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FS Bancorp, Inc.

FSBW Financial Banks Regional

FS Bancorp, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $219.5 million, up 6.36% from fiscal 2024.

Revenue
+3.60%
EPS
+6.00%
Free cash flow
+778.4%
Total debt
+31.8%

Quarter to June 2026, against a year earlier

43.15 0.35 −0.80%
Market cap
$344.5M
P/E
9.9×
Fwd P/E
12.0×
Dividend yield
2.65%
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 0.15
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — 3 — 1 —
Insider Ownership 8.58%

Capital & Financial Ratios $m

Size
Market Cap 344.51
Revenue ttm 224.28
Net income ttm 33.36
Free cash flow ttm 98.12
Net debt Q 344.48
Valuation
P/E 9.92
Forward P/E 12.00
Price / sales 1.43
Forward P/S Powerpack
Price / FCF 2.46
Price / book 1.01
Financial health
Current ratio Q 1.10
Debt / equity Q 1.17
Interest coverage Q —
Growth
Revenue growth Q +3.60% (above 0%: growing)
Operating income growth Q +7.29% (above 0%: growing)
EPS, this year −8.08% (below 0%: weak)
EPS, next year A +13.27%
Revenue, next year A −26.84% (below 0%: weak)
EPS, past 5 yrs −0.89% (below 0%: weak)
EPS, next 5 yrs A +4.05%

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 79.79%
10-year low 10-year high
P/S against its own 10 years 24.35%
10-year low 10-year high
P/B against its own 10 years 35.97%
10-year low 10-year high

Dividends

Yield
2.65%
Annual rate
1.16
Payout ratio
26.7%
Growth, 2018–26
+20.3%/yr
  1. 0.27 ’18
  2. 0.33 ’19 +23
  3. 0.42 ’20 +29
  4. 0.56 ’21 +32
  5. 0.60 ’22 +8
  6. 1.00 ’23 +67
  7. 1.06 ’24 +6
  8. 0.84 ’25 −21
  9. 1.16 ’26 +38
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 90 33 28 30
Receivables — — — —
Inventory — — — —
Other — — — —
2,531 2,577 2,710 2,704
2023 2024 2025 Q'26
Payables 2,522 2,339 2,674 2,449
ST’ Debt — — — —
Other — — — —
2,522 2,339 2,674 2,449

Compound Annual Growth %

10y 5y 3y
Sales 16.11% 8.77% 17.07%
Cash Flow 0.00% 0.00% (26.87%)
Earnings 13.96% (3.28%) 4.06%
Book Value 15.11% 5.99% 9.92%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.11 Actual 0.63

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.13 1.10 Miss by 0.03
Q1 FY26 1.01 1.02 Beat by 0.01
Q2 FY26 1.13 1.08 Miss by 0.05
Q3 FY26 1.11 0.63 Miss by 0.48
Q4 FY26 1.03 — Reports 20 January 2027

EPS $

Mar Jun Sep Dec Year
’26 1.02 1.04 — — —
’25 1.01 0.99 1.18 1.10 4.29
’24 1.06 1.13 1.29 0.92 4.36
’23 1.04 1.16 1.13 1.23 4.56
’22 0.81 0.83 1.08 0.97 3.70
’21 1.35 0.97 0.97 1.01 4.32
’20 0.57 1.15 1.47 1.30 4.49
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 55 56 — — —
’25 52 54 57 57 220
’24 50 52 53 52 206
’23 44 46 48 50 188
’22 31 31 35 40 137
’21 36 32 33 33 134
’20 31 36 40 38 144
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 9 52 — — —
’25 8 7 45 12 72
’24 0 10 (1) 42 51
’23 18 24 23 13 78
’22 98 31 35 21 185
’21 18 55 26 9 109
’20 (30) (7) (63) 67 (32)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 8 51 — — —
’25 8 6 42 (3) 52
’24 16 10 15 41 65
’23 18 24 23 12 76
’22 98 31 35 59 222
’21 18 54 28 12 110
’20 (31) 2 (63) 67 (34)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
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 Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 62 70 89 113 144 134 137 188 206 220 224 +15.2% 161 175 185 (5.6%)
Gross margin, % 93.24 92.98 88.53 82.85 89.79 92.74 89.46 76.62 70.09 69.55 69.57 (23.7) pt
EBT 16 21 29 28 50 47 37 45 42 41 42 +11.0%
EBT margin, % 26.15 29.29 32.04 24.97 34.57 35.42 27.04 24.12 20.15 18.73 18.66 (7.4) pt
Net income 10 14 24 23 39 37 30 36 35 33 33 +13.7%
Per share, $
Per share, $ Revenue 10.63 11.35 12.05 12.76 17.04 16.29 17.64 24.51 26.81 29.16 30.56 +11.9%
Earnings 1.82 2.28 3.29 2.57 4.57 4.42 3.75 4.63 4.48 4.35 4.42 +10.2%
Cash flow 0.62 2.44 2.90 1.04 (3.82) 13.26 23.84 10.14 6.60 9.60 16.04 +35.6%
Capex (0.62) 0.62 (0.51) (0.28) (0.16) 0.09 4.83 (0.22) 1.91 (2.71) (2.67) +17.8%
Free cash flow 0.00 3.05 2.38 0.76 (3.98) 13.35 28.68 9.93 8.51 6.90 13.37 n/m
Book value 13.99 19.71 24.34 22.68 27.18 30.12 29.88 34.54 38.42 40.87 43.46 +12.6%
Shares, m 6 6 7 9 8 8 8 8 8 8 7 +3.0%
Valuation, ×
Valuation, × P/E 9.82 11.94 6.64 12.41 5.99 7.61 8.83 8.09 9.17 9.49 9.92 9.0
P/S 1.68 2.40 1.78 2.50 1.61 2.06 1.87 1.53 1.53 1.41 1.43 1.8
P/B 1.28 1.38 0.88 1.41 1.01 1.12 1.11 1.08 1.07 1.01 1.01 1.1
EV/Sales 1.21 2.12 2.81 2.75 2.11 2.47 3.26 1.81 3.10 2.10 — 2.4
EV/FCF (10,621.71) 7.90 9.03 13.72 (35.06) 2.51 1.88 2.63 7.84 5.46 — (1,060.6)
Cash, $m
Cash, $m Operating cash flow 4 15 21 9 (32) 109 185 78 51 72 118 +39.6%
Capex (4) 4 (4) (2) (1) 1 37 (2) 15 (20) (20) +21.3%
Free cash flow 0 19 18 7 (34) 110 222 76 65 52 98 n/m
Balance, $m
Balance, $m Working capital (12) 26 150 86 148 (17) 141 9 238 36 255 n/m
Net debt (29) (20) 92 28 72 55 190 53 324 151 344 n/m
Shareholders’ equity 81 122 180 200 230 248 232 264 296 308 319 +16.0%
Returns, %
Returns, % ROA 1.39 1.56 1.87 1.36 2.02 1.67 1.18 1.27 1.15 1.05 1.03 (0.3) pt
ROIC 19.89 12.57 6.88 8.18 10.32 9.80 5.62 9.22 4.19 5.61 4.01 (14.3) pt
ROE 13.43 13.87 16.12 11.95 18.00 15.41 12.14 14.30 12.30 10.86 10.64 (2.6) pt
People
People Employees 306 326 424 452 506 536 537 574 567 581 — +7.4%
Revenue/emp, $m 0.20 0.22 0.21 0.25 0.28 0.25 0.25 0.33 0.36 0.38 — +7.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

