A Business at a Glance
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FIRST BUSINESS FINANCIAL SERVICES, INC.
FBIZ
$559M
Mkt Cap
$67.18
+1.76%
FIRST BUSINESS FINANCIAL SERVICES, INC. (FBIZ) has a current P/E ratio of 11.3, compared to its historical median P/E of 8.6. The stock is currently considered Expensive based on its historical valuation range.
FIRST BUSINESS FINANCIAL SERVICES, INC. (FBIZ) has a 5-year average return on invested capital (ROIC) of 14.3%. This indicates solid capital allocation.
FIRST BUSINESS FINANCIAL SERVICES, INC. (FBIZ) has a market capitalization of $561M. It is classified as a small-cap stock.
Yes, FIRST BUSINESS FINANCIAL SERVICES, INC. (FBIZ) pays a dividend with a trailing twelve-month yield of 1.81%. The company also returns capital through share buybacks, with a buyback yield of 0.25%.
Based on historical P/E analysis, FIRST BUSINESS FINANCIAL SERVICES, INC. (FBIZ) appears expensive. The current P/E of 11.3 is 32% above its historical median of 8.6. The estimated fair value CAGR (P/E method) is 17.2%.
FIRST BUSINESS FINANCIAL SERVICES, INC. (FBIZ) operates in the State Commercial Banks industry, within the Financials sector.
First Business Financial Services, Inc. (together with all of its subsidiaries, collectively referred to as the “Corporation,” “FBFS,” “we,” “us,” or “our”) is a registered bank holding company originally incorporated in 1986 under the laws of the State of Wisconsin and is engaged in the commercial banking business through its wholly-owned bank subsidiary, First Business Bank (collectively with its subsidiaries “FBB” or the “Bank”), headquartered in Madison, Wisconsin. All of our operations are conducted through FBB and its wholly-owned subsidiary First Business Specialty Finance, LLC (“FBSF”). The Bank operates as a business bank, delivering a full line of commercial banking products and services tailored to meet the specific needs of small and medium-sized businesses, business owners, executives, professionals, and high net worth individuals. Our products and services are focused on business banking, private wealth, and bank consulting.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 172M | 279M | 262M | 226M | 151M | 124M |
| Net Income | 50M | 49M | 43M | 36M | 40M | 36M |
| EPS | $6.06 | $5.94 | $5.20 | $4.33 | $4.75 | $4.17 |
| Free Cash Flow | 53M | 61M | 57M | 49M | 35M | 36M |
| ROIC | 12.9% | 13.7% | 13.3% | 12.4% | 15.7% | 16.3% |
| Gross Margin | - | 61.4% | 59.3% | 64.8% | 82.2% | 29.0% |
| Debt/Equity | 0.80 | 0.68 | 0.97 | 1.14 | 1.75 | 1.78 |
| Dividends/Share | $1.22 | $1.16 | $1.00 | $0.91 | $0.79 | $0.72 |
| Operating Income | 4.4M | 4.4M | 3.8M | 6.9M | 5.1M | 4.1M |
| Operating Margin | 2.6% | 1.6% | 1.5% | 3.1% | 3.4% | 3.3% |
| ROE | 13.3% | 14.1% | 14.0% | 13.1% | 16.3% | 16.3% |
| Shares Outstanding | 8M | 8M | 8M | 8M | 8M | 9M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 68M | 89M | 96M | 92M | 109M | 125M | 121M | 124M | 151M | 226M | 262M | 279M | 172M |
| Gross Margin | 81.1% | 80.8% | 76.5% | 76.9% | 73.1% | 72.7% | 72.0% | 29.0% | 82.2% | 64.8% | 59.3% | 61.4% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 21M | 29M | 32M | 32M | 37M | 42M | 46M | 52M | 58M | 61M | 63M | 68M | 70M |
