Associated Banc-Corp (ASBA) 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

+579.8%

$167.17

vs $24.59 price

Levered DCF

$113.12

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.47

Distress zone

Rating

B+

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	8.91×	33.85×	19.18×	10.68×	11.56×	13.55×	13.19×	13.33×
P/B	0.86×	0.82×	0.79×	0.94×	0.95×	0.95×	1.04×	1.13×
P/S	1.67×	1.78×	1.62×	2.63×	3.34×	3.45×	3.4×	3.46×
EV / EBITDA	2.19×	3.16×	3.83×	6.75×	4.51×	5.21×	6.43×	4.86×
Gross margin	58.3%	45.1%	50.5%	84.5%	100.0%	100.0%	100.0%	100.0%
Operating margin	23.5%	6.4%	10.2%	32.2%	44.5%	43.0%	41.3%	44.0%
Net margin	19.3%	5.8%	9.1%	25.6%	28.9%	25.6%	25.8%	26.0%
Current ratio	0×	0×	0×	1.46×	11.33×	3.45×	1.36×	2.13×
Debt / equity	0×	0.17×	0.42×	0.36×	0.46×	0.53×	0.82×	0.56×
Interest coverage	0.59×	0.13×	0.22×	2.45×	0×	0×	0×	0×
Dividend yield	3.8%	3.7%	4.3%	3.6%	3.5%	3.4%	3.1%	2.7%
Payout ratio	32.8%	113.0%	77.1%	36.8%	40.2%	45.5%	41.0%	36.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.9%	2.7%	4.4%	9.1%	8.2%	7.0%	7.9%	8.5%
Return on invested capital	6.2%	1.8%	3.2%	0.9%	1.2%	1.4%	1.2%	1.3%
Return on assets	1.1%	0.3%	0.4%	0.9%	0.9%	0.9%	1.0%	1.0%
Free cash flow yield	15.0%	14.3%	11.6%	20.9%	12.5%	12.8%	12.4%	10.1%
Earnings yield	11.6%	3.3%	5.6%	9.7%	8.7%	7.4%	7.6%	7.5%
Enterprise value	$3.5B	$4B	$4.5B	$4.7B	$4.7B	$5.3B	$6.9B	$5.6B
Net debt / EBITDA	-0.36×	0.2×	1.05×	1.39×	0.81×	1.43×	2.62×	1.15×
Cash conversion cycle (days)	24	29	31	0	0	0	0	0