Associated Bank vs FNB
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KIRAβs take AI analyst
I put Associated Bank and FNB side by side, using each oneβs latest annual report. Here is what stands out:
- FNB is the larger business, with $1.8B of revenue in fiscal 2025 against $1.5B for Associated Bank.
- Associated Bank grew revenue faster (43.3%, against 10.6%).
- Investors pay more for each dollar of FNBβs earnings: a P/E of 10.8x against 10.5x for Associated Bank.
Who comes out ahead
Of the 5 measures where higher (or lower) is clearly better, how many each company leads.
Associated Bank
ASB
2/5
Revenue growthReturn on equity
FNB
FNB
3/5
5-year growthNet marginShare count change
Side by side
Best in the row
| Latest fiscal year | ASB FY25 | FNB FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.0B | $6.6B |
| Revenue | $1.5B | $1.8B |
| Free cash flow | β | β |
| Net income | $475M | $565M |
| Growth | ||
| Revenue growth | 43.3% | 10.6% |
| 5-year growth | 3.1% | 7.7% |
| Share count change | 8.7% | β0.2% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β |
| Net margin | 31.9% | 32.0% |
| FCF margin | β | β |
| Return on capital | β | β |
| Return on equity | 9.9% | 8.7% |
| Balance sheet | ||
| Net debt | β | β |
| Net debt / EBITDA | β | β |
| Dividends and buybacks | $156M | $224M |
| Valuation & quality | ||
| P/E | 10.5x | 10.8x |
| Piotroski F-score | β | β |
Ten years
Revenue
FY16
ASB $1.1B
FNB $813M
FY17
ASB $1.1B
FNB $1.1B
FY18
ASB $1.2B
FNB $1.2B
FY19
ASB $1.2B
FNB $1.2B
FY20
ASB $1.3B
FNB $1.2B
FY21
ASB $1.1B
FNB $1.2B
FY22
ASB $1.2B
FNB $1.4B
FY23
ASB $1.1B
FNB $1.6B
FY24
ASB $1.0B
FNB $1.6B
FY25
ASB $1.5B
FNB $1.8B
ASB
FNB
Operating margin
FY16
ASB β
FNB β
FY17
ASB β
FNB β
FY18
ASB β
FNB β
FY19
ASB β
FNB β
FY20
ASB β
FNB β
FY21
ASB β
FNB β
FY22
ASB β
FNB β
FY23
ASB β
FNB β
FY24
ASB β
FNB β
FY25
ASB β
FNB β
ASB
FNB
Free cash flow
FY16
ASB β
FNB β
FY17
ASB β
FNB β
FY18
ASB β
FNB β
FY19
ASB β
FNB β
FY20
ASB β
FNB β
FY21
ASB β
FNB β
FY22
ASB β
FNB β
FY23
ASB β
FNB β
FY24
ASB β
FNB β
FY25
ASB β
FNB β
ASB
FNB
Return on capital
FY16
ASB β
FNB β
FY17
ASB β
FNB β
FY18
ASB β
FNB β
FY19
ASB β
FNB β
FY20
ASB β
FNB β
FY21
ASB β
FNB β
FY22
ASB β
FNB β
FY23
ASB β
FNB β
FY24
ASB β
FNB β
FY25
ASB β
FNB β
ASB
FNB
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.