A Business at a Glance
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Waterstone Financial, Inc.
WSBF
$358M
Mkt Cap
$20.06
+3.14%
Waterstone Financial, Inc. (WSBF) has a current P/E ratio of 13.6, compared to its historical median P/E of 11.3. The stock is currently considered Fair based on its historical valuation range.
Waterstone Financial, Inc. (WSBF) has a 5-year average return on invested capital (ROIC) of 3.3%. This is below average and may indicate limited pricing power.
Waterstone Financial, Inc. (WSBF) has a market capitalization of $364M. It is classified as a small-cap stock.
Yes, Waterstone Financial, Inc. (WSBF) pays a dividend with a trailing twelve-month yield of 2.93%. The company also returns capital through share buybacks, with a buyback yield of 4.79%.
Based on historical P/E analysis, Waterstone Financial, Inc. (WSBF) appears fair. The current P/E of 13.6 is 20% above its historical median of 11.3. The estimated fair value CAGR (P/E method) is -14.6%.
Waterstone Financial, Inc. (WSBF) operates in the Savings Institution, Federally Chartered industry, within the Financials sector.
Forward-Looking Statements This Annual Report on Form 10-K may contain or incorporate by reference various forward-looking statements, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect” and similar expressions and verbs in the future tense. These forward-looking statements include, but are not limited to: Statements of our goals, intentions and expectations; Statements regarding our business plans, prospects, growth and operating strategies; Statements regarding the quality of our loan and investment portfolio; Estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 148M | 201M | 202M | 180M | 176M | 273M |
| Net Income | 29M | 26M | 19M | 9.4M | 19M | 71M |
| EPS | $1.59 | $1.48 | $1.01 | $0.46 | $0.89 | $2.96 |
| Free Cash Flow | -5.1M | 23M | 47M | -28M | 206M | 141M |
| ROIC | 3.9% | 3.4% | 2.1% | 1.1% | 2.3% | 7.7% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 1.04 | 0.97 | 0.85 | 2.20 | 1.05 | 1.03 |
| Dividends/Share | $0.59 | $0.60 | $0.60 | $0.70 | $1.38 | $1.80 |
| Operating Income | 1.4M | 33M | 1.7M | 2.0M | 2.1M | 7.2M |
| Operating Margin | 0.9% | 16.6% | 0.8% | 1.1% | 1.2% | 2.6% |
| ROE | 8.4% | 7.7% | 5.5% | 2.6% | 4.9% | 16.7% |
| Shares Outstanding | 18M | 18M | 19M | 20M | 22M | 24M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 148M | 166M | 170M | 192M | 192M | 210M | 323M | 273M | 176M | 180M | 202M | 201M | 148M |
| 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 | 69M | 82M | 127M | 97M | 98M | 102M | 139M | 135M | 100M | 84M | 81M | 80M | 82M |
| EBIT | 3.8M | 2.0M | 1.3M | 44M | 40M | 48M | 4.4M | 7.2M | 2.1M | 2.0M | 1.7M | 33M | 1.4M |
| Op. Margin | 2.6% | 1.2% | 0.8% | 23.2% | 21.0% | 22.6% | 1.4% | 2.6% | 1.2% | 1.1% | 0.8% | 16.6% | 0.9% |
| Net Income | 13M | 17M | 26M | 26M | 31M | 36M | 81M | 71M | 19M | 9.4M | 19M | 26M | 29M |
