ASSOCIATED BANC-CORP (ASB) Stock Analysis

Price updated 4 days ago · SEC data refreshed 3 months ago ⓘ · Not investment advice

ASSOCIATED BANC-CORP

ASB Financial Services Banks📄 SEC filings ↗ CUSIP 045487105
Fairly valued by model
Price vs model IV Above (+19%) Long-term trend (200d) 18% above 200-day DCF applicability High Risk 57/100 Elevated
▾ What's in the 57/100 risk score? (higher = riskier)
Valuation (price vs model IV) (43%) 55/100 → +23.6
Smart money (short interest + insider buying) (31%) 79/100 → +24.8
Macro backdrop (VIX, curve, credit, fear/greed + week-over-week momentum) (26%) 33/100 → +8.5
Total57/100

Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend, DCF applicability). See the Financial Health section for the full balance-sheet read.

💵 Price $30.04 · 4 days ago 📄 Financials SEC EDGAR · refreshed 3 months ago
📍 START HERE

How to read ASB (bank / insurer)

Banks and insurers are valued on what they earn on their capital, not on free cash flow — a normal DCF misleads here.

Where to start — the sections that matter most for this stock
  1. 1 Bank / Insurance lens (P/TBV + ROE) ↓
    Price-to-tangible-book versus return-on-equity is how analysts actually judge a bank cheap or rich.
  2. 2 Financial-health screens ↓
    Watch the trend in profitability and asset quality, not the (not-applicable) bankruptcy score.
Or — what are you trying to decide?
A note on process: fear-driven decisions — including fear of missing out — tend to be the expensive ones. A stock up 10% a day for three days is excitement, not evidence. Whichever reader you are, the data below is there to be checked before anything is decided.
🚀
"It's surging — should I chase it?"
The momentum / FOMO trade. Before you chase, see whether the people who know it best are quietly selling into the rally.
⚖️
"Is it worth what it costs?"
The valuation trade. Our DCF, the growth the price implies, and a calculator you drive yourself.
🏷️
"Is it a cheap bargain?"
The deep-value trade. How far below assets and our value it trades — and whether it's cheap for a reason.

Is now a good time to buy ASB?

Macro: Neutral / mid-cycle

ASB trades at $30.04 vs an estimated intrinsic value of $25.22 — a +19.1% premium to model IV.

Discount-rate sensitivity: $25.22 – $30.29 (Fairly valued → Overvalued)
11.7% (higher required return) → $25.22 · 9.0% (lower) → $30.29
how is this calculated?
Pegged to beta 1.31 (cost of equity 11.7%); sector/quality cross-check at 9%.
Margin of safety
Thin — price about equal to our value
Macro regime
Neutral / mid-cycle
No extreme readings in either direction. Stock selection matters more than macro positioning right now.

Not investment advice. The model can be wrong. Verify the assumptions in the sections below and consider consulting a licensed advisor for significant decisions.

OWNER-EARNINGS YIELD — THE EQUITY-BOND VIEW

What return would ASB pay as a bond?

Not measurable here. Banks and insurers have no owner-earnings coupon in the operating sense — their deposits and float are the business. The bank lens (book value + return on equity) is the comparable read. See the cross-company ranking →

ⓘ Why does ASB trade at $30.04?

ASSOCIATED BANC-CORP has 166.6 million shares outstanding. At $30.04 per share, the market values all outstanding ASB equity at $5.0 billion. That's market capitalization, not enterprise value — enterprise value also accounts for debt and cash (for a bank or insurer, borrowings and deposits are the raw material of the business, so enterprise value isn't a meaningful yardstick — the bank lens below uses book value and returns instead). The share price by itself tells you almost nothing — a company can pick any share price by splitting or issuing more shares. What matters is the total value (Market Cap?Market Cap — The total dollar value the market is assigning to the entire company.
Why it matters: This is the number that actually matters when comparing companies. Two companies with the same business but different share counts have the same market cap.
Reference: Mega cap >$200B · Large $10–200B · Mid $2–10B · Small $300M–2B · Micro <$300M
Full explanation →) compared to what the business actually produces. This page values ASB in Per Share?Per Share — A company-level figure divided by total shares — what one share represents.
Why it matters: Per-share metrics are the only way to fairly compare two companies with different share counts.
Full explanation → economics — what each share represents of the underlying business. Play with the share-price calculator on the homepage →

Loading insider & short-seller data…
Checking filings for failure warnings…
VALUATION RANGE — CROSS-METHOD CHECK

Football field: where does the price sit?

