Latest Ratios: P/E Ratio 11.3x · EV/EBITDA 12.9x · ROE 9.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.2B | $4.3B | $3.7B | $3.2B | $3.5B | $3.4B | $2.6B | $3.6B | $3.4B | $3.9B | $3.7B |
| Enterprise Value | $8.8B | $7.9B | $5.8B | $5.1B | $8.1B | $4.6B | $4.3B | $7.2B | $7.2B | $7.3B | $7.0B |
| P/E Ratio → | 11.31 | 9.30 | 33.19 | 18.93 | 9.87 | 10.36 | 9.17 | 11.54 | 10.47 | 17.89 | 19.60 |
| P/S Ratio | 2.11 | 1.75 | 1.74 | 1.60 | 2.44 | 3.06 | 1.86 | 2.31 | 2.24 | 3.22 | 3.24 |
| P/B Ratio | 1.05 | 0.86 | 0.80 | 0.77 | 0.87 | 0.85 | 0.64 | 0.91 | 0.89 | 1.21 | 1.20 |
| P/FCF | 8.98 | 7.41 | 6.85 | 8.47 | 4.43 | 7.19 | 5.29 | 7.04 | 7.80 | 9.50 | 6.89 |
| P/OCF | 8.45 | 6.97 | 6.32 | 7.29 | 4.10 | 6.48 | 4.76 | 6.21 | 6.76 | 8.51 | 5.78 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.21 | 2.77 | 2.54 | 5.67 | 4.13 | 3.08 | 4.65 | 4.76 | 6.02 | 6.08 |
| EV / EBITDA | 12.93 | 11.60 | 24.60 | 17.07 | 15.24 | 9.14 | 9.96 | 14.07 | 14.58 | 16.76 | 17.67 |
| EV / EBIT | 15.22 | 13.65 | 43.35 | 24.88 | 17.53 | 10.62 | 13.27 | 17.67 | 17.32 | 21.53 | 24.21 |
| EV / FCF | — | 13.62 | 10.89 | 13.46 | 10.28 | 9.71 | 8.76 | 14.17 | 16.62 | 17.74 | 12.95 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 58.3% | 58.3% | 44.9% | 50.3% | 84.5% | 101.4% | 77.0% | 77.1% | 81.7% | 85.9% | 86.5% |
| Operating Margin | 23.5% | 23.5% | 6.4% | 10.2% | 32.3% | 38.9% | 23.2% | 26.3% | 27.5% | 28.0% | 25.1% |
| Net Profit Margin | 19.3% | 19.3% | 5.9% | 9.1% | 25.8% | 31.3% | 21.8% | 21.2% | 22.2% | 18.9% | 17.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.9% | 9.9% | 2.8% | 4.5% | 9.1% | 8.6% | 7.7% | 8.5% | 9.5% | 7.2% | 6.6% |
| ROA | 1.1% | 1.1% | 0.3% | 0.5% | 1.0% | 1.0% | 0.9% | 1.0% | 1.0% | 0.8% | 0.7% |
| ROIC | 5.1% | 5.1% | 1.4% | 1.9% | 4.5% | 5.1% | 3.3% | 3.7% | 4.0% | 3.6% | 3.2% |
| ROCE | 3.7% | 3.7% | 2.1% | 3.6% | 8.0% | 7.1% | 4.9% | 5.7% | 5.9% | 5.3% | 5.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.84 | 0.84 | 0.69 | 0.67 | 1.29 | 0.55 | 0.60 | 1.07 | 1.20 | 1.26 | 1.25 |
| Debt / EBITDA | 6.13 | 6.13 | 13.34 | 9.35 | 9.79 | 4.39 | 5.59 | 8.22 | 9.22 | 9.36 | 9.78 |
| Net Debt / Equity | — | 0.72 | 0.47 | 0.45 | 1.14 | 0.30 | 0.42 | 0.92 | 1.00 | 1.05 | 1.05 |
| Net Debt / EBITDA | 5.29 | 5.29 | 9.13 | 6.32 | 8.67 | 2.37 | 3.95 | 7.08 | 7.74 | 7.79 | 8.27 |
| Debt / FCF | — | 6.21 | 4.04 | 4.98 | 5.84 | 2.51 | 3.47 | 7.13 | 8.82 | 8.25 | 6.06 |
| Interest Coverage | 0.59 | 0.59 | 0.13 | 0.22 | 2.45 | 6.03 | 2.18 | 1.21 | 1.51 | 2.33 | 3.41 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.30 | 0.30 | 0.16 | 0.13 | 0.10 | 0.19 | 0.14 | 0.16 | 0.18 | 0.20 | 0.23 |
| Quick Ratio | 0.30 | 0.30 | 0.16 | 0.13 | 0.10 | 0.19 | 0.14 | 0.16 | 0.18 | 0.20 | 0.23 |
| Cash Ratio | 0.03 | 0.03 | 0.03 | 0.03 | 0.02 | 0.04 | 0.03 | 0.02 | 0.03 | 0.03 | 0.03 |
| Asset Turnover | — | 0.05 | 0.05 | 0.05 | 0.04 | 0.03 | 0.04 | 0.05 | 0.04 | 0.04 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.0% | 3.6% | 3.8% | 4.0% | 3.5% | 3.4% | 4.3% | 3.1% | 3.1% | 2.0% | 1.8% |
| Payout Ratio | 32.8% | 32.8% | 113.0% | 70.8% | 33.6% | 33.1% | 36.5% | 34.2% | 31.6% | 33.3% | 33.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.8% | 10.8% | 3.0% | 5.3% | 10.1% | 9.7% | 10.9% | 8.7% | 9.6% | 5.6% | 5.1% |
| FCF Yield | 11.1% | 13.5% | 14.6% | 11.8% | 22.6% | 13.9% | 18.9% | 14.2% | 12.8% | 10.5% | 14.5% |
| Buyback Yield | 0.6% | 0.7% | 0.7% | 0.2% | 0.2% | 4.0% | 3.0% | 5.2% | 7.4% | 1.2% | 0.7% |
| Total Shareholder Yield | 3.5% | 4.3% | 4.5% | 4.2% | 3.7% | 7.4% | 7.2% | 8.3% | 10.5% | 3.1% | 2.5% |
| Shares Outstanding | — | $167M | $153M | $151M | $150M | $152M | $154M | $162M | $170M | $154M | $150M |
Commercial Real Estate Concentration
According to recent market data, ASB trades at a P/B ratio of 1.05, which, when compared to the peer group average, suggests that investors are pricing the bank as a commodity balance sheet rather than a premium franchise with significant growth potential.
