FS Bancorp (FSBW) AI Stock Analysis

• Market Cap: $330.60M
• Dividend Yield: 2.61%
• Average Volume (3M): 17.27K
• Price to Earnings (P/E): 9.9
• Beta (1Y): 0.73
• Revenue Growth: 7.35%
• EPS Growth: -4.60%
• Country: US
• Employees: 567
• Sector: Financial
• Sector Strength: 82
• Industry: Banks - Regional
• EPS (TTM): 1.01
• Shares Outstanding: 7,697,429
• 10 Day Avg. Volume: 20,659
• 30 Day Avg. Volume: 17,266
• PEG Ratio: -0.58
• Price to Book (P/B): 1.12
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 1.41
• Enterprise Value/Market Cap: 1.38
• Enterprise Value/Revenue: 0.60
• Enterprise Value/Gross Profit: 2.80
• Enterprise Value/Ebitda: 4.10
• 1Y Price Target: $41.00
• Price Target Upside: -4.54% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 70 Neutral
• Price Target: $43.00 ▲(0.12%Upside)

The stock is supported by strong financial performance and attractive valuation, indicating stability and potential for growth. The recent executive change is a positive corporate event, enhancing future prospects. However, technical indicators are neutral, suggesting a cautious market sentiment.

FS Bancorp Business Overview & Revenue Model

Company Description

FS Bancorp (FSBW) is a financial services company primarily engaged in providing banking products and services. Operating through its subsidiary, 1st Security Bank of Washington, the company offers a range of financial products including savings accounts, checking accounts, personal and business loans, mortgage lending, and other financial services to customers in Washington State. FS Bancorp focuses on serving individuals, businesses, and local communities, with a commitment to delivering personalized banking experiences.

How the Company Makes Money

FS Bancorp generates revenue through a variety of financial services and products offered by its subsidiary, 1st Security Bank of Washington. The company earns interest income from loans provided to individuals and businesses, including personal loans, mortgage loans, and commercial loans. Additionally, the bank generates non-interest income through fees associated with deposit accounts, loan servicing, and other banking services. FS Bancorp's business model relies on the interest rate spread between the interest income earned on loans and the interest paid on customer deposits. The company also engages in investment activities to enhance its earnings. Significant factors contributing to its revenue include economic conditions, interest rate environments, and the bank's ability to attract and retain customers through competitive product offerings and exceptional service.

FS Bancorp Financial Statement Overview

Summary

FS Bancorp shows solid revenue growth and strong operational margins, indicative of a well-managed income statement. The balance sheet reflects a healthy equity position but is tempered by the presence of debt. Cash flow management needs improvement as indicated by fluctuating operating cash flows. Overall, the company is on a stable financial trajectory, with potential areas for improvement in cash flow efficiency and debt management.

Income Statement

FS Bancorp has demonstrated consistent revenue growth from 2019 to 2024. The gross profit margin remains robust due to high gross profit relative to total revenue. The EBIT margin has improved significantly in the latest year, reflecting enhanced operational efficiency. However, the net profit margin has slightly decreased recently, indicating increased expenses or reduced income in other areas.

Balance Sheet

The company's debt-to-equity ratio has decreased over time, indicating improved leverage management. Stockholders' equity has grown, contributing to a stable equity ratio, which suggests financial stability. However, the total debt level remains a concern, which could affect future leverage.

Cash Flow

There is a decline in operating cash flow from 2023 to 2024. The operating cash flow to net income ratio has worsened, indicating less effective cash conversion. Despite this, the free cash flow remains positive, although it has not shown consistent growth.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	141.98M	139.02M	119.67M	121.36M	127.41M
Gross Profit	141.98M	139.02M	119.67M	121.36M	127.41M
EBITDA	0.00	0.00	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	300.45M	65.69M	275.40M	308.39M	281.87M
Total Debt	354.96M	150.12M	242.46M	96.71M	180.99M
Total Liabilities	2.73B	2.71B	2.40B	97.90M	181.04M
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: 42.95
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

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 42.95 is above the 20-day moving average (MA) of 39.08, above the 50-day MA of 39.22, and above the 200-day MA of 40.70, indicating a bullish trend. The MACD of 0.67 indicates Negative momentum. The RSI at 74.99 is Negative, neither overbought nor oversold. The STOCH value of 92.83 is Negative, 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	78 Outperform	$311.44M	11.53	9.83%	5.57%	1.17%	15.00%
CIVB	76 Outperform	$389.22M	11.07	9.07%	2.71%	9.51%	-2.12%
NECB	75 Outperform	$346.10M	7.05	15.25%	3.24%	11.43%	10.33%
PBFS	73 Outperform	$323.16M	17.84	6.04%	―	16.29%	-12.22%
FMAO	72 Outperform	$386.71M	14.18	8.18%	3.14%	11.91%	25.60%
FSBW	70 Neutral	$330.60M	9.87	11.82%	2.61%	7.35%	-4.60%
Sector *	58 Neutral	$12.97B	5.12	-2.61%	5.35%	5.83%	-54.44%

FS Bancorp Corporate Events

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.

FS Bancorp Executives Attend Financial Institutions Conference

FS Bancorp, Inc. announced that its President, Matthew D. Mullet, along with other key executives, will attend the 27th Annual Financial Institutions Conference in Scottsdale, Arizona, from May 5-7, 2025. This participation underscores the company’s commitment to engaging with industry peers and stakeholders, potentially impacting its strategic positioning and stakeholder relations.