MYFW

MKT CAP:$254M

First Western Financial, Inc.

Market Cap

$254M

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

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$25.81-$0.84 (-3.15%)

Apr 22, 2026

Company Details

First Western Financial, Inc., a financial holding company, provides wealth management, private banking, personal trust, investment management, mortgage lending, and institutional asset management services. The company operates through two ...

CEO

Scott C. Wylie

IPO Date

Jul 19, 2018

Website

www.myfw.com

Key Metrics TTM

Revenue

$183M

+3.6% YoY

Net Income

$15M

EPS (Diluted)

$1.54

Free Cash Flow

-$7M

Revenue / Share

—

Gross Margin

40.0%

Operating Margin

6.9%

Net Margin

8.3%

FCF Margin

-3.9%

P/S

1.4x

P/E

16.7x

Earnings Reports

Q1 2026

Apr 23, 2026

NEW

$41M-7.7%EPS $0.63

FY 2025

Feb 27, 2026

$186M+4.8%EPS $1.34

Q4 2025

Feb 27, 2026

$48M+15.2%EPS $0.33

Q3 2025

Oct 31, 2025

$50M+10.1%EPS $0.32

Q2 2025

Aug 1, 2025

$44M-2.7%EPS $0.26

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$29M	$27M	$6M
Q3 22	$33M	$28M	$8M
Q4 22	$38M	$26M	$7M
Q1 23	$41M	$26M	$5M
Q2 23	$40M	$21M	$2M
Q3 23	$43M	$23M	$4M
Q4 23	$42M	$12M	-$4M
Q1 24	$46M	$23M	$4M
Q2 24	$45M	$20M	$1M
Q3 24	$45M	$22M	$3M
Q4 24	$42M	$22M	$4M
Q1 25	$45M	$25M	$5M
Q2 25	$44M	$22M	$3M
Q3 25	$50M	$24M	$4M
Q4 25	$48M	$27M	$5M
Q1 26	$41M	$0	$0

Valuation

Quarter	P/S	P/E
Q2 22	2.5x	14.6x
Q3 22	2.1x	13.1x
Q4 22	2.0x	11.7x
Q1 23	1.3x	9.3x
Q2 23	1.2x	10.4x
Q3 23	1.0x	12.1x
Q4 23	1.0x	33.0x
Q1 24	0.8x	35.2x
Q2 24	0.9x	47.0x
Q3 24	1.1x	77.0x
Q4 24	1.0x	21.8x
Q1 25	1.1x	18.7x
Q2 25	1.2x	18.9x
Q3 25	1.2x	17.5x
Q4 25	1.3x	19.0x
Q1 26	1.3x	15.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$2M	-$2M
Q2 22	$13M	$12M
Q3 22	$25M	$24M
Q4 22	$13M	$12M
Q1 23	$975.0K	$180.0K
Q2 23	-$6M	-$6M
Q3 23	$15M	$14M
Q4 23	$12M	$11M
Q1 24	-$2M	-$3M
Q2 24	-$11M	-$12M
Q3 24	$18M	$17M
Q4 24	-$4M	-$5M
Q1 25	$8M	$7M
Q2 25	-$9M	-$10M
Q3 25	$10M	$9M
Q4 25	-$11M	-$13M

