$41.00

-0.21 (-0.51%)

Weekly Expected Move ±2.9%

$37 $38 $40 $41 $42

NASDAQ · Financial Services · Banks - Regional · Alpha Radar Neutral · Power 50 · $304.0M mcap · 6M float · 0.214% daily turnover · Short 66% of daily vol

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

WEAK EDGE

44.9 / 100

NoneWeakNarrowWide

Primary source: Cost Advantage · ROIC: 24.6% · 5Y Avg: 39.4%

Cost Advantage ★

Intangibles

Switching Cost

Network Effect

Scale

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. FSBW shows a Weak competitive edge (44.9/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Cost Advantage. ROIC of 24.6% confirms the company is generating returns well above its cost of capital — a hallmark of durable competitive advantages.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

Low

$43

Avg Target

$43

High

Based on 2 analyst ratings (12 mo)

Analyst Recommendations

Strong Buy: 0Buy: 0Hold: 2Sell: 0Strong Sell: 0

Rating Summary

ConsensusHold

Avg Target$43.00

Analysts2

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-01-26	D.A. Davidson	—	$41	$45	+4	+9.3%	$41.16
2025-10-22	D.A. Davidson	Jeff Rulis	$44	$41	-3	+6.7%	$38.41
2024-07-25	D.A. Davidson	Jeff Rulis	Initiated	$44	—	+1.3%	$43.43

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

B+

May 22, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. FSBW receives an overall rating of B+. Strongest factors: DCF (4/5). Areas of concern: D/E (2/5).

Rating Change History

Date	From	To
2026-04-30	A-	B+
2026-04-28	A	A-
2026-04-27	A-	A
2026-04-23	B	A-
2026-04-22	A-	B
2026-04-21	A	A-
2026-04-01	B+	A
2026-03-04	A-	B+
2026-03-02	B+	A-
2026-02-20	A-	B+

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 48 Grade A

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. FSBW scores highest in Earnings Quality (91/100) and lowest in Growth (38/100). An overall grade of A places FSBW among the highest-quality companies in its peer group.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman-B Score

2.56

Grey Zone

Piotroski F-Score

7/9

✓ ✓ ✗ ✓ ✓ ✓ ✓ ✗ ✓

Beneish M-Score

-2.32

Unlikely Manipulator

Ohlson O-Score

-3.09

Bankruptcy prob: 4.4%

Low Risk

Credit Rating

Score: 72.9/100

Trend: Improving

Earnings Quality

100/100

OCF/NI: 2.20x

Accruals: -1.3%

The Altman-B Score replaces the traditional Z-Score for banks and financial institutions. It weights equity-to-assets, return on assets, retained earnings, market value coverage, and cash reserves — metrics that better capture bank solvency than manufacturing-oriented ratios. FSBW scores 2.56, placing it in the Grey Zone (safe > 3.0, distress < 1.5). Financial distress is possible and warrants monitoring. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. FSBW scores 7/9, signaling strong financial health across all three dimensions. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. FSBW's score of -2.32 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. FSBW's implied 4.4% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. FSBW receives an estimated rating of A (score: 72.9/100), with a improving trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). FSBW's score of 100/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

9.30x

PEG

-5.88x

P/S

1.38x

P/B

0.98x

P/FCF

5.62x

P/OCF

4.06x

EV/EBITDA

2.53x

EV/Revenue

0.61x

EV/EBIT

2.97x

EV/FCF

2.56x

Earnings Yield

11.22%

FCF Yield

17.79%

Shareholder Yield

7.78%

Graham Number

$62.59

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 9.3x earnings, FSBW trades at a deep value multiple. An earnings yield of 11.2% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $62.59 per share, suggesting a potential 53% margin of safety at the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.798

NI / EBT

Interest Burden

0.920

EBT / EBIT

EBIT Margin

0.204

EBIT / Rev

Asset Turnover

0.071

Rev / Assets

Equity Multiplier

10.317

Assets / Equity

ROE

11.0%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. FSBW's ROE of 11.0% is driven by financial leverage (equity multiplier: 10.32x). Note: high leverage means ROE is amplified by debt rather than operational performance.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Adj. Growth Rate

2.82%

Fair P/E

14.14x

Intrinsic Value

$61.26

Price/Value

0.63x

Margin of Safety

37.01%

Premium

-37.01%

Assessment

Undervalued

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with FSBW's realized 2.8% 3-year EPS CAGR — what the company actually delivered, not what analysts hope for. At an intrinsic value of $61.26, FSBW appears undervalued with a 37% margin of safety. The adjusted fair P/E of 14.1x compares to the current market P/E of 9.3x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$41.00

