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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. In the quarter to June 2026, revenue grew 1.53%, EPS grew 14.0% and free cash flow grew 124.3%, each against the same quarter a year earlier. Dividend growth for three consecutive years.

19.89 0.02 +0.10%
Market cap
$357.2M
P/E
11.5×
Fwd P/E
11.0×
Dividend yield
3.32%
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 sells 2.45
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — 5 — — 1 — — 1 — —
Insider Ownership 13.05%

Capital & Financial Ratios $m

Market Cap 357.21
Revenue 206.50
Net Income 30.10
Free Cash Flow 42.78
Net Debt (38.20)
Current Ratio 1.01
Debt/Equity 0.00
P/E ratio 11.50
Fwd P/E 11.00
P/S ratio 1.65
P/B ratio 0.97
Past 5Y EPS Growth (14.82%) (below 0%: weak)
This Y EPS Growth —
Next Y EPS Growth —
Next Y revenue growth (15.74%) (below 0%: weak)
Next 5Y EPS Growth —

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

Valuation vs history

P/E against its own 10 years 27.76%
10-year low 10-year high
P/S against its own 10 years 43.16%
10-year low 10-year high
P/B against its own 10 years 39.66%
10-year low 10-year high

Dividends

Payout Ratio 0.38
Annual Dividend Rate 0.66
Annual Dividend Yield 3.32%
total individual payouts
2026 0.66
0.15
0.17
0.17
0.17
2025 0.60
0.15
0.15
0.15
0.15
2024 0.60
0.15
0.15
0.15
0.15
2023 0.75
0.20
0.20
0.20
0.15
2022 0.60
0.50
0.20
0.20
0.20
2021 0.80
0.20
0.20
0.50
0.20
0.20
2020 0.48
0.12
0.50
0.12
0.12
0.12
0.30
2019 0.48
0.12
0.50
0.12
0.12
0.12
2018 0.48
0.12
0.50
0.12
0.12
0.12
2017 0.48
0.12
0.12
0.50
0.12
0.12
2016 0.26
0.05
0.05
0.08
0.08
special payouts not included in total or ratios

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%)

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

3
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 13.30 17.00 15.20 15.55 12.10 18.00 15.70 9.62 10.60 11.61

