WTBA

MKT CAP:$407M

West Bancorporation, Inc.

Market Cap

$407M

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

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$23.92+$2.15 (+9.88%)

Apr 24, 2026

Company Details

West Bancorporation, Inc. operates as the financial holding company for West Bank that provides community banking and trust services to individuals and small- to medium-sized businesses in the United States. It accepts various deposit produ...

CEO

David D. Nelson

IPO Date

May 3, 1999

Website

www.westbankstrong.com

Key Metrics TTM

Revenue

$200M

+0.2% YoY

Net Income

$35M

EPS (Diluted)

$2.07

Free Cash Flow

$48M

Revenue / Share

$11.74

Gross Margin

49.4%

Operating Margin

22.4%

Net Margin

17.7%

FCF Margin

23.9%

P/S

2.0x

P/E

11.5x

Earnings Reports

Q1 2026

Apr 23, 2026

NEW

$50M+3.7%EPS $0.61

FY 2025

Feb 26, 2026

$198M+0.3%EPS $1.92

Q4 2025

Feb 26, 2026

$48M-4.5%EPS $0.44

Q3 2025

Oct 23, 2025

$51M+0.9%EPS $0.55

Q2 2025

Jul 24, 2025

$50M+0.9%EPS $0.47

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$31M	$28M	$17M
Q3 22	$35M	$26M	$15M
Q4 22	$37M	$23M	$11M
Q1 23	$40M	$21M	$10M
Q2 23	$42M	$20M	$7M
Q3 23	$44M	$19M	$7M
Q4 23	$44M	$18M	$6M
Q1 24	$47M	$19M	$7M
Q2 24	$50M	$19M	$6M
Q3 24	$51M	$20M	$7M
Q4 24	$51M	$20M	$6M
Q1 25	$48M	$23M	$10M
Q2 25	$50M	$24M	$10M
Q3 25	$51M	$25M	$11M
Q4 25	$48M	$23M	$10M
Q1 26	$50M	$27M	$13M

Valuation

Quarter	P/S	P/E
Q2 22	3.4x	8.1x
Q3 22	2.8x	7.1x
Q4 22	3.0x	8.7x
Q1 23	2.1x	7.5x
Q2 23	2.0x	9.2x
Q3 23	1.7x	9.5x
Q4 23	2.0x	14.2x
Q1 24	1.6x	13.1x
Q2 24	1.6x	13.7x
Q3 24	1.7x	14.9x
Q4 24	1.8x	15.2x
Q1 25	1.7x	12.9x
Q2 25	1.7x	11.5x
Q3 25	1.7x	10.7x
Q4 25	1.9x	11.8x
Q1 26	2.0x	11.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$18M	$17M
Q3 22	$15M	$12M
Q4 22	$11M	$1M
Q1 23	$2M	-$5M
Q2 23	$8M	-$66.0K
Q3 23	$8M	-$2M
Q4 23	$7M	-$4M
Q1 24	$6M	-$4M
Q2 24	$10M	$3M
Q3 24	$13M	$7M
Q4 24	$11M	$8M
Q1 25	$10M	$8M
Q2 25	$14M	$13M
Q3 25	$11M	$11M
Q4 25	$12M	$11M
Q1 26	$13M	$13M

