What is Fs Bancorp Inc's earnings per share (EPS)?

Fs Bancorp Inc (FSBW) reported diluted earnings per share of $4.29 for fiscal year 2025. This represents a -1.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Fs Bancorp Inc Financials

FSBW

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Fs Bancorp Inc (FSBW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI FSBW FY2025 2026-04-22

Balance-sheet growth is outpacing earnings, leaving FS Bancorp a highly leveraged lender whose returns are gradually thinning.

From FY2023 to FY2025, assets expanded from $3.0B to $3.2B while net income edged down, so the company needed a bigger balance sheet just to produce slightly less profit. That shows up in returns: asset productivity is softening, with ROA at 1.0% and ROE at 10.8% in FY2025 rather than improving with scale.

With $3.2B of assets supported by only $307.7M of equity in FY2025, the capital cushion is thin relative to balance-sheet size, which is typical of lenders but still important for interpreting volatility. Leverage near 9.4x means small changes in asset yield or credit costs can meaningfully move shareholder returns, because the equity layer absorbing those swings is comparatively narrow.

FY2025 dividends and buybacks totaled about $25.7M against $33.3M of net income, so most earnings were distributed rather than retained for balance-sheet growth. That payout posture helps explain why retained earnings reached $280.2M yet overall equity still rose only gradually, pointing to steady capital management rather than rapid capital accumulation.

Financial Health Signals

Financial Profile 40/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Fs Bancorp Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

100

Fs Bancorp Inc's revenue grew 6.7% year-over-year to $197.2M, a solid pace of expansion. This earns a growth score of 100/100.

Leverage

Fs Bancorp Inc has elevated debt relative to equity (D/E of 9.39), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Cash Flow

100

Fs Bancorp Inc converts 26.3% of revenue into free cash flow ($51.9M). This strong cash generation earns a score of 100/100.

Returns

Fs Bancorp Inc's ROE of 10.8% shows moderate profitability relative to equity, earning a score of 37/100. This is down from 11.8% the prior year.

Piotroski F-Score Neutral

5/9

Fs Bancorp Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

2.17x

For every $1 of reported earnings, Fs Bancorp Inc generates $2.17 in operating cash flow ($72.3M OCF vs $33.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$197.2M

YoY+6.7%

5Y CAGR+136.5%

10Y CAGR+20.1%

Fs Bancorp Inc generated $197.2M in revenue in fiscal year 2025. This represents an increase of 6.7% from the prior year.

EBITDA

N/A

Net Income

$33.3M

YoY-4.9%

5Y CAGR-3.2%

10Y CAGR+14.1%

Fs Bancorp Inc reported $33.3M in net income in fiscal year 2025. This represents a decrease of 4.9% from the prior year.

EPS (Diluted)

$4.29

YoY-1.6%

5Y CAGR-0.9%

10Y CAGR+3.9%

Fs Bancorp Inc earned $4.29 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 1.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$51.9M

YoY+5.6%

Fs Bancorp Inc generated $51.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 5.6% from the prior year.

Cash & Debt

$28.2M

YoY-10.8%

5Y CAGR-21.0%

10Y CAGR+1.4%

Fs Bancorp Inc held $28.2M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.34

YoY+26.4%

5Y CAGR+26.1%

10Y CAGR+19.8%

Fs Bancorp Inc paid $1.34 per share in dividends in fiscal year 2025. This represents an increase of 26.4% from the prior year.

Shares Outstanding

YoY-4.2%

5Y CAGR-2.4%

10Y CAGR+8.8%

Fs Bancorp Inc had 8M shares outstanding in fiscal year 2025. This represents a decrease of 4.2% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

16.9%

YoY-2.1pp

5Y CAGR-1456.4pp

10Y CAGR-11.1pp

Fs Bancorp Inc's net profit margin was 16.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.1 percentage points from the prior year.

