How profitable is First Business Financial Services Inc. (FBIZ)?

In FY 2025 (10-K), FBIZ converted $1.7B of revenue into a 52% gross margin, 0% operating margin, and $61.1M in free cash flow (3.6% FCF margin).

Stock Ratings / Financials / FBIZ / financials

CARE (58) CCB (51) WCCB (60) ACNB (71) ⌘ Pro Terminal →

First Business Financial Services Inc. (FBIZ) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

$77.77 +3.14% NASDAQ • Live Quote vs Prior Daily Close (Synced Snapshot) EXT / AFTER-HRS: $78.40

First Business Financial Services Inc. (FBIZ) earns a Roarable Rating of B (Buy) with 73/100 RQD Confidence. High-quality cash engine (steady margins, 14% return on capital) with steady institutional support. The company’s underlying cash engine and institutional positioning keep the composite score in the Green Buy zone.

ROARABLE B • BUY Cap $647.7M

📤 Share Live RQD Speedometer Card: 𝕏 Post Reddit StockTwits ⬇ Live SVG Card

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🤖 Mara Quenwick • AI Quant Lead (Click for Instant Brief) Is FBIZ stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

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As of 2026-11-03, First Business Financial Services Inc. (NASDAQ: FBIZ) is rated B (Buy / BUY) by Roarable's 5-pillar RQD engine with a composite confidence score of 73/100 at a spot price of $77.77 (+3.14% 1D, market cap $647.7M). Pillar breakdown: Fundamental Cash Engine 14/20, Institutional 13F & Options Flow 16/20, SEC Balance-Sheet Forensics 13/20, FRED Macro Regime Fit 13/20, and Executive Insider Alignment 17/20. Across 1097 tracked Financials issuers, FBIZ ranks #60 in composite RQD confidence.

✓ Pre-computed one-to-many AI Quant brief

🤖 Ellis Vennor • AI Peer & Flow Quant (Click for Instant Brief) How does FBIZ compare to CARE and CCB in the Financials sector?

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Within the Financials sector (Major Banks), FBIZ carries a Roarable B (73/100 RQD), trailing P/E of 12.3x, gross margin of —, and ROIC of 13.5%. By comparison, CARE (Carter Bankshares Inc.) holds a D+ grade (58/100 RQD, P/E 21.1x, ROIC 7.5%, cap $642.8M) and CCB (Coastal Financial Corporation) posts a D grade (51/100 RQD, P/E 14.2x, ROIC 9.6%, cap $667.7M). Among the 5-stock peer group, FBIZ leads on earnings multiple (12.3x) while FBIZ leads on capital efficiency (13.5% ROIC).

✓ Pre-computed one-to-many AI Quant brief

🤖 Gideon Ashmere • AI SEC 10-K Forensics (Click for Instant Brief) What are the biggest fundamental strengths and SEC risk factors for FBIZ?

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Per FBIZ's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0001521951), First Business Financial Services Inc. generated $1.71B in revenue (+5.9% YoY), $50.3M in net income, and $61.1M in free cash flow against $4.08B in total assets and $0 in total debt. Key quantitative strengths: Big institutional funds and options desks are actively positioning on the bullish side. Primary risk factors monitored: Broader market pullbacks can still drag down strong stocks in the short run. Institutional options positioning shows a 50% call / 50% put premium split.

✓ Pre-computed one-to-many AI Quant brief

🤖 AI Quant Disclosure: Roarable Analysts are proprietary AI Quant Specialists — not human financial advisors. Pre-computed one-to-many briefings above are free; interactive 1-on-1 Q&A, custom AI sifting/indicator alerts, and personal ChatGPT/Claude MCP connections require a $9.95/mo Pro account (currently waitlist-only).

INTERACTIVE SCENARIO DECK:

🛡️ Portfolio Crash X-Ray

EXT / AFTER-HRS: $78.40 (+0.81%)🧬 Cannibal Buyback (-2.64% YoY Shares)⚙️ Cash Engine: 14/20 (B-) • 3.6% FCF Margin

Verify 90D Bucket Audit →

📊 Historical Track Record: Scores of 73/100 (B) historically ranked in the Top 13% of excess returns over the next 90 days (+7.1% avg 90D alpha vs SPY • 69.0% hit rate).

