Primis Financial Corp Financials

FRST

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Primis Financial Corp (FRST) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

3/9

Primis Financial Corp passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Mixed

-1.21x

For every $1 of reported earnings, Primis Financial Corp generates $-1.21 in operating cash flow ($19.5M OCF vs -$16.2M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Revenue

$211.0M

YoY+9.5%

5Y CAGR+11.8%

10Y CAGR+18.7%

Primis Financial Corp generated $211.0M in revenue in fiscal year 2024. This represents an increase of 9.5% from the prior year.

EBITDA

N/A

Free Cash Flow

$18.3M

YoY-31.8%

5Y CAGR-12.5%

10Y CAGR+5.6%

Primis Financial Corp generated $18.3M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 31.8% from the prior year.

Net Income

-$16.2M

YoY-106.9%

Primis Financial Corp reported -$16.2M in net income in fiscal year 2024. This represents a decrease of 106.9% from the prior year.

EPS (Diluted)

$-0.66

YoY-106.3%

Primis Financial Corp earned $-0.66 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 106.3% from the prior year.

Cash & Debt

$64.5M

YoY-16.8%

5Y CAGR+15.1%

10Y CAGR+5.3%

Primis Financial Corp held $64.5M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

$0.40

YoY+0.0%

5Y CAGR+2.1%

10Y CAGR-4.0%

Primis Financial Corp paid $0.40 per share in dividends in fiscal year 2024. This represents an increase of 0.0% from the prior year.

Shares Outstanding

25M

YoY+0.1%

5Y CAGR+0.4%

10Y CAGR+7.3%

Primis Financial Corp had 25M shares outstanding in fiscal year 2024. This represents an increase of 0.1% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-7.7%

YoY-3.6pp

5Y CAGR-35.2pp

10Y CAGR-27.3pp

Primis Financial Corp's net profit margin was -7.7% in fiscal year 2024, showing the share of revenue converted to profit. This is down 3.6 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$1.2M

YoY-37.9%

5Y CAGR+1.6%

10Y CAGR+2.9%

Primis Financial Corp invested $1.2M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 37.9% from the prior year.

FRST Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$211.0M+9.5%	$192.6M+56.2%	$123.3M+9.0%	$113.1M-3.9%	$117.7M-2.3%	$120.5M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$106.7M+13.7%	$93.9M+335.0%	$21.6M+13.4%	$19.0M-27.2%	$26.1M-29.2%	$36.9M
Income Tax	-$4.2M-297.2%	-$1.1M-133.5%	$3.2M-63.3%	$8.7M+109.7%	$4.1M-29.7%	$5.9M
Net Income	-$16.2M-106.9%	-$7.8M-155.4%	$14.1M-54.5%	$31.1M+35.4%	$23.0M-30.7%	$33.2M
EPS (Diluted)	$-0.66-106.3%	$-0.32-156.1%	$0.57-54.8%	$1.26+31.3%	$0.96-29.4%	$1.36

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$51.8M+8.7%	$47.6M-0.2%	$47.7M-7.0%	$51.3M-1.7%	$52.2M+3.7%	$50.3M+0.4%	$50.1M+4.4%	$48.0M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$22.7M+1.3%	$22.4M+5.1%	$21.4M-15.4%	$25.2M-7.7%	$27.3M+9.1%	$25.1M+2.7%	$24.4M+3.0%	$23.7M
Income Tax	$1.9M+261.2%	$528K-90.5%	$5.6M+193.8%	-$5.9M-567.7%	$1.3M+76.2%	$718K+116.1%	-$4.5M-394.4%	$1.5M
Net Income	$6.8M+180.3%	$2.4M-89.2%	$22.6M+197.0%	-$23.3M-779.1%	$3.4M+39.3%	$2.5M+130.2%	-$8.2M-35.5%	-$6.0M
EPS (Diluted)	$0.28+180.0%	$0.10-89.1%	$0.92+196.8%	$-0.95-778.6%	$0.14+40.0%	$0.10+129.4%	$-0.34-41.7%	$-0.24

