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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. In the quarter to June 2026, revenue grew 14.9%, EPS fell 3.03%, free cash flow grew 48.8% and total debt rose 15.5%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for three.

28.96 0.12 +0.42%
Market cap
$5.5B
P/E
10.1×
Fwd P/E
9.8×
Dividend yield
3.31%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 9.95
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — 3 — 3 — 1 2 2 3 3 1 —
Insider Ownership 12.15%

Capital & Financial Ratios $m

Market Cap 5,450.00
Revenue 2,569.18
Net Income 505.06
Free Cash Flow 679.64
Net Debt 3,334.97
Current Ratio 0.93
Debt/Equity 0.92
P/E ratio 10.06
Fwd P/E 9.82
P/S ratio 2.12
P/B ratio 1.00
Past 5Y EPS Growth 8.29%
This Y EPS Growth 7.10%
Next Y EPS Growth 12.11%
Next Y revenue growth (27.90%) (below 0%: weak)
Next 5Y EPS Growth 10.19%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 27.83%
10-year low 10-year high
P/S against its own 10 years 43.13%
10-year low 10-year high
P/B against its own 10 years 73.57%
10-year low 10-year high

Dividends

Payout Ratio 0.34
Annual Dividend Rate 0.96
Annual Dividend Yield 3.31%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 0.97
0.24
0.24
0.24
2025 0.93
0.23
0.23
0.23
0.24
2024 0.89
0.22
0.22
0.22
0.23
2023 0.85
0.21
0.21
0.21
0.22
2022 0.81
0.20
0.20
0.20
0.21
2021 0.76
0.18
0.18
0.20
0.20
2020 0.72
0.18
0.18
0.18
0.18
2019 0.69
0.17
0.17
0.17
0.18
2018 0.62
0.15
0.15
0.15
0.17
2017 0.50
0.12
0.12
0.12
0.14
2016 0.45
0.11
0.11
0.11
0.12
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 924 1,020 1,720 1,831
Receivables — — — —
Inventory — — — —
Other — — — —
30,082 31,272 32,739 38,146
2023 2024 2025 Q'26
Payables 33,446 34,648 35,553 39,931
ST’ Debt — — — —
Other — — — —
34,326 35,687 36,324 40,958

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%

Revenue $m

Mar Jun Sep Dec Year
’26 604 704 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.70 0.63 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 15.45 20.95 18.53 18.52 10.23 16.87 17.45 14.47 19.40 18.32

