First Business Financial Services, Inc. (FBIZ) Key Metrics
FBIZ valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $590.1M
- Enterprise value
- $916.3M
- P/E (TTM)
- 10.8 10-yr median 9.4
- Forward P/E
- 9.0
- PEG ratio
- 1.24
- Price / sales
- 3.5 10-yr median 1.9
- Price / book
- 1.6 10-yr median 1.1
- EV / EBITDA
- — 10-yr median 10.2
- Dividend yield
- 1.93% $1.36 a year
- Beta
- 0.67
FBIZ key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsFBIZ valuation Price multiples at each fiscal year-end price.
FBIZ returns How much profit the business earns on the capital it uses.
FBIZ per-share figures Results divided by the shares outstanding at year-end.
FBIZ financial health Debt, liquidity and how easily interest is covered.
FBIZ efficiency & capital use Working capital cycle and where the cash goes.
FBIZ valuation history
FBIZ returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FBIZ debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FBIZ cash returned to shareholders
FBIZ price vs earnings per share
FBIZ key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $443.0M | $377.2M | $326.1M | $300.7M | $242.5M | $154.3M | $224.2M | $168.6M | $190.5M | $203.4M |
| Enterprise value | $662.9M | $206.1M | $229.4M | $453.0M | $398.7M | $349.1M | $320.9M | $252.6M | $229.9M | $60.0M |
| P/E ratio | 8.8 | 8.5 | 18.8 | 7.4 | 6.8 | 9.1 | 9.6 | 10.3 | 16.0 | 13.6 |
| Price / sales | 1.6 | 1.4 | 3.7 | 2.0 | 2.0 | 1.3 | 1.8 | 1.6 | 2.1 | 2.2 |
| Price / book | 1.2 | 1.1 | 1.1 | 1.2 | 1.0 | 0.7 | 1.2 | 0.9 | 1.1 | 1.3 |
| Price / free cash flow | 7.3 | 6.6 | 6.0 | 8.5 | 6.8 | 5.9 | 7.8 | 6.9 | 9.0 | 8.0 |
| Price / operating cash flow | 7.2 | 6.6 | 6.0 | 7.8 | 6.7 | 5.8 | 7.7 | 6.7 | 8.5 | 7.8 |
| EV / sales | 2.4 | 0.8 | 2.6 | 3.0 | 3.2 | 2.9 | 2.6 | 2.4 | 2.6 | 0.6 |
| EV / EBITDA | 10.3 | 3.8 | 10.1 | 8.0 | 7.9 | 16.0 | 11.7 | 13.2 | 14.6 | 3.2 |
| EV / free cash flow | 10.8 | 3.6 | 4.2 | 12.8 | 11.2 | 13.2 | 11.2 | 10.4 | 10.9 | 2.3 |
| Earnings yield | 11.4% | 11.7% | 5.3% | 13.6% | 14.7% | 11.0% | 10.4% | 9.7% | 6.2% | 7.3% |
| Free cash flow yield | 13.8% | 15.2% | 16.7% | 11.8% | 14.7% | 17.1% | 12.8% | 14.4% | 11.1% | 12.6% |
| Dividend yield | 2.4% | 2.4% | 0.1% | 2.5% | 2.5% | 3.7% | 2.3% | 2.9% | 2.4% | 2.1% |
| Shareholder yield (dividends + buybacks) | 2.7% | 2.8% | 1.8% | 4.5% | 4.8% | 4.7% | 5.6% | 3.2% | 2.6% | 2.3% |
| Share price at fiscal year-end | $54.30 | $46.29 | $40.10 | $36.55 | $29.17 | $18.41 | $26.33 | $19.51 | $22.12 | $23.72 |
| Per share | ||||||||||
| Revenue per share | $34.23 | $32.20 | $10.97 | $18.33 | $14.92 | $14.16 | $14.25 | $12.43 | $10.41 | $10.78 |
| Earnings per share | $6.17 | $5.43 | $2.13 | $4.97 | $4.30 | $2.03 | $2.74 | $1.89 | $1.38 | $1.74 |
| Operating cash flow per share | $7.56 | $7.06 | $6.70 | $4.70 | $4.33 | $3.18 | $3.40 | $2.93 | $2.60 | $3.05 |
