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Waterstone Financial, Inc.

WSBF Financial Banks Regional

Waterstone Financial, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $201.3 million, down 0.58% from fiscal 2024.

Revenue
+1.53%
EPS
+14.0%
Free cash flow
+124.3%

Quarter to June 2026, against a year earlier

20.08 0.02 +0.10%
Market cap
$360.6M
P/E
11.5×
Fwd P/E
11.0×
Dividend yield
3.31%
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

Sold, $m 2.45
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 5 — — 1 — — 1 — — —
Insider Ownership 13.05%

Capital & Financial Ratios $m

Size
Market Cap 360.62
Revenue ttm 206.50
Net income ttm 30.10
Free cash flow ttm 42.78
Net debt Q (38.20)
Valuation
P/E 11.54
Forward P/E 11.00
Price / sales 1.65
Forward P/S Powerpack
Price / FCF 7.06
Price / book 0.97
Financial health
Current ratio Q 1.01
Debt / equity Q 0.00
Interest coverage Q —
Growth
Revenue growth Q +1.53% (above 0%: growing)
Operating income growth Q +9.99% (above 0%: growing)
EPS, this year —
EPS, next year A —
Revenue, next year A −15.74% (below 0%: weak)
EPS, past 5 yrs −14.82% (below 0%: weak)
EPS, next 5 yrs A —

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 28.27%
10-year low 10-year high
P/S against its own 10 years 43.64%
10-year low 10-year high
P/B against its own 10 years 40.59%
10-year low 10-year high

Dividends

Yield
3.31%
Annual rate
0.66
Payout ratio
38.4%
Growth, 2018–26
+4.06%/yr
  1. 0.48 ’18
  2. 0.48 ’19 +0
  3. 0.48 ’20 +0
  4. 0.80 ’21 +67
  5. 0.60 ’22 −25
  6. 0.75 ’23 +25
  7. 0.60 ’24 −20
  8. 0.60 ’25 +0
  9. 0.66 ’26 +10
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 36 40 71 38
Receivables — — — —
Inventory — — — —
Other — — — —
1,847 1,838 1,874 1,856
2023 2024 2025 Q'26
Payables 1,191 1,360 1,437 1,421
ST’ Debt — — — —
Other — — — —
1,191 1,360 1,437 1,833

Compound Annual Growth %

10y 5y 3y
Sales 1.92% (9.00%) 4.62%
Cash Flow 0.00% 0.00% (51.09%)
Earnings 4.77% (20.11%) 10.65%
Book Value (1.14%) (3.30%) (1.94%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY23 Estimate 0.27 Actual 0.20

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY22 0.29 0.25 Miss by 0.04
Q4 FY22 0.15 0.04 Miss by 0.11
Q1 FY23 0.07 0.10 Beat by 0.03
Q2 FY23 0.27 0.20 Miss by 0.07

