First Business Financial Services, Inc. (FBIZ) 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

+448.1%

$426.23

vs $77.77 price

Levered DCF

$106.21

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.33

Distress zone

Rating

A-

Overall 4 / 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	8.96×	8.9×	9.26×	7.69×	7×	9.35×	9.82×	10.49×
P/B	1.19×	1.15×	1.13×	1.15×	1.04×	0.75×	1.15×	0.93×
P/S	1.59×	1.44×	1.44×	1.99×	1.95×	1.3×	1.85×	1.57×
EV / EBITDA	10.46×	9.97×	10.37×	11.81×	11.95×	24.49×	17.93×	20.44×
Gross margin	57.3%	55.1%	60.0%	87.3%	95.5%	71.4%	71.6%	70.8%
Operating margin	21.6%	19.5%	20.8%	34.6%	37.9%	15.4%	20.2%	16.4%
Net margin	18.0%	16.9%	16.4%	27.1%	28.8%	14.3%	19.2%	15.2%
Current ratio	0.31×	0.17×	0.16×	0.15×	0.15×	0.15×	0.18×	0.18×
Debt / equity	0.7×	1×	1.17×	1.79×	1.8×	2.11×	1.74×	1.71×
Interest coverage	0.55×	0.47×	0.57×	2.28×	4.15×	1.07×	0.76×	0.74×
Dividend yield	2.4%	2.4%	2.6%	2.5%	2.5%	3.7%	2.3%	2.9%
Payout ratio	21.0%	20.8%	22.8%	18.0%	17.2%	33.3%	22.4%	30.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.5%	13.5%	12.8%	15.7%	15.4%	8.2%	12.0%	9.0%
Return on invested capital	1.2%	5.9%	5.2%	5.2%	5.3%	2.4%	4.2%	3.3%
Return on assets	1.2%	1.1%	1.1%	1.4%	1.3%	0.7%	1.1%	0.8%
Free cash flow yield	13.8%	15.2%	15.2%	11.8%	14.7%	17.1%	12.8%	14.4%
Earnings yield	11.4%	11.7%	11.4%	13.6%	14.7%	11.0%	10.4%	9.7%
Enterprise value	$671.6M	$547.4M	$526.4M	$665M	$604.4M	$533.1M	$494.1M	$391M
Net debt / EBITDA	3.56×	3.1×	3.95×	6.47×	7.15×	17.4×	9.8×	11.63×
Cash conversion cycle (days)	4,362	18	21	-348	-950	-73	-51	-118