FS Bancorp (FSBW) AI Stock Analysis

• Market Cap: $302.26M
• Dividend Yield: 3.33%
• Average Volume (3M): 14.34K
• Price to Earnings (P/E): 9.5
• Beta (1Y): 0.80
• Revenue Growth: 5.10%
• EPS Growth: -7.22%
• Country: US
• Employees: 567
• Sector: Financial
• Sector Strength: 69
• Industry: Banks - Regional
• EPS (TTM): 0.99
• Shares Outstanding: 7,596,336
• 10 Day Avg. Volume: 15,915
• 30 Day Avg. Volume: 14,340
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 1.92
• Enterprise Value/Revenue: 2.71
• Enterprise Value/Gross Profit: 4.00
• Enterprise Value/Ebitda: 11.47
• 1Y Price Target: $44.00
• Price Target Upside: 3.82% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 2

• Rating: 72 Outperform
• Price Target: $45.00 ▲(6.18% Upside)

FS Bancorp's strong financial performance and attractive valuation are key strengths, supported by positive corporate events. Technical indicators suggest caution due to bearish momentum.

FS Bancorp Business Overview & Revenue Model

Company Description

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. 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, second mortgage/home equity loan products, non-mortgage commercial business loans, commercial real estate loans, and construction and development loans, as well as consumer loans, which primarily include personal lines of credit, credit cards, automobile, direct home improvement, loans on deposit, and recreational loans. As of December 31, 2021, it operated 21 full bank service branches and 10 home loan production offices in suburban communities in the greater Puget Sound area, including Snohomish, King, Pierce, Jefferson, Kitsap, Clallam, Grays Harbor, Thurston, and Lewis counties; and one 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 the Company Makes Money

FS Bancorp generates revenue primarily through interest income from its lending activities, which includes mortgages, commercial loans, and personal loans. The bank earns interest on loans provided to customers, which is typically higher than the interest paid on customer deposits. Additionally, FS Bancorp collects fees from various banking services, including account maintenance fees, transaction fees, and service charges. The bank may also generate income from investment securities and real estate loans. Strategic partnerships with local businesses and community organizations further enhance its customer base and support cross-selling opportunities, contributing to overall earnings.

FS Bancorp Financial Statement Overview

Summary

FS Bancorp exhibits steady revenue growth and profitability, with a robust balance sheet indicating sound financial health. However, there is room for improvement in cash flow management and operational efficiency.

Income Statement

FS Bancorp shows consistent growth in total revenue with a notable increase from the previous year. The gross profit margin remains solid, indicating effective cost management. However, there is a slight decline in EBIT margin, suggesting pressure on operating efficiency. Net profit margin remains stable, reflecting steady profitability.

Balance Sheet

The company's balance sheet displays a prudent debt-to-equity ratio, highlighting manageable leverage levels. The equity ratio indicates a solid capital structure, supporting financial stability. Return on equity is healthy, showcasing effective use of shareholder funds. However, a reduction in cash reserves could limit liquidity.

Cash Flow

FS Bancorp demonstrates positive free cash flow, indicating strong cash generation capacity. The operating cash flow to net income ratio is robust, reflecting efficient cash operations. However, fluctuations in investing and financing cash flows suggest potential volatility in cash management.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	203.71M	185.26M	134.08M	131.08M	142.13M
Gross Profit	136.47M	136.59M	113.45M	120.86M	114.38M
EBITDA	52.15M	57.92M	50.99M	62.60M	63.47M
Net Income	35.02M	36.05M	29.65M	37.41M	39.26M
Balance Sheet
Total Assets	3.03B	2.97B	2.63B	2.29B	2.11B
Cash, Cash Equivalents and Short-Term Investments	200.75M	194.22M	275.40M	308.39M	281.87M
Total Debt	354.96M	60.27M	242.46M	96.71M	117.70M
Total Liabilities	2.73B	2.71B	2.40B	2.04B	1.88B
Stockholders Equity	295.77M	264.49M	231.70M	247.51M	230.01M
Cash Flow
Free Cash Flow	49.19M	76.00M	183.35M	107.03M	-33.70M
Operating Cash Flow	50.82M	77.67M	184.90M	109.01M	-32.32M
Investing Cash Flow	-104.20M	77.67M	-504.04M	-310.83M	-270.69M
Financing Cash Flow	19.32M	-131.08M	334.09M	136.74M	348.81M

FS Bancorp Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 42.38
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FSBW, the sentiment is Positive. The current price of 42.38 is above the 20-day moving average (MA) of 39.57, above the 50-day MA of 39.85, and above the 200-day MA of 39.78, indicating a bullish trend. The MACD of 0.27 indicates Negative momentum. The RSI at 63.72 is Neutral, neither overbought nor oversold. The STOCH value of 72.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FSBW.

