FS Bancorp, Inc (FSBW) Fair Value & Analysis
Financial Services · US · Market cap $309M
FS Bancorp, Inc
FSBW · US
Fair value as of: Jul 26, 2026
From 6 valuation models · updated 15 days ago
Share price +0.9% over the past month.
A solid business, screening 36% undervalued on our models.
What matters now
- Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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 $23.96 – $46.87 · fair‑value band $43.85 – $73.08 · the $43.06 price screens below the $58.47 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 26, 2026.
Analysis
FS Bancorp, Inc (FSBW) currently trades at $43.06, while our model-based Fair Value estimate is $58.47, implying the stock looks roughly 35.8% undervalued today. The Quality Score stands at 58/100 (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, FS Bancorp, Inc generated revenue of $144M at a net margin of 23.0%. Revenue grew 2.6% year over year. It earns a return on equity of 10.8%. Net debt stands at $128M. Fundamentals as of Jul 26, 2026
Our scenario range runs from $43.85 (bear case) to $73.08 (bull case); at $43.06, the current price sits below 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 about 1% below its 52-week high and 20% 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 36%, FSBW 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.
All 6 models by family
Widest divergence: Multiples ($58.10) versus Dividend Discount ($17.70). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 26, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 51 · Market factors (momentum, volatility) 64
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
FS Bancorp, Inc. operates as a bank holding company for 1st Security Bank of Washington that provides banking and financial services to local families, local and regional businesses, and industry niches in Washington. The company operates in two segments, Commercial and Consumer Banking; and Home Lending.
Full company description
FS Bancorp, Inc. operates as a bank holding company for 1st Security Bank of Washington that provides banking and financial services to local families, local and regional businesses, and industry niches in Washington. The company operates in two segments, Commercial and Consumer Banking; and Home Lending. It offers various deposit instruments, including checking accounts, money market deposit accounts, savings accounts, and certificates of deposit. The company provides one-to-four-family residential first mortgages loans, home equity loan products, commercial business loans, commercial real estate loans, and construction and development loans, as well as consumer loans, which include personal lines of credit, credit cards, automobile, direct home improvement, loans on deposit, and recreational loans. Further, it provides online banking platforms, mobile banking apps, and telephone banking services, as well as cash management services. The company operates full bank service branches and home loan production offices in suburban communities in the greater Puget Sound area, including Snohomish, King, Pierce, Kitsap, Clallam, Jefferson, Grays Harbor, Thurston, and Benton counties; Oregon; and a loan production office in the market area of the Tri-Cities. The company was founded in 1936 and is headquartered in Mountlake Terrace, Washington.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
FS Bancorp, Inc reported revenue of $218M in FY2025 versus $131M in FY2021, a compound +13.5%/yr. Reported net income was $33.3M in FY2025, compounding −2.8%/yr from FY2021.
of which total revenue +17.6 pp · buybacks/dilution −3.4 pp
Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).
Watch FSBW: get an alert when its fair value changes →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- FS Bancorp Inc. Announces Rise In Q2 Bottom Line
- FS Bancorp declares $0.29 dividend
- FS Bancorp (FSBW) Q1 Earnings Surpass Estimates
- FS Bancorp, Inc. Reports First Quarter Net Income of $7.8 Million or $1.02 Per Diluted Share and Declares 53rd Consecutive Quarterly Cash Di
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.
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Jul 26, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| PT Bank Central Asia Tbk BBCA | 6,175 IDR | 6,087 IDR | -1% |
| KB Financial Group 105560 | 184,400 KRW | 213,797 KRW | +16% |
| PT Bank Rakyat Indonesia (Persero) Tbk BBRI | 2,970 IDR | 4,891 IDR | +65% |
| PT Bank Mandiri (Persero) Tbk BMRI | 4,310 IDR | 7,841 IDR | +82% |
| Banco Bradesco S.A BBD | 5,120 ARS | 10,240 ARS | +100% |
| Shinhan Financial Group 055550 | 107,900 KRW | 137,259 KRW | +27% |
| Hana Financial Group 086790 | 136,800 KRW | 193,969 KRW | +42% |
| Lloyds Banking Group LYG | 4,138 ARS | 8,275 ARS | +100% |
| Banco de Chile, CHILE | 193.10 CLP | 152.55 CLP | -21% |
| Joint Stock Commercial Bank for Foreign Trade of Vietnam, VCB | 59,400 VND | 84,201 VND | +42% |
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Frequently asked questions
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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.
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