First Business Financial Services, Inc (FBIZ) Fair Value & Analysis

Financial Services · US · Market cap $505M

A solid business, screening 10% undervalued on our models.

What matters now

• For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
• Our model range runs from $58.67 (bear) to $97.78 (bull), base $78.23. The closer the price sits to the lower half, the larger the margin of safety.
• Quality 56/100 (solid quality) with high evidence: the data supports the verdict.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 26, 2026.

How to read this chart

60‑month range $22.69 – $72.01 · fair‑value band $58.67 – $97.78 · the $71.12 price screens below the $78.23 fair value. Dashed = 300-day average. As of Jul 26, 2026.

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Analysis

First Business Financial Services, Inc (FBIZ) currently trades at $71.12, while our model-based Fair Value estimate is $78.23, implying the stock looks roughly 10.0% undervalued today. The Quality Score stands at 56/100 (solid quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, First Business Financial Services, Inc generated revenue of $163M at a net margin of 31.5%. Revenue grew 8.3% year over year. It earns a return on equity of 14.3%. Net debt stands at $229M. Fundamentals as of Jul 26, 2026

Our scenario range runs from $58.67 (bear case) to $97.78 (bull case); at $71.12, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 59% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 42% fair-value upside, at 10%, FBIZ screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Multiples ($62.21) versus Asset-Based ($29.77). Highest evidence: Residual Income (76).

Key figures & financial health

Quality Score breakdown

About the company

First Business Financial Services, Inc. operates as the bank holding company for First Business Bank that provides commercial banking products and services for small and medium-sized businesses, business owners, executives, professionals, and high net worth individuals in Wisconsin, Kansas, and Missouri.

Full company description

First Business Financial Services, Inc. operates as the bank holding company for First Business Bank that provides commercial banking products and services for small and medium-sized businesses, business owners, executives, professionals, and high net worth individuals in Wisconsin, Kansas, and Missouri. The company offers commercial real estate lending, commercial and industrial lending, asset-based lending, accounts receivable financing, equipment financing, floorplan financing, vendor financing, small business administration lending and servicing, treasury management solutions, and company retirement services. It also provides private wealth management for individuals, including creating and executing asset allocation strategies, trust and estate administration, financial planning, investment management, and access to brokerage and custody-only services, as well as private banking to private wealth clients. In addition, the company offers bank consulting services consisting of balance sheet, investment portfolio, and asset liability management services. Further, it provides commercial deposit accounts. The company was founded in 1909 and is headquartered in Madison, Wisconsin.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

First Business Financial Services, Inc reported revenue of $279M in FY2025 versus $124M in FY2021, a compound +22.5%/yr. Reported net income was $50.3M in FY2025, compounding +8.9%/yr from FY2021.

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Peer Group

Banks - Regional · 1083 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Banks - Regional median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.