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FS BANCORP INC (FSBW) Stock Fundamental Analysis

NASDAQ:FSBW - Nasdaq - US30263Y1047 - Common Stock

39.51  -2.42 (-5.77%)

Fundamental Rating

4

FSBW gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 405 industry peers in the Banks industry. While FSBW is still in line with the averages on profitability rating, there are concerns on its financial health. FSBW is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

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4

1. Profitability

1.1 Basic Checks

FSBW had positive earnings in the past year.
In the past year FSBW had a positive cash flow from operations.
In the past 5 years FSBW has always been profitable.
FSBW had a positive operating cash flow in 4 of the past 5 years.
FSBW Yearly Net Income VS EBIT VS OCF VS FCFFSBW Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50M 100M 150M

1.2 Ratios

The Return On Assets of FSBW (1.52%) is better than 91.21% of its industry peers.
FSBW has a Return On Equity of 15.60%. This is amongst the best in the industry. FSBW outperforms 94.22% of its industry peers.
Industry RankSector Rank
ROA 1.52%
ROE 15.6%
ROIC N/A
ROA(3y)1.3%
ROA(5y)1.42%
ROE(3y)13.61%
ROE(5y)13.83%
ROIC(3y)N/A
ROIC(5y)N/A
FSBW Yearly ROA, ROE, ROICFSBW Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 5 10 15

1.3 Margins

The Profit Margin of FSBW (25.00%) is better than 62.56% of its industry peers.
FSBW's Profit Margin has declined in the last couple of years.
The Operating Margin and Gross Margin are not available for FSBW so they could not be analyzed.
Industry RankSector Rank
OM N/A
PM (TTM) 25%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-6.51%
PM growth 5Y-4.32%
GM growth 3YN/A
GM growth 5YN/A
FSBW Yearly Profit, Operating, Gross MarginsFSBW Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 10 20 30

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3

2. Health

2.1 Basic Checks

FSBW does not have a ROIC to compare to the WACC, probably because it is not profitable.
FSBW has more shares outstanding than it did 1 year ago.
The number of shares outstanding for FSBW has been reduced compared to 5 years ago.
Compared to 1 year ago, FSBW has an improved debt to assets ratio.
FSBW Yearly Shares OutstandingFSBW Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2M 4M 6M 8M
FSBW Yearly Total Debt VS Total AssetsFSBW Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 500M 1B 1.5B 2B 2.5B

2.2 Solvency

The Debt to FCF ratio of FSBW is 2.37, which is a good value as it means it would take FSBW, 2.37 years of fcf income to pay off all of its debts.
FSBW has a Debt to FCF ratio (2.37) which is in line with its industry peers.
FSBW has a Debt/Equity ratio of 0.17. This is a healthy value indicating a solid balance between debt and equity.
FSBW has a Debt to Equity ratio (0.17) which is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.17
Debt/FCF 2.37
Altman-Z N/A
ROIC/WACCN/A
WACC7.5%
FSBW Yearly LT Debt VS Equity VS FCFFSBW Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50M 100M 150M 200M 250M

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
FSBW Yearly Current Assets VS Current LiabilitesFSBW Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2019 2020 2021 2022 2023 2M 4M 6M

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5

3. Growth

3.1 Past

The Earnings Per Share has grown by an nice 9.53% over the past year.
FSBW shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 13.79% yearly.
The Revenue has grown by 27.99% in the past year. This is a very strong growth!
The Revenue has been growing by 12.73% on average over the past years. This is quite good.
EPS 1Y (TTM)9.53%
EPS 3Y0.52%
EPS 5Y13.79%
EPS Q2Q%14.16%
Revenue 1Y (TTM)27.99%
Revenue growth 3Y3.55%
Revenue growth 5Y12.73%
Sales Q2Q%4.48%

3.2 Future

FSBW is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 3.77% yearly.
The Revenue is expected to grow by 4.33% on average over the next years.
EPS Next Y1.18%
EPS Next 2Y-0.19%
EPS Next 3Y3.77%
EPS Next 5YN/A
Revenue Next Year-0.97%
Revenue Next 2Y2.58%
Revenue Next 3Y4.33%
Revenue Next 5YN/A

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
FSBW Yearly Revenue VS EstimatesFSBW Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 50M 100M 150M
FSBW Yearly EPS VS EstimatesFSBW Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1 2 3 4 5

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5

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 8.39 indicates a reasonable valuation of FSBW.
Compared to the rest of the industry, the Price/Earnings ratio of FSBW indicates a rather cheap valuation: FSBW is cheaper than 88.69% of the companies listed in the same industry.
The average S&P500 Price/Earnings ratio is at 28.29. FSBW is valued rather cheaply when compared to this.
A Price/Forward Earnings ratio of 8.70 indicates a reasonable valuation of FSBW.
Based on the Price/Forward Earnings ratio, FSBW is valued cheaper than 82.66% of the companies in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 24.44. FSBW is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 8.39
Fwd PE 8.7
FSBW Price Earnings VS Forward Price EarningsFSBW Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

The rest of the industry has a similar Price/Free Cash Flow ratio as FSBW.
Industry RankSector Rank
P/FCF 14.79
EV/EBITDA N/A
FSBW Per share dataFSBW EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
PEG (NY)7.11
PEG (5Y)0.61
EPS Next 2Y-0.19%
EPS Next 3Y3.77%

