ASBASSOCIATED BANC-CORP
State Commercial Banks
- Revenue
- —
- Operating margin
- —
- EBITDA
- —
- Market cap
- $5.6B
- Employees
- 4,000
- Net debt / EBITDA
- —
- $4.2B net debt
- AI in 10-K
- 2.5
- mentions per 10K words
Takeover score 0 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo130% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo25% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo2% of assetsOver 40% of assets
- Shareholder dissentNo93% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$276K · 70th pctBottom quartile of its SIC industry
- Quiet on AINo2.5 per 10K words · 63rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$5.6B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$10M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.1B | $1.2B | $1.1B | — | — | |
| Net income | $351M | $366M | $183M | $123M | $475M | 286% |
| Operating cash flow | $530M | $847M | $443M | $580M | $616M | 6.1% |
| Dividends | $116M | $123M | $130M | $139M | $156M | 12% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Apr 6, 2026 | Kotouc Wende L | SCHEDULE 13D | 5.7% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $10M · 28
- Net
- −$10M
Pay vs performance
No pay-versus-performance disclosure yet.