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FS Bancorp Valuation Multiples

Discover revenue and EBITDA valuation multiples for FS Bancorp and similar public comparables like Invest Bank, First Abu Dhabi Bank, and Abu Dhabi Islamic Bank.

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

United States of America
Employees

567

Website

fsbwa.com

Financials

LTM Revenue $148M

Last FY EBITDA n/a

EV

$597M

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FS Bancorp Financials

FS Bancorp has a last 12-month revenue (LTM) of $148M and a last 12-month EBITDA of n/a.

In the most recent fiscal year, FS Bancorp achieved revenue of $142M and an EBITDA of n/a.

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

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FS Bancorp P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $148M 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 $44.9M XXX n/a XXX XXX XXX
EBIT Margin 30% XXX n/a XXX XXX XXX
Net Profit $33.2M 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.

FS Bancorp Stock Performance

As of August 15, 2025, FS Bancorp's stock price is $40.

FS Bancorp has current market cap of $305M, and EV of $597M.

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FS Bancorp Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$597M $305M XXX XXX XXX XXX $4.24

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FS Bancorp Valuation Multiples

As of August 15, 2025, FS Bancorp has market cap of $305M and EV of $597M.

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

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.

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FS Bancorp Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $305M XXX $305M XXX XXX XXX
EV (current) $597M XXX $597M 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 13.3x XXX n/a XXX XXX XXX
EV/Gross Profit n/a XXX n/a XXX XXX XXX
P/E 9.2x XXX 8.7x 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 5% 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

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FS Bancorp 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
Invest Bank XXX XXX XXX XXX XXX XXX
National Bank of Fujairah 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.

FS Bancorp M&A and Investment Activity

FS Bancorp acquired  XXX companies to date.

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

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Latest Acquisitions by FS Bancorp

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 FS Bancorp

When was FS Bancorp founded? FS Bancorp was founded in 2011.
Where is FS Bancorp headquartered? FS Bancorp is headquartered in United States of America.
How many employees does FS Bancorp have? As of today, FS Bancorp has 567 employees.
Who is the CEO of FS Bancorp? FS Bancorp's CEO is Mr. Joseph C. Adams.
Is FS Bancorp publicy listed? Yes, FS Bancorp is a public company listed on NAS.
What is the stock symbol of FS Bancorp? FS Bancorp trades under FSBW ticker.
When did FS Bancorp go public? FS Bancorp went public in 2012.
Who are competitors of FS Bancorp? Similar companies to FS Bancorp include e.g. Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, First Abu Dhabi Bank, Invest Bank.
What is the current market cap of FS Bancorp? FS Bancorp's current market cap is $305M
What is the current revenue of FS Bancorp? FS Bancorp's last 12 months revenue is $148M.
What is the current revenue growth of FS Bancorp? FS Bancorp revenue growth (NTM/LTM) is 5%.
What is the current EV/Revenue multiple of FS Bancorp? Current revenue multiple of FS Bancorp is 4.0x.
Is FS Bancorp profitable? Yes, FS Bancorp is EBITDA-positive (as of the last 12 months).

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