A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
WASHINGTON TRUST BANCORP INC
WASH
$740M
Mkt Cap
$38.39
+2.05%
WASHINGTON TRUST BANCORP INC (WASH) has a current P/E ratio of 14.2, compared to its historical median P/E of 9.8. The stock is currently considered Expensive based on its historical valuation range.
WASHINGTON TRUST BANCORP INC (WASH) has a 5-year average return on invested capital (ROIC) of 8.5%. This is below average and may indicate limited pricing power.
WASHINGTON TRUST BANCORP INC (WASH) has a market capitalization of $731M. It is classified as a small-cap stock.
Yes, WASHINGTON TRUST BANCORP INC (WASH) pays a dividend with a trailing twelve-month yield of 5.91%. The company also returns capital through share buybacks, with a buyback yield of 1.01%.
Based on historical P/E analysis, WASHINGTON TRUST BANCORP INC (WASH) appears expensive. The current P/E of 14.2 is 45% above its historical median of 9.8. The estimated fair value CAGR (P/E method) is -9.4%.
WASHINGTON TRUST BANCORP INC (WASH) operates in the State Commercial Banks industry, within the Financials sector.
PART I Washington Trust Bancorp, Inc. The Bancorp, a publicly-owned registered bank holding company that has elected to be a financial holding company, was organized in 1984 under the laws of the state of Rhode Island. The Bancorp’s common stock trades on the Nasdaq under the symbol WASH. The Bancorp owns all of the outstanding common stock of the Bank, a Rhode Island chartered financial institution founded in 1800. The Bancorp was formed in 1984 under a plan of reorganization in which outstanding common shares of the Bank were exchanged for common shares of the Bancorp. See additional information under the caption “Subsidiaries.” Washington Trust (hereafter also referred to as “we,” “our,” or the “Corporation”) offers a full range of financial services, including commercial banking, mortgage banking, personal banking, and wealth management and trust services, through its offices located in Rhode Island, Connecticut, and Massachusetts.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 228M | 394M | 313M | 365M | 257M | 245M |
| Net Income | 53M | 52M | -28M | 48M | 71M | 77M |
| EPS | $2.76 | $2.71 | $-1.63 | $2.82 | $4.11 | $4.39 |
| Free Cash Flow | 85M | 78M | 54M | 27M | 107M | 97M |
| ROIC | 0.0% | 10.0% | -5.8% | 10.4% | 14.0% | 13.9% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.00 | 11.18 | 12.87 | 14.24 | 13.68 | 9.36 |
| Dividends/Share | $2.27 | $2.24 | $2.24 | $2.24 | $2.18 | $2.10 |
| Operating Income | 0 | 67M | -39M | 56M | 91M | 98M |
| Operating Margin | 0.0% | 17.1% | -12.4% | 15.5% | 35.5% | 40.0% |
| ROE | 9.6% | 10.0% | -5.8% | 10.4% | 14.0% | 13.9% |
| Shares Outstanding | 19M | 19M | 17M | 17M | 17M | 17M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 180M | 184M | 199M | 214M | 239M | 265M | 269M | 245M | 257M | 365M | 313M | 394M | 228M |
| Gross Margin | 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 |
| 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 | 59M | 63M | 68M | 69M | 69M | 73M | 83M | 87M | 84M | 82M | 86M | 92M | 94M |
