WABC

MKT CAP:$1B

Westamerica Bancorporation

Market Cap

$1B

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

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$53.85+$6.02 (+12.59%)

Apr 22, 2026

Company Details

Westamerica Bancorporation operates as a bank holding company for the Westamerica Bank that provides various banking products and services to individual and commercial customers. The company accepts various deposit products, including retai...

CEO

David L. Payne

IPO Date

Mar 17, 1980

Website

www.westamerica.com

Key Metrics TTM

Revenue

$267M

-11.5% YoY

Net Income

$112M

EPS (Diluted)

$4.49

Free Cash Flow

$119M

Revenue / Share

$11.00

Gross Margin

95.0%

Operating Margin

56.6%

Net Margin

42.1%

FCF Margin

44.6%

P/S

5.0x

P/E

11.8x

Earnings Reports

Q1 2026

Mar 30, 2026

$65M-6.4%EPS $1.13

FY 2025

Feb 27, 2026

$272M-12.6%EPS $4.53

Q4 2025

Feb 27, 2026

$67M-8.5%EPS $1.12

Q3 2025

Nov 7, 2025

$67M-15.4%EPS $1.12

Q2 2025

Aug 6, 2025

$68M-14.8%EPS $1.12

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$59M	$59M	$34M
Q3 22	$73M	$72M	$47M
Q4 22	$80M	$79M	$54M
Q1 23	$80M	$81M	$55M
Q2 23	$81M	$81M	$55M
Q3 23	$84M	$83M	$57M
Q4 23	$82M	$80M	$55M
Q1 24	$79M	$76M	$49M
Q2 24	$80M	$74M	$48M
Q3 24	$80M	$74M	$48M
Q4 24	$73M	$70M	$44M
Q1 25	$70M	$67M	$42M
Q2 25	$68M	$65M	$39M
Q3 25	$67M	$64M	$38M
Q4 25	$67M	$63M	$38M
Q1 26	$65M	$62M	$36M

Valuation

Quarter	P/S	P/E
Q2 22	6.9x	16.8x
Q3 22	5.9x	13.7x
Q4 22	5.8x	12.7x
Q1 23	4.0x	8.3x
Q2 23	3.3x	6.7x
Q3 23	3.6x	7.1x
Q4 23	4.5x	9.2x
Q1 24	3.9x	8.1x
Q2 24	4.0x	8.4x
Q3 24	4.1x	9.0x
Q4 24	4.5x	10.1x
Q1 25	4.5x	10.1x
Q2 25	4.4x	10.2x
Q3 25	4.6x	10.7x
Q4 25	4.6x	10.7x
Q1 26	4.8x	11.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$32M	$32M
Q2 22	$11M	$10M
Q3 22	$29M	$29M
Q4 22	$42M	$42M
Q1 23	$55M	$55M
Q2 23	$53M	$53M
Q3 23	$59M	$58M
Q4 23	-$8M	-$8M
Q1 24	$52M	$52M
Q2 24	$19M	$19M
Q3 24	$41M	$40M
Q4 24	$30M	$29M
Q1 25	$42M	$42M
Q2 25	$24M	$23M
Q3 25	$29M	$29M
Q4 25	$27M	$25M

