Latest Ratios: P/E Ratio 10.5x · EV/EBITDA 12.6x · ROE 14.4%. (2003–2025 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 | $533M | $443M | $377M | $326M | $301M | $243M | $154M | $224M | $169M | $191M | $203M |
| Enterprise Value | $761M | $672M | $547M | $526M | $665M | $604M | $533M | $494M | $391M | $356M | $196M |
| P/E Ratio → | 10.54 | 8.96 | 8.90 | 9.26 | 7.69 | 7.00 | 9.35 | 9.82 | 10.49 | 16.26 | 13.87 |
| P/S Ratio | 1.91 | 1.59 | 1.44 | 1.44 | 1.99 | 1.95 | 1.30 | 1.85 | 1.57 | 2.12 | 2.20 |
| P/B Ratio | 1.40 | 1.19 | 1.15 | 1.13 | 1.15 | 1.04 | 0.75 | 1.15 | 0.93 | 1.13 | 1.26 |
| P/FCF | 8.72 | 7.25 | 6.59 | 6.60 | 8.49 | 6.81 | 5.85 | 7.80 | 6.93 | 9.00 | 7.95 |
| P/OCF | 8.63 | 7.18 | 6.56 | 6.24 | 7.78 | 6.74 | 5.79 | 7.74 | 6.67 | 8.50 | 7.77 |
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 | — | 2.41 | 2.09 | 2.33 | 4.41 | 4.87 | 4.49 | 4.07 | 3.64 | 3.97 | 2.12 |
| EV / EBITDA | 12.59 | 11.11 | 9.97 | 10.37 | 11.81 | 11.95 | 24.49 | 17.93 | 20.44 | 22.54 | 10.52 |
| EV / EBIT | 12.59 | 11.11 | 10.70 | 11.17 | 12.73 | 12.85 | 29.12 | 20.17 | 22.15 | 25.01 | 11.46 |
| EV / FCF | — | 10.99 | 9.56 | 10.65 | 18.77 | 16.98 | 20.21 | 17.18 | 16.08 | 16.81 | 7.64 |
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 | 57.3% | 57.3% | 55.1% | 60.0% | 87.3% | 95.5% | 71.4% | 71.6% | 70.8% | 73.7% | 73.3% |
| Operating Margin | 21.6% | 21.6% | 19.5% | 20.8% | 34.6% | 37.9% | 15.4% | 20.2% | 16.4% | 15.9% | 18.5% |
| Net Profit Margin | 18.0% | 18.0% | 16.9% | 16.4% | 27.1% | 28.8% | 14.3% | 19.2% | 15.2% | 13.3% | 16.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.4% | 14.4% | 14.3% | 13.5% | 16.6% | 16.3% | 8.5% | 12.4% | 9.3% | 7.2% | 9.5% |
| ROA | 1.3% | 1.3% | 1.2% | 1.1% | 1.5% | 1.4% | 0.7% | 1.1% | 0.9% | 0.7% | 0.8% |
| ROIC | 7.0% | 7.0% | 6.0% | 5.2% | 5.7% | 5.5% | 2.3% | 3.6% | 3.0% | 3.5% | 6.0% |
| ROCE | 2.6% | 2.6% | 7.0% | 6.3% | 7.1% | 6.8% | 2.9% | 4.7% | 4.0% | 4.6% | 8.0% |
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 | 0.70 | 0.70 | 1.00 | 1.17 | 1.79 | 1.80 | 2.11 | 1.74 | 1.71 | 1.29 | 0.43 |
| Debt / EBITDA | 4.29 | 4.29 | 5.98 | 6.69 | 8.29 | 8.28 | 20.01 | 12.23 | 16.15 | 13.80 | 3.75 |
| Net Debt / Equity | — | 0.62 | 0.52 | 0.69 | 1.40 | 1.56 | 1.84 | 1.39 | 1.23 | 0.98 | -0.05 |
| Net Debt / EBITDA | 3.78 | 3.78 | 3.10 | 3.95 | 6.47 | 7.15 | 17.40 | 9.80 | 11.63 | 10.47 | -0.42 |
| Debt / FCF | — | 3.74 | 2.97 | 4.06 | 10.28 | 10.16 | 14.36 | 9.38 | 9.15 | 7.81 | -0.31 |
| Interest Coverage | 0.55 | 0.55 | 0.47 | 0.57 | 2.28 | 4.15 | 1.07 | 0.76 | 0.74 | 0.94 | 1.15 |
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 | 0.31 | 0.31 | 0.17 | 0.16 | 0.15 | 0.15 | 0.15 | 0.18 | 0.18 | 0.15 | 0.17 |
| Quick Ratio | 0.31 | 0.31 | 0.17 | 0.16 | 0.15 | 0.15 | 0.15 | 0.18 | 0.18 | 0.15 | 0.17 |
| Cash Ratio | 0.24 | 0.24 | 0.05 | 0.05 | 0.05 | 0.03 | 0.03 | 0.04 | 0.06 | 0.04 | 0.05 |
| Asset Turnover | — | 0.07 | 0.07 | 0.06 | 0.05 | 0.05 | 0.05 | 0.06 | 0.05 | 0.05 | 0.05 |
| 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 | 1.9% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 19.2% | 19.2% | 18.8% | 20.5% | 16.4% | 17.2% | 33.3% | 22.4% | 30.2% | 38.1% | 28.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.5% | 11.2% | 11.2% | 10.8% | 13.0% | 14.3% | 10.7% | 10.2% | 9.5% | 6.1% | 7.2% |
| FCF Yield | 11.5% | 13.8% | 15.2% | 15.2% | 11.8% | 14.7% | 17.1% | 12.8% | 14.4% | 11.1% | 12.6% |
| Buyback Yield | 0.3% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 2.1% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $8M | $8M | $8M | $8M | $8M | $8M | $9M | $9M | $9M | $9M |
Specialized commercial credit concentration
Based on recent market data, FBIZ trades at a P/B of 1.40, which suggests that investors are pricing the bank at a premium relative to its tangible book value, likely reflecting confidence in its specialized commercial lending model rather than traditional retail banking growth expectations.
