BWFG

MKT CAP:$399M

Bankwell Financial Group, Inc.

Market Cap

$399M

Financial Services·Banks - Regional·🇺🇸 United States·NASDAQ

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$50.37+$5.31 (+11.78%)

Apr 23, 2026

Company Details

Bankwell Financial Group, Inc. operates as the bank holding company for Bankwell Bank that provides various banking services for individual and commercial customers. It offers various traditional depository products, including checking, sav...

CEO

Christopher R. Gruseke

IPO Date

Apr 5, 2010

Website

www.mybankwell.com

Key Metrics TTM

Revenue

$208M

+6.0% YoY

Net Income

$40M

EPS (Diluted)

$4.98

Free Cash Flow

-$5M

Revenue / Share

$26.70

Gross Margin

40.4%

Operating Margin

25.9%

Net Margin

19.0%

FCF Margin

-2.4%

P/S

1.9x

P/E

10.1x

Earnings Reports

Q1 2026

Apr 22, 2026

NEW

$51M+1.1%EPS $1.41

FY 2025

Mar 4, 2026

$208M+6.1%EPS $4.45

Q4 2025

Mar 4, 2026

$54M+10.6%EPS $1.15

Q3 2025

Nov 5, 2025

$53M+7.6%EPS $1.27

Q2 2025

Aug 6, 2025

$51M+4.8%EPS $1.15

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$28M	$26M	$15M
Q3 22	$30M	$23M	$12M
Q4 22	$40M	$23M	$11M
Q1 23	$46M	$26M	$14M
Q2 23	$48M	$23M	$10M
Q3 23	$49M	$25M	$13M
Q4 23	$51M	$24M	$11M
Q1 24	$49M	$18M	$5M
Q2 24	$48M	$14M	$1M
Q3 24	$49M	$16M	$3M
Q4 24	$49M	$17M	$4M
Q1 25	$50M	$23M	$9M
Q2 25	$51M	$26M	$12M
Q3 25	$53M	$28M	$13M
Q4 25	$54M	$30M	$14M
Q1 26	$51M	$0	$14M

Valuation

Quarter	P/S	P/E
Q2 22	2.5x	6.9x
Q3 22	2.2x	6.0x
Q4 22	1.8x	5.7x
Q1 23	1.3x	4.8x
Q2 23	1.2x	5.3x
Q3 23	1.0x	5.1x
Q4 23	1.2x	6.1x
Q1 24	1.0x	6.5x
Q2 24	1.0x	8.5x
Q3 24	1.2x	15.1x
Q4 24	1.2x	24.7x
Q1 25	1.2x	18.1x
Q2 25	1.4x	13.2x
Q3 25	1.7x	12.0x
Q4 25	1.7x	10.3x
Q1 26	1.8x	9.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$22M	$21M
Q2 22	$25M	$22M
Q3 22	$18M	$18M
Q4 22	$18M	$17M
Q1 23	$7M	$6M
Q2 23	$13M	$12M
Q3 23	$13M	$13M
Q4 23	-$527.0K	-$773.0K
Q1 24	$9M	$9M
Q2 24	$7M	$7M
Q3 24	-$557.0K	-$672.0K
Q4 24	$14M	$14M
Q1 25	$4M	$4M
Q2 25	$6M	$6M
Q3 25	$10M	$10M
Q4 25	-$24M	-$25M