Capital Expenditures

Quarter	CapEx
Q1 22	$45.0K
Q2 22	$1M
Q3 22	$886.0K
Q4 22	$931.0K
Q1 23	$795.0K
Q2 23	$630.0K
Q3 23	$465.0K
Q4 23	$457.0K
Q1 24	$181.0K
Q2 24	$365.0K
Q3 24	$289.0K
Q4 24	$378.0K
Q1 25	$1M
Q2 25	$575.0K
Q3 25	$1M
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+14.1%	+34.0%
Q3 22	+24.0%	+36.4%
Q4 22	+55.2%	+40.0%
Q1 23	+43.3%	+68.8%
Q2 23	+41.2%	+69.5%
Q3 23	+28.9%	+54.7%
Q4 23	+11.4%	+52.6%
Q1 24	+12.7%	+19.1%
Q2 24	+11.6%	+13.9%
Q3 24	+5.8%	+10.5%
Q4 24	+0.1%	-17.7%
Q1 25	-2.5%	-6.9%
Q2 25	-2.7%	-7.2%
Q3 25	+10.1%	+7.7%
Q4 25	+15.2%	+13.0%
Q1 26	-7.7%	+4.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$727.0K	2.6%
Q2 22	$680.0K	2.4%
Q3 22	$658.0K	2.0%
Q4 22	$497.0K	1.3%
Q1 23	$592.0K	1.5%
Q2 23	$299.0K	0.7%
Q3 23	$553.0K	1.3%
Q4 23	$399.0K	1.0%
Q1 24	$209.0K	0.5%
Q2 24	$422.0K	0.9%
Q3 24	$518.0K	1.1%
Q4 24	$337.0K	0.8%
Q1 25	$422.0K	0.9%
Q2 25	$508.0K	1.2%
Q3 25	$690.0K	1.4%
Q4 25	$553.0K	1.1%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$13M	$428.0K
Q3 22	$12M	$403.0K
Q4 22	$11M	$500.0K
Q1 23	$13M	$391.0K
Q2 23	$11M	$379.0K
Q3 23	$11M	$355.0K
Q4 23	$13M	$415.0K
Q1 24	$11M	$194.0K
Q2 24	$11M	$243.0K
Q3 24	$11M	$374.0K
Q4 24	$14M	$397.0K
Q1 25	$11M	$216.0K
Q2 25	$11M	$267.0K
Q3 25	$12M	$351.0K
Q4 25	$18M	$386.0K
Q1 26	—	$193.0K

Revenue Segments

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$171M	$0	$171M
Q3 22	$165M	$0	$165M
Q4 22	$197M	$0	$197M
Q1 23	$295M	$0	$295M
Q2 23	$298M	$0	$298M
Q3 23	$271M	$0	$271M
Q4 23	$254M	$0	$254M
Q1 24	$258M	$0	$258M
Q2 24	$246M	$0	$246M
Q3 24	$276M	$0	$276M
Q4 24	$236M	$0	$236M
Q1 25	$272M	$0	$272M
Q2 25	$232M	$0	$232M
Q3 25	$356M	$0	$356M
Q4 25	$10M	$46M	$55M
Q1 26	$264M	$42M	$306M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	10M	-0.5%	+18.3%
Q3 22	10M	-0.5%	+17.3%
Q4 22	10M	+0.3%	+15.9%
Q1 23	10M	+0.3%	-0.3%
Q2 23	10M	-0.5%	-0.3%
Q3 23	10M	+0.6%	+0.7%
Q4 23	10M	-0.0%	+0.4%
Q1 24	10M	-0.3%	-0.2%
Q2 24	10M	+0.4%	+0.7%
Q3 24	10M	+0.8%	+0.8%
Q4 24	10M	-0.3%	+0.6%
Q1 25	10M	+0.0%	+0.9%
Q2 25	10M	+0.1%	+0.6%
Q3 25	10M	+1.5%	+1.3%
Q4 25	10M	0.0%	+1.6%
Q1 26	0	-100.0%	-100.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$91.3K	313
Q3 22	$105.5K	313
Q4 22	$103.1K	365
Q1 23	$111.0K	365
Q2 23	$110.5K	365
Q3 23	$116.7K	365
Q4 23	$135.3K	310
Q1 24	$147.4K	310
Q2 24	$145.3K	310
Q3 24	$145.4K	310
Q4 24	$130.9K	321
Q1 25	$138.8K	321
Q2 25	$136.5K	321
Q3 25	$154.6K	321
Q4 25	$151.2K	320
Q1 26	$128.5K	320

Revenue / Employee