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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. In the quarter to June 2026, revenue grew 2.96%, EPS grew 23.7%, free cash flow grew 287.4% and total debt fell 15.3%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.

20.58 0.21 +1.03%
Market cap
$568.0M
P/E
10.9×
Fwd P/E
9.5×
Dividend yield
—
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.00
Total sells 10.66
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — 1 — — — — —
Sell 7 5 — 3 — 1 5 2 2 8 3 —
Insider Ownership 23.98%

Capital & Financial Ratios $m

Market Cap 568.00
Revenue 306.66
Net Income 56.35
Free Cash Flow 36.65
Net Debt 247.10
Current Ratio 1.05
Debt/Equity 0.79
P/E ratio 10.89
Fwd P/E 9.53
P/S ratio 1.87
P/B ratio 1.19
Past 5Y EPS Growth 9.89%
This Y EPS Growth 20.89% (at or above 15%: strong)
Next Y EPS Growth 13.88%
Next Y revenue growth (44.29%) (below 0%: weak)
Next 5Y EPS Growth 13.97%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 37.62%
10-year low 10-year high
P/S against its own 10 years 38.45%
10-year low 10-year high
P/B against its own 10 years 44.98%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2018 Powerpack
2017 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 146 253 145 188
Receivables — — — —
Inventory — — — —
Other — — — —
3,830 4,081 4,408 4,565
2023 2024 2025 Q'26
Payables 3,710 4,087 4,320 4,346
ST’ Debt — — — —
Other — — — —
3,729 4,105 4,324 4,349

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%

Revenue $m

Mar Jun Sep Dec Year
’26 80 75 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.58 0.45 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — — 9.30 9.69 7.99 12.29 14.97 7.90 10.52 11.93

Analyst estimates 2026–2028

Powerpack
High — — 13.87 13.90 13.88 20.05 20.21 17.87 16.00 19.11
People
People Employees — 114 140 160 185 223 246 255 290 322
Revenue/emp, $m 0.00 0.60 0.63 0.67 0.65 0.60 0.69 0.90 0.87 0.91
Income, $m
Income, $m Revenue 53 69 88 108 121 134 170 229 253 293
Gross margin, % 84.00 82.33 76.66 72.45 77.74 85.57 80.00 48.80 43.26 48.97
EBT 21 27 32 38 36 62 72 53 43 60
EBT margin, % 39.98 39.25 36.62 35.62 29.56 45.89 42.18 22.95 16.87 20.51
Net income 13 17 27 31 27 46 53 40 33 46
Depreciation 3 4 4 4 4 6 6 4 2 (1)
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
Earnings 0.59 0.69 0.93 1.07 0.95 1.59 1.78 1.29 1.05 1.53
Cash flow 0.67 1.01 1.01 1.35 0.81 1.94 3.06 1.08 1.69 1.01
Capex (0.09) 0.14 (0.12) (0.49) (0.86) (0.03) (0.06) (0.10) (0.13) (0.21)
Free cash flow 0.58 1.15 0.90 0.86 (0.05) 1.91 3.00 0.98 1.56 0.80
Book value 0.00 5.57 7.62 8.34 9.29 13.53 14.20 15.27 16.66 18.77
Shares, m 22 25 29 29 29 28 28 28 27 28
Valuation, ×
Valuation, × P/E 18.39 18.39 11.34 12.88 13.15 11.13 9.78 10.18 12.87 11.53
P/S 4.51 4.51 3.49 3.76 2.96 3.69 2.84 1.60 1.47 1.65
P/B 2.26 2.26 1.38 1.65 1.35 1.59 1.47 1.02 0.95 1.07
EV/Sales 5.39 5.39 4.73 4.86 2.65 3.58 3.24 2.70 2.20 2.89
EV/FCF 13.11 13.11 15.94 20.70 (208.25) 8.98 6.61 22.79 13.02 38.21
Cash, $m
Cash, $m Operating cash flow 15 25 29 40 23 54 85 30 46 28
Capex (2) 3 (3) (14) (25) (1) (2) (3) (4) (6)
Free cash flow 13 28 26 25 (2) 53 83 27 43 22
Balance, $m
Balance, $m Working capital — (17) 91 95 (54) (18) (87) 101 (24) 84
Total debt 72 93 149 161 131 135 176 399 439 508
Net debt 72 61 109 119 (37) (16) 68 253 186 364
Shareholders’ equity — 137 221 245 265 379 394 426 458 517
Returns, %
Returns, % ROA 1.63 2.09 1.50 1.48 1.05 1.39 1.26 0.80 0.59 0.80
ROIC 18.46 8.55 6.08 6.59 9.77 10.59 9.70 4.84 4.15 4.26
ROE 10.49 13.40 15.03 13.48 10.66 15.40 15.41 10.46 7.67 9.98
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
FBIZ First Business Financial Services, Inc. $586.5M 10.7× 9.4× +7.37% (above 0%: growing) +36.30% (above 0%: growing) +181.48% (above 0%: growing) 63.47% 0.00% Compare
KRNY Kearny Financial $585.0M 15.7× 10.6× +2.23% (above 0%: growing) 0.00% +72.16% (above 0%: growing) 52.34% 0.00% Compare
GCBC Greene County Bancorp, Inc. $583.1M 14.3× — +7.97% (above 0%: growing) +21.82% (above 0%: growing) +40.48% (above 0%: growing) 67.04% 0.00% Compare
BWB Bridgewater Bancshares, Inc. $568.0M 10.9× 9.5× +2.96% (above 0%: growing) +23.68% (above 0%: growing) +287.44% (above 0%: growing) 54.53% 0.00%
SFST Southern First Bancshares, Inc. $566.3M 12.6× 11.5× +10.76% (above 0%: growing) +50.62% (above 0%: growing) +66.02% (above 0%: growing) 58.21% 0.00% Compare
UNTY Unity Bancorp, Inc. $563.0M 9.6× 9.5× +0.29% (above 0%: growing) −12.20% (below 0%: shrinking) −57.88% (below 0%: shrinking) 69.50% 0.00% Compare
SUPV Grupo Supervielle S.A. $559.2M — (loss-making) — −1.93% (below 0%: shrinking) −28.57% (below 0%: shrinking) −129.06% (below 0%: shrinking) 64.28% 0.00% Compare
CIVB Civista Bancshares, Inc. $558.0M 9.9× 9.4× +4.29% (above 0%: growing) −2.82% (below 0%: shrinking) +44.49% (above 0%: growing) 72.61% 0.00% Compare
NRIM Northrim BanCorp Inc $543.4M 7.6× 9.5× +3.99% (above 0%: growing) +29.58% (above 0%: growing) +934.70% (above 0%: growing) 84.32% 0.00% Compare
Median of peers $564.7M 10.7× 9.5× +4.14% +10.91% +55.26% 65.66% 0.00%

All 323 Banks Regional stocks →

Bridgewater Bancshares, Inc. (BWB) key facts

  • Strength: Bridgewater Bancshares, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $292.8 million, up 15.6% from fiscal 2024.
  • Bridgewater Bancshares, Inc. (BWB) is a Banks Regional company in the Financial sector, listed on Nasdaq.
  • As of October 16, 2026, BWB traded at $20.58, a market capitalization of $568.0 million.
  • Return on equity was 9.98% and debt-to-equity 0.79.
  • Its Piotroski F-score is 6 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Bridgewater Bancshares, Inc. (BWB) Latest News

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stockrow.com/BWB · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com