First Business Financial Services (FBIZ)


Market Price (8/8/2026): $71.03 | Market Cap: $583.0 MilSector: Financials | Industry: Regional Banks

First Business Financial Services (FBIZ)


Market Price (8/8/2026): $71.03
Market Cap: $583.0 Mil
Sector: Financials
Industry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.8%, FCF Yield is 14%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -30%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 46%

Low stock price volatility
Vol 12M is 25%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Online Banking & Lending, Wealth Management Technology, Show more.

Trading close to highs
Dist 52W High is -1.5%, Dist 3Y High is -1.5%

Key risks
FBIZ key risks include [1] a notable concentration of nonperforming assets tied to the transportation and logistics sector and [2] enhanced liquidity risk from its proportion of uninsured deposit account balances.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.8%, FCF Yield is 14%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -30%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 46%
3 Low stock price volatility
Vol 12M is 25%
4 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Online Banking & Lending, Wealth Management Technology, Show more.
5 Trading close to highs
Dist 52W High is -1.5%, Dist 3Y High is -1.5%
6 Key risks
FBIZ key risks include [1] a notable concentration of nonperforming assets tied to the transportation and logistics sector and [2] enhanced liquidity risk from its proportion of uninsured deposit account balances.

FBIZ in ETFs

Weight = FBIZ's share of each fund

IWM0.02%
VIG0.00%
AVUV0.05%
IWN0.04%
VTWO0.02%
DFAS0.01%
DFAC0.00%
IWO0.00%
+1 more covered ETF

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/1/2026

First Business Financial Services (FBIZ) stock has gained about 25% since 4/30/2026 because of the following key factors:

1. Exceptional Fiscal Q2 2026 Earnings Performance.

First Business Financial Services reported strong financial results for its fiscal Q2 2026, which ended June 30, 2026, surpassing analyst expectations. The company announced net income available to common shareholders of $15.4 million, or $1.84 earnings per share (EPS), significantly beating the consensus estimate of $1.54 EPS. Revenue reached $46.70 million, exceeding the $45.42 million consensus. Key operational metrics demonstrating strength included a net interest margin (NIM) expansion to 3.78% in fiscal Q2 2026 from 3.56% in fiscal Q1 2026, driven by deploying excess cash into higher-yielding loans and elevated prepayment fees. Additionally, pre-tax, pre-provision earnings achieved a record $19.8 million in the quarter.

2. Robust Balance Sheet and Operational Growth.

The company demonstrated consistent growth in its core business areas. Total assets increased to $4.41 billion at June 30, 2026, up from $4.08 billion at year-end 2025, primarily fueled by loan and lease balances growing to $3.59 billion. Core deposits saw a 12% annualized increase in fiscal Q2 2026, building on an 18% increase in fiscal Q1 2026. Non-interest income rose by 18.1% year-over-year in fiscal Q2 2026, largely due to increased private wealth management fees. The efficiency ratio improved to 57.57% in fiscal Q2 2026, and the return on average tangible common equity (ROTCE) for the first half of fiscal 2026 reached 15.2%, meeting the company's 2028 strategic goal.

Show more
Updated on 8/1/2026

First Business Financial Services (FBIZ) stock has gained about 25% since 4/30/2026 because of the following key factors:

1. Exceptional Fiscal Q2 2026 Earnings Performance.

First Business Financial Services reported strong financial results for its fiscal Q2 2026, which ended June 30, 2026, surpassing analyst expectations. The company announced net income available to common shareholders of $15.4 million, or $1.84 earnings per share (EPS), significantly beating the consensus estimate of $1.54 EPS. Revenue reached $46.70 million, exceeding the $45.42 million consensus. Key operational metrics demonstrating strength included a net interest margin (NIM) expansion to 3.78% in fiscal Q2 2026 from 3.56% in fiscal Q1 2026, driven by deploying excess cash into higher-yielding loans and elevated prepayment fees. Additionally, pre-tax, pre-provision earnings achieved a record $19.8 million in the quarter.