The current P/B multiple appears to account for the bank's ability to generate consistent returns through its branch-light, high-touch commercial model. Investors should monitor whether this valuation premium can be sustained if the bank's specialized lending niches face increased competitive pressure or if the broader interest rate environment compresses the net interest margin further.
As reported in financial statements, the bank's ROE has remained in a narrow range, peaking at 4.5% in 2024Q4, which indicates that profitability is currently constrained by a stagnant net interest margin and the necessity of maintaining robust capital buffers for its specialized loan portfolio.
The decomposition of profitability suggests that FBIZ relies heavily on asset utilization within its niche segments to drive returns. The recent volatility in ROE, particularly the dip in 2026Q1, highlights the impact of credit provisioning on bottom-line performance, suggesting that profitability quality is highly sensitive to the credit cycle.
According to quarterly filings, the efficiency ratio has remained disciplined, fluctuating between 33.4% and 37.3%, which demonstrates that the bank's branch-light operating model is successfully mitigating the impact of a net interest margin that has largely stagnated between 0.8% and 0.9% over ten quarters.
The bank's ability to maintain a lean efficiency ratio is a critical component of its profitability, as it provides a buffer against the rising cost of commercial deposits. This suggests that management's focus on specialized, high-yield lending is essential to maintaining operating leverage in a competitive funding environment.
Based on the provided quarterly data, the equity-to-assets ratio has held steady at approximately 0.08 to 0.09, indicating that the bank maintains a consistent capital buffer that supports its specialized commercial lending operations without the need for frequent external equity issuance to meet regulatory requirements.
This stable capital position appears to provide the bank with the flexibility to pursue organic growth in its niche lending segments. Investors should monitor whether this conservative stance on leverage will be maintained if the bank decides to pursue more aggressive expansion or if regulatory capital requirements tighten further.
The P/E ratio is frequently misapplied to FBIZ, as it obscures the impact of volatile credit provisions and non-recurring SBA gain-on-sale income, which can lead to misleading conclusions about the bank's underlying earnings power and long-term profitability trajectory compared to its regional banking peers.
Analysts should prioritize P/TBV and ROE over P/E, as these metrics better capture the bank's capital efficiency and the intrinsic value of its specialized lending platform. Relying on P/E may lead to an overestimation of earnings stability, as it fails to account for the cyclical nature of the bank's provision for credit losses.
Includes 30+ ratios · 23 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FBIZ stock.
First Business Financial Services, Inc.'s current P/E ratio is 10.5x. The historical average is 12.4x. This places it at the 52th percentile of its historical range.
First Business Financial Services, Inc.'s current EV/EBITDA is 12.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.4x.
First Business Financial Services, Inc.'s return on equity (ROE) is 14.4%. The historical average is 10.9%.
Based on historical data, First Business Financial Services, Inc. is trading at a P/E of 10.5x. This is at the 52th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
First Business Financial Services, Inc.'s current dividend yield is 1.86% with a payout ratio of 19.2%.
First Business Financial Services, Inc. has 57.3% gross margin and 21.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
First Business Financial Services, Inc.'s Debt/EBITDA ratio is 4.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.