First Business Financial Services, Inc. (FBIZ) Financial Ratios
23 years of historical data (2003–2025) · Financial Services · Banks - Regional
EV/EBITDA
↓
12.11
+10% vs avg
5yr avg: 11.04
30Y Low1.6·High31.8
P/FCF
↑
8.24
+15% vs avg
5yr avg: 7.15
30Y Low2.4·High30.3
P/B Ratio
↑
1.32
+17% vs avg
5yr avg: 1.13
30Y Low0.4·High1.4
ROE
↓
14.4%
-4% vs avg
5yr avg: 15.0%
30Y Low2%·High19%
Debt/EBITDA
↓
4.29
↓-36% vs avg
5yr avg: 6.71
30Y Low0.9·High26.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
FBIZ Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
First Business Financial Services, Inc. trades at 10.0x earnings, 19% above its 5-year average of 8.4x, sitting at the 43rd percentile of its historical range. Compared to the Financial Services sector median P/E of 13.6x, the stock trades at a discount of 27%. On a free-cash-flow basis, the stock trades at 8.2x P/FCF, 15% above the 5-year average of 7.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $503M | $443M | $377M | $326M | $301M | $243M | $154M | $224M | $169M | $191M | $203M |
| Enterprise Value | $732M | $672M | $547M | $526M | $665M | $604M | $533M | $494M | $391M | $356M | $196M |
| P/E Ratio → | 9.96 | 8.96 | 8.90 | 9.26 | 7.69 | 7.00 | 9.35 | 9.82 | 10.49 | 16.26 | 13.87 |
| P/S Ratio | 1.80 | 1.59 | 1.44 | 1.44 | 1.99 | 1.95 | 1.30 | 1.85 | 1.57 | 2.12 | 2.20 |
| P/B Ratio | 1.32 | 1.19 | 1.15 | 1.13 | 1.15 | 1.04 | 0.75 | 1.15 | 0.93 | 1.13 | 1.26 |
| P/FCF | 8.24 | 7.25 | 6.59 | 6.60 | 8.49 | 6.81 | 5.85 | 7.80 | 6.93 | 9.00 | 7.95 |
| P/OCF | 8.16 | 7.18 | 6.56 | 6.24 | 7.78 | 6.74 | 5.79 | 7.74 | 6.67 | 8.50 | 7.77 |
P/E links to full P/E history page with 30-year chart
FBIZ EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
First Business Financial Services, Inc.'s enterprise value stands at 12.1x EBITDA, 10% above its 5-year average of 11.0x. The Financial Services sector median is 11.4x, placing the stock at a 6% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.41 | 2.09 | 2.33 | 4.41 | 4.87 | 4.49 | 4.07 | 3.64 | 3.97 | 2.12 |
| EV / EBITDA | 12.11 | 11.11 | 9.97 | 10.37 | 11.81 | 11.95 | 24.49 | 17.93 | 20.44 | 22.54 | 10.52 |
| EV / EBIT | 12.11 | 11.11 | 10.70 | 11.17 | 12.73 | 12.85 | 29.12 | 20.17 | 22.15 | 25.01 | 11.46 |
| EV / FCF | — | 10.99 | 9.56 | 10.65 | 18.77 | 16.98 | 20.21 | 17.18 | 16.08 | 16.81 | 7.64 |
FBIZ Profitability
Margins and return-on-capital ratios measuring operating efficiency
First Business Financial Services, Inc. earns an operating margin of 21.6%, roughly in line with the Financial Services sector average. ROE of 14.4% is modest. ROIC of 7.0% represents adequate returns on invested capital versus a sector median of 5.5%.
Margins
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 | 57.3% | 57.3% | 55.1% | 60.0% | 87.3% | 95.5% | 71.4% | 71.6% | 70.8% | 73.7% | 73.3% |
| Operating Margin | 21.6% | 21.6% | 19.5% | 20.8% | 34.6% | 37.9% | 15.4% | 20.2% | 16.4% | 15.9% | 18.5% |
| Net Profit Margin | 18.0% | 18.0% | 16.9% | 16.4% | 27.1% | 28.8% | 14.3% | 19.2% | 15.2% | 13.3% | 16.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.4% | 14.4% | 14.3% | 13.5% | 16.6% | 16.3% | 8.5% | 12.4% | 9.3% | 7.2% | 9.5% |
| ROA | 1.3% | 1.3% | 1.2% | 1.1% | 1.5% | 1.4% | 0.7% | 1.1% | 0.9% | 0.7% | 0.8% |
| ROIC | 7.0% | 7.0% | 6.0% | 5.2% | 5.7% | 5.5% | 2.3% | 3.6% | 3.0% | 3.5% | 6.0% |
| ROCE | 2.6% | 2.6% | 7.0% | 6.3% | 7.1% | 6.8% | 2.9% | 4.7% | 4.0% | 4.6% | 8.0% |
FBIZ Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
First Business Financial Services, Inc. carries a Debt/EBITDA ratio of 4.3x, which is highly leveraged (roughly in line with the sector average of 4.3x). Net debt stands at $229M ($259M total debt minus $31M cash). Interest coverage of just 0.5x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.70 | 0.70 | 1.00 | 1.17 | 1.79 | 1.80 | 2.11 | 1.74 | 1.71 | 1.29 | 0.43 |
| Debt / EBITDA | 4.29 | 4.29 | 5.98 | 6.69 | 8.29 | 8.28 | 20.01 | 12.23 | 16.15 | 13.80 | 3.75 |
| Net Debt / Equity | — | 0.62 | 0.52 | 0.69 | 1.40 | 1.56 | 1.84 | 1.39 | 1.23 | 0.98 | -0.05 |
| Net Debt / EBITDA | 3.78 | 3.78 | 3.10 | 3.95 | 6.47 | 7.15 | 17.40 | 9.80 | 11.63 | 10.47 | -0.42 |