2. Robust Balance Sheet and Operational Growth.

The company demonstrated consistent growth in its core business areas. Total assets increased to $4.41 billion at June 30, 2026, up from $4.08 billion at year-end 2025, primarily fueled by loan and lease balances growing to $3.59 billion. Core deposits saw a 12% annualized increase in fiscal Q2 2026, building on an 18% increase in fiscal Q1 2026. Non-interest income rose by 18.1% year-over-year in fiscal Q2 2026, largely due to increased private wealth management fees. The efficiency ratio improved to 57.57% in fiscal Q2 2026, and the return on average tangible common equity (ROTCE) for the first half of fiscal 2026 reached 15.2%, meeting the company's 2028 strategic goal.

3. Positive Analyst Sentiment and Upgraded Price Targets.

Following the strong earnings report and continued strategic execution, financial analysts maintained a positive outlook on FBIZ. The consensus rating remained a "Buy," with the average 12-month price target increasing from approximately $67.2 to $70.6. This upward revision by analysts, with forecasts ranging up to $80 per share, signaled confidence in the company's future performance and valuation, contributing to the stock's appreciation.

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Stock Movement Drivers

Fundamental Drivers

The 27.3% change in FBIZ stock from 4/30/2026 to 8/7/2026 was primarily driven by a 18.1% change in the company's P/E Multiple.
(LTM values as of)43020268072026Change
Stock Price ($)55.8671.1227.3%
Change Contribution By: 
Total Revenues ($ Mil)1721783.3%
Net Income Margin (%)29.8%31.2%4.6%
P/E Multiple8.910.518.1%
Shares Outstanding (Mil)88-0.3%
Cumulative Contribution27.3%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/7/2026
ReturnCorrelation
FBIZ27.3% 
Market (SPY)7.6%5.5%
Sector (XLF)10.5%46.3%

Fundamental Drivers

The 25.6% change in FBIZ stock from 1/31/2026 to 8/7/2026 was primarily driven by a 16.8% change in the company's P/E Multiple.
(LTM values as of)13120268072026Change
Stock Price ($)56.6471.1225.6%
Change Contribution By: 
Total Revenues ($ Mil)1681786.1%
Net Income Margin (%)30.7%31.2%1.8%
P/E Multiple9.010.516.8%
Shares Outstanding (Mil)88-0.4%
Cumulative Contribution25.6%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/7/2026
ReturnCorrelation
FBIZ25.6% 
Market (SPY)12.1%19.2%
Sector (XLF)8.3%51.6%

Fundamental Drivers

The 52.9% change in FBIZ stock from 7/31/2025 to 8/7/2026 was primarily driven by a 32.1% change in the company's P/E Multiple.
(LTM values as of)73120258072026Change
Stock Price ($)46.5071.1252.9%
Change Contribution By: 
Total Revenues ($ Mil)16117810.3%
Net Income Margin (%)29.5%31.2%5.8%
P/E Multiple8.010.532.1%
Shares Outstanding (Mil)88-0.8%
Cumulative Contribution52.9%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/7/2026
ReturnCorrelation
FBIZ52.9% 
Market (SPY)23.4%28.5%
Sector (XLF)11.3%55.7%

Fundamental Drivers

The 125.4% change in FBIZ stock from 7/31/2023 to 8/7/2026 was primarily driven by a 58.4% change in the company's P/E Multiple.
(LTM values as of)73120238072026Change
Stock Price ($)31.5571.12125.4%
Change Contribution By: 
Total Revenues ($ Mil)13917828.1%
Net Income Margin (%)27.6%31.2%13.1%
P/E Multiple6.610.558.4%
Shares Outstanding (Mil)88-1.8%
Cumulative Contribution125.4%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/7/2026
ReturnCorrelation
FBIZ125.4% 
Market (SPY)74.9%38.4%
Sector (XLF)70.4%56.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
FBIZ Return63%28%13%18%20%34%350%
Peers Return34%-2%-1%28%5%20%108%
S&P 500 Return27%-19%24%23%16%13%105%

Monthly Win Rates [3]
FBIZ Win Rate83%50%42%50%67%75% 
Peers Win Rate70%47%47%57%52%65% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
FBIZ Max Drawdown-12%-15%-31%-18%-21%-13% 
Peers Max Drawdown-19%-26%-38%-14%-27%-17% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: WTFC, CBSH, ASB, ONB, UMBF.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/7/2026 (YTD)