Capital Expenditures

Quarter	CapEx
Q2 22	$2M
Q3 22	$4M
Q4 22	$9M
Q1 23	$7M
Q2 23	$8M
Q3 23	$10M
Q4 23	$12M
Q1 24	$10M
Q2 24	$7M
Q3 24	$6M
Q4 24	$3M
Q1 25	$1M
Q2 25	$764.0K
Q3 25	$649.0K
Q4 25	$421.0K
Q1 26	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+10.1%	+23.6%
Q3 22	+18.9%	+51.4%
Q4 22	+24.9%	+75.9%
Q1 23	+36.1%	+132.7%
Q2 23	+34.0%	+144.7%
Q3 23	+23.9%	+77.7%
Q4 23	+19.1%	+49.1%
Q1 24	+16.8%	+30.0%
Q2 24	+19.6%	+26.3%
Q3 24	+16.1%	+19.2%
Q4 24	+13.9%	+13.7%
Q1 25	+3.2%	-3.5%
Q2 25	+0.9%	-8.1%
Q3 25	+0.9%	-8.3%
Q4 25	-4.5%	-12.2%
Q1 26	+3.7%	-4.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$862.0K	2.8%
Q3 22	$869.0K	2.5%
Q4 22	$869.0K	2.3%
Q1 23	$711.0K	1.8%
Q2 23	$845.0K	2.0%
Q3 23	$845.0K	1.9%
Q4 23	$710.0K	1.6%
Q1 24	$575.0K	1.2%
Q2 24	$637.0K	1.3%
Q3 24	$638.0K	1.3%
Q4 24	$659.0K	1.3%
Q1 25	$585.0K	1.2%
Q2 25	$701.0K	1.4%
Q3 25	$700.0K	1.4%
Q4 25	$0	0.0%
Q1 26	$600.0K	1.2%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$7M	$70.0K
Q3 22	$7M	$60.0K
Q4 22	$6M	$62.0K
Q1 23	$8M	$41.0K
Q2 23	$8M	$40.0K
Q3 23	$8M	$34.0K
Q4 23	$7M	$48.0K
Q1 24	$7M	$36.0K
Q2 24	$8M	$27.0K
Q3 24	$8M	$12.0K
Q4 24	$8M	$22.0K
Q1 25	$8M	$11.0K
Q2 25	$9M	$25.0K
Q3 25	$8M	$22.0K
Q4 25	$10M	—
Q1 26	$11M	$269.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$26M	$732M	$758M
Q3 22	$58M	$672M	$730M
Q4 22	$27M	$664M	$691M
Q1 23	$22M	$665M	$688M
Q2 23	$32M	$645M	$677M
Q3 23	$21M	$609M	$630M
Q4 23	$65M	$624M	$689M
Q1 24	$148M	$606M	$754M
Q2 24	$150M	$588M	$738M
Q3 24	$158M	$598M	$756M
Q4 24	$243M	$545M	$788M
Q1 25	$211M	$344M	$555M
Q2 25	$248M	$338M	$586M
Q3 25	$136M	$335M	$471M
Q4 25	$25M	$468M	$494M
Q1 26	$40M	$456M	$496M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	17M	-0.3%	+0.1%
Q3 22	17M	+0.1%	-0.1%
Q4 22	17M	+0.5%	+0.6%
Q1 23	17M	-0.4%	-0.2%
Q2 23	17M	-0.3%	-0.2%
Q3 23	17M	+0.1%	-0.2%
Q4 23	17M	-0.1%	-0.7%
Q1 24	17M	+0.2%	-0.1%
Q2 24	17M	+0.4%	+0.5%
Q3 24	17M	+0.4%	+0.9%
Q4 24	17M	-0.2%	+0.8%
Q1 25	17M	+1.0%	+1.7%
Q2 25	17M	-0.4%	+0.9%
Q3 25	17M	+0.0%	+0.6%
Q4 25	17M	0.0%	+0.7%
Q1 26	17M	0.0%	-0.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$485.0K	64
Q3 22	$551.7K	64
Q4 22	$518.1K	72
Q1 23	$555.2K	72
Q2 23	$577.8K	72
Q3 23	$607.7K	72
Q4 23	$617.0K	72
Q1 24	$648.6K	72
Q2 24	$691.1K	72
Q3 24	$705.6K	72
Q4 24	$702.5K	72
Q1 25	$669.1K	72
Q2 25	$697.2K	72
Q3 25	$711.7K	72
Q4 25	$3M	17
Q1 26	$3M	17

Revenue / Employee