Stocks FBP Financial statements
Financial statementsFIRST BANCORP /PR/ financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FIRST BANCORP /PR/ files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 673 | 651 | 707 | 766 | 804 | 916 | 986 | 1,156 | 1,226 | 1,255 |
| Selling and marketing | 11.4 | 12.5 | 14.8 | 15.7 | 12.1 | 15.4 | 18.2 | 19.6 | 17.6 | 16.6 |
| Interest expense | 101 | 96.9 | 99.6 | 109 | 92.7 | 64.8 | 67.3 | 226 | ||
| Pre-tax income | 130 | 62 | 191 | 239 | 116 | 428 | 448 | 397 | 391 | 417 |
| Income tax | -37 | -4.97 | -11 | 72 | 14.1 | 147 | 143 | 94.6 | 92.5 | 71.9 |
| Net income | 93.2 | 67 | 202 | 167 | 102 | 281 | 305 | 303 | 299 | 345 |
| EPS, basic | 0.44 | 0.30 | 0.92 | 0.76 | 0.46 | 1.32 | 1.60 | 1.72 | 1.82 | 2.16 |
| EPS, diluted | 0.43 | 0.30 | 0.92 | 0.76 | 0.46 | 1.31 | 1.59 | 1.71 | 1.81 | 2.15 |
| Shares, basic (weighted) | 0.21 | 0.21 | 0.22 | 0.22 | 217 | 210 | 191 | 177 | 165 | 160 |
| Shares, diluted (weighted) | 0.22 | 0.22 | 0.22 | 0.22 | 218 | 211 | 192 | 177 | 165 | 161 |
| Dividend per share | 0.00 | 0.00 | 0.03 | 0.14 | 0.20 | 0.31 | 0.46 | 0.56 | 0.64 | 0.72 |
Balance sheet
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 300 | 716 | 586 | 644 | 1,494 | 2,543 | 481 | 663 | 1,159 | 659 |
| Property, plant and equipment | 151 | 142 | 148 | 150 | 158 | 146 | 143 | 142 | 133 | 127 |
| Lease right-of-use assets | 61.3 | 103 | 90.3 | 78.9 | 68.5 | 63.2 | 72.2 | |||
| Goodwill | 28.1 | 28.1 | 28.1 | 28.1 | 38.6 | 38.6 | 38.6 | 38.6 | 38.6 | 38.6 |
| Intangible assets | 10.7 | 7.57 | 40.9 | 29.9 | 21.1 | 13.4 | 6.97 | 3.46 | ||
| Total assets | 11,922 | 12,261 | 12,244 | 12,611 | 18,793 | 20,785 | 18,634 | 18,910 | 19,293 | 19,133 |
| Short-term debt | 0 | |||||||||
| Total liabilities | 10,136 | 10,392 | 10,199 | 10,383 | 16,518 | 18,684 | 17,309 | 17,412 | 17,624 | 17,166 |
| Total debt | 662 | 562 | 290 | |||||||
| Paid-in capital | 932 | 937 | 940 | 942 | 946 | 973 | 971 | 966 | 965 | 964 |
| Retained earnings | 831 | 895 | 1,088 | 1,222 | 1,215 | 1,427 | 1,644 | 1,846 | 2,039 | 2,268 |
| Treasury stock | -0.13 | -0.41 | -0.46 | -0.47 | -0.48 | -236 | -507 | -697 | -790 | -933 |
| Other comprehensive income | -34.4 | -20.6 | -40.4 | 6.76 | 55.5 | -84 | -805 | -639 | -567 | -355 |
| Shareholders' equity | 1,786 | 1,869 | 2,045 | 2,228 | 2,275 | 2,102 | 1,326 | 1,498 | 1,669 | 1,967 |
| Total equity | 1,786 | 1,869 | 2,045 | 2,228 | 2,275 | 2,102 | 1,326 | 1,498 | 1,669 | 1,967 |
| Total liabilities and equity | 11,922 | 12,261 | 12,244 | 12,611 | 18,793 | 20,785 | 18,634 | 18,910 | 19,293 | 19,133 |
| Shares outstanding | 217 | 216 | 217 | 217 | 218 | 202 | 183 | 169 | 164 | 157 |
Cash flow statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | 93.2 | 67 | 202 | 167 | 102 | 281 | 305 | 303 | 299 | 345 |
| Depreciation and amortization | 17.6 | 16.4 | 15 | 17.6 | 20.1 | 25 | 22.3 | 20.5 | 18.6 | 17.2 |
| Stock-based compensation | 6.88 | 7.3 | 5.83 | 3.95 | 5.12 | 5.46 | 5.41 | 7.8 | 8.71 | 10.1 |
| Deferred income tax | -23.9 | -13.2 | -25 | 55 | -4.37 | 118 | 54.2 | 6.11 | 14.1 | -12.4 |
| Cash from operations | 199 | 236 | 288 | 294 | 298 | 400 | 440 | 363 | 404 | 449 |
| Capital expenditures | -10.4 | -9.42 | -20.5 | -22.5 | -16.1 | -13.3 | -20.5 | -22.6 | -10 | -11 |
| Acquisitions | 0 | 0 | -1,280 | -0.58 | 0 | 0 | ||||
| Purchases of investments | -765 | -3,820 | -3,448 | -512 | -5.46 | -266 | -1,938 | |||
| Sales and maturities of investments | 390 | 233 | 388 | 629 | 1,278 | 1,446 | 627 | 550 | 997 | 2,164 |
| Cash from investing | 83.2 | -73.3 | -223 | -343 | -1,239 | -1,263 | -681 | -78.5 | 136 | -170 |
| Debt issued | 415 | 120 | 0 | 0 | 0 | 200 | 300 | 0 | 0 | |
| Debt repaid | -306 | -216 | -205 | -95.3 | -240 | -500 | -19.8 | -97 | -270 | |
| Share buybacks | -1.13 | -2.5 | -2.83 | -1.96 | -0.21 | -217 | -278 | -203 | -102 | -154 |
| Dividends paid | 0 | 0 | -6.52 | -30.4 | -43.4 | -65 | -87.8 | -99.7 | -106 | -116 |
| Cash from financing | -735 | 254 | -195 | 107 | 1,791 | 1,912 | -1,822 | -102 | -44.1 | -779 |
| Net change in cash | -453 | 417 | -130 | 57.9 | 850 | 1,049 | -2,063 | 183 | 496 | -501 |
| Free cash flow | 189 | 227 | 268 | 272 | 282 | 386 | 420 | 340 | 394 | 438 |
| Interest paid | 128 | 93.6 | 98.2 | 107 | 94.9 | 68.7 | 66 | 208 | 282 | 251 |
| Income taxes paid | 3.2 | 4.04 | 7.18 | 13.5 | 16.7 | 15.5 | 51.8 | 110 | 93.2 | 72.5 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Pre-tax margin | 34.9% | Pre-tax income / revenue. |
| Net margin | 29.0% | Net income / revenue. |
| FCF margin | 34.4% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 35.7% | Cash from operations / revenue. |
