First Business Financial Services, Inc. FBIZ R2K

Financial Services · Banks - Regional · United States

https://www.firstbusiness.bank

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.

Market & Price

Market Cap

$480.99M

Current Price

$57.52

High / Low (52W)

$59.15 / $45.59

Beta

0.68

Valuation

Stock P/E

9.49

Industry PE

12.01

Forward P/E

8.58

PEG Ratio

1.24

Book Value

$44.12

Price to Book

1.30

P/S

2.95

EV/EBITDA

Dividend Yield

2.19%

Profitability & Returns

ROCE

ROE

14.34%

ROA

1.24%

Profit Margin

31.48%

Op Margin

36.99%

EPS (Latest Qtr)

$1.44

EPS (TTM)

$6.06

Balance Sheet & Liquidity

Debt/Equity

Quick Ratio

Current Ratio

Debt

$346.34M

Total Assets

$4.08B

Current Assets

Working Capital

Ownership

Promoter Holding

5.51%

Chg in Prom Hold

FII / Inst Holding

71.40%

Chg in FII Hold

Financial Snapshot

Enterprise Value

$767.60M

Total Revenue (TTM)

$163.13M

EBITDA

Free Cash Flow

Operating Cash Flow

$53.45M

Shares Outstanding

8.36M

Gross Margin

0.00%

Payout Ratio

19.97%

Growth (CAGR)

Revenue 5Y

9.67%

Profit 5Y

7.19%

Revenue (YoY)

8.30%

Earnings (YoY)

9.00%

PROS

Excellent profit margin of 31.5%.
In a confirmed uptrend (50-DMA above 200-DMA).

CONS

No notable concerns flagged.

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Financial Services).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	FBIZ First Business Financial Services, Inc. R2K	57.52	9.49	$480.99M	2.19%	-	14.34%	9.67%	7.19%
2	JPM JPMorgan Chase & Co. SPX	299.31	14.33	$802.00B	2.00%	-	16.47%	12.50%	14.83%
3	V Visa Inc. SPX	326.36	28.48	$620.65B	0.82%	38.38%	60.35%	10.92%	10.28%
4	MA Mastercard Incorporated SPX	493.98	28.57	$436.47B	0.70%	61.47%	-	13.82%	14.66%
5	MS Morgan Stanley SPX	208.00	18.84	$328.08B	1.92%	-	16.39%	9.52%	15.20%
6	GS The Goldman Sachs Group, Inc. SPX	1,025.56	18.73	$302.55B	1.76%	-	14.55%	7.16%	15.11%
7	WFC Wells Fargo & Company SPX	77.54	11.98	$237.29B	2.32%	-	12.03%	4.02%	15.98%
8	BLK BlackRock, Inc. SPX	1,046.88	26.32	$162.51B	2.19%	4.89%	11.90%	10.65%	2.36%
9	SCHW The Charles Schwab Corporation SPX	87.35	17.37	$151.91B	1.47%	-	19.08%	4.83%	7.21%

Quarterly Results

Figures in USD.

Metric	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	40.84M	41.04M	44.53M	42.22M	44.29M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	26.27M	27.50M	28.86M	27.99M	26.38M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	13.46M	13.37M	17.39M	16.24M	14.38M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2.29M	1.95M	2.99M	2.90M	2.18M
Net Income	3.72M	2.67M	3.97M	3.40M	1.89M	2.58M	4.04M	3.65M	3.29M	5.30M	4.06M	5.90M	6.57M	5.08M	5.77M	3.28M	3.32M	4.29M	6.08M	9.73M	8.23M	9.20M	8.59M	8.67M	11.20M	10.83M	10.16M	8.98M	8.34M	9.94M	9.77M	8.85M	10.46M	10.53M	-	11.17M	11.42M	14.39M	13.33M	12.20M
Diluted EPS	0.43	0.31	0.46	0.39	0.22	0.30	0.46	0.42	0.38	0.60	0.46	0.67	0.75	0.59	0.67	0.38	0.38	0.50	0.71	1.12	0.95	1.07	1.01	1.02	1.29	1.25	1.18	1.05	0.98	1.17	1.15	1.04	1.23	1.24	-	1.32	1.35	1.70	1.58	1.44

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	-	-	-	-	-	-	-	-	-	-	-	-	127.85M	143.90M	153.46M	168.63M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	22.95M	82.34M	108.92M	110.62M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	52.24M	47.14M	51.15M	60.45M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	11.39M	10.11M	6.91M	10.13M
Net Income	941.00K	8.43M	8.93M	13.75M	14.14M	16.51M	14.91M	11.90M	16.30M	23.32M	16.98M	-	40.86M	37.03M	44.24M	50.32M
Diluted EPS	0.37	3.23	3.29	1.74	1.75	1.90	1.71	1.36	1.86	2.68	1.97	-	4.75	4.33	5.20	5.94

