Associated Banc-Corp (ASB) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-66.7%

$10.42

vs $31.35 price

Levered DCF

$30.93

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-0.41

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	9.17×	32.74×	18.76×	9.78×	10.27×	9.12×	11.42×	10.31×
P/B	0.85×	0.79×	0.77×	0.86×	0.85×	0.64×	0.9×	0.88×
P/S	1.73×	1.73×	1.59×	2.42×	3.04×	1.85×	2.29×	2.2×
EV / EBITDA	11.54×	24.46×	17×	15.18×	9.09×	9.94×	14.01×	14.48×
Gross margin	58.3%	44.9%	50.3%	84.5%	101.4%	77.0%	77.1%	81.7%
Operating margin	23.5%	6.4%	10.2%	32.3%	38.9%	23.2%	26.3%	27.5%
Net margin	19.3%	5.9%	9.1%	25.8%	31.3%	21.8%	21.2%	22.2%
Current ratio	0.3×	0.16×	0.13×	0.1×	0.19×	0.14×	0.16×	0.18×
Debt / equity	0.84×	0.69×	0.67×	1.29×	0.55×	0.6×	1.07×	1.2×
Interest coverage	0.59×	0.13×	0.22×	2.45×	6.03×	2.18×	1.21×	1.51×
Dividend yield	3.9%	4.2%	4.4%	3.9%	3.9%	5.0%	3.6%	3.5%
Payout ratio	35.2%	122.4%	77.1%	36.8%	37.9%	42.5%	38.9%	34.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.5%	2.7%	4.4%	9.1%	8.7%	7.5%	8.3%	8.8%
Return on invested capital	-3.8%	1.5%	2.6%	4.0%	5.6%	4.7%	4.0%	4.1%
Return on assets	1.1%	0.3%	0.4%	0.9%	1.0%	0.9%	1.0%	1.0%
Free cash flow yield	13.6%	14.7%	11.9%	22.8%	14.0%	19.0%	14.3%	13.0%
Earnings yield	11.2%	3.4%	5.7%	10.6%	10.3%	11.8%	9.2%	10.1%
Enterprise value	$7.8B	$5.8B	$5.1B	$8B	$4.6B	$4.3B	$7.2B	$7.1B
Net debt / EBITDA	5.29×	9.13×	6.32×	8.67×	2.37×	3.95×	7.08×	7.74×
Cash conversion cycle (days)	24	29	31	37	26	23	22	0