FBIZ Financial Services

First Business Financial Services, Inc.

$76.68-1.40%

Price as of close on Nov 3, 2026 · Financials updated Nov 4, 2026

Basics

Sector: Financial Services
Industry: Banks - Regional
Country: United States
Market cap: 638.6M USD
Full-time employees: 349

Overall health

Strength: more profitable than most peersmore profitable than peers
About average: growth and valuation

Ranks #382 of 791 banks & insurance companies (top 49%)

Based on 3 categories: banks and insurers are not rated on risk.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $9M vs $6M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed +0.1% from December 2022 to July 2026.
Over three fiscal years First Business Financial Services recorded $9M of stock-based pay expense and spent $6M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years First Business Financial Services recorded $9M of stock-based pay expense and spent $6M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

StockQuotient Score

52/ 100▼ 3 since Oct 27 close

Oct 5 57 → Nov 4 52 (-5)

Valuation

Is the price right?

44/100

Moderate▼ 9 since Oct 27 close

2/2 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 53 → 44

Share price +5.4%-7
Company's reported figures updated-2

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Held back by:

▼ P/B

Compare with peers

Behind the score

Earnings yield (P/E) and book yield (P/B) versus other banks and insurers.

Book yield60.7%

SEC filings · latest balance sheetReported value40% base weight · Z-score -0.66Sector median: 0.7950 · MAD: 0.2843

Earnings yield8.5%

SEC filings · 12 months to Jun 2026Reported value60% base weight · Z-score 0.25Sector median: 0.0789 · MAD: 0.0253

Other data (not scored)

EBITDA yieldUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.1095 · MAD: 0.0527

Free cash flow yield12.4%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported valueInformational · 0% composite weightSector median: 0.0796 · MAD: 0.0459

Growth

Is it growing?

50/100

Moderate

1/1 inputs reported · High confidence

Since last quarter: No major change

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Earnings-per-share growth versus other banks and insurers.

Earnings per share growth16.1%

SEC filings · 12 months to Jun 2026Reported value100% base weight · Z-score 0.01Sector median: 0.1599 · MAD: 0.1775

Other data (not scored)

3-year revenue growth9.7%

Yahoo Finance fallback · SEC figure unavailable or out of date · 3 fiscal years to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.0826 · MAD: 0.0558

Revenue growth9.9%

Yahoo Finance fallback · SEC figure unavailable or out of date · fiscal year to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.0866 · MAD: 0.0782

Profitability

Does it earn well?

63/100

Moderate

2/2 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROE

Compare with peers

Behind the score

Return on equity and return on assets versus other banks and insurers.

Return on assets1.3%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 0.14Sector median: 0.0117 · MAD: 0.0062

Return on equity14.0%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 0.85Sector median: 0.1074 · MAD: 0.0388

Other data (not scored)

Gross marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Operating marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.1450 · MAD: 0.1678

Return on invested capitalUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Risk

Debt, liquidity, price swings

Not rated

Not rated for banks and insurers: debt and share-price swings say little about their risk. We leave it blank rather than fill the gap with a made-up middle value.

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about First Business Financial Services

Is First Business Financial Services getting weaker?: Its latest SEC filing (Jul 31, 2026) showed no major changes. Its overall score is 52/100, down 3 since Oct 28, 2026.
How is First Business Financial Services valued vs its peers?: Priced about in line with its peers. Valuation scores 44/100 against 950 banks & insurance peers. Book yield 60.7% vs a peer median of 79.5% (weaker than 69% of peers).Book yield 60.7% vs peers 79.5% (weaker than 69% of peers).
Is First Business Financial Services growing?: At about the same pace as its peers. Growth scores 50/100 against 950 banks & insurance peers.
How profitable is First Business Financial Services?: More profitable than most of its peers. Profitability scores 63/100 against 950 banks & insurance peers. Return on equity 14.0% vs a peer median of 10.7% (stronger than 71% of peers).Return on equity 14.0% vs peers 10.7% (stronger than 71% of peers).
How risky is First Business Financial Services?: Not rated for banks and insurers: debt and share-price swings say little about their risk.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 31, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Net income (12 months)	51.3M USD	55.5M USD	+8.1%
Free cash flow (12 months)	52.8M USD	80.9M USD	+53.3%
Debt	303.5M USD	346.8M USD	+14.3%
Cash	137.1M USD	163.4M USD	+19.1%
Shares outstanding	8.4M	8.4M	+0.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Banks - Regional · 119 companies

Valuations in Banks - Regional are within their usual range since 2016.

45% of months since 2016 were valued lower than now.
14% of companies are in the most expensive fifth of their own price-to-book history.
Over 24 months, company values +29% and earnings +32% (medians): prices and earnings moved broadly together.
Median price-to-book is −61% vs the whole market, against a usual −59%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Return on assets (ROA)	1.3%	1.4%	1.1%	1.1%	1.2%	▲ 0.1 pts
Return on equity (ROE)	15.4%	15.7%	12.8%	13.5%	13.5%	▲ 0.1 pts
Debt to equity	1.78×	1.75×	1.14×	0.97×	0.68×	▼ 30%

FBIZ price history

Price history is added with the daily price update and will appear after the next one.

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Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Strength: more profitable than most peersmore profitable than peers

About average: growth and valuation

Ranks #382 of 791 banks & insurance companies (top 49%)

Based on 3 categories: banks and insurers are not rated on risk.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $9M vs $6M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed +0.1% from December 2022 to July 2026.

Over three fiscal years First Business Financial Services recorded $9M of stock-based pay expense and spent $6M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years First Business Financial Services recorded $9M of stock-based pay expense and spent $6M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

Questions investors ask about First Business Financial Services

Is First Business Financial Services getting weaker?

Its latest SEC filing (Jul 31, 2026) showed no major changes. Its overall score is 52/100, down 3 since Oct 28, 2026.

How is First Business Financial Services valued vs its peers?

Priced about in line with its peers. Valuation scores 44/100 against 950 banks & insurance peers. Book yield 60.7% vs a peer median of 79.5% (weaker than 69% of peers).Book yield 60.7% vs peers 79.5% (weaker than 69% of peers).

Is First Business Financial Services growing?

At about the same pace as its peers. Growth scores 50/100 against 950 banks & insurance peers.

How profitable is First Business Financial Services?

More profitable than most of its peers. Profitability scores 63/100 against 950 banks & insurance peers. Return on equity 14.0% vs a peer median of 10.7% (stronger than 71% of peers).Return on equity 14.0% vs peers 10.7% (stronger than 71% of peers).

How risky is First Business Financial Services?

Not rated for banks and insurers: debt and share-price swings say little about their risk.

Previous quarter

Latest quarter

Change

Net income (12 months)

51.3M USD

55.5M USD

+8.1%

Free cash flow (12 months)

52.8M USD

80.9M USD

+53.3%

Debt

303.5M USD

346.8M USD

+14.3%

Cash

137.1M USD

163.4M USD

+19.1%

Shares outstanding

8.4M

8.4M

+0.1%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Return on assets (ROA)

1.3%

1.4%

1.1%

1.2%

▲ 0.1 pts

Return on equity (ROE)

15.4%

15.7%

12.8%

13.5%

▲ 0.1 pts

Debt to equity

1.78×

1.75×

1.14×

0.97×

0.68×

▼ 30%