Associated Banc-Corp (ASB) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Associated Banc-Corp

NYSE•Financial Services•Banks - Regional

$29.66-0.22(-0.01%)Market closed

Market Cap

$5.58B

P/E

11.0x

P/S

3.5x

P/B

1.0x

Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products and services to individuals and businesses in Wisconsin, Illinois, Missouri, Texas, and Minnesota. It offers lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset-based lending and equipment finance, loan syndications products, residential mortgages, home equity loans and lines of credit, personal and installment loans, auto finance and business loans, and business lines of credit. The company also provides deposit and cash management solutions, such as commercial checking and interest-bearing deposit products, cash vault and night depository services, liquidity solutions, payables and receivables solutions, and information services; specialized financial services comprising interest rate risk management and foreign exchange solutions; fiduciary services consisting of administration of pension, profit-sharing and other employee benefit plans, fiduciary and corporate agency services, and institutional asset management services; and investable funds solutions, including savings, money market deposit accounts, IRA accounts, CDs, fixed and variable annuities, full-service, discount, and online investment brokerage; investment advisory services; and trust and investment management accounts. In addition, it offers deposit and transactional solutions, including checking, credit and debit cards, online banking and bill pay, and money transfer services. The company operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio, and Texas. Associated Banc-Corp was founded in 1861 and is headquartered in Green Bay, Wisconsin.

How this company scores

WeakMetricSide Score: 83/100

Grade capped at D — Interest coverage below 1× (0.3x) — earnings cannot cover interest. Strongest: Cash & Earnings Quality (25/25); weakest: Balance Sheet & Red Flags (18/25).

Profitability18/25

Growth22/25

Balance Sheet & Red Flags18/25

Cash & Earnings Quality25/25

Strengths

Growing revenueRising free cash flowStrong marginsRising earnings

Grade capped at D

Interest coverage below 1× (0.3x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 11.0x5y range 6.2x – 30.6x

Currently near its 20-quarter median.

P/S · 3.5x5y range 1.8x – 3.7x

Currently near its 20-quarter median.

P/B · 1.0x5y range 0.6x – 1.0x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Watch

Operating margins declined 18.8% — watch for continued compression, which may signal competitive or cost pressure.

Share Dilution

Red Flag

Shares outstanding increased 25.2% — significant dilution, likely from stock compensation or capital raises.

Price & Volume

Market Cap $5.58B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.61B
Q. Revenue: $450.44M
TTM EBITDA: $372.17M
TTM Op. Income: $312.33M
Q. Op. Income: $78.77M
TTM Net Income: $505.06M
Q. Net Income: $123.56M
EPS: $0.64
Shares Out.: $188.08M

$1.61B in TTM revenue grew 45.6% YoY, reaching $450.44M last quarter. TTM EBITDA of $372.17M and TTM operating income of $312.33M show growth is flowing through to the bottom line. TTM net income of $505.06M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 6 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 20.3%
Op. Margin: 17.5%
Net Margin: 27.4%

Op. margin of 17.5% is down 2.3% YoY — costs are rising relative to revenue. Net margin at 27.4% Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 11.0x
P/S Ratio: 3.5x
P/B Ratio: 1.0x

At 11.0x P/E, the stock trades below typical market levels. P/S of 3.5x and P/B of 1.0x provide additional context. P/E sits below typical market levels while revenue is growing. Over the past year, P/E is down 62% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $51.81B
Cash: $1.83B
Long-Term Debt: $591.08M
Book Value: $5.64B
D/E Ratio: 0.1
Debt/EBITDA: 6.5

With $51.81B in assets and $591.08M in long-term debt, D/E is 0.1and book value is $5.64B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 2 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $207.09M
TTM Free Cash Flow: $679.64M
FCF Margin: 42.2%
FCF / Net Income: 1.3

TTM FCF of $679.64M on $207.09M in operating cash flow. The FCF / Net Income ratio of 1.3x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 5 consecutive quarters — an improving trend.