What is the 13F Pro Quality Score for FBIZ?

13F Pro ranks FIRST BUSINESS FINANCIAL SERVICES, INC. (FBIZ) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View FBIZ's current score at https://13fpro.ai/research/FBIZ (free sign-up required for the full ranking).

Where does 13F Pro source FBIZ data?

All FIRST BUSINESS FINANCIAL SERVICES, INC. fundamentals and ownership data come directly from SEC EDGAR. FIRST BUSINESS FINANCIAL SERVICES, INC. files with the SEC under CIK 1521951. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is FBIZ in?

FIRST BUSINESS FINANCIAL SERVICES, INC. (FBIZ) is classified in the Financials sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/financials.

How often is FBIZ research updated on 13F Pro?

FBIZ's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

FIRST BUSINESS FINANCIAL SERVICES, INC.(FBIZ)Stock Analysis

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13F Pro Quality Score

Not in ranked universe

Pending next ranking run

This company passes all size and coverage filters but hasn't been included in the latest quarterly ranking run. Rankings refresh on Jan 1, Apr 1, Jul 1, Oct 1.

Financial data, filings, and institutional holdings below are still tracked in full — only the proprietary quality composite is unavailable for this name.

FBIZ Stock Analysis & AI Quality Score

AI stock analysis and institutional research for FIRST BUSINESS FINANCIAL SERVICES, INC. (FBIZ), a Financials sector company. FBIZ is not currently included in 13F Pro's AI-ranked quality universe — this company passes all size and coverage filters but hasn't been included in the latest quarterly ranking run. rankings refresh on jan 1, apr 1, jul 1, oct 1. Based on the latest XBRL financial filings (Q1 2026), FIRST BUSINESS FINANCIAL SERVICES, INC. reports quarterly revenue of $44.3M, net income of $12.2M, an operating margin of 32.5%. Top institutional holders of FBIZ by reported 13-F value include BlackRock,, DIMENSIONAL FUND ADVISORS, FIRST BUSINESS FINANCIAL SERVICES,, based on the most recent SEC filings. FBIZ trades on the Nasdaq exchange and files with the SEC under CIK 1521951. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate FBIZ daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for FIRST BUSINESS FINANCIAL SERVICES, INC. directly from SEC EDGAR.

Revenue

Q1 2026

$44.3M

Net Income

Q1 2026

$12.2M

Free Cash Flow

Q1 2026

$2.9M

Operating Margin

Q1 2026

32.5%

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

—FY 2025

FY22 —FY23 —FY24 —FY25 —

Net Income

+13.7% YoY

$50.3MFY 2025

FY22 $40.9MFY23 $37.0MFY24 $44.2MFY25 $50.3M

EPS (Diluted)

+14.2% YoY

$5.94FY 2025

FY22 $4.75FY23 $4.33FY24 $5.20FY25 $5.94

Total Assets

+5.9% YoY

$4.08BFY 2025

FY22 $2.98BFY23 $3.51BFY24 $3.85BFY25 $4.08B

Op. Cash Flow

+7.3% YoY

$61.7MFY 2025

FY22 $38.6MFY23 $52.3MFY24 $57.5MFY25 $61.7M

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	—	—	—	—	$170.0K +50.4%	$113.0K
Net Income	$50.3M +13.7%	$44.2M +19.5%	$37.0M -9.4%	$40.9M +14.3%	$35.8M +110.6%	$17.0M
EPS (Diluted)	$5.94 +14.2%	$5.20 +20.1%	$4.33 -8.8%	$4.75 +13.9%	$4.17 +111.7%	$1.97
Total Assets	$4.08B +5.9%	$3.85B +9.8%	$3.51B +17.8%	$2.98B +12.2%	$2.65B +3.3%	$2.57B
Operating Cash Flow	$61.7M +7.3%	$57.5M +9.9%	$52.3M +35.3%	$38.6M +7.4%	$36.0M +35.1%	$26.6M

AI Insight: FBIZ Financial Trends

Operating cash flow collapsed to $3M in Q1 2026 from $16M in Q4 2025, marking the lowest level in nearly two years.

• Net income remained relatively stable, ranging between $10M-$14M across all quarters with no clear directional trend.

• Equity grew consistently from $305M in Q2 2024 to $380M in Q1 2026, representing 25% growth over seven quarters.

• Operating cash flow showed high volatility, peaking at $22M in Q4 2024 before declining sharply to $3M in Q1 2026.

⚠ Q1 2026 operating cash flow of $3M represents an 81% decline from prior quarter and lowest since Q2 2024.

⚠ Net income volatility with Q4 seasonality pattern evident but inconsistent year-over-year performance in Q1 periods.

AI Insight: FBIZ Ratio Trends

ROIC declined steadily from 19.4% in Q3 2025 to 15.1% in Q1 2026, erasing gains from mid-2025 strength.

• ROE dropped from 16.1% in Q3 2025 to 12.8% in Q1 2026, falling below year-ago levels.

• ROIC peaked at 19.4% in Q3 2025 but has declined for two consecutive quarters to 15.1%.

• ROA remained relatively stable around 1.1-1.4% range throughout the period with modest quarterly volatility.

⚠ Sequential quarterly decline in all key profitability metrics since Q3 2025 peak performance.

⚠ Q4 periods showed strong performance in both 2024 and 2025, suggesting potential seasonal patterns.

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Available Research

13F Pro tracks comprehensive data for FIRST BUSINESS FINANCIAL SERVICES, INC. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of FBIZ

BlackRock, Inc.
$46.9M870,202 sh
DIMENSIONAL FUND ADVISORS LP
$27.0M499,716 sh
FIRST BUSINESS FINANCIAL SERVICES, INC.
$19.5M361,311 sh
VANGUARD CAPITAL MANAGEMENT LLC
$18.4M340,538 sh
MANUFACTURERS LIFE INSURANCE COMPANY, THE
$13.2M244,795 sh
AMERICAN CENTURY COMPANIES INC
$13.0M240,137 sh
GEODE CAPITAL MANAGEMENT, LLC
$10.8M199,772 sh
STATE STREET CORP
$9.4M173,718 sh
BANC FUNDS CO LLC
$9.0M166,224 sh
Cutler Capital Management, LLC
$8.3M154,590 sh

Fund	Value	Shares
BlackRock, Inc.	$46.9M	870,202
DIMENSIONAL FUND ADVISORS LP	$27.0M	499,716
FIRST BUSINESS FINANCIAL SERVICES, INC.	$19.5M	361,311
VANGUARD CAPITAL MANAGEMENT LLC	$18.4M	340,538
MANUFACTURERS LIFE INSURANCE COMPANY, THE	$13.2M	244,795
AMERICAN CENTURY COMPANIES INC	$13.0M	240,137
GEODE CAPITAL MANAGEMENT, LLC	$10.8M	199,772
STATE STREET CORP	$9.4M	173,718
BANC FUNDS CO LLC	$9.0M	166,224
Cutler Capital Management, LLC	$8.3M	154,590

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Is FBIZ a good stock to buy?

13F Pro's AI-powered analysis of FIRST BUSINESS FINANCIAL SERVICES, INC. (FBIZ) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Financials sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for FBIZ are available on the FBIZ stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own FBIZ?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling FBIZ. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of FIRST BUSINESS FINANCIAL SERVICES, INC.'s investment landscape.