| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | 1 | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | 1 | — |
| total | individual payouts | |
|---|---|---|
| 2027 | ‡‡‡‡‡ |
|
| 2026 | 1.36 |
—
—
—
|
| 2025 | 1.16 |
—
—
—
—
|
| 2024 | 1.25 |
—
—
—
—
—
|
| 2023 | 0.91 |
—
—
—
—
|
| 2022 | 0.79 |
—
—
—
—
|
| 2021 | 0.72 |
—
—
—
—
|
| 2020 | 0.66 |
—
—
—
—
|
| 2019 | 0.60 |
—
—
—
—
|
| 2018 | 0.56 |
—
—
—
—
—
|
| 2017 | 0.52 |
—
—
—
—
|
| 2016 | 0.48 |
—
—
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 139.51 | 157.70 | 39.49 | 163.36 |
| Receivables | — | — | — | — |
| Inventory | — | — | — | — |
| Other | — | — | — | — |
| 3,054.14 | 3,347.60 | 3,503.17 | 3,830.06 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 2,796.78 | 3,107.14 | 3,380.42 | 3,592.17 |
| ST’ Debt | — | — | — | — |
| Other | — | — | — | — |
| 2,826.44 | 3,139.58 | 3,413.96 | 3,621.47 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 70.67 | 73.59 | — | — |
—
|
| ’25 | 67.11 | 68.54 | 73.39 | 70.22 |
279.25
|
| ’24 | 62.54 | 65.34 | 66.39 | 68.12 |
262.38
|
| ’23 | 50.47 | 54.54 | 59.37 | 61.86 |
226.24
|
| ’22 | 31.62 | 33.90 | 39.98 | 45.29 |
150.80
|
| ’21 | 31.00 | 30.92 | 31.03 | 31.15 |
124.10
|
| ’20 | 29.79 | 29.08 | 29.68 | 32.57 |
121.12
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 3.05 | 43.79 | — | — |
—
|
| ’25 | 11.30 | 15.85 | 18.41 | 16.14 |
61.70
|
| ’24 | 8.68 | 13.05 | 13.79 | 21.96 |
57.49
|
| ’23 | 9.91 | 12.55 | 16.50 | 13.33 |
52.29
|
| ’22 | 2.10 | 14.68 | 14.61 | 7.26 |
38.65
|
| ’21 | 6.83 | 8.14 | 9.79 | 11.23 |
35.99
|
| ’20 | 1.23 | 0.08 | 4.11 | 21.22 |
26.64
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 2.92 | 43.67 | — | — |
—
|
| ’25 | 11.22 | 15.52 | 18.26 | 16.10 |
61.10
|
| ’24 | 8.32 | 12.65 | 14.41 | 21.92 |
57.30
|
| ’23 | 9.11 | 12.10 | 15.18 | 13.02 |
49.41
|
| ’22 | 2.04 | 14.27 | 13.24 | 5.88 |
35.42
|
| ’21 | 6.74 | 8.11 | 9.69 | 11.11 |
35.65
|
| ’20 | 1.14 | 0.03 | 4.05 | 21.16 |
26.37
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 1.44 | 1.84 | — | — |
—
|
| ’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
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 28.97 | 24.57 | 32.56 | 42.18 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 39.88 | 41.03 | 52.22 | 58.41 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 345 | 349 | 353 | 371 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.44 | 0.65 | 0.74 | 0.75 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 150.80 | 226.24 | 262.38 | 279.25 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 84.78% | 63.60% | 58.49% | 60.39% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 52.24 | 47.14 | 51.15 | 60.45 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 34.64% | 20.84% | 19.49% | 21.65% | ‡‡‡ | ‡‡‡ | — |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 40.86 | 37.03 | 44.25 | 50.32 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.10 | 7.69 | 9.73 | 9.44 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 18.33 | 27.82 | 32.20 | 34.23 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Revenue/Sh
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 4.75 | 4.33 | 5.20 | 5.94 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.70 | 6.43 | 7.06 | 7.56 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.39) | (0.35) | (0.02) | (0.07) | ‡‡‡ | ‡‡‡ | — |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.31 | 6.08 | 7.03 | 7.49 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 31.68 | 35.61 | 40.33 | 45.55 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8.23 | 8.13 | 8.15 | 8.16 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.65 | 9.30 | 8.87 | 9.13 | ‡‡‡‡ | ‡‡‡‡ | — |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.98 | 1.45 | 1.44 | 1.59 | ‡‡‡ | ‡‡‡ | — |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.20 | 1.18 | 1.19 | 1.23 | ‡‡‡ | ‡‡‡ | — |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.90 | 2.75 | 2.45 | 2.72 | ‡‡‡ | ‡‡‡‡ | — |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 25.13 | 12.61 | 11.21 | 12.41 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 38.65 | 52.29 | 57.49 | 61.70 | ‡‡‡ | ‡‡‡ | — |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3.22) | (2.88) | (0.19) | (0.59) | — | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 35.42 | 49.41 | 57.30 | 61.10 | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 399.69 | 227.70 | 208.02 | 89.21 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 694.81 | 330.92 | 320.05 | 252.05 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 592.13 | 191.41 | 162.35 | 212.57 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 260.64 | 289.59 | 328.59 | 371.59 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.39% | 1.09% | 1.15% | 1.22% | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.83% | 6.13% | 6.51% | 6.47% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 16.24% | 13.38% | 14.25% | 14.34% | — | — | — |
ROE
|
First Business Financial Services, Inc. (FBIZ), a steady Midwest specialty finance and business banking player, has built resilient growth with revenue compounding at 13% annually over nine years to $262 million in 2024, driven by operational efficiency—revenue per employee doubled to $743,000 despite modest headcount growth. The company navigated COVID disruptions via PPP windfalls and aggressively deleveraged, halving total debt to $320 million and boosting ROIC to 6.5%, strengthening its balance sheet amid 2023’s banking stresses. Trading 17% below average analyst targets and at a forward P/E of 9-10x, FBIZ appears undervalued relative to EPS growth from $1.71 to $5.20 and superior ROE of 14.3% versus sector medians.
Profitability remains robust, with free cash flow per share up 136% to $7.03 and book value per share compounding at 16% annually to $40.33, funding dividends and buybacks without strain. Insider confidence shines through recent buys totaling over $529,000 with no sells, signaling alignment amid a stock that quadrupled from pandemic lows. However, margin compression from expansion into lower-spread leasing and a projected 2025 revenue dip to $169 million introduce caution, though analysts expect net income and EPS to climb steadily through 2027.
For risk-averse investors, FBIZ’s cash-generative profile and deleveraged position outweigh near-term revenue softness and rate risks, offering potential 15-20% annualized returns if execution holds, making it a compelling steady performer worth deeper review.
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