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6

5. Dividend

5.1 Amount

FSBW has a Yearly Dividend Yield of 2.59%.
Compared to an average industry Dividend Yield of 3.22, FSBW has a dividend in line with its industry peers.
Compared to an average S&P500 Dividend Yield of 2.28, FSBW has a dividend comparable with the average S&P500 company.
Industry RankSector Rank
Dividend Yield 2.59%

5.2 History

The dividend of FSBW is nicely growing with an annual growth rate of 34.02%!
FSBW has been paying a dividend for at least 10 years, so it has a reliable track record.
FSBW has not decreased its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)34.02%
Div Incr Years11
Div Non Decr Years11
FSBW Yearly Dividends per shareFSBW Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0.2 0.4 0.6 0.8 1

5.3 Sustainability

18.01% of the earnings are spent on dividend by FSBW. This is a low number and sustainable payout ratio.
FSBW's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP18.01%
EPS Next 2Y-0.19%
EPS Next 3Y3.77%
FSBW Yearly Income VS Free CF VS DividendFSBW Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50M 100M 150M
FSBW Dividend Payout.FSBW Dividend Payout, showing the Payout Ratio.FSBW Dividend Payout.PayoutRetained Earnings

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FS BANCORP INC

NASDAQ:FSBW (1/22/2025, 10:20:26 AM)

39.51

-2.42 (-5.77%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)10-22 2024-10-22/amc
Earnings (Next)01-23 2025-01-23/amc
Inst Owners69.72%
Inst Owner Change-0.44%
Ins Owners9.98%
Ins Owner Change12.36%
Market Cap308.97M
Analysts80
Price Target49.98 (26.5%)
Short Float %0.65%
Short Ratio2.62
Dividend
Industry RankSector Rank
Dividend Yield 2.59%
Yearly Dividend1
Dividend Growth(5Y)34.02%
DP18.01%
Div Incr Years11
Div Non Decr Years11
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)9.61%
Min EPS beat(2)8.61%
Max EPS beat(2)10.62%
EPS beat(4)4
Avg EPS beat(4)10.87%
Min EPS beat(4)6.04%
Max EPS beat(4)18.22%
EPS beat(8)4
Avg EPS beat(8)2.72%
EPS beat(12)8
Avg EPS beat(12)5.5%
EPS beat(16)11
Avg EPS beat(16)11.65%
Revenue beat(2)2
Avg Revenue beat(2)0.62%
Min Revenue beat(2)0.5%
Max Revenue beat(2)0.73%
Revenue beat(4)4
Avg Revenue beat(4)0.83%
Min Revenue beat(4)0.5%
Max Revenue beat(4)1.31%
Revenue beat(8)6
Avg Revenue beat(8)-0.02%
Revenue beat(12)9
Avg Revenue beat(12)0.54%
Revenue beat(16)12
Avg Revenue beat(16)3.17%
PT rev (1m)0%
PT rev (3m)4.26%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-1.76%
EPS NY rev (1m)0%
EPS NY rev (3m)1.8%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0.97%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.71%
Valuation
Industry RankSector Rank
PE 8.39
Fwd PE 8.7
P/S 1.71
P/FCF 14.79
P/OCF 13.79
P/B 1.07
P/tB 1.18
EV/EBITDA N/A
EPS(TTM)4.71
EY11.92%
EPS(NY)4.54
Fwd EY11.5%
FCF(TTM)2.67
FCFY6.76%
OCF(TTM)2.87
OCFY7.25%
SpS23.06
BVpS36.94
TBVpS33.5
PEG (NY)7.11
PEG (5Y)0.61
Profitability
Industry RankSector Rank
ROA 1.52%
ROE 15.6%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 25%
GM N/A
FCFM 11.58%
ROA(3y)1.3%
ROA(5y)1.42%
ROE(3y)13.61%
ROE(5y)13.83%
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
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-6.51%
PM growth 5Y-4.32%
GM growth 3YN/A
GM growth 5YN/A
F-Score8
Asset Turnover0.06
Health
Industry RankSector Rank
Debt/Equity 0.17
Debt/FCF 2.37
Debt/EBITDA N/A
Cap/Depr 13.73%
Cap/Sales 0.85%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 46.34%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score8
WACC7.5%
ROIC/WACCN/A
Cap/Depr(3y)12.6%
Cap/Depr(5y)13.78%
Cap/Sales(3y)1.36%
Cap/Sales(5y)1.57%
Profit Quality(3y)378.3%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)9.53%
EPS 3Y0.52%
EPS 5Y13.79%
EPS Q2Q%14.16%
EPS Next Y1.18%
EPS Next 2Y-0.19%
EPS Next 3Y3.77%
EPS Next 5YN/A
Revenue 1Y (TTM)27.99%
Revenue growth 3Y3.55%
Revenue growth 5Y12.73%
Sales Q2Q%4.48%
Revenue Next Year-0.97%
Revenue Next 2Y2.58%
Revenue Next 3Y4.33%
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 1Y-87.9%
FCF growth 3YN/A
FCF growth 5Y33.99%
OCF growth 1Y-87.08%
OCF growth 3YN/A
OCF growth 5Y29.41%