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Bridgewater Bancshares, Inc.

BWB Financial Banks Regional

Bridgewater Bancshares, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $292.8 million, up 15.6% from fiscal 2024.

Revenue
+4.66%
EPS
+41.6%
Free cash flow
+433.1%
Total debt
−1.59%

Quarter to September 2026, against a year earlier

20.30 0.03 +0.15%
Market cap
$567.9M
P/E
9.9×
Fwd P/E
10.2×
Dividend yield
—
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.00
Sold, $m 10.82
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 1 — — — — — —
Sell 5 — 3 — 1 5 2 2 8 3 1 2
Insider Ownership 23.79%

Capital & Financial Ratios $m

Size
Market Cap 567.85
Revenue ttm 310.18
Net income ttm 59.78
Free cash flow ttm 73.64
Net debt Q 221.20
Valuation
P/E 9.86
Forward P/E 10.20
Price / sales 1.82
Forward P/S Powerpack
Price / FCF 7.66
Price / book 1.19
Financial health
Current ratio Q 1.06
Debt / equity Q 0.93
Interest coverage Q —
Growth
Revenue growth Q +4.66% (above 0%: growing)
Operating income growth Q +26.79% (above 0%: growing)
EPS, this year +19.90% (at or above 15%: strong)
EPS, next year A +11.93%
Revenue, next year A −43.98% (below 0%: weak)
EPS, past 5 yrs +9.89%
EPS, next 5 yrs A +13.53%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 23.26%
10-year low 10-year high
P/S against its own 10 years 36.83%
10-year low 10-year high
P/B against its own 10 years 44.28%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 146 253 145 284
Receivables — — — —
Inventory — — — —
Other — — — —
3,830 4,081 4,408 4,741
2023 2024 2025 Q'26
Payables 3,710 4,087 4,320 4,473
ST’ Debt — — — —
Other — — — —
3,729 4,105 4,324 4,477

Compound Annual Growth %

10y 5y 3y
Sales — 19.40% 19.86%
Cash Flow — 3.86% (31.09%)
Earnings — 9.10% (5.20%)
Book Value — 14.27% 9.48%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.47 Actual 0.49

