Associated Banc-Corp

Research Associated Banc-Corp (ASB) on Bullrun: valuation model: 7.7% undervalued, market cap USD 5.82B, P/E 10.8, dividend yield 3.1%. Explore financials, valuation history, model signals, and stock context.

Key Metrics

TickerASB
ExchangeNYSE
CountryUnited States
SectorFinancial Services
IndustryBanks-Regional
CurrencyUSD
Valuation signal7.7% undervalued
Market capUSD 5.82B
P/E10.8
Dividend yield3.1%
Financial periodQ2 2026
RevenueUSD 448.89M
Net incomeUSD 123.56M
Free cash flowUSD 194.75M

Valuation Snapshot

Bullrun's latest valuation model marks Associated Banc-Corp as 7.7% undervalued; latest market cap is USD 5.82B; P/E is 10.8; dividend yield is 3.1%.

Peer valuation comparison

Latest P/E is 10.77x versus a Financial Services sector median of 13.84x (22.2% below).

Latest dividend yield is 3.08% versus a Financial Services sector median of 3.86% (20.1% below).

Five-year financial history

Year	Revenue	Net income	Free cash flow	Gross margin	Diluted EPS	Cash	Total debt	Equity
FY2025	USD 1.48B	USD 474.78M	USD 579.32M	n/a	2.77	USD 1.72B	USD 902.14M	USD 4.98B
FY2024	USD 1.03B	USD 123.15M	USD 535.26M	n/a	0.72	USD 1.02B	USD 1.31B	USD 4.61B
FY2023	USD 1.10B	USD 182.96M	n/a	n/a	1.13	USD 923.82M	USD 868.05M	USD 4.17B
FY2022	USD 1.24B	USD 366.12M	n/a	n/a	2.34	USD 621.46M	USD 854.01M	USD 4.02B

Valuation history

Year	Snapshot date	Market cap	P/E	Dividend yield	Annual dividend/share
2026	2026-08-25	USD 5.82B	10.8	3.1%	0.95
2025	2025-12-31	USD 4.28B	9.3	3.6%	0.93
2024	2024-12-31	USD 3.97B	30.6	3.7%	0.89
2023	2023-12-29	USD 3.23B	8.7	4.0%	0.85
2022	2022-12-30	USD 3.47B	10.8	3.5%	0.81
2021	2021-12-31	USD 3.37B	10.4	3.4%	0.76

Dividend history

Latest trailing dividend snapshot: annual dividend/share 0.95 USD, yield 3.1%.

Year	Dividends/share
FY2025	0.93 USD
FY2024	0.89 USD
FY2023	0.85 USD
FY2022	0.81 USD

About Associated Banc-Corp

Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products and services to individuals and businesses in Wisconsin, Illinois, Missouri, Texas, and Minnesota.

Related stock research

United States stocks United States Financial Services stocks A-Z stock index

Other Financial Services stocks

Ameris Bancorp (ABCB) ACNB Corp (ACNB) Affinity Bancshares Inc (AFBI) Alerus Financial Corp (ALRS) Amalgamated Financial Corp (AMAL) Amerant Bancorp Inc - Class A (AMTB) Arrow Financial Corp (AROW) Ameriserv Financial Inc (ASRV) Ames National Corp (ATLO) Atlantic Union Bankshares Corp (AUB) Auburn National Bancorp Inc (AUBN) Avidia Bancorp Inc (AVBC)

Frequently asked questions

Is Associated Banc-Corp overvalued or undervalued?

Bullrun's valuation model currently marks Associated Banc-Corp as 7.7% undervalued.

What is Associated Banc-Corp's market cap?

Associated Banc-Corp's market capitalization is USD 5.82B.

What is Associated Banc-Corp's P/E ratio?

Associated Banc-Corp's price-to-earnings (P/E) ratio is 10.8.

Does Associated Banc-Corp pay a dividend?

Associated Banc-Corp has a dividend yield of 3.1%.

What does Associated Banc-Corp do?

Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products and services to individuals and businesses in Wisconsin, Illinois, Missouri, Texas, and Minnesota. It offers lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset-based lending and equipment finance, loan syndications products, residential mortgages, home equity loans and lines of credit, personal and installment loans, auto finance and business loans, and business lines of credit.