Different valuation methods produce different fair-value ranges depending on assumptions. Plotting them together lets you see at a glance whether the current price is reasonable across approaches, or only one specific lens.

$13$26$38$51$64Current price $30.04If FCF grew -5%/yr → 11%/yr (flat 10-yr DCF sweep; model assumes 5.2%)$19.66$60.11EV / Sales (p25→p75)$14.21$34.06Our model's scenarios (conservative → optimistic; ◆ base, ● weighted 40/35/25)$23.54$27.07weighted $25.22base $25.83
Methods disagree: the price is ABOVE 1 of 3 method ranges while inside the rest — assumption-sensitive, not clearly fair.

Industry multiples sourced from: industry: Banks. See the Peer Basket section below for the peer comparison and its limited-comparables caveat.

PEER BASKET — TIGHT COMPARABLES

How does ASB stack up against its closest peers?

We take the 8 same-industry companies most similar to ASB (similar size) and check what investors are paying for each dollar of their revenue (or profits). If ASB is much more expensive on the same yardstick, that's a red flag — unless you have a specific reason it deserves a premium. For a leveraged business, FCF yield (in the table) is usually more reliable than EV/Sales, because revenue multiples ignore differences in margins and debt.

▾ What's "EV / Sales" in plain English?

EV (Enterprise Value) = market cap + total debt − cash. It's "what you'd pay to buy the entire company outright" — you pay the market cap to shareholders and take over their debt, but you keep their cash. EV is fairer than market cap alone because it includes the debt the new owner inherits.

EV / Sales = EV ÷ annual revenue. So "2.5×" means investors pay $2.50 of enterprise value per $1 of yearly sales. Higher = market is paying more per dollar of sales (usually because they expect future growth or fat margins).

p25 / median / p75 are the 25th, 50th (middle), and 75th percentile of the peers' multiples. Half the peers fall between p25 and p75. The median (p50) is the typical peer — that's the benchmark we compare to.

What peers trade at (p25 / median / p75)

Bold middle number = median peer. Half the peers trade above it, half below. Computed over 8 same-industry peers; implausible multiples excluded.

Peer-implied value check
Banks & insurers aren't valued on revenue or EV/Sales — a bank's "revenue" (net interest income + fees) isn't comparable the way a normal company's sales are. Use the Bank lens (P/TBV + ROE) above, which is how banks are actually judged cheap or rich.

⚠️ Important caveat: peer multiples only work if the peers are genuinely comparable. Always check the peer list below — if the auto-picker grabbed micro-caps or unrelated businesses, the comparison is noise. A medical-device giant priced against tiny biotech startups won't produce a useful signal.

▾ View peer list (8)
Ticker Company Industry Mcap EV/EBIT FCF Yield
TFSL TFS Financial CORP Banks $4.5B — 2.0%
TCBI TEXAS CAPITAL BANCSHARES INC/TX Banks $4.3B — 7.2%
SFBS ServisFirst Bancshares, Inc. Banks $4.3B — 6.5%
UBSI UNITED BANKSHARES INC/WV Banks $6.0B — 7.5%
WSBC WESBANCO INC Banks $4.1B — 5.8%
UCB UNITED COMMUNITY BANKS INC Banks $3.9B — 8.2%
WSFS WSFS FINANCIAL CORP Banks $3.7B — 7.1%
SFNC SIMMONS FIRST NATIONAL CORP Banks $3.1B — —
BANK / FINANCIAL VALUATION LENS

How to value a bank (not a DCF question)

A bank's economic engine is the shareholder equity on its balance sheet — what the accountants say is left over after all loans, deposits, and liabilities are netted out. The bank earns a percentage on that equity each year (its ROE). So the two questions are: (1) what are you paying per dollar of equity (Price / Book)? and (2) how much is that equity actually earning (ROE)? Free cash flow doesn't work here — banks lend out their cash for a living.