| EBIT | 21M | 1.4M | 1.2M | 1.6M | 1.3M | 3.6M | 1.9M | 4.1M | 5.1M | 6.9M | 3.8M | 4.4M | 4.4M |
| Op. Margin | 31.3% | 1.5% | 1.2% | 1.8% | 1.2% | 2.9% | 1.6% | 3.3% | 3.4% | 3.1% | 1.5% | 1.6% | 2.6% |
| Net Income | 14M | 16M | 15M | 12M | 16M | 23M | 17M | 36M | 40M | 36M | 43M | 49M | 50M |
| Net Margin | 20.4% | 18.2% | 15.3% | 12.7% | 14.7% | 18.2% | 14.0% | 28.8% | 26.6% | 16.0% | 16.5% | 17.7% | 29.3% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -78K | 0 | -73K | -10K | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 10.6% | 10.7% | 9.4% | 6.9% | 8.9% | 11.7% | 8.2% | 16.3% | 15.7% | 12.4% | 13.3% | 13.7% | 12.9% |
| ROE | 11.2% | 11.3% | 9.4% | 7.1% | 9.2% | 12.2% | 8.5% | 16.3% | 16.3% | 13.1% | 14.0% | 14.1% | 13.3% |
| ROA | 1.0% | 1.0% | 0.8% | 0.7% | 0.9% | 1.1% | 0.7% | 1.4% | 1.4% | 1.1% | 1.2% | 1.2% | 1.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 12M | 23M | 26M | 22M | 25M | 29M | 27M | 36M | 39M | 52M | 57M | 62M | 53M |
| Free Cash Flow | 8.7M | 22M | 26M | 21M | 24M | 29M | 26M | 36M | 35M | 49M | 57M | 61M | 53M |
| Owner Earnings | 11M | 21M | 24M | 21M | 23M | 27M | 24M | 33M | 35M | 48M | 54M | 58M | 40M |
| CapEx | 3.2M | 789K | 584K | 1.2M | 969K | 225K | 264K | 391K | 3.2M | 2.9M | 223K | 595K | 650K |
| Maint. CapEx | 385K | 746K | 767K | 744K | 835K | 877K | 822K | 585K | 578K | 961K | 1.1M | 1.2M | 11M |
| Growth CapEx | 2.8M | 43K | 0 | 498K | 134K | 0 | 0 | 0 | 2.6M | 1.9M | 0 | 0 | 0 |
| D&A | 385K | 746K | 767K | 744K | 835K | 877K | 822K | 585K | 578K | 961K | 1.1M | 1.2M | 11M |
| CapEx/OCF | 26.9% | 3.4% | 2.2% | 5.5% | 3.8% | 0.8% | 1.0% | 1.1% | 8.3% | 5.5% | 0.4% | 1.0% | 1.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 3.4M | 3.8M | 4.2M | 4.5M | 4.9M | 5.2M | 5.7M | 6.2M | 6.7M | 7.6M | 8.3M | 9.7M | 10M |
| Dividend Yield | 1.3% | 2.5% | 2.7% | 2.8% | 3.0% | 3.2% | 4.2% | 3.1% | 2.6% | 3.0% | 2.6% | 2.4% | 1.8% |
| Share Buybacks | 1.8M | 946K | 467K | 323K | 533K | 7.2M | 1.7M | 5.5M | 6.1M | 3.0M | 1.3M | 1.4M | 1.4M |
| Buyback Yield | 1.3% | 0.6% | 0.3% | 0.2% | 0.4% | 3.8% | 1.2% | 2.4% | 2.2% | 0.9% | 0.3% | 0.3% | 0.3% |
| Stock-Based Comp | 887K | 1.1M | 994K | 1.1M | 1.0M | 1.6M | 1.9M | 2.5M | 2.6M | 3.0M | 2.8M | 2.8M | 2.8M |
| Debt Repayment | 1.0M | 1.5M | 1.5M | 1.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -204M | -209M | -154M | 39M | 84M | 89M | 188M | 151M | 142M | -106M | -179M | -210M | -254M |
| Cash & Equiv. | 103M | 114M | 78M | 53M | 87M | 67M | 57M | 57M | 103M | 140M | 158M | 39M | 557M |
| Long-Term Debt | 14M | 0 | 0 | 9.1M | 0 | 15M | 0 | 0 | 20M | 15M | 20M | 0 | 10M |
| Debt/Equity | 0.32 | 0.30 | 0.43 | 1.29 | 1.71 | 1.70 | 2.08 | 1.78 | 1.75 | 1.14 | 0.97 | 0.68 | 0.80 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0 |
| Equity | 138M | 151M | 162M | 169M | 181M | 194M | 206M | 232M | 261M | 290M | 329M | 372M | 380M |
| Total Assets | 1.6B | 1.8B | 1.8B | 1.8B | 2.0B | 2.1B | 2.6B | 2.7B | 3.0B | 3.5B | 3.9B | 4.1B | 4.3B |
| Total Liabilities | 1.5B | 1.6B | 1.6B | 1.6B | 1.8B | 1.9B | 2.4B | 2.4B | 2.7B | 3.2B | 3.5B | 3.7B | 3.9B |
| Intangibles | 335K | 264K | 202K | 2.0M | 1.3M | 1.2M | 1.3M | 1.6M | 1.5M | 1.3M | 1.2M | 1.3M | 0 |