FRST Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$3.7B-4.3%	$3.9B+8.1%	$3.6B+4.7%	$3.4B+10.3%	$3.1B+13.5%	$2.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$64.5M-16.8%	$77.6M-0.4%	$77.9M-85.3%	$530.2M+170.2%	$196.2M+514.5%	$31.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$93.5M0.0%	$93.5M-10.7%	$104.6M+2.6%	$102.0M0.0%	$102.0M0.0%	$102.0M
Total Liabilities	$3.3B-3.9%	$3.5B+8.9%	$3.2B+6.1%	$3.0B+11.0%	$2.7B+15.1%	$2.3B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$351.8M-6.5%	$376.2M-3.3%	$389.0M-5.1%	$410.0M+5.4%	$388.8M+3.1%	$377.2M
Retained Earnings	$58.0M-31.0%	$84.1M-17.4%	$101.8M+4.4%	$97.6M+25.1%	$78.0M+12.2%	$69.5M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$4.0B+2.1%	$3.9B+4.7%	$3.7B+0.2%	$3.7B-7.0%	$4.0B+2.0%	$3.9B+0.9%	$3.9B+0.5%	$3.8B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$63.9M-32.1%	$94.1M+64.9%	$57.0M-11.6%	$64.5M-3.1%	$66.6M-25.0%	$88.7M+14.4%	$77.6M-17.4%	$93.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$93.5M0.0%	$93.5M0.0%	$93.5M0.0%	$93.5M0.0%	$93.5M0.0%	$93.5M0.0%	$93.5M0.0%	$93.5M
Total Liabilities	$3.6B+2.2%	$3.5B+5.2%	$3.3B-0.1%	$3.3B-6.9%	$3.6B+2.2%	$3.5B+1.1%	$3.5B-0.1%	$3.5B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$382.2M+1.5%	$376.4M+0.2%	$375.6M+6.8%	$351.8M-6.5%	$376.0M+0.4%	$374.6M-0.4%	$376.2M-0.4%	$377.6M
Retained Earnings	$82.5M+5.6%	$78.2M0.0%	$78.2M+34.7%	$58.0M-31.8%	$85.1M+1.1%	$84.1M0.0%	$84.1M-11.2%	$94.8M

FRST Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$19.5M-32.2%	$28.8M+131.8%	$12.4M-55.0%	$27.6M-6.9%	$29.7M-19.3%	$36.8M
Capital Expenditures	$1.2M-37.9%	$1.9M+90.1%	$1.0M-58.8%	$2.5M+127.0%	$1.1M-1.7%	$1.1M
Free Cash Flow	$18.3M-31.8%	$26.9M+135.5%	$11.4M-54.6%	$25.2M-12.0%	$28.6M-19.9%	$35.7M
Investing Cash Flow	$108.3M+134.6%	-$312.8M+49.3%	-$616.9M	N/A	-$204.3M-3970.8%	-$5.0M
Financing Cash Flow	-$140.9M-149.7%	$283.6M+86.5%	$152.1M-48.6%	$296.2M-12.6%	$338.9M+1292.0%	-$28.4M
Dividends Paid	$9.9M+0.2%	$9.9M+0.2%	$9.9M+0.5%	$9.8M+0.7%	$9.7M+12.0%	$8.7M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$11.4M+72.2%	-$41.0M-219.2%	$34.4M+190.9%	-$37.8M-172.4%	$52.3M+5515.8%	-$965K-101.5%	$65.4M+7136.1%	-$930K
Capital Expenditures	N/A	N/A	N/A	$1.2M	$0	$0-100.0%	$519K	$0
Free Cash Flow	N/A	N/A	N/A	-$39.0M-174.7%	$52.3M+5515.8%	-$965K-101.5%	$64.9M+7080.3%	-$930K
Investing Cash Flow	-$93.6M-1.1%	-$92.6M-239.0%	-$27.3M-108.3%	$328.0M+322.3%	-$147.5M-460.0%	-$26.3M+73.6%	-$99.7M-1005.3%	$11.0M
Financing Cash Flow	$74.8M-56.2%	$170.6M+1272.7%	-$14.5M+95.2%	-$302.9M-514.3%	$73.1M+90.0%	$38.5M+113.9%	$18.0M+205.2%	-$17.1M
Dividends Paid	$2.5M-0.4%	$2.5M0.0%	$2.5M0.0%	$2.5M+0.1%	$2.5M-0.2%	$2.5M+0.3%	$2.5M0.0%	$2.5M
Share Buybacks	$0	N/A	N/A	$0	N/A	N/A	N/A	N/A

