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NASDAQ NMS - GLOBAL MARKET · Banking · CIK 0000862831
$40.58
-0.27% · live
Updated
$814.8M market value
From FINANCIAL INSTITUTIONS INC's FY2025 10-K, filed Mar 9, 2026 · read the filing
FINANCIAL INSTITUTIONS takes deposits and lends money.
The financial picture is led by profitability, with debt worth watching.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Financial health
Strong finances across the board.
From FINANCIAL INSTITUTIONS INC's FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Profit
-$41.6M → $74.9M
Free cash flow
$72.2M → $13.3M
Earnings per share
-$2.70 → $3.73
Long-term debt
$124.8M → $193.7M
Measured against FY2024, from the 10-K filed Mar 9, 2026
Improved: turned positive
-$41.6M to $74.9MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
How the latest move compares (quote live), and what was published around it
FISI fell 0.27% on the latest quote. The average Financials company tracked here moved −1.33%, and the S&P 500 −0.47%. That is 1.1 points above its sector and in line with the market.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
Opinions from 8 analysts covering this company, as of . Their views, not this site's.
Of 8 analysts publishing on this company, 2 say strong buy, 4 say buy and 2 say hold. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It earned $74.9M last year.
Not enough history has been reported to judge growth.
For every $1 it owes, it owns $1.11 in assets. Banks and insurers always carry high debt — that is how lending works — so this is normal for the industry and not comparable with other sectors.
Core operating and valuation reference metrics
Whether the dividend is covered by what the business actually earns
It pays out 33 cents of every dollar of profit, which leaves little room for the payment to survive a bad year. It paid out 131% of the cash its operations generated. It has paid in each of the last 12 years.
MixedNext payment expected around , projected from how regularly it has paid before rather than from a date the company has announced.
Figures from the FY2025 annual filing
Last year it earned $74.9M and generated $18.8M of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Mar 9, 2026Filing for FY2025 | FY202410-K · Mar 12, 2025Filing for FY2024 | FY202310-K · Mar 12, 2025Filing for FY2023 | FY202210-K · Mar 9, 2023Filing for FY2022 | FY202110-K · Mar 10, 2022Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| Interest expense | — | — | $120.4M | $28.7M | $12.5M | — |
| Income before tax | $91.4M | -$68.1M | $63.1M | $71.0M | $97.2M | n/m |
| Net income | $74.9M | -$41.6M | $50.3M | $56.6M | $77.7M | n/m |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $3.73 | $-2.70 | $3.27 | $3.64 | $4.83 | n/m |
† calculated from other reported figures, such as total liabilities as assets minus equity.
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Exercised stock options — 1,000 shares
Holds 1,000 shares after this filing.
Had shares withheld to cover taxes — 360 shares at $40.23 ($14.5K)
Holds 640 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Had a director or senior officer leave or join
Read the filingMade a Regulation FD disclosure
Read the filingWrite down why you are following FINANCIAL INSTITUTIONS INC, what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
The 5 subsidiaries named in its 10-K. A filer lists the significant ones and may leave the rest out, so this is the floor rather than the full count.
Source: Exhibit 21 of the 10-K filed 2026-03-09. These are legal entities, not brands or acquisitions — a company that bought a business may hold it inside an entity named here, or inside one small enough that the rule does not require naming it at all.
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from FISI's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Mar 9, 2026), reported under the US GAAP taxonomy. View the source filing.
2 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Growth and Accounting had too few reported figures and are left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 6 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 8.0 | 3/6 | 10-K, filed Mar 9, 2026 |
| FY2024 | 4.0 | 3/6 | 10-K, filed Mar 12, 2025 |
| FY2023 | 8.0 | 3/6 | 10-K, filed Mar 13, 2024 |
| FY2022 | 8.0 | 5/6 | 10-K, filed Mar 9, 2023 |
| FY2021 | 8.0 | 5/6 | 10-K, filed Mar 10, 2022 |
| FY2020 | 8.0 | 4/6 | 10-K, filed Mar 15, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
3 of 6 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's. 3 could not be evaluated and are excluded from the total rather than counted as failures.
not reported — Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Deteriorated: -81.6%
$72.2M to $13.3MCritical
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Improved: turned positive
-$2.70 to $3.73Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: +55.1%
$124.8M to $193.7MCritical
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Deteriorated: +30.3%
15.4M to 20.1MCritical
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Improved: +24.5%
$87.3M to $108.8MSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Changed: +33.5%
$18.5M to $24.7MSignificant
Why it matters: Cash handed to shareholders. A rise can be a higher dividend or simply more shares, and a cut is a decision the company explains in its own filing — neither is rated here.
Changed: +11.5%
$5.0M to $5.5MNotable
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Aug 3, 2026 — read it.
Improved: +20.8%
$17.5M to $21.2MSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +23.4%
$0.87 to $1.08Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: -31.5%
$115.0M to $78.7MSignificant
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Improved: +6.6%
$93.0M to $99.2MNotable
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: -2.1%
20.1M to 19.7MNotable
Why it matters: The company bought back stock, so each remaining holding owns slightly more of it. Worth checking it was not funded by borrowing.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Aug 3, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Improved: +16.1%
$85.5M to $99.2MSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
Filter by minute, hour, day or week — or compare against peers
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Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 4.0% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
The trailing P/E is 10.2x — investors pay $10.2 for each $1 of trailing profit.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Bought on the open market — 608 shares at $40.77 ($24.8K)
Holds 15,909 shares after this filing.
Estimated from how often this has happened before, not a confirmed date.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Quarterly report for Q2 FY2026
Profit +20.8% · Earnings per share +23.4% · Long-term debt -31.5% — against Q2 FY2025
Published results · Made a Regulation FD disclosure
Read the filingHeld a shareholder vote
Read the filingMade a Regulation FD disclosure
Read the filingQuarterly report for Q1 FY2026
Free cash flow +150.7% · Cash -48.9% · Profit +24.3% — against Q1 FY2025
Read the filingPublished results · Made a Regulation FD disclosure
Read the filingProxy statement for a shareholder meeting
Read the filingHad a director or senior officer leave or join
Read the filingAnnual report for FY2025
Profit turned positive · Free cash flow -81.6% · Earnings per share turned positive — against FY2024
Read the filingMade a Regulation FD disclosure
Read the filingPublished results · Made a Regulation FD disclosure
Read the filingSigned a material agreement · Took on a direct financial obligation · Made a Regulation FD disclosure · Reported another event
Read the filingMade a Regulation FD disclosure
Read the filingQuarterly report for Q3 FY2025
Profit +52.1% · Shares in issue +30.1% · Earnings per share +16.9% — against Q3 FY2024
Read the filingPublished results · Made a Regulation FD disclosure
Read the filingMade a Regulation FD disclosure
Read the filingMade a Regulation FD disclosure
Read the filingQuarterly report for Q2 FY2025
Earnings per share -47.5% · Shares in issue +30.2% · Profit -31.6% — against Q2 FY2024
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