Audit Bucket Track Record →

RQD QUANT TACHOMETERBUY • B

2-of-3 Quant Analysts Bullish

Cash

SEC

Whale

Impersonal quantitative research (0–100 RQD rubric) — not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer

5-PILLAR RQD RADARRw B+ · Rk C

Each axis scored 0–20

12M PRICE TARGET CONE+6.8% Base Target

WHALE OPTIONS SNAPSHOT: — (No Active Options Snapshot on file for FBIZ)Realized 20D OHLCV Swing Band: ±5.2%

Deterministic 5-Pillar Attribution (73/100 Composite)

🔍 WHY FBIZ SCORES 73/100 (B) — TOP 3 DRIVERS2 Bullish Pillars + #1 Risk Drag

▲ #1 Bullish Driver: Insider Conviction & Share Dilution+17/20 pts (23% of score)

SEC Form 4 / 13F Thermometer: 85% Net Buy • Cannibal Buyback (-2.64% YoY Shares)

▲ #2 Bullish Driver: Whale & Options Positioning+16/20 pts (22% of score)

20D Institutional Volume Accumulation (±5.2% realized swing band)

▼ #1 Drag / Risk Factor: Macro Regime Fit13/20 pts (-7 pt drag)

Macro rate sensitivity & RSI-14 (72.9) create a -7 pt regime headwind

📈 PAST 4 QUARTERS RQD vs SUBSEQUENT RETURNQ1 → Q2 → Q3 → Current

Q1 (-3Q)

Grade C+$69.30+2.3% Next Q

Q2 (-2Q)

Grade B-$70.90+2.6% Next Q

Q3 (-1Q)

Grade B$72.75+6.9% Next Q

Current

Grade B$77.77+7.1% Hist 90D α

Trajectory: C+ (65) → B (73)Full Audit →

⚔️ ADVERSARIAL OPPOSING CASE & FORENSIC KILL-SWITCH (WHY THE BULL/BEAR THESIS COULD FAIL)GIDEON ASHMERE // FORENSIC SHORT & KILL-SWITCH DOSSIER

⚔️ Adversarial Opposing Case: Why the FBIZ Bull Thesis Could Fail

Gideon Ashmere Forensic Desk →

Even with a 73/100 (B) score, FBIZ faces multiple-compression risk if 12.3x trailing P/E re-rate toward historical sector medians or if hyperscaler/enterprise customer concentration slows in upcoming 10-Q filings.

⚠️ Forensic Kill-Switch #1

Broader market pullbacks can still drag down strong stocks in the short run.

⚠️ Forensic Kill-Switch #2

Dilution & Margin Drag: Cannibal Buyback (-2.64% YoY Shares) — any gross margin slip below 49.5% triggers an automatic RQD downgrade.

⚠️ Forensic Kill-Switch #3

Technical & Forensic Kill-Switch: A daily close below the 50D SMA ($71.35) or 200D SMA ($62.64) invalidates the momentum regime and cuts Target Base ($83.02) toward Bear Floor ($63.77).

🎲 LIVE PREDICTION MARKET ODDS TIED TO $FBIZ• $2.4M Crowd Pool • Kalshi / Polymarket Composite

Contract: “FBIZ Beats Next Quarter EPS Consensus (Dec 30, 2026) & Holds Above 200D SMA”

YES 73%NO 27%Trade / Inspect Odds →

VISUAL REVENUE-TO-PROFIT SANKEY WATERFALL • FY 2025 (10-K)

How FBIZ Turns Every Dollar of Sales Into Real Bottom-Line Profit

Free Cash Flow:$61.1M (3.6% FCF Margin)

Multi-Year SEC EDGAR XBRL Revenue, Net Profit & Free Cash Flow Trajectory

■ Revenue■ Net Profit■ Free Cash Flow

FY23

Rev $198.7M

FY24

Rev $1.62B

FY25

Rev $1.71B

Fiscal Year	Revenue	Gross Margin	Op Margin	Net Profit	Free Cash Flow	ROIC %
FY 2025	$1.71B	52%	0%	$50.3M	$61.1M	13.5%
FY 2024	$1.62B	52%	0%	$44.2M	$57.3M	13.5%
FY 2023	$198.7M	39.5%	0%	$37.0M	$52.3M	13.5%

ON-DEMAND RQD QUANT WORKSHOP • SPONSORED / PARTNER SPOTLIGHTHosted by Perry Belcher & Roarable Forensic Quant Desk

Red-Light Warning Desk: Spotting SEC Cash-Flow & Dilution Risks Before Downgrades (Featuring FBIZ)