How Low Can It Go

EventFBIZS&P 500
2025 US Tariff Shock
  % Loss-18.1%-18.8%
  % Gain to Breakeven22.0%23.1%
  Time to Breakeven87 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-10.8%-9.5%
  % Gain to Breakeven12.2%10.5%
  Time to Breakeven31 days24 days
2023 SVB Regional Banking Crisis
  % Loss-31.1%-6.7%
  % Gain to Breakeven45.1%7.1%
  Time to Breakeven207 days31 days
2020 COVID-19 Crash
  % Loss-48.2%-33.7%
  % Gain to Breakeven93.2%50.9%
  Time to Breakeven347 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-14.7%-19.2%
  % Gain to Breakeven17.2%23.8%
  Time to Breakeven50 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-19.8%-3.7%
  % Gain to Breakeven24.6%3.9%
  Time to Breakeven39 days6 days

Compare to WTFC, CBSH, ASB, ONB, UMBF

In The Past

First Business Financial Services's stock fell -18.1% during the 2025 US Tariff Shock. Such a loss loss requires a 22.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventFBIZS&P 500
2023 SVB Regional Banking Crisis
  % Loss-31.1%-6.7%
  % Gain to Breakeven45.1%7.1%
  Time to Breakeven207 days31 days
2020 COVID-19 Crash
  % Loss-48.2%-33.7%
  % Gain to Breakeven93.2%50.9%
  Time to Breakeven347 days140 days
2008-2009 Global Financial Crisis
  % Loss-40.1%-53.4%
  % Gain to Breakeven66.8%114.4%
  Time to Breakeven856 days1085 days

Compare to WTFC, CBSH, ASB, ONB, UMBF

In The Past

First Business Financial Services's stock fell -18.1% during the 2025 US Tariff Shock. Such a loss loss requires a 22.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About First Business Financial Services (FBIZ)

First Business Financial Services, Inc. (FBIZ) operates as the holding company for First Business Bank, specializing in providing comprehensive commercial banking products and services. The company primarily caters to small and medium-sized businesses, business owners, executives, professionals, and high net worth individuals. Its core mission revolves around meeting the sophisticated financial needs of these specific client segments.

The bank offers a broad spectrum of financial products. This includes various deposit accounts such as checking, money market, and time deposits, along with credit cards. On the lending side, FBIZ provides substantial commercial financing, including commercial real estate loans, commercial and industrial loans, and specialized solutions like asset-based lending, equipment financing, and accounts receivable financing. For its professional and executive clientele, the bank also offers consumer loans, including home equity and mortgage options.

Beyond traditional banking, First Business Financial Services extends its expertise to wealth management and institutional services. This encompasses trust and estate administration, financial planning, investment management, and private banking services tailored for its affluent clients. Additionally, the company provides administrative and advisory services, such as investment portfolio administration and asset-liability management, to other financial institutions, demonstrating a diverse service offering across the financial sector.

AI Analysis | Feedback

Here are 1-3 brief analogies for First Business Financial Services (FBIZ):

  1. It's like a specialized J.P. Morgan Chase or Bank of America that caters only to small to medium-sized businesses and high-net-worth individuals.
  2. It's like City National Bank (often called 'America's Private and Business Bank') but focused regionally on small to medium-sized businesses and their owners.
  3. Think of it as the Silicon Valley Bank (SVB) for general small to medium-sized businesses and wealthy professionals, offering tailored banking and lending solutions.

AI Analysis | Feedback

  • Deposit Accounts: Offers various checking, savings, money market, and time deposit accounts for businesses and individuals, along with credit cards.
  • Commercial Loans & Leases: Provides a range of financing for businesses, including commercial real estate, industrial, SBA, asset-based lending, equipment financing, and various other specialized business financing options.
  • Consumer Loans: Offers personal lending solutions such as home equity, first and second mortgages, and other personal loans for professional and executive clients.
  • Treasury Management Services: Provides services to help businesses optimize cash flow, manage payments, and enhance financial operations.
  • Wealth Management & Private Banking: Delivers comprehensive services including trust and estate administration, financial planning, investment management, and private banking for high-net-worth individuals.
  • Company Retirement Plans: Assists businesses with the establishment and administration of employee retirement plans.
  • Financial Institution Services: Offers specialized administrative and advisory services for investment portfolios and asset-liability management to other financial institutions.

