Stock fact sheet · data as of
FS Bancorp, Inc. (FSBW): fair value, margin of safety and Wheel Score
Ticker symbol FSBW · Financial Services · Banks - Regional · United States · Value
Is FSBW undervalued?
FSBW has a margin of safety of 42%: the stock closed at 44.47 on 5 Nov 2026 against a GLS average fair value of 76.16. 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.
The 9 models disagree widely: GLS Growth gives 15.28 while 10 Cap gives 182.64. 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.
Ranked against every other company we cover, FSBW is clearly cheaper than it is fast-growing, so the nightly engine files it under Value (value score 70, growth score 39, out of 100).
Nine valuation models for FSBW
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 | 60.80 | +37% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 62.09 | +40% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 113.12 | +154% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 41.40 | -7% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 15.28 | -66% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 182.64 | +311% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 150.16 | +238% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 16.92 | -62% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 42.99 | -3% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -327.18 | -836% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 45.00 | +1% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is average - FSBW passes 6 of the nine Piotroski tests, which passes the "Piotroski 6 or more" Wheel Trade Filter. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is 8.3 out of 10 - high returns on capital, steady margins and growth that held up through bad years point to a durable business.
Returns on capital are moderate - ROIC 7.4%, ROE 10.8%, ROA 1.0% - with debt at 0.46 times equity and a free-cash-flow yield of 16.2%.
The dividend yield is 2.59% at a payout ratio of 22%; 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 Debit Card 68%, Bank Servicing 32% (quarter Q1 FY2024).
Institutional ownership scores 8/10, insider activity 9/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 7.4% |
|---|---|---|---|
| GLS Moat | 8.3 / 10 | ROE | 10.8% |
| Debt / equity | 0.46 | ROA | 1.0% |
| Free-cash-flow yield | 16.2% | Payout ratio | 22% |
| Institutions | 8 / 10 | Insiders · Congress | 9 · 5 / 10 |
Wheel Score 36: No options
FSBW has no listed options in the nightly snapshot, so there is nothing to sell and the stock cannot be wheeled however good the business. It fails the first Wheel Trade Filter (options that actually trade), so the score stays under 70 and is shown as "No options" (36 here). The valuation and quality numbers still apply to owning the shares outright.
Volume runs at 37k shares a day on a market cap of $350M, with a beta of 0.68 - 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 | Fails | market cap $350M (under $1.0B) |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 42% below fair value | |
| Premium | Weak | no option data | |
| Moat | Strong | moat 8.3/10 | |
| Health | Good | Piotroski 6/9 | |
| Red Flags | Fair | not scored yet - half marks | |
| Option trading | Weak | no option volume data | |
| Stability | Fair | beta 0.68, $350M 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 20 Jan 2027, 76 days away - outside the window of a 30-45-day put sold today. The shares go ex-dividend on 6 Nov 2026 (0.2900 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 FS Bancorp, Inc. 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 |
|---|---|---|---|---|---|
| BFCC BankFirst Capital Corporation | 64.97 | 105.15 | +38% | 35No options | $344M |
| COSO CoastalSouth Bancshares, Inc. | 28.75 | 48.39 | +41% | 33No options | $344M |
| BCML BayCom Corp | 31.41 | 24.10 | -30% | 34Weak | $343M |
| FCNCN First Citizens BancShares, Inc. Depositary Shares, each representing a 1/40th interest in a share of 6.625% Non-Cumulative Perpetual Preferred Stock, Series E | 22.40 | 2,724.89 | +99% | 29No options | $358M |
| MVBF MVB Financial Corp. | 26.01 | 41.22 | +37% | 47Weak | $338M |
| CBNA Chain Bridge Bancorp, Inc. | 51.17 | 135.25 | +62% | 32No options | $336M |
| CSHX Cashmere Valley Bank | 90.44 | 123.28 | +27% | 34No options | $336M |
| CFFI C&F Financial Corporation | 112.23 | 102.19 | -10% | 21No options | $365M |
| BRBS Blue Ridge Bankshares, Inc. | 4.07 | 2.23 | -82% | 30Weak | $365M |
| NEWTP NewtekOne, Inc. Depositary Shares, Non-Cumulative Perpetual Preferred Stock, Series B | 23.90 | 92.66 | +74% | 23No options | $334M |
| FBIP FNB Bancorp, Inc. | 51.65 | 31.32 | -65% | 20No options | $333M |
| JMSB John Marshall Bancorp, Inc. | 23.55 | 34.34 | +31% | 51Fair | $332M |
⚖ Compare FSBW with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about FSBW
Is FSBW undervalued right now?
By the GLS models, yes: at 44.47 the stock is 42% below the average fair value of 76.16 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of FSBW and what does it mean?
FSBW 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 FSBW?
76.16 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 FS Bancorp, Inc. report earnings next?
The next earnings report is due on 20 Jan 2027, 76 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does FSBW have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on FSBW, so the wheel strategy cannot be run on it and the Wheel Score stays under 70.