# First Business Financial Services, Inc. (FBIZ)

> Source: Nexqual · https://nexqual.com/FBIZ · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, First Business Financial Services, Inc. (FBIZ), nexqual.com/FBIZ" · informational, not investment advice.

**Price:** USD 72.43 (-0.10% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 72.5 · day 71.14–72.59 · 52w 47.87–73.74 · market cap $606M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $178M, net income $55.5M (31.2% margin) (SEC filings).
- Valuation: P/E 10.9x (avg 8.7x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $47K; 1 not under a Rule 10b5-1 plan ($47K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Strong Buy (mean 1.40 on a 1–5 scale) (5 analysts), mean target USD 78.8 (range 75–84).
- Total return with dividends: 1Y +46.4% vs S&P 500 +13.4%; 5Y +180.6% vs S&P 500 +76.9%.
- Next earnings: 2026-10-29, EPS estimate USD 1.67, revenue estimate $46.9M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $113M | $128M | $144M | $153M | $169M | $178M |
| Net income | $35.8M | $40.9M | $37.0M | $44.2M | $50.3M | $55.5M |
| EPS (diluted) | $4.17 | $4.75 | $4.33 | $5.20 | $5.94 | — |
| Free cash flow | $35.6M | $35.4M | $49.4M | $57.3M | $61.1M | $80.9M |
| Net margin | 31.7% | 32.0% | 25.7% | 28.8% | 29.8% | 31.2% |
| Revenue growth | +8.4% | +13.4% | +12.6% | +6.6% | +9.9% | — |
| Cash + short-term investments | $57.1M | $103M | $140M | $158M | $39.5M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 10.9x · P/S 3.4x · P/FCF 7.5x · P/B 1.5x · FCF yield 13.35% · Earnings yield 9.16% · Dividend yield (paid, TTM) 1.76% · Buyback yield (TTM) 0.28%
P/E at fiscal year-ends: Dec 2025 8.8x, Dec 2024 8.5x, Dec 2023 8.8x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-27 | Chandler Jodi A | Chief Human Resources Officer | 675 | $47K | 2.9% | No | Too little history (no open-market trades in 2024 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Strong Buy (mean 1.40 on a 1–5 scale), 5 analysts; mean target USD 78.8 (low 75, high 84).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-03 | DA Davidson | Target raised | Buy | $69 → $80 |
| 2026-08-03 | Keefe, Bruyette & Woods | Target raised | Outperform | $68 → $74 |
| 2026-08-03 | Piper Sandler | Target raised | Overweight | $70 → $84 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +46.4% | +180.6% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +46.5% | +22.9% |
| Volatility (annualized) | 23.0% | 28.2% |
| Max drawdown | -13.3% (Feb 2026→Mar 2026) | -34.9% (Nov 2022→May 2023) |

## Peers (Banks - Regional)
BBD (Banco Bradesco Sa) USD 4.07 +3.04% · FITB (Fifth Third Bancorp) USD 52.98 -0.47% · DB (Deutsche Bank AG) USD 31.2 -0.89% · TFC (Truist Financial Corporation) USD 48.44 +0.04% · NWG (NatWest Group plc) USD 16.8 -1.12% · NU (Nu Holdings Ltd.) USD 15.16 +2.92%

## More
Full page: https://nexqual.com/FBIZ · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-07-30)

- "We expect this to have a minimal impact on 2026 earnings and to provide a modest earnings benefit in 2027."
- "In the second quarter 2026, this valuation allowance was released due to sustained historical and forecasted Wisconsin taxable income."
- "The Company expects to report a full year 2026 effective tax rate between 13% and 15%."
- "Management expects marketing spend for full year 2026 to be in line with prior-year spend."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.67 | $1.59 | +4.9% | $46.9M | 5 |
| Next quarter (ends 2026-12-31) | $1.68 | $1.63 | +2.8% | $47.5M | 5 |
| Current fiscal year (ends 2026-12-31) | $6.55 | $6.22 | +5.3% | $185.3M | 5 |
| Next fiscal year (ends 2027-12-31) | $6.95 | $6.73 | +3.2% | $198.6M | 5 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-03-19 (includes earnings 2026-10-29): ±13.0%; last 8 reports averaged ±4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2027-03-19 | 145 | 25.6% | ±13.0% |
| 2027-06-17 | 235 | 25.7% | ±16.2% |