FS Bancorp (FSBW) Stock Fundamentals, Analysis & Risk Signals

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

FS Bancorp

NasdaqCM•Financial Services•Banks - Regional

$43.88+0.47(0.01%)Market closed

Market Cap

$326.42M

P/E

9.8x

P/S

1.5x

P/B

1.0x

FS Bancorp, Inc. operates as a bank holding company for 1st Security Bank of Washington that provides banking and financial services to local families, local and regional businesses, and industry niches in Washington. The company operates in two segments, Commercial and Consumer Banking; and Home Lending. It offers various deposit instruments, including checking accounts, money market deposit accounts, savings accounts, and certificates of deposit. The company provides one-to-four-family residential first mortgages loans, home equity loan products, commercial business loans, commercial real estate loans, and construction and development loans, as well as consumer loans, which include personal lines of credit, credit cards, automobile, direct home improvement, loans on deposit, and recreational loans. Further, it provides online banking platforms, mobile banking apps, and telephone banking services, as well as cash management services. The company operates full bank service branches and home loan production offices in suburban communities in the greater Puget Sound area, including Snohomish, King, Pierce, Kitsap, Clallam, Jefferson, Grays Harbor, Thurston, and Benton counties; Oregon; and a loan production office in the market area of the Tri-Cities. The company was founded in 1936 and is headquartered in Mountlake Terrace, Washington.

How this company scores

WeakMetricSide Score: 66/100

Grade capped at D — Interest coverage below 1× (0.6x) — earnings cannot cover interest. Strongest: Cash & Earnings Quality (23/25); weakest: Balance Sheet & Red Flags (14/25).

Profitability14/25

Growth15/25

Balance Sheet & Red Flags14/25

Cash & Earnings Quality23/25

Strengths

Rising free cash flowStrong marginsLow leverageCash-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 · 9.8x5y range 6.7x – 9.8x

Currently near its 20-quarter median.

P/S · 1.5x5y range 1.3x – 2.1x

Currently near its 20-quarter median.

P/B · 1.0x5y range 0.9x – 1.2x

Watch items

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

Some Concerns

Cash Burn

Watch

FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.

Price & Volume

Market Cap $326.42M

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $224.28M
Q. Revenue: $55.81M
TTM EBITDA: $59.35M
TTM Op. Income: $41.85M
Q. Op. Income: $10.05M
TTM Net Income: $33.36M
Q. Net Income: $7.94M
EPS: $1.06
Shares Out.: $7.34M

$224.28M in TTM revenue grew 6.6% YoY, reaching $55.81M last quarter. TTM EBITDA of $59.35M and TTM operating income of $41.85M show growth is flowing through to the bottom line. TTM net income of $33.36M 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

Gross Margin: 69.5%
EBITDA Margin: 22.4%
Op. Margin: 18.0%
Net Margin: 14.2%

Op. margin of 18.0% is down 0.1% YoY — costs are rising relative to revenue. Net margin at 14.2% and gross margin of 69.5% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 1% — a weakening trend.

Price Ratios

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

P/E Ratio: 9.8x
P/S Ratio: 1.5x
P/B Ratio: 1.0x

At 9.8x P/E, the stock trades below typical market levels. P/S of 1.5x 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 up 10% — a weakening trend.

Assets & Liabilities

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

Total Assets: $3.18B
Cash: $29.71M
Long-Term Debt: $50.00M
Book Value: $318.96M
D/E Ratio: 0.2
Debt/EBITDA: 4.0

With $3.18B in assets and $50.00M in long-term debt, D/E is 0.2and book value is $318.96M — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 4 consecutive quarters — an improving trend.

Cash Flow

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

Op. Cash Flow: $52.00M
TTM Free Cash Flow: $98.12M
FCF Margin: 43.7%
FCF / Net Income: 2.9

TTM FCF of $98.12M on $52.00M in operating cash flow. The FCF / Net Income ratio of 2.9x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.