AI Analysis | Feedback

First Business Financial Services (FBIZ) primarily serves a diverse base of customers, which can be categorized as follows:

  1. Small and Medium-Sized Businesses: The company provides a wide range of commercial banking products and services, including commercial real estate loans, commercial and industrial loans, SBA loans, direct financing leases, asset-based lending, equipment financing, accounts receivable financing, vendor financing, floorplan financing, treasury management services, and company retirement plans.

  2. Business Owners, Executives, Professionals, and High Net Worth Individuals: For these clients, FBIZ offers deposit products, credit cards, consumer and other loans (such as home equity, first and second mortgage, and other personal loans), trust and estate administration, financial planning, investment management, and private banking services.

  3. Other Financial Institutions: First Business Financial Services also provides specialized services to other financial institutions, including investment portfolio administrative, asset-liability management, and asset-liability management process validation services.

AI Analysis | Feedback

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AI Analysis | Feedback

Corey A. Chambas, Chief Executive Officer
Corey A. Chambas has served as Chief Executive Officer of First Business Financial Services, Inc. since December 2006 and as President from February 2005 to January 2023. He joined the company in 1993. Prior to his role as CEO of the holding company, he was CEO of First Business Bank from July 1999 to September 2006. Mr. Chambas also serves as chair on the board of directors of M3 Insurance Solutions, Inc., a privately held insurance agency, and has served on boards of other privately held companies and non-profit organizations. Mr. Chambas plans to retire as CEO effective May 2, 2026. David R. Seiler, President & Chief Operating Officer (Incoming CEO)
David R. Seiler has been President and Chief Operating Officer of First Business Financial Services, Inc. since January 2023, following seven years of service as Chief Operating Officer. He joined First Business Bank in April 2016. Mr. Seiler previously held various leadership roles with commercial banking firms in the Midwest, including serving as Managing Director of the Correspondent Banking Division of BMO Harris Bank. He is slated to succeed Corey A. Chambas as President and CEO of First Business Financial Services, Inc. effective May 2, 2026. Brian D. Spielmann, Chief Financial Officer & Treasurer
Brian D. Spielmann was appointed Chief Financial Officer of First Business Financial Services, Inc. on April 1, 2023. He joined First Business Bank in 2006 and, before his promotion to CFO, held positions such as Chief Accounting Officer, Director of Finance, Financial Reporting Manager, and Senior Financial Accountant. Mr. Spielmann is also a Certified Public Accountant. James E. Hartlieb, President & Chief Executive Officer, First Business Bank
James E. Hartlieb became President and Chief Executive Officer of First Business Bank, the company's primary subsidiary, and was appointed as a Director of the First Business Bank Board in January 2023. He joined First Business Bank in 2009 as Senior Vice President and served as President since 2015. With over 30 years of experience in the commercial banking industry, he previously served as Regional President at AMCORE Bank and as a commercial banker with American National Bank. Kevin Kane, President, Southeast Wisconsin Market
Kevin Kane is President of First Business Bank's Southeast Wisconsin Market. He has more than 40 years of banking experience, serving companies across various industry sectors and market segments. Prior to joining First Business Bank, he spent 28 years at M&I/BMO Harris Bank, holding various leadership roles in commercial lending and treasury management, including Managing Director of Treasury & Payment Solutions.

AI Analysis | Feedback

The key risks for First Business Financial Services (FBIZ) primarily stem from its core business as a commercial bank focusing on small and medium-sized businesses, business owners, executives, and high-net-worth individuals.

  1. Credit Risk and Economic Conditions: As a commercial lender with a significant portfolio of commercial real estate, commercial and industrial loans, and small business administration loans, FBIZ is highly susceptible to credit risk. A deterioration in economic conditions, whether national or regional (Wisconsin-centric for some operations), could lead to increased loan defaults and a decline in asset quality. This directly impacts the bank's profitability and capital through higher loan losses and provisions.
  2. Interest Rate Risk: First Business Financial Services' profitability is significantly influenced by changes in prevailing interest rates. Fluctuations in rates, whether rising or falling, can affect the bank's net interest margin (NIM) by impacting the yields earned on its loan and investment assets and the costs paid on its deposit and borrowing liabilities. This volatility can compress profitability.