Analyst estimates 2026–2028

Powerpack
High 19.30 20.40 18.10 19.48 19.62 22.18 22.74 17.70 16.86 17.26
People
People Employees 895 927 888 824 812 870 742 698 600 593
Revenue/emp, $m 0.21 0.21 0.22 0.26 0.40 0.31 0.24 0.26 0.34 0.34
Income, $m
Income, $m Revenue 190 192 192 210 323 273 176 180 202 201
Gross margin, % 89.33 91.46 89.83 86.91 92.25 94.74 92.44 72.84 66.91 70.50
EBT 42 44 40 48 108 92 24 11 24 33
EBT margin, % 22.09 23.20 20.99 22.60 33.52 33.73 13.92 6.12 11.85 16.61
Net income 26 26 31 36 81 71 19 9 19 26
Depreciation 6 5 4 4 (8) 6 4 4 2 3
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
Earnings 0.94 0.95 1.12 1.38 3.32 2.98 0.89 0.47 1.01 1.48
Cash flow (0.89) 3.90 1.52 (1.55) (3.83) 5.98 9.44 (1.37) 2.59 1.36
Capex (0.04) (0.06) (0.09) (0.12) 0.24 0.49 (0.03) 0.14 0.05 (0.07)
Free cash flow (0.93) 3.84 1.42 (1.67) (3.59) 6.47 9.41 (1.23) 2.64 1.29
Book value 15.19 15.00 14.61 15.13 16.89 18.23 16.93 17.07 18.28 19.59
Shares, m 27 27 27 26 24 24 22 20 19 18
Valuation, ×
Valuation, × P/E 19.79 18.24 14.96 13.79 5.57 7.34 19.90 30.59 13.31 11.11
P/S 2.65 2.46 2.39 2.35 1.43 1.90 2.18 1.57 1.23 1.47
P/B 1.22 1.14 1.15 1.26 1.11 1.20 1.03 0.82 0.74 0.84
EV/Sales 4.43 4.22 4.21 4.30 2.71 2.27 4.11 4.76 3.24 3.16
EV/FCF (33.52) 7.66 21.51 (20.87) (9.22) 4.39 3.51 (97.87) 12.47 22.21
Cash, $m
Cash, $m Operating cash flow (24) 107 42 (40) (94) 142 207 (28) 48 24
Capex (1) (2) (3) (3) 6 12 (1) 3 1 (1)
Free cash flow (25) 106 39 (43) (88) 154 206 (25) 49 23
Balance, $m
Balance, $m Working capital 485 509 555 602 668 646 471 656 478 437
Total debt 387 386 435 484 508 477 387 611 447 412
Net debt 340 338 349 409 413 100 340 575 407 341
Shareholders’ equity 411 412 400 394 413 433 370 344 339 349
Returns, %
Returns, % ROA 1.44 1.44 1.65 1.84 3.88 3.22 0.92 0.44 0.85 1.18
ROIC 3.50 3.70 3.36 3.70 8.18 10.80 2.15 0.75 2.01 3.03
ROE 6.36 6.31 7.58 9.05 20.12 16.74 4.85 2.62 5.47 7.67
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
MVBF Mvb Financial Corp. $377.0M 9.6× 12.3× +33.88% (above 0%: growing) +493.75% (above 0%: growing) −42.33% (below 0%: shrinking) 75.80% 0.00% Compare
NWFL Norwood Financial Corp. $364.8M 11.7× 10.1× +28.48% (above 0%: growing) +28.36% (above 0%: growing) +65.58% (above 0%: growing) 68.32% 0.00% Compare
WSBF Waterstone Financial, Inc. $357.2M 11.5× 11.0× +1.53% (above 0%: growing) +13.95% (above 0%: growing) +124.33% (above 0%: growing) 74.78% 0.00%
TSBK Timberland Bancorp, Inc. $352.9M 11.4× — +4.36% (above 0%: growing) +10.00% (above 0%: growing) −24.92% (below 0%: shrinking) 73.48% 0.00% Compare
FSBW FS Bancorp, Inc. $350.9M 10.1× 9.4× +3.60% (above 0%: growing) +6.00% (above 0%: growing) +778.44% (above 0%: growing) 69.52% 0.00% Compare
BRBS Blue Ridge Bankshares, Inc. $349.1M 37.9× — −19.39% (below 0%: shrinking) n/m −84.87% (below 0%: shrinking) 59.82% 0.00% Compare
BCML Bay Commercial Bank $338.1M 26.0× 13.8× −3.52% (below 0%: shrinking) n/m −19.47% (below 0%: shrinking) 74.74% 0.00% Compare
AVBH Avidbank Holdings Inc. $337.8M — (loss-making) 9.1× +15.59% (above 0%: growing) −6.49% (below 0%: shrinking) +148.71% (above 0%: growing) 69.18% 0.00% Compare
FDBC Fidelity D&D Bancorp Inc. $336.0M 11.0× 22.8× +5.91% (above 0%: growing) +11.67% (above 0%: growing) +157.33% (above 0%: growing) 70.54% 0.00% Compare
Median of peers $350.0M 11.4× 11.2× +5.14% +10.84% +23.06% 70.03% 0.00%

All 323 Banks Regional stocks →

Waterstone Financial, Inc. (WSBF) key facts

  • Concern: Waterstone Financial, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $201.3 million, down 0.58% from fiscal 2024.
  • Strength: Net income was $26.4 million, or $1.48 per share (basic), a net margin of 13.1%.
  • Waterstone Financial, Inc. (WSBF) is a Banks Regional company in the Financial sector, listed on Nasdaq.
  • As of October 16, 2026, WSBF traded at $19.89, a market capitalization of $357.2 million.
  • At that price the stock trades at 11.5× trailing-twelve-month earnings and 1.6× sales; its P/E is higher than 28% of its own readings over the past ten years.
  • Waterstone Financial, Inc. pays an annual dividend of $0.66 per share, a yield of 3.32%, with a payout ratio of 38.4%.
  • Return on equity was 7.67% and debt-to-equity 0.00.
  • Its Piotroski F-score is 6 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Waterstone Financial, Inc. (WSBF) Latest News

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