Latest Ratios: P/E Ratio 10.6x · EV/EBITDA 12.2x · ROE 14.4%. (2003–2025 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 | $620M | $443M | $377M | $326M | $301M | $243M | $154M | $224M | $169M | $191M | $203M |
| Enterprise Value | $849M | $672M | $547M | $526M | $665M | $604M | $533M | $494M | $391M | $356M | $196M |
| P/E Ratio → | 10.60 | 8.96 | 8.90 | 9.26 | 7.69 | 7.00 | 9.35 | 9.82 | 10.49 | 16.26 | 13.87 |
| P/S Ratio | 3.43 | 2.63 | 2.46 | 2.27 | 2.35 | 2.15 | 1.52 | 2.51 | 2.02 | 2.56 | 2.62 |
| P/B Ratio | 1.63 | 1.19 | 1.15 | 1.13 | 1.15 | 1.04 | 0.75 | 1.15 | 0.93 | 1.13 | 1.26 |
| P/FCF | 9.14 | 7.25 | 6.59 | 6.60 | 8.49 | 6.81 | 5.85 | 7.80 | 6.93 | 9.00 | 7.95 |
| P/OCF | 10.05 | 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
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 | — | 3.98 | 3.57 | 3.66 | 5.20 | 5.36 | 5.25 | 5.54 | 4.69 | 4.78 | 2.52 |
| EV / EBITDA | 12.18 | 10.46 | 9.97 | 10.37 | 11.81 | 11.95 | 24.49 | 17.93 | 20.44 | 22.54 | 10.52 |
| EV / EBIT | 14.04 | 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 |
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 | 94.9% | 94.9% | 94.2% | 94.3% | 103.0% | 105.1% | 83.5% | 97.5% | 91.1% | 88.7% | 87.3% |
| Operating Margin | 35.9% | 35.9% | 33.3% | 32.8% | 40.9% | 41.7% | 18.0% | 27.5% | 21.2% | 19.1% | 22.0% |
| Net Profit Margin | 29.8% | 29.8% | 28.8% | 25.7% | 32.0% | 31.7% | 16.7% | 26.2% | 19.5% | 16.0% | 19.2% |
| 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% |
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 | 0.70 | 0.70 | 1.00 | 1.17 | 1.79 | 1.80 | 2.11 | 1.74 | 1.71 | 1.29 | 0.43 |
| Debt / EBITDA | 4.04 | 4.04 | 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 | 3.56 | 3.56 | 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 |
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 | 0.31 | 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 | — | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 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 | 1.6% | 2.2% | 2.2% | 2.3% | 2.2% | 2.5% | 3.7% | 2.3% | 2.9% | 2.4% | 2.1% |
| Payout Ratio | 19.2% | 19.2% | 18.8% | 20.5% | 16.4% | 17.2% | 33.3% | 22.4% | 30.2% | 38.1% | 28.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.4% | 11.2% | 11.2% | 10.8% | 13.0% | 14.3% | 10.7% | 10.2% | 9.5% | 6.1% | 7.2% |
| FCF Yield | 10.9% | 13.8% | 15.2% | 15.2% | 11.8% | 14.7% | 17.1% | 12.8% | 14.4% | 11.1% | 12.6% |
| Buyback Yield | 0.2% | 0.3% | 0.3% | 0.9% | 2.0% | 2.3% | 1.1% | 3.2% | 0.3% | 0.2% | 0.2% |
| Total Shareholder Yield | 1.8% | 2.5% | 2.5% | 3.2% | 4.3% | 4.8% | 4.7% | 5.6% | 3.2% | 2.6% | 2.3% |
| Shares Outstanding | — | $8M | $8M | $8M | $8M | $8M | $8M | $9M | $9M | $9M | $9M |
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying FBIZ stock.
First Business Financial Services, Inc.'s current P/E ratio is 10.6x. The historical average is 12.4x. This places it at the 52th percentile of its historical range.
First Business Financial Services, Inc.'s current EV/EBITDA is 12.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.4x.
First Business Financial Services, Inc.'s return on equity (ROE) is 14.4%. The historical average is 10.9%.
Based on historical data, First Business Financial Services, Inc. is trading at a P/E of 10.6x. This is at the 52th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
First Business Financial Services, Inc.'s current dividend yield is 1.60% with a payout ratio of 19.2%.
