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Associated Bank Valuation Multiples
Discover revenue and EBITDA valuation multiples for Associated Bank and similar public comparables like Bank OZK, Intercorp Financial, Investec UK, Bank Of Chongqing and more.
Associated Bank Overview
About Associated Bank
Associated Banc-Corp is a bank holding company based in the United States of America. The company, through its subsidiaries, provides a broad array of banking and non-banking products and services to individuals and businesses. The group operates in three reportable segments: Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services. The majority of its revenue is derived from the Corporate and Commercial Specialty segment, which serves a wide range of customers, including larger businesses, developers, not-for-profits, municipalities, and financial institutions by providing lending and deposit solutions as well as support to deliver, fund, and manage such banking solutions.
Founded
1964
HQ
Employees
4.0K
Website
Sectors
Financials (LTM)
EV
$9B
Associated Bank Financials
Associated Bank reported last 12-month revenue of $2B.
In the same LTM period, Associated Bank generated $476M in net income.
Revenue (LTM)
Associated Bank P&L
In the most recent fiscal year, Associated Bank reported revenue of $1B and net income of $475M.
Associated Bank expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $2B | XXX | $1B | XXX | XXX | XXX |
| EBIT Margin | 43% | XXX | 43% | XXX | XXX | XXX |
| Net Profit | $476M | XXX | $475M | XXX | XXX | XXX |
| Net Margin | 31% | XXX | 32% | XXX | XXX | XXX |
| Net Debt | — | — | $2B | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Associated Bank Stock Performance
Associated Bank has current market cap of $5B, and enterprise value of $9B.
Market Cap Evolution
Associated Bank's stock price is $28.14.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $9B | $5B | 0.0% | XXX | XXX | XXX | $2.52 |
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Start Free TrialAssociated Bank Valuation Multiples
Associated Bank trades at 6.0x EV/Revenue multiple.
EV / Revenue (LTM)
Associated Bank Financial Valuation Multiples
As of April 20, 2026, Associated Bank has market cap of $5B and EV of $9B.
Equity research analysts estimate Associated Bank's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Associated Bank has a P/E ratio of 11.1x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $5B | XXX | $5B | XXX | XXX | XXX |
| EV (current) | $9B | XXX | $9B | XXX | XXX | XXX |
| EV/Revenue | 6.0x | XXX | 6.3x | XXX | XXX | XXX |
| EV/EBIT | 13.8x | XXX | 14.5x | XXX | XXX | XXX |
| P/E | 11.1x | XXX | 11.2x | XXX | XXX | XXX |
| EV/FCF | — | XXX | 16.1x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Associated Bank Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Associated Bank Margins & Growth Rates
Associated Bank's revenue in the last 12 month grew by 14%.
Associated Bank's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.2M for the same period.
Associated Bank Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 14% | XXX | 16% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.4M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.2M | XXX | XXX | XXX |
| S&M Expenses to Revenue | — | XXX | 2% | XXX | XXX | XXX |
| G&A Expenses to Revenue | — | XXX | 38% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 2% | XXX | 2% | XXX | XXX | XXX |
| Opex to Revenue | 57% | XXX | 57% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Associated Bank Public Comps
See public comps and valuation multiples for other Commercial Banking comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Associated Bank | XXX | XXX | XXX | XXX | XXX | XXX |
| Bank OZK | XXX | XXX | XXX | XXX | XXX | XXX |
| Intercorp Financial | XXX | XXX | XXX | XXX | XXX | XXX |
| Investec UK | XXX | XXX | XXX | XXX | XXX | XXX |
| Bank Of Chongqing | XXX | XXX | XXX | XXX | XXX | XXX |
| Home BancShares | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Associated Bank M&A Activity
Associated Bank acquired XXX companies to date.
Last acquisition by Associated Bank was on XXXXXXXX, XXXXX. Associated Bank acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Associated Bank
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAssociated Bank Investment Activity
Associated Bank invested in XXX companies to date.
Associated Bank made its latest investment on XXXXXXXX, XXXXX. Associated Bank invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Associated Bank
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Associated Bank
| When was Associated Bank founded? | Associated Bank was founded in 1964. |
| Where is Associated Bank headquartered? | Associated Bank is headquartered in United States. |
| How many employees does Associated Bank have? | As of today, Associated Bank has over 4K employees. |
| Who is the CEO of Associated Bank? | Associated Bank's CEO is Andrew J. Harmening. |
| Is Associated Bank publicly listed? | Yes, Associated Bank is a public company listed on NYSE. |
| What is the stock symbol of Associated Bank? | Associated Bank trades under ASB ticker. |
| When did Associated Bank go public? | Associated Bank went public in 1977. |
| Who are competitors of Associated Bank? | Associated Bank main competitors are Bank OZK, Intercorp Financial, Investec UK, Bank Of Chongqing. |
| What is the current market cap of Associated Bank? | Associated Bank's current market cap is $5B. |
| What is the current revenue of Associated Bank? | Associated Bank's last 12 months revenue is $2B. |
| What is the current revenue growth of Associated Bank? | Associated Bank revenue growth (NTM/LTM) is 14%. |
| What is the current EV/Revenue multiple of Associated Bank? | Current revenue multiple of Associated Bank is 6.0x. |
| Is Associated Bank profitable? | Yes, Associated Bank is net-income-positive (as of the last 12 months). |
| What is the current net income of Associated Bank? | Associated Bank's last 12 months net income is $476M. |
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