FIRST UNITED CORP/MD/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FIRST UNITED CORP/MD/ 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		11.8	12.6	13	14	16.1	16.2	16.7	17.7	18.4
Selling and marketing		0.54	0.53	0.42	0.57	0.54	0.54	0.83	0.67	0.9
Interest expense	8.22	7.37	8.11	11.5	9.66	5.71	4.79	24.3
Pre-tax income	10.1	12.2	13.4	16.5	17.8	26.3	33.2	19.5	27.2	32.5
Income tax	2.78	6.95	2.76	3.34	3.95	6.54	8.13	4.42	6.66	8.02
Net income	7.28	5.27	10.7	13.1	13.8	19.8	25	15.1	20.6	24.5
EPS, basic	0.84	0.58	1.51	1.85	1.98	2.95	3.77	2.25	3.15	3.78
EPS, diluted	0.84	0.58	1.51	1.85	1.97	2.95	3.76	2.25	3.15	3.77
Shares, basic (weighted)	0.01	0.01	7.08	7.1	7	6.71	6.65	6.69	6.53	6.49
Shares, diluted (weighted)	0.01	0.01	7.08	7.1	7.01	6.72	6.66	6.7	6.54	6.5
Dividend per share			0.27	0.44	0.52	0.60	0.63	0.80	0.84	0.96

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	63.3	83.8	23.5	50	149	116	74.3	49.8	78.3	132
Property, plant and equipment	27.2	30.9	37.9	38.7	36.9	34.7	34.9	31.5	30.1	29.7
Lease right-of-use assets			0	2.66	2.41	2.25	1.9	1.37	1.2	1.02
Goodwill	11	11	11	11	11	11	11	11	11	11
Intangible assets						1.05	1.43	1.1	0.77	0.44
Total assets	1,318	1,336	1,384	1,442	1,733	1,730	1,848	1,906	1,973	2,087
Short-term debt	36	48.8	77.7	48.7	49.2	57.7	64.6	45.4	65.4	17.7
Total liabilities	1,204	1,228	1,267	1,316	1,602	1,588	1,696	1,744	1,794	1,884
Total debt	132	121	101	101	101	30.9	30.9	111	121	95.9
Paid-in capital	22.2	31.6	31.9	32.4	30.1	23.7	24.4	23.7	20.5	21.6
Retained earnings	92.9	101	109	119	130	145	166	174	189	207
Other comprehensive income	-21.5	-24.6	-24.4	-26	-28.9	-27.3	-39	-35.8	-30.2	-25.3
Shareholders' equity	114	108	117	126	131	142	152	162	179	204
Total equity	114	108	117	126	131	142	152	162	179	204
Total liabilities and equity	1,318	1,336	1,384	1,442	1,733	1,730	1,848	1,906	1,973	2,087
Shares outstanding	6.27	7.07	7.09	7.11	6.99	6.62	6.67	6.64	6.47	6.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	7.28	5.27	10.7	13.1	13.8	19.8	25	15.1	20.6	24.5
Stock-based compensation	0.19	0.19	0.25	0.27	0.35	0.47	0.53	0.53	0.48	0.76
Deferred income tax	2.12	9.26	1.34	0.95	0.53	0.55	0.6	-0.89	-0.83	-0.58
Change in payables	4.39	3.52	1.81	0.9	5.01	0.27	-0.74	6.23	-4.32	1.88
Cash from operations	11.5	12.9	18.3	16.4	16.2	20	26.5	22.5	22.3	19.4
Capital expenditures	-3.92	-6.56	-9.48	-3.97	-1.6	-1.13	-3.58	-0.35	-1.92	-3.97
Acquisitions							-0.6
Purchases of investments					-184	-128	-17.7		-6.68	-22.3
Sales and maturities of investments	38.4	17.9	10.9	26.6	45.6	48.5	14.2	7.5	8.58	5.84
Cash from investing	11.9	-7.66	-114	-32.5	-191	-28.4	-172	-81.7	-38.4	-48
Debt issued								80	90
Debt repaid	-15.8	-10.8	-20			-70			-80	-25
Stock issued	0	9.19	0.12	0.17	0.2	0.22	0.22	0.29	0.29	0.32
Share buybacks					-2.75	-7.18		-1.5	-4.03
Dividends paid	-2.03	0	-1.91	-3.13	-3.65	-3.89	-3.99	-5.22	-5.37	-5.97
Cash from financing	-12.2	15.2	35.2	42.6	275	-25.3	104	34.7	44.7	81.9
Net change in cash	11.2	20.4	-60.2	26.4	99.5	-33.7	-41.4	-24.6	28.6	53.3
Free cash flow	7.57	6.36	8.81	12.4	14.6	18.9	23	22.1	20.4	15.4
Interest paid	8.32	7.3	8.11	11.5	9.76	5.97	4.78	23.8	32.1	34.2
Income taxes paid	0.54	0.18	0.53	1.01	1.21	5.66	7.51	6.13	5.38	8.48

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $43.29 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	24.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.2%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	19.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-0.7%	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	12.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	19.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	0.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	13.9%	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	-13.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-10.0%	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	3.7%	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	-24.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-12.5%	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	1.1%	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	14.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	15.1%	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	13.0%	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	13.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.3%	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	9.2%	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	5.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.1%	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	3.8%	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	-0.6%	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	-0.8%	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	-1.5%	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	0.15x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	1.5%	Total debt / total assets.
Liabilities / assets	89.8%	Total liabilities / total assets.
Net debt	-$54.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$212.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
FCF conversion	103.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	13.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.88	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.
FCF per share	$4.02	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.66	Cash from operations / diluted weighted shares.
Book value per share	$32.91	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$32.91	Tangible book value / shares outstanding.
Cash per share	$13.20	(Cash + short-term investments) / shares outstanding.
Payout ratio	25.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	24.9%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$279.4M	Share price x shares outstanding.
Enterprise value	$225.1M	Market cap + total debt - cash - short-term investments.
P/E	11.2x	Market cap / net income. Only when net income is positive.
P/B	1.32x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.32x	Market cap / tangible book value, when positive.
P/FCF	10.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.27x	Market cap / cash from operations, when positive.
EV/FCF	8.66x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.3%	Free cash flow / market cap.
Earnings yield	9.0%	Net income / market cap (the inverse of P/E).
Dividend yield	2.3%	Dividends paid over the period / market cap.
Shareholder yield	2.3%	(Dividends paid + share buybacks) / market cap.
PEG	126x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was FIRST UNITED CORP/MD/'s revenue in fiscal 2025?

FIRST UNITED CORP/MD/ reported revenue of $18.4M for fiscal 2025, 4% higher than the year before.

Was FIRST UNITED CORP/MD/ profitable in fiscal 2025?

Yes. Net income was $24.5M, a net margin of 133%.

How much free cash flow did FIRST UNITED CORP/MD/ generate in fiscal 2025?

Cash from operations of $19.4M minus capital expenditures of $4.0M left free cash flow of $15.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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