Associated Bank
ASB · Regional Banks
$30.21
1.3%United Bankshares
UBSI · Regional Banks
$48.67
0.4%The short version
- Associated Bank is the larger business, with $1.5B of revenue in fiscal 2025 against $1.2B for United Bankshares.
- Associated Bank grew revenue faster (43.3%, against 19.6%).
- Investors pay more for each dollar of United Bankshares’s earnings: a P/E of 13.3x against 10.5x for Associated Bank.
| Latest fiscal year | ASB · FY25 | UBSI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.0B | $6.9B |
| Revenue | $1.5B | $1.2B |
| Free cash flow | — | — |
| Net income | $475M | $465M |
| Growth | ||
| Revenue growth | 43.3% | 19.6% |
| 5-year growth | 3.1% | 36.3% |
| Share count change | 8.7% | 4.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 31.9% | 37.6% |
| FCF margin | — | — |
| Return on capital | — | — |
| Return on equity | 9.9% | 8.9% |
| Balance sheet | ||
| Net debt | — | — |
| Net debt / EBITDA | — | — |
| Dividends and buybacks | $156M | $336M |
| Valuation & quality | ||
| P/E | 10.5x | 13.3x |
| Piotroski F-score | — | — |
FY16
ASB $1.1B
UBSI $495M
FY17
ASB $1.1B
UBSI $681M
FY18
ASB $1.2B
UBSI $240M
FY19
ASB $1.2B
UBSI $277M
FY20
ASB $1.3B
UBSI $263M
FY21
ASB $1.1B
UBSI $331M
FY22
ASB $1.2B
UBSI $312M
FY23
ASB $1.1B
UBSI $1.1B
FY24
ASB $1.0B
UBSI $1.0B
FY25
ASB $1.5B
UBSI $1.2B
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