First Business Financial Services, Inc. (FBIZ) Balance Sheet
FBIZ balance sheet, 2025
December 31, 2025 · U.S. dollars$4.08B assets = $3.71B liabilities + $371.6M equity
Both columns are drawn to the same scale: what FBIZ owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FBIZ financial health
Descriptive bands, not a rating. Fiscal 2025.
FBIZ balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.78B2016 | $4.08B2025 | +9.7%/yr | |
| Total liabilities | $1.62B2016 | $3.71B2025 | +9.7%/yr | |
| Shareholders’ equity | $161.7M2016 | $371.6M2025 | +9.7%/yr | |
| Cash & short-term investments | $223.4M2016 | $39.5M2025 | −17.5%/yr | |
| Total debt | $80.0M2016 | $259.4M2025 | +14.0%/yr | |
| Net cash (debt) | $143.4M2016 | −$219.9M2025 | −$363.3M | |
| Working capital | $1.56B2016 | −$87.4M2025 | −$1.6B | |
| Book value per share | $18.852016 | $45.552025 | +10.3%/yr | |
| Debt / equity | 0.502016 | 0.702025 | +0.20 | |
| Shares outstanding | 8.6M2016 | 8.2M2025 | −0.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FBIZ assets
FBIZ liabilities and equity
FBIZ debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FBIZ balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $39.5M | $499.1M | $436.5M | $314.7M | $262.8M | $240.8M | $240.2M | $224.9M | $178.5M | $223.4M |
| Cash & equivalents | $30.8M | $157.7M | $139.5M | $102.7M | $57.1M | $56.9M | $67.1M | $86.5M | $52.5M | $77.5M |
| Short-term investments | $8.7M | $341.4M | $297.0M | $212.0M | $205.7M | $183.9M | $173.1M | $138.4M | $126.0M | $145.9M |
| Receivables | $3.34B | $12.9M | $13.3M | $9.4M | $21.2M | $30.9M | $33.9M | $38.9M | $35.8M | $59.6M |
| Inventory | $0 | $0 | $4.3M | $95,000 | $164,000 | $34,000 | $2.9M | −$29.0M | −$69.9M | −$23.9M |
| Other current assets | $0 | $4.2M | $0 | $3.7M | $2.5M | $2.1M | $0 | $31.9M | $73.0M | $1.31B |
| Total current assets | $39.5M | $516.2M | $454.1M | $327.9M | $286.7M | $273.9M | $276.4M | $266.7M | $217.4M | $1.57B |
| Property, plant & equipment (net) | $10.0M | $10.9M | $12.7M | $12.0M | $6.6M | $7.8M | $9.5M | $3.3M | $3.2M | $3.8M |
| Goodwill & intangible assets | $12.0M | $11.9M | $12.0M | $12.2M | $12.3M | $12.0M | $11.9M | $12.0M | $12.7M | $12.8M |
| Long-term investments | $495.7M | $407.2M | $356.2M | $2.71B | $225.4M | $2.39B | $1.91B | $1.78B | $1.65B | $1.62B |
| Other non-current assets | $3.52B | $2.91B | $2.67B | $0 | $2.12B | $0 | $0 | $0 | $0 | $0 |
| Total assets | $4.08B | $3.85B | $3.51B | $2.98B | $2.65B | $2.57B | $2.10B | $1.97B | $1.79B | $1.78B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $19.4M | $15.3M | $15.6M | $14.4M | $21.5M | $12.5M | $10.5M |
| Short-term debt | $126.9M | $117.9M | $122.0M | $238.3M | $175.1M | $210.7M | — | $136.5M | $37.0M | $70.0M |
| Total current liabilities | $126.9M | $3.11B | $2.80B | $2.19B | $1.97B | $1.87B | $1.54B | $1.48B | $1.41B | $10.5M |
| Long-term debt | $252.1M | $320.0M | $330.9M | $61.4M | $38.4M | $65.0M | $10.0M | $10.0M | $10.0M | $10.0M |
| Lease obligations | $7.4M | $7.9M | $9.0M | $10.2M | $5.4M | $6.4M | $7.5M | — | — | — |
| Other long-term liabilities | $3.34B | $97.4M | $90.6M | $467.0M | $408.9M | $425.6M | $347.8M | $298.9M | $207.9M | $59.7M |
| Total liabilities | $3.71B | $3.52B | $3.22B | $2.72B | $2.42B | $2.36B | $1.90B | $1.79B | $1.62B | $1.62B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $96,000 | $95,000 | $95,000 | $94,000 | $93,000 | $92,000 | $92,000 | $91,000 | $90,000 | $90,000 |
| Retained earnings (deficit) | $305.5M | $265.8M | $230.7M | $203.5M | $170.0M | $140.4M | $129.1M | $110.3M | $98.9M | $91.3M |
| Treasury stock | — | — | — | −$27.2M | −$22.0M | −$16.6M | −$14.9M | −$7.6M | −$7.1M | −$6.8M |
