Saturday 17 October 2026 Export FSBW’s income statement to Excel — free account

FS Bancorp, Inc.

FS Bancorp, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $219.5 million, up 6.36% from fiscal 2024. In the quarter to June 2026, revenue grew 3.60%, EPS grew 6.00%, free cash flow grew 778.4% and total debt rose 31.8%, each against the same quarter a year earlier. Revenue growth for three consecutive years.

44.85 0.22 +0.49%

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Market cap: $350.9M
P/E: 10.1×
Fwd P/E: 9.4×
Dividend yield: 2.56%
F-score: 6/9
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 0.41

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	2	—	—	—	—	—	—	—	—	3	—	—

Insider Ownership 8.72%

Capital & Financial Ratios $m

Market Cap 350.89

Revenue 224.28

Net Income 33.36

Free Cash Flow 98.12

Net Debt 344.48

Current Ratio 1.10

Debt/Equity 1.17

P/E ratio 10.15

Fwd P/E 9.42

P/S ratio 1.47

P/B ratio 1.03

Past 5Y EPS Growth (0.89%)

This Y EPS Growth 1.17%

Next Y EPS Growth 7.53%

Next Y revenue growth (27.39%)

Next 5Y EPS Growth 3.90%

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

Valuation vs history

P/E against its own 10 years 83.45%

10-year low 10-year high

P/S against its own 10 years 31.33%

10-year low 10-year high

P/B against its own 10 years 43.16%

10-year low 10-year high

Dividends

Payout Ratio 0.27

Annual Dividend Rate 1.15

Annual Dividend Yield 2.56%

	total	individual payouts
2027	Powerpack
2026	1.17	0.29 0.29 0.29
2025	1.34	0.28 0.28 0.22 0.28
2024	1.06	0.26 0.26 0.27 0.27
2023	1.00	0.25 0.25 0.25 0.25
2022	0.80	0.20 0.20 0.20 0.20
2021	0.56	0.13 0.14 0.14 0.15
2020	0.42	0.11 0.11 0.11 0.11
2019	0.33	0.08 0.08 0.08 0.10
2018	0.27	0.06 0.07 0.07 0.07
2017	0.22	0.05 0.06 0.06 0.06
2016	0.19	0.04 0.05 0.05 0.05

predictions special payouts not included in total or ratios

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%

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	11.03	17.05	20.63	21.31	13.75	26.40	26.80	26.08	30.64	34.61	Analyst estimates 2026–2028 Powerpack
	High	19.41	29.00	33.20	32.21	31.92	36.85	35.30	38.70	49.15	44.22
People
People	Employees	306	326	424	452	506	536	537	574	567	581
	Revenue/emp, $m	0.20	0.22	0.21	0.25	0.28	0.25	0.25	0.33	0.36	0.38
Income, $m
Income, $m	Revenue	62	70	89	113	144	134	137	188	206	220
	Gross margin, %	93.24	92.98	88.53	82.85	89.79	92.74	89.46	76.62	70.09	69.55
	EBT	16	21	29	28	50	47	37	45	42	41
	EBT margin, %	26.15	29.29	32.04	24.97	34.57	35.42	27.04	24.12	20.15	18.73
	Net income	10	14	24	23	39	37	30	36	35	33
	Depreciation	5	4	5	12	14	15	14	13	11	12
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
	Earnings	1.82	2.28	3.29	2.57	4.57	4.42	3.75	4.63	4.48	4.35
	Cash flow	0.62	2.44	2.90	1.04	(3.82)	13.26	23.84	10.14	6.60	9.60
	Capex	(0.62)	0.62	(0.51)	(0.28)	(0.16)	0.09	4.83	(0.22)	1.91	(2.71)
	Free cash flow	0.00	3.05	2.38	0.76	(3.98)	13.35	28.68	9.93	8.51	6.90
	Book value	13.99	19.71	24.34	22.68	27.18	30.12	29.88	34.54	38.42	40.87
	Shares, m	6	6	7	9	8	8	8	8	8	8
Valuation, ×
Valuation, ×	P/E	9.82	11.94	6.64	12.41	5.99	7.61	8.83	8.09	9.17	9.49
	P/S	1.68	2.40	1.78	2.50	1.61	2.06	1.87	1.53	1.53	1.41
	P/B	1.28	1.38	0.88	1.41	1.01	1.12	1.11	1.08	1.07	1.01
	EV/Sales	1.21	2.12	2.81	2.75	2.11	2.47	3.26	1.81	3.10	2.10
	EV/FCF	(10,621.71)	7.90	9.03	13.72	(35.06)	2.51	1.88	2.63	7.84	5.46
Cash, $m
Cash, $m	Operating cash flow	4	15	21	9	(32)	109	185	78	51	72
	Capex	(4)	4	(4)	(2)	(1)	1	37	(2)	15	(20)
	Free cash flow	0	19	18	7	(34)	110	222	76	65	52
Balance, $m
Balance, $m	Working capital	(12)	26	150	86	148	(17)	141	9	238	36
	Total debt	22	17	147	95	176	92	236	143	357	179
	Net debt	(29)	(20)	92	28	72	55	190	53	324	151
	Shareholders’ equity	81	122	180	200	230	248	232	264	296	308
Returns, %
Returns, %	ROA	1.39	1.56	1.87	1.36	2.02	1.67	1.18	1.27	1.15	1.05
	ROIC	19.89	12.57	6.88	8.18	10.32	9.80	5.62	9.22	4.19	5.61
	ROE	13.43	13.87	16.12	11.95	18.00	15.41	12.14	14.30	12.30	10.86