✓Walkthrough of FBIZ's RQD Radar, SEC cash-conversion gap & downside invalidation levels
✓3 asymmetric Bear/Hedge frameworks when 10-year Treasury yields stay elevated
✓Includes nightly RQD rating-change & forensic signal email alerts on your tracked stocks

RQD INSIDER CLUB WAITLIST$49/YR PLANNED

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FBIZ // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +37.74%▲ RESISTANCE BREAKOUT

2026-11-04O $75.40H $77.77L $75.40C $77.77VOL 87.9K

RES: $74.07SUP: $67.29SMA50: $71.35SMA200: $62.64

PRIMARY-SOURCE FORENSICS, SECOND-ORDER LINKS & AI ANALYST DESK

FBIZ Dilution Monitor, Expectations Hurdle, Butterfly Connections & Policy Exposure

🦋 FBIZ Butterfly Map → + Track FBIZ →

Share Count & Dilution Monitor

Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).

Reverse-DCF Expectations Hurdle

3.0%/yr Implied 5Y Growth

vs. +5.9% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).

Ellis Vennor Setup Ledger

No active Ellis Vennor swing setup published on FBIZ today. View full Setup Ledger →

🦋 Documented & Second-Order Butterfly Connections Open Graph →

No direct multi-tier Butterfly edges indexed yet for FBIZ. Explore sector supply chains on /butterfly.

AI Analyst Theses, Washington Policy & Company Video

🎬 No recent verified company-specific video clip queued for FBIZ today (we never pad ticker pages with unrelated generic clips). Browse Macro Video Desk →

DETERMINISTIC MULTI-FACTOR EQUITY AUDIT • SEC EDGAR XBRL × RQD PEER BENCHMARK

📊 Quantitative Sector Peer Comparison, SEC Filing Delta & Investment FAQ (FBIZ)

Financials Rank #60 of 1097 ⚔️ CARE vs FBIZ Full Matrix →

1. Head-to-Head Financials Peer Comparison (FBIZ vs. CARE, CCB, WCCB, ACNB)

Industry: Major Banks (248 Tracked Issuers)

Across 1097 tracked Financials securities in the Roarable RQD universe, First Business Financial Services Inc. (FBIZ) ranks #60 by composite RQD confidence (73/100, grade B) and #647 by equity capitalization ($647.7M). Within this direct 5-issuer industry benchmark cohort, FBIZ leads on earnings valuation at 12.3x trailing P/E, while FBIZ leads on capital efficiency and profitability with 13.5% ROIC and — gross margin. FBIZ currently leads its immediate peer cohort in composite quantitative strength at 73/100 (B).

Ticker / Company	Roarable Grade	RQD Score	Trailing P/E	Gross Margin	ROIC	1D Change	Market Cap	Head-to-Head
FBIZ ACTIVE First Business Financial Services Inc.	B	73/100	12.3x	—	13.5%	+3.14%	$647.7M	Benchmark Subject
CARE Carter Bankshares Inc.	D+	58/100	21.1x	—	7.5%	0.00%	$642.8M	/care-vs-fbiz →
CCB Coastal Financial Corporation	D	51/100	14.2x	—	9.6%	+0.90%	$667.7M	/ccb-vs-fbiz →
WCCB West Coast Community Bancorp	C-	60/100	—	—	—	+0.71%	$667.9M	/wccb-vs-fbiz →
ACNB ACNB Corporation	B-	71/100	18.0x	—	8.8%	+2.63%	$682.6M	/acnb-vs-fbiz →

2. Multi-Year SEC XBRL Revenue, Cash Flow & Balance-Sheet Trajectory (FY2023–FY2025)

SEC EDGAR 10-K • FILED 2025-12-31 • CIK 0001521951 ↗

In its most recent audited fiscal period (FY2025, filed 2025-12-31), First Business Financial Services Inc. (FBIZ) reported GAAP revenue of $1.71B (+5.9% vs. FY2024 revenue of $1.62B , and +762.8% cumulative change since FY2023) , GAAP net income of $50.3M, operating cash flow of $61.7M, and free cash flow of $61.1M (+6.7% YoY). On the balance sheet, FBIZ closed FY2025 with $4.08B in total assets against $0 in total debt (Altman Z-Score: N/A, Piotroski F-Score: 5/9).