Return on Equity

10.8%

YoY-1.0pp

5Y CAGR-6.2pp

10Y CAGR-1.0pp

Fs Bancorp Inc's ROE was 10.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.0 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$15.4M

YoY+515.0%

5Y CAGR+9.5%

10Y CAGR+65.3%

Fs Bancorp Inc spent $15.4M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 515.0% from the prior year.

Capital Expenditures

$20.4M

YoY+1146.1%

5Y CAGR+71.4%

10Y CAGR+29.7%

Fs Bancorp Inc invested $20.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 1146.1% from the prior year.

FSBW Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$197.2M+6.7%	$184.8M+3907.7%	$4.6M+44.8%	$3.2M+5.8%	$3.0M+12.9%	$2.7M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$14.9M+10.3%	$13.5M+3.5%	$13.1M+21.7%	$10.7M-0.4%	$10.8M+3.1%	$10.5M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$66.8M+8.3%	$61.7M+40.7%	$43.9M+204.5%	$14.4M+48.2%	$9.7M-33.9%	$14.7M
Income Tax	$7.8M+18.6%	$6.6M-28.9%	$9.2M+25.6%	$7.3M-26.7%	$10.0M-5.5%	$10.6M
Net Income	$33.3M-4.9%	$35.0M-3.0%	$36.1M+22.0%	$29.6M-20.9%	$37.4M-4.7%	$39.3M
EPS (Diluted)	$4.29-1.6%	$4.36-4.4%	$4.56+23.2%	$3.70-15.3%	$4.37-2.7%	$4.49

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$49.3M-2.9%	$50.8M-0.4%	$51.0M+4.7%	$48.7M+4.1%	$46.8M-65.5%	$135.5M+188.0%	$47.0M+3910.5%	$1.2M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$3.4M-8.2%	$3.7M-7.4%	$4.0M+3.9%	$3.8M+11.0%	$3.4M+8.5%	$3.2M-17.0%	$3.8M+8.8%	$3.5M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$16.8M-2.2%	$17.2M-0.7%	$17.3M+4.2%	$16.6M+5.0%	$15.8M-0.3%	$15.9M+0.4%	$15.8M+1.7%	$15.5M
Income Tax	$2.1M+9.2%	$1.9M-21.5%	$2.4M+18.7%	$2.0M+41.0%	$1.4M-41.7%	$2.5M+687.9%	-$420K-117.7%	$2.4M
Net Income	$7.8M-6.5%	$8.4M-8.8%	$9.2M+18.8%	$7.7M-3.7%	$8.0M+9.0%	$7.4M-28.5%	$10.3M+14.8%	$9.0M
EPS (Diluted)	$1.02	N/A	$1.18+19.2%	$0.99-2.0%	$1.01	N/A	$1.29+14.2%	$1.13

FSBW Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$3.2B+5.5%	$3.0B+1.9%	$3.0B+12.9%	$2.6B+15.2%	$2.3B+8.2%	$2.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$28.2M-10.8%	$31.6M-51.8%	$65.7M+58.5%	$41.4M+56.4%	$26.5M-71.1%	$91.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$3.6M0.0%	$3.6M0.0%	$3.6M+55.4%	$2.3M0.0%	$2.3M0.0%	$2.3M
Total Liabilities	$2.9B+5.7%	$2.7B+0.9%	$2.7B+12.8%	$2.4B+17.8%	$2.0B+8.3%	$1.9B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	$186.5M+338.6%	$42.5M-74.4%	$165.8M
Total Equity	$307.7M+4.0%	$295.8M+11.8%	$264.5M+14.2%	$231.7M-6.4%	$247.5M+7.6%	$230.0M
Retained Earnings	$280.2M+9.0%	$257.1M+11.6%	$230.4M+14.0%	$202.1M+12.8%	$179.2M+22.4%	$146.4M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$3.2B+0.2%	$3.2B-0.4%	$3.2B+1.0%	$3.2B+3.6%	$3.1B+1.2%	$3.0B+2.0%	$3.0B+1.0%	$2.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$38.7M+37.1%	$28.2M-54.0%	$61.3M+84.6%	$33.2M-47.1%	$62.7M+98.3%	$31.6M-21.6%	$40.3M+22.2%	$33.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$3.6M0.0%	$3.6M0.0%	$3.6M0.0%	$3.6M0.0%	$3.6M0.0%	$3.6M0.0%	$3.6M0.0%	$3.6M
Total Liabilities	$2.9B0.0%	$2.9B-0.7%	$2.9B+1.0%	$2.9B+4.0%	$2.8B+1.2%	$2.7B+1.9%	$2.7B+0.9%	$2.7B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$313.9M+2.0%	$307.7M+2.4%	$300.5M+1.1%	$297.2M-0.5%	$298.8M+1.0%	$295.8M+2.4%	$288.9M+1.7%	$284.0M
Retained Earnings	$285.9M+2.0%	$280.2M+2.3%	$273.9M+2.0%	$268.5M+2.1%	$262.9M+2.3%	$257.1M+2.1%	$251.8M+3.4%	$243.7M

