FS Ban

FXLG

Banks - Regional · Financial Services

Price

$48.25

+0.00 (+0.00%)

Market Cap

$199.4M

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−5.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 4.4M (2021) → 4.1M (2025)

FS Bancorp is the parent company of 1st Security Bank of Washington, a community bank based in the Pacific Northwest. It offers everyday banking services like checking accounts, savings accounts, home loans, and loans for small businesses. Its main customers are regular people and small to mid-sized businesses in Washington State.

The bank makes money primarily through interest income — it collects more in interest on loans than it pays out on deposits, which is the standard community bank model. It operates mostly in Washington State, with a focus on suburban and rural markets where large national banks have less presence, giving it a local relationship advantage. With a market cap of around $200 million, it is a small regional bank, and its biggest risk is rising interest rates or a slowdown in the housing market, since home lending is a core part of its business.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+20.5% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

14.1%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$69M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

FS Ban is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

76.4%

Premium pricing power — 76.4% gross margin

Operating Margin

38.7%

Excellent — 38.7% operating margin

ROCE

4.5%

Weak — 4.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+6.7%

Slow sales growth (6.7% YoY)

EPS YoY

+21.8%

Earnings growing fast (21.8% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

Weak — only 0% of profit becomes cash

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.11

Conservative — low debt load (0.11)

Interest Cover

1.93x

Dangerous — barely covers interest (1.9x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

9.3x

Attractive valuation — P/E 9.3

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

2.92%

Moderate income — 2.92% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+27.8%

Dividend growing fast (27.8% YoY)

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