FS Bancorp Inc (FSBW)
NASDAQ:FSBW
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FS Bancorp
(NASDAQ:FSBW)
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Rating:72Outperform
Price Target:
$45.00
â–²(10.08% Upside)
Action:Upgraded
Date:05/09/26
FSBW scores well on valuation (low P/E and solid dividend yield) and has solid underlying fundamentals (strong TTM revenue growth and healthy cash generation), but the overall score is tempered by margin compression, uneven leverage, and only neutral technical momentum. Positive corporate actions (EPS-accretive merger plan and ongoing capital returns) provide additional support.
Positive Factors
Sustained Revenue Growth
Consistent top-line expansion and exceptionally strong TTM revenue growth indicate durable demand for core lending and fee products. Over 2-6 months this underpins earnings potential, supports scaling of fixed costs, and provides a buffer against cyclical headwinds in regional banking markets.
Negative Factors
Margin Compression
Sustained decline in margins erodes profitability leverage from revenue growth and suggests pressure on net interest margin or rising operating costs. If persistent, margin compression can limit reinvestment capacity and weaken return on equity over the 2–6 month horizon and beyond.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
Consistent top-line expansion and exceptionally strong TTM revenue growth indicate durable demand for core lending and fee products. Over 2-6 months this underpins earnings potential, supports scaling of fixed costs, and provides a buffer against cyclical headwinds in regional banking markets.
Read all positive factors
FS Bancorp (FSBW) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$304.00M
Dividend Yield3.17%
Average Volume (3M)16.67K
Price to Earnings (P/E)9.3
Beta (1Y)0.72
Revenue Growth5.91%
EPS Growth-1.54%
CountryUS
Employees567
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)4.37
Shares Outstanding7,414,542
10 Day Avg. Volume12,963
30 Day Avg. Volume16,669
Financial Highlights & Ratios
PEG Ratio-2.97
Price to Book (P/B)1.01
Price to Sales (P/S)1.42
P/FCF Ratio5.96
Enterprise Value/Market Cap1.69
Enterprise Value/Revenue2.33
Enterprise Value/Gross Profit3.52
Enterprise Value/Ebitda9.69
Forecast
1Y Price Target
$44.00Price Target Upside7.63% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)4.47
Revenue Forecast (FY)$160.00M
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, Comme...
How the Company Makes Money
FS Bancorp primarily makes money through its banking subsidiary by earning interest income and fee-based (noninterest) income, offset by interest paid to depositors and other funding sources, plus operating expenses and credit costs. (1) Net inter...
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 | 220.93M | 217.51M | 203.71M | 185.26M | 134.08M | 131.08M |
| Gross Profit | 146.25M | 144.75M | 136.47M | 136.59M | 113.45M | 120.86M |
| EBITDA | 53.05M | 54.95M | 52.15M | 57.92M | 50.99M | 62.60M |
| Net Income | 33.16M | 33.35M | 35.02M | 36.05M | 29.65M | 37.41M |
Balance Sheet | ||||||
| Total Assets | 3.20B | 3.20B | 3.03B | 2.97B | 2.63B | 2.29B |
| Cash, Cash Equivalents and Short-Term Investments | 12.42M | 302.17M | 200.75M | 194.22M | 275.40M | 308.39M |
| Total Debt | 222.55M | 141.08M | 354.96M | 60.27M | 242.46M | 96.71M |
| Total Liabilities | 2.89B | 2.89B | 2.73B | 2.71B | 2.40B | 2.04B |
| Stockholders Equity | 313.85M | 307.69M | 295.77M | 264.49M | 231.70M | 247.51M |
Cash Flow | ||||||
| Free Cash Flow | 52.55M | 51.94M | 49.19M | 76.00M | 183.35M | 107.03M |
| Operating Cash Flow | 72.85M | 72.31M | 50.82M | 77.67M | 184.90M | 109.01M |
| Investing Cash Flow | -196.03M | -206.43M | -104.20M | 77.67M | -504.04M | -310.83M |
| Financing Cash Flow | 99.14M | 130.70M | 19.32M | -131.08M | 334.09M | 136.74M |
FS Bancorp Technical Analysis
Positive
40.88
Price Trends
39.88
Positive
40.31
Positive
40.05
Positive
Market Momentum
0.08
Negative
52.76
Neutral
73.52
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 40.88 is above the 20-day moving average (MA) of 40.48, above the 50-day MA of 39.88, and above the 200-day MA of 40.05, indicating a bullish trend. The MACD of 0.08 indicates Negative momentum. The RSI at 52.76 is Neutral, neither overbought nor oversold. The STOCH value of 73.52 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 |
|---|---|---|---|---|---|---|---|
82 Outperform | $349.32M | 7.46 | 10.43% | 3.57% | 8.84% | 43.25% | |
76 Outperform | $366.94M | 8.73 | 13.34% | 2.63% | 21.59% | -4.49% | |
72 Outperform | $304.00M | 9.26 | 10.88% | 3.17% | 5.91% | -1.54% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $418.96M | 12.91 | 8.83% | 2.55% | 12.81% | 11.31% | |
64 Neutral | $322.26M | 8.65 | 13.08% | 5.24% | 5.29% | 28.67% | |
53 Neutral | $377.50M | 361.39 | 5.54% | 5.43% | 13.25% | -37.82% |
* Financial Sector Average
FSBW
FS Bancorp
40.65
2.60
6.83%
CZNC
Citizens & Northern
21.12
3.03
16.75%
CBAN
Colony Bankcorp
19.92
4.68
30.67%
FNLC
First Bancorp
28.94
5.67
24.34%
PLBC
Plumas Bancorp
52.71
9.83
22.94%
PCB
PCB Bancorp
24.79
5.59
29.14%
FS Bancorp Corporate Events
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...
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresM&A Transactions
FS Bancorp Posts Q1 Earnings, Declares Quarterly Dividend
Positive
Apr 22, 2026
FS Bancorp, Inc., the parent of 1st Security Bank of Washington, provides a mix of commercial, consumer and real estate lending, deposit products, cash management services and home mortgage origination across its Commercial and Consumer Banking an...
Business Operations and StrategyM&A Transactions
FS Bancorp to Acquire Pacific West Bancorp in Merger
Positive
Feb 26, 2026
FS Bancorp, Inc. and Pacific West Bancorp, two Pacific Northwest community banking companies, announced on February 25, 2026, that they signed a definitive merger agreement under which Pacific West will merge into FS Bancorp in a stock-and-cash de...
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.