Median 1Y

$42.07

5th Pctile

$22.26

95th Pctile

$79.89

Ann. Volatility

37.1%

25th–75th percentile 5th–95th percentile Median path Historical

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

Executive	Salary	Stock	Total
Joseph C. Adams Chief Executive Officer	$590,000	$152,050	$1,442,575
Matthew D. Mullet President	$425,000	$151,890	$1,143,873
Donn C. Costa Chief Home Lending Officer	$364,980	$—	$625,711
Shana C. Allen Chief Information Officer	$258,067	$80,280	$568,080
Phillip D. Whittington Chief Financial Officer	$148,513	$80,280	$377,457

CEO Pay Ratio

14:1

CEO-to-Employee Pay Ratio

CEO Total Comp: $1,442,575

Avg Employee Cost (SGA/emp): $100,785

Employees: 581

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

581

+2.5% YoY

Revenue / Employee

$374,372

Rev: $217,510,000

Profit / Employee

$57,394

NI: $33,346,000

SGA / Employee

$100,785

Avg labor cost proxy

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
ROE	20.7%	18.7%	15.7%	13.6%	12.8%	12.8%	12.4%	12.9%	13.9%	14.1%	14.5%	14.6%	14.5%	15.1%	12.5%	12.4%	11.9%	11.5%	11.1%	11.0%	10.99%
ROA	2.3%	2.1%	1.7%	1.5%	1.4%	1.4%	1.2%	1.3%	1.4%	1.4%	1.3%	1.3%	1.3%	1.3%	1.2%	1.2%	1.1%	1.1%	1.1%	1.1%	1.07%
ROIC	67.6%	60.9%	1.0%	90.4%	85.3%	85.6%	14.9%	15.6%	16.8%	17.1%	27.6%	27.8%	27.6%	28.7%	7.8%	7.7%	7.4%	7.2%	24.7%	24.6%	24.59%
ROCE	12.8%	11.7%	12.8%	10.9%	10.4%	10.3%	7.3%	7.7%	8.3%	8.5%	10.1%	10.1%	10.1%	9.7%	6.0%	5.9%	5.6%	5.9%	10.1%	10.2%	10.20%
Gross Margin	91.8%	92.8%	96.5%	90.2%	86.6%	84.2%	79.1%	76.8%	77.5%	72.4%	68.9%	61.3%	67.5%	66.8%	70.6%	66.1%	65.0%	64.9%	70.0%	64.7%	64.74%
Operating Margin	33.3%	33.9%	33.3%	28.3%	27.1%	30.7%	24.6%	23.6%	25.7%	24.1%	24.4%	25.6%	22.2%	18.9%	16.7%	18.4%	18.4%	20.8%	24.4%	18.1%	18.06%
Net Margin	27.3%	25.6%	27.1%	22.9%	21.9%	24.3%	19.6%	18.9%	20.4%	18.8%	19.7%	20.4%	17.5%	19.7%	12.5%	15.6%	14.5%	16.4%	14.7%	14.3%	14.29%
EBITDA Margin	45.0%	42.7%	44.3%	42.6%	38.2%	38.7%	33.8%	31.4%	32.1%	31.0%	30.7%	32.4%	27.9%	23.1%	21.1%	23.0%	25.7%	26.5%	25.7%	18.1%	18.06%
FCF Margin	52.9%	1.2%	81.6%	1.5%	1.3%	1.4%	1.4%	69.9%	59.3%	48.0%	41.0%	31.9%	23.6%	10.7%	24.1%	26.7%	24.6%	43.7%	23.9%	23.8%	23.79%
OCF Margin	54.3%	1.2%	83.2%	1.5%	1.3%	1.4%	1.4%	71.5%	60.7%	49.3%	41.9%	32.5%	24.2%	11.5%	24.9%	27.5%	25.8%	46.0%	33.2%	33.0%	32.97%
ROE 3Y Avg	snapshot only																				12.06%
ROE 5Y Avg	snapshot only																				12.53%
ROA 3Y Avg	snapshot only																				1.13%
ROIC 3Y Avg	snapshot only																				22.88%
ROIC Economic	snapshot only																				8.11%
Cash ROA	snapshot only																				2.28%
Cash ROIC	snapshot only																				49.69%
CROIC	snapshot only																				35.85%
NOPAT Margin	snapshot only																				16.32%
Pretax Margin	snapshot only																				18.81%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				20.18%
SBC / Revenue	snapshot only																				1.07%

