4×	-0.7×	Dec 31, 2003
2002	$330M	$32.4M	10.2×	—	Dec 31, 2002


Globe Life (GL-PD)	8.9×
UMB Financial (UMBF)	8.8×
Federal Agricultural Mortgage (AGM)	8.6×
T. Rowe Price (TROW)	8.6×
Old Republic International (ORI)	8.0×
1st Source (SRCE)	8.0×
Auburn National Bancorporation (AUBN)	7.7×
Eagle Financial Services (EFSI)	7.5×
PayPal (PYPL)	7.5×
Assurant (AIZ)	7.5×
Cincinnati Financial (CINF)	7.1×
Alerus Financial (ALRS)	7.0×
American Financial Group (AFG)	6.8×
Hartford Insurance Group (HIG)	6.5×
Travelers Companies (TRV)	6.3×
Invesco (IVZ)	6.1×
Arch Capital Group (ACGL)	5.9×
Principal Financial Group (PFG)	5.5×
Allstate (ALL)	4.7×
Everest Group (EG)	4.6×
Capital One Financial (COF)	3.9×
Prudential Financial (PRU)	3.5×
Mercury General (MCY)	3.4×
MetLife (MET)	2.8×
StoneX Group (SNEX)	0.8×

P/FCF Ratio for First Financial (THFF) 2002-2026

P/FCF Ratio daily chart for First Financial (THFF)

Historical P/FCF Ratio for First Financial (THFF) from 2002 to 2025

About P/FCF Ratio at First Financial (THFF)

First Financial P/FCF Ratio by Year

First Financial P/FCF Ratio 2025: 8.0×

First Financial P/FCF Ratio 2024: 10.1×

First Financial P/FCF Ratio 2023: 6.5×

First Financial P/FCF Ratio 2022: 7.7×

First Financial P/FCF Ratio 2021: 11.3×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

First Financial (THFF) Key Financials