Associated Banc-Corp ASB

FinancialsBanking ServicesUnited States of America

Last close 31.13 USD on Nov 2, 2026, +24.0% year to date

Quant rating

Quant rating A Rank 69 of 799 in Financials

Growth B 212 of 799
Valuation A 36 of 799
Quality C 404 of 799
Revisions B 132 of 799
Momentum B 252 of 799

Wall Street consensus Buy (2.50)Average target 34.30 USD +10.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.8B
Enterprise value: 6.2B
52-week range: 23.87 – 32.46
3-year range: 16.60 – 32.46
Dividend yield: 3.30%
Beta (5 years): 0.81
Shares outstanding: 186M
Next earnings: Jan 20, 2027

About the company

Associated Banc-Corp is a bank holding company. The Company, through Associated Bank and nonbanking subsidiaries, provides a range of financial products and services from over 200 banking locations throughout Wisconsin, Illinois, Iowa, Minnesota, Missouri and Nebraska. It operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio and Texas. The Corporate and Commercial Specialty segment serves a range of customers, including larger businesses, developers, not-for-profits, municipalities, and financial institutions by providing lending and deposit solutions as well as the support to deliver, fund, and manage such banking solutions. The Community, Consumer and Business segment serves individuals and businesses by providing lending and deposit solutions and a variety of investment, fiduciary, and retirement planning products and services. The Risk Management and Shared Services segment include key shared operational functions and includes residual revenue and expenses.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,173	2,123	1,958	1,145	798	–
Revenue growth	2.4%	8.4%	71.0%	43.5%	−12.6%	18.9%
EPS (basic, normalized)	2.78	0.74	1.32	2.36	2.13	–
EPS growth	278.1%	−44.1%	−44.1%	10.4%	9.2%	7.3%
Gross margin	–	–	–	–	–	–
Net margin	21.2%	5.2%	8.7%	30.8%	41.5%	21.5%
ROE	10.2%	8.6%	7.5%	9.2%	8.2%	8.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	10.8%
Long-term debt (mil)	589
Net debt (mil)	–
Total equity (mil)	5,476
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	2,173	+2.4%	2.8x	28.81	+9.8%	1.1x	2.77	+16.4%	11.2x
2026	1,775	−18.3%	3.5x	30.46	+5.7%	1.0x	2.85	+3.0%	10.9x
2027	1,937	+9.1%	3.2x	31.62	+3.8%	1.0x	3.39	+18.8%	9.2x
2028	2,033	+5.0%	3.0x	34.56	+9.3%	0.9x	3.79	+11.8%	8.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,775	+0.2%	+0.2%	+2.1%	2.85	+0.8%	+1.4%	−1.7%
2027	1,937	+0.7%	+0.4%	+2.5%	3.39	+1.0%	+1.7%	+4.7%
2028	2,033	+0.8%	+0.6%	+0.8%	3.79	+0.7%	−5.1%	+3.4%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	323	322	330	342	345	367	386	389	379	450
Sales mean (mil)	325	331	333	250	348	362	377	382	384	437
Surprise	−0.7%	−2.8%	−1.0%	+37.0%	−0.9%	+1.2%	+2.4%	+1.8%	−1.3%	+3.0%
EPS reported	0.52	0.74	0.56	0.57	0.63	0.65	0.73	0.80	0.70	0.63
EPS mean	0.49	0.52	0.50	0.54	0.58	0.62	0.68	0.70	0.68	0.71
Surprise	+5.8%	+42.0%	+12.5%	+6.4%	+9.2%	+5.1%	+8.0%	+14.2%	+2.9%	−10.7%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
ASB Associated Banc-Corp	5.8B	10.8%	21.2%	1.15x	10.9x	9.2x	1.0x	1.0x
AXP American Express Company	219.9B	–	13.8%	–	18.4x	16.3x	6.3x	5.6x
COF Capital One Financial Corp	126.8B	14.8%	3.1%	1.11x	9.7x	8.8x	1.2x	1.1x
USB U.S. Bancorp	94.2B	12.2%	23.2%	1.36x	11.4x	10.3x	1.5x	1.4x
FITB Fifth Third Bancorp	49.9B	10.8%	24.0%	1.43x	13.6x	11.0x	1.5x	1.4x
BMPS Banca Monte dei Paschi di Siena SpA	37.2B	16.4%	58.7%	0.74x	14.0x	11.6x	1.3x	1.3x
Mean		13.0%	24.0%	1.16x	13.0x	11.2x	2.1x	2.0x
Median		12.2%	22.2%	1.15x	12.5x	10.7x	1.4x	1.3x