| Free cash flow per share | $7.49 | $7.03 | $6.70 | $4.31 | $4.28 | $3.15 | $3.38 | $2.81 | $2.46 | $2.98 |
| Cash per share | $4.84 | $61.25 | $53.69 | $38.25 | $31.61 | $28.73 | $28.21 | $26.03 | $20.73 | $26.06 |
| Book value per share | $45.55 | $40.33 | $35.62 | $31.68 | $27.95 | $24.59 | $22.80 | $20.92 | $19.65 | $18.85 |
| Tangible book value per share | $44.08 | $38.86 | $34.14 | $30.20 | $26.48 | $23.16 | $21.40 | $19.52 | $18.18 | $17.36 |
| Dividends per share | $1.29 | $1.13 | $0.05 | $0.90 | $0.74 | $0.67 | $0.61 | $0.57 | $0.53 | $0.49 |
| Capex per share | $0.07 | $0.03 | $0.49 | $0.39 | $0.05 | $0.03 | $0.03 | $0.11 | $0.14 | $0.07 |
| Debt per share | $31.80 | $40.25 | $41.80 | $56.76 | $50.38 | $51.96 | $39.57 | $35.76 | $25.30 | $9.34 |
| Shares outstanding | 8.2M | 8.1M | 8.1M | 8.2M | 8.3M | 8.4M | 8.5M | 8.6M | 8.6M | 8.6M |
| Change in shares outstanding | +0.1% | +0.2% | −1.2% | −1.1% | −0.8% | −1.5% | −1.4% | +0.3% | +0.5% | +0.3% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 14.4% | 14.3% | 6.3% | 16.6% | 16.3% | 8.5% | 12.4% | 9.3% | 7.2% | 9.5% |
| Return on invested capital (ROIC) | 13.4% | 25.3% | 5.7% | 10.2% | 9.1% | 4.9% | 8.4% | 6.9% | 10.5% | — |
| Return on assets (ROA) | 1.3% | 1.2% | 0.5% | 1.5% | 1.4% | 0.7% | 1.1% | 0.9% | 0.7% | 0.8% |
| Return on tangible assets | 1.2% | 1.2% | 0.5% | 1.4% | 1.4% | 0.7% | 1.1% | 0.8% | 0.7% | 0.8% |
| Free cash flow margin | 21.9% | 21.8% | 61.0% | 23.5% | 28.7% | 22.2% | 23.7% | 22.6% | 23.6% | 27.7% |
| Income quality (OCF / net income) | 1.23 | 1.30 | 3.14 | 0.95 | 1.01 | 1.57 | 1.24 | 1.55 | 1.88 | 1.75 |
| Financial health | ||||||||||
| Total debt | $259.4M | $328.0M | $339.9M | $467.0M | $418.9M | $435.6M | $337.0M | $309.0M | $217.9M | $80.0M |
| Cash & short-term investments | $39.5M | $499.1M | $436.5M | $314.7M | $262.8M | $240.8M | $240.2M | $224.9M | $178.5M | $223.4M |
| Net debt | $219.9M | −$171.1M | −$96.6M | $152.3M | $156.1M | $194.8M | $96.7M | $84.1M | $39.4M | −$143.4M |
| Debt / equity | 0.70 | 1.00 | 1.17 | 1.79 | 1.80 | 2.11 | 1.74 | 1.71 | 1.29 | 0.50 |
| Debt / assets | 0.06 | 0.09 | 0.10 | 0.16 | 0.16 | 0.17 | 0.16 | 0.16 | 0.12 | 0.04 |
| Net debt / EBITDA | 3.42 | −3.12 | −4.27 | 2.70 | 3.09 | 8.95 | 3.51 | 4.39 | 2.49 | −7.72 |
| Current ratio | 0.31 | 0.17 | 0.16 | 0.15 | 0.15 | 0.15 | 0.18 | 0.18 | 0.15 | 149.09 |
| Quick ratio | 0.31 | 0.17 | 0.16 | 0.15 | 0.15 | 0.15 | 0.18 | 0.20 | 0.20 | 151.37 |
| Interest coverage | 0.5 | 0.5 | 0.7 | 2.3 | 4.1 | 1.1 | 0.8 | 0.7 | 0.9 | 1.2 |
| Working capital | −$87.4M | −$2.59B | −$2.34B | −$1.86B | −$1.69B | −$1.60B | −$1.27B | −$1.21B | −$1.19B | $1.56B |
| Invested capital | $591.5M | $157.5M | $192.9M | $412.9M | $388.5M | $400.9M | $290.9M | $264.8M | $208.7M | $18.3M |
