📊 FSBW Key Takeaways
Is FSBW a Good Investment? Thesis Analysis
FS Bancorp demonstrates solid fundamentals with strong revenue growth of 51.3% YoY and healthy net margins of 16.9%, though net income growth moderated to 1.7% YoY. The company maintains a conservative debt-to-equity ratio of 0.61x with solid free cash flow generation of $51.9M, but modest ROA of 1.0% and declining EPS suggest operational efficiency and earnings power need improvement.
Why Buy FSBW? Key Strengths
- Strong revenue growth of 51.3% YoY indicates market expansion and business momentum
- Healthy net profit margin of 16.9% and operating margin of 20.8% demonstrate pricing power and cost control
- Robust free cash flow of $51.9M with 26.3% FCF margin provides capital flexibility
- Conservative leverage with 0.61x debt-to-equity ratio and manageable long-term debt of $186.5M
FSBW Investment Risks to Consider
- Earnings growth severely lagged revenue growth (1.7% net income vs 51.3% revenue growth) suggests operational leverage deterioration or one-time costs
- Low return on assets of 1.0% and modest ROE of 10.8% indicate suboptimal asset utilization for a financial institution
- Diluted EPS declined 1.6% YoY despite revenue growth, signaling shareholder value dilution or earnings pressure
- Interest coverage ratio of 2.8x is adequate but not robust; vulnerable to rising rates or credit deterioration
Key Metrics to Watch
- Net income growth rate relative to revenue growth to assess operational leverage recovery
- Return on assets and return on equity trends to monitor profitability improvement
- Interest coverage ratio and debt service capacity amid changing rate environment
- Free cash flow sustainability and capital allocation decisions
FSBW Financial Metrics
💡 AI Analyst Insight
The 26.3% free cash flow margin provides substantial flexibility for dividends, buybacks, and strategic investments. The current ratio below 1.0x warrants monitoring of short-term liquidity.
FSBW Profitability Ratios
FSBW vs Default Sector
How FS Bancorp, Inc. compares to Default sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
Is FSBW Overvalued or Undervalued?
Based on fundamental analysis, FS Bancorp, Inc. has mixed fundamental signals relative to the Default sector in 2026.
Note: This is a fundamental analysis based on SEC filings. For P/E ratio, price targets, and market-based valuation, consult financial data providers. This is not investment advice.
FSBW Balance Sheet & Liquidity
FSBW 5-Year Financial Trend & Growth Analysis
5-Year Trend Summary: FS Bancorp, Inc.'s revenue has grown significantly by 58% over the 5-year period, indicating strong business expansion. The most recent EPS of $4.56 reflects profitable operations.
FSBW Growth Metrics (YoY)
FSBW Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q2 2024 | $1.2M | $9.0M | $1.13 |
| Q1 2024 | $914.0K | $8.2M | $1.04 |
| Q3 2023 | $812.0K | $8.5M | $1.08 |
| Q2 2023 | $809.0K | $6.7M | $0.83 |
| Q1 2023 | $759.0K | $6.9M | $0.83 |
| Q3 2022 | $777.0K | $8.3M | $0.98 |
| Q2 2022 | $758.0K | $6.7M | $0.83 |
| Q1 2022 | $688.0K | $6.9M | $0.81 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
FSBW Capital Allocation
FSBW SEC 10-K & 10-Q Filing Analysis
Access official SEC EDGAR filings for FS Bancorp, Inc. (CIK: 0001530249)
📋 Recent SEC Filings
❓ Frequently Asked Questions about FSBW
What is the AI rating for FSBW?
FS Bancorp, Inc. (FSBW) has an AI rating of BUY with 72% confidence, based on fundamental analysis of SEC EDGAR filings.
What are FSBW's key strengths?
Claude: Strong revenue growth of 51.3% YoY indicates market expansion and business momentum. Healthy net profit margin of 16.9% and operating margin of 20.8% demonstrate pricing power and cost control.
What are the risks of investing in FSBW?
Claude: Earnings growth severely lagged revenue growth (1.7% net income vs 51.3% revenue growth) suggests operational leverage deterioration or one-time costs. Low return on assets of 1.0% and modest ROE of 10.8% indicate suboptimal asset utilization for a financial institution.
What is FSBW's revenue and growth?
FS Bancorp, Inc. reported revenue of $197.2M.
Does FSBW pay dividends?
FS Bancorp, Inc. pays dividends, with $10.3M distributed to shareholders in the trailing twelve months.
Where can I find FSBW SEC filings?
Official SEC filings for FS Bancorp, Inc. (CIK: 0001530249) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.
What is FSBW's EPS?
FS Bancorp, Inc. has a diluted EPS of $4.29.
How is the AI analysis conducted?
Two independent AI systems — Claude (Anthropic) and ChatGPT (OpenAI) — analyze SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports. Each AI evaluates financial health, profitability ratios, balance sheet strength, and growth metrics. The combined rating reflects both perspectives for balanced insights.
Is FSBW a good stock to buy right now?
Based on our AI fundamental analysis in March 2026, FS Bancorp, Inc. has a BUY rating with 72% confidence. The AI analysis suggests favorable fundamentals based on SEC filings. This is not investment advice.
Is FSBW stock overvalued or undervalued?
Valuation metrics for FSBW: ROE of 10.8% (sector avg: 15%), net margin of 16.9% (sector avg: 12%). Compare these metrics with sector averages to assess valuation.
Should I buy FSBW stock in 2026?
Our dual AI analysis gives FS Bancorp, Inc. a combined BUY rating for 2026. Revenue is data pending, with profitability above sector average. Always conduct your own research.
What is FSBW's free cash flow?
FS Bancorp, Inc.'s operating cash flow is $72.3M, with capital expenditures of $20.4M. FCF margin is 26.3%.
How does FSBW compare to other Default stocks?
Vs Default sector averages: Net margin 16.9% (avg: 12%), ROE 10.8% (avg: 15%), current ratio N/A (avg: 1.8).