First Financial Bancorp (FFBC) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of First Financial Bancorp $24.38, price $31.22, upside -21.9%, quality 58 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $15.64 – $36.18 · fair‑value band $19.64 – $31.46 · the $31.22 price screens above the $24.38 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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First Financial Bancorp. operates as the bank holding company for First Financial Bank that provides commercial banking and banking-related services to individuals and businesses in Ohio, Indiana, Kentucky, and Illinois.
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First Financial Bancorp. operates as the bank holding company for First Financial Bank that provides commercial banking and banking-related services to individuals and businesses in Ohio, Indiana, Kentucky, and Illinois. The company offers checking and savings accounts; and accepts various deposit products, such as interest-bearing and non-interest-bearing accounts, time deposits, and cash management services for retail and commercial customers. It also provides real estate loans secured by residential property, such as one to four family residential housing units or commercial property comprising owner-occupied and/or investor income producing real estate consisting of apartments, shopping centers, and office buildings; commercial and industrial loans for various purposes, including inventory, receivables, and equipment, as well as equipment and leasehold improvement financing for franchisees; consumer loans, such as new and used vehicle loans, second mortgages on residential real estate and unsecured loans; and home equity lines of credit. In addition, the company offers secured commercial financing services to the insurance industry, registered investment advisors, certified public accountants, indirect auto finance companies, and restaurant franchisees. Further, it provides a range of trust and wealth management services, lease and equipment financing services, currency payments, foreign exchange hedging, commodities hedging, and other advisory products. First Financial Bancorp. was founded in 1863 and is headquartered in Cincinnati, Ohio.
Stock analysis
First Financial Bancorp (FFBC) currently trades at $31.22, while our model-based Fair Value estimate is $24.38, implying the stock looks roughly 28.1% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $31.67 per share, and 2 of the 6 models we run sit above the $31.22 price.
Bear case: the Dividend Discount group reads lowest at $13.64, and 4 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: $19.64 (bear) to $31.46 (bull), the price of $31.22 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 58/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
First Financial Bancorp reported revenue of $1.3B in FY2025 versus $655M in FY2021, a compound +17.8%/yr. Reported net income was $256M in FY2025, compounding +5.6%/yr from FY2021.
Key figures
Market cap $3.8B · P/E ratio 11.0 · P/S ratio 2.24 · EPS (TTM) $2.83 · Dividend yield 3.2% · Net margin 20.3% · Return on equity 10.3% · Return on assets (EBIT) 1.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 38% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −38% fair-value upside, at −22%, FFBC screens cheaper than that median.
Fair Value models
Bear $19.64Fair Value $24.38Bull $31.46
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($1.35 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.91/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+2.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.0%
Start year 2020 (pandemic). Over 10 years: +13.8% a year
Revenue growth 34 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.4%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+9.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+5.9%
Dividend (yield on the price)3.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.6% vs 8%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.26% → 26%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
less than -40 %
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−0.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −2.8% a year for the forecasts.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 1074 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score55 · Above median
Fair Value upside−22% · Below median
Profitability
Return on equity (TTM)10% · Above median
Return on assets1% · Above median
Net margin (TTM)30% · Above median
Operating margin (TTM)37% · Below median
Growth and dividend
Revenue growth32% · Top 25%
Dividend yield (TTM)3.2% · Above median
Balance sheet
Debt / equity0.19× · Below median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Is First Financial Bancorp (FFBC) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $24.38 versus a price of $31.22, about −22% upside (overvalued).
What is the fair value of FFBC?
Our model-based fair value for First Financial Bancorp is $24.38 (as of Sep 24, 2026), built from audited fundamentals. The current price: $31.22.
What is the quality score of FFBC?
First Financial Bancorp has a Quality Score of 58/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for First Financial Bancorp (FFBC)?
Our model-based price target is the fair value of $24.38 (as of Sep 24, 2026) from 6 valuation models. Cautious scenario $19.64, optimistic scenario $31.46. It is a calculation from audited fundamentals, not an analyst target.
What is the First Financial Bancorp stock forecast for 2026?
Our models put fair value at $24.38, about −22% upside versus a price of $31.22 (overvalued). Cautious scenario $19.64, optimistic scenario $31.46. The calculation is refreshed regularly with new filings.
What is the revenue of First Financial Bancorp (FFBC)?
First Financial Bancorp reported trailing-twelve-month revenue of about $917M (latest available figure, as of Sep 24, 2026).
Does First Financial Bancorp pay a dividend?
First Financial Bancorp currently shows a dividend yield of about 3.17% relative to its recent price (as of Sep 24, 2026).
