Stock fact sheet · data as of
Associated Banc-Corp (ASBA): fair value, margin of safety and Wheel Score
Ticker symbol ASBA · Financial Services · Banks - Regional · United States · Value
Is ASBA undervalued?
ASBA has a margin of safety of 35%: the stock closed at 24.66 on 5 Nov 2026 against a GLS average fair value of 38.17. 5 of the 9 valuation models that produced a number sit above the price. Our scans treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.
There is a wide gap between GLS Growth (6.12) and 10 Cap (104.18). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
Ranked against every other company we cover, ASBA is clearly cheaper than it is fast-growing, so the nightly engine files it under Value (value score 68, growth score 41, out of 100).
Nine valuation models for ASBA
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 | 10.40 | -58% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 43.16 | +75% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 42.01 | +70% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 12.04 | -51% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 6.12 | -75% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 104.18 | +322% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 86.84 | +252% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 14.13 | -43% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 24.67 | +0% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -206.71 | -938% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Associated Banc-Corp scores 6 of 9 on the Piotroski F-score: a middling result that passes the "Piotroski 6 or more" Wheel Trade Filter. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. On durability ASBA scores 5.1/10 on the GLS Moat - a middle reading; the Moat Score tab on the Quote page's Financials view shows which of the four parts hold it back.
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 16.4%.
The dividend yield is 3.06% 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 69%, Financial Service, Other 31% (quarter Q3 FY2026).
Institutional ownership scores 5/10, insider activity 3/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 5.2% |
|---|---|---|---|
| GLS Moat | 5.1 / 10 | ROE | 9.5% |
| Debt / equity | 0.84 | ROA | 1.1% |
| Free-cash-flow yield | 16.4% | Payout ratio | 35% |
| Institutions | 5 / 10 | Insiders · Congress | 3 · 5 / 10 |
Wheel Score 34: No options
No options are listed on Associated Banc-Corp in our nightly snapshot, so it fails the first Wheel Trade Filter (options that actually trade) (it reads 34, under 70) and is left out of every options scan; the fair value and health figures above are still useful for a plain stock position.
Volume runs at 16k shares a day on a market cap of $4.1B, with a beta of 0.61 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | no listed options |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Fails | no implied volatility |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 35% below fair value | |
| Premium | Weak | no option data | |
| Moat | Fair | moat 5.1/10 | |
| Health | Good | Piotroski 6/9 | |
| Red Flags | Fair | not scored yet - half marks | |
| Option trading | Weak | no option volume data | |
| Stability | Fair | beta 0.61, $4.1B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 28 Jan 2027, 84 days away - outside the window of a 30-45-day put sold today. The shares go ex-dividend on 13 Nov 2026 (0.4141 per share), so a covered call sold before then carries a small early-assignment risk around that date.
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 |
|---|---|---|---|---|---|
| INDB Independent Bank Corp. | 86.42 | 98.09 | +12% | 42Weak | $4.1B |
| CVBF CVB Financial Corp. | 23.37 | 29.71 | +21% | 50Fair | $4.1B |
| FBP First BanCorp. | 26.53 | 35.84 | +26% | 52Fair | $4.0B |
| WSFS WSFS Financial Corporation | 81.08 | 61.88 | -31% | 32Weak | $4.2B |
| BANF BancFirst Corporation | 114.99 | 87.83 | -31% | 32Weak | $3.9B |
| BMA Banco Macro S.A. | 59.88 | 190.60 | +69% | 80Good | $3.8B |
| WSBC WesBanco, Inc. | 39.67 | 54.19 | +27% | 50Fair | $3.8B |
| WSBCO WesBanco, Inc. | 25.20 | 46.65 | +46% | 35No options | $3.8B |
| FULTP Fulton Financial Corporation | 15.81 | 21.45 | +26% | 32No options | $4.4B |
| CATY Cathay General Bancorp | 65.98 | 80.13 | +18% | 46Weak | $4.4B |
| BANFP BFC Capital Trust II PFD TR 7.20% | 25.80 | 55.34 | +53% | 28No options | $3.7B |
| FIBK First Interstate BancSystem, Inc. | 39.10 | 44.93 | +13% | 70Good | $3.7B |
⚖ Compare ASBA with 7 of them All Financial Services stocks →
Scan the whole market the same way
A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about ASBA
Is ASBA undervalued right now?
By the GLS models, yes: at 24.66 the stock is 35% below the average fair value of 38.17 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of ASBA and what does it mean?
ASBA has no listed options in our nightly snapshot, so it cannot be wheeled; it fails the first Wheel Trade Filter (options that actually trade), stays under 70 and is shown as "No options".
What is the GLS fair value for ASBA?
38.17 per share as of 5 Nov 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 28 Jan 2027, 84 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does ASBA have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on ASBA, so the wheel strategy cannot be run on it and the Wheel Score stays under 70.