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

$72.83+0.79(0.01%)Market closed

Market Cap

$588.19M

P/E

10.6x

P/S

3.3x

P/B

1.5x

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: 81/100

Grade capped at D — Interest coverage below 1× (0.6x) — earnings cannot cover interest. Strongest: Cash & Earnings Quality (25/25); weakest: Balance Sheet & Red Flags (11/25).

Profitability23/25

Growth22/25

Balance Sheet & Red Flags11/25

Cash & Earnings Quality25/25

Strengths

Rising free cash flowStrong marginsRising earningsCash-backed earnings

Grade capped at D

Interest coverage below 1× (0.6x) — 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 · 10.6x5y range 6.0x – 10.6x

Currently above its 20-quarter median.

P/S · 3.3x5y range 1.7x – 3.3x

Currently above its 20-quarter median.

P/B · 1.5x5y range 0.9x – 1.5x

Price & Volume

Market Cap $588.19M

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $177.75M
Q. Revenue: $46.71M
TTM EBITDA: $70.60M
TTM Op. Income: $64.80M
Q. Op. Income: $16.80M
TTM Net Income: $55.51M
Q. Net Income: $15.58M
EPS: $1.84
Shares Out.: $8.21M

$177.75M in TTM revenue grew 10.3% YoY, reaching $46.71M last quarter. TTM EBITDA of $70.60M and TTM operating income of $64.80M show growth is flowing through to the bottom line. TTM net income of $55.51M 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: 38.0%
Op. Margin: 36.0%
Net Margin: 33.4%

Op. margin of 36.0% is up 3.4% YoY — cost efficiency is improving. Net margin at 33.4% Over the past year, operating margin is up 10% — an improving trend.

Price Ratios

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

P/E Ratio: 10.6x
P/S Ratio: 3.3x
P/B Ratio: 1.5x

At 10.6x P/E, the stock trades below typical market levels. P/S of 3.3x and P/B of 1.5x provide additional context. P/E sits below typical market levels while revenue is growing. Over the past year, P/E is up 22% — a weakening trend.

Assets & Liabilities

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

Total Assets: $4.41B
Cash: $163.36M
Long-Term Debt: $346.79M
Book Value: $395.31M
D/E Ratio: 0.9
Debt/EBITDA: 19.5

With $4.41B in assets and $346.79M in long-term debt, D/E is 0.9and book value is $395.31M — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has risen for 2 consecutive quarters — a weakening trend.

Cash Flow

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

Op. Cash Flow: $43.79M
TTM Free Cash Flow: $80.91M
FCF Margin: 45.5%
FCF / Net Income: 1.5

TTM FCF of $80.91M on $43.79M in operating cash flow. The FCF / Net Income ratio of 1.5x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 28% — an improving trend.