The current valuation multiple appears to reflect a market skepticism regarding the bank's ability to generate superior returns on tangible equity in the current interest rate environment. This discount relative to peers like Wintrust or UMB Financial may indicate that the market is discounting the bank's geographic concentration in the Midwest, potentially overlooking the stability of its core deposit franchise.
Based on reported financial figures, the bank's ROE has remained in a narrow range between 1.9% and 2.8% over the last ten quarters, suggesting that profitability is currently constrained by a compressed net interest margin and limited non-interest income contribution.
The DuPont decomposition indicates that the bank's profitability is heavily reliant on asset utilization, as the NIM has hovered around 0.6% to 0.7% recently. Investors should monitor whether the 'People-Led, Digital-Forward' initiative can improve operating leverage, as current profitability levels appear insufficient to drive significant expansion in tangible book value per share.
As reported in recent regulatory filings, the bank maintained an efficiency ratio of 36.3% in 2026Q1, demonstrating a disciplined approach to cost control that appears to be successfully offsetting the pressure of rising funding costs on the net interest margin.
The stability of the efficiency ratio suggests that management is effectively managing non-interest expenses despite the inflationary environment. However, the narrow NIM of 0.7% warrants further investigation, as it may indicate that the bank's asset yields are not resetting as quickly as deposit costs, potentially limiting future margin expansion.
Based on the provided balance sheet data, the bank has maintained a stable equity-to-assets ratio of 0.11, which appears to provide an adequate capital buffer to support organic growth while remaining compliant with regulatory requirements.
This capital position suggests a conservative management philosophy that prioritizes balance sheet strength over aggressive capital return. While this provides a cushion against potential credit volatility in the commercial real estate portfolio, it may also limit the bank's ability to pursue transformative acquisitions or aggressive share buybacks in the near term.
Financial analysts frequently misapply the P/E ratio to ASB, which obscures the underlying earnings volatility caused by CECL-driven provision changes and non-recurring items that do not reflect the bank's core operational health.
Using P/E as a primary valuation metric for this bank is problematic because it fails to account for the lumpy nature of non-interest income and the impact of credit loss provisioning on quarterly net income. Investors should instead focus on P/TBV and ROTCE, which provide a more accurate assessment of the bank's ability to generate value from its tangible capital base.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ASB stock.
Associated Banc-Corp's current P/E ratio is 11.3x. The historical average is 16.0x. This places it at the 18th percentile of its historical range.
Associated Banc-Corp's current EV/EBITDA is 12.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.4x.
Associated Banc-Corp's return on equity (ROE) is 9.9%. The historical average is 9.8%.
Based on historical data, Associated Banc-Corp is trading at a P/E of 11.3x. This is at the 18th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Associated Banc-Corp's current dividend yield is 2.98% with a payout ratio of 32.8%.
Associated Banc-Corp has 58.3% gross margin and 23.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Associated Banc-Corp's Debt/EBITDA ratio is 6.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.