Compounded Sales Growth

5 Years:	9.67%
1 Year:	8.30%

Compounded Profit Growth

5 Years:	7.19%
1 Year:	9.00%

Stock Price Performance

1 Year:	+20.78%
6 Months:	+10.66%
3 Months:	+5.89%
1 Month:	+2.48%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	1.11B	1.18B	1.23B	1.27B	1.63B	1.78B	1.78B	1.79B	1.97B	2.10B	2.57B	-	2.98B	3.51B	3.85B	4.08B
Current Assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash & Equivalents	112.74M	50.82M	130.09M	85.59M	103.24M	103.24M	113.56M	77.52M	52.54M	86.55M	67.10M	56.91M	-	102.68M	139.51M	157.70M	39.48M
Inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Receivables	-	-	-	-	-	-	-	-	-	-	-	-	-	9.40M	13.28M	12.88M	13.10M
Total Liabilities	-	1.05B	1.11B	1.13B	1.16B	1.49B	1.63B	1.62B	1.62B	1.79B	1.90B	2.36B	-	2.72B	3.22B	3.52B	3.71B
Current Liabilities	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Long Term Debt	-	-	49.80M	22.24M	-	-	-	-	-	-	-	-	-	456.81M	330.92M	320.05M	252.05M
Total Debt	-	-	-	-	-	-	-	-	-	-	-	-	-	466.98M	339.87M	327.98M	259.41M
Total Equity	54.39M	55.34M	64.21M	99.54M	109.28M	137.75M	150.83M	161.65M	169.28M	180.71M	194.16M	206.16M	-	260.64M	289.59M	328.59M	371.58M
Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-	-	-	9.37M	9.42M	9.43M	9.49M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	11.81M	17.58M	16.00M	15.90M	11.87M	23.22M	26.16M	22.41M	25.28M	28.98M	26.64M	-	38.65M	52.29M	57.49M	61.70M
Investing Cash Flow	-60.88M	716.00K	-99.81M	-54.92M	-332.75M	-149.59M	-44.31M	-46.35M	-137.85M	-131.50M	-454.51M	-	-245.27M	-506.85M	-328.47M	-373.38M
Financing Cash Flow	-12.85M	60.98M	39.30M	34.71M	342.83M	136.69M	-17.90M	-1.03M	146.58M	83.07M	417.68M	-	252.19M	491.38M	289.17M	193.47M
Capital Expenditure	-	-	-	-	-	-	-	-	-	-	-	-	-3.22M	-2.88M	-223.00K	-595.00K
Free Cash Flow	-	-	-	-	-	-	-	-	-	-	-	-	35.42M	49.41M	57.27M	61.10M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-	-	-	45.57M	36.83M	18.19M	-118.22M
Share Buybacks	55.00K	103.00K	216.00K	1.78M	1.79M	946.00K	467.00K	323.00K	533.00K	7.25M	1.67M	5.48M	6.13M	2.97M	1.27M	1.39M

Ratios (Annual)

Figures in %.

Metric	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Margin %	-	-	-	-	-	-	-	-	-	-	-	-	32.0%	25.7%	28.8%	29.8%
ROE %	1.7%	13.1%	9.0%	12.6%	10.3%	10.9%	9.2%	7.0%	9.0%	12.0%	8.2%	-	15.7%	12.8%	13.5%	13.5%
ROCE %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Shareholding Pattern

Insiders

5.51%

Institutions

71.40%

Public Float

75.57%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Blackrock Inc.	10.41%	870.20K	$50.05M
2	Dimensional Fund Advisors LP	5.98%	499.72K	$28.74M
3	First Business Financial Services, Inc.	4.32%	361.31K	$20.78M
4	Vanguard Capital Management LLC	4.07%	340.54K	$19.59M
5	Manufacturers Life Insurance Co.	2.93%	244.79K	$14.08M
6	American Century Companies Inc	2.87%	240.14K	$13.81M
7	Geode Capital Management, LLC	2.39%	199.77K	$11.49M
8	State Street Corporation	2.08%	173.72K	$9.99M
9	BANC FUNDS CO LLC	1.99%	166.22K	$9.56M
10	Cutler Capital Management, LLC	1.85%	154.59K	$8.89M

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