ASB Fundamental Analysis - ASSOCIATED BANC-CORP

Fundamental Rating

Overall ASB gets a fundamental rating of 4 out of 10. We evaluated ASB against 391 industry peers in the Banks industry. Both the profitability and financial health of ASB have multiple concerns. ASB has a correct valuation and a medium growth rate.

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1. Profitability

1.1 Basic Checks

In the past year ASB was profitable.

ASB had a positive operating cash flow in the past year.

Each year in the past 5 years ASB has been profitable.

ASB had a positive operating cash flow in each of the past 5 years.

1.2 Ratios

Looking at the Return On Assets, with a value of 0.29%, ASB is doing worse than 84.14% of the companies in the same industry.

ASB has a worse Return On Equity (2.66%) than 84.65% of its industry peers.

		Industry Rank	Sector Rank
ROA	0.29%
ROE	2.66%
ROIC	N/A

ROA(3y)0.52%

ROA(5y)0.67%

ROE(3y)5.09%

ROE(5y)6.1%

ROIC(3y)N/A

ROIC(5y)N/A

1.3 Margins

Looking at the Profit Margin, with a value of 11.50%, ASB is doing worse than 80.31% of the companies in the same industry.

ASB's Profit Margin has declined in the last couple of years.

ASB does not have Operating Margin and Gross Margin available, so we won't be analyzing them here.

		Industry Rank	Sector Rank
OM	N/A
PM (TTM)	11.5%
GM	N/A

OM growth 3YN/A

OM growth 5YN/A

PM growth 3Y-30.12%

PM growth 5Y-15.92%

GM growth 3YN/A

GM growth 5YN/A

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

ASB does not have a ROIC to compare to the WACC, probably because it is not profitable.

Compared to 1 year ago, ASB has more shares outstanding

ASB has more shares outstanding than it did 5 years ago.

ASB has a worse debt/assets ratio than last year.

2.2 Solvency

ASB has a debt to FCF ratio of 1.31. This is a very positive value and a sign of high solvency as it would only need 1.31 years to pay back of all of its debts.

ASB has a Debt to FCF ratio of 1.31. This is in the better half of the industry: ASB outperforms 61.89% of its industry peers.

ASB has a Debt/Equity ratio of 0.14. This is a healthy value indicating a solid balance between debt and equity.

The Debt to Equity ratio of ASB (0.14) is comparable to the rest of the industry.

		Industry Rank	Sector Rank
Debt/Equity	0.14
Debt/FCF	1.31
Altman-Z	N/A

ROIC/WACCN/A

WACC19.16%

2.3 Liquidity

		Industry Rank	Sector Rank
Current Ratio	N/A
Quick Ratio	N/A

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WACC

Debt/Equity

How to determine the health of a company

Altman-Z score

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3. Growth

3.1 Past

The Earnings Per Share has been growing slightly by 3.88% over the past year.

The Earnings Per Share has been growing slightly by 3.84% on average over the past years.

ASB shows a small growth in Revenue. In the last year, the Revenue has grown by 1.58%.

The Revenue has been decreasing by -3.13% on average over the past years.

EPS 1Y (TTM)3.88%

EPS 3Y2.96%

EPS 5Y3.84%

EPS Q2Q%-12.16%

Revenue 1Y (TTM)1.58%

Revenue growth 3Y-0.65%

Revenue growth 5Y-3.13%

Sales Q2Q%14.06%

3.2 Future

The Earnings Per Share is expected to grow by 11.16% on average over the next years. This is quite good.

The Revenue is expected to grow by 10.69% on average over the next years. This is quite good.

EPS Next Y10.78%

EPS Next 2Y8.84%

EPS Next 3Y11.16%

EPS Next 5YN/A

Revenue Next Year20.39%

Revenue Next 2Y12.87%

Revenue Next 3Y10.69%

Revenue Next 5YN/A

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.

The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.

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4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 10.51, the valuation of ASB can be described as reasonable.

69.57% of the companies in the same industry are more expensive than ASB, based on the Price/Earnings ratio.

ASB is valuated cheaply when we compare the Price/Earnings ratio to 27.67, which is the current average of the S&P500 Index.