EPS $

Mar Jun Sep Dec Year
’26 0.34 0.49 — — —
’25 0.17 0.43 0.45 0.44 1.48
’24 0.16 0.31 0.26 0.28 1.01
’23 0.10 0.20 0.16 0.00 0.46
’22 0.23 0.36 0.25 0.04 0.89
’21 0.89 0.74 0.79 0.53 2.96
’20 0.27 0.85 1.08 1.17 3.30
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 49 54 — — —
’25 45 53 52 52 201
’24 48 55 52 48 202
’23 40 48 49 44 180
’22 45 48 46 38 176
’21 74 70 70 59 273
’20 51 87 95 90 323
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (1) 10 — — —
’25 27 (38) 33 3 24
’24 (10) (40) 74 23 48
’23 (35) (40) 48 (1) (28)
’22 143 (24) 17 71 207
’21 59 18 47 18 142
’20 (38) (97) 18 23 (94)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (2) 9 — — —
’25 26 (39) 32 3 23
’24 (10) (40) 76 23 49
’23 (31) (40) 52 (1) (25)
’22 142 (25) 17 71 206
’21 59 17 47 31 154
’20 (38) (97) 18 29 (88)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
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 Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 190 192 192 210 323 273 176 180 202 201 206 +0.6% — — — —
Gross margin, % 89.33 91.46 89.83 86.91 92.25 94.74 92.44 72.84 66.91 70.50 72.71 (18.8) pt
EBT 42 44 40 48 108 92 24 11 24 33 38 (2.5%)
EBT margin, % 22.09 23.20 20.99 22.60 33.52 33.73 13.92 6.12 11.85 16.61 18.44 (5.5) pt
Net income 26 26 31 36 81 71 19 9 19 26 30 +0.4%
Per share, $
Per share, $ Revenue 7.03 6.97 7.01 8.09 13.18 11.50 8.03 8.95 10.91 11.29 12.07 +5.4%
Earnings 0.94 0.95 1.12 1.38 3.32 2.98 0.89 0.47 1.01 1.48 1.73 +5.2%
Cash flow (0.89) 3.90 1.52 (1.55) (3.83) 5.98 9.44 (1.37) 2.59 1.36 2.61 n/m
Capex (0.04) (0.06) (0.09) (0.12) 0.24 0.49 (0.03) 0.14 0.05 (0.07) (0.11) +5.6%
Free cash flow (0.93) 3.84 1.42 (1.67) (3.59) 6.47 9.41 (1.23) 2.64 1.29 2.50 n/m
Book value 15.19 15.00 14.61 15.13 16.89 18.23 16.93 17.07 18.28 19.59 20.52 +2.9%
Shares, m 27 27 27 26 24 24 22 20 19 18 17 (4.5%)
Valuation, ×
Valuation, × P/E 19.79 18.24 14.96 13.79 5.57 7.34 19.90 30.59 13.31 11.11 11.54 15.5
P/S 2.65 2.46 2.39 2.35 1.43 1.90 2.18 1.57 1.23 1.47 1.65 2.0
P/B 1.22 1.14 1.15 1.26 1.11 1.20 1.03 0.82 0.74 0.84 0.97 1.1
EV/Sales 4.43 4.22 4.21 4.30 2.71 2.27 4.11 4.76 3.24 3.16 — 3.7
EV/FCF (33.52) 7.66 21.51 (20.87) (9.22) 4.39 3.51 (97.87) 12.47 22.21 — (9.0)
Cash, $m
Cash, $m Operating cash flow (24) 107 42 (40) (94) 142 207 (28) 48 24 45 n/m
Capex (1) (2) (3) (3) 6 12 (1) 3 1 (1) (2) +0.8%
Free cash flow (25) 106 39 (43) (88) 154 206 (25) 49 23 43 n/m
Balance, $m
Balance, $m Working capital 485 509 555 602 668 646 471 656 478 437 23 (1.2%)
Net debt 340 338 349 409 413 100 340 575 407 341 (38) 0.0%
Shareholders’ equity 411 412 400 394 413 433 370 344 339 349 351 (1.8%)
Returns, %
Returns, % ROA 1.44 1.44 1.65 1.84 3.88 3.22 0.92 0.44 0.85 1.18 1.33 (0.3) pt
ROIC 3.50 3.70 3.36 3.70 8.18 10.80 2.15 0.75 2.01 3.03 7.61 (0.5) pt
ROE 6.36 6.31 7.58 9.05 20.12 16.74 4.85 2.62 5.47 7.67 8.69 +1.3 pt
People
People Employees 895 927 888 824 812 870 742 698 600 593 — (4.5%)
Revenue/emp, $m 0.21 0.21 0.22 0.26 0.40 0.31 0.24 0.26 0.34 0.34 — +5.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Waterstone Financial, 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
AVBH Avidbank Holdings Inc. $375.0M — (loss-making) 10.1× +15.59% (above 0%: growing) −6.49% (below 0%: shrinking) +148.71% (above 0%: growing) 69.18% 0.00% Compare
TSBK Timberland Bancorp, Inc. $371.8M 11.9× — +4.36% (above 0%: growing) +10.00% (above 0%: growing) −24.92% (below 0%: shrinking) 73.48% 0.00% Compare
USCB USCB Financial Holdings, Inc. $366.3M 12.9× 10.0× +9.15% (above 0%: growing) +19.51% (above 0%: growing) +34.55% (above 0%: growing) 64.78% 0.00% Compare
FRST Primis Financial Corp. $363.6M 6.8× 12.8× +19.34% (above 0%: growing) +285.01% (above 0%: growing) +85.35% (above 0%: growing) 71.20% 0.00% Compare
WSBF Waterstone Financial, Inc. $360.6M 11.5× 11.0× +1.53% (above 0%: growing) +13.95% (above 0%: growing) +124.33% (above 0%: growing) 74.78% 0.00%
BRBS Blue Ridge Bankshares, Inc. $357.9M — (loss-making) — −19.39% (below 0%: shrinking) n/m −29.11% (below 0%: shrinking) 59.82% 0.00% Compare
CFFI C&F Financial Corporation $352.3M 11.7× 11.5× +4.17% (above 0%: growing) +16.97% (above 0%: growing) +15.92% (above 0%: growing) 77.02% 0.00% Compare
ISBA Isabella Bank Corporation $345.0M 13.9× 12.2× +9.91% (above 0%: growing) +21.83% (above 0%: growing) +399.09% (above 0%: growing) 74.62% 0.00% Compare
FSBW FS Bancorp, Inc. $344.5M 9.9× 12.0× +3.60% (above 0%: growing) +6.00% (above 0%: growing) +778.44% (above 0%: growing) 69.52% 0.00% Compare
Median of peers $360.7M 11.8× 11.8× +6.76% +16.97% +59.95% 70.36% 0.00%

