First Business Financial Servic (FBIZ) Stock Fundamentals, Analysis & Risk Signals

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

First Business Financial Servic

NasdaqGS•Financial Services•Banks - Regional

$77.77+2.37(0.03%)Pre-market

Market Cap

$641.28M

P/E

11.1x

P/S

3.5x

P/B

1.6x

First Business Financial Services, Inc. operates as the bank holding company for First Business Bank that provides commercial banking products and services for small and medium-sized businesses, business owners, executives, professionals, and high net worth individuals in Wisconsin, Kansas, and Missouri. The company offers commercial real estate lending, commercial and industrial lending, asset-based lending, accounts receivable financing, equipment financing, floorplan financing, vendor financing, small business administration lending and servicing, treasury management solutions, and company retirement services. It also provides private wealth management for individuals, including creating and executing asset allocation strategies, trust and estate administration, financial planning, investment management, and access to brokerage and custody-only services, as well as private banking to private wealth clients. In addition, the company offers bank consulting services consisting of balance sheet, investment portfolio, and asset liability management services. Further, it provides commercial deposit accounts. The company was founded in 1909 and is headquartered in Madison, Wisconsin.

How this company scores

WeakMetricSide Score: 77/100

Grade capped at D — Interest coverage below 1× (0.7x) — earnings cannot cover interest. Strongest: Profitability (23/25); weakest: Balance Sheet & Red Flags (15/25).

Profitability23/25

Growth18/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality21/25

Strengths

Strong marginsLow leverageCash-backed earningsConsistent free cash flow

Grade capped at D

Interest coverage below 1× (0.7x) — 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 · 11.1x5y range 8.1x – 11.1x

Currently near its 20-quarter median.

P/S · 3.5x5y range 2.3x – 3.5x

Currently above its 20-quarter median.

P/B · 1.6x5y range 1.1x – 1.6x

Price & Volume

Market Cap $641.28M

Metrics at a Glance

as of September 2026

Revenue & Profit

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

TTM Revenue: $180.74M
Q. Revenue: $47.51M
TTM EBITDA: $72.67M
TTM Op. Income: $66.87M
Q. Op. Income: $19.46M
TTM Net Income: $57.69M
Q. Net Income: $16.57M
EPS: $1.95
Shares Out.: $8.25M

$180.74M in TTM revenue grew 7.9% YoY, reaching $47.51M last quarter. TTM EBITDA of $72.67M and TTM operating income of $66.87M show growth is flowing through to the bottom line. TTM net income of $57.69M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 43.1%
Op. Margin: 41.0%
Net Margin: 34.9%

Op. margin of 41.0% is up 1.9% YoY — cost efficiency is improving. Net margin at 34.9% Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

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

P/E Ratio: 11.1x
P/S Ratio: 3.5x
P/B Ratio: 1.6x

At 11.1x P/E, the stock trades below typical market levels. P/S of 3.5x and P/B of 1.6x provide additional context. P/E sits below typical market levels while revenue is growing. Across the last 8 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

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

Total Assets: $4.44B
Cash: $92.28M
Long-Term Debt: $187.39M
Book Value: $404.60M
D/E Ratio: 0.5
Debt/EBITDA: 9.2

With $4.44B in assets and $187.39M in long-term debt, D/E is 0.5and book value is $404.60M — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is down 38% — an improving trend.

Cash Flow

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

Op. Cash Flow: $5.50M
TTM Free Cash Flow: $67.85M
FCF Margin: 37.5%
FCF / Net Income: 1.2

TTM FCF of $67.85M on $5.50M in operating cash flow. The FCF / Net Income ratio of 1.2x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 1% — a weakening trend.