Capital Expenditures

Quarter	CapEx
Q1 22	$825.0K
Q2 22	$3M
Q3 22	$628.0K
Q4 22	$611.0K
Q1 23	$707.0K
Q2 23	$948.0K
Q3 23	$144.0K
Q4 23	$246.0K
Q1 24	$83.0K
Q2 24	$369.0K
Q3 24	$115.0K
Q4 24	$46.0K
Q1 25	$97.0K
Q2 25	$378.0K
Q3 25	$404.0K
Q4 25	$572.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+27.8%	-11.2%
Q3 22	+36.4%	+38.1%
Q4 22	+76.6%	+131.2%
Q1 23	+97.0%	+149.2%
Q2 23	+74.1%	+213.6%
Q3 23	+63.0%	+95.7%
Q4 23	+25.9%	+32.3%
Q1 24	+7.4%	+36.7%
Q2 24	+0.9%	+24.3%
Q3 24	+0.6%	+28.8%
Q4 24	-3.4%	+14.6%
Q1 25	+1.6%	-7.0%
Q2 25	+4.8%	-17.1%
Q3 25	+7.6%	-15.1%
Q4 25	+10.6%	-11.2%
Q1 26	+1.1%	-11.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$541.0K	2.3%
Q2 22	$717.0K	2.6%
Q3 22	$634.0K	2.1%
Q4 22	$470.0K	1.2%
Q1 23	$702.0K	1.5%
Q2 23	$666.0K	1.4%
Q3 23	$641.0K	1.3%
Q4 23	$1M	2.1%
Q1 24	$1M	2.2%
Q2 24	$622.0K	1.3%
Q3 24	$623.0K	1.3%
Q4 24	$679.0K	1.4%
Q1 25	$243.0K	0.5%
Q2 25	$681.0K	1.3%
Q3 25	$657.0K	1.2%
Q4 25	$765.0K	1.4%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$6M	$107.0K
Q3 22	$6M	$102.0K
Q4 22	$7M	$112.0K
Q1 23	$8M	$151.0K
Q2 23	$8M	$177.0K
Q3 23	$7M	$184.0K
Q4 23	$8M	$139.0K
Q1 24	$8M	$114.0K
Q2 24	$7M	$90.0K
Q3 24	$7M	$73.0K
Q4 24	$6M	$175.0K
Q1 25	$8M	$142.0K
Q2 25	$9M	$218.0K
Q3 25	$9M	$140.0K
Q4 25	$9M	$108.0K
Q1 26	—	$126.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$150M	$95M	$244M
Q3 22	$212M	$95M	$307M
Q4 22	$345M	$104M	$449M
Q1 23	$250M	$103M	$353M
Q2 23	$207M	$100M	$307M
Q3 23	$257M	$98M	$355M
Q4 23	$268M	$10M	$277M
Q1 24	$245M	$108M	$353M
Q2 24	$234M	$108M	$342M
Q3 24	$276M	$109M	$385M
Q4 24	$294M	$32M	$325M
Q1 25	$292M	$22M	$314M
Q2 25	$314M	$42M	$356M
Q3 25	$290M	$28M	$317M
Q4 25	$225M	$2M	$227M
Q1 26	$209M	$2M	$211M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	8M	-1.4%	-2.0%
Q3 22	8M	-0.0%	-1.6%
Q4 22	8M	-0.6%	-2.1%
Q1 23	8M	+0.7%	-1.3%
Q2 23	8M	-0.2%	-0.2%
Q3 23	8M	+0.4%	+0.3%
Q4 23	8M	+0.2%	+1.2%
Q1 24	8M	+0.5%	+0.9%
Q2 24	8M	+0.8%	+1.9%
Q3 24	8M	-0.3%	+1.1%
Q4 24	8M	+0.1%	+1.0%
Q1 25	8M	+0.2%	+0.7%
Q2 25	8M	+0.7%	+0.6%
Q3 25	8M	+0.6%	+1.6%
Q4 25	8M	+0.2%	+1.7%
Q1 26	8M	-0.7%	+0.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$221.9K	124
Q3 22	$242.6K	124
Q4 22	$295.0K	136
Q1 23	$336.9K	136
Q2 23	$352.3K	136
Q3 23	$360.7K	136
Q4 23	$401.0K	126
Q1 24	$390.4K	126
Q2 24	$383.8K	126
Q3 24	$391.6K	126
Q4 24	$338.9K	144
Q1 25	$347.1K	144
Q2 25	$351.8K	144
Q3 25	$368.7K	144
Q4 25	$323.3K	167
Q1 26	$302.6K	167

Revenue / Employee