Price-to-Book (P/B)?Price-to-Book (P/B) — Share price divided by book value per share — what you pay for $1 of accounting equity.
Why it matters: For banks and insurers, book value is the regulatory capital they earn returns on. P/B is the cleanest comparison: 1.0× means buying the bank at the same price the accountants say it's worth.
Reference: 0.8–1.2× = fair for average bank · 1.5–2.0× = solid franchise · >2.5× = premium · <0.8× = potentially cheap or distress
Full explanation →
1.01×
Plain English: you pay $1.01 for every $1 of the bank's accounting equity ($29.86/share).
Around $1 = fair for an average bank.
Return on Equity (ROE)?Return on Equity (ROE) — How much profit the company generates on every dollar of shareholder equity.
Why it matters: For a bank, ROE is the engine. A bank earning 15% on equity will compound book value at ~15%/year if it retains earnings. Combined with P/B, ROE tells you whether a premium price is supported by returns.
Reference: <8% = weak · 10–12% = solid · 15%+ = excellent · >20% sustained = exceptional franchise
Full explanation →
+9.3%
Plain English: each $100 of shareholder equity earned $9 last year. Decent but not exceptional.
Return on Assets (ROA)?Return on Assets (ROA) — Net income divided by total assets — how productive each dollar of assets is.
Why it matters: For banks especially, ROA isolates underwriting and operating efficiency from leverage. Two banks with identical ROE may have very different ROAs — one earning it cleanly, one earning it on borrowed money.
Reference: <0.8% = weak · 1.0–1.2% = solid · >1.5% = excellent (very rare for big banks)
Full explanation →
+1.05%
Plain English: the bank earned $1.05 per $100 of assets. Below the 1.0%+ benchmark of well-run banks.
ROA differs from ROE because banks borrow ~10× their equity. Big asset base, smaller equity sliver.
Price / Earnings (P/E)?P/E Ratio — Stock price divided by annual earnings per share — how much you pay for $1 of yearly earnings.
Why it matters: High P/E = market expects fast growth or you are overpaying. Low P/E = market expects slow growth or the stock is cheap (sometimes for good reason).
Reference: 12–20 for mature businesses · 25–50 for growth · 80+ for speculative
Full explanation →
10.8×
Plain English: at $2.77 earnings per share, you'd take 11 years of current earnings to recover the share price (if earnings stayed flat).
Trading roughly at book value — fair price for an average bank
Plain English: market price ≈ accounting equity. Neither cheap nor expensive — depends on whether returns improve.

Note: this lens skips Altman Z-Score and Piotroski F-Score (validated on industrial companies, not banks). For deeper bank-specific health analysis: check the 10-K's Tier 1 capital ratio, Non-Performing Loan ratio, and CET1 — these are what regulators actually monitor.

FINANCIAL HEALTH SCREENS

Quality & solvency checks

Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.

Altman Z-Score?Altman Z-Score — A bankruptcy-risk score combining 5 financial ratios into one number. Predictive of bankruptcy within 2 years.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
Not Applicable

Altman Z was calibrated on industrial firms and doesn't apply to banks or insurers — their balance sheets are dominated by loans/securities, not working capital. See the Bank Valuation Lens above for P/B, ROE and ROA — the metrics regulators and analysts actually use to assess bank solvency.

Piotroski F-Score?Piotroski F-Score — A 9-point quality checklist scoring profitability, leverage, and operating efficiency.
Why it matters: High score = fundamentals improving. Low score = deteriorating. Especially powerful for filtering cheap stocks: cheap + high F-score historically outperforms; cheap + low F-score is often a value trap.
Reference: 7–9 = strong · 4–6 = mediocre · 0–3 = weak
Full explanation →
Not Applicable

Piotroski F was built for non-financial firms (gross margin, asset turnover, current ratio all assume an industrial cost structure). For banks, the equivalent quality signals are efficiency ratio, net interest margin, and provision coverage — see the Bank Valuation Lens above.

INTERACTIVE — TWEAK YOUR ASSUMPTIONS

What if you assume different inputs?

Here's where we land — and what happens if you change the assumptions. Drag the sliders to set your own Discount Rate?Discount Rate — The annual return you demand for taking single-stock risk instead of buying a safe Treasury or index fund.
Why it matters: Higher discount rate = stricter valuation (a stock has to produce more cash to be worth holding). Lower = more generous.
Reference: 8–12% is standard · 9–10% matches S&P 500 historical return · Below 7% is illogical for single-stock risk
Full explanation → (the annual return you demand for single-stock risk) and terminal growth; the value updates live so you can see whether the stock looks cheaper or richer. The discount rate starts at 11.7%, the figure our model used for ASB. Open Advanced to also change beta, growth and the rate path.

Note: the calculator opens at our published value of $25.22 — it is initialised to the same scenario-weighted result, so the two match exactly on load. The moment you move a slider, the value below becomes a single-path what-if at your assumptions (not the three-scenario weighting), which is why it can differ from the headline once you've touched it.