AI Analysis | Feedback

The clear emerging threat for First Business Financial Services (FBIZ) is the increasing competition from digital-first financial technology (FinTech) companies and online lenders. These entities leverage technology to offer streamlined, often faster, and more convenient banking and lending solutions for small and medium-sized businesses, which is a core segment for FBIZ. This includes online platforms providing commercial and industrial loans, small business administration (SBA) loans, equipment financing, and treasury management services with lower overhead and a purely digital interface, potentially siphoning off FBIZ's traditional client base and revenue streams.

AI Analysis | Feedback

For First Business Financial Services (symbol: FBIZ), the addressable markets for its main products and services can be sized as follows:

  • Commercial Banking Products and Services for Small and Medium-Sized Businesses (SMBs):

    The overall U.S. commercial banking market is estimated at approximately USD 231.9 billion in 2024 and is projected to reach USD 351.8 billion by 2033, with a compound annual growth rate (CAGR) of 4.10% from 2024 to 2033. Small and medium enterprises (SMEs) are expected to be a significant growth driver, expanding at a 7.02% CAGR through 2031 within the U.S. commercial banking market. In Wisconsin specifically, new lending to businesses with revenues of $1 million or less totaled $6.7 billion in 2020.

  • Commercial Real Estate Loans:

    The market size of the Real Estate Loans & Collateralized Debt industry in Wisconsin is projected to be $1.9 billion in 2026. Nationally, the U.S. Real Estate Loan Market was valued at an estimated $3.5 trillion in 2024 and is projected to grow at a CAGR of 10.6%. Total commercial real estate (CRE) mortgage borrowing and lending in the U.S. is estimated to have reached $498 billion in 2024, marking a 16% increase from the previous year.

  • Wealth Management (including trust and estate administration, financial planning, investment management, and private banking services for professionals and high-net-worth individuals):

    The U.S. private banking market, which caters to high-net-worth individuals, is valued at USD 59.54 billion in 2025 and is expected to grow to USD 94.89 billion by 2030, demonstrating a CAGR of 9.77%. In 2024, high-net-worth (HNW) households in the U.S., defined as those with at least $5 million in financial assets, were estimated to control $49 trillion of financial wealth. There were approximately 7.9 million high-net-worth individuals in North America in 2024.

AI Analysis | Feedback

First Business Financial Services (FBIZ) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
  1. Growth in Core Loans and Deposits: The company's relationship-based banking approach is anticipated to fuel continued expansion in both loans and core deposits. First Business Financial Services aims for approximately 10% annual growth in both loans and deposits, which are fundamental to generating net interest income. This strategy reflects a focus on high-quality loan and deposit growth from core clients.
  2. Expansion of Diversified Fee Income: A significant driver of revenue growth is the continued expansion of non-interest income, particularly from Private Wealth Management and various specialty finance businesses. Services such as equipment finance, SBA lending, floorplan financing, accounts receivable financing, and bank consulting are expected to complement traditional banking offerings. Private Wealth Management fees have historically grown at over 14% annually and contribute substantially to total non-interest income.
  3. Leveraging a Relationship-Driven Business Model: The company emphasizes its deposit-centric, relationship-driven model, which is crucial for acquiring new clients and deepening existing relationships. This approach fosters client loyalty and facilitates cross-selling opportunities across its diverse product and service portfolio, leading to increased loan volumes, deposits, and fee income.
  4. Strategic Investments in Technology and Operational Efficiency: Ongoing investments in technology and risk management are expected to streamline operations and enhance service delivery. While improving the efficiency ratio, these investments also enable scalability and the development of more sophisticated offerings, thereby indirectly supporting revenue growth by allowing the company to serve a larger client base and offer enhanced digital capabilities without a proportional increase in costs.

AI Analysis | Feedback

Share Repurchases

  • In April 2024, First Business Financial Services announced a $5.0 million share repurchase program, authorized by its board of directors, with no expiration date as part of its ongoing capital management strategy.
  • The company indicated that it did not intend to execute this 2024 share repurchase program immediately but kept it in place for future flexibility.
  • A previous $5.0 million share repurchase program was approved in January 2021, authorizing repurchases over approximately twelve months ending January 31, 2022, following the suspension of an earlier program due to the COVID-19 pandemic.

