A Business at a Glance
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WESTAMERICA BANCORPORATION
WABC
$1.6B
Mkt Cap
$60.49
+0.30%
WESTAMERICA BANCORPORATION (WABC) has a current P/E ratio of 13.4, compared to its historical median P/E of 15.4. The stock is currently considered Fair based on its historical valuation range.
WESTAMERICA BANCORPORATION (WABC) has a 5-year average return on invested capital (ROIC) of 16.1%. This indicates strong capital allocation and a potential competitive advantage.
WESTAMERICA BANCORPORATION (WABC) has a market capitalization of $1.6B. It is classified as a small-cap stock.
Yes, WESTAMERICA BANCORPORATION (WABC) pays a dividend with a trailing twelve-month yield of 3.02%. The company also returns capital through share buybacks, with a buyback yield of 6.68%.
Based on historical P/E analysis, WESTAMERICA BANCORPORATION (WABC) appears fair. The current P/E of 13.4 is 13% below its historical median of 15.4. The estimated fair value CAGR (P/E method) is 13.0%.
WESTAMERICA BANCORPORATION (WABC) operates in the National Commercial Banks industry, within the Financials sector.
Westamerica Bancorporation is a bank holding company registered under the Bank Holding Company Act of 1956, as amended (“BHCA”). Its legal headquarters are located at 1108 Fifth Avenue, San Rafael, California 94901. Its principal administrative offices are located at 4550 Mangels Boulevard, Fairfield, California 94534, its telephone number is (707) 863-6000 and its website address is www.westamerica.com. The Company provides a full range of banking services to individual and commercial customers in Northern and Central California through its subsidiary bank, Westamerica Bank (the “Bank”). The Bank is a California-chartered commercial bank whose deposits are insured by the Federal Deposit Insurance Corporation (the “FDIC”) up to applicable limits. The principal communities served are located in Northern and Central California, from Mendocino, Lake and Nevada Counties in the north to Kern County in the south. The Company’s strategic focus is on the banking needs of small businesses.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 272M | 272M | 311M | 328M | 267M | 217M |
| Net Income | 116M | 116M | 139M | 162M | 122M | 87M |
| EPS | $4.52 | $4.52 | $5.20 | $6.06 | $4.54 | $3.22 |
| Free Cash Flow | 120M | 120M | 140M | 157M | 113M | 87M |
| ROIC | 23.1% | 12.7% | 16.7% | 23.5% | 17.1% | 10.3% |
| Gross Margin | 94.8% | 94.8% | 94.3% | 98.5% | 99.3% | 99.1% |
| Debt/Equity | 0.15 | 0.15 | 0.14 | 0.08 | 0.10 | 0.18 |
| Dividends/Share | $1.83 | $1.82 | $1.76 | $1.72 | $1.68 | $1.65 |
| Operating Income | 157M | 157M | 189M | 222M | 166M | 117M |
| Operating Margin | 57.7% | 57.7% | 60.8% | 67.7% | 62.0% | 54.0% |
| ROE | 12.4% | 12.7% | 16.7% | 23.5% | 17.1% | 10.3% |
| Shares Outstanding | 26M | 26M | 27M | 27M | 27M | 27M |
| Metric | 2015 | 2019 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 192M | 184M | 182M | 195M | 200M | 206M | 211M | 217M | 267M | 328M | 311M | 272M | 272M |
| Gross Margin | 96.7% | 98.7% | 97.1% | 98.1% | 99.0% | 99.1% | 97.1% | 99.1% | 99.3% | 98.5% | 94.3% | 94.8% | 94.8% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 55M | 52M | 52M | 52M | 53M | 51M | 51M | 48M | 46M | 48M | 50M | 49M | 49M |
