FS Bancorp, Inc. (FSBW) Financial Ratios
20 years of historical data (2006–2025) · Financial Services · Banks - Regional
EV/EBITDA
↑
7.96
+0% vs avg
5yr avg: 7.94
30Y Low3.4·High12.4
P/FCF
↑
5.97
↑+44% vs avg
5yr avg: 4.14
30Y Low1.5·High43.0
P/B Ratio
↓
1.03
-8% vs avg
5yr avg: 1.11
30Y Low0.7·High1.5
ROE
↓
11.1%
-16% vs avg
5yr avg: 13.2%
30Y Low-17%·High18%
Debt/EBITDA
↑
2.57
↓-23% vs avg
5yr avg: 3.34
30Y Low0.7·High8.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
FSBW Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
FS Bancorp, Inc. trades at 9.7x earnings, 10% above its 5-year average of 8.8x, sitting at the 64th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.1x, the stock trades at a discount of 27%. On a free-cash-flow basis, the stock trades at 6.0x P/FCF, 44% above the 5-year average of 4.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $310M | $315M | $324M | $292M | $268M | $291M | $239M | $289M | $166M | $180M | $108M |
| Enterprise Value | $437M | $443M | $646M | $263M | $464M | $351M | $252M | $322M | $258M | $160M | $78M |
| P/E Ratio → | 9.65 | 9.62 | 9.42 | 8.11 | 9.04 | 7.78 | 6.10 | 12.76 | 6.81 | 12.75 | 10.22 |
| P/S Ratio | 1.42 | 1.45 | 1.59 | 1.58 | 2.00 | 2.22 | 1.68 | 2.63 | 2.10 | 2.70 | 1.82 |
| P/B Ratio | 1.03 | 1.02 | 1.10 | 1.10 | 1.16 | 1.18 | 1.04 | 1.44 | 0.92 | 1.47 | 1.33 |
| P/FCF | 5.97 | 6.07 | 6.59 | 3.84 | 1.46 | 2.72 | — | 42.98 | 9.41 | 12.77 | — |
| P/OCF | 4.29 | 4.36 | 6.38 | 3.76 | 1.45 | 2.67 | — | 31.44 | 7.74 | 11.91 | 29.98 |
P/E links to full P/E history page with 30-year chart
FSBW EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
FS Bancorp, Inc.'s enterprise value stands at 8.0x EBITDA, roughly in line with its 5-year average of 7.9x. The Financial Services sector median is 11.5x, placing the stock at a 31% discount 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 | — | 2.04 | 3.17 | 1.42 | 3.46 | 2.68 | 1.78 | 2.94 | 3.27 | 2.40 | 1.32 |
| EV / EBITDA | 7.96 | 8.06 | 12.38 | 4.53 | 9.10 | 5.61 | 3.98 | 8.02 | 7.63 | 6.52 | 3.68 |
| EV / EBIT | 9.78 | 9.90 | 15.53 | 5.80 | 12.55 | 7.40 | 5.06 | 11.43 | 9.03 | 7.77 | 4.87 |
| EV / FCF | — | 8.52 | 13.13 | 3.46 | 2.53 | 3.28 | — | 47.94 | 14.63 | 11.37 | — |
FSBW Profitability
Margins and return-on-capital ratios measuring operating efficiency
FS Bancorp, Inc. earns an operating margin of 20.6%, roughly in line with the Financial Services sector average. Operating margins have compressed from 24.4% to 20.6% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 11.1% is modest. ROIC of 6.1% represents adequate returns on invested capital versus a sector median of 5.7%.
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 | 66.5% | 66.5% | 67.0% | 73.7% | 84.6% | 92.2% | 80.5% | 79.7% | 85.1% | 91.5% | 88.9% |
| Operating Margin | 20.6% | 20.6% | 20.4% | 24.4% | 27.6% | 36.2% | 35.1% | 25.7% | 36.1% | 30.9% | 27.2% |
| Net Profit Margin | 15.3% | 15.3% | 17.2% | 19.5% | 22.1% | 28.5% | 27.6% | 20.7% | 30.8% | 21.2% | 17.7% |
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 | 11.1% | 11.1% | 12.5% | 14.5% | 12.4% | 15.7% | 18.3% | 11.9% | 16.1% | 13.9% | 13.4% |
| ROA | 1.1% | 1.1% | 1.2% | 1.3% | 1.2% | 1.7% | 2.1% | 1.4% | 1.9% | 1.6% | 1.4% |
| ROIC | 6.1% | 6.1% | 6.4% | 8.5% | 6.8% | 10.3% | 11.5% | 6.7% | 9.2% | 12.7% | 8.4% |
| ROCE | 7.9% | 7.9% | 7.3% | 9.5% | 8.4% | 11.7% | 13.1% | 8.4% | 11.4% | 15.4% | 10.5% |
FSBW Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
FS Bancorp, Inc. carries a Debt/EBITDA ratio of 2.6x, which is moderately leveraged (38% below the sector average of 4.1x). Net debt stands at $128M ($141M total debt minus $14M cash). Interest coverage of just 0.7x 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 | 0.46 | 0.46 | 1.20 | 0.23 | 1.05 | 0.39 | 0.51 | 0.50 | 0.82 | 0.14 | 0.28 |
| Debt / EBITDA | 2.57 | 2.57 | 6.81 | 1.04 | 4.75 | 1.54 | 1.85 | 2.49 | 4.35 | 0.71 | 1.06 |
| Net Debt / Equity | — | 0.41 | 1.09 | -0.11 | 0.85 | 0.24 | 0.06 | 0.17 | 0.51 | -0.16 | -0.36 |
| Net Debt / EBITDA | 2.32 | 2.32 | 6.17 | -0.51 | 3.85 | 0.95 | 0.22 | 0.83 | 2.72 | -0.80 | -1.37 |
