Question 1

What is First Financial's P/B ratio?

Accepted Answer

First Financial (THFF) P/B ratio is 1.4× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

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

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For First Financial specifically, the relevant sector benchmark is the current sector median of 1.7×.

Question 5

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

Accepted Answer

First Financial's P/B ratio of 1.4× is above its own 5-year average of 1.0× and below the sector median of 1.7×. That places the current reading at the 99th 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/B ratio range?

Accepted Answer

In the available daily series, First Financial (THFF) P/B ratio has ranged from a low of 0.7× in 2020 to a high of 2.2× in 2008. The 5-year average is 1.0× and the 5-year median is 1.0×.

Question 7

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

Accepted Answer

First Financial (THFF) P/B ratio at the end of 2025 was 1.1×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$651M	1.1×	+0.1×	Dec 31, 2025
2024	$546M	$549M	1.0×	+0.0×	Dec 31, 2024
2023	$514M	$528M	1.0×	-0.2×	Dec 31, 2023
2022	$559M	$475M	1.2×	+0.2×	Dec 31, 2022
2021	$580M	$583M	1.0×	+0.1×	Dec 31, 2021
2020	$532M	$597M	0.9×	-0.2×	Dec 31, 2020
2019	$628M	$558M	1.1×	+0.0×	Dec 31, 2019
2018	$492M	$443M	1.1×	-0.2×	Dec 31, 2018
2017	$555M	$414M	1.3×	-0.2×	Dec 31, 2017
2016	$644M	$414M	1.6×	+0.5×	Dec 31, 2016
2015	$430M	$410M	1.0×	-0.1×	Dec 31, 2015
2014	$461M	$394M	1.2×	-0.1×	Dec 31, 2014
2013	$487M	$386M	1.3×	+0.2×	Dec 31, 2013
2012	$401M	$372M	1.1×	-0.2×	Dec 31, 2012
2011	$439M	$347M	1.3×	-0.2×	Dec 31, 2011
2010	$462M	$322M	1.4×	+0.1×	Dec 31, 2010
2009	$400M	$306M	1.3×	-0.6×	Dec 31, 2009
2008	$538M	$287M	1.9×	+0.6×	Dec 31, 2008
2007	$372M	$282M	1.3×	-0.4×	Dec 31, 2007
2006	$470M	$271M	1.7×	+0.4×	Dec 31, 2006
2005	$360M	$269M	1.3×	-0.4×	Dec 31, 2005
2004	$463M	$268M	1.7×	+0.1×	Dec 31, 2004
2003	$407M	$255M	1.6×	+0.2×	Dec 31, 2003
2002	$330M	$242M	1.4×	—	Dec 31, 2002


Markel (MKL)	1.2×
AXIS Capital Holdings (AXS)	1.2×
Loews (L)	1.2×
Citizens Financial Group (CFG)	1.1×
Citigroup (C)	1.1×
Federal Agricultural Mortgage (AGM)	1.1×
UMB Financial (UMBF)	1.1×
Southside Bancshares (SBSI)	1.1×
Prudential Financial (PRU)	1.1×
United Bankshares (UBSI)	1.1×
Alerus Financial (ALRS)	1.0×
Capital One Financial (COF)	1.0×
Franklin Resources (BEN)	1.0×
American International Group (AIG)	1.0×
Eagle Financial Services (EFSI)	1.0×
Truist Financial (TFC)	1.0×
Ares Capital (ARCC)	0.9×
Huntington Bancshares (HBAN)	0.9×
Auburn National Bancorporation (AUBN)	0.9×
Invesco (IVZ)	0.9×
Everest Group (EG)	0.9×
PSB Holdings (PSBQ)	0.8×
Global Payments (GPN)	0.7×
Assured Guaranty (AGO)	0.7×
Atlantic Union Bankshares (AUB)	0.0×

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

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

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

About P/B Ratio at First Financial (THFF)

First Financial P/B Ratio by Year

First Financial P/B Ratio 2025: 1.1×

First Financial P/B Ratio 2024: 1.0×

First Financial P/B Ratio 2023: 1.0×

First Financial P/B Ratio 2022: 1.2×

First Financial P/B Ratio 2021: 1.0×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

First Financial (THFF) Key Financials