Waterstone Financial, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Waterstone 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Interest expense	20.3	16.4	19.5	27.5	25	14.4	13.3	49
Pre-tax income	42	44.4	40.3	47.6	108	92.1	24.5	11	24	33.4
Income tax	16.5	18.5	9.53	11.7	27	21.3	4.99	1.66	5.31	7.04
Net income	25.5	26	30.8	35.9	81.1	70.8	19.5	9.38	18.7	26.4
EPS, basic	0.94	0.95	1.12	1.38	3.32	2.98	0.89	0.47	1.01	1.48
EPS, diluted	0.93	0.93	1.11	1.37	3.30	2.96	0.89	0.46	1.01	1.48
Shares, basic (weighted)	27	27.5	27.4	26	24.5	23.7	21.9	20.2	18.6	17.8
Shares, diluted (weighted)	27.4	27.9	27.6	26.2	24.6	23.9	22	20.2	18.6	17.9
Dividend per share		0.98	0.98	0.98	1.36	1.80	0.80	0.70	0.60	0.60

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	47.2	48.6	86.1	74.3	94.8	377	33.7	30.7	35.2	63.6
Property, plant and equipment	23.7	22.9	24.5	25	23.7	22.3	21.1	20	19.4	18.9
Lease right-of-use assets				8.4	6.6	5.8
Total assets	1,791	1,806	1,915	1,996	2,185	2,216	2,032	2,213	2,210	2,260
Short-term debt	8.16				29		1.08	147
Total liabilities	1,380	1,394	1,516	1,603	1,771	1,783	1,661	1,869	1,870	1,910
Total debt	387	386	435	484	508	477	387	611	447	412
Paid-in capital	323	327	232	212	181	175	129	104	91.2	78
Retained earnings	185	183	187	197	245	273	274	270	277	293
Treasury stock	-76.5	-78.7	-97.9
Other comprehensive income	-0.38	-0.48	-2.36	0.64	2.33	-1.14	-19.5	-17.8	-18.8	-12.3
Shareholders' equity	411	412	400	394	413	433	370	344	339	349
Total equity	411	412	400	394	413	433	370	344	339	349
Total liabilities and equity	1,791	1,806	1,915	1,996	2,185	2,216	2,032	2,213	2,210	2,260
Shares outstanding	29.4	29.5	28.5	27.1	25.1	24.8	22.2	20.3	19.3	18.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	25.5	26	30.8	35.9	81.1	70.8	19.5	9.38	18.7	26.4
Depreciation and amortization	2.62	2.05	4.73	4.7	5.61	6.05	4.03	3.3	2.47	2.55
Stock-based compensation	1.91	1.9	1.76	1.07	0.72	0.75	0.58	0.28	0.32	0.3
Deferred income tax	1.56	3.08	0.54	0.64	-2.62	1.38	-0.48	-1.07	0.98	0.71
Cash from operations	-24.1	107	41.5	-40.2	-93.6	142	207	-27.6	48.1	24.2
Capital expenditures	-1.09	-1.58	-3.96	-3.11	-1.23	-0.78	-0.7	-0.7	-1.1	-1.17
Purchases of investments	-5.29	-6.14	0	0	-10.1	0	-9.73	-5.44	-16	-11.6
Sales and maturities of investments	14.9	15.7	10.4	8.08	5.29	9.06	17.6	3.97	7.47	11.5
Cash from investing	-25	-94.9	-78.4	-1.15	37.2	160	-336	-159	-24	-8.75
Debt issued	100	175	255	165	0	0	200	259	170	130
Debt repaid	-220	-149	-165	-125	0	0	-470	-304	-175	-90
Stock issued	3.56	1.05	1.3	0.66	3.7	2.31	0.56	0.82	1.66	2.41
Share buybacks	-3.86	-2.19	-19.2	-22.8	-36.2	-10.2	-47.8	-26	-14.9	-16.2
Dividends paid	-6.92	-27	-27.1	-26	-31.5	-30.4	-30.3	-15.4	-11.3	-10.8
Cash from financing	-4.16	-10.8	74.4	29.6	76.9	-20.1	-201	177	-20.8	15.9
Net change in cash	-53.3	1.39	37.5	-11.8	20.5	282	-330	-10.2	3.34	31.3
Free cash flow	-25.1	106	37.5	-43.3	-94.8	141	206	-28.3	47	23
Interest paid	21	16.4	19	27.4	25.4	14.5	12.9	47.7	66.3	59.2
Income taxes paid	14.4	17.1	10.2	10.7	29.5	22.7	4.09	1.17	2.39	5.01

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 $20.39 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	21.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.3%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	41.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	10.7%	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	-20.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	46.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	18.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-14.8%	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	-49.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-51.1%	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	-51.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-51.8%	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	-9.1%	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	-15.1%	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	3.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.9%	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	-3.3%	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	2.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.6%	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	0.7%	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	-3.9%	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	-6.7%	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	-6.2%	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
Debt / equity	1.17x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	18.3%	Total debt / total assets.
Liabilities / assets	84.4%	Total liabilities / total assets.
Net debt	$379.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$351.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
FCF conversion	142.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	4.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.75	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	$2.49	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.60	Cash from operations / diluted weighted shares.
Book value per share	$19.53	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$19.53	Tangible book value / shares outstanding.
Cash per share	$1.82	(Cash + short-term investments) / shares outstanding.
Payout ratio	35.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	25.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	34.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$366.6M	Share price x shares outstanding.
Enterprise value	$745.8M	Market cap + total debt - cash - short-term investments.
P/E	12.2x	Market cap / net income. Only when net income is positive.
P/B	1.04x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.04x	Market cap / tangible book value, when positive.
P/FCF	8.57x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.19x	Market cap / cash from operations, when positive.
EV/FCF	17.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	11.7%	Free cash flow / market cap.
Earnings yield	8.2%	Net income / market cap (the inverse of P/E).
Dividend yield	3.0%	Dividends paid over the period / market cap.
Shareholder yield	6.9%	(Dividends paid + share buybacks) / market cap.
PEG	0.66x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

Was Waterstone Financial, Inc. profitable in fiscal 2025?

Yes. Net income was $26.4M, a net margin of -.

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

Cash from operations of $24.2M minus capital expenditures of $1.2M left free cash flow of $23.0M.

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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