Pricing Log in Create free account
Friday 6 November 2026 Export FBIZ’s income statement to Excel — free account

First Business Financial Services, Inc.

FBIZ Financial Banks Regional

First Business Financial Services, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $279.2 million, up 6.43% from fiscal 2024.

Revenue
+2.14%
EPS
+14.7%
Free cash flow
−71.5%
Total debt
−29.7%

Quarter to September 2026, against a year earlier

75.29 0.42 +0.56%
Market cap
$623.6M
P/E
11.0×
Fwd P/E
11.4×
Dividend yield
1.74%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.05
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — 1 — — —
Insider Ownership 7.11%

Capital & Financial Ratios $m

Size
Market Cap 623.57
Revenue ttm 289.43
Net income ttm 57.69
Free cash flow ttm 67.89
Net debt Q 95.12
Valuation
P/E 11.03
Forward P/E 11.40
Price / sales 2.14
Forward P/S Powerpack
Price / FCF 9.12
Price / book 1.58
Financial health
Current ratio Q 1.02
Debt / equity Q 0.46
Interest coverage Q —
Growth
Revenue growth Q +2.14% (above 0%: growing)
Operating income growth Q +11.92% (above 0%: growing)
EPS, this year +16.63% (at or above 15%: strong)
EPS, next year A +2.80%
Revenue, next year A −33.61% (below 0%: weak)
EPS, past 5 yrs +24.70% (at or above 15%: strong)
EPS, next 5 yrs A +8.62%

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 69.38%
10-year low 10-year high
P/S against its own 10 years 81.37%
10-year low 10-year high
P/B against its own 10 years 99.85%
10-year low 10-year high

Dividends

Yield
1.74%
Annual rate
1.31
Payout ratio
19.2%
Growth, 2017–25
+10.5%/yr
  1. 0.52 ’17
  2. 0.56 ’18 +8
  3. 0.60 ’19 +7
  4. 0.66 ’20 +10
  5. 0.72 ’21 +9
  6. 0.79 ’22 +10
  7. 0.91 ’23 +15
  8. 1.25 ’24 +37
  9. 1.16 ’25 −7
  10. 1.36 ’26e +17
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 140 158 39 92
Receivables — — — —
Inventory — — — —
Other — — — —
3,054 3,348 3,503 3,849
2023 2024 2025 Q'26
Payables 2,797 3,107 3,380 3,750
ST’ Debt — — — —
Other — — — —
2,826 3,140 3,414 3,782

Compound Annual Growth %

10y 5y 3y
Sales 12.05% 18.18% 22.80%
Cash Flow 10.27% 18.29% 16.87%
Earnings 11.56% 23.98% 7.47%
Book Value 9.44% 12.50% 12.55%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.69 Actual 1.95

