Detailed financial statements for Financial Institutions, Inc. (FISI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Financial Institutions, Inc., through its subsidiaries, provides banking and financial services to consumer, commercial, and municipal customers in New York. The company provides checking and savings account programs, including money market accounts, certificates of deposit, sweep investments, and individual retirement and other qualified plan accounts, as well as NOW accounts.
Analysis Summary
Financial Institutions, Inc. reported revenue of $377.9M in the most recent fiscal year, growing at a 5-year CAGR of 13.1%. Net income reached $74.9M, with a 14.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 57.9%, operating margin 15.6%, net margin 26.2%. Free cash flow grew at -19.5% CAGR over 5 years.
At the current price of $40.23, FISI trades at a P/E of 9.71 and an ROE of 13.09%. Market capitalisation stands at $792M.
Balance sheet quality for FISI: current ratio of 0.0, net debt of $225.5M. 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 below average: free cash flow of $13.3M represents 18% 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 | $150.7M | $164.7M | $188.0M | $208.8M | $204.4M | $212.0M | $241.1M | $332.6M | $264.2M | $377.9M |
| Cost of Revenue | $22.2M | $30.9M | $38.8M | $46.9M | $49.5M | $4.1M | $42.8M | $135.3M | $176.1M | $144.6M |
| Gross Profit | $128.5M | $133.9M | $149.2M | $161.9M | $154.9M | $207.9M | $198.2M | $197.3M | $88.0M | $233.3M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $55.5M | $59.6M | $71.8M | $72.9M | $66.2M | $67.0M | $76.0M | $80.6M | $74.9M | $88.3M |
| Operating Expenses | $84.4M | $90.4M | $99.7M | $102.5M | $109.2M | $110.7M | $127.3M | $134.2M | $156.2M | $142.0M |
| Operating Income | $44.1M | $43.5M | $49.5M | $59.4M | $45.7M | $97.2M | $71.0M | $63.1M | -$68.1M | $91.4M |
| EBITDA | $50.1M | $49.6M | $56.0M | $67.6M | $53.6M | $105.3M | $79.1M | $71.1M | -$60.5M | $99.2M |
| Interest Expense | $12.5M | $17.5M | $29.9M | $38.9M | $22.3M | $12.5M | $28.7M | $120.4M | $149.6M | $133.0M |
| Pre-tax Income | $44.1M | $43.5M | $49.5M | $59.4M | $45.7M | $97.2M | $71.0M | $63.1M | -$68.1M | $91.4M |
| Income Tax | $12.2M | $9.9M | $10.0M | $10.6M | $7.4M | $19.5M | $14.4M | $12.8M | -$26.5M | $16.5M |
| Net Income | $31.9M | $33.5M | $39.5M | $48.9M | $38.3M | $77.7M | $56.6M | $50.3M | -$41.6M | $74.9M |
| EPS | $2.11 | $2.13 | $2.39 | $2.97 | $2.30 | $4.81 | $3.58 | $3.17 | $-2.75 | $3.65 |
| EPS (Diluted) | $2.10 | $2.13 | $2.39 | $2.96 | $2.30 | $4.78 | $3.56 | $3.15 | $-2.75 | $3.61 |
| Shares Outstanding (Diluted) | $14.5M | $15.1M | $16.0M | $16.0M | $16.1M | $15.9M | $15.5M | $15.5M | $15.7M | $20.3M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $71.3M | $99.2M | $102.8M | $112.9M | $93.9M | $79.1M | $130.5M | $124.4M | $87.3M | $108.8M |
