A Business at a Glance
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FS Bancorp, Inc.
FSBW
$333M
Mkt Cap
$43.61
+0.11%
FS Bancorp, Inc. (FSBW) has a current P/E ratio of 10.7, compared to its historical median P/E of 8.0. The stock is currently considered Expensive based on its historical valuation range.
FS Bancorp, Inc. (FSBW) has a 5-year average return on invested capital (ROIC) of 10.5%. This indicates solid capital allocation.
FS Bancorp, Inc. (FSBW) has a market capitalization of $333M. It is classified as a small-cap stock.
Yes, FS Bancorp, Inc. (FSBW) pays a dividend with a trailing twelve-month yield of 3.08%. The company also returns capital through share buybacks, with a buyback yield of 4.63%.
Based on historical P/E analysis, FS Bancorp, Inc. (FSBW) appears expensive. The current P/E of 10.7 is 33% above its historical median of 8.0. The estimated fair value CAGR (P/E method) is 5.4%.
FS Bancorp, Inc. (FSBW) operates in the Savings Institutions, Not Federally Chartered industry, within the Financials sector.
FS Bancorp, Inc. (FSBW) reported annual revenue of $220 million in its most recent fiscal year, based on SEC EDGAR filings.
Item 1. Business FS Bancorp, a Washington corporation, was organized in September 2011 for the purpose of becoming the holding company of 1st Security Bank upon the Bank’s conversion from a mutual to a stock savings bank (“Conversion”). The Conversion was completed on July 9, 2012. At December 31, 2025, the Company had consolidated total assets of $3.2 billion, total loans receivable, net of $2.62 billion, total deposits of $2.67 billion, and total stockholders’ equity of $307.7 million. The Company has not engaged in significant activities other than holding the stock of the Bank and providing capital to it through the debt and equity markets. Accordingly, the information set forth in this Form 10–K, including the consolidated financial statements and related data, relates primarily to the Bank.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 220M | 220M | 206M | 188M | 137M | 134M |
| Net Income | 33M | 33M | 34M | 35M | 29M | 37M |
| EPS | $4.29 | $4.29 | $4.36 | $4.56 | $3.70 | $4.37 |
| Free Cash Flow | 52M | 52M | 49M | 76M | 183M | 107M |
| ROIC | 8.1% | 10.9% | 12.3% | 10.4% | 8.2% | 10.7% |
| Gross Margin | 69.4% | 69.4% | 71.6% | 74.1% | 84.9% | 92.4% |
| Debt/Equity | 0.42 | 0.42 | 1.04 | 0.35 | 1.61 | 0.17 |
| Dividends/Share | $1.34 | $1.34 | $1.06 | $1.00 | $0.90 | $0.56 |
| Operating Income | 41M | 41M | 42M | 45M | 37M | 47M |
| Operating Margin | 18.7% | 18.7% | 20.1% | 24.1% | 27.0% | 35.4% |
| ROE | 10.7% | 10.9% | 12.3% | 14.3% | 12.1% | 15.4% |
| Shares Outstanding | 8M | 8M | 8M | 8M | 8M | 8M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 35M | 49M | 62M | 70M | 89M | 113M | 144M | 134M | 137M | 188M | 206M | 220M | 220M |
| Gross Margin | 87.1% | 88.0% | 89.3% | 91.9% | 86.8% | 80.3% | 80.8% | 92.4% | 84.9% | 74.1% | 71.6% | 69.4% | 69.4% |
| 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 | 14M | 17M | 22M | 27M | 29M | 34M | 38M | 50M | 48M | 54M | 55M | 58M | 58M |
