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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
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Associated Banc-Corp (ASB) valuation and DCF model

What the price implies · reverse DCF

At $30.62 the price implies 11.8% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 8.5% a year over the last ten years, 5.1% over the last five. The price asks for close to its ten-year rate. Return on equity averaged 7.5% over ten years; the price implies 9.3% for good.

In December 2017 the price assumed 18.6% a year; Associated Banc-Corp went on to grow the dividend a share 4.4% a year to FY2025.

Price implies
11.8%
Last 5 years, reported
5.1%
Last 10 years, reported
8.5%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
11.8% a year for ten years
$30.62
today’s price
Its base case
8.5% a year for five years, then 5.1%
$21.30
30.4% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Associated Banc-Corp’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 11.8% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Associated Banc-Corp’s own cost of capital: risk-free 4.3% + beta 0.81 × equity premium 4.5% = 7.9% cost of equity; weighted, 7.9%.

Use 7.9%
Base case value per share $21.30 ten years discounted, and what follows
Current price $30.62 market price per share
Below today’s price 30.4% downside at the base case’s assumptions

How we got there$8.96 10 years of dividends+$12.34 terminal value=$21.30 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Banks Regional).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 10.49× 15.80× 13.74× 24% below 12.02× 13% below
P/FCF 6.71× 6.76× 7.02× 4% below 10.60× 37% below
P/B 1.08× 0.90× 0.93× 17% above 1.23× 12% below
EV/Sales — 3.29× 3.87× — 3.90× —
P/E P/FCF P/B EV/Sales
0.73×0.89×1.06×1.22×10Y avg 0.93×2017201820192020202120222023202420252026

ASB trades at 1.08× P/B, against a 10-year average of 0.93× (range 0.70×–1.25×). That is dearer than 89% of the last 9 year-end readings; re-rating to the average implies $26.19 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.