Scenario-weighted model IV (40/35/25 assumed weights)
$25.22
It trades at
$30.04
Premium to model IV
+19.1%
Price is 19% above model IV — it looks overvalued. Change the assumptions below to see what would justify today's price.
We value this stock at two discount rates and report the range between them:
11.7% — beta-based (CAPM), from this stock's Beta?Beta — How much the stock moves when the overall market moves. 1.0 = moves with the market; 1.5 = moves 50% more than the market.
Why it matters: Higher beta = more volatile = should demand higher discount rate. Low beta stocks (utilities, consumer staples) move less.
Reference: Most stocks 0.5–1.5 · Defensives ~0.3 · High-vol tech ~1.5–2.0
Full explanation → of 1.31. The safe Treasury rate plus a premium scaled by how much more (or less) volatile the stock is than the market.
9.0% — sector/quality tier. A simpler hurdle set by industry and business durability: lower for stable, wide-moat companies; higher for speculative or micro-caps.
The headline value and this calculator start at 11.7% — the beta-based rate. Drag the slider to the other rate to see the full range.
4.5% (risk-free)9-10% normal18% (deep-risk)
0%2-3% (GDP)5% (rarely sustainable)

A full intrinsic value isn't shown for ASB because it's valued with a bank residual-income model this quick calculator doesn't replicate — see our published value above and the sector lens for the right metrics.

For comparison — the FCF growth today's price already assumes
—
—

—

⚙ Advanced — tinker with every input (beta, growth, rate path, margin → full intrinsic value)
Where the discount rate comes from — discount rate = risk-free + beta × equity-risk-premium
What you'd earn risk-free from government bonds — the floor under every other rate. Slide it down to model the market expecting rate cuts (value rises); up for higher-for-longer.
The extra yearly return investors demand for owning stocks instead of safe bonds — the price of risk. History runs ~4.5–6.5%; we default to 5.5% (slightly conservative). It's an estimate, not a law — lower it if you think equities are less risky than that.
Inflation reduces the purchasing power of a nominal return: a 9% gain at 3% inflation is about 6% in real terms. The intrinsic value above is already in today's dollars (a nominal DCF carries inflation in both the growth and the discount rate), so this switch does not change the value — it restates the return in real terms.
Higher beta → higher discount rate (sets the rate above). 1.0 = moves with the market.
What you think ASB can grow FCF for ~5 years, then fades to terminal.
All inputs start at the values our model used.

    Copy shareable link to this scenario →

    Price$30.04
    Model IV$25.22
    Premium to IV+19.1%
    DCF applicabilityHigh
    Return to IV (3yr, annualized)-5.7%

    ASB is fairly valued, trading at a +19.1% premium to the model's intrinsic value?Intrinsic Value — Our DCF model's estimate of what each share is mathematically worth based on projected cash flows.
    Why it matters: Compare to current price. Below IV = potentially undervalued. Above IV = priced for growth that must actually happen.
    Reference: Model-derived; quality depends on data and assumptions.
    Full explanation →    . The market appears to be paying for its consistent profitability and positive operating cash flow, as indicated by its positive net income and operating cash flow for the latest period and past five years. The primary quantifiable risk is its relatively low franchise/durability score of 2/5.

    ⚠️ Financial sector: using residual income model. IV = Book Value + PV(excess earnings).

    As of 3 months ago

    ANATOMY

    Anatomy of a share

    What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.

    ASB ASSOCIATED BANC-CORP stock anatomy showing per-share revenue, operating expenses, free cash flow, and debt
    16.6%
    profit
    Where each $1 of revenue goes
    Net profit — 16.6¢ of every dollar ($1.10/sh = latest fiscal-year net income ÷ current shares. The table below shows GAAP diluted EPS of $2.77, computed on that year's weighted-average diluted shares — the share count moved, which is why they differ)
    Costs & taxes — 83.4¢ (on $6.62 revenue/sh)
    Net margin = net income ÷ revenue (most recent fiscal year).
    Plain English: each share (at $30) represents revenue that isn't reported in machine-readable form for this filer (so no revenue-per-share figure here), $2.85 of net income per current share, and $3.70 of owner-earnings free cash flow per current share (latest fiscal year) from the latest fiscal year. Debt-per-share isn't a meaningful figure for a bank or insurer — its liabilities (deposits, policy reserves, wholesale funding) are the business itself. Judge leverage with the capital ratios in the bank lens instead. The DCF does not start from that single year — it instead starts from a EPS basis (residual-income model) of $2.85 per share to capture a full cycle.
    What's free cash flow / what do these mean?

