FS Bancorp, Inc. (FSBW) 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

+37.8%

$60.88

vs $44.17 price

Levered DCF

$149.68

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-0.53

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	9.49×	9.17×	7.98×	8.92×	7.61×	6×	12.41×	6.52×
P/B	1.01×	1.07×	1.09×	1.14×	1.15×	1.02×	1.41×	0.88×
P/S	1.42×	1.55×	1.55×	1.97×	2.17×	1.65×	2.57×	2.01×
EV / EBITDA	7.71×	12.23×	4.46×	9.03×	5.5×	3.91×	7.84×	7.41×
Gross margin	66.5%	67.0%	73.7%	84.6%	92.2%	80.5%	79.7%	85.1%
Operating margin	20.6%	20.4%	24.4%	27.6%	36.2%	35.1%	25.7%	36.1%
Net margin	15.3%	17.2%	19.5%	22.1%	28.5%	27.6%	20.7%	30.8%
Current ratio	0.12×	0.09×	0.08×	0.13×	0.16×	0.17×	0.14×	0.12×
Debt / equity	0.46×	1.2×	0.23×	1.05×	0.39×	0.51×	0.5×	0.82×
Interest coverage	0.67×	0.67×	1.03×	2.57×	4.88×	3.39×	1.46×	2.79×
Dividend yield	3.3%	2.6%	2.7%	2.7%	1.6%	1.5%	1.0%	1.2%
Payout ratio	30.8%	23.6%	21.5%	23.9%	12.3%	9.1%	12.6%	7.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.8%	11.8%	13.6%	12.8%	15.1%	17.1%	11.3%	13.5%
Return on invested capital	8.1%	5.1%	8.0%	5.9%	10.1%	8.9%	7.1%	7.0%
Return on assets	1.0%	1.2%	1.2%	1.1%	1.6%	1.9%	1.3%	1.5%
Free cash flow yield	16.8%	15.6%	26.4%	69.4%	37.6%	-14.4%	2.4%	11.1%
Earnings yield	10.8%	11.1%	12.5%	11.2%	13.1%	16.8%	8.1%	15.3%
Enterprise value	$437.1M	$637.7M	$258.2M	$460.7M	$344.3M	$248M	$314.9M	$250.8M
Net debt / EBITDA	2.25×	6.17×	-0.51×	3.85×	0.95×	0.22×	0.83×	2.72×
Cash conversion cycle (days)	25	25	28	30	21	18	20	27