Share Issuance

  • A new 2026 Equity Incentive Plan is proposed, authorizing 157,000 shares for future equity awards, complemented by any unused shares from the 2019 plan.
  • In February 2026, an executive received a grant or award acquisition of 715 shares, with 392 shares disposed of in a tax-withholding transaction.
  • The number of outstanding common shares has shown minor fluctuations over the past 3-5 years, with 8,325,376 shares outstanding as of February 18, 2026, 8,318,840 as of April 21, 2025, and 8,324,387 as of September 30, 2025.

Inbound Investments

  • Institutional investors significantly increased their holdings in First Business Financial Services during the third quarter (likely 2025).
  • Two Sigma Investments LP boosted its holdings by 14.7%, acquiring 46,207 shares valued at approximately $2.37 million.
  • Creative Planning raised its stake by 9.5% to 13,125 shares, worth about $0.67 million, and Ameriprise Financial Inc. increased its position by 10.6% to 49,509 shares, worth approximately $2.54 million.

Outbound Investments

No specific information is available regarding large outbound strategic investments or acquisitions made by First Business Financial Services over the last 3-5 years.

Capital Expenditures

  • Specific dollar values for capital expenditures are not readily available in the provided information for the last 3-5 years.
  • The company emphasizes "Technology Initiatives" and "technology enhancements that support scalable growth" as areas of focus, particularly for 2026.

Latest Trefis Analyses

Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

FBIZWTFCCBSHASBONBUMBFMedian
NameFirst Bu.Wintrust.Commerce.Associat.Old Nati.UMB Fina. 
Mkt Price71.12158.7559.0831.2826.56145.6065.10
Mkt Cap0.610.78.55.910.111.19.3
Rev LTM1782,8641,9001,6032,8232,6952,298
Op Inc LTM-------
FCF LTM811,5731,2136809401,041990
FCF 3Y Avg64986734556660726693
CFO LTM811,6441,2627199871,0891,038
CFO 3Y Avg651,050786601697760729

Growth & Margins

FBIZWTFCCBSHASBONBUMBFMedian
NameFirst Bu.Wintrust.Commerce.Associat.Old Nati.UMB Fina. 
Rev Chg LTM10.3%11.5%10.8%46.4%34.1%41.7%22.8%
Rev Chg 3Y Avg8.6%9.5%6.4%9.5%14.7%27.5%9.5%
Rev Chg Q13.8%10.1%14.7%23.2%13.2%14.2%14.0%
QoQ Delta Rev Chg LTM3.3%2.4%3.6%5.6%3.1%3.5%3.4%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM45.8%57.4%66.4%44.9%35.0%40.4%45.3%
CFO/Rev 3Y Avg39.9%39.5%44.1%48.1%30.5%37.7%39.7%
FCF/Rev LTM45.5%54.9%63.9%42.4%33.3%38.6%44.0%
FCF/Rev 3Y Avg39.2%36.9%41.1%44.4%28.8%36.1%38.1%

Valuation

FBIZWTFCCBSHASBONBUMBFMedian
NameFirst Bu.Wintrust.Commerce.Associat.Old Nati.UMB Fina. 
Mkt Cap0.610.78.55.910.111.19.3
P/S3.33.74.53.73.64.13.7
P/Op Inc-------
P/EBIT-------
P/E10.511.914.611.611.411.711.7
P/CFO7.26.56.88.210.310.27.7
Total Yield11.3%10.1%8.7%11.4%11.1%9.9%10.6%
Dividend Yield1.8%1.7%1.8%2.8%2.3%1.4%1.8%
FCF Yield 3Y Avg15.7%11.2%8.9%13.2%8.6%9.8%10.5%
D/E0.60.40.00.90.80.00.5
Net D/E-0.3-0.7-0.6-0.50.6-1.3-0.6

Returns

FBIZWTFCCBSHASBONBUMBFMedian
NameFirst Bu.Wintrust.Commerce.Associat.Old Nati.UMB Fina. 
1M Rtn13.6%0.6%2.6%4.9%3.2%2.5%2.9%
3M Rtn25.7%5.4%14.5%10.5%10.0%11.2%10.9%
6M Rtn20.2%-0.9%8.2%8.4%3.9%9.2%8.3%
12M Rtn56.0%31.2%5.7%36.3%33.0%36.0%34.5%
3Y Rtn121.6%99.9%29.4%88.7%69.5%116.6%94.3%
1M Excs Rtn9.9%-4.3%-1.4%0.1%-1.3%-1.5%-1.4%
3M Excs Rtn19.7%0.0%7.4%5.1%4.8%5.6%5.4%
6M Excs Rtn6.8%-12.9%-4.3%-3.2%-8.9%-3.1%-3.7%
12M Excs Rtn33.1%7.1%-17.2%12.7%9.1%12.0%10.5%
3Y Excs Rtn54.1%28.7%-42.6%20.3%0.9%48.8%24.5%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Banking operations169153144128113
Total169153144128113


