Waterstone Financial, Inc. (WSBF) Key Metrics
WSBF valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $357.9M
- Enterprise value
- $730.9M
- P/E (TTM)
- 11.5 10-yr median 14.5
- Forward P/E
- 20.7
- PEG ratio
- —
- Price / sales
- 2.4 10-yr median 2.1
- Price / book
- 1.0 10-yr median 1.1
- EV / EBITDA
- — 10-yr median 14.2
- Dividend yield
- 3.42% $0.68 a year
- Beta
- 0.74
WSBF key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsWSBF valuation Price multiples at each fiscal year-end price.
WSBF returns How much profit the business earns on the capital it uses.
WSBF per-share figures Results divided by the shares outstanding at year-end.
WSBF financial health Debt, liquidity and how easily interest is covered.
WSBF efficiency & capital use Working capital cycle and where the cash goes.
WSBF valuation history
WSBF returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
WSBF debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
WSBF cash returned to shareholders
WSBF price vs earnings per share
WSBF key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $295.7M | $249.8M | $286.8M | $379.5M | $523.1M | $463.1M | $499.5M | $463.1M | $475.7M | $503.7M |
| Enterprise value | $473.7M | $505.1M | $517.0M | $533.7M | $458.5M | $735.6M | $743.0M | $651.5M | $630.7M | $643.7M |
| P/E ratio | 11.2 | 13.4 | 30.6 | 19.5 | 7.4 | 5.7 | 13.9 | 15.1 | 18.3 | 19.7 |
| Price / sales | 1.5 | 1.3 | 1.6 | 2.2 | 1.9 | 1.5 | 2.4 | 2.5 | 2.5 | 2.7 |
| Price / book | 0.8 | 0.7 | 0.8 | 1.0 | 1.2 | 1.1 | 1.3 | 1.2 | 1.2 | 1.2 |
| Price / free cash flow | 16.6 | 5.3 | — | 1.8 | 3.4 | — | — | 12.3 | 4.5 | — |
| Price / operating cash flow | 15.5 | 5.2 | — | 1.8 | 3.4 | — | — | 11.2 | 4.4 | — |
| EV / sales | 2.3 | 2.5 | 2.9 | 3.1 | 1.7 | 2.3 | 3.6 | 3.5 | 3.3 | 3.4 |
| EV / EBITDA | 13.2 | 19.1 | 36.1 | 18.7 | 4.7 | 6.5 | 14.2 | 14.5 | 13.5 | 14.2 |
| EV / free cash flow | 26.5 | 10.8 | — | 2.6 | 3.0 | — | — | 17.4 | 6.0 | — |
| Earnings yield | 8.9% | 7.5% | 3.3% | 5.1% | 13.5% | 17.5% | 7.2% | 6.6% | 5.5% | 5.1% |
| Free cash flow yield | 6.0% | 18.8% | −9.9% | 54.3% | 29.4% | −22.0% | −8.7% | 8.1% | 22.2% | −5.0% |
| Dividend yield | 3.6% | 4.5% | 5.4% | 8.0% | 5.8% | 6.8% | 5.2% | 5.8% | 5.7% | 1.4% |
| Shareholder yield (dividends + buybacks) | 9.1% | 10.5% | 14.4% | 20.6% | 7.8% | 14.6% | 9.8% | 10.0% | 6.1% | 2.1% |
| Share price at fiscal year-end | $16.55 | $13.44 | $14.20 | $17.24 | $21.86 | $18.82 | $19.03 | $16.76 | $17.05 | $18.40 |
| Per share | ||||||||||
| Revenue per share | $11.28 | $10.73 | $8.76 | $7.77 | $11.22 | $12.92 | $7.89 | $6.82 | $6.75 | $6.84 |
| Earnings per share | $1.48 | $1.01 | $0.46 | $0.89 | $2.96 | $3.30 | $1.37 | $1.11 | $0.93 | $0.93 |