ASB is valuated reasonably with a Price/Forward Earnings ratio of 8.94.

Based on the Price/Forward Earnings ratio, ASB is valued a bit cheaper than 67.52% of the companies in the same industry.

ASB is valuated cheaply when we compare the Price/Forward Earnings ratio to 23.33, which is the current average of the S&P500 Index.

		Industry Rank	Sector Rank
PE	10.51
Fwd PE	8.94

4.2 Price Multiples

Based on the Price/Free Cash Flow ratio, ASB is valued cheaply inside the industry as 80.05% of the companies are valued more expensively.

		Industry Rank	Sector Rank
P/FCF	8.25
EV/EBITDA	N/A

4.3 Compensation for Growth

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.

PEG (NY)0.97

PEG (5Y)2.74

EPS Next 2Y8.84%

EPS Next 3Y11.16%

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5. Dividend

5.1 Amount

ASB has a Yearly Dividend Yield of 3.82%.

ASB's Dividend Yield is a higher than the industry average which is at 3.55.

Compared to an average S&P500 Dividend Yield of 2.35, ASB pays a better dividend.

		Industry Rank	Sector Rank
Dividend Yield	3.82%

5.2 History

The dividend of ASB has a limited annual growth rate of 3.73%.

ASB has been paying a dividend for at least 10 years, so it has a reliable track record.

ASB has not decreased their dividend for at least 10 years, which is a reliable track record.

Dividend Growth(5Y)3.73%

Div Incr Years13

Div Non Decr Years14

5.3 Sustainability

ASB pays out 126.42% of its income as dividend. This is not a sustainable payout ratio.

The dividend of ASB is growing, but earnings are growing more, so the dividend growth is sustainable.

DP126.42%

EPS Next 2Y8.84%

EPS Next 3Y11.16%

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ASSOCIATED BANC-CORP

NYSE:ASB (10/23/2025, 8:04:00 PM)

After market: 24.9501 -0.37 (-1.46%)

25.32

+0.1 (+0.4%)

Chartmill FA Rating

GICS SectorFinancials

GICS IndustryGroupBanks

GICS IndustryBanks

Earnings (Last)07-24 2025-07-24/amc

Earnings (Next)10-23 2025-10-23/amc

Inst Owners86.66%

Inst Owner Change0%

Ins Owners0.77%

Ins Owner Change0.3%

Market Cap4.20B

Revenue(TTM)1.10B

Net Income(TTM)127.12M

Analysts68.57

Price Target29.17 (15.21%)

Short Float %2.87%

Short Ratio3.28

Dividend

		Industry Rank	Sector Rank
Dividend Yield	3.82%

Yearly Dividend0.95

Dividend Growth(5Y)3.73%

DP126.42%

Div Incr Years13

Div Non Decr Years14

Ex-Date09-02 2025-09-02 (0.23)

Surprises & Revisions

EPS beat(2)2

Avg EPS beat(2)6.09%

Min EPS beat(2)4.04%

Max EPS beat(2)8.15%

EPS beat(4)4

Avg EPS beat(4)7.23%

Min EPS beat(4)4.04%

Max EPS beat(4)11.39%

EPS beat(8)8

Avg EPS beat(8)9.51%

EPS beat(12)11

Avg EPS beat(12)6.82%

EPS beat(16)15

Avg EPS beat(16)10.92%

Revenue beat(2)1

Avg Revenue beat(2)-0.82%

Min Revenue beat(2)-1.88%

Max Revenue beat(2)0.23%

Revenue beat(4)2

Avg Revenue beat(4)8.02%

Min Revenue beat(4)-1.95%

Max Revenue beat(4)35.66%

Revenue beat(8)3

Avg Revenue beat(8)7.83%

Revenue beat(12)4

Avg Revenue beat(12)4.96%

Revenue beat(16)6

Avg Revenue beat(16)3.75%

PT rev (1m)0%

PT rev (3m)5.54%

EPS NQ rev (1m)-0.34%

EPS NQ rev (3m)6.07%

EPS NY rev (1m)0%

EPS NY rev (3m)4.01%

Revenue NQ rev (1m)-0.17%

Revenue NQ rev (3m)2.06%

Revenue NY rev (1m)0%

Revenue NY rev (3m)1.56%

Valuation

		Industry Rank	Sector Rank
PE	10.51
Fwd PE	8.94
P/S	3.8
P/FCF	8.25
P/OCF	7.61
P/B	0.88
P/tB	1.18
EV/EBITDA	N/A

