FSBW Financial Services

FS Bancorp, Inc.

$44.05-0.27%

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: 346.3M USD
Full-time employees: 626

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings
Drawback: growing more slowly than most peersgrowing more slowly than peers
About average: profitability

Ranks #455 of 791 banks & insurance companies (bottom 43%)

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

Nothing unusual stands out. Its strongest area is valuation (72/100).
None of our checks flag anything unusual in FS Bancorp's latest figures; its strongest area is valuation, at 72 out of 100.

StockQuotient Score

48/ 100

Oct 5 49 → Nov 4 48 (-1)

Valuation

Is the price right?

72/100

Moderate▼ 1 since Oct 27 close

2/2 inputs reported · High confidence

Since last quarter: ▲ Stronger

Share count down 4.7%

Valuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 73 → 72

Peer companies moved-1

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

Stronger than most peers on:

▲ Earnings yield
▲ P/B

Compare with peers

Behind the score

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

Book yield97.2%

SEC filings · latest balance sheetReported value40% base weight · Z-score 0.62Sector median: 0.7950 · MAD: 0.2843

Earnings yield10.1%

SEC filings · 12 months to Jun 2026Reported value60% base weight · Z-score 0.89Sector 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 yield29.9%

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?

28/100

Weak

1/1 inputs reported · High confidence

Since last quarter: ▼ Weaker

12-month revenue fell 2.0%

Why

Weaker than most peers on:

▼ EPS growth

Compare with peers

Behind the score

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

Earnings per share growth2.0%

SEC filings · 12 months to Jun 2026Reported value100% base weight · Z-score -0.79Sector median: 0.1599 · MAD: 0.1775

Other data (not scored)

3-year revenue growth7.8%

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 growth5.5%

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?

43/100

Moderate

2/2 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

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

Return on assets1.0%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.20Sector median: 0.0117 · MAD: 0.0062

Return on equity10.4%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.08Sector 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 FS Bancorp

Is FS Bancorp getting weaker?: Its latest SEC filing (Aug 10, 2026) was mixed: some things better, some worse: 12-month revenue fell 2.0%; share count down 4.7%. Its overall score is unchanged at 48/100 since Oct 28, 2026.
How is FS Bancorp valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 72/100 against 950 banks & insurance peers. Earnings yield 10.1% vs a peer median of 7.9% (stronger than 72% of peers).Earnings yield 10.1% vs peers 7.9% (stronger than 72% of peers).
Is FS Bancorp growing?: More slowly than most of its peers. Growth scores 28/100 against 950 banks & insurance peers. Earnings per share growth 2.0% vs a peer median of 16.0% (weaker than 72% of peers).Earnings per share growth 2.0% vs peers 16.0% (weaker than 72% of peers).
How profitable is FS Bancorp?: About as profitable as its peers. Profitability scores 43/100 against 950 banks & insurance peers.
How risky is FS Bancorp?: Not rated for banks and insurers: debt and share-price swings say little about their risk.

Latest filing: what changed

Quarter ended Jun 30, 2024 · filed Aug 10, 2026 · compared with the quarter ended Mar 31, 2024

Mixed: some things better, some worse

12-month revenue fell 2.0%
Share count down 4.7%
Debt up 38%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	4.8M USD	4.7M USD	−2.0%
Net income (12 months)	36.2M USD	33.3M USD	−8.1%
Free cash flow (12 months)	58.4M USD	98.1M USD	+68.0%
Debt	93.7M USD	129.3M USD	+37.9%
Cash	45.4M USD	29.7M USD	−34.6%
Shares outstanding	7.8M	7.4M	−4.7%

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
Net margin	860.2%	347.8%	781.7%	—	—	—
Return on assets (ROA)	1.6%	1.1%	1.2%	1.2%	1.0%	▼ 0.1 pts
Return on equity (ROE)	15.1%	12.8%	13.6%	11.8%	10.8%	▼ 1.0 pts
Debt to equity	0.17×	1.61×	0.35×	1.04×	0.42×	▼ 60%

FSBW price history

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

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Bringing the fundamentals into focus…

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings

Drawback: growing more slowly than most peersgrowing more slowly than peers

About average: profitability

Ranks #455 of 791 banks & insurance companies (bottom 43%)

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

Questions investors ask about FS Bancorp

Is FS Bancorp getting weaker?

Its latest SEC filing (Aug 10, 2026) was mixed: some things better, some worse: 12-month revenue fell 2.0%; share count down 4.7%. Its overall score is unchanged at 48/100 since Oct 28, 2026.

How is FS Bancorp valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 72/100 against 950 banks & insurance peers. Earnings yield 10.1% vs a peer median of 7.9% (stronger than 72% of peers).Earnings yield 10.1% vs peers 7.9% (stronger than 72% of peers).

Is FS Bancorp growing?

More slowly than most of its peers. Growth scores 28/100 against 950 banks & insurance peers. Earnings per share growth 2.0% vs a peer median of 16.0% (weaker than 72% of peers).Earnings per share growth 2.0% vs peers 16.0% (weaker than 72% of peers).

How profitable is FS Bancorp?

About as profitable as its peers. Profitability scores 43/100 against 950 banks & insurance peers.

How risky is FS Bancorp?

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

Previous quarter

Latest quarter

Change

Revenue (12 months)

4.8M USD

4.7M USD

−2.0%

Net income (12 months)

36.2M USD

33.3M USD

−8.1%

Free cash flow (12 months)

58.4M USD

98.1M USD

+68.0%

Debt

93.7M USD

129.3M USD

+37.9%

Cash

45.4M USD

29.7M USD

−34.6%

Shares outstanding

7.8M

7.4M

−4.7%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Net margin

860.2%

347.8%

781.7%

—

Return on assets (ROA)

1.6%

1.1%

1.2%

1.0%

▼ 0.1 pts

Return on equity (ROE)

15.1%

12.8%

13.6%

11.8%

10.8%

▼ 1.0 pts

Debt to equity

0.17×

1.61×

0.35×

1.04×

0.42×

▼ 60%