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
NWFL Norwood Financial Corp.	$364.8M	11.7×	10.1×	+28.48% (above 0%: growing)	+28.36% (above 0%: growing)	+65.58% (above 0%: growing)	68.32%	0.00%	Compare
WSBF Waterstone Financial, Inc.	$357.2M	11.5×	11.0×	+1.53% (above 0%: growing)	+13.95% (above 0%: growing)	+124.33% (above 0%: growing)	74.78%	0.00%	Compare
TSBK Timberland Bancorp, Inc.	$352.9M	11.4×	—	+4.36% (above 0%: growing)	+10.00% (above 0%: growing)	−24.92% (below 0%: shrinking)	73.48%	0.00%	Compare
FSBW FS Bancorp, Inc.	$350.9M	10.1×	9.4×	+3.60% (above 0%: growing)	+6.00% (above 0%: growing)	+778.44% (above 0%: growing)	69.52%	0.00%
BRBS Blue Ridge Bankshares, Inc.	$349.1M	37.9×	—	−19.39% (below 0%: shrinking)	n/m	−84.87% (below 0%: shrinking)	59.82%	0.00%	Compare
BCML Bay Commercial Bank	$338.1M	26.0×	13.8×	−3.52% (below 0%: shrinking)	n/m	−19.47% (below 0%: shrinking)	74.74%	0.00%	Compare
AVBH Avidbank Holdings Inc.	$337.8M	— (loss-making)	9.1×	+15.59% (above 0%: growing)	−6.49% (below 0%: shrinking)	+148.71% (above 0%: growing)	69.18%	0.00%	Compare
FDBC Fidelity D&D Bancorp Inc.	$336.0M	11.0×	22.8×	+5.91% (above 0%: growing)	+11.67% (above 0%: growing)	+157.33% (above 0%: growing)	70.54%	0.00%	Compare
CFFI C&F Financial Corporation	$334.0M	11.4×	—	+10.31% (above 0%: growing)	+10.97% (above 0%: growing)	+549.86% (above 0%: growing)	78.40%	0.00%	Compare
Median of peers	$343.6M	11.5×	11.0×	+5.14%	+11.32%	+94.96%	72.01%	0.00%

All 323 Banks Regional stocks →

FS Bancorp, Inc. (FSBW) key facts

Strength: FS Bancorp, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $219.5 million, up 6.36% from fiscal 2024.
FS Bancorp, Inc. (FSBW) is a Banks Regional company in the Financial sector, listed on Nasdaq.
As of October 16, 2026, FSBW traded at $44.85, a market capitalization of $350.9 million.
FS Bancorp, Inc. pays an annual dividend of $1.15 per share, a yield of 2.56%, with a payout ratio of 26.5%.
Return on equity was 10.9% and debt-to-equity 1.17.
Its Piotroski F-score is 6 out of 9 for fiscal 2025.