| Short-term Investments | $539.9M | $525.0M | $445.7M | $417.9M | $628.1M | $1.18B | $954.4M | $887.7M | $8000 | 0 |
| Receivables | 0 | 0 | 0 | 0 | $34.4M | $57.0M | $19.4M | $24.5M | $23.7M | $25.1M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $611.2M | $624.2M | $548.4M | $530.9M | $756.3M | $1.31B | $1.10B | $1.04B | $111.1M | $133.9M |
| Property, Plant & Equipment | $42.4M | $45.2M | $42.8M | $41.4M | $60.6M | $62.2M | $73.1M | $71.4M | $70.2M | $69.0M |
| Goodwill | $66.4M | $62.5M | $66.1M | $66.1M | $66.1M | $67.1M | $67.1M | $67.1M | $58.1M | $58.1M |
| Intangible Assets | $9.2M | $12.2M | $10.1M | $8.9M | $7.7M | $7.3M | $6.3M | $5.4M | $2.6M | $2.2M |
| Total Assets | $3.71B | $4.11B | $4.31B | $4.38B | $4.91B | $5.52B | $5.80B | $6.16B | $6.12B | $6.27B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | $6.0M | $19.4M | $25.9M | $21.4M |
| Short-term Debt | $331.5M | $446.2M | $469.5M | $275.5M | $5.3M | $30.0M | $205.0M | $185.0M | $99.0M | $109.0M |
| Total Current Liabilities | $3.33B | $3.66B | $3.84B | $3.83B | $4.28B | $4.86B | $5.14B | $5.42B | $5.23B | $5.34B |
| Long-term Debt | $39.1M | $39.1M | $39.2M | $39.3M | $73.6M | $73.9M | $74.2M | $124.5M | $124.8M | $193.7M |
| Total Liabilities | $3.39B | $3.72B | $3.92B | $3.95B | $4.44B | $5.02B | $5.39B | $5.71B | $5.55B | $5.65B |
| Retained Earnings | $237.7M | $257.1M | $279.9M | $313.4M | $324.9M | $384.0M | $421.3M | $451.7M | $388.7M | $437.1M |
| Total Equity | $320.1M | $381.2M | $396.3M | $438.9M | $468.4M | $505.1M | $405.6M | $454.8M | $569.0M | $628.9M |
| Total Debt | $370.6M | $485.3M | $508.7M | $314.8M | $78.9M | $103.9M | $312.5M | $343.3M | $256.6M | $334.2M |
| Net Debt | -$240.6M | -$138.8M | -$39.7M | -$216.1M | -$643.0M | -$1.15B | -$772.4M | -$668.9M | $169.3M | $225.5M |
| Working Capital | -$2.72B | -$3.03B | -$3.29B | -$3.30B | -$3.53B | -$3.54B | -$4.04B | -$4.38B | -$5.12B | -$5.20B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $31.9M | $33.5M | $39.5M | $48.9M | $38.3M | $77.7M | $56.6M | $50.3M | -$41.6M | $74.9M |
| Depreciation & Amortization | $6.0M | $6.2M | $6.5M | $8.2M | $7.9M | $8.0M | $8.1M | $8.1M | $7.7M | $7.9M |
| Stock-based Compensation | $845000 | $1.2M | $1.3M | $1.4M | $1.3M | $1.7M | $2.6M | $1.7M | $1.6M | $3.1M |
| Change in Working Capital | $2.3M | -$20.5M | $16.4M | -$6.3M | -$26.9M | -$11.9M | $50.7M | -$55.7M | $33.7M | -$70.9M |
| Operating Cash Flow | $46.7M | $46.3M | $65.1M | $57.7M | $43.5M | $73.0M | $133.6M | $10.9M | $77.1M | $18.8M |
| Capital Expenditure | -$7.6M | -$7.7M | -$2.8M | -$3.6M | -$4.3M | -$9.4M | -$8.4M | -$3.0M | -$5.0M | -$5.5M |
| Acquisitions | -$868000 | -$676000 | -$4.4M | 0 | 0 | -$1.4M | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | -$157000 | -$113000 | -$293000 | -$209000 | -$9.3M | -$15.3M | -$571000 | -$433000 | -$11.4M |
