First National Corporation

FXNC

Banks - Regional · Financial Services

Price

$29.51

-0.85 (-2.80%)

Market Cap

$266.8M

Exchange

NASDAQ

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Share count rising — dilution

+62.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 5.6M (2021) → 9.0M (2025)

First National Corporation operates as the bank holding company for First Bank that provides various commercial banking services to small and medium-sized businesses, individuals, estates, local governmental entities, and non-profit organizations in Virginia. The company's deposit products include checking, savings, money market, and individual retirement accounts, as well as certificates of deposit and treasury management solutions. Its loan products comprise construction loans, including 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

+3.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+200.0% 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

23.7%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$23M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

First National Corporation is growing revenue at 4% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

78.3%

Premium pricing power — 78.3% gross margin

Operating Margin

21.6%

Excellent — 21.6% operating margin

ROCE

2.6%

Weak — 2.6% 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

+21.8%

Fast-growing sales (21.8% YoY)

EPS YoY

+180.7%

Earnings growing fast (180.7% 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

103%

Turns 103% of profit into real cash

FCF Margin

15.5%

Converts sales into free cash efficiently (15.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.23

Conservative — low debt load (0.23)

Interest Cover

1.03x

Dangerous — barely covers interest (1.0x)

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

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Valuation

P/E Ratio (TTM)

12.7x

Attractive valuation — P/E 12.7

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

P/E vs Forward

-0.0

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

2.21%

Moderate income — 2.21% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+8.1%

Dividend growing modestly (8.1% YoY)

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