WSBF

MKT CAP:$328M

Waterstone Financial, Inc.

Market Cap

$328M

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

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$18.11+$1.65 (+10.02%)

Apr 22, 2026

Company Details

Waterstone Financial, Inc. operates as a bank holding company for WaterStone Bank SSB that provides various financial services to customers in southeastern Wisconsin, the United States. It operates in two segments, Community Banking and Mor...

CEO

William F. Bruss

IPO Date

Oct 5, 2005

Website

www.wsbonline.com

Key Metrics TTM

Revenue

$187M

-4.8% YoY

Net Income

$29M

EPS (Diluted)

$1.65

Free Cash Flow

$475.0K

Revenue / Share

$10.71

Gross Margin

61.2%

Operating Margin

15.8%

Net Margin

15.7%

FCF Margin

0.3%

P/S

1.8x

P/E

11.2x

Earnings Reports

Q1 2026

Apr 23, 2026

NEW

$29M-34.0%EPS $0.34

FY 2025

Feb 26, 2026

$202M+1.1%EPS $1.48

Q4 2025

Feb 26, 2026

$54M+14.2%EPS $0.44

Q3 2025

Nov 6, 2025

$51M+0.2%EPS $0.44

Q2 2025

Aug 7, 2025

$52M-2.7%EPS $0.43

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$47M	$44M	$10M
Q3 22	$44M	$41M	$7M
Q4 22	$37M	$31M	$658.0K
Q1 23	$39M	$31M	$3M
Q2 23	$47M	$35M	$5M
Q3 23	$48M	$33M	$4M
Q4 23	$43M	$28M	-$595.0K
Q1 24	$47M	$31M	$5M
Q2 24	$54M	$37M	$7M
Q3 24	$51M	$34M	$6M
Q4 24	$48M	$31M	$6M
Q1 25	$44M	$29M	$4M
Q2 25	$52M	$37M	$10M
Q3 25	$51M	$37M	$10M
Q4 25	$54M	$40M	$10M
Q1 26	$29M	$0	$0

Valuation

Quarter	P/S	P/E
Q2 22	1.8x	8.5x
Q3 22	1.9x	11.7x
Q4 22	2.1x	18.5x
Q1 23	1.8x	18.5x
Q2 23	1.7x	23.7x
Q3 23	1.2x	20.2x
Q4 23	1.5x	28.1x
Q1 24	1.2x	22.2x
Q2 24	1.3x	20.5x
Q3 24	1.4x	20.3x
Q4 24	1.2x	13.0x
Q1 25	1.3x	13.4x
Q2 25	1.3x	12.2x
Q3 25	1.4x	11.8x
Q4 25	1.5x	11.2x
Q1 26	1.7x	11.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$143M	$142M
Q2 22	-$24M	-$25M
Q3 22	$17M	$17M
Q4 22	$71M	$71M
Q1 23	-$35M	-$35M
Q2 23	-$40M	-$40M
Q3 23	$48M	$48M
Q4 23	-$999.0K	-$1M
Q1 24	-$10M	-$10M
Q2 24	-$40M	-$40M
Q3 24	$74M	$74M
Q4 24	$23M	$23M
Q1 25	$27M	$26M
Q2 25	-$38M	-$39M
Q3 25	$33M	$32M
Q4 25	-$19M	-$20M

