BWB Financial Services

Bridgewater Bancshares, Inc.

$20.32-1.45%

Price as of close on Nov 3, 2026 · Financials updated Nov 2, 2026

Basics

Sector: Financial Services
Industry: Banks - Regional
Country: United States
Market cap: 569.2M USD
Full-time employees: 360

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings
About average: profitability

Ranks #159 of 791 banks & insurance companies (top 21%)

Based on 3 categories: banks and insurers are not rated on risk.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $12M vs $12M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed +0.5% from December 2022 to July 2026.
Over three fiscal years Bridgewater Bancshares recorded $12M of stock-based pay expense and spent $12M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Bridgewater Bancshares recorded $12M of stock-based pay expense and spent $12M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Fast revenue growth. Revenue grew 32% in the 12 months to June 2026 vs the 12 months before, faster than 88% of peers.
Revenue grew 32% in the 12 months to June 2026 vs the 12 months before, faster than 88% of its peers.

StockQuotient Score

64/ 100▼ 1 since Oct 27 close

Oct 5 65 → Nov 4 64 (-1)

Valuation

Is the price right?

71/100

Moderate

2/2 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Stronger than most peers on:

▲ Earnings yield
▲ P/B

Compare with peers

Behind the score

Earnings yield (P/E) and book yield (P/B) versus other banks and insurers.

Book yield96.7%

SEC filings · latest balance sheetReported value40% base weight · Z-score 0.60Sector median: 0.7950 · MAD: 0.2843

Earnings yield9.9%

SEC filings · 12 months to Jun 2026Reported value60% base weight · Z-score 0.81Sector median: 0.0789 · MAD: 0.0253

Other data (not scored)

EBITDA yieldUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.1095 · MAD: 0.0527

Free cash flow yield6.4%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported valueInformational · 0% composite weightSector median: 0.0796 · MAD: 0.0459

Growth

Is it growing?

80/100

Strong

1/1 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ EPS growth

Compare with peers

Behind the score

Earnings-per-share growth versus other banks and insurers.

Earnings per share growth46.0%

SEC filings · 12 months to Jun 2026Reported value100% base weight · Z-score 1.69Sector median: 0.1599 · MAD: 0.1775

Other data (not scored)

3-year revenue growth1.6%

Yahoo Finance fallback · SEC figure unavailable or out of date · 3 fiscal years to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.0826 · MAD: 0.0558

Revenue growth31.8%

Yahoo Finance fallback · SEC figure unavailable or out of date · fiscal year to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.0866 · MAD: 0.0782

Profitability

Does it earn well?

42/100

Moderate▼ 1 since Oct 27 close

2/2 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Score 43 → 42

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Return on equity and return on assets versus other banks and insurers.

Return on assets1.0%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.21Sector median: 0.0117 · MAD: 0.0062

Return on equity10.3%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.12Sector median: 0.1074 · MAD: 0.0388

Other data (not scored)

Gross marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Operating marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.1450 · MAD: 0.1678

Return on invested capitalUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Risk

Debt, liquidity, price swings

Not rated

Not rated for banks and insurers: debt and share-price swings say little about their risk. We leave it blank rather than fill the gap with a made-up middle value.

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Bridgewater Bancshares

Is Bridgewater Bancshares getting weaker?: Its latest SEC filing (Jul 30, 2026) showed no major changes. Its overall score is 64/100, down 1 since Oct 28, 2026.
How is Bridgewater Bancshares valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 71/100 against 950 banks & insurance peers. Earnings yield 9.9% vs a peer median of 7.9% (stronger than 70% of peers).Earnings yield 9.9% vs peers 7.9% (stronger than 70% of peers).
Is Bridgewater Bancshares growing?: Yes, faster than most of its peers. Growth scores 80/100 against 950 banks & insurance peers. Earnings per share growth 46.0% vs a peer median of 16.0% (stronger than 80% of peers).Earnings per share growth 46.0% vs peers 16.0% (stronger than 80% of peers).
How profitable is Bridgewater Bancshares?: About as profitable as its peers. Profitability scores 42/100 against 950 banks & insurance peers.
How risky is Bridgewater Bancshares?: Not rated for banks and insurers: debt and share-price swings say little about their risk.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 30, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Net income (12 months)	53.9M USD	56.3M USD	+4.6%
Free cash flow (12 months)	29.5M USD	36.5M USD	+23.4%
Cash	222.2M USD	169.8M USD	−23.6%
Shares outstanding	27.9M	27.9M	+0.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Banks - Regional · 119 companies

Valuations in Banks - Regional are within their usual range since 2016.

45% of months since 2016 were valued lower than now.
14% of companies are in the most expensive fifth of their own price-to-book history.
Over 24 months, company values +29% and earnings +32% (medians): prices and earnings moved broadly together.
Median price-to-book is −61% vs the whole market, against a usual −59%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Return on assets (ROA)	1.3%	1.2%	0.9%	0.6%	0.9%	▲ 0.2 pts
Return on equity (ROE)	12.0%	13.5%	9.4%	7.2%	8.9%	▲ 1.7 pts
Debt to equity	—	0.03×	0.03×	0.03×	—	—

BWB price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings

About average: profitability

Ranks #159 of 791 banks & insurance companies (top 21%)

Based on 3 categories: banks and insurers are not rated on risk.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $12M vs $12M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed +0.5% from December 2022 to July 2026.

Over three fiscal years Bridgewater Bancshares recorded $12M of stock-based pay expense and spent $12M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Bridgewater Bancshares recorded $12M of stock-based pay expense and spent $12M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

Fast revenue growth. Revenue grew 32% in the 12 months to June 2026 vs the 12 months before, faster than 88% of peers.

Revenue grew 32% in the 12 months to June 2026 vs the 12 months before, faster than 88% of its peers.

Questions investors ask about Bridgewater Bancshares

Is Bridgewater Bancshares getting weaker?

Its latest SEC filing (Jul 30, 2026) showed no major changes. Its overall score is 64/100, down 1 since Oct 28, 2026.

How is Bridgewater Bancshares valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 71/100 against 950 banks & insurance peers. Earnings yield 9.9% vs a peer median of 7.9% (stronger than 70% of peers).Earnings yield 9.9% vs peers 7.9% (stronger than 70% of peers).

Is Bridgewater Bancshares growing?

Yes, faster than most of its peers. Growth scores 80/100 against 950 banks & insurance peers. Earnings per share growth 46.0% vs a peer median of 16.0% (stronger than 80% of peers).Earnings per share growth 46.0% vs peers 16.0% (stronger than 80% of peers).

How profitable is Bridgewater Bancshares?

About as profitable as its peers. Profitability scores 42/100 against 950 banks & insurance peers.

How risky is Bridgewater Bancshares?

Not rated for banks and insurers: debt and share-price swings say little about their risk.

Previous quarter

Latest quarter

Change

Net income (12 months)

53.9M USD

56.3M USD

+4.6%

Free cash flow (12 months)

29.5M USD

36.5M USD

+23.4%

Cash

222.2M USD

169.8M USD

−23.6%

Shares outstanding

27.9M

27.9M

+0.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Return on assets (ROA)

1.3%

1.2%

0.9%

0.6%

0.9%

▲ 0.2 pts

Return on equity (ROE)

12.0%

13.5%

9.4%

7.2%

8.9%

▲ 1.7 pts

Debt to equity

—

0.03×

—