FS Bancorp, 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
USCB USCB Financial Holdings, Inc. $366.3M 12.9× 10.0× +9.15% (above 0%: growing) +19.51% (above 0%: growing) +34.55% (above 0%: growing) 64.78% 0.00% Compare
BRBS Blue Ridge Bankshares, Inc. $357.9M — (loss-making) — −19.39% (below 0%: shrinking) n/m −29.11% (below 0%: shrinking) 59.82% 0.00% Compare
CFFI C&F Financial Corporation $352.3M 11.7× 11.5× +4.17% (above 0%: growing) +16.97% (above 0%: growing) +15.92% (above 0%: growing) 77.02% 0.00% Compare
ISBA Isabella Bank Corporation $345.0M 13.9× 12.2× +9.91% (above 0%: growing) +21.83% (above 0%: growing) +399.09% (above 0%: growing) 74.62% 0.00% Compare
FSBW FS Bancorp, Inc. $344.5M 9.9× 12.0× +3.60% (above 0%: growing) +6.00% (above 0%: growing) +778.44% (above 0%: growing) 69.52% 0.00%
BCML Bay Commercial Bank $336.8M 25.7× 38.5× −3.52% (below 0%: shrinking) n/m −19.47% (below 0%: shrinking) 74.74% 0.00% Compare
MVBF Mvb Financial Corp. $332.5M 14.8× 12.8× −27.72% (below 0%: shrinking) −97.79% (below 0%: shrinking) +55.49% (above 0%: growing) 70.96% 0.00% Compare
COSO CoastalSouth Bancshares, Inc. $331.6M 12.3× 11.6× +6.47% (above 0%: growing) +5.17% (above 0%: growing) +158.51% (above 0%: growing) 63.95% 0.00% Compare
CBNA Chain Bridge Bancorp, Inc. $329.7M 12.2× 9.8× +51.95% (above 0%: growing) +107.14% (above 0%: growing) +147.51% (above 0%: growing) 96.81% 0.00% Compare
Median of peers $340.9M 12.9× 11.6× +5.32% +18.24% +45.02% 72.79% 0.00%

All 327 Banks Regional stocks →

Pay and ownership Proxy statement filed 6 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 1.44m 1.41m 172.94
2024 1.56m 1.91m 166.69
2023 1.37m 1.33m 145.83
2022 1.36m 1.25m 127.80
2021 1.88m 2.35m 124.78

Ownership

Directors and executive officers, together 12.90%
T. Rowe Price Investment Management, Inc. 13.60%
BlackRock, Inc. 6.30%
Dimensional Fund Advisors LP 5.40%
The Vanguard Group 5.30%
De Lisle Partners LLP 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

FS Bancorp, Inc. (FSBW) Latest News

23 Oct

Impact 3 · · GlobeNewswire

22 Oct

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

21 Oct

Impact 4 · · GlobeNewswire
Impact 4 · · Zacks
Impact 4 · · Associated Press Finance
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · GlobeNewswire

24 Aug

Impact 3 ·

20 Aug

Impact 4 ·

21 Jul

Impact 3 ·

1 Jun

Impact 3 · · GlobeNewswire

22 Apr

Impact 4 · · Zacks

21 Apr

Impact 4 · · Zacks
Impact 4 · · GlobeNewswire

25 Feb

Impact 4 · · GlobeNewswire

12 Feb

Impact 3 · · GlobeNewswire

25 Jan

Impact 3 · · Simply Wall St.

22 Jan

Impact 3 · · Zacks

21 Jan

Impact 3 ·
Impact 3 · · Associated Press Finance
Impact 3 · · GlobeNewswire

23 Dec

Impact 3 · · GlobeNewswire

13 Dec

Impact 3 · · Simply Wall St.

2 Nov

Impact 3 · · Simply Wall St.

27 Oct

Impact 3 · · GlobeNewswire

13 Oct

Impact 3 · · Zacks

26 Sep

Impact 3 ·
stockrow.com/FSBW · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com