FSBW
FS Bancorp, Inc.
FSBW's fundamentals are mixed, but it looks expensive: trading at 11x earnings, above its usual 8.0x. Analysts expect earnings to hold roughly steady.
FSBW Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| N/A | |
| N/A |
FSBW's profitability is currently healthy, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like FSBW.
FSBW PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.9x | $26.31 | -39% |
| Fair | 8x | $30.39 | -30% |
| Expensive | 9.7x | $36.97 | -14% |
| Forward | 10x | $43.21 | — |
| Current | 11x | $43.21 | — |
Historical ranges are pointers, not guarantees.
FSBW's PE is in its expensive range at 11x. On analysts' estimates for next year's earnings, today's price would be 10x.
FSBW Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Stable | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect FSBW's revenue to grow, but its profitability to weaken.
FSBW Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.30 | +13% |
| Q3 2026 | $3.80 | -6.4% |
| Q2 2026 | $4.35 | +4.3% |
| Q1 2026 | $4.30 | -0.2% |
| Q4 2025 | $4.29 | -1.6% |
| Q3 2025 | $4.06 | -14% |
| Q2 2025 | $4.17 | -8.4% |
| Q1 2025 | $4.31 | -5.9% |
| Q4 2024 | $4.36 | -4.4% |
FSBW's earnings per share have fallen from their peak: $3.80 over the past year, against $5.27 in early 2021.
FSBW Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $41.9M | +6.6% |
| Q2 2026 | $38.8M | +4.1% |
| Q1 2026 | $37.9M | +5.1% |
| Q4 2025 | $40M | +12% |
| Q3 2025 | $39.3M | +5.6% |
| Q2 2025 | $37.3M | +2.8% |
| Q1 2025 | $36.1M | +1.8% |
| Q4 2024 | $35.7M | -0.5% |
FSBW's revenue has grown year over year for seven quarters in a row: $42M last quarter, up 6.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | -15 points |
| Q2 2026 | 26% | -0.3 points |
| Q1 2026 | 26% | -0.1 points |
| Q4 2025 | 26% | -1.8 points |
| Q3 2025 | 30% | +3 points |
| Q2 2025 | 26% | -5.1 points |
| Q1 2025 | 26% | -3.5 points |
| Q4 2024 | 28% | -6.1 points |
FSBW's operating margin was 15% last quarter, down 15 points from the same quarter a year ago, near the bottom of its range since 2019.
FSBW Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $31.8M | -24% |
| Q2 2026 | $51.4M | +778% |
| Q1 2026 | $8.4M | +7.8% |
| Q4 2025 | -$3.4M | -108% |
| Q3 2025 | $41.6M | +$42.9M |
| Q2 2025 | $5.9M | -40% |
| Q1 2025 | $7.8M | +$7.9M |
| Q4 2024 | $40.7M | +229% |
FSBW's free cash flow was $88M over the past year, down 8% from the year before. Free cash flow isn't a meaningful measure for financial services companies like FSBW.
FSBW Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.6% | +194K shares |
| 1 year | +0.7% | +54.3K shares |
| 3 years | -1.3% | -103K shares |
| 5 years | -9.1% | -770K shares |
| Available history | -15% | -1.4M shares |
FSBW has 8M diluted shares, up 0.7% from a year ago, despite $8M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $2M |
| Q2 2026 | $3.6M |
| Q1 2026 | $620,000 |
| Q4 2025 | $1.5M |
| Q3 2025 | $4.9M |
| Q2 2025 | $5.2M |
| Q1 2025 | $3.8M |
| Q4 2024 | — |
FSBW spent $8M buying back its own shares over the past year, down 44% from the year before.
FSBW Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 8.0x | High |
| Q2 2026 | 6.6x | High |
| Q1 2026 | 3.3x | Elevated |
| Q4 2025 | 5.3x | High |
| Q3 2025 | 2.2x | Moderate |
| Q2 2025 | 5.0x | High |
| Q1 2025 | 1.1x | Healthy |
| Q4 2024 | 12.0x | High |
FSBW's net debt is about 8.0 years of its operating earnings (EBITDA), up from 2.2 years a year ago. Net leverage isn't a meaningful measure for financial services companies like FSBW.
FSBW Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.9 | Neutral |
| Stochastic | 50.9 | Neutral |
FSBW's weekly RSI is 51 (neutral) and its Stochastic is 51 (neutral).
FSBW PE vs Financial Services Sector
| Metric | FSBW | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 13x | 13% below |
| PE % | 99 | 63 | 36 pts above |
FSBW is trading at 11x earnings, a 13% discount to the Financial Services sector's median of 13x.
FSBW Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $44.0 | 1.8% below |
| 20 week MA | $43.6 | 1% below |
| 50 week MA | $42.0 | 2.8% above |
| 100 week MA | $40.8 | 5.8% above |
| 200 week MA | $37.9 | 14% above |
FSBW has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 14% above its 200-week average.
FSBW Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $31.5 | $29.0 | -8.1% |
| 2021 | $29.0 | $33.2 | +15% |
| 2022 | $33.2 | $33.1 | -0.4% |
| 2023 | $33.1 | $37.0 | +12% |
| 2024 | $37.0 | $41.0 | +11% |
| 2025 | $41.0 | $42.2 | +2.8% |
| 2026 YTD | $42.2 | $43.2 | +2.5% |
FSBW has finished higher in four of the last six years. It's up 2.5% so far in 2026.