    Revenue per share — how much the business earns from customers, divided by the number of shares outstanding. Top of the income statement.

    Earnings per share — profit left after operating costs, interest, and taxes, per share. Two versions appear on this page and are not interchangeable: GAAP diluted EPS uses the company's weighted-average diluted share count during the reporting period (this is the "earnings" in "price-to-earnings"); net income per current share divides annual net income by today's share count. They differ whenever the share count has changed.

    Owner-earnings free cash flow per share — the cash the business produces for shareholders. Savng's owner-earnings FCF subtracts capital expenditures and stock-based compensation from operating cash flow (SBC is a real dilution cost even though it's non-cash). This is deliberately more conservative than "standard" FCF, which subtracts only capital expenditures — so our figure is lower than the headline FCF you'll see elsewhere. FCF funds dividends, buybacks, debt repayment, and acquisitions; a company can report positive earnings yet negative FCF.

    Debt per share — total interest-bearing borrowings divided by shares. High debt-per-share next to thin FCF-per-share is a fragility signal.

    THE KEY DEBATE

    What you actually need to decide

    Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.

    🐂 The Bull Case
    For the stock to perform, ASB must maintain its consistent profitability and positive operating cash flow, building on its track record of positive net income for 5/5 years.
    🐻 The Bear Case
    The biggest fundamental risk is the low franchise/durability score of 2/5, which implies a weaker competitive position that could erode profitability if not addressed.
    📌 Signposts to watch — update your view as these print
    • Continued reduction in long-term debt
    • Maintenance of positive net income
    • Improvement in franchise/durability score
    MOMENTUM — WHAT'S GETTING BETTER & WORSE

    The trend, in plain numbers (FY2024 → FY2025, latest reported)

    Straight from the financial statements — no model, no opinion. For a small or unprofitable company, the direction of these numbers usually tells you more than any single valuation.

    ✅ Improving
    • Free cash flow rose to $615.7M.
    • Net income grew +286% to $474.8M.

    Nothing was clearly worsening year-over-year.

    WHO

    Management & Leadership

    James H. Popp is the current CEO of Associated Banc-Corp, having served in this role since 2020. He has been with the company for several years, previously holding positions such as President and COO. The company's leadership has focused on regional banking operations.

    James H. Popp
    Chief Executive Officer
    Angie M. DeWitt
    Chief Financial Officer
    WHAT

    What They Make

    Associated Banc-Corp is a regional bank holding company that provides a range of banking and financial services to individuals and businesses. Its customers primarily include consumers, small to mid-sized businesses, and corporate clients.

    End Markets

    Retail BankingCommercial BankingWealth Management

    Revenue Drivers

    Net interest income from loans
    Service charges and fees
    Investment income
    Market Cap: 5.0BBeta: 1.31
    WHY

    Why Is It Priced Like This?

    Why Customers Pay

    Convenient branch network
    Comprehensive digital banking tools
    Personalized financial advice
    Intrinsic Value$25.22
    Premium to IV +19.1%
    Return to IV (3yr, annualized) -5.7%

    The market prices ASB at a +10.3% premium, likely reflecting its consistent financial health. This optimism is supported by its positive net income and operating cash flow for the latest period and the past five years, suggesting a stable and profitable operation. The falling long-term debt also indicates prudent financial management.

    Three Scenarios, Weighted
    ScenarioIVUpside from today's priceWeight
    Conservative$23.54-21.6%40%
    Base$25.83-14.0%35%
    Optimistic$27.07-9.9%25%
    Weighted$25.22-16.0%100%

    Reading the last column: it is the move from today's price to each value (IV ÷ price − 1). The headline "premium/discount to model IV" measures the same gap from the value's side (price ÷ IV − 1), so the two percentages differ in size and sign by construction — e.g. a price 8% above value is a value 7.4% below price.

    HOW

    Business Model & Valuation

    How They Make Money

    Interest income from loans and investments
    Non-interest income from fees and services
    Wealth management and trust services

    The company funds itself through deposits and has been reducing its long-term debt, which fell from $1870M to $1007M.

    Residual Income High

    Balance-sheet financial (Banks): residual income model - book value is meaningful anchor.

