First Western Financial Inc financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data First Western Financial 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

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	54.5	57.6	64	92.6	95.4	108	82.7	90.1	96.9
Selling and marketing	1.49	1.25	1.29	1.48	1.61	1.89	1.54	1.21	1.22
Interest expense	5.76	8.17	13	7.23	5.42	17.3	74.5	88.3	2.4
Pre-tax income	5.01	7.42	10.2	33.1	27.3	28.8	7.06	11.6	17.1
Income tax	2.98	1.78	2.18	8.53	6.67	7.13	1.84	3.11	3.89
Net income	2.02	5.65	8.01	24.5	20.6	21.7	5.23	8.47	13.2
EPS, basic	-0.05	0.64	1.02	3.11	2.58	2.29	0.55	0.88	1.36
EPS, diluted	-0.05	0.63	1.01	3.08	2.50	2.23	0.54	0.87	1.34
Shares, basic (weighted)	5.59	6.71	7.89	7.9	7.98	9.46	9.54	9.65	9.71
Shares, diluted (weighted)	5.59	6.75	7.91	7.96	8.24	9.71	9.73	9.76	9.83

Balance sheet

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	9.5	73.4	78.6	156	387	197	255	236	200
Property, plant and equipment	6.78	6.1	5.22	5.32	24	25.1	25.3	24.1	25.7
Lease right-of-use assets			10.3	11.3	10.7	8.6	8.93	19.2	20.5
Goodwill	24.8	24.8	19.7	24.2	30.6	30.4	30.4	30.4	30.4
Intangible assets	1.23	0.4	0.03	0.07	1.31	1.7	1.45	1.23	1.02
Total assets	970	1,084	1,252	1,974	2,527	2,867	2,975	2,919	3,155
Total liabilities	868	967	1,124	1,819	2,308	2,626	2,733	2,667	2,889
Total debt								0
Paid-in capital	130	141	143	145	189	190	193	194	194
Retained earnings	-27.3	-23.2	-15	9.58	30.2	51.9	51	59.5	72.7
Other comprehensive income	-0.93	-1.29	-0.16	0.68	0.22	-1.52	-1.2	-0.78	-1.31
Shareholders' equity	102	117	128	155	219	241	243	252	266
Total equity	102	117	128	155	219	241	243	252	266
Total liabilities and equity	970	1,084	1,252	1,974	2,527	2,867	2,975	2,919	3,155
Shares outstanding	5.83	7.97	7.94	7.95	9.42	9.5	9.58	9.67	9.73

Cash flow statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2.02	5.65	8.01	24.5	20.6	21.7	5.23	8.47	13.2
Depreciation and amortization	2.45	2.22	1.67	1.12	1.26	2.01	2.38	2.57	2.64
Stock-based compensation	1.3	1.86	2.29	2.54	2.9	2.56	1.84	1.49	2.17
Deferred income tax	2.67	1.81	-1.22	-1.3	-0.67	0.56	2.06	3.12	-0.77
Change in receivables	-0.91	1.1	-0.73	0.36	-0.28	0.43	-0.31	0.55	-0.02
Cash from operations	-5.43	17.8	-21.5	-93.3	163	48.3	21.9	0.61	-1.8
Capital expenditures	-0.5	-0.71	-0.42	-1.21	-2.11	-2.97	-2.35	-1.21	-3.97
Acquisitions	-1			-61.3	121	0
Purchases of investments								0	-49.9
Sales and maturities of investments	12.2	13	9.6	28.6	16.2	3.22	0	0	4.38
Cash from investing	-102	-63.1	-116	-456	-43	-559	-66.4	66.4	-264
Debt repaid								-41
Stock issued	5.26	34.5			1.71	0.18	0.25	0
Share buybacks		-0.18	-0.74	-0.38			0	-0.09	-0.78
Cash from financing	54.3	109	143	627	112	320	102	-84.3	229
Net change in cash	-53.2	63.9	5.28	77.4	231	-190	57.9	-18.4	-37.7
Free cash flow	-5.93	17.1	-21.9	-94.5	160	45.3	19.5	-0.61	-5.77
Interest paid	8.14	12.9	12.9	7.08	5.51	16.5	71.8	90.1	85.1
Income taxes paid	0.28	0.44	2.48	11.8	6.34	5.24	2.91	0.09	0

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 $30.53 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	22.4%	Pre-tax income / revenue.
Net margin	17.3%	Net income / revenue.
FCF margin	21.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	25.0%	Cash from operations / revenue.
Effective tax rate	22.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.6%	Net income / average total assets.
Stock-based pay / revenue	1.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.7%	Capital expenditures / revenue.
D&A / revenue	2.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-3.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	55.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-15.3%	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	-11.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	54.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-15.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-15.3%	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	-396.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	5.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.3%	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	11.4%	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	8.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.2%	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	9.8%	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	0.4%	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	4.3%	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	91.3%	Total liabilities / total assets.
Goodwill and intangibles / assets	0.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$250.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.03x	Revenue / average total assets.
Fixed asset turnover	4.16x	Revenue / average property, plant and equipment.
FCF conversion	123.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	14.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.85	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	$10.72	Revenue / diluted weighted shares.
FCF per share	$2.29	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.68	Cash from operations / diluted weighted shares.
Book value per share	$28.73	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$25.62	Tangible book value / shares outstanding.
Cash per share	$17.91	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	2.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$298.1M	Share price x shares outstanding.
Enterprise value	$123.2M	Market cap + total debt - cash - short-term investments.
P/E	16.2x	Market cap / net income. Only when net income is positive.
P/S	2.80x	Market cap / revenue.
P/B	1.06x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.19x	Market cap / tangible book value, when positive.
P/FCF	13.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.2x	Market cap / cash from operations, when positive.
EV/Sales	1.16x	Enterprise value / revenue.
EV/FCF	5.40x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.6%	Free cash flow / market cap.
Earnings yield	6.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.1%	(Dividends paid + share buybacks) / market cap.

What was First Western Financial Inc's revenue in fiscal 2025?

First Western Financial Inc reported revenue of $96.9M for fiscal 2025, 7.6% higher than the year before.

Was First Western Financial Inc profitable in fiscal 2025?

Yes. Net income was $13.2M, a net margin of 13.6%.

How much free cash flow did First Western Financial Inc generate in fiscal 2025?

Cash from operations of $1.8M minus capital expenditures of $4.0M left free cash flow of -$5.8M.

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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