Demonstrações financeiras detalhadas de Associated Banc-Corp (ASB): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
Associated Banc-Corp registou receitas de $2.46B no último exercício, com um CAGR de 5 anos de 11.8%. O lucro líquido atingiu $474.8M, com CAGR de 5 anos de 9.1%.
Margens dos últimos 12 meses: margem bruta 60.5%, margem operacional 24.5%, margem líquida 19.7%. O fluxo de caixa livre cresceu a CAGR de 3.2% em 5 anos.
Ao preço atual de $29.76, ASB negocia a um P/L de 10.26 e um ROE de 9.86%. A capitalização de mercado é de $5.6B.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $1.14B | $1.21B | $1.50B | $1.54B | $1.41B | $1.12B | $1.42B | $2.02B | $2.10B | $2.46B |
| Custo da Receita | $154.3M | $171.4M | $274.6M | $352.9M | $323.9M | -$15.7M | $220.9M | $1.00B | $1.16B | $1.03B |
| Lucro Bruto | $990.2M | $1.04B | $1.23B | $1.19B | $1.08B | $1.14B | $1.20B | $1.01B | $944.4M | $1.43B |
| P&D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Despesas Gerais e Administrativas | $485.8M | $489.2M | $543.6M | $532.9M | $470.9M | $466.0M | $502.3M | $563.8M | $554.5M | $597.0M |
| Despesas Operacionais | $702.6M | $701.8M | $814.4M | $785.1M | $756.0M | $700.7M | $741.1M | $808.3M | $809.9M | $855.6M |
| Lucro Operacional | $287.6M | $338.8M | $413.3M | $406.5M | $327.0M | $436.3M | $459.6M | $206.1M | $134.5M | $577.9M |
| EBITDA | $394.1M | $435.3M | $491.0M | $510.6M | $435.4M | $506.7M | $528.5M | $300.4M | $237.0M | $680.0M |
| Despesas com Juros | $84.3M | $145.4M | $274.6M | $336.9M | $149.9M | $72.3M | $187.9M | $918.5M | $1.08B | $971.6M |
| Lucro Antes de Impostos | $287.6M | $338.8M | $413.3M | $406.5M | $327.0M | $436.3M | $459.6M | $206.1M | $134.5M | $577.9M |
| Imposto | $87.3M | $109.5M | $79.8M | $79.7M | $20.2M | $85.3M | $93.5M | $23.1M | $11.3M | $103.1M |
| Lucro Líquido | $200.3M | $229.3M | $333.6M | $326.8M | $306.8M | $351.0M | $366.1M | $183.0M | $123.1M | $474.8M |
| LPA | $1.27 | $1.45 | $1.92 | $1.93 | $1.87 | $2.20 | $2.36 | $1.14 | $0.73 | $2.81 |
| LPA Diluído | $1.26 | $1.42 | $1.89 | $1.91 | $1.86 | $2.18 | $2.34 | $1.13 | $0.72 | $2.77 |
| Ações em Circulação (Diluídas) | $150.0M | $153.6M | $169.7M | $161.9M | $153.6M | $152.0M | $150.5M | $150.9M | $153.3M | $166.6M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $636.2M | $623.7M | $603.9M | $703.7M |
| Lucro Bruto | $368.8M | $382.4M | $372.0M | $431.0M |
| Lucro Operacional | $154.3M | $162.9M | $152.9M | $159.2M |
| EBITDA | $180.7M | $189.9M | $179.6M | $181.5M |
| Lucro Líquido | $124.7M | $137.1M | $119.6M | $123.6M |
| LPA | $0.73 | $0.81 | $0.71 | $0.64 |
| LPA Diluído | $0.73 | $0.80 | $0.70 | $0.63 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $595.7M | $683.4M | $728.4M | $581.0M | $716.0M | $1.03B | $593.6M | $909.5M | $997.6M | $574.7M |
| Investimentos de Curto Prazo | $4.68B | $4.04B | $3.95B | $3.26B | $3.09B | $4.33B | $2.74B | $3.60B | $4.58B | $5.40B |
| Contas a Receber | 0 | 0 | 0 | $91.2M | $90.3M | $80.5M | $144.4M | $169.6M | $167.8M | $161.1M |
| Estoque | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Circulantes | $5.28B | $4.73B | $4.68B | $3.93B | $3.89B | $5.44B | $3.48B | $4.68B | $5.74B | $6.13B |