Price Behavior

Price Behavior
Market Price$71.12 
Market Cap ($ Bil)0.6 
First Trading Date11/09/2005 
Distance from 52W High-1.5% 
   50 Days200 Days
DMA Price$63.53$56.77
DMA Trendupup
Distance from DMA12.0%25.3%
 3M1YR
Volatility23.9%24.9%
Downside Capture-23.6645.68
Upside Capture79.5485.21
Correlation (SPY)5.2%28.8%
FBIZ Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta0.67-0.040.070.320.550.78
Up Beta-0.62-1.22-0.78-0.180.420.79
Down Beta0.97-0.070.030.030.360.73
Up Capture181%102%86%74%79%69%
Bmk +ve Days11223567138427
Stock +ve Days12263869127374
Down Capture14%-34%-18%43%56%89%
Bmk -ve Days11212859114326
Stock -ve Days8152355123377

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FBIZ
FBIZ55.6%24.9%1.73-
Sector ETF (XLF)12.3%14.6%0.5755.6%
Equity (SPY)23.3%12.8%1.3628.2%
Gold (GLD)28.5%28.4%0.87-6.5%
Commodities (DBC)32.9%19.8%1.32-23.6%
Real Estate (VNQ)14.2%13.8%0.7241.4%
Bitcoin (BTCUSD)-44.2%42.9%-1.2312.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FBIZ
FBIZ23.9%29.4%0.75-
Sector ETF (XLF)11.4%18.4%0.4851.7%
Equity (SPY)13.5%17.2%0.6136.8%
Gold (GLD)18.6%18.6%0.81-2.4%
Commodities (DBC)8.2%19.6%0.312.2%
Real Estate (VNQ)2.3%18.9%0.0239.2%
Bitcoin (BTCUSD)8.8%53.0%0.3516.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FBIZ
FBIZ14.2%34.9%0.47-
Sector ETF (XLF)13.6%22.1%0.5658.0%
Equity (SPY)15.4%17.9%0.7343.7%
Gold (GLD)12.1%16.2%0.61-5.3%
Commodities (DBC)7.4%18.0%0.3312.3%
Real Estate (VNQ)4.8%20.7%0.2044.1%
Bitcoin (BTCUSD)58.2%66.2%0.9814.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7152026
Short Interest: Shares Quantity0.2 Mil
Short Interest: % Change Since 630202613.9%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest2.9 days
Basic Shares Quantity8.2 Mil
Short % of Basic Shares1.9%