Technical analysis

1M+7.3%
3M+1.6%
1Y+30.2%
3Y+106.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Associated Banc-Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	2,173	2,123	1,958	1,145	798	913
Total interest expense	972	1,075	918	188	72.3	150
Net interest income	1,201	1,047	1,040	957	726	763
Loan loss provision	54.0	85.0	83.0	33.0	−88.0	–
Net interest income after loan loss provision	1,147	962	957	924	814	763
Non-interest income	286	−9.4	63.2	282	332	514
Non-interest expense	−856	−818	−814	−747	−710	−950
Net income before taxes	578	134	206	460	436	327
Provision for taxes	103	11.3	23.1	93.5	85.3	20.2
Minority interest & equity in affiliates	–	–	–	–	–	–
Other	0	0	0	0	0	0
Net income before extraordinary items	475	123	183	366	351	307
Extraordinary items	–	–	–	–	–	–
Net income	475	123	183	366	351	307
Basic weighted average shares (mil)	165	152	150	149	151	153
Diluted weighted average shares (mil)	167	153	151	150	152	154
Basic EPS excluding extraordinary items	2.79	0.73	1.14	2.36	2.20	1.87
Basic EPS, normalized	2.78	0.74	1.32	2.36	2.13	1.95

Balance sheet in millions of USD, fiscal years

Balance sheet, Associated Banc-Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	575	544	484	437	344	416
Other earning assets	10,497	9,678	8,295	7,228	7,576	5,577
Net loans	30,786	29,405	28,865	28,487	23,945	24,068
Property, plant & equipment	382	379	373	377	385	451
Goodwill	1,105	1,105	1,105	1,105	1,105	1,109
Intangibles	109	119	125	127	113	110
Long-term investments	237	259	258	277	294	297
Other long-term assets	–	–	–	–	–	–
Other assets	1,513	1,534	1,510	1,368	1,343	1,391
Total assets	45,203	43,023	41,016	39,406	35,104	33,420
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	463	568	553	541	349	364
Total deposits	35,553	34,648	33,446	29,636	28,466	26,482
Other bearing liabilities	3,268	1,854	1,940	4,320	1,621	1,633
Short-term borrowings	308	470	327	606	354	252
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	594	838	541	248	249	549
Minority interest	–	–	–	–	–	–
Other liabilities	41.3	38.8	34.8	38.8	39.8	47.8
Total liabilities	40,227	38,418	36,842	35,390	31,079	29,329
Shareholders' equity
Preferred stock	194	194	194	194	193	354
Common stock	1.9	1.9	1.8	1.8	1.8	1.8
Additional paid-in capital	2,050	2,047	1,715	1,713	1,714	1,720
Retained earnings (accumulated deficit)	3,227	2,919	2,947	2,905	2,673	2,459
Treasury stock	−490	−483	−512	−525	−546	−456
Other equity	−7.6	−74.4	−171	−273	−10.3	12.6
Total equity	4,975	4,606	4,174	4,015	4,025	4,091
Total liabilities & shareholders' equity	45,203	43,023	41,016	39,406	35,104	33,420

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Associated Banc-Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	475	123	183	366	351	307
Depreciation, depletion & amortization	59.2	57.7	55.8	53.9	74.8	83.4
Deferred taxes	–	–	–	–	–	–
Non-cash items	78.7	79.6	64.6	29.7	−18.2	−154
Changes in working capital	3.0	320	139	397	122	314
Cash from operations	616	580	443	847	530	550
Investing activities
Capital expenditures	−36.4	−45.0	−61.8	−62.7	−52.3	−54.7
Other investing cash flows	−1,588	−2,174	−1,374	−5,192	−1,532	−739
Cash from investing	−1,625	−2,219	−1,436	−5,255	−1,584	−794
Financing activities
Financing cash flow items	2,149	1,242	1,147	4,134	2,075	479
Cash dividends paid	−167	−151	−141	−135	−133	−130
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−272	643	290	4.9	−578	22.3
Cash from financing	1,710	1,735	1,296	4,004	1,364	371
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	701	95.8	302	−404	309	127
Free cash flow	579	535	381	784	477	495

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.