| Imobilizado | $330.3M | $331.0M | $363.2M | $435.3M | $418.9M | $385.2M | $376.9M | $373.3M | $379.1M | $381.6M |
| Ágio | $972.0M | $976.2M | $1.17B | $1.18B | $1.11B | $1.10B | $1.10B | $1.10B | $1.10B | $1.10B |
| Ativos Intangíveis | $76.9M | $74.0M | $144.0M | $155.6M | $110.2M | $113.0M | $126.6M | $124.9M | $119.3M | $22.8M |
| Ativos Totais | $29.14B | $30.48B | $33.65B | $32.39B | $33.42B | $35.10B | $39.41B | $41.02B | $43.02B | $45.20B |
| Contas a Pagar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dívida de Curto Prazo | $1.09B | $392.3M | $1.06B | $985.1M | $252.3M | $354.3M | $3.73B | $1.07B | $1.72B | $307.9M |
| Passivos Circulantes | $23.29B | $23.56B | $26.45B | $25.23B | $27.10B | $29.17B | $33.91B | $35.07B | $36.37B | $20.40B |
| Dívida de Longo Prazo | $2.76B | $3.68B | $3.47B | $3.21B | $2.18B | $1.87B | $1.44B | $1.74B | $1.44B | $3.86B |
| Passivos Totais | $26.05B | $27.25B | $29.87B | $28.46B | $29.33B | $31.08B | $35.39B | $36.84B | $38.42B | $40.23B |
| Reservas | $1.70B | $1.93B | $2.18B | $2.38B | $2.46B | $2.67B | $2.90B | $2.95B | $2.92B | $3.23B |
| Patrimônio Líquido | $3.09B | $3.24B | $3.78B | $3.92B | $4.09B | $4.02B | $4.02B | $4.17B | $4.61B | $4.98B |
| Dívida Total | $3.85B | $4.07B | $4.53B | $4.20B | $2.43B | $2.22B | $5.17B | $2.81B | $3.16B | $4.17B |
| Dívida Líquida | -$1.42B | -$653.1M | -$149.9M | $351.8M | -$1.37B | -$3.13B | $1.84B | -$1.72B | -$2.41B | -$1.80B |
| Capital de Giro | -$18.01B | -$18.84B | -$21.78B | -$21.30B | -$23.21B | -$23.73B | -$30.43B | -$30.39B | -$30.63B | -$14.26B |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $1.29B | $574.7M | $465.3M | $548.1M |
| Ativos Totais | $44.46B | $45.20B | $45.59B | $51.81B |
| Passivos Totais | $39.59B | $40.23B | $40.60B | $46.17B |
| Patrimônio Líquido | $4.87B | $4.98B | $5.00B | $5.64B |
| Dívida Total | $4.21B | $4.17B | $4.41B | $5.70B |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $200.3M | $229.3M | $333.6M | $326.8M | $306.8M | $351.0M | $366.1M | $183.0M | $123.1M | $474.8M |
| Depreciação e Amortização | $106.5M | $96.5M | $77.6M | $104.1M | $108.5M | $70.4M | $68.9M | $94.3M | $102.5M | $102.1M |
| Compensação em Ações | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Variação Capital de Giro | $13.7M | -$30.4M | $88.4M | -$90.2M | -$168.3M | $204.1M | $247.2M | -$116.6M | -$6.8M | -$13.2M |
| Fluxo de Caixa Operacional | $641.4M | $458.4M | $496.6M | $574.3M | $550.0M | $529.6M | $846.6M | $442.7M | $580.2M | $615.7M |
| CapEx | -$103.9M | -$47.4M | -$65.9M | -$67.5M | -$54.9M | -$52.3M | -$62.7M | -$61.8M | -$45.0M | -$36.4M |
| Aquisições | -$685000 | $339000 | $59.5M | $551.2M | $225.0M | $2.4M | 0 | 0 | 0 | 0 |
| Recompra de Ações | -$25.1M | -$46.3M | -$247.2M | -$186.1M | -$77.4M | -$137.8M | -$6.5M | -$6.6M | -$24.5M | -$29.0M |
| Dividendos Pagos | -$76.8M | -$85.8M | -$116.3M | -$127.0M | -$130.4M | -$133.2M | -$134.6M | -$141.0M | -$150.7M | -$167.3M |
| Fluxo de Caixa Livre | $537.5M | $411.0M | $430.7M | $506.8M | $495.1M | $477.3M | $783.9M | $380.9M | $535.3M | $579.3M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $158.0M | $218.1M | $135.9M | $207.1M |