    In plain English: we estimate ASB's value by projecting its book value plus the excess return it earns on that capital into the future and converting it back to what it's worth today. We start from $2.85 per share (EPS basis (residual-income model)), assume it grows 5.2% per year for about 5 years (then gradually fades), and discount everything at 11.7% — the yearly return a buyer should demand for this much risk. After that it's assumed to grow 3.0% per year forever (roughly the long-run pace of the whole economy). A higher discount rate or slower growth means a lower value, and vice-versa — change any of these yourself in the calculator above.
    Book value / share$2.85EPS basis (residual-income model) — smoothed, not the latest single year
    Growth (g₁) — 5yr5.2%Source: historical CAGR + sector defaults
    Discount Rate (r)11.7%
    Terminal Growth (gT)3.0%
    Show advanced inputs
    Sector Default8.0%

    What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project net interest income and fee-income lines independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.

    WHEN

    Maturity & Competitive Position

    Financial institution

    Moat Signals

    Established regional brand recognition
    Customer switching costs for banking services
    Regulatory barriers to entry

    Net income has been positive for the latest period and for 5 out of 5 years, indicating consistent profitability.

    WHERE

    Geography & Markets

    Associated Banc-Corp primarily operates in the Midwestern United States, with a significant presence in Wisconsin, Illinois, and Minnesota. Specific geographic mix percentages are not available from current data sources.

    Geographic Risks

    Regional economic downturn in the Midwest
    Concentration risk in traditional banking services
    SIGNALS

    Market Signals

    These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.

    Model neutral, tape bearish
    RSI?RSI — Relative Strength Index — a 0-100 momentum gauge. Above 70 = overbought; below 30 = oversold.
    Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
    Reference: 30–70 normal · >70 overbought · <30 oversold
    Full explanation →     (14)    53.3NeutralMomentum is balanced — neither overbought nor oversold.
    MACD?MACD — Moving Average Convergence Divergence — compares a fast and a slow price trend to gauge momentum direction.
    Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
    Reference: Line above signal = bullish momentum · below = bearish
    Full explanation →    BullishLine above signalThe fast trend is above the slow trend — short-term momentum is currently upward.
    50-Day Average$23.46Price above (+28.0%)Price above its 50-day average = near-term uptrend.
    200-Day Average$25.50Price aboveThe 200-day line is the long-term trend divider — above it is generally considered a bull market for the stock.
    50 vs 200 CrossDeath50-day below 200-dayA "death cross" — the medium trend is below the long trend (often read as bearish).

    Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.

    QUALITY

    Data Quality & Risk Flags (1 notes — click to expand/collapse)
    Guardrail Notes (1)
    • Financial sector: using residual income model. IV = Book Value + PV(excess earnings).
    FINANCIALS

    Financial Statements (5-year tables — click to expand)

    From ASSOCIATED BANC-CORP's SEC filings (EDGAR).

    Income (5yr)

    YearRevenueNet IncomeEPS
    2025—474.8M$2.77
    2024—123.1M$0.72
    20231.1B183.0M$1.13
    20221.2B366.1M$2.34
    20211.1B351.0M$2.18

    Cash Flow (5yr)

    Capital expenditure isn't tagged in this filer's machine-readable data (the CapEx column shows "—"). The free-cash-flow column is therefore operating cash flow less stock-based compensation only — an upper bound on true owner earnings, not the real figure. Companies that report capex under a custom label (some large IFRS filers do) look better here than they are.

    YearOperating CFCapEx− SBC & adj.Free Cash Flow
    2025 615.7M — — 615.7M
    2024 580.2M — — 580.2M
    2023 442.7M — — 442.7M
    2022 846.6M — — 846.6M
    2021 529.6M — — 529.6M

    How we define FCF: operating cash flow − capital expenditure − stock-based compensation (owner-earnings basis — SBC is a real cost to shareholders even though it's non-cash). This is the same owner-earnings FCF definition the valuation model uses, though the DCF's starting value is a EPS basis (residual-income model), not this single year.

    Balance Sheet

    Total Assets45.2B
    Total Liabilities40.2B
    Equity5.0B
    Total Debt1.0B
    YOU MIGHT ALSO LIKE

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    PG
    Methodology by Pouyan Golshani, MD — founder of Gighz. Savng was built by a physician for busy professionals: every number on this page comes from SEC filings (EDGAR) and FINRA data through transparent, rules-based models — no analyst opinions, no hidden inputs. How we calculate every number →
    ⚠️ Not investment advice. Automated model outputs, last refreshed May 30, 2026 (the analysis-refresh date, not the latest filing period). All models have blind spots. Full disclaimer →
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