A Business at a Glance
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WEST BANCORPORATION INC
WTBA
$462M
Mkt Cap
$27.27
+0.29%
WEST BANCORPORATION INC (WTBA) has a current P/E ratio of 14.2, compared to its historical median P/E of 11.3. The stock is currently considered Expensive based on its historical valuation range.
WEST BANCORPORATION INC (WTBA) has a 5-year average return on invested capital (ROIC) of 14.0%. This indicates solid capital allocation.
WEST BANCORPORATION INC (WTBA) has a market capitalization of $464M. It is classified as a small-cap stock.
Yes, WEST BANCORPORATION INC (WTBA) pays a dividend with a trailing twelve-month yield of 3.65%.
Based on historical P/E analysis, WEST BANCORPORATION INC (WTBA) appears expensive. The current P/E of 14.2 is 26% above its historical median of 11.3. The estimated fair value CAGR (P/E method) is -2.9%.
WEST BANCORPORATION INC (WTBA) operates in the State Commercial Banks industry, within the Financials sector.
WEST BANCORPORATION INC (WTBA) reported annual revenue of $198 million in its most recent fiscal year, based on SEC EDGAR filings.
General Development of Business West Bancorporation, Inc. (the Company or West Bancorporation) is an Iowa corporation and a financial holding company registered under the Bank Holding Company Act of 1956, as amended (BHCA). The Company was formed in 1984 to own West Bank, an Iowa-chartered bank headquartered in West Des Moines, Iowa. West Bank is a business-focused community bank that was organized in 1893. The Company’s primary activity during 2025 was the ownership of West Bank. The Company’s and West Bank’s only business is banking, and therefore, no segment information is presented in this report. For additional information regarding the Company’s segment reporting, see Note 1 of the Notes to the Consolidated Financial Statements included in Item 8 of this Form 10-K .
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 99M | 198M | 199M | 170M | 134M | 117M |
| Net Income | 35M | 33M | 24M | 24M | 46M | 50M |
| EPS | $2.08 | $1.92 | $1.42 | $1.44 | $2.76 | $2.95 |
| Free Cash Flow | 47M | 43M | 14M | -11M | 38M | 49M |
| ROIC | 13.0% | 13.1% | 10.5% | 11.0% | 17.7% | 17.8% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.00 | 0.15 | 0.01 | 0.68 | 0.96 | 0.26 |
| Dividends/Share | $0.99 | $1.00 | $1.00 | $1.00 | $1.00 | $0.94 |
| Operating Income | 1.7M | 1.8M | 1.3M | 1.4M | 59M | 63M |
| Operating Margin | 1.8% | 0.9% | 0.6% | 0.8% | 44.5% | 53.8% |
| ROE | 13.0% | 13.2% | 10.6% | 11.1% | 19.7% | 20.5% |
| Shares Outstanding | 17M | 17M | 17M | 17M | 17M | 17M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 66M | 68M | 65M | 82M | 70M | 107M | 110M | 117M | 134M | 170M | 199M | 198M | 99M |
| 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 | 16M | 16M | 31M | 18M | 35M | 22M | 22M | 23M | 26M | 27M | 28M | 29M | 30M |
| EBIT | 27M | 1.7M | 1.2M | 1.3M | N/A | 1.6M | 41M | 63M | 59M | 1.4M | 1.3M | 1.8M | 1.7M |
