Bridgewater Bancshares Inc financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Bridgewater Bancshares Inc files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Selling and marketing						1.49	2.03	1.13	1.49	2.14
Interest expense		12.2	20.5	29.6	26.9	19.4	34	117
Interest income	0.36	0.34	0.5	1.15	0.61	0.46	1.03	4.71	7.24	9.97
Pre-tax income	21.3	27	32.1	38.3	35.7	61.6	71.7	52.5	42.7	60
Income tax	8.05	10.1	5.22	6.92	8.47	15.9	18.3	12.6	9.91	13.9
Net income	13.2	16.9	26.9	31.4	27.2	45.7	53.4	40	32.8	46.1
EPS, basic	0.59	0.69	0.93	1.07	0.95	1.59	1.78	1.29	1.05	1.53
EPS, diluted	0.58	0.68	0.91	1.05	0.93	1.54	1.72	1.27	1.03	1.49
Shares, basic (weighted)	22.3	24.6	29	29.4	28.6	28	27.8	27.9	27.5	27.5
Shares, diluted (weighted)	22.6	25	29.4	30	29.2	29	28.7	28.3	27.9	28.2

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	16.5	23.7	28.4	31.9	161	143	87	129	230	124
Property, plant and equipment		10.1	13.1	27.6	51	49.4	48.4	48.9	49.5	51.6
Lease right-of-use assets							2.47	1.94	1.54	1.37
Goodwill		2.63	2.63	2.63	2.63	2.63	2.63	2.63	12	12
Intangible assets		1.24	1.05	0.86	0.67	0.48	0.29	0.19	7.85	6.93
Total assets		1,617	1,974	2,269	2,927	3,478	4,346	4,612	5,066	5,407
Total liabilities		1,479	1,753	2,024	2,662	3,098	3,952	4,186	4,608	4,890
Paid-in capital		66.3	126	112	104	104	96.5	96.3	95.1	98.3
Retained earnings		69.5	96.2	128	155	199	249	281	309	351
Other comprehensive income		1.08	-1.57	4.77	6.58	9.01	-17.9	-18.2	-13.4	0.56
Shareholders' equity	115	137	221	245	265	379	394	426	458	517
Total equity	115	137	221	245	265	379	394	426	458	517
Total liabilities and equity		1,617	1,974	2,269	2,927	3,478	4,346	4,612	5,066	5,407
Shares outstanding			30.1	29	28.1	28.2	27.8	27.7	27.6	27.8

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	13.2	16.9	26.9	31.4	27.2	45.7	53.4	40	32.8	46.1
Depreciation and amortization	0.59	0.69	0.76	1.01	1.21	2.37	2.57	2.51	2.37	2.47
Stock-based compensation	0.22	0.37	0.8	0.75	1.67	2.43	3.34	3.95	3.91	4.2
Deferred income tax	-1.07	-2.06	-1.3	-0.75	-2.59	-4.52	-1.4	0.68	0.02	-2
Cash from operations	14.9	24.9	29.4	39.5	23	54.2	85	30	46.4	27.8
Capital expenditures	-2.19	-1.24	-3.72	-15.6	-24.7	-0.78	-1.63	-2.97	-4.08	-5.85
Acquisitions									17.3
Purchases of investments	-173	-68.5	-78.4	-98.8	-170	-110	-268	-114	-245	-206
Sales and maturities of investments	22	23.4	23	41.1	32.6	44.2	38.2	32.7	65.6	154
Cash from investing	-266	-350	-354	-276	-530	-571	-938	-209	-95.2	-417
Stock issued	26	0.18	58.9	0.26	0.32	0.72	0.58	0.96	0.76	1.94
Share buybacks	-0.19			-15	-10.3	-2.3	-10.8	-4.54	-5.19	-2.19
Cash from financing	254	333	330	240	636	500	797	221	150	283
Net change in cash	2.93	7.23	4.72	3.49	129	-17.2	-56.4	41.5	101	-106
Free cash flow	12.7	23.7	25.7	24	-1.67	53.5	83.4	27	42.3	22
Interest paid	8.44	11.3	20	29.4	27	19.1	32.2	114	145	150
Income taxes paid	10.1	12.1	7.87	7.63	10.7	19.4	20.6	10.4	5.75	14.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $20.77 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	23.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.0%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	40.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-4.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	11.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	44.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-4.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	9.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-40.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-31.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	3.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-48.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-35.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	12.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	9.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	14.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	13.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	89.8%	Total liabilities / total assets.
Goodwill and intangibles / assets	0.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$535.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
FCF conversion	64.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	15.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.97	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share	$1.28	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.51	Cash from operations / diluted weighted shares.
Book value per share	$19.65	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$19.22	Tangible book value / shares outstanding.
Cash per share	$6.09	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$579.1M	Share price x shares outstanding.
Enterprise value	$409.3M	Market cap + total debt - cash - short-term investments.
P/E	10.3x	Market cap / net income. Only when net income is positive.
P/B	1.06x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.08x	Market cap / tangible book value, when positive.
P/FCF	15.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.4x	Market cap / cash from operations, when positive.
EV/FCF	11.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.3%	Free cash flow / market cap.
Earnings yield	9.7%	Net income / market cap (the inverse of P/E).

Was Bridgewater Bancshares Inc profitable in fiscal 2025?

Yes. Net income was $46.1M, a net margin of -.

How much free cash flow did Bridgewater Bancshares Inc generate in fiscal 2025?

Cash from operations of $27.8M minus capital expenditures of $5.8M left free cash flow of $22.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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