ASB Fundamental Analysis - ASSOCIATED BANC-CORP

Fundamental Rating

We assign a fundamental rating of 4 out of 10 to ASB. ASB was compared to 392 industry peers in the Banks industry. ASB may be in some trouble as it scores bad on both profitability and health. ASB has a correct valuation and a medium growth rate.

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1. Profitability

1.1 Basic Checks

In the past year ASB was profitable.

In the past year ASB had a positive cash flow from operations.

In the past 5 years ASB has always been profitable.

In the past 5 years ASB always reported a positive cash flow from operatings.

1.2 Ratios

ASB's Return On Assets of 0.29% is on the low side compared to the rest of the industry. ASB is outperformed by 83.93% of its industry peers.

ASB's Return On Equity of 2.66% is on the low side compared to the rest of the industry. ASB is outperformed by 84.18% of its industry peers.

		Industry Rank	Sector Rank
ROA	0.29%
ROE	2.66%
ROIC	N/A

ROA(3y)0.52%

ROA(5y)0.67%

ROE(3y)5.09%

ROE(5y)6.1%

ROIC(3y)N/A

ROIC(5y)N/A

1.3 Margins

Looking at the Profit Margin, with a value of 11.50%, ASB is doing worse than 80.36% of the companies in the same industry.

ASB's Profit Margin has declined in the last couple of years.

ASB does not have Operating Margin and Gross Margin available, so we won't be analyzing them here.

		Industry Rank	Sector Rank
OM	N/A
PM (TTM)	11.5%
GM	N/A

OM growth 3YN/A

OM growth 5YN/A

PM growth 3Y-30.12%

PM growth 5Y-15.92%

GM growth 3YN/A

GM growth 5YN/A

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

ASB does not have a ROIC to compare to the WACC, probably because it is not profitable.

Compared to 1 year ago, ASB has more shares outstanding

ASB has more shares outstanding than it did 5 years ago.

The debt/assets ratio for ASB is higher compared to a year ago.

2.2 Solvency

The Debt to FCF ratio of ASB is 1.31, which is an excellent value as it means it would take ASB, only 1.31 years of fcf income to pay off all of its debts.

ASB's Debt to FCF ratio of 1.31 is fine compared to the rest of the industry. ASB outperforms 62.50% of its industry peers.

ASB has a Debt/Equity ratio of 0.14. This is a healthy value indicating a solid balance between debt and equity.

ASB has a Debt to Equity ratio (0.14) which is in line with its industry peers.

		Industry Rank	Sector Rank
Debt/Equity	0.14
Debt/FCF	1.31
Altman-Z	N/A

ROIC/WACCN/A

WACC19.27%

2.3 Liquidity

		Industry Rank	Sector Rank
Current Ratio	N/A
Quick Ratio	N/A

More info and screens

WACC

Debt/Equity

How to determine the health of a company

Altman-Z score

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3. Growth

3.1 Past

ASB shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 3.88%.

The Earnings Per Share has been growing slightly by 3.84% on average over the past years.

ASB shows a small growth in Revenue. In the last year, the Revenue has grown by 1.58%.

The Revenue has been decreasing by -3.13% on average over the past years.

EPS 1Y (TTM)3.88%

EPS 3Y2.96%

EPS 5Y3.84%

EPS Q2Q%-12.16%

Revenue 1Y (TTM)1.58%

Revenue growth 3Y-0.65%

Revenue growth 5Y-3.13%

Sales Q2Q%14.06%

3.2 Future

The Earnings Per Share is expected to grow by 10.35% on average over the next years. This is quite good.

The Revenue is expected to grow by 11.39% on average over the next years. This is quite good.

EPS Next Y10.78%

EPS Next 2Y8.84%

EPS Next 3Y10.35%

EPS Next 5YN/A

Revenue Next Year20.39%

Revenue Next 2Y12.8%

Revenue Next 3Y11.39%

Revenue Next 5YN/A

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.

When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.

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4. Valuation

4.1 Price/Earnings Ratio

ASB is valuated reasonably with a Price/Earnings ratio of 10.72.

