A Business at a Glance
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Associated Banc-Corp is a bank holding company registered pursuant to the BHC Act. Our bank subsidiary, Associated Bank, traces its history back to the founding of the Bank of Neenah in 1861. We were incorporated in Wisconsin in 1964 and were inactive until 1969 when permission was received from the Federal Reserve to acquire three banks. At December 31, 2025, we owned one nationally chartered commercial bank headquartered in Green Bay, Wisconsin, which serves local communities across the upper Midwest, one nationally chartered trust company headquartered in Milwaukee, Wisconsin, and 12 limited purpose banking and nonbanking subsidiaries either located in or conducting business primarily in our four-state branch footprint (Wisconsin, Illinois, Minnesota, and Missouri) that are closely related or incidental to the business of banking or financial in nature. Measured by total assets reported at December 31, 2025, we are the largest bank holding company headquartered in Wisconsin.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.5B | 2.5B | 2.1B | 2.0B | 1.4B | 1.1B |
| Net Income | 463M | 463M | 112M | 171M | 355M | 334M |
| EPS | $2.77 | $2.77 | $0.72 | $1.13 | $2.34 | $2.18 |
| Free Cash Flow | 579M | 579M | 535M | 381M | 784M | 477M |
| ROIC | 8.9% | 8.4% | 2.1% | 2.9% | 6.5% | 5.7% |
| Gross Margin | 58.3% | 58.3% | 45.1% | 50.5% | 84.5% | 85.8% |
| Debt/Equity | 0.18 | 0.18 | 0.28 | 0.50 | 0.51 | 0.55 |
| Dividends/Share | $0.93 | $0.93 | $0.89 | $0.85 | $0.81 | $0.76 |
| Operating Income | 578M | 578M | 9.3M | 9.7M | 460M | 436M |
| Operating Margin | 23.5% | 23.5% | 0.4% | 0.5% | 32.2% | 38.6% |
| ROE | 9.3% | 9.7% | 2.4% | 4.1% | 8.8% | 8.3% |
| Shares Outstanding | 167M | 167M | 155M | 152M | 152M | 153M |
ASSOCIATED BANC-CORP passes 5 of 9 quality checks, suggesting mixed fundamentals.
ASSOCIATED BANC-CORP trades at 9.0x trailing earnings, compared to its 15-year median P/E of 16.8x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 7.1x vs a median of 7.1x. The company's 5-year average ROIC is 5.1% with a gross margin of 64.8%. Total shareholder yield (dividends + buybacks) is 4.3%. At current prices, the estimated annualized return to fair value is -3.3%.
ASSOCIATED BANC-CORP (ASBA) has a current P/E ratio of 9.0, compared to its historical median P/E of 16.8. The stock is currently considered Fair based on its historical valuation range.
ASSOCIATED BANC-CORP (ASBA) has a 5-year average return on invested capital (ROIC) of 5.1%. This is below average and may indicate limited pricing power.
ASSOCIATED BANC-CORP (ASBA) has a market capitalization of $4.2B. It is classified as a mid-cap stock.
Yes, ASSOCIATED BANC-CORP (ASBA) pays a dividend with a trailing twelve-month yield of 3.75%. The company also returns capital through share buybacks, with a buyback yield of 0.54%.
Based on historical P/E analysis, ASSOCIATED BANC-CORP (ASBA) appears fair. The current P/E of 9.0 is 47% below its historical median of 16.8. The estimated fair value CAGR (P/E method) is -22.2%.
ASSOCIATED BANC-CORP (ASBA) operates in the State Commercial Banks industry, within the Financials sector.
ASSOCIATED BANC-CORP (ASBA) reported annual revenue of $2.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
ASSOCIATED BANC-CORP (ASBA) has a net profit margin of 18.8%. This is a healthy margin.
ASSOCIATED BANC-CORP (ASBA) generated $579 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ASSOCIATED BANC-CORP (ASBA) has a debt-to-equity ratio of 0.18. This indicates a conservatively financed balance sheet.
ASSOCIATED BANC-CORP (ASBA) reported earnings per share (EPS) of $2.77 in its most recent fiscal year.
ASSOCIATED BANC-CORP (ASBA) has a return on equity (ROE) of 9.7%. This indicates moderate shareholder returns.
ASSOCIATED BANC-CORP (ASBA) has a 5-year average gross margin of 64.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for ASSOCIATED BANC-CORP (ASBA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ASSOCIATED BANC-CORP (ASBA) has a book value per share of $29.75, based on its most recent annual SEC filing.