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First Internet Bank Valuation Multiples

Discover revenue and EBITDA valuation multiples for First Internet Bank and similar public comparables like NAGA Group, One97 Communications, and Fino Payments Bank.

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First Internet Bank Overview

About First Internet Bank

First Internet Bancorp is a bank holding company. Through its subsidiaries, it provides commercial real estate (CRE) lending, including nationwide single tenant lease financing and commercial and industrial (C&I) lending, including business banking or treasury management services. The company offers its products and services through the internet and does not have any branches. With operations organized into a single segment called the Commercial Banking segment, it also provides retail banking services.

Founded

2005

HQ

United States of America
Employees

326

Financials

LTM Revenue $141M

LTM EBITDA n/a

EV

$597M

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First Internet Bank Financials

First Internet Bank has a last 12-month revenue of $141M and a last 12-month EBITDA of n/a.

In the most recent fiscal year, First Internet Bank achieved revenue of $129M and an EBITDA of n/a.

First Internet Bank expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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First Internet Bank P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $95.3M $129M XXX XXX XXX
Gross Profit n/a n/a XXX XXX XXX
Gross Margin NaN% NaN% XXX XXX XXX
EBITDA n/a n/a XXX XXX XXX
EBITDA Margin NaN% NaN% XXX XXX XXX
Net Profit $35.5M $8.4M XXX XXX XXX
Net Margin 37% 7% XXX XXX XXX
Net Debt $463M $314M XXX XXX XXX

Financial data powered by Morningstar, Inc.

First Internet Bank Stock Performance

As of April 15, 2025, First Internet Bank's stock price is $23.

First Internet Bank has current market cap of $197M, and EV of $597M.

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First Internet Bank Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$597M $197M XXX XXX XXX XXX $2.97

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First Internet Bank Valuation Multiples

As of April 15, 2025, First Internet Bank has market cap of $197M and EV of $597M.

First Internet Bank's trades at 4.2x LTM EV/Revenue multiple, and n/a LTM EBITDA.

Analysts estimate First Internet Bank's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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First Internet Bank Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $597M XXX XXX XXX
EV/Revenue 4.6x XXX XXX XXX
EV/EBITDA n/a XXX XXX XXX
P/E 7.8x XXX XXX XXX
P/E/Growth 0.2x XXX XXX XXX
EV/FCF 57.4x XXX XXX XXX

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First Internet Bank Valuation Multiples

First Internet Bank's NTM/LTM revenue growth is 23%

First Internet Bank's revenue per employee for the last fiscal year averaged $0.4M, while opex per employee averaged n/a for the same period.

Over next 12 months, First Internet Bank's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate First Internet Bank's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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First Internet Bank Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 35% XXX XXX XXX XXX
EBITDA Margin n/a XXX XXX XXX XXX
EBITDA Growth n/a XXX XXX XXX XXX
Rule of 40 (SaaS-only) n/a XXX XXX XXX XXX
Revenue per Employee $0.4M XXX XXX XXX XXX
Opex per Employee n/a XXX XXX XXX XXX
S&M Expenses to Revenue 2% XXX XXX XXX XXX
G&A Expenses to Revenue 44% XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue n/a XXX XXX XXX XXX

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First Internet Bank Public Comps

See public comps and valuation multiples for Neobanking and Commercial Banking comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
BMTX XXX XXX XXX XXX XXX XXX
Change Financial XXX XXX XXX XXX XXX XXX
Fino Payments Bank XXX XXX XXX XXX XXX XXX
One97 Communications XXX XXX XXX XXX XXX XXX
NAGA Group XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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First Internet Bank M&A and Investment Activity

First Internet Bank acquired  XXX companies to date.

Last acquisition by First Internet Bank was  XXXXXXXX, XXXXX XXXXX XXXXXX . First Internet Bank acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by First Internet Bank

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About First Internet Bank

When was First Internet Bank founded? First Internet Bank was founded in 2005.
Where is First Internet Bank headquartered? First Internet Bank is headquartered in United States of America.
How many employees does First Internet Bank have? As of today, First Internet Bank has 326 employees.
Who is the CEO of First Internet Bank? First Internet Bank's CEO is Mr. David B. Becker.
Is First Internet Bank publicy listed? Yes, First Internet Bank is a public company listed on NAS.
What is the stock symbol of First Internet Bank? First Internet Bank trades under INBK ticker.
When did First Internet Bank go public? First Internet Bank went public in 2006.
Who are competitors of First Internet Bank? Similar companies to First Internet Bank include e.g. BMTX, Change Financial, Fino Payments Bank, One97 Communications.
What is the current market cap of First Internet Bank? First Internet Bank's current market cap is $197M
What is the current revenue of First Internet Bank? First Internet Bank's last 12-month revenue is $141M.
What is the current EV/Revenue multiple of First Internet Bank? Current revenue multiple of First Internet Bank is 4.2x.
What is the current revenue growth of First Internet Bank? First Internet Bank revenue growth between 2023 and 2024 was 35%.
Is First Internet Bank profitable? Yes, First Internet Bank is EBITDA-positive (as of the last 12 months).

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