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Side-by-side financial comparison of FS Bancorp, Inc. (FSBW) and TREACE MEDICAL CONCEPTS, INC. (TMCI). Click either name above to swap in a different company.
TREACE MEDICAL CONCEPTS, INC. is the larger business by last-quarter revenue ($62.5M vs $40.0M, roughly 1.6× FS Bancorp, Inc.). On growth, FS Bancorp, Inc. posted the faster year-over-year revenue change (12.0% vs -9.0%). FS Bancorp, Inc. produced more free cash flow last quarter ($51.9M vs $-10.4M). Over the past eight quarters, TREACE MEDICAL CONCEPTS, INC.'s revenue compounded faster (10.6% CAGR vs 6.2%).
FS Bancorp, Inc. is a U.S.-headquartered bank holding company that serves as the parent of 1st Security Bank of Washington. It offers a full range of personal and commercial banking solutions including deposit products, mortgage loans, small business financing and construction loans, primarily catering to customers in the Pacific Northwest, with core segments covering retail banking, commercial banking and residential lending.
Treace Medical Concepts, Inc. is a medical device company, headquartered in Ponte Vedra Beach, Florida, specializing in the design, manufacture, and marketing of foot and ankle surgical devices and biologics. Lapiplasty, Treace’s novel primary surgical product, advanced the treatment of bunions, surgically correcting the metatarsal bone, for the first time, in all three dimensions.
FSBW vs TMCI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $40.0M | $62.5M |
| Net Profit | — | $-9.4M |
| Gross Margin | — | 80.6% |
| Operating Margin | 25.8% | -9.5% |
| Net Margin | — | -15.0% |
| Revenue YoY | 12.0% | -9.0% |
| Net Profit YoY | — | -1775.0% |
| EPS (diluted) | $1.11 | $-0.14 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $40.0M | $62.5M | ||
| Q3 25 | $39.3M | $50.2M | ||
| Q2 25 | $37.3M | $47.4M | ||
| Q1 25 | $36.1M | $52.6M | ||
| Q4 24 | $35.7M | $68.7M | ||
| Q3 24 | $37.2M | $45.1M | ||
| Q2 24 | $36.3M | $44.5M | ||
| Q1 24 | $35.5M | $51.1M |
| Q4 25 | — | $-9.4M | ||
| Q3 25 | $9.2M | $-16.3M | ||
| Q2 25 | $7.7M | $-17.4M | ||
| Q1 25 | $8.0M | $-15.9M | ||
| Q4 24 | — | $-501.0K | ||
| Q3 24 | $10.3M | $-15.4M | ||
| Q2 24 | $9.0M | $-21.2M | ||
| Q1 24 | $8.4M | $-18.7M |
| Q4 25 | — | 80.6% | ||
| Q3 25 | — | 79.1% | ||
| Q2 25 | — | 79.7% | ||
| Q1 25 | — | 79.7% | ||
| Q4 24 | — | 80.7% | ||
| Q3 24 | — | 80.1% | ||
| Q2 24 | — | 80.2% | ||
| Q1 24 | — | 80.2% |
| Q4 25 | 25.8% | -9.5% | ||
| Q3 25 | 29.5% | -31.2% | ||
| Q2 25 | 26.2% | -35.8% | ||
| Q1 25 | 26.2% | -29.6% | ||
| Q4 24 | 27.6% | -0.3% | ||
| Q3 24 | 26.5% | -33.6% | ||
| Q2 24 | 31.3% | -48.1% | ||
| Q1 24 | 29.7% | -37.1% |
| Q4 25 | — | -15.0% | ||
| Q3 25 | 23.4% | -32.4% | ||
| Q2 25 | 20.7% | -36.7% | ||
| Q1 25 | 22.2% | -30.3% | ||
| Q4 24 | — | -0.7% | ||
| Q3 24 | 27.6% | -34.1% | ||
| Q2 24 | 24.7% | -47.7% | ||
| Q1 24 | 23.7% | -36.5% |
| Q4 25 | $1.11 | $-0.14 | ||
| Q3 25 | $1.18 | $-0.26 | ||
| Q2 25 | $0.99 | $-0.28 | ||
| Q1 25 | $1.01 | $-0.25 | ||
