Associated Bank

ASB · Regional Banks

$30.21

1.3%

Hancock Whitney

HWC · Regional Banks

$73.51

0.0%

The short version

Hancock Whitney is the larger business, with $1.5B of revenue in fiscal 2025 against $1.5B for Associated Bank.
Associated Bank grew revenue faster (43.3%, against 4.8%).
Investors pay more for each dollar of Hancock Whitney’s earnings: a P/E of 14.4x against 10.5x for Associated Bank.

Latest fiscal year	ASB · FY25	HWC · FY25
Size
Market cap	$5.0B	$6.3B
Revenue	$1.5B	$1.5B
Free cash flow	—	—
Net income	$475M	$486M
Growth
Revenue growth	43.3%	4.8%
5-year growth	3.1%	3.6%
Share count change	8.7%	−1.4%
Profitability
Gross margin	—	—
Operating margin	—	—
Net margin	31.9%	32.1%
FCF margin	—	—
Return on capital	—	—
Return on equity	9.9%	11.3%
Balance sheet
Net debt	—	—
Net debt / EBITDA	—	—
Dividends and buybacks	$156M	$401M
Valuation & quality
P/E	10.5x	14.4x
Piotroski F-score	—	—

Revenue

FY16

ASB $1.1B

HWC $910M

FY17

ASB $1.1B

HWC $1.1B

FY18

ASB $1.2B

HWC $1.1B

FY19

ASB $1.2B

HWC $1.2B

FY20

ASB $1.3B

HWC $1.3B

FY21

ASB $1.1B

HWC $1.3B

FY22

ASB $1.2B

HWC $1.4B

FY23

ASB $1.1B

HWC $1.4B

FY24

ASB $1.0B

HWC $1.4B

FY25

ASB $1.5B

HWC $1.5B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ASB HWC

Operating margin

FY16

ASB —

HWC —

FY17

ASB —

HWC —

FY18

ASB —

HWC —

FY19

ASB —

HWC —

FY20

ASB —

HWC —

FY21

ASB —

HWC —

FY22

ASB —

HWC —

FY23

ASB —

HWC —

FY24

ASB —

HWC —

FY25

ASB —

HWC —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ASB HWC

Free cash flow

FY16

ASB —

HWC —

FY17

ASB —

HWC —

FY18

ASB —

HWC —

FY19

ASB —

HWC —

FY20

ASB —

HWC —

FY21

ASB —

HWC —

FY22

ASB —

HWC —

FY23

ASB —

HWC —

FY24

ASB —

HWC —

FY25

ASB —

HWC —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ASB HWC

Return on capital

FY16

ASB —

HWC —

FY17

ASB —

HWC —

FY18

ASB —

HWC —

FY19

ASB —

HWC —

FY20

ASB —

HWC —

FY21

ASB —

HWC —

FY22

ASB —

HWC —

FY23

ASB —

HWC —

FY24

ASB —

HWC —

FY25

ASB —

HWC —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ASB HWC

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