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.38 1.58 Beat by 0.20
Q1 FY26 1.42 1.44 Beat by 0.02
Q2 FY26 1.54 1.70 Beat by 0.16
Q3 FY26 1.69 1.95 Beat by 0.26
Q4 FY26 1.70 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.44 1.84 1.95 — —
’25 1.32 1.35 1.70 1.58 5.94
’24 1.04 1.23 1.24 1.71 5.20
’23 1.05 0.98 1.17 1.15 4.33
’22 1.02 1.29 1.25 1.18 4.75
’21 1.12 0.95 1.07 1.01 4.17
’20 0.38 0.38 0.50 0.71 1.97
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 71 74 75 — —
’25 67 69 73 70 279
’24 63 65 66 68 262
’23 50 55 59 62 226
’22 32 34 40 45 151
’21 31 31 31 31 124
’20 30 29 30 33 121
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 3 44 5 — —
’25 11 16 18 16 62
’24 9 13 14 22 57
’23 10 13 16 13 52
’22 2 15 15 7 39
’21 7 8 10 11 36
’20 1 0 4 21 27
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 3 44 5 — —
’25 11 16 18 16 61
’24 8 13 14 22 57
’23 9 12 15 13 49
’22 2 14 13 6 35
’21 7 8 10 11 36
’20 1 0 4 21 26
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.2
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 96 92 109 125 121 124 151 226 262 279 289 +12.6% 185 199 216 (8.2%)
Gross margin, % 84.61 83.56 78.13 74.35 85.88 90.87 84.78 63.60 58.49 60.39 62.45 (24.2) pt
EBT 17 14 18 24 18 47 52 47 51 60 67 +15.1%
EBT margin, % 17.76 15.39 16.13 19.53 15.11 37.90 34.64 20.84 19.49 21.65 23.11 +3.9 pt
Net income 15 12 16 23 17 36 41 37 44 50 58 +14.5%
Per share, $
Per share, $ Revenue 11.21 10.74 12.67 14.73 14.45 14.92 18.33 27.82 32.20 34.23 35.10 +13.2%
Earnings 1.71 1.36 1.86 2.68 1.97 4.17 4.75 4.33 5.20 5.94 6.81 +14.8%
Cash flow 3.05 2.60 2.93 3.40 3.18 4.33 4.70 6.43 7.06 7.56 8.31 +10.6%
Capex (0.07) (0.14) (0.11) (0.03) (0.03) (0.04) (0.39) (0.35) (0.02) (0.07) (0.07) +0.8%
Free cash flow 2.98 2.46 2.81 3.38 3.15 4.29 4.31 6.08 7.03 7.49 8.23 +10.8%
Book value 18.85 19.65 20.91 22.80 24.59 27.95 31.68 35.61 40.33 45.55 49.07 +10.3%
Shares, m 9 9 9 9 8 8 8 8 8 8 8 (0.6%)
Valuation, ×
Valuation, × P/E 13.88 16.35 10.49 9.82 9.35 7.03 7.65 9.30 8.87 9.13 11.03 10.2
P/S 2.10 2.09 1.54 1.79 1.27 1.95 1.98 1.45 1.44 1.59 2.14 1.7
P/B 1.25 1.14 0.93 1.15 0.75 1.04 1.20 1.18 1.19 1.23 1.58 1.1
EV/Sales 2.02 3.87 3.57 3.88 4.35 4.83 4.33 2.30 2.06 2.35 — 3.4
EV/FCF 7.60 16.93 16.08 17.06 19.97 16.80 18.41 10.53 9.42 10.73 — 14.4
Cash, $m
Cash, $m Operating cash flow 26 22 25 29 27 36 39 52 57 62 68 +10.0%
Capex (1) (1) (1) 0 0 0 (3) (3) 0 (1) (1) +0.2%
Free cash flow 26 21 24 29 26 36 35 49 57 61 68 +10.2%
Balance, $m
Balance, $m Working capital (12) 161 247 253 351 342 400 228 208 89 67 n/m
Net debt (8) 165 222 262 372 356 354 191 162 213 95 n/m
Shareholders’ equity 162 169 181 194 206 232 261 290 329 372 405 +9.7%
Returns, %
Returns, % ROA 0.82 0.66 0.85 1.12 0.71 1.33 1.39 1.09 1.15 1.22 1.32 +0.4 pt
ROIC 6.93 2.66 2.74 3.35 1.98 4.99 5.31 6.13 6.51 6.47 8.54 (0.5) pt
ROE 9.40 7.10 9.18 12.18 8.27 15.82 16.24 13.38 14.25 14.34 15.12 +4.9 pt
People
People Employees 272 264 289 301 301 312 345 349 353 371 — +3.5%
Revenue/emp, $m 0.35 0.35 0.38 0.42 0.40 0.40 0.44 0.65 0.74 0.75 — +8.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