| Debt / FCF | — | 3.74 | 2.97 | 4.06 | 10.28 | 10.16 | 14.36 | 9.38 | 9.15 | 7.81 | -0.31 |
| Interest Coverage | 0.55 | 0.55 | 0.47 | 0.57 | 2.28 | 4.15 | 1.07 | 0.76 | 0.74 | 0.94 | 1.15 |
FBIZ Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.31x is below 1.0, meaning current liabilities exceed current assets. The current ratio has improved from 0.16x to 0.31x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.31 | 0.31 | 0.17 | 0.16 | 0.15 | 0.15 | 0.15 | 0.18 | 0.18 | 0.15 | 0.17 |
| Quick Ratio | 0.31 | 0.31 | 0.17 | 0.16 | 0.15 | 0.15 | 0.15 | 0.18 | 0.18 | 0.15 | 0.17 |
| Cash Ratio | 0.24 | 0.24 | 0.05 | 0.05 | 0.05 | 0.03 | 0.03 | 0.04 | 0.06 | 0.04 | 0.05 |
| Asset Turnover | — | 0.07 | 0.07 | 0.06 | 0.05 | 0.05 | 0.05 | 0.06 | 0.05 | 0.05 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
FBIZ Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
First Business Financial Services, Inc. returns 2.2% to shareholders annually — split between a 2.0% dividend yield and 0.3% buyback yield. The payout ratio of 19.2% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 10.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 2.0% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 19.2% | 19.2% | 18.8% | 20.5% | 16.4% | 17.2% | 33.3% | 22.4% | 30.2% | 38.1% | 28.0% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.0% | 11.2% | 11.2% | 10.8% | 13.0% | 14.3% | 10.7% | 10.2% | 9.5% | 6.1% | 7.2% |
| FCF Yield | 12.1% | 13.8% | 15.2% | 15.2% | 11.8% | 14.7% | 17.1% | 12.8% | 14.4% | 11.1% | 12.6% |
| Buyback Yield | 0.3% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 2.2% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $8M | $8M | $8M | $8M | $8M | $8M | $9M | $9M | $9M | $9M |
Peer Comparison
Compare FBIZ with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 FBIZYou | $503M | 10.0 | 12.1 | 8.2 | 57.3% | 21.6% | 14.4% | 7.0% | 4.3 |
 TCBK | $2B | 13.9 | 8.6 | 12.9 | 75.9% | 31.7% | 9.5% | 8.9% | 0.4 |
 NBTB | $2B | 14.0 | 10.7 | 11.1 | 72.1% | 25.3% | 9.9% | 7.9% | 1.4 |
 SBCF | $3B | 19.5 | 22.3 | 16.8 | 61.6% | 21.4% | 5.5% | 3.9% | 7.2 |
 FFIN | $5B | 18.5 | 11.4 | 15.3 | 71.8% | 37.5% | 14.4% | 12.4% | 0.1 |
 BANF | $4B | 15.6 | 11.3 | 15.9 | 82.9% | 36.8% | 13.8% | 12.3% | 0.4 |
 SMBC | $805M | 14.0 | 9.0 | 10.7 | 57.7% | 24.2% | 11.3% | 8.5% | 1.7 |
 MBWM | $928M | 9.8 | 12.0 | 82.8 | 64.0% | 27.5% | 13.6% | 5.5% | 7.8 |
 CZWI | $205M | 14.6 | 15.6 | 19.8 | 54.7% | 7.0% | 7.9% | 2.0% | 5.8 |
 MOFG | $1B | -13.9 | — | 16.7 | 29.4% | -40.8% | -11.1% | -9.4% | — |
 IROQ | $89M | 19.4 | 21.7 | 13.6 | 54.7% | 12.2% | 5.5% | 2.9% | 11.2 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 23 years · Updated daily
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FBIZ — Frequently Asked Questions
Quick answers to the most common questions about buying FBIZ stock.
What is First Business Financial Services, Inc.'s P/E ratio?
First Business Financial Services, Inc.'s current P/E ratio is 10.0x. The historical average is 12.4x. This places it at the 43th percentile of its historical range.
What is First Business Financial Services, Inc.'s EV/EBITDA?
First Business Financial Services, Inc.'s current EV/EBITDA is 12.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.4x.
What is First Business Financial Services, Inc.'s ROE?
First Business Financial Services, Inc.'s return on equity (ROE) is 14.4%. The historical average is 10.9%.
Is FBIZ stock overvalued?
Based on historical data, First Business Financial Services, Inc. is trading at a P/E of 10.0x. This is at the 43th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is First Business Financial Services, Inc.'s dividend yield?
First Business Financial Services, Inc.'s current dividend yield is 1.97% with a payout ratio of 19.2%.
What are First Business Financial Services, Inc.'s profit margins?
First Business Financial Services, Inc. has 57.3% gross margin and 21.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does First Business Financial Services, Inc. have?
First Business Financial Services, Inc.'s Debt/EBITDA ratio is 4.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.