| Accumulated other comprehensive income | −$9.7M | −$11.4M | −$13.7M | −$15.3M | −$1.5M | −$933,000 | −$1.3M | −$1.7M | −$1.2M | −$522,000 |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $371.6M | $328.6M | $289.6M | $260.6M | $232.4M | $206.2M | $194.2M | $180.7M | $169.3M | $161.7M |
| Key figures | ||||||||||
| Total debt | $259.4M | $328.0M | $339.9M | $467.0M | $418.9M | $435.6M | $337.0M | $309.0M | $217.9M | $80.0M |
| Net cash (debt) | −$219.9M | $171.1M | $96.6M | −$152.3M | −$156.1M | −$194.8M | −$96.7M | −$84.1M | −$39.4M | $143.4M |
| Working capital | −$87.4M | −$2.59B | −$2.34B | −$1.86B | −$1.69B | −$1.60B | −$1.27B | −$1.21B | −$1.19B | $1.56B |
| Tangible book value | $359.6M | $316.7M | $277.6M | $248.5M | $220.2M | $194.1M | $182.2M | $168.7M | $156.6M | $148.9M |
| Book value per share | $45.55 | $40.33 | $35.62 | $31.68 | $27.95 | $24.59 | $22.80 | $20.92 | $19.65 | $18.85 |
| Shares outstanding | 8.2M | 8.1M | 8.1M | 8.2M | 8.3M | 8.4M | 8.5M | 8.6M | 8.6M | 8.6M |
| Current ratio | 0.31 | 0.17 | 0.16 | 0.15 | 0.15 | 0.15 | 0.18 | 0.18 | 0.15 | 149.09 |
| Quick ratio | 26.62 | 0.16 | 0.16 | 0.15 | 0.14 | 0.15 | 0.18 | 0.18 | 0.15 | 26.91 |
| Debt / equity | 0.70 | 1.00 | 1.17 | 1.79 | 1.80 | 2.11 | 1.74 | 1.71 | 1.29 | 0.50 |
| Equity / assets | 9.1% | 8.5% | 8.3% | 8.8% | 8.8% | 8.0% | 9.3% | 9.2% | 9.4% | 9.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $531.1M | $513.5M | $417.0M | $45.8M | $505.6M | $530.0M | $499.1M | $445.3M | $389.9M | $386.2M | $436.5M | $405.1M |
| Cash & equivalents | $163.4M | $137.1M | $39.5M | $44.3M | $123.2M | $170.6M | $157.7M | $132.0M | $81.1M | $72.0M | $139.5M | $132.9M |
| Short-term investments | $367.8M | $376.4M | $377.6M | $1.5M | $382.4M | $359.4M | $341.4M | $313.3M | $308.9M | $314.1M | $297.0M | $272.2M |
| Receivables | $12.8M | $13.2M | $13.1M | $13.7M | $13.1M | $13.1M | $12.9M | $12.9M | $13.6M | $13.7M | $13.3M | $12.4M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $23.8M | $5.6M | $5.3M | $4.3M | $0 |
| Other current assets | $3.58B | $5.4M | $4.8M | $5.8M | $5.8M | $5.6M | $4.2M | $0 | $0 | $0 | $0 | $4.8M |
| Total current assets | $4.12B | $532.2M | $434.9M | $65.3M | $524.4M | $548.7M | $516.2M | $463.6M | $409.1M | $405.1M | $454.1M | $422.2M |
| Property, plant & equipment (net) | $9.1M | $9.6M | $10.0M | $10.5M | $10.8M | $10.5M | $10.9M | $11.3M | $12.4M | $12.6M | $12.7M | $13.0M |
| Goodwill & intangible assets | $23.9M | $12.0M | $12.0M | $24.1M | $24.1M | $24.1M | $11.9M | $23.7M | $11.8M | $11.9M | $12.0M | $12.1M |
| Long-term investments | $489.8M | $498.9M | $495.7M | $484.6M | $454.3M | $434.3M | $407.2M | $382.6M | $372.2M | $371.7M | $356.2M | $320.3M |
| Other non-current assets | $0 | $3.27B | $3.13B | $3.45B | $2.99B | $2.93B | $2.91B | $2.83B | $2.81B | $2.73B | $2.67B | $2.65B |
| Total assets | $4.41B | $4.32B | $4.08B | $4.03B | $4.00B | $3.94B | $3.85B | $3.72B | $3.62B | $3.53B | $3.51B | $3.42B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | — | — | — | — | — | — | — | — | — | $29.3M |
| Short-term debt | $241.7M | $178.3M | $126.9M | $74.8M | $84.2M | $114.5M | $117.9M | $116.4M | $97.7M | $161.9M | $122.0M | $103.4M |
| Total current liabilities | $241.7M | $3.57B | $3.38B | $3.33B | $3.31B | $3.24B | $3.11B | $2.97B | $2.89B | $2.76B | $2.80B | $2.69B |
| Long-term debt | $346.8M | $303.5M | $252.1M | $266.7M | $276.1M | $286.6M | $320.0M | $349.1M | $327.9M | $381.7M | $330.9M | $363.9M |
| Lease obligations | $6.7M | $7.0M | $7.4M | $7.7M | $7.9M | $7.6M | $7.9M | $8.1M | $8.4M | $8.7M | $9.0M | $9.2M |
| Other long-term liabilities | $3.43B | $71.3M | $77.8M | $76.8M | $76.6M | $79.2M | $97.4M | $84.7M | $98.9M | $96.4M | $90.6M | $87.9M |
| Total liabilities | $4.01B | $3.94B | $3.71B | $3.68B | $3.66B | $3.61B | $3.52B | $3.40B | $3.31B | $3.23B | $3.22B | $3.14B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $97,000 | $96,000 | $96,000 | $96,000 | $96,000 | $96,000 | $95,000 | $95,000 | $95,000 | $95,000 | $95,000 | $95,000 |
| Retained earnings (deficit) | $327.0M | $314.6M | $305.5M | $294.8M | $283.1M | $274.3M | $265.8M | $253.7M | $245.4M | $237.3M | $230.7M | $223.1M |
| Accumulated other comprehensive income | −$7.4M | −$10.2M | −$9.7M | −$11.7M | −$12.8M | −$12.4M | −$11.4M | −$15.0M | −$12.9M | −$12.2M | −$13.7M | −$14.2M |
| Total shareholders' equity | $395.3M | $380.1M | $371.6M | $358.3M | $344.8M | $336.1M | $328.6M | $312.0M | $305.2M | $297.8M | $289.6M | $280.8M |
| Key figures | ||||||||||||
| Total debt | $595.2M | $310.5M | $259.4M | $274.4M | $284.0M | $294.2M | $328.0M | $357.2M | $336.2M | $390.4M | $339.9M | $373.1M |
| Net cash (debt) | −$64.1M | $203.1M | $157.6M | −$228.5M | $221.6M | $235.8M | $171.1M | $88.1M | $53.7M | −$4.2M | $96.6M | $32.0M |
| Working capital | $3.88B | −$3.03B | −$2.95B | −$3.27B | −$2.78B | −$2.69B | −$2.59B | −$2.51B | −$2.48B | −$2.35B | −$2.34B | −$2.26B |
| Tangible book value | $371.4M | $368.1M | $359.6M | $334.2M | $320.7M | $311.9M | $316.7M | $288.3M | $293.3M | $285.8M | $277.6M | $268.6M |
| Book value per share | $48.16 | $46.43 | $45.46 | $43.95 | $42.31 | $41.33 | $40.51 | $38.46 | $37.61 | $36.65 | $35.71 | $34.63 |
| Shares outstanding | 8.2M | 8.2M | 8.2M | 8.2M | 8.2M | 8.1M | 8.1M | 8.1M | 8.1M | 8.1M | 8.1M | 8.1M |
| Current ratio | 17.05 | 0.15 | 0.13 | 0.02 | 0.16 | 0.17 | 0.17 | 0.16 | 0.14 | 0.15 | 0.16 | 0.16 |
| Quick ratio | 2.25 | 0.15 | 0.13 | 0.02 | 0.16 | 0.17 | 0.16 | 0.15 | 0.14 | 0.15 | 0.16 | 0.16 |
| Debt / equity | 1.51 | 0.82 | 0.70 | 0.77 | 0.82 | 0.88 | 1.00 | 1.14 | 1.10 | 1.31 | 1.17 | 1.33 |
| Equity / assets | 9.0% | 8.8% | 9.1% | 8.9% | 8.6% | 8.5% | 8.5% | 8.4% | 8.4% | 8.4% | 8.3% | 8.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.
FBIZ financial position
At the end of fiscal 2025 (December 31, 2025), First Business Financial Services had total assets of $4.1 billion (up 5.9% from a year earlier), total liabilities of $3.7 billion and shareholders' equity of $371.6 million. It held $39.5 million in cash and short-term investments against $259.4 million of debt, net debt of $219.9 million. Its current ratio was 0.31. In the latest quarter (ended June 30, 2026) total assets were $4.4 billion and equity $395.3 million.
Related: FBIZ income statement, FBIZ cash flow statement, FBIZ key metrics. See the FBIZ stock overview for the latest quote and news.
FBIZ balance sheet FAQ
What are First Business Financial Services's total assets?
First Business Financial Services reported total assets of $4.1 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.9 billion a year earlier.
How much debt does First Business Financial Services have?
First Business Financial Services had $259.4 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.70.
How much cash does First Business Financial Services have?
First Business Financial Services held $39.5 million in cash and short-term investments at the end of fiscal 2025; with $259.4 million of debt that is net debt of $219.9 million.
What is First Business Financial Services's book value?
First Business Financial Services's shareholders' equity (book value) was $371.6 million at the end of fiscal 2025, or $45.55 per share.
What is First Business Financial Services's current ratio?
First Business Financial Services had current assets of $39.5 million and current liabilities of $126.9 million, a current ratio of 0.31 (current liabilities exceed current assets).
How much goodwill does First Business Financial Services have?
First Business Financial Services carried $12.0 million of goodwill and intangible assets, 0.3% of total assets, at the end of fiscal 2025.