FSBW
FS Bancorp, Inc.Financial Services·Banks - Regional
$40.71
$302M market cap
Revenue
$112.0M
Free Cash Flow
$5.1M
Rev Growth
+0.0%
FCF Margin
4.5%
P/FCF
59.4x
EV/FCF
100.7x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
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
2-Year Price History
$41.00+32.8%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 54.8 | 9.9 | 9.9 | 7.8 | 8.7 | 8.4 | -0.3 | 12.4 | 222.6 | 7.7 | 9.6% | 0.6x | -- |
| Act | 2025-Q4 | 57.2 | 14.7 | 13.9 | 8.4 | 12.4 | -3.4 | -15.7 | 302.2 | 141.1 | 7.7 | 20.0% | 0.9x | -- |
Valuation & Metrics
Market Stats
Price$40.71
Market Cap$302M
Enterprise Value$512M
P/S Ratio2.7x
P/FCF59.4x
EV/FCF100.7x
FCF Margin (TTM)4.5%
FCF Yield1.7%
Dividend Yield (TTM)4.0%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$112.0M
Net Income$16.3M
Free Cash Flow$5.1M
Revenue Growth (YoY)+0.0%
EBITDA Margin22.0%
Net Margin14.5%
FCF Margin4.5%
CapEx % of Revenue14.3%
SBC % of Revenue1.1%
ROIC14.8%
WC Change % Rev-0.6%
Interest Coverage0.7x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.2M
Days to Cover7.1
Change (vs Prior)+93.5%
Need at least 2 settlement dates for chart
Employees
Headcount567
Revenue / Employee$197,457
Gross Profit / Employee$133,123
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
40.3%(+0.4% YoY)
92 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
20.5%(-0.2% YoY)
9 filers
Vanguard, iShares, SPDR
Market makers
0.1%(-0.0% YoY)
3 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| T. Rowe Price Investment Management, Inc. | $38.5M | $25.66 | +$0 | −$1.0M | -1.3% | $145.22B |
| BlackRock, Inc.Passive | $16.9M | $42.02 | −$277K | −$3.0M | -0.2% | $5.69T |
| DIMENSIONAL FUND ADVISORS LPPassive | $16.1M | $30.62 | −$2K | +$274K | -0.4% | $480.92B |
| De Lisle Partners LLP | $15.2M | $35.19 | +$238K | +$454K | -0.7% | $836M |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $12.6M | $38.32 | +$12.5M | +$12.6M | — | $4.04T |
| Pacific Ridge Capital Partners, LLC | $8.0M | $28.43 | +$24K | −$523K | -0.8% | $462M |
| ALLIANCEBERNSTEIN L.P. | $6.0M | $28.06 | −$141K | −$4.7M | -0.3% | $307.70B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $5.9M | $29.87 | −$5K | −$367K | +2.3% | $1.61T |
| TCW GROUP INC | $5.9M | $27.54 | +$0 | −$502K | +1.6% | $13.25B |
| STATE STREET CORPPassive | $5.0M | $30.89 | +$29K | +$346K | -0.2% | $2.89T |
| RENAISSANCE TECHNOLOGIES LLC | $4.2M | $35.64 | −$34K | −$189K | +1.2% | $63.91B |
| ROYCE & ASSOCIATES LP | $3.8M | $38.08 | −$23K | +$3.2M | -0.9% | $10.09B |
| ACADIAN ASSET MANAGEMENT LLC | $3.3M | $33.66 | +$0 | +$177K | -0.5% | $70.48B |
| AMERICAN CENTURY COMPANIES INC | $3.3M | $34.92 | −$9K | +$205K | +0.7% | $193.48B |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $3.3M | $28.89 | +$77K | −$93K | -2.3% | $4.93B |
| NORTHERN TRUST CORPPassive | $2.8M | $31.29 | +$95K | +$434K | -0.2% | $755.34B |
| Stilwell Value LLC | $2.8M | $25.42 | −$114K | −$232K | -0.2% | $96.1M |
| Siena Capital Partners GP, LLC | $2.0M | $40.01 | +$0 | +$2.0M | -0.4% | $385M |
| Bank of New York Mellon Corp | $1.9M | $29.29 | −$191K | −$343K | -0.2% | $543.21B |
| Empowered Funds, LLC | $1.5M | $31.11 | +$0 | +$39K | +0.2% | $15.64B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.57%
avg per quarter
Holders (ex-self)
-0.57%
excl. this stock
Buyers (this Q)
-0.42%
20 buyers · $0.02B in
Sellers (this Q)
-0.05%
38 sellers · $0.01B out
alpha coverage: 92% of $ has a lifetime-alpha record
Holder behavior (holder profile)source: holder
On big dips (−10%+)
-3.2%
how holders react when this stock falls
On quiet Qs
-0.0%
−10% to +10% baseline
On rallies (+10%+)
-28.2%
how they react when this stock rises
Holders' portfolio flow this Q
+1.5%
inflows — adds are organic
Sellers' portfolio flow this Q
+1.4%
Sellers grew AUM elsewhere — opinionated cut of this stock.