| Net Margin | 8.6% | 9.9% | 15.0% | 13.6% | 16.0% | 17.1% | 25.2% | 25.9% | 11.1% | 5.2% | 9.2% | 13.1% | 19.8% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 1.7% | 1.9% | 0.1% | 3.3% | 3.8% | 4.2% | 9.0% | 7.7% | 2.3% | 1.1% | 2.1% | 3.4% | 3.9% |
| ROE | 3.8% | 3.9% | 6.2% | 6.3% | 7.6% | 9.1% | 20.1% | 16.7% | 4.9% | 2.6% | 5.5% | 7.7% | 8.4% |
| ROA | 0.7% | 0.9% | 1.4% | 1.4% | 1.7% | 1.8% | 3.9% | 3.2% | 0.9% | 0.4% | 0.8% | 1.2% | 1.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -2.2M | -13M | -24M | 107M | 42M | -40M | -94M | 142M | 207M | -28M | 48M | 24M | -3.2M |
| Free Cash Flow | -4.2M | -16M | -25M | 106M | 38M | -43M | -95M | 141M | 206M | -28M | 47M | 23M | -5.1M |
| Owner Earnings | -5.6M | -19M | -29M | 103M | 35M | -46M | -100M | 135M | 204M | -30M | 46M | 22M | -40M |
| CapEx | 1.9M | 3.0M | 1.1M | 1.6M | 4.0M | 3.1M | 1.2M | 778K | 701K | 700K | 1.1M | 1.2M | 1.9M |
| Maint. CapEx | 3.3M | 3.1M | 2.6M | 2.1M | 4.7M | 4.7M | 5.6M | 6.0M | 1.8M | 1.7M | 1.6M | 1.6M | 36M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 3.3M | 3.1M | 2.6M | 2.1M | 4.7M | 4.7M | 5.6M | 6.0M | 1.8M | 1.7M | 1.6M | 1.6M | 36M |
| CapEx/OCF | N/A | N/A | N/A | 1.5% | 9.2% | N/A | N/A | 0.5% | 0.3% | N/A | 2.3% | 4.8% | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 5.9M | 6.9M | 27M | 27M | 26M | 32M | 30M | 30M | 15M | 11M | 11M | 11M |
| Dividend Yield | N/A | 2.6% | 2.8% | 8.6% | 8.9% | 8.5% | 11.1% | 8.0% | 9.1% | 6.2% | 4.8% | 4.4% | 2.9% |
| Share Buybacks | 0 | 73M | 3.9M | 2.2M | 19M | 23M | 36M | 10M | 48M | 26M | 15M | 16M | 17M |
| Buyback Yield | N/A | 30.0% | 1.3% | 0.7% | 6.3% | 6.5% | 10.4% | 2.4% | 15.0% | 9.8% | 6.3% | 5.6% | 4.8% |
| Stock-Based Comp | 109K | 2.8M | 1.9M | 1.9M | 1.8M | 1.1M | 716K | 745K | 583K | 277K | 316K | 297K | 362K |
| Debt Repayment | 21M | 0 | 220M | 149M | 165M | 125M | 0 | 0 | 470M | 304M | 175M | 90M | 90M |
| Balance Sheet | |||||||||||||
| Net Debt | -12M | 78M | 432M | 111M | 122M | 239M | 283M | -110M | 521M | 523M | 43M | 76M | 150M |
| Cash & Equiv. | 173M | 100M | 7.9M | 49M | 86M | 74M | 95M | 377M | -330M | 31M | 35M | 31M | 211M |
| Long-Term Debt | 434M | 441M | 387M | 386M | 435M | 484M | 508M | 477M | 387M | 611M | 447M | 412M | 413M |
| Debt/Equity | 0.96 | 1.14 | 1.10 | 0.87 | 0.99 | 1.25 | 1.30 | 1.03 | 1.05 | 2.20 | 0.85 | 0.97 | 1.04 |
| 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 | 0.1 |
| Equity | 450M | 392M | 411M | 412M | 400M | 394M | 413M | 433M | 370M | 344M | 339M | 349M | 348M |
| Total Assets | 1.8B | 1.8B | 1.8B | 1.8B | 1.9B | 2.0B | 2.2B | 2.2B | 2.0B | 2.2B | 2.2B | 2.3B | 2.3B |
| Total Liabilities | 1.3B | 1.4B | 1.4B | 1.4B | 1.5B | 1.6B | 1.8B | 1.8B | 1.7B | 1.9B | 1.9B | 1.9B | 1.9B |
| Intangibles | 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 |
| Retained Earnings | 157M | 168M | 185M | 183M | 187M | 197M | 245M | 273M | 274M | 270M | 277M | 293M | 296M |
| 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 | 0.38 | 0.56 | 0.93 | 0.93 | 1.11 | 1.37 | 3.30 | 2.96 | 0.89 | 0.46 | 1.01 | 1.48 | 1.59 |