| Retained Earnings | 68M | 81M | 91M | 99M | 110M | 129M | 140M | 170M | 204M | 231M | 266M | 306M | 315M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 0.88 | 1.90 | 1.71 | 1.36 | 1.86 | 2.68 | 1.97 | 4.17 | 4.75 | 4.33 | 5.20 | 5.94 | 6.06 |
| Owner EPS | 0.67 | 2.50 | 2.84 | 2.38 | 2.71 | 3.12 | 2.78 | 3.84 | 4.20 | 5.79 | 6.43 | 6.93 | 4.75 |
| Book Value | 8.71 | 17.65 | 18.82 | 19.60 | 20.92 | 22.80 | 23.92 | 27.11 | 30.82 | 34.68 | 39.40 | 44.64 | 45.55 |
| Cash Flow/Share | 0.75 | 2.72 | 3.05 | 2.60 | 2.93 | 3.40 | 3.09 | 4.20 | 4.57 | 6.26 | 6.89 | 7.41 | 7.37 |
| Dividends/Share | 0.21 | 0.44 | 0.48 | 0.52 | 0.56 | 0.60 | 0.66 | 0.72 | 0.79 | 0.91 | 1.00 | 1.16 | 1.22 |
| Shares Out. | 15.8M | 8.5M | 8.6M | 8.6M | 8.6M | 8.5M | 8.6M | 8.6M | 8.5M | 8.3M | 8.3M | 8.3M | 8.3M |
| Valuation | |||||||||||||
| P/E Ratio | 9.9 | 10.2 | 10.9 | 13.2 | 8.6 | 8.2 | 8.3 | 6.3 | 7.0 | 9.0 | 8.6 | 9.3 | 11.1 |
| P/FCF | 31.4 | 7.4 | 6.3 | 7.3 | 5.7 | 6.5 | 5.4 | 6.3 | 7.9 | 6.6 | 6.5 | 7.5 | 10.6 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 69.6 |
| Price/Book | 1.0 | 1.1 | 1.0 | 0.9 | 0.8 | 1.0 | 0.7 | 1.0 | 1.1 | 1.1 | 1.1 | 1.2 | 1.5 |
| Price/Sales | 2.4 | 2.0 | 1.9 | 2.1 | 2.0 | 1.8 | 1.3 | 1.8 | 2.0 | 1.7 | 2.1 | 2.4 | 3.3 |
| FCF Yield | 6.2% | 13.3% | 15.7% | 13.5% | 17.3% | 15.0% | 18.6% | 15.8% | 12.6% | 15.2% | 15.4% | 13.3% | 9.4% |
| Market Cap | 139M | 168M | 162M | 157M | 140M | 192M | 142M | 225M | 281M | 324M | 372M | 459M | 561M |
| Avg. Price | 16.61 | 17.60 | 17.82 | 18.58 | 19.10 | 19.18 | 15.49 | 23.40 | 30.77 | 29.86 | 38.33 | 49.28 | 67.18 |
| Year-End Price | 17.24 | 19.33 | 18.63 | 17.92 | 15.99 | 22.05 | 16.44 | 26.22 | 33.26 | 38.84 | 44.55 | 55.12 | 67.18 |
FIRST BUSINESS FINANCIAL SERVICES, INC. passes 7 of 9 quality checks, indicating strong fundamentals.
FIRST BUSINESS FINANCIAL SERVICES, INC. trades at 11.3x trailing earnings, compared to its 15-year median P/E of 8.6x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 9.2x vs a median of 6.5x. The company's 5-year average ROIC is 14.3% with a gross margin of 59.3%. Total shareholder yield (dividends + buybacks) is 2.1%. At current prices, the estimated annualized return to fair value is +15.3%.
FIRST BUSINESS FINANCIAL SERVICES, INC. (FBIZ) reported annual revenue of $279 million in its most recent fiscal year, based on SEC EDGAR filings.
FIRST BUSINESS FINANCIAL SERVICES, INC. (FBIZ) has a net profit margin of 17.7%. This is a healthy margin.
FIRST BUSINESS FINANCIAL SERVICES, INC. (FBIZ) generated $61 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
FIRST BUSINESS FINANCIAL SERVICES, INC. (FBIZ) has a debt-to-equity ratio of 0.68. This indicates moderate leverage.
FIRST BUSINESS FINANCIAL SERVICES, INC. (FBIZ) reported earnings per share (EPS) of $5.94 in its most recent fiscal year.
FIRST BUSINESS FINANCIAL SERVICES, INC. (FBIZ) has a return on equity (ROE) of 14.1%. This indicates moderate shareholder returns.
FIRST BUSINESS FINANCIAL SERVICES, INC. (FBIZ) has a 5-year average gross margin of 59.3%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for FIRST BUSINESS FINANCIAL SERVICES, INC. (FBIZ), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FIRST BUSINESS FINANCIAL SERVICES, INC. (FBIZ) has a book value per share of $44.64, based on its most recent annual SEC filing.