| Tangible asset value | $359.6M | $316.7M | $277.6M | $248.5M | $220.2M | $194.1M | $182.2M | $168.7M | $156.6M | $148.9M |
| Net current asset value | −$3.67B | −$3.01B | −$2.76B | −$2.39B | −$2.13B | −$2.09B | −$1.63B | −$1.52B | −$1.41B | −$51.5M |
| Graham number | $79.50 | $70.19 | $41.31 | $59.50 | $52.00 | $33.47 | $37.49 | $29.80 | $24.72 | $27.16 |
| Graham net-net per share | −$143.14 | −$370.14 | −$340.63 | −$291.01 | −$257.57 | −$250.20 | −$192.08 | −$178.96 | −$168.85 | −$158.97 |
| Capital allocation | ||||||||||
| Dividends paid | $10.6M | $9.2M | $438,000 | $7.4M | $6.2M | $5.7M | $5.2M | $4.9M | $4.5M | $4.2M |
| Share buybacks (net) | $1.4M | $1.3M | $5.6M | $6.1M | $5.5M | $1.7M | $7.2M | $533,000 | $323,000 | $467,000 |
| Dividend payout ratio | 21.0% | 20.8% | 2.5% | 18.0% | 17.2% | 33.3% | 22.4% | 30.2% | 38.1% | 28.0% |
| Dividends + buybacks / free cash flow | 19.6% | 18.3% | 11.0% | 38.1% | 32.7% | 27.8% | 43.3% | 22.4% | 23.0% | 18.2% |
| Capex / revenue | 0.2% | 0.1% | 4.4% | 2.1% | 0.3% | 0.2% | 0.2% | 0.9% | 1.4% | 0.6% |
| Capex / operating cash flow | 1.0% | 0.4% | 7.3% | 8.3% | 1.1% | 1.0% | 0.8% | 3.8% | 5.5% | 2.2% |
| Capex / depreciation | 0.16 | 0.06 | 1.04 | 0.79 | 0.11 | 0.08 | 0.07 | 0.66 | 0.80 | 0.39 |
| Stock-based compensation / revenue | 1.0% | 1.1% | 3.4% | 1.7% | 2.0% | 1.6% | 1.3% | 0.9% | 1.2% | 1.1% |
| SG&A / revenue | 27.5% | 27.6% | 39.3% | 40.5% | 44.2% | 41.0% | 41.9% | 43.2% | 48.8% | 46.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 2,189.5 | 18.2 | 46.4 | 37.1 | 76.7 | 99.5 | 109.3 | 126.9 | 194.0 | 168.2 |
| Days of inventory on hand | — | — | -97.3 | 2.5 | 6.5 | 15.9 | -138.0 | -575.6 | -724.9 | -333.9 |
| Days payables outstanding | — | — | — | 332.0 | 1,021.8 | 161.5 | 189.9 | 198.1 | 178.2 | 152.0 |
| Cash conversion cycle (days) | — | — | — | -292.4 | -938.6 | -46.0 | -218.6 | -646.7 | -709.0 | -317.6 |
| Receivables turnover | 0.17 | 20.06 | 7.87 | 9.84 | 4.76 | 3.67 | 3.34 | 2.88 | 1.88 | 2.17 |
| Payables turnover | — | — | — | 1.10 | 0.36 | 2.26 | 1.92 | 1.84 | 2.05 | 2.40 |
| Inventory turnover | — | — | −3.75 | 147.34 | 55.86 | 22.97 | — | — | — | — |
| Asset turnover | 0.07 | 0.07 | 0.03 | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | 0.05 | 0.05 |
| Average receivables | $1.68B | $13.1M | $11.3M | $15.3M | $26.1M | $32.4M | $36.4M | $37.3M | $47.7M | $42.6M |
| Average payables | — | — | — | $17.4M | $15.5M | $15.0M | $17.9M | $17.0M | $11.5M | $10.3M |
| Average inventory | — | — | $2.2M | $129,500 | $99,000 | $1.5M | −$13.0M | −$49.4M | −$46.9M | −$22.6M |
| Intangibles / total assets | 0.3% | 0.3% | 0.3% | 0.4% | 0.5% | 0.5% | 0.6% | 0.6% | 0.7% | 0.7% |
Computed from FBIZ's annual financial statements (latest annual report filed February 25, 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.
