Stock fact sheet · data as of
FS Bancorp, Inc. (FSBW): fair value, margin of safety and Wheel Score
Financial Services · Banks - Regional · United States · Defensive
Is FSBW undervalued?
FSBW has a margin of safety of 53%: the stock closed at 44.63 on 16 Oct 2026 against a GLS average fair value of 95.17. 6 of the 9 valuation models that produced a number sit above the price. Our screens 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 14.37 while 10 Cap gives 299.23. 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 FSBW under Defensive: a low beta, a dividend and positive earnings.
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 | 60.40 | +35% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 65.09 | +46% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 102.25 | +129% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 33.43 | -25% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 14.37 | -68% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 299.23 | +570% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 215.52 | +383% | 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 | 49.31 | +10% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -327.18 | -833% | 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 Sunday Scan's "6 or more" rule. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is 6.7 out of 10: a ten-year record that is consistent in some of the metrics the score tracks (revenue, earnings, margins, cash flow, returns on capital) and patchy in others.
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 28.0%.
The dividend yield is 2.58% at a payout ratio of 31%; 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 6/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 7.4% |
|---|---|---|---|
| GLS Moat | 6.7 / 10 | ROE | 10.8% |
| Debt / equity | 0.46 | ROA | 1.0% |
| Free-cash-flow yield | 28.0% | Payout ratio | 31% |
| Institutions | 8 / 10 | Insiders · Congress | 6 · 5 / 10 |
Wheel Score 39: 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; the Wheel Score is capped at 39 and shown as "No options" (39 here). The valuation and quality numbers still apply to owning the shares outright.
Volume runs at 19k shares a day on a market cap of $351M, with a beta of 0.67 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 6 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 53% margin of safety | |
| Health | 13 / 20 | Piotroski 6/9 | |
| Moat | 10 / 15 | moat 6.7/10 | |
| Premium | 0 / 20 | no option data | |
| Stability | 6 / 20 | 19k shares/day, $351M cap, beta 0.67 |
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
FS Bancorp, Inc. reports earnings on 20 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 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 |
|---|---|---|---|---|---|
| TSBK Timberland Bancorp, Inc. | 45.00 | 67.20 | +33% | 78Good | $350M |
| BRBS Blue Ridge Bankshares, Inc. | 3.95 | 3.74 | -6% | 55Fair | $354M |
| WSBF Waterstone Financial, Inc. | 19.73 | 34.92 | +43% | 70Good | $355M |
| SNLC Security National Corporation | 206.25 | 281.54 | +27% | 39No options | $338M |
| BCML BayCom Corp | 30.96 | 33.10 | +6% | 70Good | $338M |
| AVBH Avidbank Holdings, Inc. | 30.78 | 43.50 | +29% | 39No options | $338M |
| NWFL Norwood Financial Corp. | 33.46 | 51.08 | +34% | 39No options | $365M |
| FDBC Fidelity D & D Bancorp, Inc. | 57.84 | 66.13 | +13% | 39No options | $336M |
| RVRF River Financial Corp. | 47.00 | 110.43 | +57% | 39No options | $367M |
| MFGI Merchants Financial Group, Inc. | 45.00 | 37.16 | -21% | 33No options | $368M |
| CFFI C&F Financial Corporation | 102.73 | 124.42 | +17% | 39No options | $334M |
| CSHX Cashmere Valley Bank | 89.89 | 123.63 | +27% | 39No options | $334M |
⚖ Compare FSBW with 7 of them All Financial Services stocks →
Screen 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 same eight-rule screen, 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 FSBW
Is FSBW undervalued right now?
By the GLS models, yes: at 44.63 the stock is 53% below the average fair value of 95.17 (data as of 16 Oct 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; its Wheel Score is capped at 39 and shown as "No options".
What is the GLS fair value for FSBW?
95.17 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 FS Bancorp, Inc. report earnings next?
The next earnings report is due on 20 Oct 2026 (after the close), 4 days from the data date of 16 Oct 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 is capped at 39.