| CapEx | -$10.5M | -$7.8M | -$8.7M | -$12.3M |
| Fluxo de Caixa Livre | $147.4M | $210.3M | $127.2M | $194.8M |
| Dividendos Pagos | -$41.4M | -$43.1M | -$42.9M | -$48.6M |
| Compensação em Ações | 0 | 0 | 0 | 0 |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +5.9% | +24.0% | +2.8% | -8.9% | -20.3% | +26.8% | +41.8% | +4.4% | +16.8% |
| Crescimento Lucro Líquido (anual) | | +14.5% | +45.5% | -2.0% | -6.1% | +14.4% | +4.3% | -50.0% | -32.7% | +285.5% |
| Crescimento LPA (anual) | | +14.2% | +32.4% | +0.5% | -3.1% | +17.6% | +7.3% | -51.7% | -36.0% | +284.9% |
| Variação de Ações (anual) | | +2.5% | +10.5% | -4.6% | -5.1% | -1.1% | -1.0% | +0.2% | +1.6% | +8.7% |
| Crescimento FCF (anual) | | -23.5% | +4.8% | +17.7% | -2.3% | -3.6% | +64.2% | -51.4% | +40.5% | +8.2% |
| Margem Bruta | 86.5% | 85.9% | 81.7% | 77.1% | 77.0% | 101.4% | 84.5% | 50.3% | 44.9% | 58.3% |
| Margem Operacional | 25.1% | 28.0% | 27.5% | 26.3% | 23.2% | 38.9% | 32.3% | 10.2% | 6.4% | 23.5% |
| Margem EBITDA | 34.4% | 35.9% | 32.7% | 33.1% | 31.0% | 45.2% | 37.2% | 14.9% | 11.3% | 27.7% |
| Margem Líquida | 17.5% | 18.9% | 22.2% | 21.2% | 21.8% | 31.3% | 25.8% | 9.1% | 5.9% | 19.3% |
| Margem FCF | 47.0% | 33.9% | 28.7% | 32.8% | 35.2% | 42.6% | 55.1% | 18.9% | 25.4% | 23.6% |
| Taxa Efetiva de Imposto | 30.4% | 32.3% | 19.3% | 19.6% | 6.2% | 19.6% | 20.3% | 11.2% | 8.4% | 17.8% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $3.58 | $2.67 | $2.54 | $3.13 | $3.22 | $3.14 | $5.21 | $2.53 | $3.49 | $3.48 |
| Dividendo por Ação | $0.51 | $0.56 | $0.69 | $0.78 | $0.85 | $0.88 | $0.89 | $0.93 | $0.98 | $1.00 |
| Ações em Circulação (Básicas) | $148.8M | $150.9M | $167.3M | $160.5M | $153.0M | $150.8M | $149.2M | $150.0M | $151.9M | $165.1M |
O que olhar em empresas de Financial Services
- Efficiency Ratio (≤55%) — Despesas operacionais / receita. Bancos top abaixo de 55%.
- ROA (≥1%) — Quanto ganham por cada euro de ativos. ROE engana em bancos pela alavancagem.
- ROTCE (≥12%) — Rentabilidade sobre Capital Tangível. Exclui goodwill e intangíveis.
- Capital / Ativos (proxy Tier 1) (≥8%) — Proxy do rácio de capital. FMP não expõe Tier 1 regulatório direto.
- P/B (1,0-1,5x) — Métrica clássica bancária. <1x pode ser oportunidade ou distress.
- Dividend yield sustentável (≥2%, <8%) — Bancos UE pagam 5-7% sem stress. >8% é sinal de distress.
Rentabilidade
| Retorno sobre patrimônio | 9.86% |
| Retorno sobre capital investido | 0.97% |
| Retorno sobre ativos | 0.97% |
| Margem bruta | 60.54% |
| Margem operacional | 24.51% |
| Margem líquida | 19.67% |
Saúde financeira
| Dívida / Patrimônio | 1.01 |
| Liquidez corrente | 1.38 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 19.45 | 17.52 | 10.31 | 11.42 | 9.12 | 10.27 | 9.78 | 18.76 | 32.74 | 9.17 |
| P/VP | 1.19 | 1.18 | 0.88 | 0.90 | 0.64 | 0.85 | 0.86 | 0.77 | 0.79 | 0.85 |
| P/V | 3.21 | 3.16 | 2.20 | 2.29 | 1.85 | 3.04 | 2.42 | 1.59 | 1.73 | 1.73 |
| Margem Bruta | 86.5% | 85.9% | 81.7% | 77.1% | 77.0% | 101.4% | 84.5% | 50.3% | 44.9% | 58.3% |
| Margem Operacional | 25.1% | 28.0% | 27.5% | 26.3% | 23.2% | 38.9% | 32.3% | 10.2% | 6.4% | 23.5% |
| Margem Líquida | 17.5% | 18.9% | 22.2% | 21.2% | 21.8% | 31.3% | 25.8% | 9.1% | 5.9% | 19.3% |