| EBIT | 5.9M | 4.7M | 4.8M | 5.5M | 4.1M | 105M | 107M | 117M | 166M | 222M | 189M | 157M | 157M |
| Op. Margin | 3.1% | 2.5% | 2.6% | 2.8% | 2.0% | 51.1% | 50.5% | 54.0% | 62.0% | 67.7% | 60.8% | 57.7% | 57.7% |
| Net Income | 61M | 59M | 59M | 50M | 72M | 80M | 80M | 87M | 122M | 162M | 139M | 116M | 116M |
| Net Margin | 31.6% | 31.9% | 32.2% | 25.7% | 35.8% | 39.0% | 38.0% | 39.9% | 45.7% | 49.4% | 44.6% | 42.7% | 42.7% |
| Non-Recurring | 589K | -109K | 79K | -60K | 216K | 0 | 71K | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 11.3% | 11.1% | 10.8% | 8.7% | 11.9% | 11.9% | 10.2% | 10.3% | 17.1% | 23.5% | 16.7% | 12.7% | 23.1% |
| ROE | 11.3% | 11.1% | 10.8% | 8.7% | 11.9% | 11.9% | 10.2% | 10.3% | 17.1% | 23.5% | 16.7% | 12.7% | 12.4% |
| ROA | 1.2% | 1.2% | 1.1% | 0.9% | 1.3% | 1.4% | 1.3% | 1.2% | 1.7% | 2.4% | 2.2% | 1.9% | 1.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 82M | 70M | 78M | 81M | 97M | 81M | 108M | 89M | 114M | 158M | 142M | 122M | 122M |
| Free Cash Flow | 79M | 66M | 76M | 78M | 94M | 77M | 106M | 87M | 113M | 157M | 140M | 120M | 120M |
| Owner Earnings | 79M | 26M | 73M | 77M | 93M | 23M | 101M | 83M | 109M | 154M | 137M | 118M | 118M |
| CapEx | 3.8M | 4.5M | 1.8M | 2.7M | 3.1M | 4.0M | 2.2M | 1.3M | 811K | 1.2M | 1.7M | 2.2M | 2.2M |
| Maint. CapEx | 3.2M | 44M | 4.0M | 3.9M | 3.7M | 53M | 3.7M | 3.0M | 2.9M | 2.9M | 2.6M | 2.5M | 2.5M |
| Growth CapEx | 614K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 3.2M | 44M | 4.0M | 3.9M | 3.7M | 53M | 3.7M | 3.0M | 2.9M | 2.9M | 2.6M | 2.5M | 2.5M |
| CapEx/OCF | 4.6% | 6.4% | 2.3% | 3.4% | 3.2% | 4.9% | 2.0% | 1.5% | 0.7% | 0.7% | 1.2% | 1.8% | 1.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 40M | 39M | 40M | 41M | 43M | 44M | 44M | 44M | 45M | 46M | 47M | 47M | 47M |
| Dividend Yield | 4.4% | 4.7% | 4.2% | 3.6% | 3.4% | 3.2% | 3.4% | 3.3% | 3.3% | 4.0% | 3.7% | 3.8% | 3.0% |
| Share Buybacks | 52M | 15M | 5.4M | 314K | 524K | 488K | 16M | 232K | 218K | 14M | 210K | 104M | 104M |
| Buyback Yield | 5.8% | 1.7% | 0.4% | 0.0% | 0.0% | 0.0% | 1.3% | 0.0% | 0.0% | 1.0% | 0.0% | 8.3% | 6.7% |
| Stock-Based Comp | 521K | 357K | 356K | 0 | 0 | 5.1M | 2.6M | 2.5M | 2.2M | 1.6M | 1.8M | 1.7M | 1.7M |
| Debt Repayment | 27M | 57M | 6.0M | 607K | 7.2M | 20M | 72M | 44M | 88M | 370K | 62M | 17M | 17M |
| Balance Sheet | |||||||||||||
| Net Debt | -291M | -380M | -403M | -2.7B | -3.0B | -3.4B | -4.6B | -5.6B | -4.6B | -4.1B | -3.9B | -431M | -431M |
| Cash & Equiv. | 381M | 433M | 462M | 575M | 420M | 373M | 621M | 1.1B | 294M | 190M | 601M | 568M | 568M |
| Long-Term Debt | 0 | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 137M |
| Debt/Equity | 0.17 | 0.10 | 0.11 | 0.10 | 0.08 | 0.04 | 0.12 | 0.18 | 0.10 | 0.08 | 0.14 | 0.15 | 0.15 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 11.4 |
| Equity | 527M | 532M | 561M | 590M | 616M | 731M | 845M | 827M | 602M | 773M | 890M | 934M | 934M |
| Total Assets | 5.0B | 5.2B | 5.4B | 5.5B | 5.6B | 5.6B | 6.7B | 7.5B | 7.0B | 6.4B | 6.1B | 6.0B | 6.0B |
| Total Liabilities | 4.5B | 4.6B | 4.8B | 4.9B | 5.0B | 4.9B | 5.9B | 6.6B | 6.3B | 5.6B | 5.2B | 5.0B | 5.0B |
| Intangibles | 14M | 10M | 6.9M | 3.9M | 1.9M | 1.4M | 1.1M | 835K | 583K | 347K | 125K | 0 | 0 |