Capital Expenditures

Quarter	CapEx
Q1 22	$198.0K
Q2 22	$394.0K
Q3 22	$220.0K
Q4 22	$1.0K
Q1 23	$511.0K
Q2 23	$79.0K
Q3 23	$307.0K
Q4 23	$264.0K
Q1 24	$122.0K
Q2 24	$461.0K
Q3 24	$494.0K
Q4 24	$667.0K
Q1 25	$199.0K
Q2 25	$735.0K
Q3 25	$686.0K
Q4 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+7.1%	+1.4%
Q3 22	+31.8%	+0.3%
Q4 22	+47.8%	+4.7%
Q1 23	+44.9%	-0.9%
Q2 23	+37.0%	+5.3%
Q3 23	+15.8%	+7.6%
Q4 23	+3.0%	+6.4%
Q1 24	-1.7%	+17.0%
Q2 24	-2.0%	+18.9%
Q3 24	-5.2%	+17.6%
Q4 24	-11.0%	+7.8%
Q1 25	-11.5%	-4.9%
Q2 25	-14.8%	-8.6%
Q3 25	-15.4%	-7.6%
Q4 25	-8.5%	-1.3%
Q1 26	-6.4%	+3.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$339.0K	0.6%
Q2 22	$339.0K	0.6%
Q3 22	$339.0K	0.5%
Q4 22	$292.0K	0.4%
Q1 23	$339.0K	0.4%
Q2 23	$339.0K	0.4%
Q3 23	$339.0K	0.4%
Q4 23	$339.0K	0.4%
Q1 24	$364.0K	0.5%
Q2 24	$409.0K	0.5%
Q3 24	$371.0K	0.5%
Q4 24	$339.0K	0.5%
Q1 25	$300.0K	0.4%
Q2 25	$300.0K	0.4%
Q3 25	$200.0K	0.3%
Q4 25	$300.0K	0.4%

OpEx Breakdown

Quarter	G&A
Q2 22	$11M
Q3 22	$11M
Q4 22	$11M
Q1 23	$12M
Q2 23	$12M
Q3 23	$12M
Q4 23	$12M
Q1 24	$13M
Q2 24	$12M
Q3 24	$13M
Q4 24	$12M
Q1 25	$12M
Q2 25	$12M
Q3 25	$22M
Q4 25	$25M
Q1 26	$18M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$753M	$4.6B	$5.4B
Q3 22	$414M	$4.4B	$4.8B
Q4 22	$294M	$4.3B	$4.6B
Q1 23	$195M	$4.2B	$4.4B
Q2 23	$266M	$4.0B	$4.3B
Q3 23	$421M	$2.4B	$2.8B
Q4 23	$190M	$4.0B	$4.2B
Q1 24	$434M	$2.5B	$2.9B
Q2 24	$486M	$2.4B	$2.9B
Q3 24	$503M	$2.5B	$3.0B
Q4 24	$601M	$1.3B	$1.9B
Q1 25	$727M	$1.2B	$1.9B
Q2 25	$626M	$1.2B	$1.9B
Q3 25	$659M	$1.3B	$2.0B
Q4 25	$568M	$3.5B	$4.0B
Q1 26	$397M	$0	$397M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	27M	+0.1%	+0.1%
Q3 22	27M	+0.1%	+0.2%
Q4 22	27M	+0.0%	+0.2%
Q1 23	27M	-0.2%	-0.1%
Q2 23	27M	-0.8%	-0.9%
Q3 23	27M	+0.0%	-1.0%
Q4 23	27M	+0.1%	-1.0%
Q1 24	27M	+0.0%	-0.7%
Q2 24	27M	+0.0%	+0.1%
Q3 24	27M	+0.0%	+0.1%
Q4 24	27M	+0.1%	+0.1%
Q1 25	27M	-0.2%	-0.1%
Q2 25	26M	-2.8%	-3.0%
Q3 25	25M	-2.1%	-5.0%
Q4 25	25M	-1.9%	-6.9%
Q1 26	24M	-2.2%	-8.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$92.6K	640
Q3 22	$113.5K	640
Q4 22	$134.1K	594
Q1 23	$135.0K	594
Q2 23	$136.7K	594
Q3 23	$141.6K	594
Q4 23	$128.0K	641
Q1 24	$123.0K	641
Q2 24	$124.1K	641
Q3 24	$124.4K	641
Q4 24	$113.8K	642
Q1 25	$108.7K	642
Q2 25	$105.6K	642
Q3 25	$105.1K	642
Q4 25	$106.5K	627
Q1 26	$104.3K	627

Revenue / Employee