Analyst estimates 2026–2028

Powerpack
High 25.43 26.70 29.03 23.84 22.13 24.06 25.78 24.21 28.18 27.58
People
People Employees 4,441 4,388 4,655 4,669 4,459 4,003 4,118 4,100 4,000 4,000
Revenue/emp, $m 0.26 0.28 0.32 0.33 0.32 0.28 0.35 0.49 0.53 0.61
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
Gross margin, % 92.63 88.08 81.81 78.31 89.50 93.60 86.84 54.56 49.11 60.49
EBT 288 339 413 407 327 436 460 206 134 578
EBT margin, % 25.13 27.78 27.38 26.17 22.91 38.59 32.20 10.19 6.36 23.50
Net income 200 229 334 327 307 351 366 183 123 475
Depreciation 112 116 97 124 111 105 81 118 133 139
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
Earnings 1.27 1.45 1.92 1.93 1.87 2.20 2.36 1.14 0.73 2.79
Cash flow 4.31 3.04 2.97 3.58 3.59 3.51 5.68 2.95 3.82 3.73
Capex (0.70) (0.31) (0.39) (0.42) (0.36) (0.35) (0.42) (0.41) (0.30) (0.22)
Free cash flow 3.61 2.72 2.57 3.16 3.24 3.17 5.26 2.54 3.52 3.51
Book value 20.78 21.46 22.59 24.43 26.74 26.69 26.92 27.83 30.31 30.14
Shares, m 149 151 167 161 153 151 149 150 152 165
Valuation, ×
Valuation, × P/E 19.65 17.28 10.25 11.48 9.12 10.32 9.82 19.25 30.25 9.20
P/S 3.24 3.14 2.19 2.28 1.83 3.01 2.42 1.61 1.72 1.73
P/B 1.27 1.25 0.94 0.97 0.70 0.89 0.90 0.82 0.82 0.89
EV/Sales 5.05 5.52 4.51 4.30 2.86 3.76 5.19 2.38 2.51 2.60
EV/FCF 10.75 16.37 15.80 13.18 8.23 8.91 9.45 12.66 9.91 11.04
Cash, $m
Cash, $m Operating cash flow 641 458 497 574 550 530 847 443 580 616
Capex (104) (47) (66) (67) (55) (52) (63) (62) (45) (36)
Free cash flow 538 411 431 507 495 477 784 381 535 579
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)
Total debt 2,762 3,681 4,370 3,730 2,182 1,870 4,568 2,481 2,691 3,862
Net debt 2,067 2,896 3,493 3,142 1,466 845 3,946 1,558 1,672 2,142
Shareholders’ equity 3,091 3,237 3,781 3,922 4,091 4,025 4,015 4,174 4,606 4,975
Returns, %
Returns, % ROA 0.67 0.74 1.01 0.94 0.88 0.97 0.95 0.42 0.26 1.05
ROIC 3.48 3.45 3.80 3.60 3.68 5.60 3.61 2.25 1.34 5.07
ROE 6.66 7.32 9.78 8.67 7.79 8.76 9.21 4.37 2.64 10.03
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
FNB F.N.B. Corporation $6.1B 10.3× 10.2× +0.15% (above 0%: growing) +16.67% (above 0%: growing) +183.53% (above 0%: growing) 68.59% 0.00% Compare
HWC Hancock Whitney Corporation $5.9B 14.2× 13.1× +4.02% (above 0%: growing) +18.18% (above 0%: growing) +23.30% (above 0%: growing) 77.00% 0.00% Compare
HOMB Home BancShares, Inc. $5.8B 12.0× 11.0× +1.68% (above 0%: growing) +2.81% (above 0%: growing) +20.30% (above 0%: growing) 75.64% 0.00% Compare
GBCI Glacier Bancorp, Inc. $5.7B 18.0× 15.3× +19.14% (above 0%: growing) +66.67% (above 0%: growing) +42.03% (above 0%: growing) 78.15% 0.00% Compare
AUB Atlantic Union Bankshares Corporation $5.5B 11.4× 10.0× −2.50% (below 0%: shrinking) +825.00% (above 0%: growing) −92.37% (below 0%: shrinking) 71.98% 0.00% Compare
ASB Associated Banc-Corp $5.5B 10.1× 9.8× +14.89% (above 0%: growing) −3.03% (below 0%: shrinking) +48.78% (above 0%: growing) 64.01% 0.00%
ABCB Ameris Bancorp $5.4B 14.4× 12.7× +5.42% (above 0%: growing) −51.88% (below 0%: shrinking) +31.88% (above 0%: growing) 74.25% 0.00% Compare
OZK Bank OZK $5.0B 7.6× 8.3× −3.82% (below 0%: shrinking) −6.29% (below 0%: shrinking) +47.62% (above 0%: growing) 63.91% 0.00% Compare
AX AXOS FINANCIAL, INC $5.0B 10.2× 9.1× +15.98% (above 0%: growing) +12.24% (above 0%: growing) +22.36% (above 0%: growing) 67.69% 0.00% Compare
Median of peers $5.6B 11.7× 10.6× +2.85% +14.45% +27.59% 73.12% 0.00%

All 323 Banks Regional stocks →

Associated Banc-Corp (ASB) key facts

  • Strength: Associated Banc-Corp’s revenue for fiscal 2025 (year ended December 2025) was $2.5 billion, up 16.4% from fiscal 2024.
  • Associated Banc-Corp (ASB) is a Banks Regional company in the Financial sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, ASB traded at $28.96, a market capitalization of $5.5 billion.
  • Associated Banc-Corp pays an annual dividend of $0.96 per share, a yield of 3.31%, with a payout ratio of 33.6%.
  • Return on equity was 10.0% and debt-to-equity 0.92.
  • Its Piotroski F-score is 7 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Associated Banc-Corp (ASB) Latest News

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stockrow.com/ASB · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com