Biggest decreases this quarter
BlackRock, Inc.−$277Kα-0.2CITADEL ADVISORS LLCexited−$219KBank of New York Mellon Corp−$191Kα-0.2ALLIANCEBERNSTEIN L.P.−$141Kα-0.3Stilwell Value LLC−$114Kα-0.2RENAISSANCE TECHNOLOGIES LLC−$34Kα+1.2ROYCE & ASSOCIATES LP−$23Kα-0.9AMERICAN CENTURY COMPANIES INC−$9Kα+0.7AMALGAMATED BANKexited−$8KGEODE CAPITAL MANAGEMENT, LLC−$5Kα+2.3
New buyers this quarter
Top-5 holders · 53.5%
T. Rowe Price Investment Management, Inc.--
BlackRock, Inc.--
DIMENSIONAL FUND ADVISORS LP--
De Lisle Partners LLP--
VANGUARD CAPITAL MANAGEMENT LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
T. Rowe Price Investment Management, Inc.998KPRICE T ROWE ASSOCIATES INC /MD/—De Lisle Partners LLP392KEJF Capital LLC—ALLIANCEBERNSTEIN L.P.145KTCW GROUP INC152KFourthstone LLC—Pacific Ridge Capital Partners, LLC208KBHZ CAPITAL MANAGEMENT, LP—RENAISSANCE TECHNOLOGIES LLC109K
Analyst Coverage
Analyst Coverage
Price Targets
Last Year (2 analysts)$43.00560.0%
Current Price$40.71
Analyst Ratings
2
Hold: 2Consensus: Hold
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$1.78M
9 txns · 2 insiders · 43,855 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2025-11-21 | SELL | Cofer-Wildsmith Marina | director | 2,371 | $40.00 | $95K | $0 |
| 2025-11-20 | SELL | Cofer-Wildsmith Marina | director | 161 | $40.00 | $6K | $95K |
| 2025-11-14 | SELL | Cofer-Wildsmith Marina | director | 17 | $40.05 | $681 | $224K |
| 2025-11-13 | SELL | Cofer-Wildsmith Marina | director | 3,807 | $40.00 | $152K | $224K |
| 2025-08-27 | SELL | Adams Joseph C. | director, officer: Director/CEO | 14,646 | $41.83 | $613K | $4.09M |
| 2025-08-22 | SELL | Adams Joseph C. | director, officer: Director/CEO | 402 | $41.72 | $17K | $4.69M |
| 2025-08-21 | SELL | Adams Joseph C. | director, officer: Director/CEO | 6,674 | $40.01 | $267K | $4.51M |
| 2025-08-20 | SELL | Adams Joseph C. | director, officer: Director/CEO | 4,914 | $40.13 | $197K | $4.80M |
| 2025-08-19 | SELL | Adams Joseph C. | director, officer: Director/CEO | 10,864 | $40.16 | $436K | $5.00M |
Order Flow (FINRA, ~3w lag)
7.8%retail-7.1pp
14.1%dark-0.4pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
FS BANCORP, INC.: Metadata-Only Filing Precludes Deep Forensic Exposure
Overall Risk
3/10
Fraud
2/10
Dilution
2/10
Insolvency
2/10
Earnings Overstated
3/10
Hidden Liabilities
2/10
Legal
2/10
Audit Warnings
1/10
Hidden Upside
1/10
Contextually Acceptable
10/10