Detailed financial statements for First BanCorp. (FBP): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
First BanCorp., operating as the holding company for FirstBank Puerto Rico, delivers a broad spectrum of financial services to retail, commercial, and institutional clients. The company's operations are structured into six key segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.
Analysis Summary
First BanCorp. reported revenue of $1.26B in the most recent fiscal year, growing at a 5-year CAGR of 10.3%. Net income reached $344.9M, with a 27.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 75.5%, operating margin 35.5%, net margin 28.6%. Free cash flow grew at 9.0% CAGR over 5 years.
At $26.40 (closing price, November 2, 2026), FBP trades at a P/E of 11.14 and an ROE of 18.91%. Market capitalisation stands at $4.0B.
Balance sheet quality for FBP: debt-to-equity ratio of 0.12, current ratio of 22.55 over the last 12 months, net cash position of $292.8M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $434.0M represents 126% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $638.7M | $620.6M | $668.6M | $730.6M | $770.1M | $882.0M | $953.9M | $1.12B | $1.19B | $1.26B |
| Cost of Revenue | $189.1M | $240.2M | $158.6M | $148.6M | $263.6M | -$509,000 | $95.7M | $293.4M | $349.0M | $340.2M |
| Gross Profit | $449.6M | $380.4M | $510.0M | $581.9M | $506.5M | $882.5M | $858.2M | $830.2M | $843.7M | $916.4M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $196.1M | $191.0M | $196.4M | $196.9M | $198.1M | $220.3M | $228.9M | $257.6M | $262.8M | $334.1M |
| Operating Expenses | $319.3M | $318.5M | $319.4M | $342.6M | $390.2M | $454.7M | $410.6M | $432.7M | $452.5M | $499.6M |
| Operating Income | $130.3M | $62.0M | $190.6M | $239.4M | $116.3M | $427.8M | $447.6M | $397.4M | $391.2M | $416.7M |
| EBITDA | $152.8M | $82.8M | $209.3M | $260.1M | $142.1M | $464.2M | $478.7M | $425.7M | $416.2M | $437.5M |
| Interest Expense | $101.2M | $96.9M | $99.6M | $108.8M | $92.7M | $64.8M | $67.3M | $226.4M | $287.7M | $254.2M |
| Pre-tax Income | $130.3M | $62.0M | $190.6M | $239.4M | $116.3M | $427.8M | $447.6M | $397.4M | $391.2M | $416.7M |
| Income Tax | $37.0M | -$5.0M | -$11.0M | $72.0M | $14.1M | $146.8M | $142.5M | $94.6M | $92.5M | $71.9M |
| Net Income | $93.2M | $67.0M | $201.6M | $167.4M | $102.3M | $281.0M | $305.1M | $302.9M | $298.7M | $344.9M |
| EPS | $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 Outstanding (Diluted) | 215.8 M | 216.1 M | 216.7 M | 217.1 M | 217.7 M | 211.3 M | 192.0 M | 177.2 M | 165.3 M | 160.7 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $320.4M | $318.5M | $324.3M | $324.2M |
| Gross Profit | $235.0M | $242.3M | $248.4M | $246.2M |
| Operating Income | $107.3M | $114.3M | $120.2M | $115.3M |
| EBITDA | $111.7M | $118.5M | $120.2M | $115.3M |
| Net Income | $87.1M | $88.8M | $96.2M | $96.1M |
| EPS | $0.56 | $0.57 | $0.63 | $0.64 |
| EPS (Diluted) | $0.55 | $0.57 | $0.62 | $0.63 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $292.4M | $709.1M | $578.9M | $546.7M | $1.43B | $2.54B | $478.8M | $662.2M | $1.16B | $657.1M |