| Op. Margin | 40.7% | 2.5% | 1.9% | 1.6% | N/A | 1.5% | 37.7% | 53.8% | 44.5% | 0.8% | 0.6% | 0.9% | 1.8% |
| Net Income | 20M | 22M | 23M | 23M | 29M | 29M | 33M | 50M | 46M | 24M | 24M | 33M | 35M |
| Net Margin | 30.6% | 31.8% | 35.4% | 28.2% | 40.8% | 26.8% | 29.8% | 42.4% | 34.7% | 14.2% | 12.1% | 16.4% | 35.6% |
| Non-Recurring | 2.9M | -6K | 0 | 0 | 0 | 307K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 13.7% | 13.9% | 1.0% | 12.4% | N/A | 12.7% | 13.6% | 17.8% | 17.7% | 11.0% | 10.5% | 13.1% | 13.0% |
| ROE | 15.2% | 14.9% | 13.9% | 13.4% | 14.9% | 14.2% | 15.0% | 20.5% | 19.7% | 11.1% | 10.6% | 13.2% | 13.0% |
| ROA | 1.3% | 1.3% | 1.2% | 1.2% | 1.2% | 1.2% | 1.2% | 1.5% | 1.3% | 0.6% | 0.6% | 0.8% | 0.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 26M | 31M | 30M | 29M | 35M | 37M | 42M | 58M | 59M | 25M | 40M | 46M | 50M |
| Free Cash Flow | 21M | 29M | 17M | 28M | 35M | 36M | 40M | 49M | 38M | -11M | 14M | 43M | 47M |
| Owner Earnings | 25M | 29M | 28M | 25M | 31M | 33M | 38M | 54M | 55M | 20M | 34M | 39M | 30M |
| CapEx | 5.3M | 2.5M | 13M | 1.1M | 210K | 1.0M | 2.3M | 8.7M | 21M | 36M | 26M | 3.3M | 2.3M |
| Maint. CapEx | 853K | 921K | 1.0M | 1.3M | 1.4M | 1.4M | 1.5M | 1.5M | 1.5M | 1.9M | 3.7M | 4.5M | 17M |
| Growth CapEx | 4.4M | 1.6M | 12M | 0 | 0 | 0 | 820K | 7.2M | 20M | 35M | 22M | 0 | 0 |
| D&A | 853K | 921K | 1.0M | 1.3M | 1.4M | 1.4M | 1.5M | 1.5M | 1.5M | 1.9M | 3.7M | 4.5M | 17M |
| CapEx/OCF | 20.2% | 8.1% | 42.3% | 3.6% | 0.6% | 2.8% | 5.5% | 15.1% | 35.9% | 144.1% | 65.7% | 7.2% | 4.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 7.8M | 10.0M | 11M | 11M | 13M | 14M | 14M | 16M | 17M | 17M | 17M | 17M | 17M |
| Dividend Yield | 5.2% | 5.1% | 5.2% | 4.3% | 4.5% | 5.1% | 5.8% | 4.2% | 4.7% | 6.1% | 5.6% | 5.0% | 3.6% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 633K | 1.2M | 1.7M | 2.6M | 2.7M | 3.0M | 2.3M | 2.6M | 3.4M | 3.1M | 2.5M | 2.7M | 2.8M |
| Debt Repayment | 3.3M | 4.3M | 3.3M | 4.2M | 7.4M | 4.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 39M | -45M | -77M | -12M | -66M | -30M | -759M | -884M | -489M | -536M | -485M | -902M | -724M |
| Cash & Equiv. | 40M | 73M | 41M | 35M | 46M | 53M | 396M | 193M | 27M | 65M | 243M | 471M | 724M |
| Long-Term Debt | 13M | 8.4M | 5.1M | 23M | 27M | 23M | 22M | 52M | 1.7M | 2.8M | 2.4M | 2.0M | 397K |
| Debt/Equity | 0.56 | 0.18 | 0.03 | 0.13 | 0.14 | 0.11 | 0.26 | 0.26 | 0.96 | 0.68 | 0.01 | 0.15 | 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 | 140M | 152M | 165M | 178M | 191M | 212M | 224M | 260M | 211M | 225M | 228M | 266M | 271M |
| Total Assets | 1.6B | 1.7B | 1.9B | 2.1B | 2.3B | 2.5B | 3.2B | 3.5B | 3.6B | 3.8B | 4.0B | 4.1B | 4.0B |
| Total Liabilities | 1.5B | 1.6B | 1.7B | 1.9B | 2.1B | 2.3B | 3.0B | 3.2B | 3.4B | 3.6B | 3.8B | 3.9B | 3.7B |
| Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 118M | 130M | 142M | 154M | 170M | 185M | 204M | 238M | 268M | 271M | 279M | 294M | 301M |