| EBIT | 6.5M | 14M | 16M | 21M | 29M | 28M | 50M | 47M | 37M | 45M | 42M | 41M | 41M |
| Op. Margin | 18.6% | 27.9% | 26.1% | 29.3% | 32.0% | 25.0% | 34.6% | 35.4% | 27.0% | 24.1% | 20.1% | 18.7% | 18.7% |
| Net Income | 4.5M | 8.9M | 10M | 14M | 24M | 23M | 39M | 37M | 29M | 35M | 34M | 33M | 33M |
| Net Margin | 13.0% | 18.0% | 17.0% | 20.0% | 27.3% | 20.2% | 27.2% | 27.5% | 21.3% | 18.9% | 16.7% | 14.9% | 14.9% |
| Non-Recurring | 0 | 0 | 146K | 0 | -71K | -26K | 300K | 0 | 0 | 0 | 0 | -39K | -39K |
| Returns on Capital | |||||||||||||
| ROIC | 7.1% | 11.7% | 12.6% | 13.9% | 16.1% | 9.8% | 11.5% | 10.7% | 8.2% | 10.4% | 12.3% | 10.9% | 8.1% |
| ROE | 7.1% | 12.6% | 13.4% | 13.9% | 16.1% | 11.9% | 18.3% | 15.4% | 12.1% | 14.3% | 12.3% | 10.9% | 10.7% |
| ROA | 1.0% | 1.5% | 1.4% | 1.6% | 1.9% | 1.4% | 2.1% | 1.7% | 1.2% | 1.3% | 1.1% | 1.1% | 1.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -4.0M | -7.1M | 3.6M | 15M | 21M | 9.2M | -32M | 109M | 185M | 78M | 51M | 72M | 72M |
| Free Cash Flow | -4.9M | -8.6M | -7K | 14M | 18M | 6.7M | -34M | 107M | 183M | 76M | 49M | 52M | 52M |
| Owner Earnings | -5.6M | -9.0M | 1.4M | 13M | 19M | 5.5M | -35M | 105M | 180M | 73M | 47M | 67M | 67M |
| CapEx | 873K | 1.5M | 3.6M | 1.0M | 3.8M | 2.5M | 1.4M | 2.0M | 1.6M | 1.7M | 1.6M | 20M | 20M |
| Maint. CapEx | 1.1M | 1.2M | 1.4M | 1.6M | 1.8M | 2.8M | 2.8M | 2.7M | 2.5M | 2.6M | 2.5M | 2.8M | 2.8M |
| Growth CapEx | 0 | 312K | 2.2M | 0 | 2.0M | 0 | 0 | 0 | 0 | 0 | 0 | 18M | 18M |
| D&A | 1.1M | 1.2M | 1.4M | 1.6M | 1.8M | 2.8M | 2.8M | 2.7M | 2.5M | 2.6M | 2.5M | 2.8M | 2.8M |
| CapEx/OCF | N/A | N/A | 100.2% | 6.7% | 17.7% | 26.8% | N/A | 1.8% | 0.8% | 2.2% | 3.2% | N/A | 28.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 704K | 826K | 1.1M | 1.3M | 1.9M | 2.9M | 3.6M | 4.6M | 7.1M | 7.8M | 8.3M | 10M | 10M |
| Dividend Yield | 1.7% | 1.5% | 1.6% | 1.1% | 1.1% | 1.5% | 1.1% | 1.9% | 3.3% | 3.5% | 2.9% | N/A | 3.1% |
| Share Buybacks | 2.2M | 101K | 4.9M | 275K | 251K | 4.8M | 9.8M | 14M | 16M | 223K | 2.5M | 15M | 15M |
| Buyback Yield | 5.2% | 0.2% | 5.4% | 0.2% | N/A | 2.0% | 4.6% | 5.5% | 6.6% | 0.1% | 0.8% | 0.0% | 4.6% |
| Stock-Based Comp | 483K | 746K | 783K | 634K | 767K | 869K | 35K | 1.4M | 2.0M | 2.0M | 1.8M | 2.3M | 2.3M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -64M | -70M | -118M | N/A | N/A | -87M | -104M | -255M | 102M | -265M | 276M | 101M | 101M |
| Cash & Equiv. | 16M | 24M | 36M | 19M | 33M | 46M | 92M | 26M | 41M | 66M | 32M | 28M | 28M |
| Long-Term Debt | 0 | 10M | 0 | N/A | N/A | 85M | 166M | 43M | 187M | 0 | N/A | N/A | 129M |
| Debt/Equity | 0.00 | 0.13 | 0.00 | 7.05 | 8.01 | 0.42 | 0.72 | 0.17 | 1.61 | 0.35 | 1.04 | 0.42 | 0.42 |
| 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 | 0.6 |
| Equity | 66M | 75M | 81M | 122M | 180M | 200M | 230M | 248M | 232M | 264M | 296M | 308M | 308M |
| Total Assets | 510M | 678M | 828M | 982M | 1.6B | 1.7B | 2.1B | 2.3B | 2.6B | 3.0B | 3.0B | 3.2B | 3.2B |
| Total Liabilities | 444M | 602M | 747M | 860M | 1.4B | 1.5B | 1.9B | 2.0B | 2.4B | 2.7B | 2.7B | 2.9B | 2.9B |
| Intangibles | N/A | 0 | 1.7M | 1.3M | 6.2M | 5.5M | 4.8M | 4.1M | 3.4M | 17M | 14M | 11M | 11M |
