Valuation, from the filing
| Public float | $179.24M | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $27.57 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 7.3× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 9.7× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 0.9× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
7.3× earnings today, against a median of 6.2× across 9 years on record. Above its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $179.24M | 7.3× | |
| 2024-06-28 | $117.32M | 5.7× | |
| 2023-06-30 | $85.74M | 5.7× | |
| 2022-06-30 | $151.79M | 6.1× | |
| 2021-06-30 | $103.34M | 5.2× | |
| 2020-06-30 | $85.53M | 6.2× | |
| 2019-06-30 | $129.34M | 9.9× | |
| 2018-06-30 | $116.88M | 11.0× | |
| 2017-06-30 | $85.36M | 16.2× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the National Commercial Banks filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| Effective tax rate | 24.6% | 87th | |
| CapEx / revenue | 21.5% | 80th | |
| Revenue YoY growth | 4.0% | 28th | |
| Long-term debt / equity | 0.47x | 65th | |
| FCF margin | 83.6% | 45th | |
| SBC / revenue | 4.1% | 54th | |
| Net margin | 133.0% | 53th |
FIRST UNITED CORP/MD/ (FUNC) reported revenue of $16.16M and net income of $25.05M for the fiscal year ended 2022-12-31. This page shows 1 annual period of income statement, balance sheet and cash flow figures normalized from FIRST UNITED CORP/MD/’s SEC filings, each linked to the filing it came from. It is classified by the SEC under National Commercial Banks.
Banks, brokers and insurers present a top line that is not comparable with an operating company’s revenue: it is reported net of interest expense, or as premiums earned, depending on the filer. The figures are the filer’s own and are traceable to the filing; the comparison across classes is what does not hold.
Income
| Metric | 2022-12-31 |
|---|---|
| Revenue | $16.16M |
| Cost of revenue | Unavailable |
| Gross profit | Unavailable |
| Operating income | Unavailable |
| Net income | $25.05M |
| Research & development | Unavailable |
| Weighted-average diluted shares | Unavailable |
| Pretax income | $33.18M |
| Income tax expense | $8.13M |
| Diluted EPS | Unavailable |
| Selling, general & administrative | Unavailable |
| General & administrative | Unavailable |
| Selling & marketing | Unavailable |
Balance
| Metric | 2022-12-31 |
|---|---|
| Cash & equivalents | $74.32M |
| Total assets | $1.85B |
| Current assets | Unavailable |
| Total liabilities | $1.70B |
| Current liabilities | Unavailable |
| Total equity incl. NCI | $151.79M |
| Temporary (mezzanine) equity | Unavailable |
| Inventory | Unavailable |
| Accounts receivable | Unavailable |
| Goodwill | $11.00M |
| Long-term debt | $30.93M |
| Accounts payable | Unavailable |
Cash flow
| Metric | 2022-12-31 |
|---|---|
| Operating cash flow | $26.54M |
| Capital expenditures | $3.58M |
| Investing cash flow | -$172.40M |
| Financing cash flow | $104.46M |
| Net change in cash | Unavailable |
| Stock-based compensation | $532.00K |
| Common dividends paid | $3.99M |
| Common share repurchases | Unavailable |
| Depreciation & amortization | Unavailable |
Derived
| Metric | 2022-12-31 |
|---|---|
| Free cash flow | $22.97M |
| Gross margin | Unavailable |
| Operating margin | Unavailable |
| FCF margin | 142.1% |
| SBC / revenue | 3.3% |
| Current ratio | Unavailable |
| Revenue YoY growth | 0.6% |
| Net margin | 155.0% |
| R&D / revenue | Unavailable |
| CapEx / revenue | 22.1% |
| Long-term debt / equity | 0.20x |
| Effective tax rate | 24.5% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open FUNC in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.