NCM · Financial Statements

FS Bancorp, Inc. (FSBW) Financial Statements

$43.88 NCM: FSBW Market Cap $344.99M

FS Bancorp, Inc. most recently reported annual revenue of $218.0M, net profit of $33.0M. Revenue grew at an average annual rate of 9.0% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

FS Bancorp, Inc.: Revenue rose from $59.0M in 2016 to $218.0M in 2025, a change of +269.5% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 27.2% to 20.6%, a shift of -6.6 percentage points; the most recent year shows net profit of $33.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$59.0M$67.0M$79.0M$110.0M$142.0M$131.0M$134.0M$185.0M$204.0M$218.0M
Operating Expenses$43.0M$46.0M$50.0M$81.0M$92.0M$84.0M$97.0M$140.0M$162.0M$173.0M
Operating Profit$16.0M$21.0M$29.0M$28.0M$50.0M$47.0M$37.0M$45.0M$42.0M$45.0M
Operating Margin27.2%30.9%36.1%25.7%35.1%36.2%27.6%24.4%20.4%20.6%
Other Income$0$0$0$0$0$0$0$0$0$-4.0M
Interest$4.0M$5.0M$10.0M$19.0M$15.0M$10.0M$14.0M$44.0M$62.0M$67.0M
Depreciation$5.0M$4.0M$5.0M$12.0M$14.0M$15.0M$14.0M$13.0M$11.0M$10.0M
Profit Before Tax$16.0M$21.0M$29.0M$28.0M$50.0M$47.0M$37.0M$45.0M$42.0M$41.0M
Tax$34.8M$31.6M$14.8M$19.2M$21.2M$21.1M$19.8M$20.4M$15.8M$18.9M
Net Profit$10.0M$14.0M$24.0M$23.0M$39.0M$37.0M$30.0M$36.0M$35.0M$33.0M
EPS$1.76$2.14$3.15$2.50$4.49$4.32$3.70$4.56$4.36$4.28
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$48.0M$50.0M$41.0M$51.0M$52.0M$59.0M$51.0M$53.0M$56.0M$57.0M$55.0M$11.0M
Operating Expenses$36.0M$37.0M$31.0M$40.0M$42.0M$49.0M$42.0M$43.0M$44.0M$43.0M$45.0M$21.0M
Operating Profit$11.0M$12.0M$11.0M$11.0M$10.0M$10.0M$9.0M$10.0M$12.0M$14.0M$10.0M$-10.0M
Operating Margin24.1%24.4%25.6%22.2%18.9%16.6%18.4%18.4%20.8%24.4%18.1%-90.6%
Interest$13.0M$14.0M$15.0M$16.0M$16.0M$16.0M$16.0M$17.0M$17.0M$17.0M$17.0M$17.0M
Profit Before Tax$11.0M$12.0M$11.0M$11.0M$10.0M$10.0M$9.0M$10.0M$12.0M$10.0M$10.0M$10.0M
Tax$22.0M$19.1M$20.3M$21.0M$-4.3M$25.1M$15.2M$20.8M$20.8M$18.4M$20.9M$21.1M
Net Profit$9.0M$10.0M$8.0M$9.0M$10.0M$7.0M$8.0M$8.0M$9.0M$8.0M$8.0M$8.0M
EPS$1.13$1.23$1.06$1.13$1.29$0.92$1.01$0.99$1.18$1.10$1.02$1.04

Over the 10 years reported for FS Bancorp, Inc., borrowings increased from $22.0M in 2016 to $141.0M in 2025, cash stood at $14.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 0.12 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$828.0M$982.0M$1.6B$1.7B$2.1B$2.3B$2.6B$3.0B$3.0B$3.2B
Current Assets$136.0M$123.0M$158.0M$199.0M$289.0M$316.0M$287.0M$208.0M$215.0M$317.0M
Cash$52.0M$37.0M$55.0M$67.0M$104.0M$37.0M$46.0M$90.0M$33.0M$14.0M
Inventory$0$0$0$0$0$0$0$0$0$0
Receivables$3.0M$4.0M$6.0M$6.0M$7.0M$8.0M$11.0M$14.0M$14.0M$15.0M
Fixed Assets$16.0M$15.0M$29.0M$34.0M$32.0M$31.0M$31.0M$37.0M$35.0M$44.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$728.0M$898.0M$1.5B$1.5B$1.9B$2.1B$2.4B$2.7B$2.8B$2.9B
Other Assets$2.0M$2.0M$2.0M$2.0M$2.0M$2.0M$2.0M$4.0M$4.0M$4.0M
Total Liabilities$747.0M$860.0M$1.4B$1.5B$1.9B$2.0B$2.4B$2.7B$2.7B$2.9B
Current Liabilities$713.0M$830.0M$1.3B$1.4B$1.7B$1.9B$2.1B$2.5B$2.3B$2.8B
Borrowings$22.0M$17.0M$147.0M$100.0M$118.0M$97.0M$242.0M$60.0M$355.0M$141.0M
Other Liabilities$724.0M$842.0M$1.3B$1.4B$1.8B$1.9B$2.2B$2.6B$2.4B$2.7B
Equity$0$0$0$0$0$0$0$0$0$0
Reserves$81.0M$122.0M$180.0M$200.0M$230.0M$248.0M$232.0M$264.0M$296.0M$308.0M

For FS Bancorp, Inc., operating cash flow was positive in 9 of 10 reported years; free cash flow in the latest year was $52.0M; free cash flow was positive in 8 of 10 years.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$4.0M$15.0M$21.0M$9.0M$-32.0M$109.0M$185.0M$78.0M$51.0M$72.0M
Investing Cash Flow$50.0M$-170.0M$-191.0M$-58.0M$-272.0M$-313.0M$-506.0M$76.0M$-106.0M$-227.0M
Financing Cash Flow$42.0M$118.0M$88.0M$114.0M$271.0M$225.0M$197.0M$-31.0M$-186.0M$318.0M
Net Cash Flow$12.0M$-18.0M$14.0M$13.0M$46.0M$-65.0M$15.0M$24.0M$-34.0M$-3.0M
Free Cash Flow$0$14.0M$18.0M$7.0M$-34.0M$107.0M$183.0M$76.0M$49.0M$52.0M

Valuation & Return Ratios

MetricValue
PEG Ratio2.67
EV / EBITDA—
FCF Yield—
Quick Ratio—
Interest Coverage—
Return 1Y8.23%
Return 3Y46.43%
Return 5Y39.69%

FS Bancorp, Inc. (FSBW) financials — frequently asked questions

What is FS Bancorp, Inc.'s annual revenue?

FS Bancorp, Inc. (FSBW) reported annual revenue of $218.0M in its most recent fiscal year.

What is FS Bancorp, Inc.'s net profit?

FS Bancorp, Inc. (FSBW) reported net profit of $33.0M in its most recent fiscal year.

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