FS Bancorp, Inc.
$39.08
-3.0%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, Commercial and Consumer Banking; and Home Lending. It offers various deposit instruments, including checking accounts, money market deposit accounts, savings accounts, and certificates of deposit. The company provides one-to-four-family residential first mortgages, second mortgage/home equity loan products, non-mortgage commercial business loans, commercial real estate loans, and construction and development loans, as well as consumer loans, which primarily include personal lines of credit, credit cards, automobile, direct home improvement, loans on deposit, and recreational loans. As of December 31, 2021, it operated 21 full bank service branches and 10 home loan production offices in suburban communities in the greater Puget Sound area, including Snohomish, King, Pierce, Jefferson, Kitsap, Clallam, Grays Harbor, Thurston, and Lewis counties; and one loan production office in the market area of the Tri-Cities. The company was founded in 1936 and is headquartered in Mountlake Terrace, Washington.
At a Glance
Live SnapshotIntrinsic Alpha Methodology
Thesis Lenses
Signal
High confidenceValuation multiple is compressed (P/E 9.0).
Valuation inputs: P/E 9.0, earnings yield +11.1%, momentum -3.0%.
If multiples stay elevated while momentum fades, downside repricing risk rises.
Driver
High confidenceReturn profile is acceptable (ROE +10.8%, ROIC +8.1%).
Profitability stack: net margin +15.3%, ROE +10.8%, ROIC +8.1%.
Quality deterioration often appears in margins before it shows up in headline EPS.
Risk
High confidenceRisk profile is balanced but has notable pressure points to monitor.
Risk factors: liabilities/assets +90.4%, momentum -3.0%, net margin +15.3%.
Higher leverage with weak momentum and thin margins can amplify drawdown severity.
FS Bancorp, Inc. Market vs Earnings Trajectory
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FS Bancorp, Inc. Fair Value Envelope
FS Bancorp, Inc. Profit Bridge
Profitability Analysis
Gross Margin
Exceptional pricing power and cost management. The company retains over half of revenue after direct costs.
Operating Margin
Healthy operating margins demonstrate effective cost control and strong business fundamentals.
Net Profit Margin
Strong net margins indicate efficient operations and favorable tax/interest management.
Effective Tax Rate
Moderate tax rate typical for most corporations. Represents standard tax burden on profits.
Profitability Insight
Exceptional profitability across all levels: Strong pricing power, efficient operations, and healthy bottom line indicate a high-quality business with sustainable competitive advantages.
FS Bancorp, Inc. Cash Conversion Engine
Cash Flow Quality Analysis
FCF Conversion Rate
Excellent cash generation. The company converts earnings to cash at or above 100%, indicating high-quality earnings.
CapEx Intensity
Moderate capital requirements typical of many stable businesses. Healthy balance between reinvestment and cash generation.
FCF Growth Trend
Steady FCF growth indicates consistent cash generation improvement. On a positive trajectory.
Working Capital Impact
Working capital inflow boosted cash flow. Efficient management of receivables, inventory, and payables contributing positively.
Cash Flow Quality Insight
Asset-light with strong cash conversion: Low capital requirements combined with efficient cash generation creates significant shareholder value through dividends, buybacks, or strategic investments.
FS Bancorp, Inc. Funding & Solvency Profile
Financial Health Analysis
Current Ratio
Excellent liquidity position. The company can easily cover its short-term obligations with substantial cushion.
Debt-to-Equity Ratio
High financial leverage. Heavy reliance on debt may indicate increased financial risk and potential solvency concerns.
Working Capital
Strong working capital position provides significant operational flexibility and financial cushion.
Asset Composition
Asset-light business model with high liquidity. Majority of assets are easily convertible to cash.
Financial Health Insight
Mixed signals: Strong short-term liquidity provides comfort, but high overall leverage requires careful monitoring of debt servicing capabilities and refinancing risk.
FS Bancorp, Inc. Street Expectations Map
Wall Street analysts project that FSBW stock may rise significantly over the coming 12 months. The consensus 1-year price target stands at 45.00, with estimates ranging from a low of 45.00 to a high of 45.00.
The consensus 1-year price target stands at 45.00, with estimates ranging from a low of 45.00 to a high of 45.00.
Analyst Consensus Analysis
Upside Potential
Strong upside potential. Consensus indicates attractive return opportunity with favorable risk-reward profile.
Analyst Agreement
High analyst agreement. Narrow target range indicates strong consensus on valuation, suggesting clear investment thesis and predictable outlook.
Analyst Conviction
Strong buy conviction: High upside with tight consensus suggests compelling investment opportunity backed by analyst confidence.
Market Sentiment Insight
Monitor and evaluate: Current analyst consensus suggests limited conviction or near-term catalysts. Stay informed on company developments and reassess positioning as new information emerges.
FS Bancorp, Inc. Insider Positioning
During the last 12 months, insiders have purchased $2.03M and sold $1.91M worth of FSBW shares, resulting in $123K of net buying activity.
3 Months
0
0.00
0
0.00
+0
+$0
3-6 Months
0
0.00
0
0.00
+0
+$0
6-9 Months
4.3K
112.79K
6.4K
254.20K
-141K
-$141K
9-12 Months
47.8K
1.92M
40.6K
1.65M
+264K
+$264K
Top Buyers
Mullet Matthew D.
Officer: President
$887K
Adams Joseph C.
Director, Officer: Director/Ceo
$881K
Leech Ted A.
Director, Other: Chairman Of The Board
$78K
Mansfield Michael J.
Director
$60K
Andrews Pamela Marie
Director
$60K
Top Sellers
Adams Joseph C.
Director, Officer: Director/Ceo
$1.53M
Cofer-Wildsmith Marina
Director
$265K
Nielsen Kelli
Officer: Crb Officer, Evp
$35K
Burr Erin
Officer: Cro & Cra Officer, Evp
$24K
Allen Shana
Officer: Chief Information Officer, Evp
$17K
Insider Activity Analysis
Net Insider Sentiment
Moderately bullish with $123K net buying. Insiders show cautious optimism through measured share purchases.
Buy/Sell Ratio
Positive buy/sell ratio. Buying exceeds or matches selling, indicating net positive insider sentiment.
Insider Participation
5 insider buyers and 5 sellers. Equal participation suggests mixed or neutral insider views.
Insider Activity Insight
Broad-based insider buying: When multiple insiders independently decide to purchase shares, it often reflects genuine confidence rather than coordinated optics. This pattern deserves attention, especially if buying followed a price decline.
fsbw Dividend History
Learning Layer
Related Guides
Build conviction on FSBW by pairing this stock hub with focused valuation guides.
Research Paths
Snapshot
Start with context, operating signals, and key market metrics.
Value Model
Stress test fair value across bear, base, and bull assumptions.
Statements
Validate revenue quality, margins, and balance sheet durability.
Earnings Call
Read management commentary and compare it with reported outcomes.
Dividends
Check payout sustainability and long-term distribution behavior.
Analyst Expectations
Review consensus spread and where estimate risk is concentrated.