Bankwell Financial Group, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Bankwell Financial Group, 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	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue			1.09	1.02	0.79	0.87	1.07	1.63	1.96	2.83
Interest expense	11.9	16.8	23.7	29.2	22.7	13.5	23.2	94
Pre-tax income	18.3	25.1	21.2	22.9	7.3	33.9	48	48	13.3	48.5
Income tax	5.96	11.3	3.72	4.73	1.4	7.28	10.6	11.4	3.56	13.3
Net income	12.4	13.8	17.4	18.2	5.9	26.6	37.4	36.7	9.77	35.2
EPS, basic	1.64	1.80	2.23	2.32	0.75	3.38	4.84	4.71	1.24	4.49
EPS, diluted	1.62	1.78	2.21	2.31	0.75	3.36	4.79	4.67	1.23	4.45
Shares, basic (weighted)	7.4	7.57	7.72	7.76	7.73	7.71	7.56	7.59	7.71	7.75
Shares, diluted (weighted)	7.49	7.67	7.78	7.78	7.75	7.76	7.64	7.65	7.74	7.83
Dividend per share	0.22	0.28	0.48	0.52	0.56	0.64	0.80	0.80	0.80	0.80

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	96.4	70.7	78.1	78.1	410	345	356	269	308	225
Short-term investments		114	117	101	107	108	122	128	146	192
Property, plant and equipment	17.8	18.2	19.8	28.5	21.8	25.6	27.2	27	23.9	21.6
Lease right-of-use assets				10.1	8.6	14.4	12.8	12.7	11.1	10
Goodwill	2.59	2.59	2.59	2.59	2.59	2.59	2.59	2.59	2.59	2.59
Intangible assets	0.5	0.38	0.29	0.21	0.08	0
Total assets	1,629	1,797	1,874	1,882	2,254	2,456	3,252	3,215	3,268	3,360
Total liabilities	1,483	1,636	1,699	1,700	2,077	2,254	3,014	2,950	2,998	3,058
Retained earnings	29.7	41	54.7	69.3	70.8	92.4	124	149	153	182
Other comprehensive income	0.89	1.69	-1.04	-7.52	-15.6	-8.56	-0.19	-1.66	-1.24	-0.22
Shareholders' equity	146	161	174	182	177	202	238	266	271	301
Total equity	146	161	174	182	177	202	238	266	271	301
Total liabilities and equity	1,629	1,797	1,874	1,882	2,254	2,456	3,252	3,215	3,268	3,360
Shares outstanding	7.62	7.75	7.84	7.87	7.92	7.8	7.73	7.88	7.86	7.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	12.4	13.8	17.4	18.2	5.9	26.6	37.4	36.7	9.77	35.2
Depreciation and amortization	1.73	1.51	1.73	3.38	3.28	3.58	3.37	3.62	3.78	4.08
Stock-based compensation	1.19	0.92	1.29	1.02	1.77	1.83	2.36	3.07	3	2.34
Deferred income tax	-1.1	3.91	1.28	0.28	-3.52	1.7	-1.96	-0.19	-0.47	-1.41
Cash from operations	17.4	20.6	20	6.63	-1.51	34.6	82.7	31.9	29.9	28.3
Capital expenditures	-8.4	-1.87	-3.35	-0.65			-4.96	-2.05	-0.61	-1.14
Purchases of investments	-110	-64.7	-24.4	-12.3	-20.6	-28.8	-32.2	-9.85	-10	-85.7
Sales and maturities of investments	54.7	49.2	12.4	16.5	2.2	10	0	0	10	31
Cash from investing	-292	-194	-74.6	18.7	-21.9	-270	-811	-48.3	-34	-165
Stock issued	0.2	1.37	0.54	0.03	0.02	0.05	0.05	0.16	0
Share buybacks		0	0	-0.99	-1.04	-5.08	-5.54	0	-2.14	-1.33
Dividends paid	-1.66	-2.15	-3.76	-4.08	-4.39	-5.03	-6.19	-6.24	-6.28	-6.27
Cash from financing	282	148	62	-25.4	355	171	739	-70.1	42.4	54.3
Net change in cash	7.76	-25.6	7.38	-0.06	332	-64.9	11	-86.5	38.4	-82.6
Free cash flow	8.97	18.7	16.6	5.99			77.7	29.9	29.3	27.1
Interest paid	11.8	16.6	18.7	23.9	23	14	17.8	86	109	99.4
Income taxes paid	8.58	8.02	3.69	2.89	4.03	5.09	11.5	12.1	5.38

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 $66.48 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	1,949.0%	Pre-tax income / revenue.
Net margin	1,431.0%	Net income / revenue.
FCF margin	1,152.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	1,196.0%	Cash from operations / revenue.
Effective tax rate	26.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.2%	Net income / average total assets.
Stock-based pay / revenue	115.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	44.4%	Capital expenditures / revenue.
D&A / revenue	143.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	44.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	38.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	29.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	260.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-2.0%	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	42.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	261.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-2.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	42.8%	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	-5.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-30.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-7.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-29.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	7.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	11.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.1%	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	11.3%	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	2.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.1%	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	8.3%	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	1.1%	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	0.8%	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	0.2%	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	90.7%	Total liabilities / total assets.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$320.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.00x	Revenue / average total assets.
Fixed asset turnover	0.15x	Revenue / average property, plant and equipment.
FCF conversion	80.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	3.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.37	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.
Revenue per share	$0.38	Revenue / diluted weighted shares.
FCF per share	$4.32	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.49	Cash from operations / diluted weighted shares.
Book value per share	$40.57	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$40.25	Tangible book value / shares outstanding.
Cash per share	$51.30	(Cash + short-term investments) / shares outstanding.
Payout ratio	14.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	18.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	0.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$530.0M	Share price x shares outstanding.
Enterprise value	$121.0M	Market cap + total debt - cash - short-term investments.
P/E	12.4x	Market cap / net income. Only when net income is positive.
P/S	177x	Market cap / revenue.
P/B	1.64x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.65x	Market cap / tangible book value, when positive.
P/FCF	15.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.8x	Market cap / cash from operations, when positive.
EV/Sales	40.4x	Enterprise value / revenue.
EV/FCF	3.51x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.5%	Free cash flow / market cap.
Earnings yield	8.1%	Net income / market cap (the inverse of P/E).
Dividend yield	1.2%	Dividends paid over the period / market cap.
Shareholder yield	1.2%	(Dividends paid + share buybacks) / market cap.

What was Bankwell Financial Group, Inc.'s revenue in fiscal 2025?

Bankwell Financial Group, Inc. reported revenue of $2.8M for fiscal 2025, 44% higher than the year before.

Was Bankwell Financial Group, Inc. profitable in fiscal 2025?

Yes. Net income was $35.2M, a net margin of 1,245.5%.

How much free cash flow did Bankwell Financial Group, Inc. generate in fiscal 2025?

Cash from operations of $28.3M minus capital expenditures of $1.1M left free cash flow of $27.1M.

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.

Open interactive statements, quarterly figures and charts

Back to Bankwell Financial Group, Inc.