Recent News
On February 20–23, 2026 Bankwell opened its first full-service Brooklyn, NY office to expand commercial and private client banking in New York City. The board declared a $0.20 per share first-quarter cash dividend, payable February 20, 2026, to shareholders of record on February 10, 2026. Multiple insider purchases by senior management and directors occurred in late February 2026, including open-market buys reported at roughly $46.77–$46.90 per share.
Technical Analysis
Directional indicators show weak trend strength: ADX at 17.08 signals no developed trend, limiting follow-through on directional moves.
DI+ at 17.36 increasing while DI- at 19.51 decreasing indicates bullish directional pressure despite the low ADX; recent DI behavior favors buyers but lacks trend conviction.
MACD sits at 0.02, above the signal line at -0.16, with the MACD trend increasing; the MACD crossing above the signal line constitutes bullish momentum and supports near-term upside attempts.
MRO registers positive 17.79 and is increasing, which implies price currently trades above modeled target levels and creates a higher probability of mean reversion back toward fair-value levels if momentum stalls.
RSI at 52.02 and rising places price in a neutral-to-modestly-bullish band, allowing further upside without immediate overbought risk.
Price sits above short-term averages: the 12-day EMA $47.58 and the 20-day average $47.24, and above the 200-day average $43.95; the close at $48.52 near the upper Bollinger boundary shows recent strength but leaves limited room before typical upper-band resistance. Volume at 41,753 exceeds 10-day and 200-day averages, supporting recent directional moves.
Fundamental Analysis
Quarterly results for the period ending December 31, 2025, reported on January 29, 2026, show GAAP net income of $9.14 million, or $1.15 per share, versus an estimate of $1.19 and an EPS surprise of -3.36%. Operating adjustments produced higher operating EPS but headline EPS missed consensus.
Total revenue for the quarter measured $30,322,000. YoY revenue fell by 4.01%, while reported net interest income supported a $26,946,000 contribution. Operating cash flow sits at $7,547,000 with end-period cash $224,921,000 and free cash flow $7,282,000; free cash flow yield equals 1.99%.
Valuation multiples show mixed signals: trailing P/E stands at 40.31x while forward P/E equals 32.76x based on forward EPS $1.375, suggesting multiple contraction expected as earnings guide forward. Price-to-book equals 1.21x, above the industry peer mean of 1.066x but inside the peer range. PEG metrics register negative on a trailing basis (PEG -4.27) driven by recent earnings decline; forward PEG also negative. WMDST values the stock as under-valued.
Capital and leverage appear conservative for a regional bank: total assets $3,359,859,000, total equity $301,489,000, debt-to-assets 5.35% and debt-to-equity 59.60%, with debt-to-assets below the industry peer mean. Return on assets equals 0.28% and return on equity equals 3.03%, marginally below the industry peer mean and median. Asset growth 3.57% and a days sales outstanding near 47.8 indicate modest balance-sheet expansion coupled with stable receivables turnover.
Dividend profile remains modest: dividend rate $0.1981, payout ratio 17.12%, and dividend yield approximately 0.43%, supported by a dividend coverage ratio above 5.8x.
Key risk-and-liquidity markers show material liquidity: cash $214,567,000 and net tangible assets $298,900,000 together support ongoing branch expansion while interest expense remains elevated relative to interest income trends; cost of debt sits at 12.727% as reported.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-01-29 |
| NEXT REPORT DATE: | 2026-04-30 |
| CASH FLOW | Begin Period Cash Flow | $ 295.4 M |
| Operating Cash Flow | $ 7.5 M | |
| Capital Expenditures | $ -265.00 K | |
| Change In Working Capital | $ -112.00 K | |
| Dividends Paid | $ -1.56 M | |
| Cash Flow Delta | $ -70.44 M | |
| End Period Cash Flow | $ 224.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 30.3 M | |
| Forward Revenue | $ 9.0 M | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 1.1 M | |
| Depreciation and Amortization | $ 1.1 M | |
| Research and Development | — | |
| Total Operating Expenses | — | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | — | |
| EBIT | — | |
| Operating Income | — | |
| Interest Income | $ 50.6 M | |
| Interest Expense | $ 23.7 M | |
| Net Interest Income | $ 26.9 M | |
| Income Before Tax | $ 14.2 M | |
| Tax Provision | $ 5.1 M | |
| Tax Rate | 35.768 % | |
| Net Income | $ 9.1 M | |
| Net Income From Continuing Operations | $ 9.1 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.19 | |
| EPS Actual | $ 1.15 | |
| EPS Difference | $ -0.04 | |
| EPS Surprise | -3.361 % | |
| Forward EPS | $ 1.38 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.4 B | |
| Intangible Assets | $ 2.6 M | |
| Net Tangible Assets | $ 298.9 M | |
| Total Current Assets | — | |