EPS(TTM)2.41

EY9.52%

EPS(NY)2.83

Fwd EY11.18%

FCF(TTM)3.07

FCFY12.12%

OCF(TTM)3.33

OCFY13.14%

SpS6.66

BVpS28.83

TBVpS21.49

PEG (NY)0.97

PEG (5Y)2.74

Graham Number39.54

Profitability

		Industry Rank	Sector Rank
ROA	0.29%
ROE	2.66%
ROCE	N/A
ROIC	N/A
ROICexc	N/A
ROICexgc	N/A
OM	N/A
PM (TTM)	11.5%
GM	N/A
FCFM	46.05%

ROA(3y)0.52%

ROA(5y)0.67%

ROE(3y)5.09%

ROE(5y)6.1%

ROIC(3y)N/A

ROIC(5y)N/A

ROICexc(3y)N/A

ROICexc(5y)N/A

ROICexgc(3y)N/A

ROICexgc(5y)N/A

ROCE(3y)N/A

ROCE(5y)N/A

ROICexgc growth 3YN/A

ROICexgc growth 5YN/A

ROICexc growth 3YN/A

ROICexc growth 5YN/A

OM growth 3YN/A

OM growth 5YN/A

PM growth 3Y-30.12%

PM growth 5Y-15.92%

GM growth 3YN/A

GM growth 5YN/A

F-Score4

Asset Turnover0.03

Health

		Industry Rank	Sector Rank
Debt/Equity	0.14
Debt/FCF	1.31
Debt/EBITDA	N/A
Cap/Depr	72.73%
Cap/Sales	3.89%
Interest Coverage	N/A
Cash Conversion	N/A
Profit Quality	400.32%
Current Ratio	N/A
Quick Ratio	N/A
Altman-Z	N/A

F-Score4

WACC19.16%

ROIC/WACCN/A

Cap/Depr(3y)101.71%

Cap/Depr(5y)88.11%

Cap/Sales(3y)5%

Cap/Sales(5y)4.84%

Profit Quality(3y)309.46%

Profit Quality(5y)249.06%

High Growth Momentum

Growth

EPS 1Y (TTM)3.88%

EPS 3Y2.96%

EPS 5Y3.84%

EPS Q2Q%-12.16%

EPS Next Y10.78%

EPS Next 2Y8.84%

EPS Next 3Y11.16%

EPS Next 5YN/A

Revenue 1Y (TTM)1.58%

Revenue growth 3Y-0.65%

Revenue growth 5Y-3.13%

Sales Q2Q%14.06%

Revenue Next Year20.39%

Revenue Next 2Y12.87%

Revenue Next 3Y10.69%

Revenue Next 5YN/A

EBIT growth 1YN/A

EBIT growth 3YN/A

EBIT growth 5YN/A

EBIT Next YearN/A

EBIT Next 3YN/A

EBIT Next 5YN/A

FCF growth 1Y6.59%

FCF growth 3Y3.89%

FCF growth 5Y1.1%

OCF growth 1Y2.89%

OCF growth 3Y3.09%

OCF growth 5Y0.21%

ASSOCIATED BANC-CORP (ASB) Stock Fundamental Analysis

1. Profitability

1.1 Basic Checks

1.2 Ratios

1.3 Margins

More info and screens

2. Health

2.1 Basic Checks

2.2 Solvency

2.3 Liquidity

More info and screens

3. Growth

3.1 Past

3.2 Future

3.3 Evolution

More info and screens

4. Valuation

4.1 Price/Earnings Ratio

4.2 Price Multiples

4.3 Compensation for Growth

More info and screens

5. Dividend

5.1 Amount

5.2 History

5.3 Sustainability

More info and screens