| Effective tax rate | 16.8% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 18.8% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 1.9% | Net income / average total assets. |
| Stock-based pay / revenue | 0.8% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 1.3% | Capital expenditures / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 2.4% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 8.4% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 9.3% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | 15.4% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | 4.2% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | 27.5% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | 18.8% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | 10.6% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | 36.1% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 11.0% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 0.6% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | 8.5% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 11.0% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 1.4% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | 9.2% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 12.5% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | 16.1% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Dividend per share CAGR, 5y | 29.2% | Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 17.8% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 14.1% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | -2.9% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | -0.8% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 0.9% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 0.4% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | -2.7% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | -5.7% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | -5.9% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Debt / equity | 0.10x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 1.0% | Total debt / total assets. |
| Liabilities / assets | 89.7% | Total liabilities / total assets. |
| Net debt | -$361.3M | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Goodwill and intangibles / assets | 0.2% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $1.94B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.07x | Revenue / average total assets. |
| Fixed asset turnover | 9.98x | Revenue / average property, plant and equipment. |
| FCF conversion | 118.4% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 3.7% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $2.42 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $8.33 | Revenue / diluted weighted shares. |
| FCF per share | $2.86 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $2.97 | Cash from operations / diluted weighted shares. |
| Book value per share | $12.95 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $12.68 | Tangible book value / shares outstanding. |
| Cash per share | $3.68 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 32.1% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 27.1% | Dividends paid / free cash flow, when free cash flow is positive. |
| Buybacks / FCF | 46.5% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $4.13B | Share price x shares outstanding. |
| Enterprise value | $3.77B | Market cap + total debt - cash - short-term investments. |
| P/E | 11.1x | Market cap / net income. Only when net income is positive. |
| P/S | 3.22x | Market cap / revenue. |
| P/B | 2.09x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 2.13x | Market cap / tangible book value, when positive. |
| P/FCF | 9.37x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 9.02x | Market cap / cash from operations, when positive. |
| EV/Sales | 2.94x | Enterprise value / revenue. |
| EV/FCF | 8.55x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 10.7% | Free cash flow / market cap. |
| Earnings yield | 9.0% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 2.9% | Dividends paid over the period / market cap. |
| Shareholder yield | 7.9% | (Dividends paid + share buybacks) / market cap. |
| PEG | 1.05x | P/E / EPS growth per year over 3 years (in percent). Only when both are positive. |
What was FIRST BANCORP /PR/'s revenue in fiscal 2025?
FIRST BANCORP /PR/ reported revenue of $1.26B for fiscal 2025, 2.4% higher than the year before.
Was FIRST BANCORP /PR/ profitable in fiscal 2025?
Yes. Net income was $344.9M, a net margin of 27.5%.
How much free cash flow did FIRST BANCORP /PR/ generate in fiscal 2025?
Cash from operations of $448.6M minus capital expenditures of $11.0M left free cash flow of $437.5M.