Latest Ratios: P/E Ratio 10.1x · EV/EBITDA 8.2x · ROE 11.1%. (2006–2025 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 | $320M | $315M | $324M | $292M | $268M | $291M | $239M | $289M | $166M | $180M | $108M |
| Enterprise Value | $448M | $443M | $646M | $263M | $464M | $351M | $252M | $322M | $258M | $160M | $78M |
| P/E Ratio → | 10.10 | 9.62 | 9.42 | 8.11 | 9.04 | 7.78 | 6.10 | 12.76 | 6.81 | 12.75 | 10.22 |
| P/S Ratio | 1.47 | 1.45 | 1.59 | 1.58 | 2.00 | 2.22 | 1.68 | 2.63 | 2.10 | 2.70 | 1.82 |
| P/B Ratio | 1.08 | 1.02 | 1.10 | 1.10 | 1.16 | 1.18 | 1.04 | 1.44 | 0.92 | 1.47 | 1.33 |
| P/FCF | 6.17 | 6.07 | 6.59 | 3.84 | 1.46 | 2.72 | — | 42.98 | 9.41 | 12.77 | — |
| P/OCF | 4.43 | 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
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 | — | 2.04 | 3.17 | 1.42 | 3.46 | 2.68 | 1.78 | 2.94 | 3.27 | 2.40 | 1.32 |
| EV / EBITDA | 8.15 | 8.06 | 12.38 | 4.53 | 9.10 | 5.61 | 3.98 | 8.02 | 7.63 | 6.52 | 3.68 |
| EV / EBIT | 10.01 | 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 | — |
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 | 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% |
| 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% |
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 | 0.46 | 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 |
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 | 0.12 | 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 | — | — | — | — | — | — | — | — | — | — | — |
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 | 3.1% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.9% | 10.4% | 10.6% | 12.3% | 11.1% | 12.8% | 16.4% | 7.8% | 14.7% | 7.8% | 9.8% |
| FCF Yield | 16.2% | 16.5% | 15.2% | 26.0% | 68.4% | 36.7% | — | 2.3% | 10.6% | 7.8% | — |
| Buyback Yield | 4.8% | 4.9% | 0.9% | 0.2% | 5.9% | 4.9% | 4.1% | 1.7% | 0.2% | 0.2% | 4.6% |
| Total Shareholder Yield | 7.9% | 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 |
Mortgage revenue volatility
As reported in recent financial filings, FSBW trades at a P/B of 1.08, suggesting that the market applies a discount to the bank's tangible book value due to the inherent cyclicality of its mortgage-heavy revenue stream compared to more diversified regional peers.
The current valuation appears to reflect investor skepticism regarding the sustainability of non-interest income in a high-rate environment. This multiple implies that the market views the bank as a commodity balance sheet rather than a premium franchise, likely due to the volatility in gain-on-sale margins.
Based on the provided quarterly data, FSBW's ROE has trended toward the low end of its historical range, reaching 2.5% in 2026Q1, which indicates that the bank's profitability is currently strained by stagnant net interest margins and fluctuating fee income contributions.
The DuPont decomposition suggests that the bank's profitability is heavily reliant on non-interest income, which has proven inconsistent. Investors should monitor whether the recent uptick in provisioning costs further erodes the return on equity in subsequent quarters.
According to recent SEC filings, FSBW's NIM has remained stubbornly flat at 1.0% over the last ten quarters, indicating that the bank's asset yields are failing to outpace the rising cost of interest-bearing liabilities in the current competitive Puget Sound deposit market.
The efficiency ratio, which peaked at 54.0% in 2024Q4, highlights the bank's operational vulnerability to its mortgage-heavy revenue model. The inability to expand NIM suggests that the bank may lack the funding cost advantages necessary to drive significant operating leverage in the current cycle.
As indicated by the bank's historical performance, the P/E ratio is a frequently misapplied metric for FSBW, as it fails to account for the non-cash volatility of Mortgage Servicing Rights (MSR) valuation adjustments that can significantly distort reported quarterly earnings.
Investors should instead focus on core pre-provision net revenue (PPNR) to strip out the noise from mortgage-related fair value changes. Relying on the P/E ratio may lead to an inaccurate assessment of the bank's underlying earnings power and its ability to maintain dividend payouts.
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying FSBW stock.
FS Bancorp, Inc.'s current P/E ratio is 10.1x. The historical average is 9.6x. This places it at the 64th percentile of its historical range.
FS Bancorp, Inc.'s current EV/EBITDA is 8.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.9x.
FS Bancorp, Inc.'s return on equity (ROE) is 11.1%. The historical average is 8.7%.
Based on historical data, FS Bancorp, Inc. is trading at a P/E of 10.1x. This is at the 64th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
FS Bancorp, Inc.'s current dividend yield is 3.10% with a payout ratio of 30.8%.
FS Bancorp, Inc. has 66.5% gross margin and 20.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
FS Bancorp, Inc.'s Debt/EBITDA ratio is 2.6x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.