FSBW

MKT CAP:$311M

FS Bancorp, Inc.

Market Cap

$311M

Financial Services·Banks - Regional·🇺🇸 United States·NASDAQ

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$41.40+$0.55 (+1.35%)

Apr 22, 2026

Company Details

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. The company operates in two segments...

CEO

Joseph C. Adams

IPO Date

Jul 10, 2012

Website

www.fsbwa.com

Key Metrics TTM

Revenue

$221M

+3.3% YoY

Net Income

$33M

EPS (Diluted)

$4.29

Free Cash Flow

$52M

Revenue / Share

$28.86

Gross Margin

66.2%

Operating Margin

20.4%

Net Margin

15.0%

FCF Margin

23.5%

P/S

1.4x

P/E

9.4x

Earnings Reports

Q1 2026

Apr 22, 2026

NEW

$55M+6.7%EPS $1.02

FY 2025

Mar 13, 2026

$218M+6.8%EPS $4.28

Q4 2025

Mar 13, 2026

$57M-3.4%EPS $1.10

Q3 2025

Nov 10, 2025

$56M+6.9%EPS $1.18

Q2 2025

Aug 8, 2025

$53M+3.9%EPS $0.99

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$31M	$26M	$8M
Q3 22	$35M	$29M	$11M
Q4 22	$39M	$31M	$10M
Q1 23	$43M	$33M	$10M
Q2 23	$45M	$35M	$11M
Q3 23	$48M	$35M	$11M
Q4 23	$50M	$34M	$12M
Q1 24	$41M	$25M	$11M
Q2 24	$51M	$35M	$11M
Q3 24	$52M	$35M	$10M
Q4 24	$59M	$42M	$10M
Q1 25	$51M	$34M	$9M
Q2 25	$53M	$35M	$10M
Q3 25	$56M	$36M	$12M
Q4 25	$57M	$40M	$14M
Q1 26	$55M	$35M	$10M

Valuation

Quarter	P/S	P/E
Q2 22	1.8x	7.4x
Q3 22	1.6x	6.8x
Q4 22	1.9x	8.5x
Q1 23	1.5x	7.3x
Q2 23	1.4x	7.0x
Q3 23	1.3x	6.5x
Q4 23	1.5x	7.9x
Q1 24	1.4x	7.1x
Q2 24	1.4x	7.5x
Q3 24	1.8x	9.1x
Q4 24	1.6x	9.0x
Q1 25	1.4x	8.4x
Q2 25	1.4x	9.1x
Q3 25	1.4x	9.3x
Q4 25	1.5x	9.5x
Q1 26	1.4x	9.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$98M	$98M
Q2 22	$31M	$31M
Q3 22	$35M	$35M
Q4 22	$21M	$20M
Q1 23	$18M	$18M
Q2 23	$24M	$24M
Q3 23	$23M	$23M
Q4 23	$13M	$12M
Q1 24	$275.0K	-$82.0K
Q2 24	$10M	$10M
Q3 24	-$629.0K	-$1M
Q4 24	$41M	$41M
Q1 25	$8M	$8M
Q2 25	$7M	$6M
Q3 25	$45M	$42M
Q4 25	$12M	-$3M