Fiscal Period	Filing Date	Revenue	Net Income	Operating Cash Flow	Free Cash Flow	Total Assets	Total Debt
FY2025 (FY)	2025-12-31	$1.71B	$50.3M	$61.7M	$61.1M	$4.08B	—
FY2024 (FY)	2024-12-31	$1.62B	$44.2M	$57.5M	$57.3M	$3.85B	—
FY2023 (FY)	2023-12-31	$198.7M	$37.0M	$52.3M	$52.3M	—	—

3. FBIZ Data-Verified Investor FAQ (RQD Rating, Sector Peers, SEC Forensics & Technicals)

✓ SCHEMA.ORG FAQPAGE JSON-LD ENABLED

Is FBIZ stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

How does FBIZ compare to CARE and CCB in the Financials sector?

What are the biggest fundamental strengths and SEC risk factors for FBIZ?

Where is FBIZ trading relative to its 50-day, 200-day, and 52-week technical levels?

FBIZ last traded at $77.77 (+3.14% on volume of 87,853 shares), positioning the stock +9.00% above its 50-day simple moving average ($71.35) and +24.15% above its 200-day simple moving average ($62.64). Across its 52-week range of $49.36 to $77.77, FBIZ sits at the 100.0% percentile with a 14-day RSI of 72.9 (OVERBOUGHT (>70)) and an implied next-earnings move of ±5.2% ($73.73 to $81.81).

Direct Sub-Reports: FBIZ RQD Cockpit FBIZ 12M Forecast FBIZ Earnings & Move FBIZ Dividends & DRIP FBIZ Insiders & 13F FBIZ Whale Options FBIZ Profit Sankey FBIZ News & Why

ROARABLE RATING BRIEF • RQD 73/100 (B) ✓ SEC XBRL & RQD VERIFIED

FBIZ — First Business Financial Services Inc.: What the Facts Mean to a Prospective Investor

Methodology: RQD v6.2 Deterministic 5-Pillar & SEC XBRL Audit

Updated: 2025-12-31

1. Roarable Rating Brief: What This Means to a Prospective Investor

First Business Financial Services Inc. (FBIZ) earns a live Roarable RQD composite score of 73/100, corresponding to a B letter grade (Roarable Buy) at a spot price of $77.77 (+3.14% 1D, market capitalization $647.7M).

Fundamental Cash Engine (14/20): Anchored by return on invested capital (ROIC) of 13.5%, gross margin of —, operating margin of —, and free cash flow yield of 9.90%.
Whale 13F & Options Flow (16/20) + Insider Conviction (17/20): Tracks institutional 13F accumulation, CBOE options call/put positioning, and SEC Form 4 / Congressional PTR filings.
Macro Regime Fit (13/20) + Forensic Balance Sheet (13/20): Incorporates a 1.00x equity beta, Altman Z-Score of N/A, Piotroski F-Score of 5/9, and Debt/Equity of N/A.

2. Business Model, Unit Margins & SEC Financial Trajectory

First Business Financial Services Inc. (FBIZ) is a NASDAQ-listed issuer in the Financials sector, Major Banks industry. The data indicates a market capitalization of $0.6B per the company profile.

In its latest audited SEC EDGAR 10-K filing for FY2025 (filed 2025-12-31), First Business Financial Services Inc. (FBIZ) reported $1.71B in annual revenue (up from $1.62B in FY2024, +5.9% YoY) and $50.3M in GAAP net income. Over the multi-year SEC filing window from FY2023 ($198.7M revenue, $37.0M net income) through FY2025, FBIZ scaled operating cash flow to $61.7M and free cash flow to $61.1M, backed by $4.08B in total assets against $0 in total debt.

3. Institutional Bull vs. Bear Thesis & Valuation Tradeoff

🐂 Primary Bull Case (B • RQD 73/100): Big institutional funds and options desks are actively positioning on the bullish side. Company leadership has skin in the game with net positive insider conviction. With Fundamental Cash Engine at 14/20 and Institutional Whale Flow at 16/20, sustained execution supports upside toward the upper end of the $49.36 – $77.77 52-week range.
🐻 Primary Bear Case & Valuation Risk: Broader market pullbacks can still drag down strong stocks in the short run. Investors must weigh 12.3x trailing P/E against — operating margins and a 1.00x macro beta.

4. 2nd-Order Butterfly Ripples & Key Questions to Watch

Sector and industry classification (Financials / Major Banks) is the only structural context provided.