| Short-term Investments | $1.55B | $1.55B | $1.77B | $2.09B | $4.37B | $6.13B | $5.52B | $5.23B | $4.57B | 0 |
| Receivables | $278.8M | $314.6M | $383.9M | $50.2M | $69.5M | $61.5M | $69.7M | $77.7M | $71.9M | $71.4M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $2.12B | $2.57B | $2.73B | $2.69B | $5.87B | $8.74B | $6.07B | $5.97B | $5.80B | $737.5M |
| Property, Plant & Equipment | $150.8M | $141.9M | $147.8M | $150.0M | $158.2M | $146.4M | $142.9M | $142.0M | $133.4M | $126.9M |
| Goodwill | $28.1M | $28.1M | $28.1M | $28.1M | $38.6M | $38.6M | $38.6M | $38.6M | $38.6M | $38.6M |
| Intangible Assets | $44.9M | $39.5M | $38.1M | $7.6M | $40.9M | $29.9M | $21.1M | $13.4M | $7.0M | $3.5M |
| Total Assets | $11.92B | $12.26B | $12.24B | $12.61B | $18.79B | $20.79B | $18.63B | $18.91B | $19.29B | $19.13B |
| Accounts Payable | $118.8M | $145.9M | $129.9M | $180.6M | $276.7M | $214.9M | $231.6M | 0 | 0 | 0 |
| Short-term Debt | $670.0M | $300.0M | $150.1M | $100.0M | $300.0M | $300.0M | $550.1M | 0 | 0 | $107.6M |
| Total Current Liabilities | $9.62B | $9.47B | $9.27B | $9.63B | $15.89B | $18.30B | $16.93B | $16.56B | $16.87B | $107.6M |
| Long-term Debt | $886.2M | $923.6M | $924.1M | $754.1M | $623.8M | $383.8M | $383.8M | $661.7M | $561.7M | $200.0M |
| Total Liabilities | $10.14B | $10.39B | $10.20B | $10.38B | $16.52B | $18.68B | $17.31B | $17.41B | $17.62B | $17.17B |
| Retained Earnings | $830.9M | $895.2M | $1.09B | $1.22B | $1.22B | $1.43B | $1.48B | $1.65B | $1.81B | $2.27B |
| Total Equity | $1.79B | $1.87B | $2.04B | $2.23B | $2.28B | $2.10B | $1.33B | $1.50B | $1.67B | $1.97B |
| Total Debt | $1.56B | $1.22B | $1.07B | $854.1M | $923.8M | $683.8M | $933.9M | $661.7M | $561.7M | $364.4M |
| Net Debt | -$286.0M | -$1.03B | -$1.27B | -$1.78B | -$4.88B | -$7.99B | -$5.07B | -$5.23B | -$5.16B | -$292.8M |
| Working Capital | -$7.50B | -$6.90B | -$6.54B | -$6.94B | -$10.03B | -$9.56B | -$10.86B | -$10.59B | -$11.07B | $629.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $657.1M | $549.2M | $559.6M | $461.0M |
| Total Assets | $19.13B | $19.09B | $19.24B | $19.25B |
| Total Liabilities | $17.17B | $17.12B | $17.26B | $17.37B |
| Total Equity | $1.97B | $1.97B | $1.98B | $1.88B |
| Total Debt | $364.4M | $290.0M | $200.0M | $223.8M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $93.2M | $67.0M | $201.6M | $167.4M | $102.3M | $281.0M | $305.1M | $302.9M | $298.7M | $344.9M |
| Depreciation & Amortization | $22.5M | $20.8M | $18.6M | $20.7M | $26.0M | $36.4M | $31.1M | $28.2M | $25.0M | $20.8M |
| Stock-based Compensation | $6.9M | $7.3M | $5.8M | $3.9M | $5.1M | $5.5M | $5.4M | $7.8M | $8.7M | 0 |
| Change in Working Capital | -$23.7M | -$3.3M | $14.3M | $27.0M | $7.5M | $16.8M | $8.4M | -$44.9M | $266,000 | $4.9M |
| Operating Cash Flow | $199.4M | $236.0M | $288.3M | $294.3M | $297.7M | $399.7M | $440.5M | $363.0M | $404.1M | $445.1M |
| Capital Expenditure | -$10.4M | -$9.4M | -$20.5M | -$22.5M | -$16.1M | -$13.3M | -$20.5M | -$22.6M | -$10.0M | -$11.0M |
| Acquisitions | 0 | 0 | 0 | 0 | $406.6M | -$3.4M | 0 | 0 | 0 | $25,000 |
| Stock Repurchased | -$1.1M | -$2.5M | -$2.8M | -$2.0M | -$206,000 | -$252.6M | -$277.8M | -$203.2M | -$102.4M | -$153.7M |