| 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 | 1.25 | 1.35 | 1.42 | 1.41 | 1.74 | 1.74 | 1.98 | 2.95 | 2.76 | 1.44 | 1.42 | 1.92 | 2.08 |
| Owner EPS | 1.55 | 1.81 | 1.70 | 1.55 | 1.87 | 1.97 | 2.33 | 3.20 | 3.25 | 1.21 | 1.98 | 2.31 | 1.76 |
| Book Value | 8.74 | 9.46 | 10.20 | 10.89 | 11.66 | 12.85 | 13.54 | 15.48 | 12.56 | 13.43 | 13.45 | 15.68 | 15.90 |
| Cash Flow/Share | 1.64 | 1.94 | 1.87 | 1.79 | 2.12 | 2.24 | 2.56 | 3.44 | 3.54 | 1.51 | 2.35 | 2.74 | 3.07 |
| Dividends/Share | 0.49 | 0.62 | 0.67 | 0.71 | 0.77 | 0.83 | 0.84 | 0.94 | 1.00 | 1.00 | 1.00 | 1.00 | 0.99 |
| Shares Out. | 16.0M | 16.1M | 16.2M | 16.4M | 16.4M | 16.5M | 16.5M | 16.8M | 16.8M | 16.8M | 16.9M | 17.0M | 17.0M |
| Valuation | |||||||||||||
| P/E Ratio | 8.6 | 9.9 | 11.8 | 12.8 | 8.1 | 11.0 | 7.7 | 8.6 | 7.7 | 13.6 | 14.5 | 11.6 | 13.1 |
| P/FCF | 8.2 | 7.5 | 15.5 | 10.4 | 6.7 | 8.8 | 6.3 | 8.7 | 9.4 | N/A | 25.5 | 8.8 | 9.8 |
| EV/EBIT | N/A | 82.3 | 158.6 | 194.9 | N/A | 164.5 | N/A | N/A | N/A | N/A | 93.5 | N/A | -149.1 |
| Price/Book | 1.2 | 1.4 | 1.6 | 1.7 | 1.2 | 1.5 | 1.1 | 1.6 | 1.7 | 1.5 | 1.5 | 1.4 | 1.7 |
| Price/Sales | 2.5 | 3.1 | 3.2 | 3.9 | 4.0 | 3.6 | 2.6 | 3.5 | 3.5 | 3.5 | 3.7 | 3.5 | 4.7 |
| FCF Yield | 12.2% | 13.4% | 6.4% | 9.6% | 14.9% | 11.4% | 15.8% | 11.5% | 10.6% | -3.4% | 3.9% | 11.4% | 10.2% |
| Market Cap | 172M | 215M | 272M | 295M | 232M | 316M | 253M | 426M | 359M | 328M | 348M | 379M | 464M |
| Avg. Price | 9.40 | 12.16 | 12.89 | 16.21 | 17.16 | 16.13 | 14.30 | 22.05 | 21.09 | 16.36 | 17.65 | 19.81 | 27.27 |
| Year-End Price | 10.76 | 13.33 | 16.77 | 18.02 | 14.16 | 19.15 | 15.34 | 25.32 | 21.37 | 19.56 | 20.55 | 22.32 | 27.27 |
WEST BANCORPORATION INC passes 4 of 9 quality checks, suggesting mixed fundamentals.
WEST BANCORPORATION INC trades at 14.2x trailing earnings, compared to its 15-year median P/E of 11.3x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 10.7x vs a median of 8.8x. The company's 5-year average ROIC is 14.0%. Total shareholder yield (dividends) is 3.6%. At current prices, the estimated annualized return to fair value is -12.9%.
WEST BANCORPORATION INC (WTBA) has a net profit margin of 16.4%. This is a healthy margin.
WEST BANCORPORATION INC (WTBA) generated $43 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
WEST BANCORPORATION INC (WTBA) has a debt-to-equity ratio of 0.15. This indicates a conservatively financed balance sheet.
WEST BANCORPORATION INC (WTBA) reported earnings per share (EPS) of $1.92 in its most recent fiscal year.
WEST BANCORPORATION INC (WTBA) has a return on equity (ROE) of 13.2%. This indicates moderate shareholder returns.
The Ledger Terminal provides 17 years of financial data for WEST BANCORPORATION INC (WTBA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
WEST BANCORPORATION INC (WTBA) has a book value per share of $15.68, based on its most recent annual SEC filing.
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