| Q4 24 | $0.88 | $-0.01 | ||
| Q3 24 | $1.29 | $-0.25 | ||
| Q2 24 | $1.13 | $-0.34 | ||
| Q1 24 | $1.06 | $-0.30 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $28.2M | $48.4M |
| Total DebtLower is stronger | — | $55.6M |
| Stockholders' EquityBook value | $307.7M | $87.3M |
| Total Assets | $3.2B | $190.6M |
| Debt / EquityLower = less leverage | — | 0.64× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.2M | $48.4M | ||
| Q3 25 | $61.3M | $57.4M | ||
| Q2 25 | $33.2M | $69.3M | ||
| Q1 25 | $62.7M | $76.1M | ||
| Q4 24 | $31.6M | $75.7M | ||
| Q3 24 | $40.3M | $82.8M | ||
| Q2 24 | $33.0M | $95.0M | ||
| Q1 24 | $45.4M | $110.0M |
| Q4 25 | — | $55.6M | ||
| Q3 25 | — | $53.5M | ||
| Q2 25 | — | $53.5M | ||
| Q1 25 | — | $53.4M | ||
| Q4 24 | — | $53.3M | ||
| Q3 24 | — | $53.2M | ||
| Q2 24 | — | $53.2M | ||
| Q1 24 | — | $53.1M |
| Q4 25 | $307.7M | $87.3M | ||
| Q3 25 | $300.5M | $89.2M | ||
| Q2 25 | $297.2M | $97.6M | ||
| Q1 25 | $298.8M | $105.3M | ||
| Q4 24 | $295.8M | $112.9M | ||
| Q3 24 | $288.9M | $104.9M | ||
| Q2 24 | $284.0M | $112.1M | ||
| Q1 24 | $277.9M | $126.4M |
| Q4 25 | $3.2B | $190.6M | ||
| Q3 25 | $3.2B | $196.6M | ||
| Q2 25 | $3.2B | $206.4M | ||
| Q1 25 | $3.1B | $205.8M | ||
| Q4 24 | $3.0B | $217.1M | ||
| Q3 24 | $3.0B | $212.9M | ||
| Q2 24 | $2.9B | $226.1M | ||
| Q1 24 | $3.0B | $242.7M |
| Q4 25 | — | 0.64× | ||
| Q3 25 | — | 0.60× | ||
| Q2 25 | — | 0.55× | ||
| Q1 25 | — | 0.51× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | — | 0.42× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $72.3M | $-8.0M |
| Free Cash FlowOCF − Capex | $51.9M | $-10.4M |
| FCF MarginFCF / Revenue | 129.8% | -16.7% |
| Capex IntensityCapex / Revenue | 50.9% | 3.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $107.2M | $-29.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $72.3M | $-8.0M | ||
| Q3 25 | $44.6M | $-9.1M | ||
| Q2 25 | $7.1M | $-3.0M | ||
| Q1 25 | $8.2M | $4.2M | ||
| Q4 24 | $50.8M | $-4.2M | ||
| Q3 24 | $-891.0K | $-11.8M | ||
| Q2 24 | $9.9M | $-13.9M | ||
| Q1 24 | $275.0K | $-7.2M |
| Q4 25 | $51.9M | $-10.4M | ||
| Q3 25 | $41.6M | $-11.9M | ||
| Q2 25 | $5.9M | $-7.8M | ||
| Q1 25 | $7.8M | $655.0K | ||
| Q4 24 | $49.2M | $-7.3M | ||
| Q3 24 | $-1.5M | $-14.7M | ||
| Q2 24 | $9.6M | $-15.6M | ||
| Q1 24 | $-82.0K | $-11.1M |
| Q4 25 | 129.8% | -16.7% | ||
| Q3 25 | 105.9% | -23.7% | ||
| Q2 25 | 15.7% | -16.5% | ||
| Q1 25 | 21.7% | 1.2% | ||
| Q4 24 | 137.7% | -10.6% | ||
| Q3 24 | -4.1% | -32.6% | ||
| Q2 24 | 26.6% | -35.2% | ||
| Q1 24 | -0.2% | -21.8% |
| Q4 25 | 50.9% | 3.8% | ||
| Q3 25 | 7.7% | 5.6% | ||
| Q2 25 | 3.5% | 10.1% | ||
| Q1 25 | 1.0% | 6.7% | ||
| Q4 24 | 4.6% | 4.5% | ||
| Q3 24 | 1.7% | 6.4% | ||
| Q2 24 | 0.8% | 3.9% | ||
| Q1 24 | 1.0% | 7.7% |
| Q4 25 | — | — | ||
| Q3 25 | 4.86× | — | ||
| Q2 25 | 0.92× | — | ||
| Q1 25 | 1.02× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.09× | — | ||
| Q2 24 | 1.11× | — | ||
| Q1 24 | 0.03× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
