Bridgewater Bancshares, Inc. (BWB) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-58.7%

$8.51

vs $20.62 price

Levered DCF

$13.19

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-0.53

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	11.46×	12.87×	10.48×	9.97×	11.13×	13.15×	12.88×	11.34×
P/B	0.93×	0.81×	0.88×	1.25×	1.31×	1.35×	1.65×	1.38×
P/S	1.65×	1.48×	1.66×	2.91×	3.69×	2.96×	3.76×	3.49×
EV / EBITDA	13.21×	12.9×	11.86×	11.75×	7.57×	9.06×	13.77×	13.77×
Gross margin	47.2%	41.4%	48.4%	75.4%	81.7%	67.2%	69.9%	72.6%
Operating margin	21.1%	17.0%	23.1%	42.3%	45.9%	29.6%	35.6%	36.6%
Net margin	15.8%	13.1%	17.6%	31.5%	34.0%	22.5%	29.2%	30.7%
Current ratio	0.11×	0.17×	0.2×	0.18×	0.2×	0.23×	0.18×	0.18×
Debt / equity	0.98×	0.99×	0.97×	1.21×	0.36×	0.54×	0.71×	0.82×
Interest coverage	0.41×	0.3×	0.45×	2.11×	3.18×	1.33×	1.29×	1.57×
Dividend yield	0.8%	1.1%	1.1%	0.8%	0.2%	0.0%	0.0%	0.0%
Payout ratio	8.8%	12.4%	10.1%	7.6%	2.6%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.9%	7.2%	9.4%	13.5%	12.0%	10.2%	12.8%	12.2%
Return on invested capital	4.4%	3.4%	4.5%	5.8%	8.6%	6.4%	7.1%	6.5%
Return on assets	0.9%	0.6%	0.9%	1.2%	1.3%	0.9%	1.4%	1.4%
Free cash flow yield	4.6%	11.4%	7.2%	16.9%	10.8%	-0.5%	5.9%	8.4%
Earnings yield	9.6%	8.8%	10.6%	10.8%	9.2%	7.6%	7.8%	8.8%
Enterprise value	$864.6M	$590M	$660.3M	$880.9M	$485.2M	$335.7M	$544.2M	$455.8M
Net debt / EBITDA	5.88×	4.78×	5.1×	5.18×	-0.17×	-0.57×	3.53×	4.53×
Cash conversion cycle (days)	16	80	10	4	4	13	1	0