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FS Bancorp
(NASDAQ:FSBW)
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Rating:74Outperform
Price Target:
$48.00
â–²(10.07% Upside)
Action:Reiterated
Date:07/22/26
The score is driven primarily by solid financial performance (strong revenue growth and healthy cash generation, offset by margin compression and leverage variability) and attractive valuation (low P/E with a solid dividend yield). Technicals are neutral-to-modestly positive, while recent corporate updates (earnings/dividends, buybacks, and merger integration progress) add incremental support.
Positive Factors
Consistent capital returns
A 54-quarter consecutive dividend demonstrates durable capital-return discipline and predictable shareholder payout policy. Sustained dividends signal steady earnings and capital planning, supporting long-term investor confidence and limiting downside from capital misallocation risk.
Negative Factors
Multi-year margin compression
Material downward margin trend erodes net interest spread and operating profitability over time. If sustained, compression will limit reinvestment, reduce cushion for credit losses, and make earnings more sensitive to funding costs and competitive pressure in core banking markets.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent capital returns
A 54-quarter consecutive dividend demonstrates durable capital-return discipline and predictable shareholder payout policy. Sustained dividends signal steady earnings and capital planning, supporting long-term investor confidence and limiting downside from capital misallocation risk.
Read all positive factors
FS Bancorp (FSBW) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$318.55M
Dividend Yield3.17%
Average Volume (3M)16.67K
Price to Earnings (P/E)9.7
Beta (1Y)0.75
Revenue Growth5.94%
EPS Growth3.65%
CountryUS
Employees580
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)4.45
Shares Outstanding7,423,772
10 Day Avg. Volume12,963
30 Day Avg. Volume16,669
Financial Highlights & Ratios
PEG Ratio-3.04
Price to Book (P/B)1.01
Price to Sales (P/S)1.42
P/FCF Ratio5.96
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$45.00Price Target Upside3.19% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)4.46
Revenue Forecast (FY)$160.15M
FS Bancorp Business Overview & Revenue Model
Company Description
FS Bancorp, Inc. functions as the holding company for 1st Security Bank of Washington, delivering a comprehensive suite of banking and financial services. These offerings cater to families, local and regional businesses, and specialized industry s...
How the Company Makes Money
FS Bancorp primarily makes money through its banking subsidiary by earning net interest income: it pays interest on customer deposits and other funding sources and earns higher interest on loans and interest-earning assets (such as residential mor...
FS Bancorp Financial Statement Overview
Summary
Income Statement
76
Positive
Balance Sheet
64
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 178.70M | 217.51M | 203.71M | 185.26M | 134.08M | 131.08M |
| Gross Profit | 103.32M | 144.75M | 136.47M | 136.59M | 113.45M | 120.86M |
| EBITDA | 29.48M | 54.95M | 52.15M | 57.92M | 50.99M | 62.60M |
| Net Income | 33.36M | 33.35M | 35.02M | 36.05M | 29.65M | 37.41M |
Balance Sheet | ||||||
| Total Assets | 3.18B | 3.20B | 3.03B | 2.97B | 2.63B | 2.29B |
| Cash, Cash Equivalents and Short-Term Investments | 282.30M | 302.17M | 200.75M | 194.22M | 275.40M | 308.39M |
| Total Debt | 380.95M | 141.08M | 354.96M | 60.27M | 242.46M | 96.71M |
| Total Liabilities | 2.86B | 2.89B | 2.73B | 2.71B | 2.40B | 2.04B |
| Stockholders Equity | 318.96M | 307.69M | 295.77M | 264.49M | 231.70M | 247.51M |
Cash Flow | ||||||
| Free Cash Flow | 46.70M | 51.94M | 49.19M | 76.00M | 183.35M | 107.03M |
| Operating Cash Flow | 65.70M | 72.31M | 50.82M | 77.67M | 184.90M | 109.01M |
| Investing Cash Flow | -62.70M | -206.43M | -104.20M | 77.67M | -504.04M | -310.83M |
| Financing Cash Flow | 2.50M | 130.70M | 19.32M | -131.08M | 334.09M | 136.74M |
FS Bancorp Technical Analysis
Positive
43.61
Price Trends
42.54
Positive
41.18
Positive
40.73
Positive
Market Momentum
0.11
Positive
52.56
Neutral
44.75
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 43.61 is above the 20-day moving average (MA) of 43.38, above the 50-day MA of 42.54, and above the 200-day MA of 40.73, indicating a bullish trend. The MACD of 0.11 indicates Positive momentum. The RSI at 52.56 is Neutral, neither overbought nor oversold. The STOCH value of 44.75 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FSBW.
FS Bancorp Risk Analysis
FS Bancorp disclosed 31 risk factors in its most recent earnings report. FS Bancorp reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
FS Bancorp Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $427.22M | 11.90 | 13.72% | 2.05% | 32.78% | 4.54% | |
78 Outperform | $396.72M | 9.51 | 10.64% | 2.99% | 6.34% | 35.36% | |
74 Outperform | $318.55M | 9.66 | 10.75% | 3.12% | 5.94% | 3.65% | |
70 Outperform | $463.79M | 13.28 | 9.04% | 2.15% | 16.31% | 4.61% | |
68 Neutral | $395.78M | 10.29 | 13.30% | 4.26% | 3.47% | 25.54% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
53 Neutral | $454.90M | 37.90 | 7.70% | 4.60% | 18.97% | -14.99% |
* Financial Sector Average
FSBW
FS Bancorp
43.47
5.58
14.73%
CZNC
Citizens & Northern
25.24
7.60
43.12%
CBAN
Colony Bankcorp
22.13
6.50
41.57%
FNLC
First Bancorp
35.39
11.50
48.13%
PLBC
Plumas Bancorp
61.30
22.30
57.18%
PCB
PCB Bancorp
28.23
8.23
41.11%
FS Bancorp Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresM&A Transactions
FS Bancorp Posts Solid Q2 2026 Earnings, Dividend
Positive
Jul 21, 2026
On July 21, 2026, FS Bancorp reported second-quarter 2026 net income of $7.9 million, or $1.04 per diluted share, modestly higher than both the prior quarter and the same period in 2025, with six-month net income essentially flat year over year at...
Executive/Board Changes
FS Bancorp Names Matthew Mullet as New CEO
Positive
Jun 1, 2026
On June 1, 2026, FS Bancorp, Inc. announced that Matthew D. “Matt” Mullet has been appointed Chief Executive Officer of the company, effective the same day, as part of a previously outlined CEO succession plan first disclosed on August...
Executive/Board ChangesShareholder Meetings
FS Bancorp Shareholders Approve Directors, Equity Plan, Auditor
Positive
May 27, 2026
FS Bancorp, Inc. held its Annual Meeting of shareholders on May 21, 2026, with 6,542,872 of 7,501,542 eligible shares represented, constituting a quorum. Shareholders elected Terri L. Degner and Michael J. Mansfield to three-year board terms expir...
Business Operations and Strategy
FS Bancorp Showcases Strategy at D.A. Davidson Conference
Positive
May 4, 2026
FS Bancorp, Inc. announced that President Matthew D. Mullet, Executive Vice President and Chief Human Resources Officer/WOW! Officer Vickie A. Jarman, and Executive Vice President and Chief Information Officer Shana C. Allen will attend the D.A. D...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.