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FS Bancorp, Inc. (FSBW)
NASDAQFinancialsBanks - RegionalSnapshot 2026-06-16
Watch· this week
$41.82+1.14%
Close 2026-06-16 · 1-day change
Recent financial performance sits below its industry cohort — worth keeping an eye on, though it has not freshly broken.
The bottom line
Recent financial performance is neutral, and earnings quality is robust, cash backs up reported profits. Management's recent track record has been unsteady, with frequent disruptive corporate changes, while the sector backdrop is a headwind. Risk is moderate, and compared with sector peers, FSBW is typical. Peer multiples imply a price about 38% above where it trades (it looks cheap on this basis); the read is cheap, quality intact. This analysis is provisional.
as of 2026-06-16
Quick facts
- Exchange
- NASDAQ
- Sector
- Financials
- Industry
- Banks - Regional
- Market cap
- $316.38M
- Employees
- —
- IPO date
- 2011-10-03
- Next earnings
- 2026-07-28
Price
Daily closes. Earnings/event dots are placed inline.
Adjusted daily closes (split & dividend). Scroll over the chart to zoom; click a range to reset.
EarningsMaterial event
What's priced in
(what the market already expects)What it's worth (estimated)
A consensus fair price across 6 valuation methods, at three horizons. Current price $41.82. Estimates are diagnostics, not price targets. Short-horizon estimates are close to coin-flips, so confidence is a method-agreement read, not a prediction.
12-month· primaryinexpensive
$67.91consensus
Range $49.39 – $92.88
vs price: -38% below
Method agreement — · 6 methods
No-growth: today's peer multiple on trailing earnings. The headline read.
3-yearinexpensive
$62.53consensus
Range $43.95 – $80.84
vs price: -33% below
Method agreement — · 5 methods
Embeds projected growth. Leans optimistic by design. Upside context.
5-yearinexpensive
How much to trust our fair value
We take the 12-month fair value above and grade our own number — how the market prices this name versus what we'd justify, and where the two diverge.
Cheap vs peershigh confidence
At $41 FSBW trades at 11× p/e, below its 12× p/e peer median. Our $67 fair value sits above the price; high confidence. Not investment advice.
Multiple (P/E)
10.6x
peer 12.2x · own history —
Premium
0.9x peer
Growth the price needs
-38%
our forecast 14%
Our fair value
$67.13
range $49.05 – $92.49
How this stock is priced
One valuation read at a 12-month horizon, plus how price compares to peers and the company's own history.
Long-term · 1–3 yr
inexpensivecheap — quality intact12-month view
What's priced inJustified
The price implies about 38% below a flat-multiple fair value, below our forecast of about 14%. This describes what's priced in, not a forecast of the move.
Low fragilityrisk posture, not a price call
No fragility gates fired. Regime (Mania) does not concentrate fragility.
Historical context
For similar setups historically (n=20,154): about 33% saw a 20%+ drawdown, and roughly 76% of those did not recover within the year. These are historical base rates for the cohort, not a forecast of this stock.
How strong is the business
(quality & execution)Factor signals
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Recent financial performance
neutralOperating income rose in 1 of the last 3 quarter-over-quarter moves. Historically, Financials names rated neutral grew net income 52% of the time over the next year (vs 61% for the rest of the cohort, n=4936).
44th pctl · Financials
Earnings quality
robustOver the trailing year it converted 2.20x of net income into operating cash flow. Historically, Financials names rated robust grew net income 62% of the time over the next year (vs 54% for the rest of the cohort, n=3541).
81st pctl · Financials
Macro sensitivity
Most sensitive to the broad stock market.
- the broad stock market: This stock moves with the broad market (high beta).
Not enough signal to read sensitivity to real (inflation-adjusted) rates, the US dollar, long-term interest rates, Fed net liquidity.
Management & capital allocation
volatileEarnings setup & market context
The next print and the backdrop around it (sector regime and the AI cycle). Context for the path, not a forecast of returns.