Valuation

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
P/E Ratio	6.07	6.43	6.65	7.05	6.66	6.29	7.91	6.90	6.44	6.30	7.50	7.10	7.52	8.98	8.95	8.33	8.89	9.44	9.45	8.91	9.297
P/S Ratio	1.89	1.89	1.90	1.82	1.63	1.52	1.75	1.45	1.33	1.22	1.46	1.40	1.43	1.73	1.54	1.35	1.38	1.39	1.45	1.34	1.376
P/B Ratio	1.18	1.12	1.01	0.92	0.82	0.78	1.01	0.92	0.93	0.92	1.02	0.97	1.03	1.27	1.06	0.98	1.00	1.03	1.02	0.96	0.982
P/FCF	3.57	1.57	2.33	1.22	1.24	1.12	1.28	2.07	2.25	2.55	3.56	4.40	6.07	16.11	6.37	5.06	5.59	3.18	6.07	5.62	5.621
P/OCF	3.48	1.55	2.28	1.21	1.24	1.11	1.27	2.03	2.19	2.49	3.48	4.32	5.91	15.01	6.17	4.92	5.33	3.02	4.36	4.06	4.055
EV/EBITDA	1.47	1.40	0.60	0.31	-0.16	-0.36	3.96	3.49	3.35	3.24	2.36	2.14	2.38	3.68	8.97	8.76	9.03	8.71	2.80	2.53	2.532
EV/Revenue	0.74	0.69	0.28	0.13	-0.07	-0.15	1.50	1.23	1.13	1.04	0.74	0.67	0.72	1.04	2.30	2.07	2.09	2.09	0.71	0.61	0.608
EV/EBIT	1.88	1.84	0.79	0.41	-0.21	-0.49	5.45	4.67	4.35	4.23	3.02	2.70	3.02	4.61	11.24	10.93	11.59	11.30	3.44	2.97	2.973
EV/FCF	1.40	0.57	0.35	0.09	-0.05	-0.11	1.10	1.75	1.90	2.16	1.80	2.11	3.07	9.69	9.51	7.76	8.49	4.78	2.97	2.56	2.556
Earnings Yield	16.5%	15.5%	15.0%	14.2%	15.0%	15.9%	12.6%	14.5%	15.5%	15.9%	13.3%	14.1%	13.3%	11.1%	11.2%	12.0%	11.2%	10.6%	10.6%	11.2%	11.22%
FCF Yield	28.0%	63.7%	43.0%	81.7%	80.5%	89.5%	78.1%	48.2%	44.5%	39.2%	28.1%	22.7%	16.5%	6.2%	15.7%	19.8%	17.9%	31.5%	16.5%	17.8%	17.79%
Price/Tangible Book	snapshot only																				1.006
EV/OCF	snapshot only																				1.844
EV/Gross Profit	snapshot only																				0.918
Acquirers Multiple	snapshot only																				2.973
Shareholder Yield	snapshot only																				7.78%
Graham Number	snapshot only																				$62.59

