First Capital (FCAP) Stock Analysis & Winston Score

First Capital, Inc. operates as the bank holding company for First Harrison Bank that provides various banking services to individuals and business customers. The company offers various deposit instruments, including non-interest bearing checking accounts, negotiable order of withdrawal accounts, money market accounts, regular savings accounts, certificates of deposit, and retirement savings plans. It also provides real estate mortgage loans, such as fixed-rate and adjustable rate mortgage resid

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+34.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

4.8%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$22M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

First Capital is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 3.3M (2021) → 3.3M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

77.3%

Premium pricing power — 77.3% gross margin

Operating Margin

31.6%

Excellent — 31.6% operating margin

ROCE

3.9%

Weak — 3.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+12.6%

Fast-growing sales (12.6% YoY)

EPS YoY

+42.9%

Earnings growing fast (42.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

133%

Turns 133% of profit into real cash

FCF Margin

32.5%

Converts sales into free cash efficiently (32.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

1.48x

Dangerous — barely covers interest (1.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

11.7x

Attractive valuation — P/E 11.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

1.92%

Small dividend — 1.92% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+6.9%

Dividend growing modestly (6.9% YoY)

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