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Friday 6 November 2026 Export ASB’s income statement to Excel — free account

Associated Banc-Corp

ASB Financial Banks Regional

Associated Banc-Corp’s revenue for fiscal 2025 (year ended December 2025) was $2.5 billion, up 16.4% from fiscal 2024.

Revenue
+13.0%
EPS
+5.48%
Free cash flow
+117.2%
Total debt
+19.3%

Quarter to September 2026, against a year earlier

30.62 0.73 −2.33%
Market cap
$5.7B
P/E
10.5×
Fwd P/E
10.6×
Dividend yield
3.14%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Insider Decisions last twelve months

Sold, $m 9.95
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 3 — 3 — 1 2 2 3 3 1 — —
Insider Ownership 12.97%

Capital & Financial Ratios $m

Size
Market Cap 5,670.00
Revenue ttm 2,652.03
Net income ttm 526.91
Free cash flow ttm 852.49
Net debt Q 2,922.81
Valuation
P/E 10.49
Forward P/E 10.60
Price / sales 2.16
Forward P/S Powerpack
Price / FCF 6.71
Price / book 1.08
Financial health
Current ratio Q 0.92
Debt / equity Q 0.83
Interest coverage Q —
Growth
Revenue growth Q +12.99% (above 0%: growing)
Operating income growth Q +23.17% (above 0%: growing)
EPS, this year +8.63%
EPS, next year A +11.35%
Revenue, next year A −27.66% (below 0%: weak)
EPS, past 5 yrs +8.29%
EPS, next 5 yrs A +10.70%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 35.72%
10-year low 10-year high
P/S against its own 10 years 44.66%
10-year low 10-year high
P/B against its own 10 years 79.90%
10-year low 10-year high

Dividends raised every year since 2017

Yield
3.14%
Annual rate
0.96
Payout ratio
33.2%
Growth, 2017–25
+8.07%/yr
  1. 0.50 ’17
  2. 0.62 ’18 +24
  3. 0.69 ’19 +11
  4. 0.72 ’20 +4
  5. 0.76 ’21 +6
  6. 0.81 ’22 +7
  7. 0.85 ’23 +5
  8. 0.89 ’24 +5
  9. 0.93 ’25 +4
  10. 0.97 ’26e +4
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 924 1,020 1,720 1,627
Receivables — — — —
Inventory — — — —
Other — — — —
30,082 31,272 32,739 37,957
2023 2024 2025 Q'26
Payables 33,446 34,648 35,553 40,381
ST’ Debt — — — —
Other — — — —
34,326 35,687 36,324 41,324

Compound Annual Growth %

10y 5y 3y
Sales 8.55% 11.50% 19.87%
Cash Flow 7.41% 2.28% (10.07%)
Earnings 9.91% 9.83% 9.37%
Book Value 5.41% 3.99% 7.41%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.76 Actual 0.76

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.69 0.80 Beat by 0.11
Q1 FY26 0.69 0.70 Beat by 0.01
Q2 FY26 0.72 0.73 Beat by 0.01
Q3 FY26 0.76 0.76 Met by 0.00
Q4 FY26 0.80 — Reports 28 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.70 0.63 0.76 — —
’25 0.59 0.65 0.73 0.80 2.77
’24 0.52 0.74 0.56 (1.03) 0.72
’23 0.66 0.56 0.53 (0.62) 1.13
’22 0.47 0.56 0.62 0.70 2.34
’21 0.58 0.56 0.56 0.49 2.18
’20 0.27 0.94 0.26 0.40 1.86
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 604 704 721 — —
’25 585 613 638 624 2,459
’24 588 595 608 322 2,113
’23 505 547 575 394 2,021
’22 277 312 385 453 1,428
’21 292 273 282 283 1,131
’20 362 479 289 297 1,427
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 136 207 329 — —
’25 98 141 158 218 616
’24 155 113 105 207 580
’23 47 131 199 65 443
’22 246 243 233 124 847
’21 158 72 134 165 530
’20 (20) 306 137 127 550
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 127 195 320 — —
’25 91 131 147 210 579
’24 146 102 93 194 535
’23 34 116 185 46 381
’22 229 227 221 107 784
’21 151 59 119 147 477
’20 (31) 295 125 107 495
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 11.8% a year for ten years. It grew 8.5% a year over the last ten.