Leverage & Solvency

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Current Ratio	0.17	0.17	0.16	0.16	0.16	0.16	0.13	0.13	0.13	0.13	0.08	0.08	0.08	0.08	0.09	0.09	0.09	0.09	0.12	0.12	0.115
Quick Ratio	0.17	0.17	0.16	0.16	0.16	0.16	0.13	0.13	0.13	0.13	0.08	0.08	0.08	0.08	0.09	0.09	0.09	0.09	0.12	0.12	0.115
Debt/Equity	0.51	0.51	0.39	0.39	0.39	0.39	1.05	1.05	1.05	1.05	0.23	0.23	0.23	0.23	1.20	1.20	1.20	1.20	0.46	0.46	0.459
Net Debt/Equity	-0.71	-0.71	-0.86	-0.86	-0.86	-0.86	-0.14	-0.14	-0.14	-0.14	-0.51	-0.51	-0.51	-0.51	0.52	0.52	0.52	0.52	-0.52	-0.52	-0.524
Debt/Assets	0.06	0.06	0.04	0.04	0.04	0.04	0.09	0.09	0.09	0.09	0.02	0.02	0.02	0.02	0.12	0.12	0.12	0.12	0.04	0.04	0.044
Debt/EBITDA	1.63	1.75	1.55	1.76	1.84	1.86	4.75	4.68	4.45	4.34	1.04	1.04	1.05	1.10	6.81	7.02	7.10	6.73	2.57	2.66	2.659
Net Debt/EBITDA	-2.28	-2.44	-3.38	-3.86	-4.03	-4.07	-0.65	-0.64	-0.60	-0.59	-2.31	-2.32	-2.32	-2.44	2.96	3.05	3.09	2.93	-2.93	-3.04	-3.036
Interest Coverage	4.84	4.79	4.87	4.54	4.48	3.80	2.57	1.89	1.52	1.17	1.03	0.90	0.80	0.73	0.67	0.64	0.61	0.62	0.67	0.67	0.666
Equity Multiplier	9.19	9.19	9.24	9.24	9.24	9.24	11.36	11.36	11.36	11.36	11.24	11.24	11.24	11.24	10.24	10.24	10.24	10.24	10.39	10.39	10.390
Cash Ratio	snapshot only																				0.110
Debt Service Coverage	snapshot only																				0.782
Cash to Debt	snapshot only																				2.142
FCF to Debt	snapshot only																				0.372
Defensive Interval	snapshot only																				1144.0 days

Efficiency & Turnover

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Asset Turnover	0.07	0.07	0.06	0.06	0.06	0.06	0.05	0.06	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.071
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables Turnover	22.11	21.09	17.93	17.20	17.09	17.39	14.31	15.74	17.25	18.63	14.73	14.56	15.08	15.44	14.61	15.34	15.48	15.74	15.27	15.51	15.507
Payables Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
DSO	17	17	20	21	21	21	26	23	21	20	25	25	24	24	25	24	24	23	24	24	23.5 days
DIO	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.0 days
DPO	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	—
Cash Conversion Cycle	17	17	20	21	21	21	26	23	21	20	25	25	24	24	25	24	24	23	24	24	—
Fixed Asset Turnover	snapshot only																				5.014
Cash Velocity	snapshot only																				0.731
Capital Intensity	snapshot only																				14.470

Growth (YoY)

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue	17.9%	3.4%	-7.8%	-14.5%	-12.6%	-6.8%	2.3%	17.2%	29.3%	37.2%	38.2%	24.2%	17.3%	11.2%	10.0%	16.8%	13.9%	13.1%	6.8%	3.3%	3.30%
Net Income	57.6%	18.7%	-4.7%	-29.5%	-31.4%	-23.6%	-20.8%	-4.3%	9.4%	10.5%	21.6%	16.9%	8.0%	10.4%	-2.9%	-4.4%	-7.4%	-13.6%	-4.8%	-4.3%	-4.31%
EPS	56.6%	20.2%	-2.1%	-26.3%	-24.7%	-17.2%	-13.9%	2.0%	11.5%	11.2%	20.3%	16.2%	7.3%	9.3%	-4.1%	-4.2%	-6.2%	-11.9%	-1.8%	-2.4%	-2.42%
FCF	4.1%	2.9%	4.2%	11.5%	1.2%	5.0%	71.3%	-44.8%	-41.5%	-51.5%	-58.5%	-43.3%	-53.4%	-75.1%	-35.3%	-2.2%	18.9%	3.6%	5.6%	-8.0%	-7.96%
EBITDA	45.5%	24.1%	-1.4%	-27.1%	-27.1%	-22.6%	-18.5%	-5.6%	3.8%	7.3%	13.6%	11.3%	5.8%	-1.6%	-10.0%	-12.3%	-13.3%	-4.0%	5.4%	4.9%	4.89%
Op. Income	61.0%	21.9%	-5.0%	-30.8%	-31.8%	-25.7%	-21.9%	-4.5%	9.1%	12.4%	22.4%	17.6%	8.3%	2.4%	-8.2%	-11.1%	-14.3%	-7.2%	7.6%	11.5%	11.52%
OCF Growth	snapshot only																				24.06%
Asset Growth	snapshot only																				5.54%
Equity Growth	snapshot only																				4.03%
Debt Growth	snapshot only																				-60.25%
Shares Change	snapshot only																				-1.93%
Dividend Growth	snapshot only																				21.64%

Growth (CAGR)

