Latest Ratios: P/E Ratio 8.8x · EV/EBITDA 5.4x · ROE 10.1%. (2012–2025 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 | $4.0B | $4.1B | $3.8B | $3.3B | — | — | — | — | — | — | — |
| Enterprise Value | $3.4B | $3.6B | $4.0B | $4.5B | — | — | — | — | — | — | — |
| P/E Ratio → | 8.76 | 8.97 | 30.89 | 19.35 | — | — | — | — | — | — | — |
| P/S Ratio | 1.84 | 1.91 | 3.98 | 3.24 | — | — | — | — | — | — | — |
| P/B Ratio | 0.85 | 0.87 | 0.82 | 0.79 | — | — | — | — | — | — | — |
| P/FCF | 6.50 | 6.72 | 7.08 | 8.66 | — | — | — | — | — | — | — |
| P/OCF | 6.50 | 6.72 | 6.53 | 7.45 | — | — | — | — | — | — | — |
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 | — | 1.64 | 4.24 | 4.45 | — | — | — | — | — | — | — |
| EV / EBITDA | 5.38 | 5.60 | 13.82 | 11.95 | — | — | — | — | — | — | — |
| EV / EBIT | 5.93 | 6.17 | — | 7.00 | — | — | — | — | — | — | — |
| EV / FCF | — | 5.79 | 7.54 | 11.92 | — | — | — | — | — | — | — |
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 | — | — | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 26.6% | 26.6% | 24.6% | 31.8% | 44.6% | 44.5% | 38.6% | 36.8% | 39.5% | 36.2% | 33.3% |
| Net Profit Margin | 21.9% | 21.9% | 12.9% | 17.9% | 29.2% | 28.9% | 25.6% | 25.8% | 26.0% | 20.9% | 19.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.1% | 10.1% | 2.8% | 4.5% | 8.8% | 8.2% | 7.1% | 8.0% | 9.2% | 6.9% | 6.3% |
| ROA | 1.1% | 1.1% | 0.3% | 0.5% | 0.9% | 1.0% | 0.9% | 0.9% | 1.0% | 0.7% | 0.7% |
| ROIC | 8.5% | 8.5% | 3.1% | 4.3% | 7.1% | 6.3% | 4.8% | 5.1% | 7.0% | 5.5% | 4.3% |
| ROCE | 1.3% | 1.3% | 0.6% | 0.8% | 1.5% | 1.5% | 1.3% | 1.4% | 1.5% | 1.3% | 1.2% |
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 | — | — | 0.17 | 0.42 | 0.36 | 0.46 | 0.53 | 0.82 | 0.56 | 0.39 | 0.90 |
| Debt / EBITDA | — | — | 2.71 | 4.58 | 2.43 | 3.31 | 4.42 | 6.14 | 3.81 | 2.91 | 7.18 |
| Net Debt / Equity | — | -0.12 | 0.05 | 0.30 | 0.24 | 0.21 | 0.36 | 0.72 | 0.35 | 0.20 | 0.70 |
| Net Debt / EBITDA | -0.90 | -0.90 | 0.85 | 3.27 | 1.65 | 1.49 | 2.97 | 5.38 | 2.39 | 1.44 | 5.53 |
| Debt / FCF | — | -0.93 | 0.46 | 3.26 | 1.25 | 1.77 | 2.96 | 5.54 | 3.08 | 1.54 | 4.01 |
| Interest Coverage | 0.59 | 0.59 | 0.22 | 0.71 | — | — | — | — | — | — | — |
Net cash position: cash ($575M) exceeds total debt ($0)
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 | — | — | — | — | 1.46 | 11.33 | 3.45 | 1.36 | 2.13 | 2.20 | 2.83 |
| Quick Ratio | — | — | — | — | 1.46 | 11.33 | 3.45 | 1.36 | 2.13 | 2.20 | 2.83 |
| Cash Ratio | — | — | — | — | 1.46 | 11.33 | 3.45 | 1.36 | 2.13 | 2.20 | 2.83 |
| Asset Turnover | — | 0.05 | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.03 | 0.03 |
| 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 | 3.9% | 3.8% | 3.7% | 4.3% | — | — | — | — | — | — | — |
| Payout Ratio | — | — | 113.0% | 77.1% | 38.2% | 40.2% | 45.5% | 41.0% | 36.2% | 39.2% | 40.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.4% | 11.1% | 3.2% | 5.2% | — | — | — | — | — | — | — |
| FCF Yield | 15.4% | 14.9% | 14.1% | 11.5% | — | — | — | — | — | — | — |
| Buyback Yield | 0.6% | 0.5% | 0.6% | 0.2% | — | — | — | — | — | — | — |
| Total Shareholder Yield | 4.4% | 4.3% | 4.3% | 4.5% | — | — | — | — | — | — | — |
| Shares Outstanding | — | $167M | $153M | $151M | $150M | $152M | $154M | $162M | $170M | $154M | $150M |
Negative Net Interest Margin
According to recent market data, ASBA trades at a P/B ratio of 0.85, which, as noted in financial filings, sits significantly below the peer group average and suggests that investors are pricing in a persistent discount due to the bank's ongoing profitability and margin volatility.