Capital Expenditures

Quarter	CapEx
Q1 22	$121.0K
Q2 22	$329.0K
Q3 22	$191.0K
Q4 22	$60.0K
Q1 23	$52.0K
Q2 23	$104.0K
Q3 23	$127.0K
Q4 23	$417.0K
Q1 24	$390.0K
Q2 24	$161.0K
Q3 24	$194.0K
Q4 24	$354.0K
Q1 25	$265.0K
Q2 25	$59.0K
Q3 25	$295.0K
Q4 25	$589.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	-32.3%	-19.1%
Q3 22	-35.9%	-16.1%
Q4 22	-36.3%	-14.1%
Q1 23	-9.2%	+0.1%
Q2 23	+0.7%	+15.0%
Q3 23	+7.8%	+17.3%
Q4 23	+16.6%	+20.4%
Q1 24	+19.5%	+15.5%
Q2 24	+14.6%	+11.4%
Q3 24	+6.6%	+2.3%
Q4 24	+11.1%	-4.7%
Q1 25	-6.7%	-5.4%
Q2 25	-2.7%	-8.6%
Q3 25	+0.2%	-8.5%
Q4 25	+14.2%	+7.0%
Q1 26	-34.0%	-27.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$170.0K	0.4%
Q2 22	$160.0K	0.3%
Q3 22	$138.0K	0.3%
Q4 22	$115.0K	0.3%
Q1 23	$106.0K	0.3%
Q2 23	$82.0K	0.2%
Q3 23	$34.0K	0.1%
Q4 23	$55.0K	0.1%
Q1 24	$6.0K	0.0%
Q2 24	$100.0K	0.2%
Q3 24	$105.0K	0.2%
Q4 24	$105.0K	0.2%
Q1 25	$82.0K	0.2%
Q2 25	$106.0K	0.2%
Q3 25	$148.0K	0.3%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$26M	$962.0K
Q3 22	$26M	$1M
Q4 22	$21M	$972.0K
Q1 23	$20M	$889.0K
Q2 23	$22M	$944.0K
Q3 23	$22M	$916.0K
Q4 23	$20M	$1M
Q1 24	$20M	$914.0K
Q2 24	$22M	$987.0K
Q3 24	$21M	$926.0K
Q4 24	$18M	$727.0K
Q1 25	$2M	$723.0K
Q2 25	$500.0K	$746.0K
Q3 25	$21M	$712.0K
Q4 25	—	$696.0K
Q1 26	$383.0K	$617.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$107M	$201M	$308M
Q3 22	$57M	$197M	$254M
Q4 22	$36M	$197M	$233M
Q1 23	$46M	$200M	$247M
Q2 23	$54M	$195M	$249M
Q3 23	$56M	$194M	$251M
Q4 23	$31M	$205M	$236M
Q1 24	$42M	$205M	$246M
Q2 24	$36M	$205M	$241M
Q3 24	$36M	$213M	$249M
Q4 24	$35M	$156M	$191M
Q1 25	$38M	$214M	$251M
Q2 25	$63M	$219M	$282M
Q3 25	$50M	$166M	$217M
Q4 25	$64M	$231M	$294M
Q1 26	$39M	$237M	$276M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	22M	-4.6%	-7.5%
Q3 22	21M	-3.5%	-10.5%
Q4 22	21M	-1.8%	-11.5%
Q1 23	21M	-0.4%	-10.0%
Q2 23	20M	-2.6%	-8.1%
Q3 23	20M	-2.0%	-6.7%
Q4 23	19M	-3.1%	-7.9%
Q1 24	19M	-1.9%	-9.3%
Q2 24	19M	-2.5%	-9.1%
Q3 24	18M	-0.7%	-7.9%
Q4 24	18M	-0.3%	-5.2%
Q1 25	18M	-0.6%	-4.0%
Q2 25	18M	-1.5%	-3.0%
Q3 25	18M	-0.1%	-2.5%
Q4 25	18M	-0.7%	-2.9%
Q1 26	17M	-2.4%	-4.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$53.5K	870
Q3 22	$51.0K	870
Q4 22	$49.5K	742
Q1 23	$53.1K	742
Q2 23	$63.1K	742
Q3 23	$64.5K	742
Q4 23	$61.3K	698
Q1 24	$67.5K	698
Q2 24	$76.9K	698
Q3 24	$73.1K	698
Q4 24	$79.3K	600
Q1 25	$73.2K	600
Q2 25	$87.0K	600
Q3 25	$85.3K	600
Q4 25	$91.6K	593
Q1 26	$48.9K	593

Revenue / Employee