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Associated Banc-Corp

ASBA
60
Banks - Regional · Financial Services
Price
$24.72
-0.03 (-0.12%)
Market Cap
$4.08B
Exchange
New York Stock Exchange
Winston Score
60
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 26, 2026 · filings through Jun 30, 2026
How the score breaks down
Growth
Good
Valuation
Mixed
Dividends
Good

Share count rising — dilution

+9.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 152.0M (2021) → 166.6M (2025)

Winston Score History

The full picture

Operating as a bank holding company, Associated Banc-Corp delivers a diverse array of financial and non-financial solutions, catering to individual and commercial clients across Wisconsin, Illinois, and Minnesota. Its operations are structured into three main divisions: Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services. The Corporate and Commercial Specialty segment focuses on comprehensive financial services for businesses. This includes a variety of lending options such as commercial credit facilities and lines, commercial real estate funding, construction project loans, letters of credit, equipment leasing, asset-backed financing, and syndicated loans. It also provides robust deposit and treasury management solutions, encompassing commercial checking accounts, interest-bearing deposits, secure cash vault and night drop services, liquidity management, efficient payables and receivables processing, and insightful information services. Additionally, specialized financial services cover interest rate risk mitigation, foreign currency exchange, and commodity hedging. Fiduciary offerings include the administration of pension, profit-sharing, and various employee benefit plans, corporate agency roles, and institutional asset management. For investment, the segment offers a range of investable funds solutions: savings accounts, money market deposits, IRA accounts, certificates of deposit (CDs), fixed and variable annuities, comprehensive and online investment brokerage, investment advisory, and trust and investment management accounts. The Community, Consumer, and Business segment caters to individuals and small enterprises with a suite of lending products, such as residential mortgages, home equity loans and lines of credit, personal and installment loans, auto financing, and business loans and credit lines. Furthermore, it delivers essential deposit and transactional services including checking accounts, credit, debit, and prepaid cards, online banking and bill payment, and money transfer capabilities. By the end of 2021, on December 31st, the corporation maintained a network of 215 banking branches. Established in 1861, Associated Banc-Corp maintains its corporate headquarters in Green Bay, Wisconsin.

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1 Congressional buy and 2 sells on ASBA in the last 12 months.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+78.6% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-100.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Cash Position

Cash flow positive

$6.9B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Associated Banc-Corp is growing revenue at 79% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Bank Quality

Not applicable for this business.

Growth

Sales growth
Sales YoY
+155.2%
Fast-growing sales (+155.2% YoY)
Profit growth
EPS YoY
+92.5%
Earnings growing fast (+92.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Capital Strength

Not applicable for this business.

Asset Quality

Not applicable for this business.

Valuation

Price vs profit
P/E Ratio (TTM)
16.1x
Fair value — P/E 16.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
6.70%
Healthy income — 6.70% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+0.0%
Dividend flat

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