FS Bancorp - Public Comps and Valuation Multiples

FS Bancorp Overview

About FS Bancorp

FS Bancorp Inc is the holding company of 1st Security Bank, a diversified lender with a focus on the origination of commercial real estate, one-to-four-family, and home equity loans, consumer loans, including a variety of indirect home improvement (fixture secured loans), and marine loans, and commercial business loans. The company has two operating segments; The commercial and consumer banking segment provides diversified financial products and services to its commercial and consumer customers through Bank branches, automated teller machines, online banking platforms, mobile banking apps, and telephone banking; and The home lending segment originates one-to-four-family residential mortgage loans for sale in the secondary markets as well as loans held for investment.

Founded

2011

HQ

Employees

567

Website

fsbwa.com

Sectors

Commercial Banking

Financials

LTM Revenue $149M

Last FY EBITDA n/a

EV

$595M

Valuation Multiples

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FS Bancorp Financials

As of September 2025, FS Bancorp reported last 12-month revenue of $149M.

In the same period, FS Bancorp achieved $32.8M in LTM net income.

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FS Bancorp P&L

In the most recent fiscal year, FS Bancorp reported revenue of $142M.

FS Bancorp expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$149M	XXX	$142M	XXX	XXX	XXX
Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
Gross Margin	n/a	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	$46.1M	XXX	n/a	XXX	XXX	XXX
EBIT Margin	31%	XXX	n/a	XXX	XXX	XXX
Net Profit	$32.8M	XXX	$35.0M	XXX	XXX	XXX
Net Margin	22%	XXX	25%	XXX	XXX	XXX
Net Debt	XXX	XXX	$316M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for FS Bancorp including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $149M.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$149M	Analyst estimates available to subscribers	$142M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	NaN% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	n/a	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	n/a	Analyst estimates available to subscribers	NaN% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$46.1M	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	31.0% EBIT margin	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$32.8M	Analyst estimates available to subscribers	$35.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	22.1% net profit margin	Analyst estimates available to subscribers	24.7% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$316M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for FS Bancorp

This financial data table provides comprehensive performance metrics for FS Bancorp, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

FS Bancorp generated $149M in revenue over the last twelve months.
Net income over the last twelve months reached $32.8M.

Fiscal Year Performance

In the most recent fiscal year, FS Bancorp reported $142M in total revenue.
The company maintained a gross profit margin of NaN% in the most recent fiscal year.
EBITDA margin for the fiscal year was NaN%.
Net profit margin reached 24.7% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for FS Bancorp. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

FS Bancorp Stock Performance

FS Bancorp has current market cap of $303M, and EV of $595M.

Market Cap Evolution

FS Bancorp Stock Data

As of October 2, 2025, FS Bancorp's stock price is $40.

See FS Bancorp trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$595M	$303M	XXX	XXX	XXX	XXX	$4.22

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FS Bancorp Valuation Multiples

FS Bancorp's trades at 4.2x EV/Revenue multiple, and n/a EV/EBITDA.

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FS Bancorp Financial Valuation Multiples

As of October 2, 2025, FS Bancorp has market cap of $303M and EV of $595M.

Equity research analysts estimate FS Bancorp's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

FS Bancorp has a P/E ratio of 9.2x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$303M	XXX	$303M	XXX	XXX	XXX
EV (current)	$595M	XXX	$595M	XXX	XXX	XXX
EV/Revenue	4.0x	XXX	4.2x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	n/a	XXX	XXX	XXX
EV/EBIT	12.9x	XXX	n/a	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	9.2x	XXX	8.6x	XXX	XXX	XXX
EV/FCF	n/a	XXX	12.1x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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FS Bancorp Margins & Growth Rates

FS Bancorp's last 12 month revenue growth is 5%

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

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

FS Bancorp'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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FS Bancorp Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	5%	XXX	6%	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	1%	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

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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