| Operating cash flow per share | $1.06 | $2.59 | −$1.37 | $9.39 | $6.45 | −$4.09 | −$1.53 | $1.50 | $3.84 | −$0.88 |
| Free cash flow per share | $1.00 | $2.53 | −$1.40 | $9.36 | $6.42 | −$4.14 | −$1.65 | $1.36 | $3.78 | −$0.92 |
| Cash per share | $13.11 | $10.29 | $11.68 | $10.57 | $22.64 | $9.57 | $9.15 | $8.93 | $8.29 | $9.03 |
| Book value per share | $19.56 | $18.24 | $17.04 | $16.83 | $18.08 | $16.79 | $15.00 | $14.46 | $14.77 | $15.00 |
| Tangible book value per share | $19.56 | $18.20 | −$74.58 | $7.63 | $9.99 | $9.75 | $7.49 | $14.46 | $14.74 | $14.92 |
| Dividends per share | $0.60 | $0.61 | $0.76 | $1.37 | $1.27 | $1.28 | $0.99 | $0.98 | $0.97 | $0.25 |
| Capex per share | $0.07 | $0.06 | $0.03 | $0.03 | $0.03 | $0.05 | $0.12 | $0.14 | $0.06 | $0.04 |
| Debt per share | $23.07 | $24.02 | $23.08 | $17.57 | $19.94 | $20.65 | $18.42 | $15.74 | $13.85 | $14.14 |
| Shares outstanding | 17.9M | 18.6M | 20.2M | 22.0M | 23.9M | 24.6M | 26.2M | 27.6M | 27.9M | 27.4M |
| Change in shares outstanding | −3.9% | −8.0% | −8.2% | −8.0% | −2.7% | −6.2% | −5.0% | −0.9% | +1.9% | −7.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 7.7% | 5.5% | 2.6% | 4.9% | 16.7% | 20.1% | 9.1% | 7.6% | 6.3% | 6.4% |
| Return on invested capital (ROIC) | 4.7% | 3.2% | 1.7% | 4.4% | 13.4% | 12.3% | 5.9% | 5.3% | 4.6% | 4.9% |
| Return on assets (ROA) | 1.2% | 0.8% | 0.4% | 0.9% | 3.2% | 3.9% | 1.8% | 1.7% | 1.4% | 1.4% |
| Return on tangible assets | 1.2% | 0.8% | 2.6% | 1.1% | 3.5% | 4.0% | 2.0% | 1.6% | 1.4% | 1.4% |
| Free cash flow margin | 8.9% | 23.6% | −16.0% | 120.4% | 57.2% | −32.0% | −20.9% | 19.9% | 56.0% | −13.4% |
| Income quality (OCF / net income) | 0.72 | 2.57 | −2.94 | 10.61 | 2.18 | −1.24 | −1.12 | 1.35 | 4.12 | −0.94 |
| Financial health | ||||||||||
| Total debt | $412.3M | $446.5M | $466.1M | $386.8M | $477.1M | $508.1M | $483.6M | $435.0M | $386.3M | $387.2M |
| Cash & short-term investments | $234.2M | $191.2M | $235.8M | $232.5M | $541.8M | $235.5M | $240.1M | $246.7M | $231.3M | $247.2M |
| Net debt | $178.0M | $255.3M | $230.2M | $154.2M | −$64.6M | $272.5M | $243.5M | $188.3M | $155.0M | $140.0M |
| Debt / equity | 1.18 | 1.32 | 1.35 | 1.04 | 1.10 | 1.23 | 1.23 | 1.09 | 0.94 | 0.94 |
| Debt / assets | 0.18 | 0.20 | 0.21 | 0.19 | 0.22 | 0.23 | 0.24 | 0.23 | 0.21 | 0.22 |
| Net debt / EBITDA | 4.95 | 9.64 | 16.06 | 5.41 | −0.66 | 2.40 | 4.66 | 4.18 | 3.33 | 3.10 |
| Current ratio | 0.14 | 0.12 | 0.16 | 0.21 | 0.47 | 0.24 | 0.25 | 0.26 | 0.25 | 0.25 |
| Quick ratio | 0.14 | 0.12 | 1.23 | 0.21 | 0.47 | 0.24 | 0.25 | 0.26 | 0.24 | 0.24 |
| Interest coverage | 0.6 | 0.4 | 0.2 | 1.8 | 6.4 | 4.3 | 1.7 | 2.1 | 2.7 | 2.1 |
| Working capital | −$1.43B | −$1.47B | −$1.27B | −$1.09B | −$653.6M | −$929.9M | −$810.1M | −$774.4M | −$762.3M | −$834.4M |