Implied
11.8%
10 years, reported
8.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,144 1,219 1,510 1,553 1,427 1,131 1,428 2,021 2,113 2,459 2,652 +8.9% 1,779 1,932 2,031 (6.2%)
Gross margin, % 92.63 88.08 81.81 78.31 89.50 93.60 86.84 54.56 49.11 60.49 63.62 (32.1) pt
EBT 288 339 413 407 327 436 460 206 134 578 665 +8.1%
EBT margin, % 25.13 27.78 27.38 26.17 22.91 38.59 32.20 10.19 6.36 23.50 25.07 (1.6) pt
Net income 200 229 334 327 307 351 366 183 123 475 527 +10.1%
Per share, $
Per share, $ Revenue 7.69 8.08 9.02 9.68 9.33 7.50 9.57 13.48 13.91 14.90 14.21 +7.6%
Earnings 1.27 1.45 1.92 1.93 1.87 2.20 2.36 1.14 0.73 2.79 2.92 +9.1%
Cash flow 4.31 3.04 2.97 3.58 3.59 3.51 5.68 2.95 3.82 3.73 4.77 (1.6%)
Capex (0.70) (0.31) (0.39) (0.42) (0.36) (0.35) (0.42) (0.41) (0.30) (0.22) (0.20) (12.0%)
Free cash flow 3.61 2.72 2.57 3.16 3.24 3.17 5.26 2.54 3.52 3.51 4.57 (0.3%)
Book value 20.78 21.46 22.59 24.43 26.74 26.69 26.92 27.83 30.31 30.14 29.33 +4.2%
Shares, m 149 151 167 161 153 151 149 150 152 165 176 +1.2%
Valuation, ×
Valuation, × P/E 19.65 17.28 10.25 11.48 9.12 10.32 9.82 19.25 30.25 9.20 10.49 14.7
P/S 3.24 3.14 2.19 2.28 1.83 3.01 2.42 1.61 1.72 1.73 2.16 2.3
P/B 1.27 1.25 0.94 0.97 0.70 0.89 0.90 0.82 0.82 0.89 1.08 0.9
EV/Sales 5.05 5.52 4.51 4.30 2.86 3.76 5.19 2.38 2.51 2.60 — 3.9
EV/FCF 10.75 16.37 15.80 13.18 8.23 8.91 9.45 12.66 9.91 11.04 — 11.6
Cash, $m
Cash, $m Operating cash flow 641 458 497 574 550 530 847 443 580 616 890 (0.5%)
Capex (104) (47) (66) (67) (55) (52) (63) (62) (45) (36) (38) (11.0%)
Free cash flow 538 411 431 507 495 477 784 381 535 579 852 +0.8%
Balance, $m
Balance, $m Working capital (2,695) (2,174) (1,806) (1,261) (2,095) (3,982) (1,510) (4,244) (4,416) (3,584) (3,368) +3.2%
Net debt 2,067 2,896 3,493 3,142 1,466 845 3,946 1,558 1,672 2,142 2,923 +0.4%
Shareholders’ equity 3,091 3,237 3,781 3,922 4,091 4,025 4,015 4,174 4,606 4,975 5,476 +5.4%
Returns, %
Returns, % ROA 0.67 0.74 1.01 0.94 0.88 0.97 0.95 0.42 0.26 1.05 1.07 +0.4 pt
ROIC 3.48 3.45 3.80 3.60 3.68 5.60 3.61 2.25 1.34 5.07 4.95 +1.6 pt
ROE 6.66 7.32 9.78 8.67 7.79 8.76 9.21 4.37 2.64 10.03 10.31 +3.4 pt
People
People Employees 4,441 4,388 4,655 4,669 4,459 4,003 4,118 4,100 4,000 4,000 — (1.2%)
Revenue/emp, $m 0.26 0.28 0.32 0.33 0.32 0.28 0.35 0.49 0.53 0.61 — +10.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Associated Banc-Corp is a bank holding company headquartered in Green Bay, Wisconsin. Through Associated Bank and nonbank subsidiaries, it provides banking and other financial services to individuals and businesses, primarily in the upper Midwest. Its banking roots go back to 1861. Andrew J. Harmening is president and chief executive officer.

Associated Bank accepts deposits and makes loans. It also holds investment securities, which generate interest income alongside its loans. Other businesses provide financial services that generate fees, including services connected to loans and deposits. The company also has a nationally chartered trust company and subsidiaries engaged in activities related or incidental to banking.