First Business Financial Services, Inc. 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
ACNB ACNB Corporation $666.0M 12.1× 11.3× +6.05% (above 0%: growing) +8.39% (above 0%: growing) −101.87% (below 0%: shrinking) 81.15% 0.00% Compare
CCB Coastal Financial Corporation $661.2M — (loss-making) 1,443× +37.72% (above 0%: growing) 0.00% −104.10% (below 0%: shrinking) 85.92% 0.00% Compare
WCCB West Coast Community Bancorp $656.7M 12.3× 11.3× +4.43% (above 0%: growing) −4.88% (below 0%: shrinking) — 100.00% 0.00% Compare
TCBX Third Coast Bancshares, Inc. $653.2M 8.5× 10.3× +17.59% (above 0%: growing) −6.48% (below 0%: shrinking) −64.01% (below 0%: shrinking) 58.27% 0.00% Compare
CARE Carter Bankshares, Inc. $629.2M 4.8× 5.1× +3.92% (above 0%: growing) +45.83% (above 0%: growing) −100.05% (below 0%: shrinking) 68.91% 0.00% Compare
FBIZ First Business Financial Services, Inc. $623.6M 11.0× 11.4× +2.14% (above 0%: growing) +14.71% (above 0%: growing) −71.53% (below 0%: shrinking) 63.38% 0.00%
GCBC Greene County Bancorp, Inc. $612.9M 14.9× — +7.97% (above 0%: growing) +21.82% (above 0%: growing) +40.48% (above 0%: growing) 67.04% 0.00% Compare
KRNY Kearny Financial $586.3M 15.6× 12.1× +1.22% (above 0%: growing) +6.67% (above 0%: growing) +147.69% (above 0%: growing) 50.63% 0.00% Compare
CIVB Civista Bancshares, Inc. $583.3M 10.1× 9.6× +4.29% (above 0%: growing) +13.24% (above 0%: growing) +57.62% (above 0%: growing) 72.61% 0.00% Compare
Median of peers $641.2M 12.1× 11.3× +5.24% +7.53% −64.01% 70.76% 0.00%

All 327 Banks Regional stocks →

Pay and ownership Proxy statement filed 5 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 1.24m 2.65m 335.22
2024 1.23m 1.93m 279.17
2023 1.98m 2.42m 235.71
2022 1.84m 2.41m 208.72
2021 1.63m 2.42m 162.83

Ownership

Directors and executive officers, together 5.00%
Dimensional Fund Advisors LP 6.30%
BlackRock, Inc. 6.10%
The Vanguard Group 5.40%
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

First Business Financial Services, Inc. (FBIZ) Latest News

1 Nov

Impact 3 · · Simply Wall St.

31 Oct

Impact 3 · · The Motley Fool

30 Oct

Impact 3 · · The Motley Fool transcript
Impact 3 · · MarketBeat transcript
Impact 3 · · Moby

29 Oct

Impact 4 · earnings
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Associated Press

28 Oct

Impact 3 · · Zacks

22 Oct

Impact 4 · · Zacks

15 Oct

Impact 3 · · Zacks

5 Oct

Impact 3 · · Business Wire

7 Aug

Impact 3 · · The Motley Fool transcript

3 Aug

Impact 3 ·

31 Jul

Impact 3 · · MarketBeat transcript
Impact 3 · · Moby

30 Jul

Impact 3 ·

3 May

Impact 3 · · Simply Wall St.

27 Apr

Impact 3 · · MarketBeat

24 Apr

Impact 4 · · Moby

23 Apr

Impact 4 · · Zacks
Impact 4 · · Zacks
Impact 4 · · Business Wire

19 Apr

Impact 3 · · Simply Wall St.

3 Apr

Impact 3 · · Simply Wall St.

1 Apr

Impact 3 · · Simply Wall St.

19 Feb

Impact 3 · · Simply Wall St.

5 Feb

Impact 4 · · Simply Wall St.

3 Feb

Impact 3 · · Simply Wall St.
stockrow.com/FBIZ · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com