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.42 0.44 Beat by 0.02
Q1 FY26 0.42 0.41 Miss by 0.01
Q2 FY26 0.46 0.45 Miss by 0.01
Q3 FY26 0.47 0.49 Beat by 0.02
Q4 FY26 0.49 — Reports 26 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.58 0.45 0.52 — —
’25 0.31 0.38 0.38 0.43 1.49
’24 0.24 0.26 0.27 0.26 1.03
’23 0.37 0.31 0.30 0.28 1.27
’22 0.39 0.41 0.47 0.45 1.72
’21 0.37 0.38 0.40 0.39 1.54
’20 0.25 0.26 0.25 0.17 0.93
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 80 75 79 — —
’25 68 73 76 76 293
’24 60 63 65 66 253
’23 54 56 59 60 229
’22 36 39 44 51 170
’21 31 33 35 35 134
’20 29 30 30 32 121
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 16 10 46 — —
’25 7 4 10 7 28
’24 7 11 (6) 35 46
’23 8 15 16 (8) 30
’22 31 40 9 5 85
’21 21 7 16 10 54
’20 (2) 3 17 5 23
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 14 9 46 — —
’25 7 2 9 5 22
’24 7 10 (6) 32 43
’23 8 12 16 (9) 27
’22 31 39 9 4 83
’21 20 7 16 10 53
’20 (10) (5) 11 2 (2)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 53 69 88 108 121 134 170 229 253 293 310 +20.9% 164 178 191 (13.2%)
Gross margin, % 84.00 82.33 76.66 72.45 77.74 85.57 80.00 48.80 43.26 48.97 54.54 (35.0) pt
EBT 21 27 32 38 36 62 72 53 43 60 78 +12.2%
EBT margin, % 39.98 39.25 36.62 35.62 29.56 45.89 42.18 22.95 16.87 20.51 25.01 (19.5) pt
Net income 13 17 27 31 27 46 53 40 33 46 60 +14.9%
Per share, $
Per share, $ Revenue 2.39 2.80 3.03 3.67 4.22 4.79 6.13 8.22 9.22 10.63 11.11 +18.1%
Earnings 0.59 0.69 0.93 1.07 0.95 1.59 1.78 1.29 1.05 1.53 2.05 +11.1%
Cash flow 0.67 1.01 1.01 1.35 0.81 1.94 3.06 1.08 1.69 1.01 2.83 +4.7%
Capex (0.09) 0.14 (0.12) (0.49) (0.86) (0.03) (0.06) (0.10) (0.13) (0.21) (0.19) +9.2%
Free cash flow 0.58 1.15 0.90 0.86 (0.05) 1.91 3.00 0.98 1.56 0.80 2.64 +3.8%
Book value 0.00 5.57 7.62 8.34 9.29 13.53 14.20 15.27 16.66 18.77 19.39 n/m
Shares, m 22 25 29 29 29 28 28 28 27 28 28 +2.4%
Valuation, ×
Valuation, × P/E 18.39 18.39 11.34 12.88 13.15 11.13 9.78 10.18 12.87 11.53 9.86 13.0
P/S 4.51 4.51 3.49 3.76 2.96 3.69 2.84 1.60 1.47 1.65 1.82 3.0
P/B 2.26 2.26 1.38 1.65 1.35 1.59 1.47 1.02 0.95 1.07 1.19 1.5
EV/Sales 5.39 5.39 4.73 4.86 2.65 3.58 3.24 2.70 2.20 2.89 — 3.8
EV/FCF 13.11 13.11 15.94 20.70 (208.25) 8.98 6.61 22.79 13.02 38.21 — (5.6)
Cash, $m
Cash, $m Operating cash flow 15 25 29 40 23 54 85 30 46 28 79 +7.2%
Capex (2) 3 (3) (14) (25) (1) (2) (3) (4) (6) (5) +11.8%
Free cash flow 13 28 26 25 (2) 53 83 27 43 22 74 +6.2%
Balance, $m
Balance, $m Working capital — (17) 91 95 (54) (18) (87) 101 (24) 84 263 n/m
Net debt 72 61 109 119 (37) (16) 68 253 186 364 221 +19.7%
Shareholders’ equity — 137 221 245 265 379 394 426 458 517 541 +18.0%
Returns, %
Returns, % ROA 1.63 2.09 1.50 1.48 1.05 1.39 1.26 0.80 0.59 0.80 1.02 (0.8) pt
ROIC 18.46 8.55 6.08 6.59 9.77 10.59 9.70 4.84 4.15 4.26 6.36 (14.2) pt
ROE 10.49 13.40 15.03 13.48 10.66 15.40 15.41 10.46 7.67 9.98 12.30 (0.5) pt
People
People Employees — 114 140 160 185 223 246 255 290 322 — +13.9%
Revenue/emp, $m 0.00 0.60 0.63 0.67 0.65 0.60 0.69 0.90 0.87 0.91 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Bridgewater Bancshares, Inc. vs peers in Banks Regional (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CIVB Civista Bancshares, Inc. $583.3M 10.1× 9.6× +4.29% (above 0%: growing) +13.24% (above 0%: growing) +57.62% (above 0%: growing) 72.61% 0.00% Compare
UNTY Unity Bancorp, Inc. $580.2M 9.4× 9.5× +10.61% (above 0%: growing) +20.98% (above 0%: growing) +8.49% (above 0%: growing) 70.01% 0.00% Compare
BWB Bridgewater Bancshares, Inc. $567.9M 9.9× 10.2× +4.66% (above 0%: growing) +41.63% (above 0%: growing) +433.13% (above 0%: growing) 54.57% 0.00%
SFST Southern First Bancshares, Inc. $561.9M 12.0× 11.9× +8.16% (above 0%: growing) +20.37% (above 0%: growing) +41.79% (above 0%: growing) 59.23% 0.00% Compare
BWFG Bankwell Financial Group, Inc. $559.9M 12.2× 11.6× +10.72% (above 0%: growing) +25.00% (above 0%: growing) +23.23% (above 0%: growing) 60.10% 0.00% Compare
BSVN Bank7 Corp. $556.7M 13.2× 16.2× −7.40% (below 0%: shrinking) −25.42% (below 0%: shrinking) +20.62% (above 0%: growing) 71.74% 0.00% Compare
NPB Northpointe Bancshares, Inc. $549.2M 6.8× 7.9× +11.60% (above 0%: growing) +17.31% (above 0%: growing) +105.45% (above 0%: growing) 49.88% 0.00% Compare
COFS ChoiceOne Financial Services, Inc. $548.6M 10.1× 9.9× −2.56% (below 0%: shrinking) −7.78% (below 0%: shrinking) +165.17% (above 0%: growing) 70.71% 0.00% Compare
CBAN Colony Bankcorp, Inc. $546.8M 12.1× 12.0× +23.45% (above 0%: growing) +10.87% (above 0%: growing) −48.88% (below 0%: shrinking) 72.54% 0.00% Compare
Median of peers $558.3M 11.0× 10.7× +9.39% +15.28% +32.51% 70.36% 0.00%

All 327 Banks Regional stocks →

Pay and ownership Proxy statement filed 16 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 1.35m 1.58m 140.35
2024 1.12m 1.09m 108.17
2023 1.27m 667.64k 108.25
2022 1.78m 1.93m 142.03
2021 1.52m 2.21m 141.63

Ownership

Directors and executive officers, together 23.10%
Thrivent Financial for Lutherans 8.56%
BlackRock, Inc. 5.76%
David Juran 5.72%
Jerry Baack 5.08%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Bridgewater Bancshares, Inc. (BWB) Latest News

28 Oct

Impact 4 · · The Motley Fool

22 Oct

Impact 3 · · Simply Wall St.

21 Oct

Impact 4 · · The Motley Fool transcript
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22 Jul

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27 Apr

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23 Apr

Impact 4 · · MarketBeat
Impact 4 · · GuruFocus.com

22 Apr

Impact 4 · · The Motley Fool transcript
Impact 3 · · Moby

21 Apr

Impact 4 · · Business Wire
Impact 4 · · The Motley Fool transcript
Impact 3 · · Zacks

9 Apr

Impact 4 · · Simply Wall St.

25 Mar

Impact 3 · · Simply Wall St.

25 Feb

Impact 3 · · Simply Wall St.

10 Feb

Impact 4 · · Simply Wall St.

28 Jan

Impact 4 · · GuruFocus.com
Impact 4 · · MarketBeat transcript

27 Jan

Impact 4 · · Zacks
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stockrow.com/BWB · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com