Waterstone Financial, Inc. (WSBF) 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

-100.0%

-$0.00

vs $19.96 price

Levered DCF

$25.39

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-0.43

Distress zone

Rating

B+

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	11.18×	13.31×	30.21×	19.37×	7.34×	5.67×	13.79×	14.96×
P/B	0.84×	0.74×	0.83×	1.02×	1.2×	1.11×	1.26×	1.15×
P/S	1.46×	1.25×	1.62×	2.21×	1.93×	1.45×	2.39×	2.43×
EV / EBITDA	17.88×	24.95×	50.35×	25.54×	6.45×	7.85×	17.55×	18.5×
Gross margin	71.2%	66.5%	71.9%	91.7%	96.1%	90.1%	87.1%	90.2%
Operating margin	16.6%	12.0%	6.2%	14.3%	34.3%	34.0%	23.0%	21.4%
Net margin	13.1%	9.4%	5.3%	11.4%	26.4%	25.5%	17.3%	16.3%
Current ratio	0.14×	0.12×	0.16×	0.21×	0.47×	0.24×	0.25×	0.26×
Debt / equity	1.18×	1.32×	1.35×	1.04×	1.1×	1.23×	1.23×	1.09×
Interest coverage	0.56×	0.36×	0.23×	1.84×	6.41×	4.33×	1.73×	2.06×
Dividend yield	3.6%	4.5%	5.4%	8.0%	5.9%	6.8%	5.2%	5.9%
Payout ratio	40.8%	60.3%	163.9%	155.3%	42.9%	38.8%	72.3%	88.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.6%	5.5%	2.7%	5.3%	16.4%	19.6%	9.1%	7.7%
Return on invested capital	3.2%	2.2%	0.9%	2.3%	7.2%	8.1%	3.9%	3.5%
Return on assets	1.2%	0.8%	0.4%	1.0%	3.2%	3.7%	1.8%	1.6%
Free cash flow yield	6.0%	18.8%	-9.9%	54.6%	27.2%	-20.6%	-8.8%	8.2%
Earnings yield	8.9%	7.5%	3.3%	5.2%	13.6%	17.6%	7.3%	6.7%
Enterprise value	$643.6M	$660.5M	$721.6M	$728.1M	$633.4M	$892.6M	$917.1M	$832.6M
Net debt / EBITDA	9.68×	15.53×	30.38×	12.3×	1.17×	3.8×	8.07×	8.31×
Cash conversion cycle (days)	0	0	0	0	0	0	0	0