FS Bancorp

FSBW

Banks - Regional · Financial Services

Price

$44.03

-1.24 (-2.74%)

Market Cap

$326.5M

Exchange

NASDAQ

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−11.6% over 4y

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

Diluted shares outstanding: 8.7M (2021) → 7.7M (2025)

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 mor

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

+6.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+2.0% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

15.2%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$12M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

FS Bancorp is growing revenue at 7% 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

64.7%

Premium pricing power — 64.7% gross margin

Operating Margin

18.1%

Healthy — 18.1% operating margin

ROCE

1.9%

Weak — 1.9% 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

+3.3%

Slow sales growth (3.3% YoY)

EPS YoY

-1.6%

Earnings shrinking (-1.6% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

220%

Turns 220% of profit into real cash

FCF Margin

23.8%

Converts sales into free cash efficiently (23.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.69

Moderate — manageable debt (0.69)

Interest Cover

0.67x

Dangerous — barely covers interest (0.7x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

10.1x

Attractive valuation — P/E 10.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+0.5

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

3.13%

Moderate income — 3.13% yield

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

Dividend Growth

+23.6%

Dividend growing fast (23.6% YoY)

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