Associated Banc-Corp vs peers in Banks Regional (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
HOMB Home BancShares, Inc. $6.0B 12.3× 11.9× +1.68% (above 0%: growing) +3.17% (above 0%: growing) +20.30% (above 0%: growing) 75.64% 0.00% Compare
HWC Hancock Whitney Corporation $5.7B 14.3× 14.0× +7.54% (above 0%: growing) −8.05% (below 0%: shrinking) +23.30% (above 0%: growing) 75.86% 0.00% Compare
ASB Associated Banc-Corp $5.7B 10.5× 10.6× +12.99% (above 0%: growing) +5.48% (above 0%: growing) +117.24% (above 0%: growing) 64.43% 0.00%
IFS Intercorp Financial Services Inc. $5.6B 13.8× — (loss-making) +18.27% (above 0%: growing) +106.49% (above 0%: growing) +720.11% (above 0%: growing) 75.55% 0.00% Compare
OZK Bank OZK $5.6B 8.6× 8.6× −5.02% (below 0%: shrinking) −6.25% (below 0%: shrinking) +47.62% (above 0%: growing) 63.26% 0.00% Compare
AUB Atlantic Union Bankshares Corporation $5.5B 10.7× 10.1× +0.13% (above 0%: growing) +50.79% (above 0%: growing) +18.83% (above 0%: growing) 68.93% 0.00% Compare
ABCB Ameris Bancorp $5.5B 14.3× 14.2× +1.71% (above 0%: growing) +12.26% (above 0%: growing) +31.88% (above 0%: growing) 73.36% 0.00% Compare
AX AXOS FINANCIAL, INC $5.2B 10.3× 9.1× +16.63% (above 0%: growing) +14.79% (above 0%: growing) +115.45% (above 0%: growing) 68.01% 0.00% Compare
EBC Eastern Bankshares, Inc. $5.2B 13.1× 12.5× +27.06% (above 0%: growing) −3.77% (below 0%: shrinking) +25.53% (above 0%: growing) 74.39% 0.00% Compare
Median of peers $5.5B 12.7× 11.9× +4.63% +7.72% +28.71% 73.88% 0.00%

All 327 Banks Regional stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 79.93%
Held by the ten largest 45.86%
Holder Shares Stake Change
BlackRock 23.27m 12.33% +846.87k
Vanguard 18.41m 9.75% −952.85k
Dimensional Fund Advisors 10.04m 5.32% +227.33k
State Street 8.85m 4.69% −112.72k
First Trust 7.54m 3.99% +1.57m
Geode Capital Management 4.29m 2.27% −72.39k
American Century 4.25m 2.25% +981.53k
LSV ASSET MANAGEMENT 3.76m 1.99% −55.10k
NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 3.08m 1.63% −253.74k
AQR Capital Management 3.05m 1.62% +1.68m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 16 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 6.35m 6.97m 183.67
2024 5.47m 7.37m 164.22
2023 4.75m 2.79m 141.30
2022 6.07m 6.45m 145.46
2021 11.33m 11.32m 137.25

Ownership

Directors and executive officers, together less than 1%
BlackRock, Inc.50 Hudson YardsNew York, NY 11.60%
The Vanguard Group100 Vanguard Boulevard Malvern, PA 9.40%
FMR LLC245 Summer StreetBoston, MA 6.60%
Dimensional Fund Advisors LPBuilding One6300 Bee Cave RoadAustin, TX 6.00%
State Street CorporationOne Congress Street, Suite 5.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Associated Banc-Corp (ASB) Latest News

29 Oct

Impact 3 · · Zacks

24 Oct

Impact 3 · · Simply Wall St.

23 Oct

Impact 4 · · The Motley Fool
Impact 4 · · Moby

22 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Associated Press

20 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Simply Wall St.

19 Oct

Impact 3 · · Zacks

15 Oct

Impact 3 · · Zacks

14 Oct

Impact 3 · · Zacks

9 Oct

Impact 3 · · Zacks

6 Oct

Impact 3 · · Zacks

28 Sep

Impact 3 · · Zacks
Impact 3 · · Zacks

18 Sep

Impact 3 ·

26 Jul

Impact 3 ·

24 Jul

Impact 4 ·
Impact 3 ·
Impact 3 · · Moby

23 Jul

Impact 3 · · MarketBeat
Impact 3 ·

4 May

Impact 4 · · Simply Wall St.

30 Apr

Impact 4 · · MarketBeat
Impact 3 · · Zacks

28 Apr

Impact 4 · · PR Newswire

ASB metrics, ten years each

stockrow.com/ASB · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com