What growth is priced into First Financial Bancorp (FFBC)?
For today's price to be fair in a discounted-cash-flow model, First Financial Bancorp would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of FFBC use?
Our models discount First Financial Bancorp at 9.6 %: a base by market capitalisation (mid), damped by beta 0.93, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For First Financial Bancorp that is less than minus 40 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has First Financial Bancorp (FFBC) delivered so far?
Over the past 5 years revenue at First Financial Bancorp grew +12.0 % a year. The price currently implies less than minus 40 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of First Financial Bancorp (FFBC) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into First Financial Bancorp (less than minus 40 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of First Financial Bancorp (FFBC)?
The free-cash-flow yield on the price is 10.61 %: that much free cash flow First Financial Bancorp produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of First Financial Bancorp (FFBC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For First Financial Bancorp it is $24.38 per share (as of Sep 24, 2026), against a price of $31.22. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is First Financial Bancorp stock overvalued or undervalued in 2026?
As of Sep 24, 2026, FFBC trades above its calculated fair value: price $31.22, fair value $24.38, a gap of about −22% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FFBC?
No. The price is what the market pays today ($31.22); the fair value is what the company's own numbers justify ($24.38). For First Financial Bancorp the two are $6.84 per share apart. That gap is exactly why we show both numbers side by side.
How much is First Financial Bancorp worth?
The market values First Financial Bancorp at about $3.8B (market capitalisation, as of Sep 24, 2026). Per share that is $31.22; our models calculate a fair value of $24.38 per share.
What do the bullish and bearish scenarios say about FFBC?
Our models span a range for First Financial Bancorp: cautious scenario $19.64, base $24.38, optimistic $31.46 per share (as of Sep 24, 2026, price $31.22). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FFBC?
First Financial Bancorp trades at a price-to-earnings ratio of 11.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $24.38 is built from several models across several years. Other multiples: PEG 1.1, P/B 1.4, P/S 4.1, EV/EBITDA 12.0.
What is the PEG ratio of FFBC?
The PEG ratio of First Financial Bancorp is 1.12 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of First Financial Bancorp (FFBC)?
Balance-sheet figures for First Financial Bancorp (as of Sep 24, 2026): return on equity 10.3%, debt of 0.19 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is FFBC from its 52-week high?
First Financial Bancorp trades at $31.22, about 14% below its 52-week high of $36.18 and 38% above the low of $22.64 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $24.38 is for.
Which stocks are comparable to First Financial Bancorp?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, Intesa Sanpaolo S.p.A, HDFC Bank Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is First Financial Bancorp stock attractive at the current price?
The data as of Sep 24, 2026: price $31.22, calculated fair value $24.38 (−22%), Quality Score 58/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FFBC calculated?
We run First Financial Bancorp through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $24.38, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. First Financial Bancorp itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of First Financial Bancorp (FFBC)?
The closing price on Sep 23, 2026 was $31.22. Our model-based fair value is $24.38, about −22% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with First Financial Bancorp right now?
Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of First Financial Bancorp (FFBC) come from?
Earnings per share at First Financial Bancorp grew +8.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.3 %, EBIT margin −2.8 %, tax rate +2.1 %, residual (interest, one-offs) +0.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of First Financial Bancorp
How large is the market capitalisation of First Financial Bancorp (FFBC)?
The market capitalisation of First Financial Bancorp is $3.8B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of First Financial Bancorp (FFBC)?
The price-to-sales ratio of First Financial Bancorp is 2.24 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of First Financial Bancorp (FFBC)?
Earnings per share at First Financial Bancorp are $2.83 (price ÷ EPS = P/E 11.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of First Financial Bancorp (FFBC)?
The dividend yield of First Financial Bancorp is 3.2% (payout 35.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of First Financial Bancorp (FFBC)?
The net margin of First Financial Bancorp is 20.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of First Financial Bancorp (FFBC)?
The return on equity (ROE) of First Financial Bancorp is 10.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of First Financial Bancorp (FFBC)?
On an EBIT basis the return on assets of First Financial Bancorp is 1.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of First Financial Bancorp (FFBC)?
The operating margin of First Financial Bancorp is 37.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at First Financial Bancorp (FFBC)?
Revenue at First Financial Bancorp is growing +32.3% versus a year earlier (3y avg +17.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at First Financial Bancorp (FFBC)?
Earnings per share at First Financial Bancorp are growing +31.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does First Financial Bancorp (FFBC) carry?
The net debt of First Financial Bancorp is $1.0B (fiscal year 2025, ≈ 3.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Sep 24, 2026