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Associated Bank Valuation Multiples

Discover revenue and EBITDA valuation multiples for Associated Bank and similar public comparables like RAKBANK, National Bank of Fujairah, and First Abu Dhabi Bank.

Associated Bank Overview

About Associated Bank

Associated Banc-Corp is a bank holding company. The company through its subsidiaries provides a broad array of banking and nonbanking products and services to individuals and businesses. The company 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 and Community, Consumer, and Business segments.


Founded

1964

HQ

United States of America
Employees

4K+

Financials

LTM Revenue $1.4B

Last FY EBITDA n/a

EV

$6.7B

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Associated Bank Financials

Associated Bank has a last 12-month revenue (LTM) of $1.4B and a last 12-month EBITDA of n/a.

In the most recent fiscal year, Associated Bank achieved revenue of $1.0B and an EBITDA of n/a.

Associated Bank expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Associated Bank P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $1.4B XXX $1.0B XXX XXX XXX
Gross Profit $1.4B XXX n/a XXX XXX XXX
Gross Margin 100% XXX n/a XXX XXX XXX
EBITDA n/a XXX n/a XXX XXX XXX
EBITDA Margin n/a XXX n/a XXX XXX XXX
EBIT $557M XXX n/a XXX XXX XXX
EBIT Margin 40% XXX n/a XXX XXX XXX
Net Profit $247M XXX $123M XXX XXX XXX
Net Margin 18% XXX 12% XXX XXX XXX
Net Debt XXX XXX $1.7B XXX XXX XXX

Financial data powered by Morningstar, Inc.

Associated Bank Stock Performance

As of May 30, 2025, Associated Bank's stock price is $23.

Associated Bank has current market cap of $3.8B, and EV of $6.7B.

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Associated Bank Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$6.7B $3.8B XXX XXX XXX XXX $2.32

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Associated Bank Valuation Multiples

As of May 30, 2025, Associated Bank has market cap of $3.8B and EV of $6.7B.

Associated Bank's trades at 6.5x EV/Revenue multiple, and n/a EV/EBITDA.

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 15.6x.

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Associated Bank Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $3.8B XXX $3.8B XXX XXX XXX
EV (current) $6.7B XXX $6.7B XXX XXX XXX
EV/Revenue 4.8x XXX 6.5x XXX XXX XXX
EV/EBITDA n/a XXX n/a XXX XXX XXX
EV/EBIT 12.0x XXX n/a XXX XXX XXX
EV/Gross Profit 4.8x XXX n/a XXX XXX XXX
P/E 15.6x XXX 31.2x XXX XXX XXX
EV/FCF n/a XXX 12.4x XXX XXX XXX

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Associated Bank Margins & Growth Rates

Associated Bank's last 12 month revenue growth is 8%

Associated Bank's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged n/a for the same period.

Associated Bank's rule of 40 is unknown (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Associated Bank's rule of X is unknown (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Associated Bank Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 8% XXX 22% XXX XXX XXX
EBITDA Margin n/a XXX n/a XXX XXX XXX
EBITDA Growth n/a XXX n/a XXX XXX XXX
Rule of 40 n/a XXX n/a XXX XXX XXX
Bessemer Rule of X XXX XXX n/a XXX XXX XXX
Revenue per Employee XXX XXX $0.3M XXX XXX XXX
Opex per Employee XXX XXX n/a XXX XXX XXX
S&M Expenses to Revenue XXX XXX 3% XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX n/a XXX XXX XXX
Opex to Revenue XXX XXX n/a XXX XXX XXX

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Associated Bank Public Comps

See public comps and valuation multiples for Commercial Banking comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Abu Dhabi Commercial Bank XXX XXX XXX XXX XXX XXX
Abu Dhabi Islamic Bank XXX XXX XXX XXX XXX XXX
First Abu Dhabi Bank XXX XXX XXX XXX XXX XXX
National Bank of Fujairah XXX XXX XXX XXX XXX XXX
RAKBANK 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 and Investment Activity

Associated Bank acquired  XXX companies to date.

Last acquisition by Associated Bank was  XXXXXXXX, XXXXX XXXXX XXXXXX . Associated Bank acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Associated Bank

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About 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 of America.
How many employees does Associated Bank have? As of today, Associated Bank has 4K+ employees.
Who is the CEO of Associated Bank? Associated Bank's CEO is Mr. Andrew J. Harmening.
Is Associated Bank publicy listed? Yes, Associated Bank is a public company listed on NYS.
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? Similar companies to Associated Bank include e.g. Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, First Abu Dhabi Bank, National Bank of Fujairah.
What is the current market cap of Associated Bank? Associated Bank's current market cap is $3.8B
What is the current revenue of Associated Bank? Associated Bank's last 12 months revenue is $1.4B.
What is the current revenue growth of Associated Bank? Associated Bank revenue growth (NTM/LTM) is 8%.
What is the current EV/Revenue multiple of Associated Bank? Current revenue multiple of Associated Bank is 4.8x.
Is Associated Bank profitable? Yes, Associated Bank is EBITDA-positive (as of the last 12 months).

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