| Debt / FCF | — | 2.46 | 6.54 | -0.39 | 1.07 | 0.56 | — | 4.96 | 5.22 | -1.40 | — |
| Interest Coverage | 0.67 | 0.67 | 0.67 | 1.03 | 2.57 | 4.88 | 3.39 | 1.46 | 2.79 | 4.17 | 3.87 |
FSBW Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.12x is below 1.0, meaning current liabilities exceed current assets.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.12 | 0.12 | 0.09 | 0.08 | 0.13 | 0.16 | 0.17 | 0.14 | 0.12 | 0.15 | 0.19 |
| Quick Ratio | 0.12 | 0.12 | 0.09 | 0.08 | 0.13 | 0.16 | 0.17 | 0.14 | 0.12 | 0.15 | 0.19 |
| Cash Ratio | 0.00 | 0.00 | 0.01 | 0.04 | 0.02 | 0.02 | 0.06 | 0.05 | 0.04 | 0.04 | 0.07 |
| Asset Turnover | — | 0.07 | 0.07 | 0.06 | 0.05 | 0.06 | 0.07 | 0.06 | 0.05 | 0.07 | 0.07 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
FSBW Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
FS Bancorp, Inc. returns 8.2% to shareholders annually — split between a 3.2% dividend yield and 5.0% buyback yield. The payout ratio of 30.8% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 10.4% (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 | 3.2% | 3.3% | 2.6% | 2.7% | 2.6% | 1.6% | 1.5% | 1.0% | 1.2% | 0.7% | 1.0% |
| Payout Ratio | 30.8% | 30.8% | 23.6% | 21.5% | 23.9% | 12.3% | 9.1% | 12.6% | 7.9% | 9.4% | 10.4% |
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 | 10.4% | 10.4% | 10.6% | 12.3% | 11.1% | 12.8% | 16.4% | 7.8% | 14.7% | 7.8% | 9.8% |
| FCF Yield | 16.8% | 16.5% | 15.2% | 26.0% | 68.4% | 36.7% | — | 2.3% | 10.6% | 7.8% | — |
| Buyback Yield | 5.0% | 4.9% | 0.9% | 0.2% | 5.9% | 4.9% | 4.1% | 1.7% | 0.2% | 0.2% | 4.6% |
| Total Shareholder Yield | 8.2% | 8.1% | 3.4% | 2.9% | 8.6% | 6.4% | 5.6% | 2.7% | 1.3% | 0.9% | 5.6% |
| Shares Outstanding | — | $8M | $8M | $8M | $8M | $9M | $9M | $9M | $8M | $7M | $6M |
Peer Comparison
Compare FSBW 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 |
|---|---|---|---|---|---|---|---|---|---|
 FSBWYou | $310M | 9.7 | 8.0 | 6.0 | 66.5% | 20.6% | 11.1% | 6.1% | 2.6 |
 WAFD | $3B | 13.6 | 13.0 | 13.1 | 50.9% | 20.5% | 7.5% | 3.9% | 6.1 |
 HFWA | $932M | 14.0 | 11.6 | 10.9 | 72.4% | 23.2% | 7.6% | 5.2% | 0.5 |
 COLB | $7B | 12.9 | 11.8 | 10.0 | 67.7% | 23.4% | 8.5% | 5.4% | 4.5 |
 NWBI | $2B | 15.0 | 13.6 | 14.3 | 68.3% | 18.8% | 7.2% | 5.6% | 2.7 |
 PFIS | $590M | 10.0 | 10.9 | 13.6 | 66.6% | 25.7% | 12.0% | 7.7% | 3.6 |
 CZWI | $203M | 14.4 | 15.3 | 19.6 | 54.7% | 7.0% | 7.9% | 2.0% | 5.8 |
 HONE | $522M | 18.3 | 20.8 | 200.7 | 50.9% | 10.9% | 4.7% | 2.3% | 13.3 |
 KRNY | $508M | 19.2 | 44.5 | 23.8 | 44.1% | 9.0% | 3.5% | 1.1% | 35.0 |
 FFIC | $544M | 29.7 | 25.3 | 9.7 | 41.9% | 7.6% | 2.6% | 1.7% | 14.9 |
 FHN | $12B | 13.0 | 11.6 | 18.9 | 67.3% | 25.7% | 10.8% | 7.0% | 3.4 |
| Financial Services Median | — | 13.1 | 11.5 | 10.6 | 63.6% | 21.6% | 9.4% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 19 years · Updated daily
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Start ComparisonFSBW — Frequently Asked Questions
Quick answers to the most common questions about buying FSBW stock.
What is FS Bancorp, Inc.'s P/E ratio?
FS Bancorp, Inc.'s current P/E ratio is 9.7x. The historical average is 9.6x. This places it at the 64th percentile of its historical range.
What is FS Bancorp, Inc.'s EV/EBITDA?
FS Bancorp, Inc.'s current EV/EBITDA is 8.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.9x.
What is FS Bancorp, Inc.'s ROE?
FS Bancorp, Inc.'s return on equity (ROE) is 11.1%. The historical average is 8.7%.
Is FSBW stock overvalued?
Based on historical data, FS Bancorp, Inc. is trading at a P/E of 9.7x. This is at the 64th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is FS Bancorp, Inc.'s dividend yield?
FS Bancorp, Inc.'s current dividend yield is 3.25% with a payout ratio of 30.8%.
What are FS Bancorp, Inc.'s profit margins?
FS Bancorp, Inc. has 66.5% gross margin and 20.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does FS Bancorp, Inc. have?
FS Bancorp, Inc.'s Debt/EBITDA ratio is 2.6x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.