FS Bancorp, Inc FSBW

FinancialsBanking ServicesUnited States of America

Last close 44.05 USD on Nov 3, 2026, +9.2% year to date

Quant rating

Quant rating C Rank 409 of 799 in Financials

Growth B 167 of 799
Valuation A 43 of 799
Quality C 513 of 799
Revisions D 606 of 799
Momentum C 362 of 799

Wall Street consensus Hold (3.00)Average target 45.50 USD +3.3%

Historical valuation

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

Key data

Market cap: 341M
Enterprise value: 358M
52-week range: 37.02 – 45.44
3-year range: 28.85 – 48.55
Dividend yield: 2.63%
Beta (5 years): 0.68
Shares outstanding: 7.7M
Next earnings: Jan 19, 2027

About the company

FS Bancorp, Inc. is the holding company for 1st Security Bank of Washington (the Bank). The Bank offers a range of loan and deposit services primarily to small and middle-market businesses and individuals in Washington and Oregon. The Company operates in two business segments through the Bank: commercial and consumer banking and home lending. The commercial and consumer banking segment provides diversified financial products and services to our commercial and consumer customers through Bank branches, online banking platforms, mobile banking apps, and telephone banking. These products and services include deposit products; residential, consumer, business and commercial real estate lending portfolios and cash management services. The home lending segment originates one-to-four-family residential mortgage loans primarily for sale in the secondary market, as well as loans held for investment. It operates through 33 bank branches.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	197	185	167	119	96.4	–
Revenue growth	6.7%	10.6%	40.9%	23.2%	8.5%	17.3%
EPS (basic, normalized)	4.36	4.47	4.80	3.84	4.27	–
EPS growth	−2.5%	−6.9%	24.9%	−10.0%	−28.2%	−6.0%
Gross margin	–	–	–	–	–	–
Net margin	16.6%	18.6%	21.2%	24.5%	38.2%	23.8%
ROE	–	12.5%	14.5%	11.7%	15.7%	13.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	12.8%
Long-term debt (mil)	49.7
Net debt (mil)	–
Total equity (mil)	319
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	197	+6.7%	1.8x	40.98	+7.7%	1.1x	4.29	−1.6%	10.3x
2026	139	−29.7%	2.6x	43.47	+6.1%	1.0x	3.60	−16.2%	12.3x
2027	154	+11.1%	2.3x	46.64	+7.3%	0.9x	4.45	+23.8%	9.9x
2028	173	+12.4%	2.1x	49.07	+5.2%	0.9x	4.59	+3.2%	9.6x

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	139	+1.1%	+1.1%	−6.8%	3.60	−14.7%	−13.8%	−17.5%
2027	154	+2.9%	+2.7%	−5.2%	4.45	−3.7%	−6.3%	−12.8%
2028	173	–	–	–	4.59	–	–	–

Earnings surprises EPS beat in 2 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)	35.5	36.3	37.2	35.7	36.1	37.3	39.3	40.0	37.9	38.8
Sales mean (mil)	34.5	35.3	36.3	36.4	36.0	36.5	37.9	38.2	37.7	35.2
Surprise	+2.8%	+2.7%	+2.5%	−1.7%	+0.2%	+2.0%	+3.7%	+4.7%	+0.7%	+10.2%
EPS reported	1.06	1.13	1.29	0.92	1.01	0.99	1.18	1.10	1.02	1.04
EPS mean	0.98	1.02	1.14	1.04	0.93	0.97	1.08	1.13	1.00	1.08
Surprise	+8.2%	+10.8%	+12.8%	−11.8%	+8.2%	+2.4%	+9.4%	−2.4%	+2.3%	−3.9%

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
FSBW FS Bancorp, Inc	341M	12.8%	16.6%	1.02x	12.3x	9.9x	1.0x	0.9x
JPM JPMorgan Chase & Co.	898.4B	15.2%	28.8%	1.74x	13.6x	13.3x	2.5x	2.3x
BAC Bank of America Corporation	342.7B	14.0%	21.0%	1.72x	11.3x	9.6x	1.2x	1.1x
WFC Wells Fargo & Company	256.7B	11.3%	23.2%	1.47x	11.7x	10.6x	1.6x	1.4x
GBCI Glacier Bancorp Inc	6.4B	13.0%	18.4%	1.19x	16.1x	13.6x	1.4x	1.4x
FIBK First Interstate BancSystem, Inc.	3.5B	14.5%	25.6%	1.47x	13.2x	13.0x	1.1x	1.0x
Mean		13.5%	22.3%	1.44x	13.0x	11.7x	1.5x	1.4x
Median		13.5%	22.1%	1.47x	12.7x	11.8x	1.3x	1.3x