FBIZ valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), First Business Financial Services traded at 8.8 times earnings, against a 10-year median of 9.4. Based on the latest twelve months, the trailing P/E is 10.8 and the forward P/E is 9.0. First Business Financial Services earned a return on equity of 14.4% and a return on invested capital of 13.4% in fiscal 2025. It ended the year with $259.4 million of debt and $39.5 million in cash and short-term investments, net debt of $219.9 million. It returned $12.0 million to shareholders: $10.6 million in dividends and $1.4 million in share buybacks, 20% of free cash flow. The share count fell 4.8% from 8.6M to 8.2M over 9 years.
See the FBIZ income statement, the FBIZ chart for price history, or the FBIZ stock overview for the latest quote and news.
FBIZ key metrics FAQ
What is First Business Financial Services's P/E ratio?
First Business Financial Services's trailing P/E ratio is 10.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 9.0. At the end of fiscal 2025 it was 8.8, compared with a 10-year median of 9.4.
What is First Business Financial Services's EV/EBITDA?
First Business Financial Services's enterprise value was 10.3 times EBITDA at the end of fiscal 2025 (enterprise value $662.9 million, EBITDA $64.2 million).
What is First Business Financial Services's return on equity?
First Business Financial Services's return on equity (ROE) was 14.4% in fiscal 2025: net income of $50.3 million on average shareholders' equity of $350.1 million.
What is First Business Financial Services's ROIC?
First Business Financial Services's return on invested capital was 13.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does First Business Financial Services have?
First Business Financial Services had total debt of $259.4 million at the end of fiscal 2025, a debt-to-equity ratio of 0.70 and $219.9 million of net debt (3.42 times EBITDA).
What is First Business Financial Services's dividend yield?
First Business Financial Services's forward dividend yield is 1.93%. First Business Financial Services paid $10.6 million in dividends in fiscal 2025 ($1.29 per share), a payout ratio of 21.0%.
Does First Business Financial Services buy back its shares?
Yes. First Business Financial Services spent $1.4 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.1% over the year, to 8.2M..
What is First Business Financial Services's free cash flow yield?
First Business Financial Services generated $61.1 million of free cash flow in fiscal 2025, a free cash flow yield of 13.8% on its market value at year-end ($443.0 million).
What is First Business Financial Services's current ratio?
First Business Financial Services's current ratio was 0.31 at the end of fiscal 2025: current assets were 0.31 times current liabilities.