Capital Expenditures

Quarter	CapEx
Q1 22	$160.0K
Q2 22	$241.0K
Q3 22	$294.0K
Q4 22	$856.0K
Q1 23	$954.0K
Q2 23	$159.0K
Q3 23	$282.0K
Q4 23	$276.0K
Q1 24	$357.0K
Q2 24	$275.0K
Q3 24	$621.0K
Q4 24	$382.0K
Q1 25	$350.0K
Q2 25	$1M
Q3 25	$3M
Q4 25	$16M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	-2.5%	+6.6%
Q3 22	+6.7%	+11.9%
Q4 22	+21.7%	+37.4%
Q1 23	+44.6%	+54.1%
Q2 23	+46.2%	+49.1%
Q3 23	+37.3%	+50.3%
Q4 23	+27.7%	+28.1%
Q1 24	-5.0%	-7.4%
Q2 24	+14.6%	+20.0%
Q3 24	+9.5%	+16.9%
Q4 24	+19.4%	+31.6%
Q1 25	+24.7%	+36.7%
Q2 25	+3.9%	+9.0%
Q3 25	+6.9%	+4.5%
Q4 25	-3.4%	-12.3%
Q1 26	+6.7%	+7.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$451.0K	1.5%
Q2 22	$481.0K	1.6%
Q3 22	$500.0K	1.4%
Q4 22	$539.0K	1.4%
Q1 23	$654.0K	1.5%
Q2 23	$364.0K	0.8%
Q3 23	$590.0K	1.2%
Q4 23	$402.0K	0.8%
Q1 24	$395.0K	1.0%
Q2 24	$389.0K	0.8%
Q3 24	$464.0K	0.9%
Q4 24	$558.0K	0.9%
Q1 25	$512.0K	1.0%
Q2 25	$526.0K	1.0%
Q3 25	$583.0K	1.0%
Q4 25	$633.0K	1.1%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$12M	$244.0K
Q3 22	$12M	$220.0K
Q4 22	$13M	$245.0K
Q1 23	$14M	$190.0K
Q2 23	$14M	$430.0K
Q3 23	$14M	$452.0K
Q4 23	$13M	$277.0K
Q1 24	$14M	$227.0K
Q2 24	$14M	$377.0K
Q3 24	$15M	$377.0K
Q4 24	$15M	$329.0K
Q1 25	$15M	$221.0K
Q2 25	$1M	$398.0K
Q3 25	$15M	$259.0K
Q4 25	$26M	$372.0K
Q1 26	$1M	$309.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$34M	$248M	$281M
Q3 22	$165M	$228M	$393M
Q4 22	$46M	$229M	$275M
Q1 23	$63M	$232M	$295M
Q2 23	$147M	$226M	$373M
Q3 23	$98M	$252M	$350M
Q4 23	$90M	$104M	$194M
Q1 24	$69M	$280M	$348M
Q2 24	$46M	$221M	$267M
Q3 24	$52M	$228M	$281M
Q4 24	$33M	$167M	$201M
Q1 25	$64M	$326.0K	$64M
Q2 25	$33M	$328.0K	$34M
Q3 25	$61M	$197M	$259M
Q4 25	$14M	$289M	$302M
Q1 26	$12M	$271M	$283M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	8M	-4.8%	-8.8%
Q3 22	8M	-0.8%	-7.7%
Q4 22	8M	-1.5%	-8.0%
Q1 23	8M	+0.9%	-6.2%
Q2 23	8M	-0.4%	-1.9%
Q3 23	8M	+0.4%	-0.7%
Q4 23	8M	+0.2%	+1.1%
Q1 24	8M	+0.4%	+0.6%
Q2 24	8M	-0.4%	+0.6%
Q3 24	8M	+0.7%	+1.0%
Q4 24	8M	+0.5%	+1.3%
Q1 25	8M	-1.2%	-0.2%
Q2 25	8M	-1.4%	-1.3%
Q3 25	8M	0.0%	-2.0%
Q4 25	8M	-0.6%	-3.1%
Q1 26	8M	0.0%	-1.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$56.8K	538
Q3 22	$64.6K	538
Q4 22	$72.3K	537
Q1 23	$80.7K	537
Q2 23	$83.2K	537
Q3 23	$88.8K	537
Q4 23	$86.3K	574
Q1 24	$71.8K	574
Q2 24	$89.1K	574
Q3 24	$90.9K	574
Q4 24	$104.3K	567
Q1 25	$90.6K	567
Q2 25	$93.7K	567
Q3 25	$98.4K	567
Q4 25	$98.4K	581
Q1 26	$94.3K	581

Revenue / Employee