FXNC
FIRST NATIONAL CORP /VA/
Next earnings Jul 28, 2026 · consensus $0.59 EPS, $24.3M rev
Last earnings -4.4% on 2026-04-30
$30.04
▲ +0.03%$30.04▲ +62.52%
over 1Y
L $18.48H $30.54
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+0.0%
1W+0.6%
1M+6.5%
3M+11.3%
YTD+23.9%
1Y+62.5%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 7 analysts
Sell
Solid small-cap VA community bank trading near ~1.5x book at a fair 15x earnings — own it, but the acquisition-juiced FY25 EPS masks a mediocre 9.5% ROE.
Diluted EPS $1.96 · FY2025
The read
Middling fundamentals offset by an attractive price (~148% below fair value) — worth a look on the value angle.
FXNC is a ~$2.04B-asset Virginia state commercial bank, and the headline 'revenue' of $14.3M (tagged RevenueFromContractWithCustomerIncludingAssessedTax) is only fee/noninterest income — not total revenue — which is why the derived 'net margin' of 123.9% and P/S of 19.0 are meaningless artifacts for a lender. Ignore those and judge it as a bank: net income of $17.7M (+154% YoY), diluted EPS of $1.96 (+96% YoY), operating cash flow of $25.1M (+213%), and 11.8% equity growth to $186M. On a $272M market cap that is a 15.3x P/E and roughly 1.46x tangible book — a fair, unstretched price for a profitable community bank, not a bargain.
The catch is earnings durability and quality. The five-year net-income history is choppy — $10.4M (2021), $16.8M (2022), $9.62M (2023), $6.97M (2024), $17.7M (2025) — and the fact that EPS rose only +96% while net income jumped +154% signals meaningful share dilution, consistent with an acquisition/merger that also lifted assets and equity. That makes the 2025 result partly a rebound off a depressed 2024 rather than clean organic compounding. Return on equity of just 9.5% is the tell: even in a banner year, FXNC earns a below-average return on its capital, so paying ~1.5x book is full rather than cheap. Liabilities/equity of 9.95x is normal deposit-funded bank leverage, not stress.
Is FXNC a buy? The one-page verdict, explained →
The options angle
model · matches our verdictCovered call~60d expiry
- Long 100 shares @ ~30.04
- Short call 32 @ ~0.47 est
debit $2,957max +$243max −$2,956BE 29.57
HOLD means own it, don't chase it — harvesting premium against the position matches the verdict.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $9.02M | $10.1M | $10.2M | $14.2M | $14.3M |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | $10.4M | $16.8M | $9.62M | $6.97M | $17.7M |
| Diluted EPS | $1.86 | $2.68 | $1.53 | $1.00 | $1.96 |
| Net margin | 114.9% | 166.8% | 94.0% | 49.1% | 123.9% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF13.0
PEG (trailing)0.10
Earnings yield6.5%
FCF yield7.7%
Quality & risk
ROIC (est.)—
Free cash flow$20.9M
Total debt$6.05M
Net cash$155M
Piotroski F-Score5/7
Capital returns
Buyback yield0.0%
Dividend yield (est.)2.0%
Shareholder yield2.0%
Shares Δ YoY+0.6%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Shareholder vote2026-05-14
Annual meeting results: directors elected, routine proposals ratified
- 8-K Reg FD disclosure2026-05-13
Q1 2026 (period 3/31): $2.04B assets, equity +12% YoY to $186M
- 10-Q Quarterly report2026-05-13
Q1 2026 (period 3/31): $2.04B assets, equity +12% YoY to $186M
- 8-K Earnings results2026-04-30
Q1 2026 earnings released; results follow strong FY2025 post-merger run
- DEF 14A Proxy statement2026-04-02
Annual proxy: director slate and exec comp for shareholder vote
- 10-K Annual report2026-03-25
FY2025 10-K: net income $17.7M, ROE 9.5%, no buyback authorized
- 8-K Other event2026-02-12
Other corporate event disclosure; no material change to fundamentals
- 8-K Other event2026-02-12
Other corporate event disclosure; no material change to fundamentals
- 8-K Earnings results2026-01-29
FY2025 results: net income +154% to $17.7M, EPS $1.96 (+96%)
Recent filings
all on EDGAR ↗SCHEDULE 13G/AFiling2026-05-15open ↗8-KPeriod ending 2026-05-132026-05-14open ↗10-QPeriod ending 2026-03-312026-05-13open ↗8-KPeriod ending 2026-05-132026-05-13open ↗4Period ending 2026-05-052026-05-06open ↗8-KPeriod ending 2026-04-302026-04-30open ↗DEF 14APeriod ending 2026-05-132026-04-02open ↗ARSPeriod ending 2025-12-312026-04-02open ↗10-KPeriod ending 2025-12-312026-03-25open ↗4Period ending 2026-03-042026-03-04open ↗4Period ending 2026-02-152026-02-17open ↗4Period ending 2026-02-152026-02-17open ↗
Frequently asked
- Is FIRST NATIONAL CORP /VA/ (FXNC) a buy?
- FXNC currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Solid small-cap VA community bank trading near ~1.5x book at a fair 15x earnings — own it, but the acquisition-juiced FY25 EPS masks a mediocre 9.5% ROE.
- What is FXNC's fair value?
- A Modified-Graham model based on FXNC's SEC fundamentals estimates a fair value of about $74.48. It is an estimate from reported earnings, not a price target.
- Is FXNC overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, FXNC currently appears undervalued relative to its SEC-grounded earnings power.
- What is FIRST NATIONAL CORP /VA/'s quality score?
- FXNC scores 73.15822081144661/100 (grade B) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000719402, latest 10-Q filed 2026-05-13) · EODHD · Proprietary analysis · as of 7/3/2026, 10:39:18 AM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 3, 2026, 6:39 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.