| Cash and Short-Term Investments | — | |
| Cash | $ 214.6 M | |
| Net Receivables | $ 16.1 M | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | — | |
| Short-Term Debt | — | |
| Total Current Liabilities | — | |
| Net Debt | — | |
| Total Debt | $ 179.7 M | |
| Total Liabilities | $ 3.1 B | |
| EQUITY | ||
| Total Equity | $ 301.5 M | |
| Retained Earnings | $ 181.6 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 38.16 | |
| Shares Outstanding | 7.900 M | |
| Revenue Per-Share | $ 3.84 | |
| VALUATION | Market Capitalization | $ 366.2 M |
| Enterprise Value | $ 545.9 M | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | 18.004 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 11.144 | |
| Asset To Liability | 1.099 | |
| Debt To Capital | 0.373 | |
| Debt To Assets | 0.053 | |
| Debt To Assets QoQ | 19.937 % | |
| Debt To Assets YoY | 9.635 % | |
| Debt To Assets IPRWA | high: 0.235 median: 0.193 mean: 0.16 BWFG: 0.053 low: 0.001 |
|
| Debt To Equity | 0.596 | |
| Debt To Equity QoQ | 20.656 % | |
| Debt To Equity YoY | 1.121 % | |
| Debt To Equity IPRWA | high: 4.093 median: 2.336 mean: 2.036 BWFG: 0.596 low: 0.015 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.215 | |
| Price To Book QoQ | 7.774 % | |
| Price To Book YoY | 37.888 % | |
| Price To Book IPRWA | high: 2.277 BWFG: 1.215 mean: 1.066 median: 1.056 low: 0.002 |
|
| Price To Earnings (P/E) | 40.311 | |
| Price To Earnings QoQ | 22.206 % | |
| Price To Earnings YoY | -57.456 % | |
| Price To Earnings IPRWA | high: 90.392 mean: 50.689 median: 47.895 BWFG: 40.311 low: 27.354 |
|
| PE/G Ratio | -4.266 | |
| Price To Sales (P/S) | 12.078 | |
| Price To Sales QoQ | 4.241 % | |
| Price To Sales YoY | 7.255 % | |
| Price To Sales IPRWA | high: 21.327 BWFG: 12.078 mean: 5.511 median: 4.746 low: 0.008 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 32.757 | |
| Forward PE/G | -3.467 | |
| Forward P/S | 40.668 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.009 | |
| Asset Turnover Ratio QoQ | 4.437 % | |
| Asset Turnover Ratio YoY | 39.514 % | |
| Asset Turnover Ratio IPRWA | high: 0.02 median: 0.018 mean: 0.014 BWFG: 0.009 low: 0.004 |
|
| Receivables Turnover | 1.908 | |
| Receivables Turnover Ratio QoQ | 1.763 % | |
| Receivables Turnover Ratio YoY | 31.884 % | |
| Receivables Turnover Ratio IPRWA | high: 3.45 median: 3.041 mean: 2.801 BWFG: 1.908 low: 1.392 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 47.813 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | -0.009 | |
| CapEx To Depreciation | -0.248 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 481.2 M | |
| Net Invested Capital | $ 481.2 M | |
| Invested Capital | $ 481.2 M | |
| Net Tangible Assets | $ 298.9 M | |
| Net Working Capital | — | |
| LIQUIDITY | ||
| Cash Ratio | — | |
| Current Ratio | — | |
| Current Ratio QoQ | — | |
| Current Ratio YoY | — | |
| Current Ratio IPRWA | — | |
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | 12.727 % | |
| Interest Coverage Ratio | — | |
| Interest Coverage Ratio QoQ | — | |
| Interest Coverage Ratio YoY | — | |
| Interest Coverage Ratio IPRWA | — | |
| Operating Cash Flow Ratio | — | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 5.843 | |
| Dividend Payout Ratio | 0.171 | |
| Dividend Rate | $ 0.20 | |
| Dividend Yield | 0.004 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 3.573 % | |
| Revenue Growth | 9.766 % | |
| Revenue Growth QoQ | 0.0 % | |
| Revenue Growth YoY | -400.863 % | |
| Revenue Growth IPRWA | high: 11.371 % BWFG: 9.766 % mean: 2.856 % median: 1.376 % low: -5.459 % |
|
| Earnings Growth | -9.449 % | |
| Earnings Growth QoQ | -190.551 % | |
| Earnings Growth YoY | -128.347 % | |
| Earnings Growth IPRWA | high: 58.333 % mean: 15.073 % median: 7.258 % BWFG: -9.449 % low: -66.332 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 7.3 M | |
| Free Cash Flow Yield | 1.988 % | |
| Free Cash Flow Yield QoQ | -33.91 % | |
| Free Cash Flow Yield YoY | -66.8 % | |
| Free Cash Flow Yield IPRWA | high: 5.812 % BWFG: 1.988 % mean: -6.941 % median: -7.386 % low: -14.404 % |
|
| Free Cash Growth | -26.637 % | |
| Free Cash Growth QoQ | -142.343 % | |
| Free Cash Growth YoY | -98.802 % | |
| Free Cash Growth IPRWA | high: 220.685 % BWFG: -26.637 % mean: -226.503 % median: -245.234 % low: -246.94 % |
|
| Free Cash To Net Income | 0.796 | |
| Cash Flow Margin | 32.003 % | |
| Cash Flow To Earnings | 1.061 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.06 | |
| Return On Assets (ROA) | 0.277 % | |
| Return On Assets QoQ | -10.932 % | |
| Return On Assets YoY | 201.087 % | |
| Return On Assets IPRWA | high: 0.559 % median: 0.328 % mean: 0.283 % BWFG: 0.277 % low: -0.117 % |
|
| Return On Capital Employed (ROCE) | — | |
| Return On Equity (ROE) | 0.03 | |
| Return On Equity QoQ | -11.883 % | |
| Return On Equity YoY | 176.986 % | |
| Return On Equity IPRWA | high: 0.058 median: 0.04 mean: 0.036 BWFG: 0.03 low: -0.007 |
|
| DuPont ROE | 3.076 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |