Associated Banc-Corp (ASB) Key Metrics
ASB valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $5.47B
- Enterprise value
- $9.48B
- P/E (TTM)
- 10.1 10-yr median 10.5
- Forward P/E
- 9.2
- PEG ratio
- 1.78
- Price / sales
- 3.5 10-yr median 2.3
- Price / book
- 1.0 10-yr median 0.9
- EV / EBITDA
- — 10-yr median 5.9
- Dividend yield
- 3.31% $0.96 a year
- Beta
- 0.81
ASB key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsASB valuation Price multiples at each fiscal year-end price.
ASB returns How much profit the business earns on the capital it uses.
ASB per-share figures Results divided by the shares outstanding at year-end.
ASB financial health Debt, liquidity and how easily interest is covered.
ASB efficiency & capital use Working capital cycle and where the cash goes.
ASB valuation history
ASB returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ASB debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ASB cash returned to shareholders
ASB price vs earnings per share
ASB key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $4.29B | $3.66B | $3.23B | $3.47B | $3.43B | $2.62B | $3.57B | $3.36B | $3.90B | $3.70B |
| Enterprise value | $2.49B | $1.25B | $1.51B | $5.31B | $230.3M | $1.25B | $3.92B | $3.21B | $2.99B | $1.82B |
| P/E ratio | 9.0 | 29.8 | 17.6 | 9.5 | 9.8 | 8.5 | 10.9 | 10.1 | 17.0 | 18.5 |
| Price / sales | 1.7 | 1.7 | 1.6 | 2.4 | 3.1 | 1.9 | 2.3 | 2.2 | 3.2 | 3.2 |
| Price / book | 0.9 | 0.8 | 0.8 | 0.9 | 0.9 | 0.6 | 0.9 | 0.9 | 1.2 | 1.2 |
| Price / free cash flow | 7.4 | 6.8 | 8.5 | 4.4 | 7.2 | 5.3 | 7.0 | 7.8 | 9.5 | 6.9 |
| Price / operating cash flow | 7.0 | 6.3 | 7.3 | 4.1 | 6.5 | 4.8 | 6.2 | 6.8 | 8.5 | 5.8 |
| EV / sales | 1.0 | 0.6 | 0.8 | 3.7 | 0.2 | 0.9 | 2.5 | 2.1 | 2.5 | 1.6 |
| EV / EBITDA | 3.7 | 5.3 | 7.3 | 10.1 | 0.5 | 2.9 | 7.7 | 6.5 | 6.9 | 4.6 |
| EV / free cash flow | 4.3 | 2.3 | 4.0 | 6.8 | 0.5 | 2.5 | 7.7 | 7.5 | 7.3 | 3.4 |
| Earnings yield | 11.1% | 3.4% | 5.7% | 10.5% | 10.2% | 11.7% | 9.2% | 9.9% | 5.9% | 5.4% |
| Free cash flow yield | 13.5% | 14.6% | 11.8% | 22.6% | 13.9% | 18.9% | 14.2% | 12.8% | 10.5% | 14.5% |
| Dividend yield | 3.9% | 4.1% | 4.4% | 3.9% | 3.9% | 5.0% | 3.6% | 3.5% | 2.2% | 2.1% |
| Shareholder yield (dividends + buybacks) | 4.6% | 4.8% | 4.6% | 4.1% | 12.5% | 7.7% | 8.8% | 10.8% | 3.4% | 2.7% |
| Share price at fiscal year-end | $25.76 | $23.90 | $21.39 | $23.09 | $22.59 | $17.05 | $22.04 | $19.79 | $25.40 | $24.70 |
| Per share | ||||||||||
| Revenue per share | $14.76 | $13.73 | $12.98 | $9.45 | $7.38 | $9.16 | $9.54 | $8.85 | $7.89 | $7.63 |
| Earnings per share | $2.85 | $0.80 | $1.21 | $2.43 | $2.31 | $2.00 | $2.02 | $1.97 | $1.49 | $1.34 |
| Operating cash flow per share | $3.70 | $3.78 | $2.93 | $5.63 | $3.48 | $3.58 | $3.55 | $2.93 | $2.98 | $4.28 |
| Free cash flow per share | $3.48 | $3.49 | $2.53 | $5.21 | $3.14 | $3.22 | $3.13 | $2.54 | $2.67 | $3.58 |
| Cash per share | $35.85 | $36.35 | $29.99 | $22.16 | $35.25 | $24.74 | $23.74 | $27.55 | $30.76 | $35.18 |
| Book value per share | $29.86 | $30.03 | $27.67 | $26.68 | $26.48 | $26.63 | $24.22 | $22.28 | $21.07 | $20.61 |
| Tangible book value per share | $23.09 | $22.05 | $19.52 | $18.50 | $18.47 | $18.69 | $16.00 | $14.54 | $14.24 | $13.62 |
| Dividends per share | $1.00 | $0.98 | $0.93 | $0.89 | $0.88 | $0.85 | $0.78 | $0.69 | $0.56 | $0.51 |
| Capex per share | $0.22 | $0.29 | $0.41 | $0.42 | $0.34 | $0.36 | $0.42 | $0.39 | $0.31 | $0.69 |
| Debt per share | $25.03 | $20.62 | $18.61 | $34.38 | $14.18 | $15.85 | $25.91 | $26.67 | $24.84 | $22.65 |
| Shares outstanding | 166.6M | 153.3M | 150.9M | 150.5M | 152.0M | 153.6M | 161.9M | 169.7M | 153.6M | 150.0M |
| Change in shares outstanding | +8.7% | +1.6% | +0.2% | −1.0% | −1.1% | −5.1% | −4.6% | +10.5% | +2.5% | −0.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 9.9% | 2.8% | 4.5% | 9.1% | 8.6% | 7.7% | 8.5% | 9.5% | 7.2% | 6.6% |
| Return on invested capital (ROIC) | 17.7% | 5.3% | 4.4% | 11.0% | 19.8% | 8.8% | 8.3% | 11.2% | 13.0% | 21.7% |
| Return on assets (ROA) | 1.1% | 0.3% | 0.5% | 1.0% | 1.0% | 0.9% | 1.0% | 1.0% | 0.8% | 0.7% |
| Return on tangible assets | 1.1% | 0.3% | 0.5% | 1.0% | 1.0% | 1.0% | 1.1% | 1.0% | 0.8% | 0.7% |
| Free cash flow margin | 23.6% | 25.4% | 19.5% | 55.1% | 42.6% | 35.2% | 32.8% | 28.7% | 33.9% | 47.0% |
| Income quality (OCF / net income) | 1.30 | 4.71 | 2.42 | 2.31 | 1.51 | 1.79 | 1.76 | 1.49 | 2.00 | 3.20 |
| Financial health | ||||||||||
| Total debt | $4.17B | $3.16B | $2.81B | $5.17B | $2.15B | $2.43B | $4.20B | $4.53B | $3.82B | $3.40B |
| Cash & short-term investments | $5.97B | $5.57B | $4.52B | $3.34B | $5.36B | $3.80B | $3.84B | $4.68B | $4.73B | $5.28B |
| Net debt | −$1.80B | −$2.41B | −$1.72B | $1.84B | −$3.20B | −$1.37B | $351.8M | −$149.9M | −$910.2M | −$1.88B |
| Debt / equity | 0.84 | 0.69 | 0.67 | 1.29 | 0.54 | 0.60 | 1.07 | 1.20 | 1.18 | 1.10 |
| Debt / assets | 0.09 | 0.07 | 0.07 | 0.13 | 0.06 | 0.07 | 0.13 | 0.13 | 0.13 | 0.12 |
| Net debt / EBITDA | −2.65 | −10.18 | −8.33 | 3.48 | −6.32 | −3.14 | 0.69 | −0.31 | −2.09 | −4.77 |
| Current ratio | 0.30 | 0.16 | 0.13 | 0.10 | 19.14 | 0.14 | 0.16 | 0.18 | 64.19 | 37.27 |
| Quick ratio | 0.30 | 0.16 | 0.16 | 0.13 | 23.04 | 0.17 | 0.15 | 0.18 | 64.13 | 37.24 |
| Interest coverage | 0.6 | 0.1 | 0.2 | 2.4 | 6.0 | 2.2 | 1.2 | 1.5 | 2.3 | 3.4 |
| Working capital | −$14.26B | −$30.63B | −$30.39B | −$30.43B | $5.15B | −$23.21B | −$21.30B | −$21.78B | $22.21B | $21.17B |
| Invested capital | $3.17B | $2.19B | $2.46B | $5.85B | $821.7M | $2.73B | $4.27B | $3.63B | $2.33B | $1.21B |
| Tangible asset value | $3.85B | $3.38B | $2.94B | $2.78B | $2.81B | $2.87B | $2.59B | $2.47B | $2.19B | $2.04B |
| Net current asset value | −$34.09B | −$32.68B | −$32.16B | −$31.91B | −$25.64B | −$25.44B | −$24.53B | −$25.19B | −$4.69B | −$4.29B |
| Graham number | $43.76 | $23.30 | $27.48 | $38.22 | $37.09 | $34.59 | $33.16 | $31.38 | $26.60 | $24.89 |
| Graham net-net per share | −$204.87 | −$213.36 | −$217.00 | −$214.82 | −$172.48 | −$168.34 | −$151.54 | −$148.38 | −$146.50 | −$138.46 |
| Capital allocation | ||||||||||
| Dividends paid | $167.3M | $150.7M | $141.0M | $134.6M | $133.2M | $130.4M | $127.0M | $116.3M | $85.8M | $76.8M |
| Share buybacks (net) | $29.0M | $24.5M | $6.6M | $6.5M | $297.4M | $71.3M | $186.1M | $247.2M | $46.3M | $25.1M |
| Dividend payout ratio | 35.2% | 122.4% | 77.1% | 36.8% | 37.9% | 42.5% | 38.9% | 34.9% | 37.4% | 38.3% |
| Dividends + buybacks / free cash flow | 33.9% | 32.7% | 38.8% | 18.0% | 90.2% | 40.7% | 61.8% | 84.4% | 32.1% | 18.9% |
| Capex / revenue | 1.5% | 2.1% | 3.2% | 4.4% | 4.7% | 3.9% | 4.4% | 4.4% | 3.9% | 9.1% |
| Capex / operating cash flow | 5.9% | 7.8% | 14.0% | 7.4% | 9.9% | 10.0% | 11.7% | 13.3% | 10.3% | 16.2% |
| Capex / depreciation | 0.36 | 0.44 | 0.66 | 1.16 | 0.70 | 0.66 | 0.84 | 0.85 | 0.49 | 0.98 |
| Stock-based compensation / revenue | 0.3% | 1.8% | 0.9% | 0.8% | −7.9% | 0.1% | 0.5% | 1.2% | 2.3% | 1.9% |
| SG&A / revenue | 24.3% | 26.3% | 26.9% | 35.3% | 41.6% | 33.5% | 34.5% | 36.2% | 40.4% | 42.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 24.4 | 29.2 | 29.3 | 28.9 | 27.8 | 23.5 | 21.6 | — | — | — |
| Days of inventory on hand | — | — | 394.2 | -1,546.9 | 22,286.7 | -439.9 | 20.2 | 21.3 | 40.2 | 38.2 |
| Days payables outstanding | — | — | — | 47,996.1 | -639,674.4 | 28,320.6 | 25,170.2 | 31,695.5 | 47,571.7 | 50,737.5 |
| Cash conversion cycle (days) | — | — | — | -49,514.1 | 661,988.9 | -28,736.9 | -25,128.4 | — | — | — |
| Receivables turnover | 14.95 | 12.48 | 12.47 | 12.64 | 13.13 | 15.51 | 16.94 | — | — | — |
| Payables turnover | — | — | — | 0.01 | −0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Inventory turnover | — | — | — | — | — | — | 18.06 | 17.15 | 9.09 | 9.57 |
| Asset turnover | 0.06 | 0.05 | 0.05 | 0.04 | 0.03 | 0.04 | 0.05 | 0.05 | 0.04 | 0.04 |
| Average receivables | $164.4M | $168.7M | $157.0M | $112.5M | $85.4M | $90.7M | $91.2M | — | — | — |
| Average payables | — | — | — | $29.05B | $27.47B | $25.13B | $24.34B | $23.84B | $22.34B | $21.45B |
| Average inventory | — | — | −$929.6M | −$936.3M | −$957.2M | −$390.3M | $19.5M | $16.0M | $18.9M | $16.1M |
| Intangibles / total assets | 2.5% | 2.8% | 3.0% | 3.1% | 3.5% | 3.6% | 4.1% | 3.9% | 3.4% | 3.6% |
Computed from ASB's annual financial statements (latest annual report filed February 12, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
ASB valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Associated Banc-Corp traded at 9.0 times earnings, against a 10-year median of 10.5. Based on the latest twelve months, the trailing P/E is 10.1 and the forward P/E is 9.2. Associated Banc-Corp earned a return on equity of 9.9% and a return on invested capital of 17.7% in fiscal 2025. It ended the year with $4.2 billion of debt and $6.0 billion in cash and short-term investments, a net cash position of $1.8 billion. It returned $196.3 million to shareholders: $167.3 million in dividends and $29.0 million in share buybacks, 34% of free cash flow. The share count rose 11.1% from 150.0M to 166.6M over 9 years.
See the ASB income statement, the ASB chart for price history, or the ASB stock overview for the latest quote and news.
ASB key metrics FAQ
What is Associated Banc-Corp's P/E ratio?
Associated Banc-Corp's trailing P/E ratio is 10.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 9.2. At the end of fiscal 2025 it was 9.0, compared with a 10-year median of 10.5.
What is Associated Banc-Corp's EV/EBITDA?
Associated Banc-Corp's enterprise value was 3.7 times EBITDA at the end of fiscal 2025 (enterprise value $2.5 billion, EBITDA $680.0 million).
What is Associated Banc-Corp's return on equity?
Associated Banc-Corp's return on equity (ROE) was 9.9% in fiscal 2025: net income of $474.8 million on average shareholders' equity of $4.8 billion.
What is Associated Banc-Corp's ROIC?
Associated Banc-Corp's return on invested capital was 17.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Associated Banc-Corp have?
Associated Banc-Corp had total debt of $4.2 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.84 and more cash than debt.
What is Associated Banc-Corp's dividend yield?
Associated Banc-Corp's forward dividend yield is 3.31%. Associated Banc-Corp paid $167.3 million in dividends in fiscal 2025 ($1.00 per share), a payout ratio of 35.2%.
Does Associated Banc-Corp buy back its shares?
Yes. Associated Banc-Corp spent $29.0 million on net share repurchases in fiscal 2025 Shares outstanding changed +8.7% over the year, to 166.6M..
What is Associated Banc-Corp's free cash flow yield?
Associated Banc-Corp generated $579.3 million of free cash flow in fiscal 2025, a free cash flow yield of 13.5% on its market value at year-end ($4.3 billion).
What is Associated Banc-Corp's current ratio?
Associated Banc-Corp's current ratio was 0.30 at the end of fiscal 2025: current assets were 0.30 times current liabilities.