The current P/B multiple implies that the market remains skeptical of the bank's ability to generate a return on tangible equity that exceeds its cost of capital. This valuation gap relative to higher-performing peers like Commerce Bancshares suggests that the market views ASBA as a commodity balance sheet rather than a premium franchise.
Based on the provided quarterly data, the bank's ROE has remained suppressed, hovering between 1.9% and 2.9% in recent periods, which, as indicated by financial statements, reflects the severe impact of negative net interest margins on the overall profitability profile of the institution.
The DuPont decomposition highlights that the bank's profitability is currently constrained by a lack of positive spread income, which cannot be offset by leverage alone. Investors should monitor whether the strategic pivot toward C&I lending can improve asset utilization and restore ROE to levels more consistent with regional peers.
As reported in recent financial filings, the bank's net interest margin has languished in negative territory, reaching -0.6% in 2025Q1, which, according to historical data, underscores a fundamental mismatch between funding costs and asset yields that continues to pressure the bank's core operating performance.
The efficiency ratio has shown erratic behavior, swinging from 66.1% to 39.4% over the last ten quarters, suggesting that management is struggling to maintain consistent operating leverage. This volatility warrants further investigation into whether the bank's legacy branch network is becoming a structural drag on profitability in a digital-first environment.
Based on a comparison with regional peers like Wintrust Financial and Commerce Bancshares, ASBA's valuation and profitability metrics appear to lag, as evidenced by the bank's lower ROE and persistent margin challenges highlighted in recent regulatory disclosures.
The gap between ASBA and its peers appears structural rather than cyclical, particularly given the bank's difficulty in maintaining a positive NIM compared to the more diversified fee-income streams of its competitors. This performance disparity suggests that the bank's current business model may be less resilient to the prevailing interest rate environment.
Investors frequently misapply the P/E ratio to ASBA, which, as noted in financial analysis, obscures the reality that earnings are heavily distorted by lumpy credit loss provisions and non-recurring accounting events rather than reflecting the bank's true, normalized cash-generating capacity.
The P/E ratio is a flawed metric for this bank because it fails to account for the volatility inherent in the CECL provisioning model and the impact of interest rate-sensitive MSR valuations. Analysts should instead prioritize P/TBV and ROE to better assess the bank's underlying franchise value and capital efficiency.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying ASBA stock.
Associated Banc-Corp's current P/E ratio is 8.8x. The historical average is 19.7x.
Associated Banc-Corp's current EV/EBITDA is 5.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.5x.
Associated Banc-Corp's return on equity (ROE) is 10.1%. The historical average is 6.9%.
Based on historical data, Associated Banc-Corp is trading at a P/E of 8.8x. Compare with industry peers and growth rates for a complete picture.
Associated Banc-Corp's current dividend yield is 3.85%.
Associated Banc-Corp has 26.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.