| Invested capital | $527.4M | $594.4M | $574.3M | $524.7M | $368.1M | $685.7M | $637.2M | $588.0M | $567.1M | $550.7M |
| Tangible asset value | $349.4M | $338.4M | −$1.51B | $167.8M | $239.1M | $239.9M | $196.7M | $399.6M | $411.2M | $408.4M |
| Net current asset value | −$1.68B | −$1.68B | −$1.63B | −$1.37B | −$1.20B | −$1.48B | −$1.33B | −$1.25B | −$1.14B | −$1.11B |
| Graham number | $25.50 | $20.31 | $13.34 | $18.31 | $34.69 | $35.29 | $21.49 | $19.03 | $17.59 | $17.74 |
| Graham net-net per share | −$24.20 | −$23.27 | −$59.75 | −$14.05 | −$14.57 | −$21.07 | −$12.59 | −$8.81 | −$7.26 | −$9.44 |
| Capital allocation | ||||||||||
| Dividends paid | $10.8M | $11.3M | $15.4M | $30.3M | $30.4M | $31.5M | $26.0M | $27.1M | $27.0M | $6.9M |
| Share buybacks (net) | $16.2M | $14.9M | $26.0M | $47.8M | $10.2M | $36.2M | $22.8M | $19.2M | $2.2M | $3.9M |
| Dividend payout ratio | 40.8% | 60.3% | 163.9% | 155.3% | 42.9% | 38.8% | 72.3% | 88.0% | 103.8% | 27.1% |
| Dividends + buybacks / free cash flow | 151.1% | 55.8% | — | 37.9% | 26.4% | — | — | 123.2% | 27.6% | — |
| Capex / revenue | 0.6% | 0.6% | 0.4% | 0.4% | 0.3% | 0.4% | 1.5% | 2.1% | 0.8% | 0.6% |
| Capex / operating cash flow | 6.1% | 2.3% | — | 0.3% | 0.5% | — | — | 9.5% | 1.5% | — |
| Capex / depreciation | 0.46 | 0.44 | 0.21 | 0.17 | 0.13 | 0.22 | 1.16 | 0.84 | 0.73 | 0.34 |
| Stock-based compensation / revenue | 0.1% | 0.2% | 0.2% | 0.3% | 0.3% | 0.2% | 1.4% | 0.9% | 2.0% | 1.9% |
| SG&A / revenue | 2.8% | 42.4% | 49.7% | 60.5% | 51.6% | 44.9% | 51.6% | 54.9% | 54.1% | 53.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 3,005.7 | 3,027.9 | 3,236.2 | 2,861.9 | 1,730.9 | 1,568.6 | 2,414.7 | 2,559.1 | 2,362.6 | 2,203.5 |
| Days of inventory on hand | — | — | -5,935.9 | 3.8 | 8.3 | 6.2 | 19.9 | 66.3 | 128.2 | 135.1 |
| Days payables outstanding | — | — | — | 31,132.1 | 42,525.7 | 13,124.4 | 14,427.1 | 19,827.3 | 23,020.2 | 16,268.7 |
| Cash conversion cycle (days) | — | — | — | -28,266.5 | -40,786.5 | -11,549.6 | -11,992.5 | -17,201.9 | -20,529.3 | -13,930.0 |
| Receivables turnover | 0.12 | 0.12 | 0.11 | 0.13 | 0.21 | 0.23 | 0.15 | 0.14 | 0.15 | 0.17 |
| Payables turnover | — | — | — | 0.01 | 0.01 | 0.03 | 0.03 | 0.02 | 0.02 | 0.02 |
| Inventory turnover | — | — | — | 97.33 | 44.16 | 58.55 | 18.38 | 5.50 | 2.85 | 2.70 |
| Asset turnover | 0.09 | 0.09 | 0.08 | 0.08 | 0.12 | 0.15 | 0.11 | 0.10 | 0.10 | 0.11 |
| Average receivables | $1.66B | $1.65B | $1.57B | $1.34B | $1.27B | $1.37B | $1.37B | $1.32B | $1.22B | $1.13B |
| Average payables | — | — | — | $1.22B | $1.21B | $1.13B | $1.05B | $1.00B | $958.4M | $921.4M |
| Average inventory | — | — | −$807.4M | $146,500 | $235,000 | $535,000 | $1.4M | $3.4M | $5.3M | $7.7M |