| Retained Earnings | 38M | 46M | 56M | 68M | 91M | 111M | 146M | 179M | 202M | 230M | 257M | 280M | 280M |
| 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 | 0.76 | 1.47 | 1.76 | 2.14 | 3.15 | 2.51 | 2.25 | 4.37 | 3.70 | 4.56 | 4.36 | 4.29 | 4.29 |
| Owner EPS | -0.94 | -1.49 | 0.23 | 1.95 | 2.44 | 0.61 | -2.01 | 12.45 | 22.94 | 9.39 | 5.89 | 8.80 | 8.80 |
| Book Value | 11.02 | 12.44 | 13.55 | 18.54 | 23.26 | 22.08 | 13.15 | 29.39 | 29.46 | 34.00 | 37.43 | 40.27 | 40.27 |
| Cash Flow/Share | -0.67 | -1.17 | 0.60 | 2.29 | 2.77 | 1.01 | -1.85 | 12.94 | 23.51 | 9.98 | 6.43 | 9.46 | 4.66 |
| Dividends/Share | 0.11 | 0.11 | 0.18 | 0.22 | 0.27 | 0.33 | 0.21 | 0.56 | 0.90 | 1.00 | 1.06 | 1.34 | 1.34 |
| Shares Out. | 6.0M | 6.1M | 6.0M | 6.6M | 7.7M | 9.1M | 17.5M | 8.4M | 7.9M | 7.8M | 7.9M | 7.6M | 7.6M |
| Valuation | |||||||||||||
| P/E Ratio | 9.4 | 7.1 | 8.6 | 10.6 | 5.6 | 10.6 | 5.5 | 6.8 | 8.0 | 7.6 | 9.0 | N/A | 10.2 |
| P/FCF | N/A | N/A | N/A | 10.6 | 7.7 | 36.0 | N/A | 2.3 | 1.3 | 3.6 | 6.3 | N/A | 6.4 |
| EV/EBIT | 2.9 | 2.2 | 2.7 | 5.1 | 2.7 | 4.1 | N/A | 4.0 | 7.5 | 3.7 | 6.3 | N/A | 10.6 |
| Price/Book | 0.6 | 0.8 | 1.1 | 1.2 | 0.8 | 1.2 | 0.9 | 1.0 | 1.0 | 1.0 | 1.1 | N/A | 1.1 |
| Price/Sales | 1.3 | 1.2 | 1.2 | N/A | N/A | N/A | N/A | N/A | 1.8 | 1.6 | 2.0 | N/A | 1.5 |
| FCF Yield | -11.5% | -13.6% | -0.0% | 9.4% | 12.9% | 2.8% | -15.7% | 42.3% | 77.0% | 27.6% | 15.6% | N/A | 15.6% |
| Market Cap | 43M | 63M | 91M | 149M | 137M | 242M | 215M | 253M | 238M | 276M | 316M | 0 | 333M |
| Avg. Price | 6.76 | 8.84 | 11.08 | 18.64 | 22.87 | 21.70 | 19.07 | 29.14 | 27.33 | 28.76 | 36.44 | 0.00 | 43.61 |
| Year-End Price | 7.13 | 10.37 | 15.17 | 22.68 | 17.65 | 26.66 | 24.56 | 29.58 | 29.71 | 34.85 | 39.38 | 0.00 | 43.61 |
FS Bancorp, Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
FS Bancorp, Inc. trades at 10.7x trailing earnings, compared to its 15-year median P/E of 8.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 3.4x vs a median of 6.3x. The company's 5-year average ROIC is 10.5% with a gross margin of 78.5%. Total shareholder yield (dividends + buybacks) is 7.7%. At current prices, the estimated annualized return to fair value is +35.0%.
FS Bancorp, Inc. (FSBW) has a net profit margin of 14.9%. This is a healthy margin.
FS Bancorp, Inc. (FSBW) generated $52 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
FS Bancorp, Inc. (FSBW) has a debt-to-equity ratio of 0.42. This indicates a conservatively financed balance sheet.
FS Bancorp, Inc. (FSBW) reported earnings per share (EPS) of $4.29 in its most recent fiscal year.
FS Bancorp, Inc. (FSBW) has a return on equity (ROE) of 10.9%. This indicates moderate shareholder returns.
FS Bancorp, Inc. (FSBW) has a 5-year average gross margin of 78.5%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 15 years of financial data for FS Bancorp, Inc. (FSBW), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FS Bancorp, Inc. (FSBW) has a book value per share of $40.27, based on its most recent annual SEC filing.
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