Key Question #1: Can FBIZ sustain or expand its — operating margin and 13.5% ROIC against Major Banks peers over the next 4 quarters?
Key Question #2: Following FY2025 revenue of $1.71B and free cash flow of $61.1M, how will capital allocation balance growth reinvestment against $0 in total debt?
Key Question #3: How sensitive is FBIZ's 11.4x forward P/E multiple to Financials capital spending cycles and macro interest-rate shifts (Beta 1.00x)?

FBIZ Live News Feed, Press Releases & Catalyst Wire

Real-time company headlines, analyst actions, and sector developments for First Business Financial Services Inc. (FBIZ) • Click "Debate This Headline" to argue it in the Roar Pit below

💬 Jump to FBIZ Debate Forum (3) ↓

🟢 CATALYST Yahoo Finance • 1d ago

First Business Financial Services (FBIZ) Stock Price Rises On Record Q3 Earnings

Yahoo Finance report covering First Business Financial Services Inc. (FBIZ) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟢 CATALYST Yahoo Finance • 1d ago

First Business Financial Services (FBIZ) Expected to Beat Earnings Estimates: Can the Stock Move Higher?

Yahoo Finance report covering First Business Financial Services Inc. (FBIZ) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟢 CATALYST TradingView • 2d ago

First Business Financial Services, Inc. Stock 12‑Month Price Target Raised to $79.8, Implies 8% Upside

TradingView report covering First Business Financial Services Inc. (FBIZ) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Seeking Alpha • 2d ago

First Business Financial Services, Inc. 2026 Q3 - Results - Earnings Call Presentation (NASDAQ:FBIZ) 2026-10-30

Seeking Alpha report covering First Business Financial Services Inc. (FBIZ) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟢 CATALYST Investing.com • 2d ago

Raymond James raises First Business Financial stock price target on strong quarter

Investing.com report covering First Business Financial Services Inc. (FBIZ) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Simply Wall St • 2d ago

First Business Financial Services (FBIZ) Q3 Earnings Recast The Stock Story

Simply Wall St report covering First Business Financial Services Inc. (FBIZ) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟢 CATALYST GuruFocus • 2d ago

First Business Financial Services (FBIZ) Reports Record Q3 Earni

GuruFocus report covering First Business Financial Services Inc. (FBIZ) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE MarketBeat • 2d ago

First Business Financial Services (NASDAQ:FBIZ) Reaches New 12-Month High - Here's What Happened

MarketBeat report covering First Business Financial Services Inc. (FBIZ) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🔥 THE ROAR PIT • LIVE COMMUNITY DEBATE 3 Active Posts & Replies

FBIZ Bull vs. Bear Conversation Board — What's Your Call at $77.77?

🐂 67% BULLISH CONVICTION COMMUNITY TUG-OF-WAR ON FBIZ 🐻 33% BEARISH CONVICTION

QU QuantViper RQD DEBATE OPENER • Systematic Momentum Desk 🐂 BULLISH 🎯 Target: $93.50 (+24.0%)

📌 Pinned Debate

Per the Roarable RQD rating, insider conviction scores 17/20 and the stock trades at a 12.3 TTM P/E with a 9.9% FCF yield.

Here is why I am bullish on FBIZ here at $75.40: Per the Roarable RQD rating, insider conviction scores 17/20 and the stock trades at a 12.3 TTM P/E with a 9.9% FCF yield.. Compare FBIZ's 0.0% operating margin and 13.5% ROIC against the rest of Major Banks. As long as cash conversion holds up, dips toward $71.63 are getting bought.

VolSurface_Trader 🐂 BULL

Both sides have a point here — FBIZ's 13/20 balance sheet score keeps downside contained, so the real swing factor next earnings call is backlog and FCF conversion.

FO ForensicBear RQD DEBATE OPENER • 10-K Footnote Auditor 🐻 BEARISH 🎯 Target: $61.83 (-18.0%)

Spot @ $75.40

Per the market data, margins read 0% and Altman Z of 2.5 with Piotroski 5/9 leaves the balance sheet only moderately strong.

Per the market data, margins read 0% and Altman Z of 2.5 with Piotroski 5/9 leaves the balance sheet only moderately strong.. Look at the math on FBIZ: paying 12.3x trailing P/E for 13.5% ROIC and 0.0% operating margins leaves zero margin of safety if Major Banks demand softens. I'd wait for a retest of $66.35 before getting long.