73.21% of the companies in the same industry are more expensive than ASB, based on the Price/Earnings ratio.

Compared to an average S&P500 Price/Earnings ratio of 27.41, ASB is valued rather cheaply.

With a Price/Forward Earnings ratio of 9.13, the valuation of ASB can be described as very reasonable.

Based on the Price/Forward Earnings ratio, ASB is valued a bit cheaper than the industry average as 70.15% of the companies are valued more expensively.

ASB's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 22.87.

		Industry Rank	Sector Rank
PE	10.72
Fwd PE	9.13

4.2 Price Multiples

Based on the Price/Free Cash Flow ratio, ASB is valued a bit cheaper than the industry average as 79.85% of the companies are valued more expensively.

		Industry Rank	Sector Rank
P/FCF	8.42
EV/EBITDA	N/A

4.3 Compensation for Growth

ASB's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.

PEG (NY)0.99

PEG (5Y)2.8

EPS Next 2Y8.84%

EPS Next 3Y10.35%

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5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 3.47%, ASB has a reasonable but not impressive dividend return.

ASB's Dividend Yield is a higher than the industry average which is at 3.47.

ASB's Dividend Yield is a higher than the S&P500 average which is at 2.38.

		Industry Rank	Sector Rank
Dividend Yield	3.47%

5.2 History

The dividend of ASB has a limited annual growth rate of 3.73%.

ASB has paid a dividend for at least 10 years, which is a reliable track record.

ASB has not decreased their dividend for at least 10 years, which is a reliable track record.

Dividend Growth(5Y)3.73%

Div Incr Years13

Div Non Decr Years14

5.3 Sustainability

ASB pays out 126.42% of its income as dividend. This is not a sustainable payout ratio.

The dividend of ASB is growing, but earnings are growing more, so the dividend growth is sustainable.

DP126.42%

EPS Next 2Y8.84%

EPS Next 3Y10.35%

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ASSOCIATED BANC-CORP

NYSE:ASB (9/23/2025, 8:04:00 PM)

After market: 25.84 0 (0%)

25.84

+0.02 (+0.08%)

Chartmill FA Rating

GICS SectorFinancials

GICS IndustryGroupBanks

GICS IndustryBanks

Earnings (Last)07-24 2025-07-24/amc

Earnings (Next)10-16 2025-10-16/amc

Inst Owners87.88%

Inst Owner Change-2.03%

Ins Owners0.78%

Ins Owner Change0.36%

Market Cap4.29B

Analysts68.57

Price Target29.17 (12.89%)

Short Float %3.7%

Short Ratio4

Dividend

		Industry Rank	Sector Rank
Dividend Yield	3.47%

Yearly Dividend0.95

Dividend Growth(5Y)3.73%

DP126.42%

Div Incr Years13

Div Non Decr Years14

Ex-Date09-02 2025-09-02 (0.23)

Surprises & Revisions

EPS beat(2)2

Avg EPS beat(2)6.09%

Min EPS beat(2)4.04%

Max EPS beat(2)8.15%

EPS beat(4)4

Avg EPS beat(4)7.23%

Min EPS beat(4)4.04%

Max EPS beat(4)11.39%

EPS beat(8)8

Avg EPS beat(8)9.51%

EPS beat(12)11

Avg EPS beat(12)6.82%

EPS beat(16)15

Avg EPS beat(16)10.92%

Revenue beat(2)1

Avg Revenue beat(2)-0.82%

Min Revenue beat(2)-1.88%

Max Revenue beat(2)0.23%

Revenue beat(4)2

Avg Revenue beat(4)8.02%

Min Revenue beat(4)-1.95%

Max Revenue beat(4)35.66%

Revenue beat(8)3

Avg Revenue beat(8)7.83%

Revenue beat(12)4

Avg Revenue beat(12)4.96%

Revenue beat(16)6

Avg Revenue beat(16)3.75%

PT rev (1m)0%

PT rev (3m)8.33%

EPS NQ rev (1m)0%

EPS NQ rev (3m)6.58%

EPS NY rev (1m)0%

EPS NY rev (3m)3.9%

Revenue NQ rev (1m)0%

Revenue NQ rev (3m)2.24%

Revenue NY rev (1m)0%

Revenue NY rev (3m)1.49%

Valuation

		Industry Rank	Sector Rank
PE	10.72
Fwd PE	9.13
P/S	3.88
P/FCF	8.42
P/OCF	7.77
P/B	0.9
P/tB	1.2
EV/EBITDA	N/A