FS Bancorp Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CZNC	79 Outperform	$302.23M	11.19	9.73%	5.74%	8.59%	14.56%
CIVB	76 Outperform	$384.52M	7.88	10.02%	3.34%	6.20%	18.80%
NECB	75 Outperform	$302.82M	6.44	14.25%	3.88%	4.02%	-0.62%
PBFS	73 Outperform	$319.22M	15.31	6.98%	―	31.28%	23.21%
FSBW	72 Outperform	$302.26M	9.46	11.31%	3.33%	5.10%	-7.22%
FMAO	72 Outperform	$344.61M	11.76	8.64%	3.50%	8.62%	37.01%
Sector *	68 Neutral	$17.56B	11.61	10.34%	3.76%	9.69%	0.41%

FS Bancorp Corporate Events

FS Bancorp Announces New Bank President and CEO

On August 15, 2025, FS Bancorp announced the appointment of Matthew D. Mullet as President and CEO of 1st Security Bank, effective September 1, 2025. Joseph C. Adams, the current CEO of the Bank, will retire from his position on the same date but will continue as CEO of FS Bancorp until May 2026. This leadership transition is part of a carefully planned succession strategy, with Mullet’s extensive experience in financial services and deep knowledge of the bank’s operations positioning him as a strong leader for the future.

The most recent analyst rating on (FSBW) stock is a Hold with a $45.00 price target. To see the full list of analyst forecasts on FS Bancorp stock, see the FSBW Stock Forecast page.

FS Bancorp Declares Regular and Special Dividends

On July 22, 2025, FS Bancorp, Inc. announced a regular quarterly cash dividend of $0.28 per share and a special dividend of $0.22 per share, both payable on August 21, 2025. The company’s second quarter net income for 2025 was reported at $7.7 million, a decrease from $9.0 million in the same quarter of the previous year. Despite the decline in net income, FS Bancorp highlighted growth in loans receivable and share repurchase activity, reflecting confidence in long-term shareholder value. The announcement underscores the company’s commitment to shareholder returns and indicates a strategic focus on balancing growth with capital management.

The most recent analyst rating on (FSBW) stock is a Hold with a $45.00 price target. To see the full list of analyst forecasts on FS Bancorp stock, see the FSBW Stock Forecast page.

FS Bancorp Announces New $5M Share Repurchase Plan

On July 9, 2025, FS Bancorp, Inc., the holding company for 1st Security Bank of Washington, announced an additional share repurchase program of up to $5.0 million of its common stock. This initiative follows a previous plan announced in April 2025, which still has $400,000 remaining for repurchase. The repurchase program, set to begin shortly after the announcement, allows for flexibility in purchasing shares in the open market or through private transactions. The decision reflects the company’s strategy to optimize shareholder value and manage capital effectively, considering market conditions and financial performance.

The most recent analyst rating on (FSBW) stock is a Hold with a $45.00 price target. To see the full list of analyst forecasts on FS Bancorp stock, see the FSBW Stock Forecast page.

FS Bancorp Holds Annual Shareholder Meeting on May 22

FS Bancorp, Inc. held its Annual Meeting on May 22, 2025, where several proposals were voted on by shareholders. Key outcomes included the election of directors Ted A. Leech and Marina Cofer-Wildsmith for three-year terms, and Terri L. Degner for a one-year term. Shareholders also approved the executive compensation package and decided that an advisory vote on executive compensation will be held annually. Additionally, the appointment of Moss Adams LLP as the independent registered public accounting firm for the year ending December 31, 2025, was ratified.

The most recent analyst rating on (FSBW) stock is a Hold with a $45.00 price target. To see the full list of analyst forecasts on FS Bancorp stock, see the FSBW Stock Forecast page.