| EBIT | 60M | 64M | 69M | 78M | 87M | 88M | 89M | 98M | 91M | 56M | -39M | 67M | 0 |
| Op. Margin | 33.2% | 35.0% | 34.7% | 36.2% | 36.3% | 33.3% | 33.1% | 40.0% | 35.5% | 15.5% | -12.4% | 17.1% | 0.0% |
| Net Income | 41M | 43M | 46M | 46M | 68M | 69M | 70M | 77M | 71M | 48M | -28M | 52M | 53M |
| Net Margin | 22.6% | 23.5% | 23.4% | 21.4% | 28.6% | 26.1% | 25.9% | 31.2% | 27.8% | 13.2% | -9.0% | 13.3% | 23.1% |
| Non-Recurring | 0 | 0 | 0 | 150K | 0 | 0 | 0 | 0 | 0 | 0 | 988K | 7.0M | 7.0M |
| Returns on Capital | |||||||||||||
| ROIC | 11.9% | 12.0% | 12.1% | 11.4% | 15.9% | 14.5% | 13.4% | 13.9% | 14.0% | 10.4% | -5.8% | 10.0% | 0.0% |
| ROE | 12.0% | 12.0% | 12.1% | 11.4% | 15.9% | 14.5% | 13.4% | 13.9% | 14.0% | 10.4% | -5.8% | 10.0% | 9.6% |
| ROA | 1.2% | 1.2% | 1.1% | 1.0% | 1.4% | 1.3% | 1.3% | 1.3% | 1.1% | 0.7% | -0.4% | 0.8% | 0.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 2.6M | 52M | 60M | 59M | 83M | 73M | 36M | 101M | 113M | 32M | 58M | 80M | 88M |
| Free Cash Flow | -2.6M | 47M | 57M | 57M | 79M | 70M | 33M | 97M | 107M | 27M | 54M | 78M | 85M |
| Owner Earnings | -3.0M | 46M | 53M | 52M | 76M | 66M | 29M | 93M | 106M | 26M | 51M | 74M | 82M |
| CapEx | 5.2M | 5.5M | 3.1M | 2.8M | 4.0M | 3.1M | 3.4M | 3.5M | 6.1M | 5.0M | 4.0M | 2.0M | 3.2M |
| Maint. CapEx | 3.8M | 4.3M | 4.9M | 4.5M | 4.3M | 4.2M | 4.1M | 4.3M | 3.5M | 4.0M | 3.9M | 3.5M | 3.4M |
| Growth CapEx | 1.4M | 1.2M | 0 | 0 | 0 | 0 | 0 | 0 | 2.7M | 1.0M | 67K | 0 | 0 |
| D&A | 3.8M | 4.3M | 4.9M | 4.5M | 4.3M | 4.2M | 4.1M | 4.3M | 3.5M | 4.0M | 3.9M | 3.5M | 3.4M |
| CapEx/OCF | 197.4% | 10.6% | 5.2% | 4.7% | 4.8% | 4.3% | 9.3% | 3.5% | 5.4% | 16.0% | 6.9% | 2.5% | 3.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 20M | 23M | 25M | 26M | 29M | 34M | 35M | 36M | 38M | 39M | 38M | 43M | 43M |
| Dividend Yield | 5.8% | 5.8% | 5.7% | 4.6% | 4.7% | 5.8% | 7.7% | 5.4% | 5.5% | 8.8% | 8.5% | 8.1% | 5.9% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 4.3M | 0 | 9.5M | 8.8M | 0 | 7.4M | 7.4M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 0.8% | N/A | 1.5% | 1.8% | N/A | 1.3% | 1.0% |
| Stock-Based Comp | 1.9M | 2.1M | 2.2M | 2.6M | 2.6M | 3.1M | 3.8M | 3.3M | 3.2M | 2.1M | 2.5M | 3.0M | 2.9M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 1.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -438M | -473M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -112M |
| Cash & Equiv. | 80M | 98M | 108M | 83M | 93M | 138M | 202M | 178M | 118M | 90M | 114M | 104M | 112M |
| 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 | N/A |
| Debt/Equity | 0.00 | 0.00 | 10.21 | 9.96 | 10.18 | 9.51 | 9.69 | 9.36 | 13.68 | 14.24 | 12.87 | 11.18 | 0.00 |
| 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 | N/A |
| Equity | 346M | 375M | 391M | 413M | 448M | 503M | 534M | 565M | 454M | 473M | 500M | 544M | 547M |
| Total Assets | 3.6B | 3.8B | 4.4B | 4.5B | 5.0B | 5.3B | 5.7B | 5.9B | 6.7B | 7.2B | 6.9B | 6.6B | 6.5B |
| Total Liabilities | 3.2B | 3.4B | 4.0B | 4.1B | 4.6B | 4.8B | 5.2B | 5.3B | 6.2B | 6.7B | 6.4B | 6.1B | 5.9B |
| Intangibles | 4.8M | 11M | 10M | 9.1M | 8.2M | 7.2M | 6.3M | 5.4M | 4.6M | 3.7M | 2.9M | 4.3M | 4.1M |
