Stock fact sheet · data as of
First Mid Bancshares, Inc. (FMBH): fair value, margin of safety and Wheel Score
Financial Services · Banks - Regional · United States · Defensive
Is FMBH undervalued?
FMBH closed at 49.29 on 16 Oct 2026, 21% below the GLS average fair value of 62.77 from 9 models (5 of them above the price). That is a moderate margin of safety: the stock passes the "below fair value" rule of the Sunday Scan, and the Wheel Score gives it 21 of the 25 Value points.
There is a wide gap between DDM (14.86) and Payback Time (118.64). 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.
The nightly engine files FMBH under Defensive: a low beta, a dividend and positive earnings.
Nine valuation models for FMBH
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 | 37.86 | -23% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 59.58 | +21% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 93.62 | +90% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 31.77 | -36% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 50.68 | +3% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 115.80 | +135% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 118.64 | +141% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 14.86 | -70% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 42.10 | -15% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -221.15 | -549% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 54.83 | +11% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
First Mid Bancshares, Inc. scores 6 of 9 on the Piotroski F-score: a middling result that passes the Sunday Scan's "6 or more" rule. 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 FMBH scores 7.4/10 on the GLS Moat - a middle reading; the Scorecard on the Quote page's Financials tab shows which ten-year lines are steady and which are not.
Returns on capital are moderate - ROIC 6.0%, ROE 9.6%, ROA 1.2% - with debt at 0.59 times equity and a free-cash-flow yield of 9.4%.
The dividend yield is 2.05% at a payout ratio of 24%; 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 8/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 6.0% |
|---|---|---|---|
| GLS Moat | 7.4 / 10 | ROE | 9.6% |
| Debt / equity | 0.59 | ROA | 1.2% |
| Free-cash-flow yield | 9.4% | Payout ratio | 24% |
| Institutions | 8 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 72: Good
With a Wheel Score of 72 - the Good band - First Mid Bancshares, Inc. clears the Sunday Scan's "70 or higher" rule. The parts: Value 21/25, Health 13/20, Moat 11/15, Premium 17/20, Stability 9/20; Stability (9/20) scores lowest.
Implied volatility is 32% on the near-the-money contracts 20-60 days out: some premium, but under the 35-60% range the Wheel Score pays full marks for (17 of 20 points). Chain open interest is thin - 227 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 144k shares a day on a market cap of $1.3B, with a beta of 0.80 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 9 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 21 / 25 | 21% margin of safety | |
| Health | 13 / 20 | Piotroski 6/9 | |
| Moat | 11 / 15 | moat 7.4/10 | |
| Premium | 17 / 20 | implied volatility 32% | |
| Stability | 9 / 20 | 144k shares/day, $1.3B cap, beta 0.80 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
First Mid Bancshares, Inc. reports earnings on 29 Oct 2026 (before the open) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
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 Mid Bancshares, Inc. 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 |
|---|---|---|---|---|---|
| PEBO Peoples Bancorp Inc. | 35.79 | 52.53 | +32% | 81Prime | $1.3B |
| HBT HBT Financial, Inc. | 35.37 | 37.22 | +5% | 64Fair | $1.3B |
| CTBI Community Trust Bancorp, Inc. | 74.43 | 107.06 | +30% | 80Prime | $1.4B |
| WABC Westamerica Bancorporation | 58.70 | 68.31 | +14% | 70Good | $1.4B |
| OSBC Old Second Bancorp, Inc. | 24.85 | 30.72 | +19% | 76Good | $1.3B |
| TMP Tompkins Financial Corporation | 95.86 | 129.17 | +26% | 72Good | $1.4B |
| AMAL Amalgamated Financial Corp. | 47.09 | 76.20 | +38% | 84Prime | $1.4B |
| BHRB Burke & Herbert Financial Services Corp. | 69.75 | 95.74 | +27% | 39No options | $1.4B |
| PFBC Preferred Bank | 101.99 | 209.94 | +51% | 77Good | $1.2B |
| LKFN Lakeland Financial Corporation | 57.91 | 53.65 | -8% | 67Good | $1.4B |
| ESQ Esquire Financial Holdings, Inc. | 118.95 | 148.10 | +20% | 39No options | $1.4B |
| TFIN Triumph Financial, Inc. | 61.26 | 46.74 | -31% | 49Weak | $1.5B |
⚖ Compare FMBH with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about FMBH
Is FMBH undervalued right now?
By the GLS models, moderately: at 49.29 the stock trades 21% below the average fair value of 62.77 (data as of 16 Oct 2026).
What is the Wheel Score of FMBH and what does it mean?
FMBH scores 72 out of 100 (Good). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for FMBH?
62.77 per share as of 16 Oct 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 Mid Bancshares, Inc. report earnings next?
The next earnings report is due on 29 Oct 2026 (before the open), 13 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does FMBH have listed options, and how liquid are they?
Yes. The nightly snapshot found 100 listed contracts with 227 open interest across all expiries and implied volatility of 32% 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.