| Dividends Paid | -$223,000 | -$2.7M | -$9.2M | -$33.0M | -$46.1M | -$67.5M | -$87.8M | -$99.7M | -$105.6M | -$115.5M |
| Free Cash Flow | $189.1M | $226.5M | $267.8M | $271.8M | $281.7M | $386.4M | $420.0M | $340.4M | $394.1M | $434.0M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $109.7M | $114.8M | $93.4M | 0 |
| Capital Expenditure | -$4.1M | -$5.2M | -$5.0M | 0 |
| Free Cash Flow | $105.6M | $109.7M | $88.4M | 0 |
| Dividends Paid | -$28.0M | -$32.1M | -$31.0M | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -2.8% | +7.7% | +9.3% | +5.4% | +14.5% | +8.1% | +17.8% | +6.2% | +5.3% | |
| Net Income Growth (YoY) | -28.2% | +201.1% | -17.0% | -38.9% | +174.8% | +8.6% | -0.7% | -1.4% | +15.4% | |
| EPS Growth (YoY) | -31.8% | +206.7% | -17.4% | -39.5% | +187.0% | +21.2% | +7.5% | +5.8% | +18.7% | |
| Shares Change (YoY) | +0.2% | +0.3% | +0.2% | +0.2% | -2.9% | -9.1% | -7.7% | -6.7% | -2.7% | |
| FCF Growth (YoY) | +19.8% | +18.2% | +1.5% | +3.6% | +37.2% | +8.7% | -19.0% | +15.8% | +10.1% | |
| Gross Margin | 70.4% | 61.3% | 76.3% | 79.7% | 65.8% | 100.1% | 90.0% | 73.9% | 70.7% | 72.9% |
| Operating Margin | 20.4% | 10.0% | 28.5% | 32.8% | 15.1% | 48.5% | 46.9% | 35.4% | 32.8% | 33.2% |
| EBITDA Margin | 23.9% | 13.3% | 31.3% | 35.6% | 18.4% | 52.6% | 50.2% | 37.9% | 34.9% | 34.8% |
| Net Margin | 14.6% | 10.8% | 30.2% | 22.9% | 13.3% | 31.9% | 32.0% | 27.0% | 25.0% | 27.4% |
| FCF Margin | 29.6% | 36.5% | 40.1% | 37.2% | 36.6% | 43.8% | 44.0% | 30.3% | 33.0% | 34.5% |
| Effective Tax Rate | 28.4% | -8.0% | -5.8% | 30.1% | 12.1% | 34.3% | 31.8% | 23.8% | 23.6% | 17.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.88 | $1.05 | $1.24 | $1.25 | $1.29 | $1.83 | $2.19 | $1.92 | $2.38 | $2.70 |
| Dividends Per Share | $0.00 | $0.01 | $0.04 | $0.15 | $0.21 | $0.32 | $0.46 | $0.56 | $0.64 | $0.72 |
| Shares Outstanding (Basic) | 212.8 M | 214.0 M | 215.7 M | 216.6 M | 216.9 M | 210.1 M | 190.8 M | 176.5 M | 164.5 M | 160.0 M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. Regulatory Tier 1 is not in our data.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 18.91% |
| Return on Invested Capital | 1.91% |
| Return on Assets | 1.91% |
| Gross Margin | 75.50% |
| Operating Margin | 35.50% |
| Net Margin | 28.60% |
Financial Health
| Debt / Equity | 0.12 |
| Current Ratio | 22.55 |
| Piotroski F-Score | 9 |
| Altman Z-Score | 0.46 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 15.02 | 17.00 | 9.35 | 13.93 | 20.04 | 10.44 | 7.95 | 9.56 | 10.21 | 9.60 |
| P/B | 0.79 | 0.58 | 0.91 | 1.03 | 0.88 | 1.38 | 1.83 | 1.94 | 1.83 | 1.69 |
| P/S | 2.20 | 1.76 | 2.77 | 3.14 | 2.60 | 3.28 | 2.54 | 2.58 | 2.56 | 2.64 |
| Gross Margin | 70.4% | 61.3% | 76.3% | 79.7% | 65.8% | 100.1% | 90.0% | 73.9% | 70.7% | 72.9% |
| Operating Margin | 20.4% | 10.0% | 28.5% | 32.8% | 15.1% | 48.5% | 46.9% | 35.4% | 32.8% | 33.2% |
| Net Margin | 14.6% | 10.8% | 30.2% | 22.9% | 13.3% | 31.9% | 32.0% | 27.0% | 25.0% | 27.4% |
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Explore sector: Financial Services · Banks - Regional
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