Company Analysis

Associated Banc-Corp (ASB)

NYSE: ASB · State Commercial Banks · Green Bay, WI · filing with the SEC since 1995
Grade5.3
◀ Past 5.2● Present 5.0▶ Future 6.0

The grade of Associated Banc-Corp

Nine metrics read from its own filings, by tense
Headline grade
5.3/10
◀ Past5.240% of the headline
● Present5.035% of the headline
▶ Future6.025% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

All nine metrics read as filed from the record.

◀ Past

What did they actually do?

5.2/1040% of the headline grade · 3 of 3 filed

Surviving crises

as filed
7.8/10

Has it survived what it has been through?

No warning events in its filings since 2017.

weight 45% of this tense · 78th percentile among 165 sector filers · read for itself

From the record

Associated Banc-Corp's filings since 2017 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
3.1/10

What has it actually done, year after year?

+11.9% a year over 10 filed years; profitable in 10 of 10.

weight 22% of this tense · 31st percentile among 152 sector filers · read for its customers

From the record

Associated Banc-Corp's 10 filed years say what it did: revenue went from $792 million in fiscal 2016 to $2.2 billion in fiscal 2025, up 11.9% a year; it rose in 7 of 9 years; the deepest fall was 32% from fiscal 2019 to fiscal 2021; net income was positive in 10 of 10 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span11.9%bottom 38% of its family
  • the share of years revenue rosebottom 29% of its family
  • the share of filed years with a profittop 44% of its family
  • the deepest fall from a revenue peak31.9%bottom 2% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed
3.0/10

How has it treated the people who own it?

Share count grew 3.4% a year. 26% of cash flow returned. Insiders: 28 sales, 0 purchases.

weight 33% of this tense · 30th percentile among 157 sector filers · read for its shareholders

From the record

Over the 3 fiscal years to 2025-12-31, Associated Banc-Corp's diluted share count grew about 3.4% a year, and dividends and buybacks returned about 26% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 28 sales and 0 purchases of their own stock on the open market in the year to 2026-10-21 (their Form 4 filings).

What it rests on

  • the share count over the yearsbottom 26% of its family
  • cash returned against operating cash flowbottom 34% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

5.0/1035% of the headline grade · 3 of 3 filed

Financial health

as filed
3.9/10

Is it financially healthy right now?

ROE 10%: 10¢ of profit per shareholder dollar. Leverage 89%: owes 89¢ per asset dollar.

weight 45% of this tense · 39th percentile among 161 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Associated Banc-Corp earned about 10 cents of profit for every dollar of shareholders' money. Leverage: it owed about 89 cents per dollar of assets, and net share issuance: its share count grew 8.7% over the year (the filed statements).

What it rests on

  • what it owes per dollar of assetstop 48% of its family
  • return on equitybottom 46% of its family
  • the share count against the year beforebottom 18% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
7.4/10

How strong is its position in its industry?

top 26% of 155 in its family; net margin 21.9%.

weight 33% of this tense · 74th percentile among 155 sector filers · read for its customers

From the record

Associated Banc-Corp's standing among 155 graded names in its industry family: revenue of $2.2 billion in fiscal 2025 ranks in the top 10% by size; a net margin of 21.9% ranks in the top 47%; revenue growth of 23.8% a year over the last 3 filed years ranks in the top 21% (its annual reports).

What it rests on

  • revenue against the family$2.17Btop 10% of its family
  • net margin21.9%top 47% of its family
  • three-year revenue growth23.8%top 21% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed
4.0/10

What are the people in charge doing?

bottom 40% of 150 in its family for leadership; chief executive since 2021.

weight 22% of this tense · 40th percentile among 150 sector filers · read for its shareholders

From the record

Associated Banc-Corp's leadership, from its insiders' filings and its current reports: the chief executive on the record is Harmening, Andrew J (President & CEO, as filed), filing under that title since 2021-04-30, 5.5 years (bottom 35% of its family); the 30 officers and directors filing in the last fifteen months have been on the record a median of 5.3 years (bottom 20%); 7 officer or director changes were reported on Form 8-K since 2023-11-13, against the 30 people in charge now (top 35%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

  • officer and director changes on Form 8-K, against the people in charge7 in three years among 30 peopletop 35% of its family
  • the median years the people in charge have filed5.3 yearsbottom 20% of its family
  • the chief executive's years on the record5.5 yearsbottom 35% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

6.0/1025% of the headline grade · 3 of 3 filed

Room to expand

as filed
5.0/10

How much room does it have to grow?

bottom 50% of 142 in its family for room to expand.

weight 33% of this tense · 50th percentile among 142 sector filers · read for itself

From the record

Associated Banc-Corp's room to grow, from the newest filed statements (fiscal 2025): cash of $1.7 billion against debt of $1.0 billion leaves 1.6% of its assets as net cash, bottom 29% of its family; cash from operations less capital spending is 28.3% of revenue (top 30%) (its annual report).

What it rests on

  • cash less debt against assets1.6%bottom 29% of its family
  • cash from operations less capital spending against revenue28.3%top 30% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
6.3/10

What could actually drive growth from here?

top 37% of 152 in its family for growth drivers.

weight 33% of this tense · 63rd percentile among 152 sector filers · read for its customers

From the record

Associated Banc-Corp's growth drivers, from the filed years to fiscal 2025: revenue grew 23.8% a year over the last three filed years against 11.9% over all 10, speeding up (top 10% of its family); the newest year grew 2.4% (bottom 35%) (its annual reports). Associated Banc-Corp tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

  • three-year growth against the whole span+11.9 points a yeartop 10% of its family
  • the newest year's revenue growth2.4%bottom 35% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed
6.8/10

Did its newest year beat what its own record pointed to?

top 32% of 150 in its family for expectations against reality.

weight 33% of this tense · 68th percentile among 150 sector filers · read for its shareholders

From the record

Associated Banc-Corp's newest year against its own record: revenue of $2.2 billion in fiscal 2025 came in 24.8% below the $2.9 billion its prior three years' pace pointed to (bottom 12% of its family); net income of $475 million against a prior three-year average of $224 million (top 4%); a net margin of 21.9% against 15.7% before (top 5%) (its annual reports).

What it rests on

  • revenue against the prior three years' pace-24.8%bottom 12% of its family
  • net income against the prior three years' average+112%top 4% of its family
  • net margin against its prior average+6.1 pointstop 5% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton ASB · research, not advice