First United (FUNC) financial statements
First United reported revenue of $18M in fiscal 2025, down 10.9% a year over 9 years.
Net income was $25M.
Free cash flow was $15M, and the company returned $6M in dividends.
The diluted share count rose 4% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from First United's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $52M | $12M | $13M | $13M | $14M | $16M | $16M | $17M | $18M | $18M |
| Interest expense | $8M | $7M | $8M | $12M | $10M | $6M | $5M | $24M | — | — |
| Pre-tax income | $10M | $12M | $13M | $16M | $18M | $26M | $33M | $19M | $27M | $33M |
| Income tax | $3M | $7M | $3M | $3M | $4M | $7M | $8M | $4M | $7M | $8M |
| Net income | $7M | $5M | $11M | $13M | $14M | $20M | $25M | $15M | $21M | $25M |
| EPS (diluted) | $0.84 | $0.58 | $1.51 | $1.85 | $1.97 | $2.95 | $3.76 | $2.25 | $3.15 | $3.77 |
| Diluted shares | 6M | 7M | 7M | 7M | 7M | 7M | 7M | 7M | 7M | 7M |
| Net margin | 13.9% | 44.6% | 84.8% | 101.3% | 99.0% | 123.1% | 155.0% | 90.3% | 116.1% | 133.0% |
Balance sheet
Fiscal years, from First United's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $63M | $84M | $24M | $50M | $149M | $116M | $74M | $50M | $78M | $132M |
| Property, plant and equipment | $27M | $31M | $38M | $39M | $37M | $35M | $35M | $31M | $30M | $30M |
| Goodwill | $11M | $11M | $11M | $11M | $11M | $11M | $11M | $11M | $11M | $11M |
| Total assets | $1.3B | $1.3B | $1.4B | $1.4B | $1.7B | $1.7B | $1.8B | $1.9B | $2.0B | $2.1B |
| Total liabilities | $1.2B | $1.2B | $1.3B | $1.3B | $1.6B | $1.6B | $1.7B | $1.7B | $1.8B | $1.9B |
| Shareholders' equity | $114M | $108M | $117M | $126M | $131M | $142M | $152M | $162M | $179M | $204M |
| Net debt | -$63M | -$84M | -$24M | -$50M | -$149M | -$116M | -$74M | -$50M | -$78M | -$132M |
Cash flow
Fiscal years, from First United's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $11M | $13M | $18M | $16M | $16M | $20M | $27M | $22M | $22M | $19M |
| Capital spending | $4M | $7M | $9M | $4M | $2M | $1M | $4M | $353,000 | $2M | $4M |
| Free cash flow | $8M | $6M | $9M | $12M | $15M | $19M | $23M | $22M | $20M | $15M |
| Stock-based compensation | $192,000 | $192,000 | $249,000 | $268,000 | $345,000 | $472,000 | $532,000 | $527,000 | $483,000 | $760,000 |
| Dividends paid | $2M | $1M | $0 | $3M | $4M | $4M | $4M | $5M | $5M | $6M |
| Share buybacks (net) | — | — | — | — | -$3M | -$7M | — | -$1M | -$4M | — |
| Net borrowing | -$16M | $2M | $9M | -$29M | $432,000 | -$61M | $7M | $61M | $30M | -$73M |
| Free cash flow margin | 14.5% | 53.9% | 70.0% | 95.8% | 104.2% | 117.7% | 142.1% | 132.7% | 114.9% | 83.6% |
| Dividends per share | $0.32 | $0.18 | — | $0.44 | $0.52 | $0.58 | $0.60 | $0.78 | $0.82 | $0.92 |
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Open FUNC in InvestinglyQuestions
What was First United's revenue in 2025?
$18M in fiscal 2025, from its 10-K filing.
How much free cash flow does First United generate?
$15M in fiscal 2025 (operating cash flow minus capital spending).
From First United's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.