| Dividends Paid | -$12.9M | -$14.0M | -$16.4M | -$17.3M | -$18.0M | -$18.5M | -$19.1M | -$19.7M | -$20.0M | -$26.2M |
| Free Cash Flow | $39.1M | $38.5M | $62.3M | $54.1M | $39.2M | $63.6M | $125.2M | $7.9M | $72.2M | $13.3M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +9.3% | +14.1% | +11.1% | -2.1% | +3.7% | +13.7% | +38.0% | -20.6% | +43.1% | |
| Net Income Growth (YoY) | +5.0% | +17.9% | +23.6% | -21.6% | +102.7% | -27.2% | -11.2% | -182.9% | +279.8% | |
| EPS Growth (YoY) | +0.9% | +12.2% | +24.3% | -22.6% | +109.1% | -25.6% | -11.5% | -186.8% | +232.7% | |
| Shares Change (YoY) | +4.1% | +5.8% | +0.5% | +0.2% | -0.8% | -2.9% | +0.0% | +1.3% | +29.6% | |
| FCF Growth (YoY) | -1.4% | +61.6% | -13.2% | -27.5% | +62.2% | +97.0% | -93.7% | +813.1% | -81.6% | |
| Gross Margin | 85.3% | 81.3% | 79.4% | 77.5% | 75.8% | 98.0% | 82.2% | 59.3% | 33.3% | 61.7% |
| Operating Margin | 29.3% | 26.4% | 26.3% | 28.5% | 22.4% | 45.9% | 29.4% | 19.0% | -25.8% | 24.2% |
| EBITDA Margin | 33.2% | 30.1% | 29.8% | 32.4% | 26.2% | 49.6% | 32.8% | 21.4% | -22.9% | 26.3% |
| Net Margin | 21.2% | 20.4% | 21.0% | 23.4% | 18.8% | 36.6% | 23.5% | 15.1% | -15.8% | 19.8% |
| FCF Margin | 25.9% | 23.4% | 33.1% | 25.9% | 19.2% | 30.0% | 51.9% | 2.4% | 27.3% | 3.5% |
| Effective Tax Rate | 27.7% | 22.9% | 20.2% | 17.8% | 16.2% | 20.1% | 20.3% | 20.3% | 38.9% | 18.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.70 | $2.55 | $3.90 | $3.37 | $2.44 | $3.99 | $8.09 | $0.51 | $4.60 | $0.65 |
| Dividends Per Share | $0.89 | $0.93 | $1.03 | $1.08 | $1.12 | $1.16 | $1.23 | $1.28 | $1.27 | $1.29 |
| Shares Outstanding (Basic) | $14.4M | $15.0M | $15.9M | $16.0M | $16.0M | $15.8M | $15.4M | $15.4M | $15.7M | $20.1M |
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. FMP does not expose regulatory Tier 1 directly.
- 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 | 13.09% |
| Return on Invested Capital | 0.64% |
| Return on Assets | 1.30% |
| Gross Margin | 57.94% |
| Operating Margin | 15.60% |
| Net Margin | 26.18% |
Financial Health
| Debt / Equity | 0.45 |
| Current Ratio | 0.47 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 16.21 | 14.60 | 10.75 | 10.81 | 9.78 | 6.61 | 6.80 | 6.72 | -9.92 | 8.54 |
| P/B | 1.54 | 1.23 | 1.03 | 1.17 | 0.77 | 1.00 | 0.92 | 0.72 | 0.75 | 1.00 |
| P/S | 3.28 | 2.84 | 2.17 | 2.46 | 1.76 | 2.38 | 1.55 | 0.98 | 1.62 | 1.66 |
| Gross Margin | 85.3% | 81.3% | 79.4% | 77.5% | 75.8% | 98.0% | 82.2% | 59.3% | 33.3% | 61.7% |
| Operating Margin | 29.3% | 26.4% | 26.3% | 28.5% | 22.4% | 45.9% | 29.4% | 19.0% | -25.8% | 24.2% |
| Net Margin | 21.2% | 20.4% | 21.0% | 23.4% | 18.8% | 36.6% | 23.5% | 15.1% | -15.8% | 19.8% |
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Explore sector: Financial Services · Banks - Regional
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