Earnings Returns History

Updated 8/8/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/30/20264.4%7.1% 
4/23/2026-2.2%-1.9%0.2%
1/29/20260.4%4.2%-3.2%
10/30/20253.0%4.6%7.8%
7/24/2025-5.7%-7.6%1.7%
4/24/2025-4.1%-4.1%-3.8%
1/30/20254.3%13.7%6.1%
10/24/2024-4.3%-4.5%13.2%
...
SUMMARY STATS   
# Positive171617
# Negative786
Median Positive3.0%5.9%6.8%
Median Negative-2.5%-4.3%-3.5%
Max Positive7.4%17.3%23.4%
Max Negative-5.7%-10.5%-10.0%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/30/20264.4%7.1% 
4/23/2026-2.2%-1.9%0.2%
1/29/20260.4%4.2%-3.2%
10/30/20253.0%4.6%7.8%
7/24/2025-5.7%-7.6%1.7%
4/24/2025-4.1%-4.1%-3.8%
1/30/20254.3%13.7%6.1%
10/24/2024-4.3%-4.5%13.2%
7/25/20245.1%0.6%3.8%
4/25/20241.0%2.8%3.3%
1/25/20241.8%-8.1%-10.0%
10/26/2023-2.5%5.9%12.9%
7/27/20230.5%1.8%-5.7%
4/27/2023-0.3%-10.5%-3.1%
1/26/20233.2%7.6%6.8%
10/27/20223.9%6.0%9.6%
7/28/20220.7%-0.6%2.3%
4/28/20221.0%2.9%-0.6%
1/27/20227.4%10.6%7.9%
10/28/20212.1%7.3%1.2%
7/29/20211.9%2.4%4.4%
4/29/20215.2%8.4%9.7%
1/28/20213.5%17.3%23.4%
10/22/2020-0.3%-4.1%11.7%
SUMMARY STATS   
# Positive171617
# Negative786
Median Positive3.0%5.9%6.8%
Median Negative-2.5%-4.3%-3.5%
Max Positive7.4%17.3%23.4%
Max Negative-5.7%-10.5%-10.0%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202607/31/202610-Q
03/31/202604/24/202610-Q
12/31/202502/25/202610-K
09/30/202510/31/202510-Q
06/30/202507/25/202510-Q
03/31/202504/25/202510-Q
12/31/202402/26/202510-K
09/30/202410/25/202410-Q
06/30/202407/26/202410-Q
03/31/202404/26/202410-Q
12/31/202302/28/202410-K
09/30/202310/27/202310-Q
06/30/202307/28/202310-Q
03/31/202304/28/202310-Q
12/31/202202/22/202310-K
09/30/202210/28/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202607/31/202610-Q
03/31/202604/24/202610-Q
12/31/202502/25/202610-K
09/30/202510/31/202510-Q
06/30/202507/25/202510-Q
03/31/202504/25/202510-Q
12/31/202402/26/202510-K
09/30/202410/25/202410-Q
06/30/202407/26/202410-Q
03/31/202404/26/202410-Q
12/31/202302/28/202410-K
09/30/202310/27/202310-Q
06/30/202307/28/202310-Q
03/31/202304/28/202310-Q
12/31/202202/22/202310-K
09/30/202210/28/202210-Q
06/30/202207/29/202210-Q
03/31/202204/29/202210-Q
12/31/202102/23/202210-K
09/30/202110/29/202110-Q
06/30/202107/30/202110-Q
03/31/202104/30/202110-Q
12/31/202002/24/202110-K
09/30/202010/23/202010-Q
06/30/202007/24/202010-Q
03/31/202004/24/202010-Q
12/31/201902/27/202010-K
09/30/201910/25/201910-Q

Recent Forward Guidance

Updated 7/31/2026

Latest: Q2 2026 Earnings Reported 7/30/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q3 2026 Effective Quarterly Tax Rate15.0%16.0%17.0%   
2026 Net Interest Margin3.6%3.63%3.65% 0.0%AffirmedGuidance: 3.63% for 2026
2026 Effective Tax Rate13.0%14.0%15.0% -3.0%LoweredGuidance: 17.0% for 2026

Prior: Q1 2026 Earnings Reported 4/23/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Net Interest Margin3.6%3.63%3.65% 0.0%AffirmedGuidance: 3.63% for 2026
2026 Effective Tax Rate16.0%17.0%18.0% 0.0%AffirmedGuidance: 17.0% for 2026
2026 Growth 10.0%    

Q4 2025 Earnings Reported 1/29/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Effective Tax Rate16.0%17.0%18.0% 0.0%Same NewGuidance: 17.0% for 2025
2026 Net Interest Margin3.6%3.63%3.65% 0.0%Same NewGuidance: 3.63% for 2025

Q3 2025 Earnings Reported 10/30/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2025 Net Interest Margin3.6%3.63%3.65% 0.0%AffirmedGuidance: 3.63% for 2025
2025 Effective Tax Rate16.0%17.0%18.0% 0.0%AffirmedGuidance: 17.0% for 2025

Insider Activity

Updated 5/19/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Crampton, Kevin DChief Accounting OfficerDirectBuy1110202551.40713,64997,249Form
2Kauten, Ralph R DirectBuy801202547.8010,000478,0001,422,349Form
3Graham, Jason R DirectBuy801202547.871,00047,865154,125Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Crampton, Kevin DChief Accounting OfficerDirectBuy1110202551.40713,64997,249Form
2Kauten, Ralph R DirectBuy801202547.8010,000478,0001,422,349Form
3Graham, Jason R DirectBuy801202547.871,00047,865154,125Form
Core Cache Last Updated: 8/7/2026