FIRST BUSINESS FINANCIAL SERVICES, INC. FBIZ

Financials SIC 6022 - State Commercial Banks NAICS Finance and Insurance › Credit Intermediation and Related Activities › Depository Credit Intermediation › Commercial Banking derived Nasdaq

First Business Financial Services, Inc. (together with all of its subsidiaries, collectively referred to as the "Corporation," "FBFS," "we," "us," or "our") is a registered bank holding company originally incorporated in 1986 under the laws of the State of Wisconsin and is engaged in the commercial banking business through its wholly-owned bank subsidiary, First Business Bank (collectively with its subsidiaries "FBB" or the "Bank"), headquartered in Madison, Wisconsin. All of our operations are conducted through FBB and its wholly-owned subsidiary First Business Specialty Finance, LLC ("FBSF"). The Bank operates as a business bank, delivering a full line of commercial banking products and services tailored to meet the specific needs of small and medium-sized businesses, business owners, executives, professionals, and high net worth individuals. Our products and services are focused on business banking, private wealth, and bank consulting. Within business banking, we offer commercial real estate lending, commercial and industrial lending, asset-based lending, accounts receivable financing, equipment financing, floorplan financing, vendor financing, Small Business Administration ("SBA") lending and servicing, treasury management solutions, and company retirement services. Our private wealth management services include trust and estate administration, financial planning, investment management, and private banking. Our bank consulting experts provide investment portfolio administrative services and asset liability management services. We are not a retail bank and do not rely on a traditional branch network to gather deposits or attract clients. Instead, our operating model is built on deep client relationships, specialized financial expertise, and an efficient, centralized administrative structure designed to deliver best-in-class client satisfaction. This focused approach enables our experienced professionals to provide the level of insight and service required to develop and sustain long-term client relationships. We conduct our commercial banking operations through one operating segment.

Last close 72.43 2026-10-23
Market cap $606.1M 2026-06-30 share count
52-week range 47.87 - 73.74

Valuation FY2025 figures against the last close

P/S2.5x
P/E12.2x
P/FCF9.9x
EV/EBITDA—
Dividend yield1.6%
Diluted EPS5.94

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $247.3M$233.1M$194.9M$121.4M$96.0M$94.2M$102.0M$91.3M$75.8M$78.1M
SG&A ———————$1.9M$1.9M$1.5M
Interest expense $136.7M$124.2M$112.6M$98.4M$11.3M$17.1M$32.2M$23.9M$15.2M$14.8M
Pre-tax income $60.5M$51.1M$47.1M$52.2M$47.0M$18.3M$24.5M$17.7M$14.2M$17.1M
Income tax $10.1M$6.9M$10.1M$11.4M$11.3M$1.3M$1.2M$1.4M$2.3M$2.2M
Net income $50.3M$44.2M$37.0M$40.9M$35.8M$17.0M$23.3M$16.3M$11.9M$14.9M
EPS, basic 5.945.204.334.754.171.972.681.861.361.71
EPS, diluted 5.945.204.334.754.171.972.681.861.361.71
Shares, diluted (wtd. avg.) 8.2M8.1M8.1M8.2M8.3M8.4M8.5M8.6M8.6M8.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $39.5M$157.7M$139.5M$102.7M$57.1M$56.9M$67.1M$86.5M$52.5M$77.5M
Property, plant and equipment $4.7M$5.2M$6.2M$4.3M$1.7M$2.0M$2.6M$3.3M$3.2M$3.8M
Goodwill $10.7M$10.7M$10.7M$10.7M$10.7M$10.7M$10.7M$10.7M$10.7M$10.7M
Other intangibles —————————$202.0K
Total assets $4.08B$3.85B$3.51B$2.98B$2.65B$2.57B$2.10B$1.97B$1.79B$1.78B
Total liabilities $3.71B$3.52B$3.22B$2.72B$2.42B$2.36B$1.90B$1.79B$1.62B$1.62B
Retained earnings $305.5M$265.8M$230.7M$203.5M$170.0M$140.4M$129.1M$110.3M$98.9M$91.3M
Total equity $371.6M$328.6M$289.6M$260.6M$232.4M$206.2M$194.2M$180.7M$169.3M$161.7M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $61.7M$57.5M$52.3M$38.6M$36.0M$26.6M$29.0M$25.3M$22.4M$26.2M
Depreciation and amortisation $3.8M$3.7M$3.6M$4.1M$3.6M$3.5M$3.0M$1.5M$1.6M$1.5M
Stock-based compensation $2.8M$2.8M$3.0M$2.6M$2.5M$1.9M$1.6M$1.0M$1.1M$994.0K
Capital expenditure $595.0K$223.0K$2.9M$3.2M$391.0K$264.0K$225.0K$969.0K$1.2M$584.0K
Investing cash flow -$373.4M-$328.5M-$506.8M-$245.3M-$111.0M-$454.5M-$131.5M-$137.9M-$46.4M-$44.3M
Financing cash flow $193.5M$289.2M$491.4M$252.2M$75.2M$417.7M$83.1M$146.6M-$1.0M-$17.9M
Dividends paid $9.7M$8.3M$7.6M$6.7M$6.2M$5.7M$5.2M$4.9M$4.5M$4.2M
Buybacks $1.4M$1.3M$3.0M$6.1M$5.5M$1.7M$7.2M$533.0K$323.0K$467.0K

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-071523.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 100M 200M 300M Revenue, FY2016: 78.1M Net income, FY2016: 14.9M Revenue, FY2017: 75.8M Net income, FY2017: 11.9M Revenue, FY2018: 91.3M Net income, FY2018: 16.3M Revenue, FY2019: 102M Net income, FY2019: 23.3M Revenue, FY2020: 94.2M Net income, FY2020: 17M Revenue, FY2021: 96M Net income, FY2021: 35.8M Revenue, FY2022: 121.4M Net income, FY2022: 40.9M Revenue, FY2023: 194.9M Net income, FY2023: 37M Revenue, FY2024: 233.1M Net income, FY2024: 44.2M Revenue, FY2025: 247.3M Net income, FY2025: 50.3M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $78.1M $75.8M $91.3M $102.0M $94.2M $96.0M $121.4M $194.9M $233.1M $247.3M
Gross profit — — — — — — — — — —
Net income $14.9M $11.9M $16.3M $23.3M $17.0M $35.8M $40.9M $37.0M $44.2M $50.3M

Recent filings and events

  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Item 7.01
  • Officer or director change Item 5.02
  • Regulation FD disclosure Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Officer or director change Item 5.02
  • Officer or director change Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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