| Retained Earnings | 140M | 150M | 165M | 174M | 206M | 239M | 264M | 306M | 383M | 490M | 582M | 585M | 585M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 2.32 | 2.30 | 2.29 | 1.89 | 2.67 | 2.98 | 2.98 | 3.22 | 4.54 | 6.06 | 5.20 | 4.52 | 4.52 |
| Owner EPS | 3.01 | 1.02 | 2.85 | 2.90 | 3.47 | 0.85 | 3.76 | 3.10 | 4.04 | 5.76 | 5.15 | 4.58 | 4.58 |
| Book Value | 20.15 | 20.83 | 21.84 | 22.30 | 22.97 | 27.11 | 31.31 | 30.79 | 22.40 | 28.95 | 33.38 | 36.32 | 36.32 |
| Cash Flow/Share | 3.15 | 2.76 | 3.02 | 3.05 | 3.61 | 2.99 | 3.99 | 3.30 | 4.23 | 5.93 | 5.31 | 4.74 | 4.62 |
| Dividends/Share | 1.52 | 1.53 | 1.56 | 1.57 | 1.60 | 1.63 | 1.64 | 1.65 | 1.68 | 1.72 | 1.76 | 1.82 | 1.83 |
| Shares Out. | 26.1M | 25.5M | 25.7M | 26.5M | 26.8M | 27.0M | 27.0M | 26.9M | 26.9M | 26.7M | 26.7M | 25.7M | 25.7M |
| Valuation | |||||||||||||
| P/E Ratio | 14.9 | 15.0 | 21.0 | 24.7 | 16.6 | 18.6 | 15.3 | 15.4 | 11.4 | 8.7 | 9.6 | 10.8 | 13.4 |
| P/FCF | 11.5 | 13.4 | 16.3 | 15.8 | 12.7 | 19.5 | 11.7 | 15.3 | 12.4 | 9.0 | 9.6 | 10.5 | 13.0 |
| EV/EBIT | 39.0 | 14.7 | 77.2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 7.2 |
| Price/Book | 1.7 | 1.7 | 2.2 | 2.1 | 1.9 | 2.0 | 1.5 | 1.6 | 2.3 | 1.8 | 1.5 | 1.3 | 1.7 |
| Price/Sales | 4.8 | 4.6 | 5.3 | 5.9 | 6.3 | 6.7 | 6.2 | 6.3 | 5.2 | 3.5 | 4.3 | 4.8 | 5.7 |
| FCF Yield | 8.7% | 7.5% | 6.1% | 6.3% | 7.9% | 5.1% | 8.6% | 6.6% | 8.1% | 11.2% | 10.5% | 9.6% | 7.7% |
| Market Cap | 902M | 882M | 1.2B | 1.2B | 1.2B | 1.5B | 1.2B | 1.3B | 1.4B | 1.4B | 1.3B | 1.3B | 1.6B |
| Avg. Price | 34.65 | 32.89 | 36.86 | 42.94 | 46.61 | 50.65 | 48.47 | 50.10 | 51.21 | 42.61 | 47.16 | 47.78 | 60.49 |
| Year-End Price | 34.49 | 34.53 | 48.15 | 46.65 | 44.44 | 55.43 | 45.66 | 49.63 | 51.91 | 52.69 | 50.13 | 48.67 | 60.49 |
WESTAMERICA BANCORPORATION passes 6 of 9 quality checks, suggesting mixed fundamentals.
WESTAMERICA BANCORPORATION trades at 13.4x trailing earnings, compared to its 15-year median P/E of 15.4x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 12.3x vs a median of 12.5x. The company's 5-year average ROIC is 16.1% with a gross margin of 97.2%. Total shareholder yield (dividends + buybacks) is 9.7%. At current prices, the estimated annualized return to fair value is +9.6%.
WESTAMERICA BANCORPORATION (WABC) reported annual revenue of $272 million in its most recent fiscal year, based on SEC EDGAR filings.
WESTAMERICA BANCORPORATION (WABC) has a net profit margin of 42.7%. This is a strong margin indicating high profitability.
WESTAMERICA BANCORPORATION (WABC) generated $120 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
WESTAMERICA BANCORPORATION (WABC) has a debt-to-equity ratio of 0.15. This indicates a conservatively financed balance sheet.
WESTAMERICA BANCORPORATION (WABC) reported earnings per share (EPS) of $4.52 in its most recent fiscal year.
WESTAMERICA BANCORPORATION (WABC) has a return on equity (ROE) of 12.7%. This indicates moderate shareholder returns.
WESTAMERICA BANCORPORATION (WABC) has a 5-year average gross margin of 97.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for WESTAMERICA BANCORPORATION (WABC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
WESTAMERICA BANCORPORATION (WABC) has a book value per share of $36.32, based on its most recent annual SEC filing.