| Retained Earnings | 253M | 273M | 294M | 318M | 356M | 390M | 418M | 458M | 492M | 502M | 434M | 443M | 445M |
| 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 | 2.41 | 2.54 | 2.70 | 2.64 | 3.93 | 3.96 | 4.00 | 4.39 | 4.11 | 2.82 | -1.63 | 2.71 | 2.76 |
| Owner EPS | -0.18 | 2.69 | 3.06 | 3.01 | 4.37 | 3.79 | 1.64 | 5.34 | 6.11 | 1.50 | 2.98 | 3.83 | 4.29 |
| Book Value | 20.52 | 22.00 | 22.75 | 23.81 | 25.79 | 28.90 | 30.67 | 32.35 | 26.09 | 27.72 | 29.05 | 28.20 | 28.72 |
| Cash Flow/Share | 0.16 | 3.06 | 3.48 | 3.42 | 4.77 | 4.22 | 2.09 | 5.77 | 6.50 | 1.85 | 3.35 | 4.17 | 2.94 |
| Dividends/Share | 1.22 | 1.36 | 1.46 | 1.54 | 1.76 | 2.00 | 2.05 | 2.10 | 2.18 | 2.24 | 2.24 | 2.24 | 2.27 |
| Shares Out. | 16.9M | 17.1M | 17.2M | 17.4M | 17.4M | 17.4M | 17.4M | 17.5M | 17.4M | 17.1M | 17.2M | 19.3M | 19.0M |
| Valuation | |||||||||||||
| P/E Ratio | 9.7 | 9.0 | 13.0 | 13.2 | 8.0 | 9.3 | 8.2 | 9.8 | 9.1 | 10.0 | N/A | 10.9 | 13.9 |
| P/FCF | N/A | 8.4 | 10.6 | 10.7 | 6.9 | 9.2 | 17.2 | 7.7 | 6.1 | 18.1 | 9.0 | 7.3 | 8.6 |
| EV/EBIT | 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 |
| Price/Book | 1.1 | 1.0 | 1.5 | 1.5 | 1.2 | 1.3 | 1.1 | 1.3 | 1.4 | 1.0 | 1.0 | 1.1 | 1.3 |
| Price/Sales | 2.2 | 2.4 | 2.5 | 3.1 | 3.2 | 3.0 | 2.0 | 2.9 | 3.2 | 2.3 | 4.5 | 2.3 | 3.2 |
| FCF Yield | -0.7% | 11.9% | 9.4% | 9.3% | 14.4% | 10.9% | 5.8% | 12.9% | 16.4% | 5.5% | 11.1% | 13.7% | 11.6% |
| Market Cap | 394M | 393M | 602M | 608M | 549M | 646M | 572M | 754M | 650M | 480M | 482M | 572M | 731M |
| Avg. Price | 20.28 | 22.85 | 25.02 | 33.29 | 36.22 | 34.11 | 26.38 | 38.53 | 39.50 | 25.80 | 26.32 | 27.80 | 38.39 |
| Year-End Price | 23.26 | 22.98 | 34.99 | 34.96 | 31.54 | 37.00 | 32.74 | 43.04 | 37.30 | 28.12 | 27.97 | 29.65 | 38.39 |
WASHINGTON TRUST BANCORP INC passes 2 of 9 quality checks, indicating weak fundamentals.
WASHINGTON TRUST BANCORP INC trades at 14.2x trailing earnings, compared to its 15-year median P/E of 9.8x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 9.3x vs a median of 9.1x. The company's 5-year average ROIC is 8.5%. Total shareholder yield (dividends + buybacks) is 6.9%. At current prices, the estimated annualized return to fair value is -4.0%.
WASHINGTON TRUST BANCORP INC (WASH) reported annual revenue of $394 million in its most recent fiscal year, based on SEC EDGAR filings.
WASHINGTON TRUST BANCORP INC (WASH) has a net profit margin of 13.3%. This is a healthy margin.
WASHINGTON TRUST BANCORP INC (WASH) generated $78 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
WASHINGTON TRUST BANCORP INC (WASH) has a debt-to-equity ratio of 11.18. This indicates higher leverage, which may increase financial risk.
WASHINGTON TRUST BANCORP INC (WASH) reported earnings per share (EPS) of $2.71 in its most recent fiscal year.
WASHINGTON TRUST BANCORP INC (WASH) has a return on equity (ROE) of 10.0%. This indicates moderate shareholder returns.
The Ledger Terminal provides 16 years of financial data for WASHINGTON TRUST BANCORP INC (WASH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
WASHINGTON TRUST BANCORP INC (WASH) has a book value per share of $28.20, based on its most recent annual SEC filing.