First Business Financial Services, Inc. has 94.9% gross margin and 35.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
First Business Financial Services, Inc.'s Debt/EBITDA ratio is 4.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Commercial deposit cost and CRE concentration
Metrics are mathematically derived from official filings.
Modest Premium Priced on Earnings Momentum
Based on FBIZ's reported figures, the stock trades at 1.63 times book and 12.24 times trailing earnings, a multiple that sits below the 1.0 to 2.3 times book range of higher-returning peers such as FFIN and BANF and suggests the market is not yet paying a full specialty-finance premium.
A P/B of 1.63 combined with a 14.4 percent ROE implies the market is capitalizing the franchise at a modest premium to book rather than as a commodity balance sheet. The forward P/E of 10.85 versus trailing 12.24 implies the market expects continued earnings growth, though this inference depends on the sustainability of recent quarterly beats. Investors should monitor whether the valuation gap to FFIN and BANF narrows if ROE can be sustained above 14 percent.
ROE Driven by Leverage and Fee Mix
As reported in financial statements, FBIZ's ROE moved from 3.4 percent in 1Q25 to 4.1 percent in 3Q26, with a fee income share of roughly 18 percent of revenue, implying profitability that depends heavily on a thin equity base of about 9 percent of assets.
The DuPont structure shows a net interest margin near 0.8 to 0.9 percent, which is modest, so returns are being lifted primarily by a leverage multiplier of roughly 11 times assets to equity together with a non-interest income contribution. ROA of roughly 0.3 to 0.4 percent confirms that asset-level returns are thin and the ROE outcome is sensitive to capital ratios. Quarterly ROE variation of about 1 percentage point appears tied to gain-on-sale timing rather than a steady core earnings trajectory.
Efficiency Gains Offset Flat Margin
According to reported quarterly figures, the efficiency ratio improved from 62.9 percent in 2Q24 to 54.9 percent in 3Q26 while net interest margin held in a narrow 0.8 to 0.9 percent band, suggesting operating leverage is doing the work that spread expansion has not.
The efficiency improvement indicates revenue growth outpacing non-interest expense, consistent with a lean, branch-light model scaling on relationship managers. A flat NIM despite rate volatility implies asset repricing has kept pace with commercial deposit costs, but the competitive pressure for mid-market deposits may cap further margin expansion. Investors should monitor whether efficiency can stay below 58 percent if deposit competition intensifies.
Thin Equity Cushion Against Asset Growth
As reported in financial statements, equity-to-assets held near 0.09 across the ten quarters while total assets expanded roughly 22 percent to about $4.4 billion, a ratio that leaves a limited buffer for a commercial-heavy loan book.
Stable equity-to-assets alongside asset growth suggests capital has been retained at a pace roughly matching balance sheet expansion, yet the cushion is narrow for a book concentrated in commercial and real estate lending. Regulatory capital ratios are not provided in the supplied data, so the adequacy conclusion is inferential and warrants further investigation against CET1 and total risk-based minimums. Investors should monitor capital generation relative to loan growth before assuming capacity for accelerated capital return.
Lagging Peers on Returns Despite Lower Multiple
Based on FBIZ's reported figures, the 14.4 percent ROE sits between NBTB and FFIN, while the 1.63 times P/B trails FFIN's 2.28 and BANF's 2.11, indicating the market prices FBIZ below the top-quartile peers that also generate higher net margins.
FBIZ's ROE is competitive with the peer set, yet its net margin and ROIC profile do not match FFIN or BANF, which suggests the return gap is partly structural from its lower-margin commercial lending mix. The discount to top peers on book value may therefore reflect the market's view that specialty-finance earnings are less durable than fee-rich franchises. Gaps appear more cyclical than structural if ROE holds near current levels across a full rate cycle.
ROE Overstated by Leverage and Gain-on-Sale
The ratio most commonly misapplied to FBIZ is ROE, which is inflated by high leverage on a roughly 9 percent equity base and by timing-sensitive SBA gain-on-sale income that may not recur evenly across quarters.
ROE obscures the fact that a thin equity base and a sub-1 percent NIM are doing much of the work, so a modest asset-quality shock could erode returns quickly. A more appropriate lens is return on tangible equity combined with a normalized non-interest income figure that strips gain-on-sale volatility. Investors should monitor the spread between reported ROE and a normalized measure before extrapolating current profitability.