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First United Corp
How the company evolved, year by year. Revenue and debt come from the annual reports — for most companies, the 10-K filings with the SEC since 2009; dividends from the payments themselves.
The bars are a balance on the closing date; the lines are what happened during the year. Revenue above equity is ordinary, not an anomaly — it means the company turns its capital over more than once a year.
Major managers that reported this stock in their latest 13F.
None of the investors we track reported a position in FUNC.
▲ +129.3% over 5Y.
today you would have $2,748.06▲ +174.8%
Dividends reinvested, splits accounted for. Past prices say what happened, not what will.
The last 16 closed years. Each multiple uses that year’s closing price and that year’s reported numbers — not today’s. The range is set by the annual reports on record.
| Indicator | Median | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year-end price | $37.44 | $33.71 | $23.51 | $19.65 | $18.76 | $15.50 | $24.09 | $15.92 | $17.40 | $15.95 | $11.70 | $8.55 | $7.67 | $7.17 | $3.16 | $3.43 | |
| P/E | 10.4x |
Seven formulas applied to what the company reported. None of them predicts a price — each answers what the stock would be worth if its assumption held. The assumption is printed next to every number, because it is the assumption that produces the result.
Square root of 22.5 × earnings × book value — the two ceilings Graham proposed. Blind to intangibles, so it undervalues software and brands.
Earnings growing 13.9% a year plus a 2.4% dividend — Lynch adds the yield to the growth rate, so a payer is not priced like a company that returns nothing. Growth capped at 25%.
Median P/E of 13.4 among peers in the sector.
Median P/E of 10.4 across the years on record for this company itself. Answers whether it is cheap against its own past, which a whole sector trading low cannot flatter.
Cash flow growing 13.9% a year for 10 years, discounted at 10%, then 2.5% forever.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
Companies of similar size in Financial Services, for comparison. The columns are the same ones above, in the same order.
| Stock | Price | P/E | P/B | Dividend yield | ROE | Market cap |
|---|---|---|---|---|---|---|
| FXNCFirst National Corp | $30.77 | 12.9x | 1.4x | 2.21% | 11.81% | $278.24M |
| NHIVNewHold Investment Corp IV | $10.12 | — | — | — | — | $278.04M |
| ISNRSnow Rothschild Acquisition Corp. | $9.80 | — | — | — | — | $277.86M |
| FRAFFranklin Financial Services Corp |
First United Corporation operates as the bank holding company for First United Bank & Trust that provides various retail and commercial banking services to businesses and individuals in the United States. It operates through Community Banking and Wealth Management segments. The company offers deposit products, such as checking, savings, money market, individual retirement (IRA), employee benefit, and health savings accounts; regular and IRA certificates of deposit (CD); and demand deposits. It also provides business and personal loans; commercial loans secured by real estate, commercial equipment, and vehicles or other assets of the borrower; residential mortgages; home equity lines of credit; real estate construction loans to builders and individuals for single-family dwellings; and consumer loans, including indirect and direct auto loans, student loans, and other secured and unsecured lines of credit and term loans. In addition, the company offers brokerage; certificate of deposit account registry and IntraFi cash services; treasury management, cash sweep, and various checking opportunities; trust services, such as personal trust, investment agency accounts, charitable trusts, estate administration, and estate planning, as well as retirement accounts, including IRA rollovers, 401(k) accounts, and defined benefit plans; safe deposit and night depository facilities; and insurance products. Further, it provides online, mobile, and digital banking; debit and credit cards; business support; merchant services; remote deposit capture; positive pay; sweep and escrow accounts; check recovery and ordering; equipment loans; floorplan lending; mobile wallet and deposit; credit insights; personal finance; bill pay; CD and trust secured loans; boat and RV loans; and retirement planning services. First United Corporation was founded in 1900 and is headquartered in Oakland, Maryland.
Company description provided by Yahoo Finance.
| 9.9x |
| 10.7x |
| 10.4x |
| 5.2x |
| 6.4x |
| 7.9x |
| 13.0x |
| 10.5x |
| 30.0x |
| 19.0x |
| 7.1x |
| 17.8x |
| 10.1x |
| 14.9x |
| 9.6x |
| — |
| P/S | 1.7x | 2.7x | 2.7x | 2.2x | 1.7x | 1.7x | 1.6x | 2.7x | 1.9x | 2.3x | 1.9x | 1.2x | 1.1x | 0.9x | 0.8x | 0.4x | 0.0x |
| P/B | 0.9x | 1.2x | 1.2x | 1.0x | 0.9x | 0.9x | 0.8x | 1.4x | 1.0x | 1.1x | 0.9x | 0.6x | 0.5x | 0.5x | 0.4x | 0.2x | 0.0x |
| EPS | $3.77 | $3.15 | $2.25 | $3.76 | $2.95 | $1.97 | $1.85 | $1.51 | $0.58 | $0.84 | $1.65 | $0.48 | $0.76 | $0.48 | $0.33 | -$1.91 |
| Dividend yield | 3.05% | 2.46% | 2.43% | 3.32% | 3.05% | 3.09% | 3.35% | 1.66% | 1.70% | — | — | — | — | — | — | — | 3.79% |
| Payout | 23.01% | 24.40% | 26.03% | 34.67% | 15.96% | 19.66% | 26.40% | 21.62% | 17.88% | — | — | — | — | — | — | — | — |
| Profit margin | 19.30% | 27.64% | 25.77% | 21.11% | 33.10% | 26.97% | 20.62% | 20.78% | 17.97% | 9.77% | 13.92% | 21.08% | 11.31% | 12.56% | 8.56% | 6.53% | -23.96% |
| ROE | 9.21% | 12.04% | 11.47% | 9.30% | 16.50% | 13.93% | 10.56% | 10.42% | 9.11% | 4.86% | 6.40% | 10.76% | 5.13% | 6.36% | 4.69% | 3.75% | -10.66% |
Median, not average: a single year of near-zero profit produces a P/E of 400 and would drag an average on its own. P/E years above 200x are left out, the same cut the fair price uses — so this median matches the “its own history” method below. Price and EPS have no median: they are series that grow.
Dividend growing 1.8% a year against a 7.0% required return, taken from the stock’s beta. The only method anchored on what the company pays rather than what it reports.
Not the average of the seven numbers above. Four of the seven start from the same earnings per share — Graham, Lynch, sector multiples and its own history — so averaging all seven would let one input count four times and drown out the others. Instead each family produces one number, and the fair price is the average of the families that answered. A family with two working formulas contributes their average, not two votes.
6 methods answered, across 3 families.
Every formula reads the same reported statements and they can be wrong together. The margin is room for that.
+13.6% from the average.
These are models, not forecasts, and not investment advice. Change one assumption and the number changes with it — that is a property of valuation, not a defect of this page.
| $62.06 |
| 11.3x |
| 1.5x |
| 2.19% |
| 14.45% |
| $279.24M |
| HLXCHelix Acquisition Corp. III | $10.60 | — | — | — | — | $279.55M |
| QNBCQnb Corp | $45.18 | 13.4x | 1.2x | 3.45% | 9.04% | $280.51M |