FSBW Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$72.3M+42.3%	$50.8M-34.6%	$77.7M-58.0%	$184.9M+69.6%	$109.0M+437.3%	-$32.3M
Capital Expenditures	$20.4M+1146.1%	$1.6M-2.2%	$1.7M+7.7%	$1.6M-21.8%	$2.0M+43.9%	$1.4M
Free Cash Flow	$51.9M+5.6%	$49.2M-35.3%	$76.0M-58.5%	$183.3M+71.3%	$107.0M+417.6%	-$33.7M
Investing Cash Flow	-$206.4M-98.1%	-$104.2M-234.2%	$77.7M+115.4%	-$504.0M-62.2%	-$310.8M-14.8%	-$270.7M
Financing Cash Flow	$130.7M+576.6%	$19.3M+114.7%	-$131.1M-139.2%	$334.1M+144.3%	$136.7M-60.8%	$348.8M
Dividends Paid	$10.3M+24.2%	$8.3M+6.5%	$7.8M+9.4%	$7.1M+54.2%	$4.6M+28.8%	$3.6M
Share Buybacks	$15.4M+515.0%	$2.5M+1024.7%	$223K-98.6%	$15.6M+11.9%	$14.0M+42.4%	$9.8M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$8.7M-29.5%	$12.4M-72.3%	$44.6M+524.6%	$7.1M-12.6%	$8.2M-80.3%	$41.5M+4760.9%	-$891K-109.0%	$9.9M
Capital Expenditures	$273K-98.3%	$15.7M+419.6%	$3.0M+134.0%	$1.3M+269.1%	$350K-8.4%	$382K-38.5%	$621K+125.8%	$275K
Free Cash Flow	$8.4M+351.6%	-$3.4M-108.1%	$41.6M+610.8%	$5.9M-25.2%	$7.8M-81.0%	$41.1M+2821.4%	-$1.5M-115.7%	$9.6M
Investing Cash Flow	$2.2M+107.6%	-$29.2M+18.4%	-$35.8M+73.2%	-$133.3M-1530.1%	-$8.2M+92.1%	-$104.1M-590.6%	-$15.1M-221.6%	$12.4M
Financing Cash Flow	-$456K+97.2%	-$16.3M-184.6%	$19.2M-80.1%	$96.6M+210.6%	$31.1M-42.2%	$53.9M+131.2%	$23.3M+167.1%	-$34.7M
Dividends Paid	$2.2M+3.2%	$2.1M-44.7%	$3.8M+75.8%	$2.2M-1.1%	$2.2M+3.6%	$2.1M+0.9%	$2.1M+3.3%	$2.0M
Share Buybacks	$620K-59.7%	$1.5M-68.6%	$4.9M-6.3%	$5.2M+39.1%	$3.8M	$0-100.0%	$147K-93.8%	$2.4M