Earnings setup · pre-print positioning
forward-looking
Neutral3 analysts, 33% Buyfor period ending 2026-06-30
Why this setup
Consensus revisions
EPS estimate $1.08 → $1.08 (+0.6% / 30d). 2 raised, 1 cut, 3 covering analysts.
Rating actions
0 upgrades, 0 downgrades / 30d. 33% of analysts rate Buy.
Material events
0 positive, 0 negative / 30d.
Sector context
Intermediate · WeeklySector phase: financials is in growth, with decelerating (~3.2 years in phase).
Sector regime (90d momentum): headwind.Secular epoch: Growth by revenue growth.Management scorecard
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
Long-term · 1–3 yr
Overall: neutral
- Capital allocation
- strong
- Earnings discipline
- neutral
- Margin discipline
- weak
- Balance sheet
- strong
- Post-call reaction
- neutral
A guidance track record builds as the company issues and delivers on guidance.
How bumpy is the path
(risk while you hold it)Risk: how this stock moves
What a normal day, a bad day, and the worst of the last year would mean for a $10,000 position.
Intermediate · WeeklyLong-term · 1–3 yr
On a typical day, $10k can swing ±$111.
How much price usually moves either way.
On a bad day, this stock has moved -$249.
A rough but not unusual down day (about the 95th percentile).
In the worst 12 months, $10k could have lost $1,501.
Deepest peak-to-trough drop in the last year.
moderateas of 2026-06-16
Past results, not a forecast. Not investment advice.
What would change the read
(catalysts & re-read triggers)What changed
The most important moves since the prior daily snapshot.
Short-term · Daily
- No material changes since the prior snapshot.
No material changes since the prior snapshot.
as of 2026-06-16
What to watch next
Specific, dated things to watch for, each with what would confirm it and what would prove it wrong.
Intermediate · Weekly
- Either wayHigh confidenceWeeksactive 4d
Watch for changes in the FOMC's interest rate policy
Why it matters: The FOMC's decisions can impact borrowing costs and consumer spending. This affects FS Bancorp's loan demand.
What confirms / what disproves
Confirms one read:FOMC raises interest rates during the June 17 meeting.
Confirms the other:FOMC keeps interest rates unchanged or lowers them during the June 17 meeting.
Sector context
News catalysts
Recent news graded against this company's own objectives — whether it reinforces or challenges the thesis, and how confirmed it is.
No graded news catalysts for FSBW yet.
This sector is also watching
- Watch for revenue growth dropping below 10% across major banks
What could change this view
Conditional scenarios: if X happens, the view would shift in this direction. These are not predictions.
Intermediate · Weekly
Upside triggers
- If sector bellwethers like HDB, IBN, and PNC keep beating earnings and guiding higher, the Financials sector momentum should keep lifting FSBW and other Financials names. Worth watching these names for early signals.
- If inflation reaccelerates, say headline CPI back above 3.5% (currently 2.8%), that would benefit FSBW and other Financials names (the sector typically holds up well in inflationary environments).
Downside triggers
- If the Fed starts cutting rates from the current 3.62%, that would weigh on FSBW and other Financials names, since the sector usually outperforms when rates stay high.
- If sector bellwethers like HDB, IBN, and PNC start missing or guiding lower, the Financials tailwind helping FSBW and other Financials names could fade. Watch these names for early warning.
- If GDP growth slows materially from the current 2.6% (say, below 2%), it hits FSBW and other Financials names harder than the average stock, since the sector is growth-sensitive.
Recent events
(material 8-K / filing activity)Material updates
Recent SEC 8-K filings ranked by likely impact, confidence, and recency.
- 2026-06-0116d agoItem 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On June 1, 2026, FS Bancorp, Inc. (“Company”) (NASDAQ: FSBW), the holding company for 1st Security Bank of Washington (“1st Security Bank” or “Bank”) announced that it has named Matthew D. Mullet as Chief Executive Officer of the Company effective June 1, 2026. This appointment is part of the CEO succession plan that was previously announced on Aug…
Executive changeneutral
Score history
Whether the overall read has been drifting up or down lately, and how it's changed since last week.
About the same as last weeklatest as of 2026-06-16
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.