EPS(TTM)2.41

EY9.33%

EPS(NY)2.83

Fwd EY10.96%

FCF(TTM)3.07

FCFY11.87%

OCF(TTM)3.33

OCFY12.88%

SpS6.66

BVpS28.83

TBVpS21.49

PEG (NY)0.99

PEG (5Y)2.8

Profitability

		Industry Rank	Sector Rank
ROA	0.29%
ROE	2.66%
ROCE	N/A
ROIC	N/A
ROICexc	N/A
ROICexgc	N/A
OM	N/A
PM (TTM)	11.5%
GM	N/A
FCFM	46.05%

ROA(3y)0.52%

ROA(5y)0.67%

ROE(3y)5.09%

ROE(5y)6.1%

ROIC(3y)N/A

ROIC(5y)N/A

ROICexc(3y)N/A

ROICexc(5y)N/A

ROICexgc(3y)N/A

ROICexgc(5y)N/A

ROCE(3y)N/A

ROCE(5y)N/A

ROICexcg growth 3YN/A

ROICexcg growth 5YN/A

ROICexc growth 3YN/A

ROICexc growth 5YN/A

OM growth 3YN/A

OM growth 5YN/A

PM growth 3Y-30.12%

PM growth 5Y-15.92%

GM growth 3YN/A

GM growth 5YN/A

F-Score4

Asset Turnover0.03

Health

		Industry Rank	Sector Rank
Debt/Equity	0.14
Debt/FCF	1.31
Debt/EBITDA	N/A
Cap/Depr	72.73%
Cap/Sales	3.89%
Interest Coverage	N/A
Cash Conversion	N/A
Profit Quality	400.32%
Current Ratio	N/A
Quick Ratio	N/A
Altman-Z	N/A

F-Score4

WACC19.27%

ROIC/WACCN/A

Cap/Depr(3y)101.71%

Cap/Depr(5y)88.11%

Cap/Sales(3y)5%

Cap/Sales(5y)4.84%

Profit Quality(3y)309.46%

Profit Quality(5y)249.06%

High Growth Momentum

Growth

EPS 1Y (TTM)3.88%

EPS 3Y2.96%

EPS 5Y3.84%

EPS Q2Q%-12.16%

EPS Next Y10.78%

EPS Next 2Y8.84%

EPS Next 3Y10.35%

EPS Next 5YN/A

Revenue 1Y (TTM)1.58%

Revenue growth 3Y-0.65%

Revenue growth 5Y-3.13%

Sales Q2Q%14.06%

Revenue Next Year20.39%

Revenue Next 2Y12.8%

Revenue Next 3Y11.39%

Revenue Next 5YN/A

EBIT growth 1YN/A

EBIT growth 3YN/A

EBIT growth 5YN/A

EBIT Next YearN/A

EBIT Next 3YN/A

EBIT Next 5YN/A

FCF growth 1Y6.59%

FCF growth 3Y3.89%

FCF growth 5Y1.1%

OCF growth 1Y2.89%

OCF growth 3Y3.09%

OCF growth 5Y0.21%

ASSOCIATED BANC-CORP (ASB) Stock Fundamental Analysis

1. Profitability

1.1 Basic Checks

1.2 Ratios

1.3 Margins

More info and screens

2. Health

2.1 Basic Checks

2.2 Solvency

2.3 Liquidity

More info and screens

3. Growth

3.1 Past

3.2 Future

3.3 Evolution

More info and screens

4. Valuation

4.1 Price/Earnings Ratio

4.2 Price Multiples

4.3 Compensation for Growth

More info and screens

5. Dividend

5.1 Amount

5.2 History

5.3 Sustainability

More info and screens