FSBW Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	16.9%-2.1pp	18.9%-763.8pp	782.7%-146.6pp	929.4%-313.6pp	1242.9%-230.4pp	1473.3%
Return on Equity	10.8%-1.0pp	11.8%-1.8pp	13.7%+0.9pp	12.8%-2.3pp	15.1%-2.0pp	17.1%
Return on Assets	1.0%-0.1pp	1.2%-0.1pp	1.2%+0.1pp	1.1%-0.5pp	1.6%-0.2pp	1.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	9.39+0.1	9.24-1.0	10.24+9.4	0.81+0.6	0.17-0.5	0.72
FCF Margin	26.3%-0.3pp	26.6%-1621.2pp	1647.8%-4108.8pp	5756.6%+2199.8pp	3556.8%+4821.2pp	-1264.4%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	15.9%-0.6pp	16.5%-1.5pp	18.0%+2.1pp	15.9%-1.3pp	17.1%+11.7pp	5.4%-16.4pp	21.9%-741.9pp	763.8%
Return on Equity	2.5%-0.2pp	2.7%-0.3pp	3.0%+0.5pp	2.6%-0.1pp	2.7%+0.2pp	2.5%-1.1pp	3.6%+0.4pp	3.1%
Return on Assets	0.2%-0.0pp	0.3%-0.0pp	0.3%+0.1pp	0.2%-0.0pp	0.3%+0.0pp	0.2%-0.1pp	0.4%+0.1pp	0.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	9.21-0.2	9.39-0.3	9.680.0	9.69+0.4	9.26+0.0	9.24-0.0	9.28-0.1	9.36
FCF Margin	17.1%+23.7pp	-6.6%-88.2pp	81.6%+69.6pp	12.0%-4.7pp	16.7%-13.6pp	30.4%+33.6pp	-3.2%-824.6pp	821.4%

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Frequently Asked Questions

What is Fs Bancorp Inc's annual revenue?

Fs Bancorp Inc (FSBW) reported $197.2M in total revenue for fiscal year 2025. This represents a 6.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Fs Bancorp Inc's revenue growing?

Fs Bancorp Inc (FSBW) revenue grew by 6.7% year-over-year, from $184.8M to $197.2M in fiscal year 2025.

Is Fs Bancorp Inc profitable?

Yes, Fs Bancorp Inc (FSBW) reported a net income of $33.3M in fiscal year 2025, with a net profit margin of 16.9%.

What is Fs Bancorp Inc's net profit margin?

Fs Bancorp Inc (FSBW) had a net profit margin of 16.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Fs Bancorp Inc pay dividends?

Yes, Fs Bancorp Inc (FSBW) paid $1.34 per share in dividends during fiscal year 2025.

What is Fs Bancorp Inc's return on equity (ROE)?

Fs Bancorp Inc (FSBW) has a return on equity of 10.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Fs Bancorp Inc's free cash flow?

Fs Bancorp Inc (FSBW) generated $51.9M in free cash flow during fiscal year 2025. This represents a 5.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Fs Bancorp Inc's operating cash flow?

Fs Bancorp Inc (FSBW) generated $72.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Fs Bancorp Inc's total assets?

Fs Bancorp Inc (FSBW) had $3.2B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Fs Bancorp Inc's capital expenditures?

Fs Bancorp Inc (FSBW) invested $20.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Fs Bancorp Inc buy back shares?

Yes, Fs Bancorp Inc (FSBW) spent $15.4M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Fs Bancorp Inc have outstanding?

Fs Bancorp Inc (FSBW) had 8M shares outstanding as of fiscal year 2025.

What is Fs Bancorp Inc's debt-to-equity ratio?

Fs Bancorp Inc (FSBW) had a debt-to-equity ratio of 9.39 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Fs Bancorp Inc's return on assets (ROA)?

Fs Bancorp Inc (FSBW) had a return on assets of 1.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Fs Bancorp Inc's Piotroski F-Score?

Fs Bancorp Inc (FSBW) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Fs Bancorp Inc's earnings high quality?

Fs Bancorp Inc (FSBW) has an earnings quality ratio of 2.17x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Fs Bancorp Inc?

Fs Bancorp Inc (FSBW) scores 40 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.