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue 3Y	26.0%	23.1%	18.4%	12.7%	8.9%	6.3%	7.0%	9.1%	10.0%	9.8%	9.2%	7.6%	9.9%	12.5%	15.8%	19.4%	20.0%	20.0%	17.5%	14.4%	14.43%
Revenue 5Y	22.3%	19.3%	17.2%	15.5%	14.8%	14.6%	15.0%	16.3%	17.7%	19.0%	18.6%	15.8%	14.4%	12.9%	13.2%	13.5%	12.2%	10.7%	8.9%	8.5%	8.48%
EPS 3Y	35.1%	29.9%	14.9%	11.9%	11.0%	7.3%	15.1%	16.3%	9.5%	3.4%	0.5%	-4.4%	-3.4%	0.2%	-0.2%	4.4%	3.9%	2.3%	4.3%	2.8%	2.82%
EPS 5Y	29.1%	22.8%	20.4%	15.9%	13.1%	14.4%	15.3%	13.6%	15.6%	15.1%	9.5%	10.7%	10.3%	8.5%	12.0%	11.9%	5.8%	1.3%	-0.9%	-4.0%	-3.95%
Net Income 3Y	41.5%	35.0%	15.4%	8.7%	6.3%	2.5%	9.3%	10.9%	5.8%	0.1%	-2.8%	-7.6%	-6.8%	-2.3%	-2.2%	2.3%	3.0%	1.7%	4.0%	2.3%	2.28%
Net Income 5Y	39.2%	32.1%	28.9%	23.2%	18.7%	18.8%	16.1%	14.4%	16.3%	15.8%	8.2%	7.5%	7.3%	5.6%	9.0%	8.8%	3.4%	-0.9%	-3.2%	-6.3%	-6.33%
EBITDA 3Y	40.9%	36.3%	22.7%	14.5%	11.6%	5.2%	8.3%	9.2%	3.2%	1.0%	-3.0%	-8.5%	-7.2%	-6.5%	-5.9%	-2.7%	-1.6%	0.5%	2.5%	0.8%	0.78%
EBITDA 5Y	33.1%	27.4%	24.0%	18.8%	17.6%	17.4%	15.8%	15.2%	16.2%	16.0%	11.4%	9.5%	8.8%	4.2%	5.4%	4.9%	0.2%	-0.5%	-2.8%	-6.8%	-6.75%
Gross Profit 3Y	25.3%	24.3%	21.6%	17.2%	13.5%	10.2%	9.1%	10.5%	11.0%	8.8%	6.1%	1.4%	0.9%	1.7%	4.1%	7.5%	8.2%	8.9%	8.5%	6.9%	6.90%
Gross Profit 5Y	22.2%	19.6%	18.1%	16.1%	14.9%	14.1%	13.3%	13.8%	15.0%	15.9%	15.2%	12.1%	10.4%	8.7%	9.3%	10.4%	9.2%	7.2%	4.8%	3.5%	3.47%
Op. Income 3Y	39.7%	35.4%	18.4%	10.4%	7.6%	3.2%	9.6%	11.5%	6.2%	0.6%	-3.2%	-8.1%	-6.9%	-5.1%	-4.3%	-0.1%	0.4%	2.2%	6.6%	5.3%	5.25%
Op. Income 5Y	33.3%	27.2%	24.1%	18.3%	15.1%	14.5%	12.4%	12.3%	15.2%	15.7%	9.6%	8.6%	8.1%	4.8%	8.1%	7.7%	2.1%	-0.7%	-2.1%	-5.1%	-5.08%
FCF 3Y	47.9%	77.0%	82.4%	1.2%	8.0%	—	2.0%	—	—	—	—	57.5%	-16.1%	-49.8%	-22.8%	-32.6%	-31.3%	-17.8%	-34.3%	-20.1%	-20.11%
FCF 5Y	—	—	—	35.6%	55.4%	46.0%	67.1%	1.8%	32.6%	23.0%	33.9%	27.1%	1.9%	—	48.9%	—	—	—	—	28.6%	28.60%
OCF 3Y	44.5%	72.5%	72.0%	1.1%	2.4%	—	1.7%	—	—	—	—	55.3%	-16.1%	-48.8%	-22.5%	-32.2%	-30.3%	-16.5%	-26.9%	-11.6%	-11.59%
OCF 5Y	—	—	97.9%	34.2%	51.9%	44.1%	65.1%	1.2%	30.7%	21.5%	29.4%	22.5%	62.0%	—	40.8%	—	—	—	—	35.6%	35.64%
Assets 3Y	29.1%	29.1%	12.1%	12.1%	12.1%	12.1%	15.4%	15.4%	15.4%	15.4%	12.0%	12.0%	12.0%	12.0%	9.8%	9.8%	9.8%	9.8%	6.7%	6.7%	6.68%
Assets 5Y	25.5%	25.5%	22.5%	22.5%	22.5%	22.5%	21.8%	21.8%	21.8%	21.8%	12.9%	12.9%	12.9%	12.9%	12.1%	12.1%	12.1%	12.1%	8.6%	8.6%	8.63%
Equity 3Y	23.5%	23.5%	11.2%	11.2%	11.2%	11.2%	5.0%	5.0%	5.0%	5.0%	4.8%	4.8%	4.8%	4.8%	6.1%	6.1%	6.1%	6.1%	9.9%	9.9%	9.92%
Book Value 3Y	17.9%	18.9%	10.7%	14.4%	16.1%	16.5%	10.6%	10.0%	8.8%	8.5%	8.3%	8.4%	8.5%	7.5%	8.2%	8.3%	7.0%	6.7%	10.2%	10.5%	10.50%
Dividend 3Y	1.3%	2.1%	8.3%	14.4%	22.0%	22.2%	21.7%	18.3%	6.7%	6.2%	6.5%	5.6%	8.2%	5.9%	4.2%	4.4%	3.4%	8.8%	7.7%	7.3%	7.32%

