First Interstate BancSystem Inc (FIBK) Fair Value & Analysis
Financial Services · US · Market cap $3.9B · ISIN US32055Y2019
What is First Interstate BancSystem Inc really worth?
First Interstate BancSystem Inc
FIBK · US
A solid business, currently priced close to our fair value of $36.74.
Strengths
Risks
For context
Fair value as of: Sep 3, 2026
From 6 valuation models · updated yesterday
Share price −2.4% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits close to our fair value, market and models broadly agree here, little valuation tension.
- 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 Sep 3, 2026.
How to read this chart
60‑month range $18.00 – $40.22 · fair‑value band $27.55 – $45.92 · the $37.48 price screens above the $36.74 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 3, 2026.
Analysis
First Interstate BancSystem Inc (FIBK) currently trades at $37.48, while our model-based Fair Value estimate is $36.74, implying the stock looks roughly 2.0% fairly valued today. The Quality Score stands at 63/100 (solid quality), in the Financial Services sector. Bull case: the Multiples group reads highest at a median of $40.43 per share, and 2 of the 6 models we run sit above the $37.48 price. Bear case: the Asset-Based group reads lowest at $23.77, and 4 of the 6 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, First Interstate BancSystem Inc generated revenue of $1.0B at a net margin of 30.0%. Revenue grew 3.6% year over year. It earns a return on equity of 9.3%. Net debt stands at $418M. Fundamentals as of Sep 3, 2026
Our scenario range runs from $27.55 (bear case) to $45.92 (bull case); at $37.48, 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 about 2% below its 52-week high and 54% 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 −2%, FIBK screens cheaper 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 $0.7985 per share, which is 2.2 % 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: Multiples ($40.43) versus Asset-Based ($23.77). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 55 · Market factors (momentum, volatility) 64
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 Interstate BancSystem, Inc. operates as a bank holding company for First Interstate Bank that provides a range of banking products and services in the United States. The company offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.
Full company description
First Interstate BancSystem, Inc. operates as a bank holding company for First Interstate Bank that provides a range of banking products and services in the United States. The company offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors. It also provides a range of trust, employee benefit, investment management, insurance, agency, and custodial services, including administration of estates and personal trusts; manages investment accounts for individuals; employee benefit plans and charitable foundations; and insurance planning. The company's loan portfolio includes real estate loans, such as commercial real estate, construction, residential, agricultural, and other real estate loans; consumer loans, including direct personal loans, credit card loans and lines of credit, and indirect loans; variable and fixed rate commercial loans for small and medium-sized manufacturing, wholesale, retail, and service businesses for working capital needs and business expansions; and agricultural loans. In addition, it offers marketing, credit review, loan servicing, credit cards servicing, mortgage loan sales and servicing, indirect consumer loan and processing, loan collection services, other operational, and specialized staff support services, as well as online and mobile banking services. The company serves individuals, businesses, municipalities, and other entities in various industries, including agriculture, construction, education, governmental services, healthcare, hospitality, housing, professional services, real estate development, retail, technology, tourism, and wholesale trade. First Interstate BancSystem, Inc. was formerly known as First Interstate Bancsystem Of Montana, Inc. and changed its name to First Interstate BancSystem, Inc. in June 1993. The company was founded in 1879 and is headquartered in Billings, Montana.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
First Interstate BancSystem Inc reported revenue of $1.1B in FY2025 versus $656M in FY2021, a compound +12.7%/yr. Reported net income was $302M in FY2025, compounding +12.0%/yr from FY2021.
of which total revenue +9.2 % · buybacks/dilution −8.8 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- FIBK Q2 Deep Dive: Loan Portfolio Restructuring and Deposit Mix Drive Results
- The Top 5 Analyst Questions From First Interstate BancSystem’s Q2 Earnings Call
- Is First Interstate BancSystem (FIBK) Undervalued On Its Latest Earnings?
- First Interstate BancSystem Inc (FIBK) Q2 2026 Earnings Call Highlights: Navigating Challenges ...
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: 40/100
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 Sep 3, 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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