| Intangibles / total assets | 0.0% | 0.0% | 83.6% | 10.0% | 8.7% | 7.9% | 9.9% | 0.0% | 0.0% | 0.1% |
Computed from WSBF's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
WSBF valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Waterstone Financial traded at 11.2 times earnings, against a 10-year median of 14.5. Based on the latest twelve months, the trailing P/E is 11.5 and the forward P/E is 20.7. Waterstone Financial earned a return on equity of 7.7% and a return on invested capital of 4.7% in fiscal 2025. It ended the year with $412.3 million of debt and $234.2 million in cash and short-term investments, net debt of $178.0 million. It returned $27.0 million to shareholders: $10.8 million in dividends and $16.2 million in share buybacks, 151% of free cash flow. The share count fell 34.7% from 27.4M to 17.9M over 9 years.
See the WSBF income statement, the WSBF chart for price history, or the WSBF stock overview for the latest quote and news.
WSBF key metrics FAQ
What is Waterstone Financial's P/E ratio?
Waterstone Financial's trailing P/E ratio is 11.5 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 20.7. At the end of fiscal 2025 it was 11.2, compared with a 10-year median of 14.5.
What is Waterstone Financial's EV/EBITDA?
Waterstone Financial's enterprise value was 13.2 times EBITDA at the end of fiscal 2025 (enterprise value $473.7 million, EBITDA $36.0 million).
What is Waterstone Financial's return on equity?
Waterstone Financial's return on equity (ROE) was 7.7% in fiscal 2025: net income of $26.4 million on average shareholders' equity of $344.3 million.
What is Waterstone Financial's ROIC?
Waterstone Financial's return on invested capital was 4.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Waterstone Financial have?
Waterstone Financial had total debt of $412.3 million at the end of fiscal 2025, a debt-to-equity ratio of 1.18 and $178.0 million of net debt (4.95 times EBITDA).
What is Waterstone Financial's dividend yield?
Waterstone Financial's forward dividend yield is 3.42%. Waterstone Financial paid $10.8 million in dividends in fiscal 2025 ($0.60 per share), a payout ratio of 40.8%.
Does Waterstone Financial buy back its shares?
Yes. Waterstone Financial spent $16.2 million on net share repurchases in fiscal 2025 Shares outstanding changed −3.9% over the year, to 17.9M..
What is Waterstone Financial's free cash flow yield?
Waterstone Financial generated $17.9 million of free cash flow in fiscal 2025, a free cash flow yield of 6.0% on its market value at year-end ($295.7 million).
What is Waterstone Financial's current ratio?
Waterstone Financial's current ratio was 0.14 at the end of fiscal 2025: current assets were 0.14 times current liabilities.