Growth Quality

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue Stability	0.96	0.94	0.88	0.83	0.83	0.81	0.78	0.79	0.84	0.83	0.80	0.81	0.85	0.86	0.87	0.89	0.88	0.83	0.80	0.85	0.851
Earnings Stability	0.92	0.96	0.90	0.69	0.70	0.72	0.56	0.39	0.46	0.45	0.35	0.18	0.19	0.20	0.15	0.04	0.00	0.04	0.23	0.26	0.265
Margin Stability	0.94	0.94	0.94	0.93	0.93	0.93	0.93	0.93	0.92	0.92	0.92	0.90	0.89	0.88	0.88	0.87	0.87	0.87	0.89	0.89	0.891
Rev. Growth Consistency	1.00	1.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.000
Earn. Growth Consistency	1.00	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.000
FCF Positive Streak	0	0	0	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Earnings Persistence	0.50	0.93	0.98	0.88	0.87	0.91	0.92	0.98	0.96	0.96	0.91	0.93	0.97	0.96	0.99	0.98	0.97	0.95	0.98	0.98	0.983
Earnings Smoothness	0.55	0.83	0.95	0.65	0.63	0.73	0.77	0.96	0.91	0.90	0.81	0.84	0.92	0.90	0.97	0.96	0.92	0.85	0.95	0.96	0.956
ROE Trend	0.05	0.01	0.01	-0.03	-0.04	-0.05	-0.03	-0.03	-0.01	-0.00	-0.00	0.00	0.00	0.01	-0.01	-0.02	-0.03	-0.03	-0.02	-0.02	-0.019
Gross Margin Trend	0.09	0.11	0.12	0.12	0.09	0.05	-0.02	-0.07	-0.10	-0.13	-0.15	-0.17	-0.18	-0.16	-0.12	-0.08	-0.06	-0.05	-0.04	-0.03	-0.028
FCF Margin Trend	0.63	1.56	0.90	1.57	1.15	1.09	1.08	-0.09	-0.33	-0.80	-0.68	-0.77	-0.72	-0.81	-0.65	-0.24	-0.17	0.14	-0.09	-0.06	-0.055
Sustainable Growth Rate	18.8%	16.7%	13.7%	11.4%	10.1%	10.0%	9.4%	9.8%	11.0%	11.1%	11.4%	11.4%	11.3%	11.8%	9.6%	9.4%	8.9%	7.9%	7.7%	7.6%	7.59%
Internal Growth Rate	2.2%	1.9%	1.5%	1.3%	1.1%	1.1%	0.9%	1.0%	1.1%	1.1%	1.0%	1.0%	1.0%	1.1%	0.9%	0.9%	0.8%	0.7%	0.7%	0.7%	0.74%

