Stock fact sheet · data as of
First Financial Bancorp. (FFBC): fair value, margin of safety and Wheel Score
Ticker symbol FFBC · Financial Services · Banks - Regional · United States · Value
Is FFBC undervalued?
FFBC has a margin of safety of 56%: the stock closed at 33.39 on 5 Nov 2026 against a GLS average fair value of 76.46. 6 of the 9 valuation models that produced a number sit above the price. Our scans treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.
There is a wide gap between DDM (14.86) and Payback Time (204.36). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
Ranked against every other company we cover, FFBC is clearly cheaper than it is fast-growing, so the nightly engine files it under Value (value score 69, growth score 44, out of 100).
Nine valuation models for FFBC
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 50.22 | +50% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 42.03 | +26% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 87.41 | +162% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 32.66 | -2% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 62.01 | +86% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 163.14 | +389% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 204.36 | +512% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 14.86 | -55% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 31.47 | -6% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -129.41 | -488% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 37.00 | +11% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
First Financial Bancorp. scores 5 of 9 on the Piotroski F-score: a middling result that falls one point short of the "Piotroski 6 or more" Wheel Trade Filter. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. On durability FFBC scores 7.1/10 on the GLS Moat - a middle reading; the Moat Score tab on the Quote page's Financials view shows which of the four parts hold it back.
Returns on capital are moderate - ROIC 6.5%, ROE 9.2%, ROA 1.2% - with debt at 0.43 times equity and a free-cash-flow yield of 21.9%.
The dividend yield is 3.02% at a payout ratio of 34%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold.
Institutional ownership scores 10/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 5 / 9 | ROIC | 6.5% |
|---|---|---|---|
| GLS Moat | 7.1 / 10 | ROE | 9.2% |
| Debt / equity | 0.43 | ROA | 1.2% |
| Free-cash-flow yield | 21.9% | Payout ratio | 34% |
| Institutions | 10 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 47: Weak
With a Wheel Score of 47 First Financial Bancorp. sits in the Weak band. It fails filter 1, options that actually trade - options too quiet (994 open interest, 296 a day); and filter 4, financially healthy - Piotroski 5/9 (under 6); Option trading (weak) is its weakest part.
Implied volatility is 36% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is thin - 994 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 1.2M shares a day on a market cap of $3.5B, with a beta of 0.96; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | options too quiet (994 open interest, 296 a day) |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Fails | Piotroski 5/9 (under 6) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 56% below fair value | |
| Premium | Strong | implied volatility 36% | |
| Moat | Good | moat 7.1/10 | |
| Health | Fair | Piotroski 5/9 | |
| Red Flags | Weak | Red Flags score 65/100 | |
| Option trading | Weak | 296 contracts a day, 994 open interest | |
| Stability | Fair | beta 0.96, $3.5B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 28 Jan 2027, 84 days away - outside the window of a 30-45-day put sold today. The shares go ex-dividend on 1 Dec 2026 (0.2600 per share), so a covered call sold before then carries a small early-assignment risk around that date.
No analyst upgrades or downgrades were recorded in the last 30 days.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Banks - Regional
The 12 companies below are the closest to First Financial Bancorp. by market cap within the Banks - Regional industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| TOWN TowneBank | 37.34 | 38.29 | +2% | 31Weak | $3.5B |
| CBU Community Bank System, Inc. | 65.73 | 79.21 | +17% | 43Weak | $3.4B |
| SFNC Simmons First National Corporation | 23.64 | 25.84 | +9% | 34Weak | $3.4B |
| NIC Nicolet Bankshares, Inc. | 175.24 | 189.31 | +7% | 38Weak | $3.6B |
| RNST Renasant Corporation | 40.63 | 54.12 | +25% | 44Weak | $3.7B |
| SBCF Seacoast Banking Corporation of Florida | 34.27 | 35.62 | +4% | 37Weak | $3.3B |
| MCHB Mechanics Bank | 15.03 | 24.24 | +38% | 49Weak | $3.3B |
| FIBK First Interstate BancSystem, Inc. | 39.10 | 44.93 | +13% | 70Good | $3.7B |
| BANFP BFC Capital Trust II PFD TR 7.20% | 25.80 | 55.34 | +53% | 28No options | $3.7B |
| PRK Park National Corporation | 182.71 | 128.99 | -42% | 40Weak | $3.3B |
| WSBCO WesBanco, Inc. | 25.20 | 46.65 | +46% | 35No options | $3.8B |
| WSBC WesBanco, Inc. | 39.67 | 54.19 | +27% | 50Fair | $3.8B |
⚖ Compare FFBC with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about FFBC
Is FFBC undervalued right now?
By the GLS models, yes: at 33.39 the stock is 56% below the average fair value of 76.46 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of FFBC and what does it mean?
FFBC scores 47 out of 100 (Weak) - it fails Wheel Trade Filters 1, 4. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for FFBC?
76.46 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does First Financial Bancorp. report earnings next?
The next earnings report is due on 28 Jan 2027, 84 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does FFBC have listed options, and how liquid are they?
Yes. The nightly snapshot found 26 listed contracts with 994 open interest across all expiries and implied volatility of 36% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.