All 327 Banks Regional stocks →

Pay and ownership Proxy statement filed 9 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 785.16k 790.70k 128.77
2024 714.58k 673.17k 99.12
2023 1.56m 1.39m 86.90
2022 1.34m 1.22m 84.24
2021 1.60m 1.56m 123.92

Ownership

Directors and executive officers, together 6.00%
Delaware Charter Guarantee & Trust Company dba Principal Trust Company as Trustee for the 12.00%
Dimensional Fund Advisors LP 9.00%
BlackRock, Inc. 7.00%
Renaissance Technologies LLC 7.00%
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

Waterstone Financial, Inc. (WSBF) Latest News

25 Sep

Impact 3 · · Zacks

30 Jul

Impact 3 ·

23 Jul

Impact 3 ·

29 Apr

Impact 4 · · Zacks

27 Apr

Impact 3 · · GlobeNewswire

24 Apr

Impact 3 · · GuruFocus.com

23 Apr

Impact 4 · · GlobeNewswire

17 Mar

Impact 3 ·

3 Feb

Impact 4 · · Zacks
Impact 4 · · Simply Wall St.

30 Jan

Impact 4 · · Simply Wall St.

28 Jan

Impact 3 · · GlobeNewswire

9 Jan

Impact 3 · · Zacks

30 Dec

Impact 4 · · Simply Wall St.

19 Nov

Impact 4 · · Simply Wall St.

29 Oct

Impact 4 · · ZacksZacksAssociated Press FinanceSimply Wall St.ZacksZacksStockStoryZacks

25 Oct

Impact 4 · · Simply Wall St.

23 Oct

Impact 4 ·
Impact 3 · · GlobeNewswire

7 Oct

Impact 4 · · Zacks

23 Sep

Impact 3 · · Simply Wall St.

18 Sep

Impact 4 ·

20 Aug

Impact 3 ·

11 Aug

Impact 3 ·

28 Jul

Impact 3 · · Zacks

22 Jul

Impact 4 · · GlobeNewswire

17 Jul

Impact 3 ·

16 Jul

Impact 3 · · Zacks

9 Jul

Impact 3 · · GlobeNewswire

2 Jul

Impact 3 · · Simply Wall St.
stockrow.com/WSBF · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com