FRST Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-7.7%-3.6pp	-4.1%-15.6pp	11.5%-16.0pp	27.5%+8.0pp	19.5%-8.0pp	27.5%
Return on Equity	N/A	N/A	3.6%-3.9pp	7.6%+1.7pp	5.9%-2.9pp	8.8%
Return on Assets	-0.4%-0.2pp	-0.2%-0.6pp	0.4%-0.5pp	0.9%+0.2pp	0.7%-0.5pp	1.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	9.45+0.3	9.20+1.0	8.17+0.9	7.31+0.4	6.94+0.7	6.22
FCF Margin	8.7%-5.3pp	14.0%+4.7pp	9.3%-13.0pp	22.2%-2.0pp	24.3%-5.3pp	29.6%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	13.2%+8.1pp	5.1%-42.3pp	47.4%+92.9pp	-45.5%-52.1pp	6.6%+1.7pp	4.9%+21.2pp	-16.3%-3.8pp	-12.6%
Return on Equity	1.8%+1.1pp	0.7%-5.4pp	6.0%+5.7pp	0.3%-0.6pp	0.9%+0.3pp	0.7%	N/A	N/A
Return on Assets	0.2%+0.1pp	0.1%-0.6pp	0.6%+1.2pp	-0.6%-0.7pp	0.1%+0.0pp	0.1%+0.3pp	-0.2%-0.0pp	-0.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	9.35+0.1	9.29+0.4	8.84-0.6	9.45-0.0	9.50+0.2	9.33+0.1	9.20+0.0	9.17
FCF Margin	N/A	N/A	N/A	-76.0%-176.2pp	100.1%+102.0pp	-1.9%-131.4pp	129.5%+131.4pp	-1.9%

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Frequently Asked Questions

What is Primis Financial Corp's annual revenue?

Primis Financial Corp (FRST) reported $211.0M in total revenue for fiscal year 2024. This represents a 9.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Primis Financial Corp's revenue growing?

Primis Financial Corp (FRST) revenue grew by 9.5% year-over-year, from $192.6M to $211.0M in fiscal year 2024.

Is Primis Financial Corp profitable?

No, Primis Financial Corp (FRST) reported a net income of -$16.2M in fiscal year 2024, with a net profit margin of -7.7%.

What is Primis Financial Corp's earnings per share (EPS)?

Primis Financial Corp (FRST) reported diluted earnings per share of $-0.66 for fiscal year 2024. This represents a -106.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Primis Financial Corp's net profit margin?

Primis Financial Corp (FRST) had a net profit margin of -7.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Primis Financial Corp pay dividends?

Yes, Primis Financial Corp (FRST) paid $0.40 per share in dividends during fiscal year 2024.

What is Primis Financial Corp's free cash flow?

Primis Financial Corp (FRST) generated $18.3M in free cash flow during fiscal year 2024. This represents a -31.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Primis Financial Corp's operating cash flow?

Primis Financial Corp (FRST) generated $19.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Primis Financial Corp's total assets?

Primis Financial Corp (FRST) had $3.7B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Primis Financial Corp's capital expenditures?

Primis Financial Corp (FRST) invested $1.2M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does Primis Financial Corp have outstanding?

Primis Financial Corp (FRST) had 25M shares outstanding as of fiscal year 2024.

What is Primis Financial Corp's debt-to-equity ratio?

Primis Financial Corp (FRST) had a debt-to-equity ratio of 9.45 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Primis Financial Corp's return on assets (ROA)?

Primis Financial Corp (FRST) had a return on assets of -0.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Primis Financial Corp's Piotroski F-Score?

Primis Financial Corp (FRST) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Primis Financial Corp's earnings high quality?

Primis Financial Corp (FRST) has an earnings quality ratio of -1.21x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.