First BanCorp. (FBP) Fair Value & Analysis
Financial Services · US · Market cap $4.1B · ISIN US3186721029
What is First BanCorp. really worth?
First BanCorp.
FBP · US
A solid business, but trading 23% above our fair value of $23.20.
Strengths
Risks
For context
Fair value as of: Aug 13, 2026
From 6 valuation models · updated 22 days ago
Fair value updated Aug 13, 2026, revised from $28.98 to $23.20 (−19.9%) since Jul 16, 2026. Share price −2.6% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- Solid but not exceptional quality (64/100) 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.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range $9.25 – $29.70 · fair‑value band $17.41 – $29.01 · the $28.45 price screens above the $23.20 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
First BanCorp. (FBP) currently trades at $28.45, while our model-based Fair Value estimate is $23.20, implying the stock looks roughly 22.6% overvalued today. The Quality Score stands at 64/100 (solid quality), in the Financial Services sector. Bull case: the Economic Profit group reads highest at a median of $18.37 per share, and 1 of the 6 models we run sit above the $28.45 price. Bear case: the Asset-Based group reads lowest at $8.52, and 5 of the 6 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, First BanCorp. generated revenue of $933M at a net margin of 38.2%. Revenue grew 8.1% year over year. It earns a return on equity of 19.0%. The balance sheet holds a net cash position of $293M. Fundamentals as of Aug 13, 2026
Our scenario range runs from $17.41 (bear case) to $29.01 (bull case); at $28.45, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 53% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −10% fair-value upside, at −18%, FBP screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $1.03 per share, which is 4.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 6 models by family
Widest divergence: Economic Profit ($18.37) versus Asset-Based ($8.52). Highest evidence: Gordon GGM (67).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 57 · Market factors (momentum, volatility) 78
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
First BanCorp. operates as the bank holding company for FirstBank Puerto Rico that provides financial products and services to consumers and commercial customers. It operates through six segments: Mortgage Banking; Consumer (Retail) Banking; Commercial and Corporate Banking; Treasury and Investments; United States Operations; and Virgin Islands Operations.
Full company description
First BanCorp. operates as the bank holding company for FirstBank Puerto Rico that provides financial products and services to consumers and commercial customers. It operates through six segments: Mortgage Banking; Consumer (Retail) Banking; Commercial and Corporate Banking; Treasury and Investments; United States Operations; and Virgin Islands Operations. The Mortgage Banking segment engages in the origination, sale, and servicing of various residential mortgage loans; hedging activities; purchase of mortgage loans from branch and mortgage bankers; and origination of residential real estate loans. The Consumer (Retail) Banking segment is involved in consumer lending, commercial lending to small businesses, commercial transaction banking, and deposit-taking activities. The Commercial and Corporate Banking segment offers lending and other services, including commercial lending and commercial deposit-taking activities. The Treasury and Investments segment manages funding; and obtains funds through brokered deposits, advances from the FHLB, and repurchase agreements involving investment securities, among other funding sources. The United States Operations segment provides checking, savings, and money market accounts; retail CDs; internet banking services; residential mortgages; home equity loans and lines of credit; retail deposits; cash management services; remote data capture; automated clearing house transactions; and traditional commercial and industrial, and commercial real estate products, such as lines of credit, term loans, and construction loans. The Virgin Islands Operations segment focuses on consumer and commercial lending, and deposit-taking activities. The company also offers automobile financing and insurance agency services. First BanCorp. was founded in 1948 and is headquartered in San Juan, Puerto Rico.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
First BanCorp. reported revenue of $1.3B in FY2025 versus $882M in FY2021, a compound +9.3%/yr. Reported net income was $345M in FY2025, compounding +5.3%/yr from FY2021.
FBP screens 23% overvalued. Compare with DBS Group →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Why First BanCorp (FBP) is a Great Dividend Stock Right Now
- Why First BanCorp (FBP) is a Top Dividend Stock for Your Portfolio
- How Investors Are Reacting To First BanCorp (FBP) Earnings Beat, Lower Charge‑Offs and Capital Returns
- First BanCorp (FBP) is a Great Momentum Stock: Should You Buy?
Peer Group
Banks - Regional · 1071 stocks
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.
Valuation Multiples vs Banks - Regional median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 35/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| DBS Group D05 | 75.65 SGD | 40.48 SGD | −46% |
| China Merchants Bank Co 3968 | HK$47.96 | HK$76.51 | +60% |
| Intesa Sanpaolo S.p.A ISP | €6.78 | €5.66 | −17% |
| HDFC Bank Limited HDB | $23.17 | $24.12 | +4% |
| BNP Paribas SA BNP | €102.56 | €144.64 | +41% |
| UniCredit S.p.A UCG | €84.71 | €77.62 | −8% |
| Mizuho Financial Group MFG | $10.74 | $9.69 | −10% |
| ICICI Bank Limited ICICIBANK | ₹1,443 | ₹835.21 | −42% |
| Oversea-Chinese Banking Corporation O39 | 31.07 SGD | 19.80 SGD | −36% |
| CaixaBank, S.A CABK | €13.52 | €8.85 | −35% |
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