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Arphra AIPlain-English read on Associated Banc-Corp’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $1.12B | $1.42B | $2.02B | $2.1B | $2.46B | $1.74B | $1.9B | $2.02B |
| Cost of revenue | -$15.68M | $220.93M | $1B | $1.16B | $1.03B | $846.25M | $899.76M | $986.53M |
| Gross profit | $1.14B | $1.2B | $1.01B | $944.38M | $1.43B | $906.87M | $984.95M | $1.06B |
| Gross margin | +101.40% | +84.46% | +50.32% | +44.87% | +58.29% | +52.09% | +51.98% | +52.48% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $465.99M | $502.28M | $563.83M | $554.54M | $597.01M | $464.73M | $484.88M | $515.33M |
| Total operating expenses | $700.74M | $741.14M | $808.27M | $809.93M | $855.64M | $655.53M | $721.52M | $774.86M |
| Operating income | $436.31M | $459.63M | $206.05M | $134.46M | $577.91M | $232.99M | $254.87M | $270.98M |
| Operating margin | +38.91% | +32.33% | +10.22% | +6.39% | +23.50% | +13.38% | +13.45% | +13.43% |
| EBITDA | $506.75M | $528.51M | $300.36M | $236.97M | $577.91M | $290.72M | $308.32M | $333.38M |
| EBIT | $436.31M | $459.63M | $206.05M | $134.46M | $577.91M | $233.45M | $253.25M | $270M |
| Below the line | ||||||||
| Interest expense | $72.33M | $187.93M | $918.48M | $1.08B | $971.61M | $785.39M | $863.38M | $931.86M |
| Interest income | $798.19M | $1.15B | $1.96B | $2.12B | $2.17B | $1.68B | $1.82B | $1.9B |
| Other income / expense | $0 | $0 | $0 | $0 | $0 | — | — | — |
| Pre-tax income | $436.31M | $459.63M | $206.05M | $134.46M | $577.91M | $231.17M | $257.53M | $270.67M |
| Income tax expense | $85.31M | $93.51M | $23.1M | $11.31M | $103.13M | $28.36M | $31.91M | $33.27M |
| Earnings | ||||||||
| Net income | $350.99M | $366.12M | $182.96M | $123.15M | $474.78M | $202.56M | $219.83M | $236.5M |
| Net income · continuing ops | $350.99M | $366.12M | $182.96M | $123.15M | $474.78M | $198.24M | $220.56M | $226.59M |
| Net margin | +31.30% | +25.75% | +9.08% | +5.85% | +19.31% | +11.64% | +11.60% | +11.72% |
| EPS · basic | $2.20 | $2.36 | $1.14 | $0.73 | $2.81 | $3.03 | $3.27 | $3.65 |
| EPS · diluted | $2.18 | $2.34 | $1.13 | $0.72 | $2.77 | $2.95 | $3.25 | $3.63 |
| EPS · low estimate | — | — | — | — | — | $2.72 | $3.22 | $3.55 |
| EPS · high estimate | — | — | — | — | — | $3.15 | $3.26 | $3.77 |
| Shares · basic | 150.77M | 149.16M | 149.97M | 151.93M | 165.08M | 165.55M | 164.16M | 166.5M |
| Shares · diluted | 151.99M | 150.5M | 150.86M | 153.35M | 166.61M | 165.24M | 167.91M | 165.83M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 5 | 5 | 1 |
| Analysts (EPS) | — | — | — | — | — | 5 | 6 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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