Technical analysis

1M−0.6%
3M+4.9%
1Y+18.3%
3Y+61.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, FS Bancorp, Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	197	185	167	119	96.4	88.8
Total interest expense	66.8	61.7	43.9	14.4	9.7	14.7
Net interest income	130	123	123	104	86.6	74.1
Loan loss provision	9.5	5.5	4.8	6.2	–	–
Net interest income after loan loss provision	121	118	119	98.1	86.6	74.1
Non-interest income	22.3	21.6	20.5	18.1	37.5	55.4
Non-interest expense	−102	−97.6	−93.7	−79.2	−76.7	−79.6
Net income before taxes	41.1	41.6	45.3	37.0	47.4	49.9
Provision for taxes	7.8	6.6	9.2	7.3	10.0	10.6
Minority interest & equity in affiliates	–	–	–	–	–	–
Other	0	0	0	0	0	0
Net income before extraordinary items	33.3	35.0	36.1	29.6	37.4	39.3
Extraordinary items	–	–	–	–	–	–
Net income	33.3	35.0	36.1	29.6	37.4	39.3
Basic weighted average shares (mil)	7.5	7.7	7.7	7.8	8.3	8.5
Diluted weighted average shares (mil)	7.6	7.9	7.8	7.9	8.5	8.7
Basic EPS excluding extraordinary items	4.35	4.48	4.63	3.75	4.42	4.57
Basic EPS, normalized	4.36	4.47	4.80	3.84	4.27	5.95

Balance sheet in millions of USD, fiscal years

Balance sheet, FS Bancorp, Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	13.5	19.3	17.1	10.5	12.0	11.6
Other earning assets	425	386	440	341	472	488
Net loans	2,623	2,502	2,401	2,191	1,729	1,545
Property, plant & equipment	49.9	35.1	37.2	31.3	31.1	32.3
Goodwill	3.6	3.6	3.6	2.3	2.3	2.3
Intangibles	19.1	22.9	26.4	21.4	21.0	17.3
Long-term investments	–	–	–	–	–	–
Other long-term assets	10.3	7.1	14.8	6.7	–	–
Other assets	52.8	53.6	32.4	29.0	19.8	16.8
Total assets	3,197	3,029	2,973	2,633	2,286	2,113
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	5.9	5.6	6.8	6.5	4.8	5.2
Total deposits	2,674	2,339	2,522	2,128	1,916	1,674
Other bearing liabilities	129	308	93.7	187	42.5	166
Short-term borrowings	–	–	–	–	–	–
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	49.7	49.6	49.5	49.5	49.4	10.0
Minority interest	–	–	–	–	–	–
Other liabilities	30.7	31.0	35.7	31.0	26.4	28.2
Total liabilities	2,889	2,733	2,708	2,401	2,039	1,883
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.1	0.1	0.1	0.1	0
Additional paid-in capital	43.3	55.7	57.4	55.2	68.0	81.3
Retained earnings (accumulated deficit)	280	257	230	202	179	146
Treasury stock	–	–	–	–	–	–
Other equity	−15.8	−17.1	−23.3	−25.6	0.3	2.2
Total equity	308	296	264	232	248	230
Total liabilities & shareholders' equity	3,197	3,029	2,973	2,633	2,286	2,113

Cash flow statement in millions of USD, fiscal years

Cash flow statement, FS Bancorp, Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	33.3	35.0	36.1	29.6	37.4	39.3
Depreciation, depletion & amortization	11.9	10.6	12.6	14.0	15.2	13.6
Deferred taxes	−0.3	−2.0	−0.7	−0.8	1.8	−2.4
Non-cash items	−6.9	−36.1	1.0	1.1	0.3	3.4
Changes in working capital	34.3	43.3	28.7	141	54.4	−86.2
Cash from operations	72.3	50.8	77.7	185	109	−32.3
Investing activities
Capital expenditures	−20.4	−1.6	−1.7	−1.6	−2.0	−1.4
Other investing cash flows	−186	−103	79.3	−502	−309	−269
Cash from investing	−206	−104	77.7	−504	−311	−271
Financing activities
Financing cash flow items	335	−182	−29.7	212	241	281
Cash dividends paid	−10.3	−8.3	−7.8	−7.1	−4.6	−3.6
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−194	210	−93.6	129	−100.0	71.0
Cash from financing	131	19.3	−131	334	137	349
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−3.4	−34.1	24.3	14.9	−65.1	45.8
Free cash flow	51.9	49.2	76.0	183	107	−33.7

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 3, 2026 after market close.