Cash Flow Quality

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
OCF/Net Income	1.74	4.15	2.91	5.83	5.39	5.65	6.24	3.40	2.94	2.54	2.15	1.64	1.27	0.60	1.45	1.69	1.67	3.13	2.17	2.20	2.197
FCF/OCF	0.97	0.99	0.98	0.99	1.00	1.00	0.99	0.98	0.98	0.97	0.98	0.98	0.97	0.93	0.97	0.97	0.95	0.95	0.72	0.72	0.721
FCF/Net Income	snapshot only																				1.585
OCF/EBITDA	snapshot only																				1.373
CapEx/Revenue	1.4%	1.5%	1.5%	1.6%	0.6%	0.6%	1.2%	1.6%	1.4%	1.3%	0.9%	0.6%	0.6%	0.8%	0.8%	0.8%	1.2%	2.3%	9.4%	9.2%	9.19%
CapEx/Depreciation	snapshot only																				2.578
Accruals Ratio	-0.02	-0.07	-0.03	-0.07	-0.06	-0.06	-0.06	-0.03	-0.03	-0.02	-0.01	-0.01	-0.00	0.01	-0.01	-0.01	-0.01	-0.02	-0.01	-0.01	-0.013
Sloan Accruals	snapshot only																				-0.103
Cash Flow Adequacy	snapshot only																				2.385
Earnings Quality Score	snapshot only																				1.000

Dividends & Buybacks

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Dividend Yield	1.5%	1.7%	1.8%	2.3%	3.1%	3.5%	3.0%	3.5%	3.2%	3.4%	2.9%	3.1%	2.9%	2.4%	2.6%	2.9%	2.9%	3.4%	3.3%	3.5%	3.32%
Dividend/Share	$0.46	$0.50	$0.55	$0.62	$0.81	$0.86	$0.92	$0.95	$0.90	$0.95	$1.00	$1.00	$1.02	$1.03	$1.05	$1.08	$1.11	$1.33	$1.34	$1.34	$1.36
Payout Ratio	9.0%	10.6%	12.3%	15.9%	20.9%	22.1%	23.9%	23.9%	20.8%	21.7%	21.5%	21.7%	22.0%	21.7%	23.6%	24.3%	25.6%	31.8%	30.8%	30.9%	30.90%
FCF Payout Ratio	5.3%	2.6%	4.3%	2.8%	3.9%	3.9%	3.9%	7.2%	7.3%	8.8%	10.2%	13.5%	17.8%	38.9%	16.8%	14.8%	16.1%	10.7%	19.8%	19.5%	19.50%
Total Payout Ratio	25.6%	44.9%	49.6%	68.7%	93.0%	77.9%	77.3%	63.8%	27.5%	23.6%	23.9%	24.0%	30.1%	30.0%	31.9%	43.5%	54.1%	76.2%	78.4%	69.4%	69.35%
Div. Increase Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Chowder Number	0.21	0.21	0.31	0.40	0.63	0.62	0.57	0.47	0.12	0.12	0.12	0.09	0.17	0.13	0.09	0.10	0.11	0.30	0.27	0.25	0.251
Buyback Yield	2.7%	5.3%	5.6%	7.5%	10.8%	8.9%	6.7%	5.8%	1.0%	0.3%	0.3%	0.3%	1.1%	0.9%	0.9%	2.3%	3.2%	4.7%	5.0%	4.3%	4.32%
Net Buyback Yield	2.7%	5.3%	5.6%	7.5%	10.8%	8.9%	6.7%	5.8%	0.9%	0.2%	0.2%	0.3%	1.0%	0.9%	0.9%	2.3%	3.2%	4.7%	5.0%	4.1%	4.09%
Total Shareholder Return	4.2%	7.0%	7.5%	9.8%	14.0%	12.4%	9.8%	9.3%	4.1%	3.6%	3.1%	3.4%	3.9%	3.3%	3.5%	5.2%	6.1%	8.1%	8.2%	7.6%	7.56%

DuPont Factors

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Tax Burden (NI/EBT)	0.79	0.78	0.79	0.80	0.80	0.81	0.80	0.80	0.80	0.79	0.80	0.80	0.79	0.85	0.84	0.86	0.86	0.79	0.81	0.80	0.798
Interest Burden (EBT/EBIT)	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	0.92	0.92	0.920
EBIT Margin	0.39	0.38	0.36	0.32	0.31	0.30	0.28	0.26	0.26	0.25	0.24	0.25	0.24	0.23	0.20	0.19	0.18	0.19	0.21	0.20	0.204
Asset Turnover	0.07	0.07	0.06	0.06	0.06	0.06	0.05	0.06	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.071
Equity Multiplier	8.89	8.89	9.21	9.21	9.21	9.21	10.27	10.27	10.27	10.27	11.30	11.30	11.30	11.30	10.71	10.71	10.71	10.71	10.32	10.32	10.317

