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Primis Financial Corp Financials

FRST
FY2025 annual
Revenue $200.4M -5.0% YoY
Net Income $61K +479.2% YoY
EPS (Diluted) $2.49 +477.3% YoY
Free Cash Flow $9.0M -50.7% YoY
Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Currency USD FYE December

Primis Financial Corp (FRST) reported $200.4M in revenue for fiscal year 2025, down 5.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI FRST FY2025

Primis Financial’s dominant mechanic is liability-funded balance-sheet scale, with earnings sensitive to interest expense rather than revenue growth.

Revenue eased to $200.4M in FY2025, yet net income turned positive at $61K. The reversal accompanied interest expense falling to $89.0M from $106.7M, pointing to funding-cost relief—not sales expansion—as the immediate earnings driver.

Leverage remains the balance-sheet lens: reported debt-to-equity was 8.6x in FY2025. Assets expanded to $4.0B while liabilities reached $3.6B, so growth still rests mainly on obligations rather than the equity base.

Operating cash flow fell to $10.8M and free cash flow to $9.0M in FY2025, even as net income turned positive, showing that the accounting recovery did not produce stronger cash generation. Capital expenditures were only $1.7M, so weaker free cash flow reflects lower operating cash generation rather than heavier reinvestment.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Earnings Growth Capital Efficiency CreditQuality Stability 28 / 100
Financial Health Score 28/100
Scored as: Banks peer group

Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Primis Financial Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Earnings
17
Growth
82
Capital
34
Efficiency
23
Credit Quality
0

Not available for Primis Financial Corp, and counted as zero in the overall score.

Stability
10
Piotroski F-Score Partial
5/6

Primis Financial Corp passes 5 of 6 computable financial strength tests (3 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed
N/A

Primis Financial Corp reported $61K of net income while generating $10.8M in operating cash flow. The ratio between the two is outside the range this page publishes as a per-dollar figure, so both figures are given instead.

Key Financial Metrics

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Earnings & Revenue

Revenue
$200.4M
YoY-5.0%
5Y CAGR+11.2%
10Y CAGR+16.5%

Primis Financial Corp generated $200.4M in revenue in fiscal year 2025. This represents a decrease of 5.0% from the prior year.

Net Income
$61K
YoY+479.2%
5Y CAGR-69.4%
10Y CAGR-39.5%

Primis Financial Corp reported $61K in net income in fiscal year 2025. This represents an increase of 479.2% from the prior year.

EPS (Diluted)
$2.49
YoY+477.3%

Primis Financial Corp earned $2.49 per diluted share (EPS) in fiscal year 2025. This represents an increase of 477.3% from the prior year.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow
$9.0M
YoY-50.7%
5Y CAGR-20.6%
10Y CAGR-2.7%

Primis Financial Corp generated $9.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 50.7% from the prior year.

Cash & Debt
$143.6M
YoY+122.6%
5Y CAGR-6.0%
10Y CAGR+16.8%

Primis Financial Corp held $143.6M in cash as of fiscal year 2025; long-term debt is not reported for that period.

Dividends Per Share
$0.40
YoY0.0%

Primis Financial Corp paid $0.40 per share in dividends in fiscal year 2025. That is unchanged from the prior year.

Shares Outstanding
25M
YoY-0.1%

Primis Financial Corp had 25M shares outstanding in fiscal year 2025. This represents a decrease of 0.1% from the prior year.

Margins & Returns

Net Margin
0.0%
YoY0.0pp
5Y CAGR-19.5pp
10Y CAGR-21.2pp

Primis Financial Corp's net profit margin was 0.0% in fiscal year 2025, showing the share of revenue converted to profit. That is unchanged from the prior year.

Return on Equity
0.0%
YoY0.0pp
5Y CAGR-5.9pp
10Y CAGR-7.8pp

Primis Financial Corp's ROE was 0.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. That is unchanged from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

Share Buybacks
$807K

Primis Financial Corp spent $807K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures
$1.7M
YoY+45.2%
5Y CAGR+9.9%
10Y CAGR+18.9%

Primis Financial Corp invested $1.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 45.2% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

FRST Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FRST quarterly income statement
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Revenue$56.3M+5.2%$53.5M+0.4%$53.3M+3.0%$51.8M+8.7%$47.6M-0.2%$47.7M-7.0%$51.3M-10.2%$57.1M
SG&A Expenses$20.3M+3.6%$19.6M-23.4%$25.5M+37.9%$18.5M+8.6%$17.1M-4.9%$17.9M-0.5%$18.0M+7.5%$16.8M
Interest Expense$22.6M+5.2%$21.5M-4.5%$22.5M-1.1%$22.7M+1.3%$22.4M+5.1%$21.4M-15.4%$25.2M-13.2%$29.1M
Income Tax$2.7M-10.3%$3.0M-55.2%$6.7M+252.6%$1.9M+261.2%$528K-90.5%$5.6M+193.8%-$5.9M-1846.4%-$304K
Net Income$9.4M+28.9%$7.3M+123.0%-$31.8M-566.2%$6.8M+180.3%$2.4M-89.2%$22.6M+416.8%-$7.1M-681.9%$1.2M
EPS (Diluted)$0.38+26.7%$0.30-75.0%$1.20+328.6%$0.28+180.0%$0.10-89.1%$0.92-$0.95$0.05

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.