| Owner EPS | -0.17 | -0.64 | -1.04 | 3.69 | 1.26 | -1.75 | -4.06 | 5.65 | 9.33 | -1.45 | 2.49 | 1.25 | -2.19 |
| Book Value | 13.44 | 13.26 | 14.96 | 14.76 | 14.43 | 15.02 | 16.80 | 18.10 | 16.92 | 16.88 | 18.33 | 19.59 | 19.19 |
| Cash Flow/Share | -0.07 | -0.44 | -0.88 | 3.84 | 1.50 | -1.53 | -3.81 | 5.94 | 9.44 | -1.35 | 2.60 | 1.36 | 3.61 |
| Dividends/Share | N/A | 0.20 | 0.25 | 0.98 | 0.98 | 0.98 | 1.36 | 1.80 | 1.38 | 0.70 | 0.60 | 0.60 | 0.59 |
| Shares Out. | 33.5M | 29.6M | 27.5M | 27.9M | 27.7M | 26.2M | 24.6M | 23.9M | 21.9M | 20.4M | 18.5M | 17.8M | 18.1M |
| Valuation | |||||||||||||
| P/E Ratio | 19.3 | 14.6 | 11.9 | 11.6 | 9.8 | 9.7 | 4.3 | 5.9 | 16.4 | 28.4 | 12.6 | 11.0 | 12.6 |
| P/FCF | N/A | N/A | N/A | 2.8 | 8.1 | N/A | N/A | 3.0 | 1.5 | N/A | 5.0 | 12.6 | N/A |
| EV/EBIT | 137.9 | 298.2 | 568.0 | N/A | N/A | N/A | 184.0 | 73.9 | 325.8 | 504.2 | 464.5 | N/A | 373.7 |
| Price/Book | 0.5 | 0.6 | 0.7 | 0.7 | 0.8 | 0.9 | 0.8 | 1.0 | 0.9 | 0.8 | 0.7 | 0.8 | 1.0 |
| Price/Sales | 1.7 | 1.6 | 1.5 | 1.8 | 1.8 | 1.7 | 1.0 | 1.5 | 2.0 | 1.9 | 1.7 | 1.7 | 2.5 |
| FCF Yield | -1.7% | -6.6% | -8.2% | 35.1% | 12.4% | -12.4% | -27.1% | 33.7% | 64.6% | -10.6% | 20.0% | 7.9% | -1.4% |
| Market Cap | 245M | 242M | 305M | 301M | 302M | 349M | 349M | 419M | 319M | 266M | 235M | 290M | 364M |
| Avg. Price | 6.33 | 7.55 | 9.03 | 11.27 | 11.02 | 11.67 | 11.55 | 15.79 | 15.12 | 12.25 | 12.57 | 13.75 | 20.06 |
| Year-End Price | 7.32 | 8.19 | 11.11 | 10.76 | 10.91 | 13.31 | 14.21 | 17.51 | 14.56 | 13.06 | 12.72 | 16.28 | 20.06 |
Waterstone Financial, Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
Waterstone Financial, Inc. trades at 13.6x trailing earnings, compared to its 15-year median P/E of 11.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 16.0x vs a median of 4.0x. The company's 5-year average ROIC is 3.3%. Total shareholder yield (dividends + buybacks) is 7.7%. At current prices, the estimated annualized return to fair value is +9.2%.
Waterstone Financial, Inc. (WSBF) reported annual revenue of $201 million in its most recent fiscal year, based on SEC EDGAR filings.
Waterstone Financial, Inc. (WSBF) has a net profit margin of 13.1%. This is a healthy margin.
Waterstone Financial, Inc. (WSBF) generated $23 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Waterstone Financial, Inc. (WSBF) has a debt-to-equity ratio of 0.97. This indicates moderate leverage.
Waterstone Financial, Inc. (WSBF) reported earnings per share (EPS) of $1.48 in its most recent fiscal year.
Waterstone Financial, Inc. (WSBF) has a return on equity (ROE) of 7.7%. This indicates moderate shareholder returns.
The Ledger Terminal provides 15 years of financial data for Waterstone Financial, Inc. (WSBF), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Waterstone Financial, Inc. (WSBF) has a book value per share of $19.59, based on its most recent annual SEC filing.
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