FULTON FINANCIAL CORP
$23.99
+0.15 (+0.63%) · delayed · Nov 13, 2026
Five-year price
52w $16.91 to $25.23
- Market cap
- $4.5B
- Enterprise value
- $3.5B
- P/E
- 11.5×
- 13.6× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- 6.7%
- ROIC
- —
- Debt / equity
- —
- Piotroski F
- 4/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
50
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- ○ROE > 15% (5y avg)5y avg ROE 10.4%
- –Stable operating marginsMargin volatility n/a (σ, 5y)
- ●Earnings convert to cashFCF / net income 136% (5y avg)
- ●Growing revenueRevenue CAGR 5y 4.1%
- ○Shrinking share countDiluted shares 12.4% over 5y
Value
100
- ●P/E below 15P/E 11.5
- –EV/EBIT below 12EV/EBIT n/a
- ●FCF yield above 6%FCF yield 6.7%
- ●Price below Graham NumberGraham Number $29.38
- ●P/B below 3P/B 1.3
Safety
n/a
- –Debt / equity below 0.5D/E n/a
- ●Debt payable in < 4 yrs of earningsNet debt $-1.1B
- –Interest coverage > 8xCoverage n/ax
- –Current ratio > 1.5Current ratio n/a
- ○Piotroski F-score ≥ 6F-score 4/9
Graham Defensive
83
- ○Adequate size (revenue > $2B)Revenue $0.3B
- –Strong condition (current ratio ≥ 2)Current ratio n/a
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 71%
- ●Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 13.6
- ●P/E × P/B ≤ 22.5Product 17.7
Valuation lab
What do you have to believe?
At $23.99, the market is pricing in about −1.8% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$1.1B · 189M shares · 5y revenue CAGR 4.1%
Intrinsic value
$34.01
Price
$23.99
Margin of safety
29%
What the price implies
The market is paying for −1.8% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
56% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 188 | 199 | 195 | 211 | 226 | 240 | 227 | 228 | 296 | 277 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Pre-tax income | 162 | 172 | 208 | 264 | 202 | 334 | 347 | 349 | 345 | 486 |
| Income tax | 47 | 63 | 25 | 38 | 24 | 59 | 60 | 64 | 56 | 94 |
| Net income | 162 | 172 | 208 | 226 | 178 | 275 | 287 | 284 | 289 | 392 |
| EPS (diluted) | 0.93 | 0.98 | 1.18 | 1.35 | 1.08 | 1.62 | 1.67 | 1.64 | 1.57 | 2.08 |
| Diluted shares | 174 | 176 | 177 | 168 | 163 | 163 | 165 | 167 | 177 | 183 |
Who owns it