FRST Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FRST quarterly balance sheet
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Total Assets$4.4B+2.3%$4.3B+5.2%$4.0B+2.3%$4.0B+2.1%$3.9B+4.7%$3.7B+0.2%$3.7B-8.3%$4.0B
Cash & Equivalents$176.8M+10.6%$159.9M+11.3%$143.6M+124.8%$63.9M-32.1%$94.1M+64.9%$57.0M-11.6%$64.5M-16.5%$77.3M
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$3.9B+2.4%$3.8B+5.7%$3.6B+1.4%$3.6B+2.2%$3.5B+5.2%$3.3B-0.1%$3.3B-8.3%$3.6B
Total Equity$433.8M+1.6%$427.2M+1.0%$422.9M+10.7%$382.2M+1.5%$376.4M+0.2%$375.6M+6.8%$351.8M-7.7%$381.0M
Retained Earnings$121.3M+6.1%$114.4M+4.3%$109.6M+32.8%$82.5M+5.6%$78.2M0.0%$78.2M+34.7%$58.0M-30.8%$83.9M

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities, Long-Term Debt.

FRST Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FRST quarterly cash flow statement
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Operating Cash Flow-$5.7M+89.5%-$54.4M-289.2%$28.7M+352.5%-$11.4M+72.2%-$41.0M-219.2%$34.4M+190.9%-$37.8M-724.7%$6.1M
Capital Expenditures$298K+46.1%$204KN/AN/AN/AN/A$1.2M$0
Free Cash Flow-$6.0M+89.0%-$54.6MN/AN/AN/AN/A-$39.0M-744.4%$6.1M
Investing Cash Flow-$68.4M+48.2%-$132.0M-339.0%$55.3M+159.0%-$93.6M-1.1%-$92.6M-239.0%-$27.3M-108.3%$328.0M+815.8%-$45.8M
Financing Cash Flow$91.0M-55.1%$202.7M+4854.5%-$4.3M-105.7%$74.8M-56.2%$170.6M+1272.7%-$14.5M+95.2%-$302.9M-700.3%$50.5M
Dividends Paid$2.5M-3.1%$2.6M+3.9%$2.5M0.0%$2.5M-0.4%$2.5M0.0%$2.5M0.0%$2.5M0.0%$2.5M
Share BuybacksN/AN/A$0$0N/AN/AN/A$0

FRST Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

FRST quarterly financial ratios
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Net Margin16.7%+3.1pp13.7%+73.4pp-59.7%-72.9pp13.2%+8.1pp5.1%-42.3pp47.4%+61.4pp-13.9%-16.1pp2.1%
Return on Equity2.2%+0.5pp1.7%+9.2pp-7.5%-9.3pp1.8%+1.1pp0.7%-5.4pp6.0%+8.1pp-2.0%-2.4pp0.3%
Return on Assets0.2%+0.1pp0.2%+1.0pp-0.8%-1.0pp0.2%+0.1pp0.1%-0.6pp0.6%+0.8pp-0.2%-0.2pp0.0%
Debt-to-Equity9.04+0.1x8.96+0.4x8.57-0.8x9.35+0.1x9.29+0.4x8.84-0.6x9.45-0.1x9.52
FCF Margin-10.7%-101.9%N/AN/AN/AN/A-76.0%-86.6pp10.6%

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: FCF Margin.

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Frequently Asked Questions

What is Primis Financial Corp's annual revenue?

Primis Financial Corp (FRST) reported $200.4M in total revenue for fiscal year 2025. This represents a -5.0% 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 declined by 5.0% year-over-year, from $211.0M to $200.4M in fiscal year 2025.

Is Primis Financial Corp profitable?

Yes, Primis Financial Corp (FRST) reported a net income of $61K in fiscal year 2025, with a net profit margin of 0.0%.

Primis Financial Corp (FRST) reported diluted earnings per share of $2.49 for fiscal year 2025. This represents a 477.3% 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.

Primis Financial Corp (FRST) had a net profit margin of 0.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Primis Financial Corp (FRST) paid $0.40 per share in dividends during fiscal year 2025.

Primis Financial Corp (FRST) has a return on equity of 0.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Primis Financial Corp (FRST) generated $9.0M in free cash flow during fiscal year 2025. This represents a -50.7% 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.

Primis Financial Corp (FRST) generated $10.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Primis Financial Corp (FRST) had $4.0B in total assets as of fiscal year 2025, including both current and long-term assets.

Primis Financial Corp (FRST) invested $1.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Yes, Primis Financial Corp (FRST) spent $807K on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Primis Financial Corp (FRST) had 25M shares outstanding as of fiscal year 2025.

Primis Financial Corp (FRST) had a debt-to-equity ratio of 8.57 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Primis Financial Corp (FRST) had a return on assets of 0.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Primis Financial Corp (FRST) has a Piotroski F-Score of 5 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Primis Financial Corp (FRST) reported $61K of net income while generating $10.8M in operating cash flow. The ratio between the two is outside the range this page publishes as a per-dollar figure, so both figures are given instead. 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.

Primis Financial Corp (FRST) scores 28 out of 100 on our Financial Health Score, indicating weak standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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