Per Share

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
EPS (Diluted TTM)	$5.14	$4.73	$4.46	$3.91	$3.87	$3.92	$3.84	$3.98	$4.31	$4.36	$4.62	$4.63	$4.63	$4.76	$4.44	$4.44	$4.34	$4.20	$4.36	$4.33	$4.33
Book Value/Share	$26.56	$27.12	$29.53	$29.84	$31.35	$31.60	$30.04	$29.79	$29.91	$29.78	$33.93	$33.80	$33.93	$33.67	$37.45	$37.89	$38.42	$38.42	$40.20	$40.20	$41.75
Tangible Book/Share	$24.29	$24.80	$26.74	$27.02	$28.39	$28.62	$26.97	$26.74	$26.85	$26.73	$29.04	$28.93	$29.04	$28.82	$34.10	$34.50	$34.98	$34.98	$38.35	$38.35	$38.35
Revenue/Share	$16.51	$16.08	$15.64	$15.16	$15.83	$16.24	$17.39	$18.96	$20.86	$22.43	$23.76	$23.40	$24.32	$24.71	$25.80	$27.40	$28.04	$28.51	$28.41	$28.86	$29.39
FCF/Share	$8.73	$19.40	$12.77	$22.51	$20.74	$22.05	$23.77	$13.25	$12.37	$10.76	$9.75	$7.46	$5.73	$2.65	$6.23	$7.31	$6.90	$12.47	$6.78	$6.87	$6.99
OCF/Share	$8.97	$19.64	$13.01	$22.76	$20.84	$22.15	$23.97	$13.55	$12.66	$11.05	$9.96	$7.60	$5.89	$2.85	$6.44	$7.52	$7.25	$13.13	$9.45	$9.52	$9.69
Cash/Share	$32.55	$33.24	$36.79	$37.18	$39.06	$39.38	$35.71	$35.41	$35.55	$35.40	$24.92	$24.82	$24.91	$24.73	$25.42	$25.72	$26.08	$26.08	$39.47	$39.47	$1.65
EBITDA/Share	$8.32	$7.92	$7.46	$6.62	$6.64	$6.64	$6.61	$6.66	$7.03	$7.17	$7.43	$7.37	$7.39	$6.99	$6.60	$6.48	$6.49	$6.85	$7.18	$6.93	$6.93
Debt/Share	$13.59	$13.88	$11.54	$11.66	$12.25	$12.35	$31.44	$31.17	$31.30	$31.16	$7.73	$7.70	$7.73	$7.67	$44.95	$45.47	$46.11	$46.11	$18.43	$18.43	$18.43
Net Debt/Share	$-18.96	$-19.36	$-25.25	$-25.52	$-26.81	$-27.03	$-4.27	$-4.23	$-4.25	$-4.23	$-17.18	$-17.12	$-17.18	$-17.05	$19.53	$19.76	$20.03	$20.03	$-21.04	$-21.04	$-21.04

Academic Models

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Altman-B Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2.558
Altman Z-Prime	snapshot only																				-4.513
Piotroski F-Score	8	8	6	6	5	5	5	6	7	7	6	6	6	5	7	8	7	7	7	7	7
Beneish M-Score	-2.51	-2.59	-2.61	-2.71	-2.62	-2.60	-2.16	-2.02	-2.03	-2.01	-2.15	-2.08	-2.12	-2.13	-2.48	-2.49	-2.34	-2.56	-2.62	-2.32	-2.317
Ohlson O-Score	snapshot only																				-3.089
Net-Net WC	snapshot only																				$-336.04
EVA	snapshot only																				$21385838.33

Credit

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Credit Rating	snapshot only																				A
Credit Score	89.05	88.62	90.29	82.10	82.26	82.27	75.27	70.47	76.20	75.58	77.60	77.76	77.60	74.34	54.49	55.21	52.94	53.25	74.16	72.89	72.895
Credit Grade	snapshot only																				6
Credit Trend	snapshot only																				17.687
Implied Spread (bps)	snapshot only																				150.000
Industry Credit Rank	snapshot only																				68
Sector Credit Rank	snapshot only																				63

FSBW NASDAQ

Edge Score

Analyst Insights

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Executive Compensation

C-Suite Compensation

CEO Pay Ratio

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Scaling Efficiency

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