Stock fact sheet · data as of
Associated Banc-Corp (ASB): fair value, margin of safety and Wheel Score
Financial Services · Banks - Regional · United States · Value
Is ASB undervalued?
Associated Banc-Corp (ASB) closed at 28.84 on 16 Oct 2026. The GLS average fair value - the simple average of the 9 valuation models that produced a positive number - is 42.73, which puts the price 33% below it. 6 of the 9 models value the shares above the current price. A gap this wide is rare in our universe of ~7,400 US stocks and is exactly what the Value part of the Wheel Score rewards; it is also where the question "why is it this cheap?" matters most.
The 9 models disagree widely: DCF gives 9.23 while 10 Cap gives 86.73. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
The nightly engine files ASB under Value: positive earnings at a P/E of 18 or less.
Nine valuation models for ASB
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 9.23 | -68% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 42.56 | +48% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 84.10 | +192% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 31.60 | +10% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 12.37 | -57% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 86.73 | +201% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 74.02 | +157% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 14.13 | -51% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 29.84 | +3% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -205.46 | -812% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 33.50 | +16% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
On financial health ASB scores 7/9 (Piotroski): most of the nine tests - positive earnings and cash flow, falling debt, rising margins and turnover - are passed, which is the kind of balance sheet a wheel trader is happy to be assigned. The GLS Moat score is low at 3.9 out of 10, which says the ten-year record of revenue, earnings, margins and returns on capital has been inconsistent - growth and shocks rather than steady compounding.
Returns on capital are moderate - ROIC 5.2%, ROE 9.5%, ROA 1.1% - with debt at 0.84 times equity and a free-cash-flow yield of 14.2%.
The dividend yield is 3.33% at a payout ratio of 35%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold. Revenue comes mainly from Credit and Debit Card 70%, Financial Service, Other 30% (quarter Q1 FY2026).
Institutional ownership scores 10/10, insider activity 3/10 and Congressional trading 5/10 on the GLS smart-money scales; the last recorded insider buy was on 10 Sep 2026.
| Piotroski F-score | 7 / 9 | ROIC | 5.2% |
|---|---|---|---|
| GLS Moat | 3.9 / 10 | ROE | 9.5% |
| Debt / equity | 0.84 | ROA | 1.1% |
| Free-cash-flow yield | 14.2% | Payout ratio | 35% |
| Institutions | 10 / 10 | Insiders · Congress | 3 · 5 / 10 |
Wheel Score 79: Good
ASB scores 79 out of 100 on the Wheel Score (Good band, 65-79). The score blends the margin of safety (Value, 25/25), Piotroski health (16/20), the GLS moat (6/15), the option premium on offer (14/20) and how easily the stock trades (19/20). Moat (6/15) is the part holding the score back.
Implied volatility is 29% on the near-the-money contracts 20-60 days out: some premium, but under the 35-60% range the Wheel Score pays full marks for (14 of 20 points). Chain open interest is thin - 737 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 1.8M shares a day on a market cap of $4.8B, with a beta of 0.81; the Stability part of the Wheel Score gives that 19 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 33% margin of safety | |
| Health | 16 / 20 | Piotroski 7/9 | |
| Moat | 6 / 15 | moat 3.9/10 | |
| Premium | 14 / 20 | implied volatility 29% | |
| Stability | 19 / 20 | 1.8M shares/day, $4.8B cap, beta 0.81 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
Associated Banc-Corp reports earnings on 22 Oct 2026 (after the close) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Banks - Regional
The 12 companies below are the closest to Associated Banc-Corp by market cap within the Banks - Regional industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| EBC Eastern Bankshares, Inc. | 21.14 | 23.98 | +12% | 79Good | $4.8B |
| FLG Flagstar Financial, Inc. | 11.25 | 4.98 | -126% | 52Fair | $4.7B |
| OZKAP Bank OZK | 15.10 | 75.93 | +80% | 39No options | $4.9B |
| OZK Bank OZK | 44.93 | 118.53 | +62% | 86Prime | $4.9B |
| AX Axos Financial, Inc. | 87.52 | 213.10 | +59% | 82Prime | $5.0B |
| TFSL TFS Financial Corporation | 16.18 | 7.83 | -107% | 45Weak | $4.5B |
| FFIN First Financial Bankshares, Inc. | 31.59 | 25.52 | -24% | 63Fair | $4.5B |
| FINN First National of Nebraska, Inc. | 19,000.00 | 59,493.42 | +68% | 39No options | $5.1B |
| VLYPO Valley National Bancorp | 24.47 | 32.59 | +25% | 39No options | $5.3B |
| FULTP Fulton Financial Corporation | 16.63 | 26.24 | +37% | 39No options | $4.3B |
| ABCB Ameris Bancorp | 79.74 | 79.07 | -1% | 73Good | $5.4B |
| VLYPP Valley National Bancorp | 24.88 | 32.99 | +25% | 39No options | $5.4B |
⚖ Compare ASB with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about ASB
Is ASB undervalued right now?
By the GLS models, yes: at 28.84 the stock is 33% below the average fair value of 42.73 (data as of 16 Oct 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of ASB and what does it mean?
ASB scores 79 out of 100 (Good). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for ASB?
42.73 per share as of 16 Oct 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Associated Banc-Corp report earnings next?
The next earnings report is due on 22 Oct 2026 (after the close), 6 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does ASB have listed options, and how liquid are they?
Yes. The nightly snapshot found 82 listed contracts with 737 open interest across all expiries and implied volatility of 29% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.