Latest Ratios: P/E Ratio 13.9x · EV/EBITDA 20.0x · ROE 7.7%. (2003–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $372M | $296M | $250M | $287M | $379M | $523M | $463M | $499M | $463M | $476M | $504M |
| Enterprise Value | $720M | $644M | $661M | $722M | $730M | $638M | $895M | $921M | $837M | $830M | $870M |
| P/E Ratio → | 13.92 | 11.18 | 13.31 | 30.87 | 19.37 | 7.39 | 5.70 | 13.89 | 15.10 | 18.33 | 19.78 |
| P/S Ratio | 1.84 | 1.47 | 1.25 | 1.62 | 2.22 | 1.95 | 1.46 | 2.41 | 2.46 | 2.52 | 2.69 |
| P/B Ratio | 1.05 | 0.85 | 0.74 | 0.83 | 1.02 | 1.21 | 1.12 | 1.27 | 1.16 | 1.15 | 1.23 |
| P/FCF | 20.83 | 16.56 | 5.32 | — | 1.84 | 3.70 | — | — | 12.34 | 4.51 | — |
| P/OCF | 19.55 | 15.55 | 5.20 | — | 1.84 | 3.68 | — | — | 11.16 | 4.44 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.19 | 3.31 | 4.08 | 4.27 | 2.37 | 2.82 | 4.45 | 4.44 | 4.41 | 4.65 |
| EV / EBITDA | 20.01 | 17.89 | 24.96 | 50.39 | 25.61 | 6.50 | 7.87 | 17.63 | 18.60 | 17.82 | 19.25 |
| EV / EBIT | 21.54 | 19.26 | 27.54 | 65.46 | 29.83 | 6.92 | 8.28 | 19.37 | 20.78 | 18.69 | 20.73 |
| EV / FCF | — | 36.07 | 14.07 | — | 3.55 | 4.51 | — | — | 22.30 | 7.87 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 71.2% | 71.2% | 66.5% | 71.9% | 91.7% | 96.1% | 90.1% | 87.1% | 90.2% | 91.9% | 89.0% |
| Operating Margin | 16.6% | 16.6% | 12.0% | 6.2% | 14.3% | 34.3% | 34.0% | 23.0% | 21.4% | 23.6% | 22.4% |
| Net Profit Margin | 13.1% | 13.1% | 9.4% | 5.3% | 11.4% | 26.4% | 25.5% | 17.3% | 16.3% | 13.8% | 13.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.7% | 7.7% | 5.5% | 2.6% | 4.9% | 16.7% | 20.1% | 9.1% | 7.6% | 6.3% | 6.4% |
| ROA | 1.2% | 1.2% | 0.8% | 0.4% | 0.9% | 3.2% | 3.9% | 1.8% | 1.7% | 1.4% | 1.4% |
| ROIC | 3.2% | 3.2% | 2.3% | 1.1% | 2.2% | 7.5% | 9.0% | 4.2% | 3.7% | 4.2% | 3.9% |
| ROCE | 5.8% | 5.8% | 3.8% | 1.6% | 3.0% | 9.5% | 11.5% | 5.3% | 4.8% | 6.0% | 5.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.18 | 1.18 | 1.32 | 1.35 | 1.04 | 1.10 | 1.23 | 1.23 | 1.09 | 0.94 | 0.94 |
| Debt / EBITDA | 11.45 | 11.45 | 16.87 | 32.52 | 13.57 | 4.86 | 4.47 | 9.25 | 9.67 | 8.29 | 8.56 |
| Net Debt / Equity | — | 1.00 | 1.21 | 1.27 | 0.95 | 0.26 | 1.05 | 1.07 | 0.94 | 0.86 | 0.89 |
| Net Debt / EBITDA | 9.68 | 9.68 | 15.53 | 30.38 | 12.30 | 1.17 | 3.80 | 8.07 | 8.31 | 7.61 | 8.11 |
| Debt / FCF | — | 19.51 | 8.75 | — | 1.70 | 0.81 | — | — | 9.96 | 3.36 | — |
| Interest Coverage | 0.56 | 0.56 | 0.36 | 0.23 | 1.84 | 6.41 | 4.33 | 1.73 | 2.06 | 2.72 | 2.07 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.14 | 0.14 | 0.12 | 0.16 | 0.21 | 0.47 | 0.24 | 0.25 | 0.26 | 0.25 | 0.25 |
| Quick Ratio | 0.14 | 0.14 | 0.12 | 0.16 | 0.21 | 0.47 | 0.24 | 0.25 | 0.26 | 0.25 | 0.25 |
| Cash Ratio | 0.04 | 0.04 | 0.02 | 0.02 | 0.03 | 0.29 | 0.06 | 0.06 | 0.06 | 0.03 | 0.02 |
| Asset Turnover | — | 0.09 | 0.09 | 0.08 | 0.08 | 0.12 | 0.15 | 0.10 | 0.10 | 0.10 | 0.10 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.9% | 3.6% | 4.5% | 5.4% | 8.0% | 5.8% | 6.8% | 5.2% | 5.8% | 5.7% | 1.4% |
| Payout Ratio | 40.8% | 40.8% | 60.3% | 163.9% | 155.3% | 42.9% | 38.8% | 72.3% | 88.0% | 103.8% | 27.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.2% | 8.9% | 7.5% | 3.2% | 5.2% | 13.5% | 17.5% | 7.2% | 6.6% | 5.5% | 5.1% |
| FCF Yield | 4.8% | 6.0% | 18.8% | — | 54.3% | 27.0% | — | — | 8.1% | 22.2% | — |
| Buyback Yield | 4.4% | 5.5% | 6.0% | 9.1% | 12.6% | 1.9% | 7.8% | 4.6% | 4.1% | 0.5% | 0.8% |
| Total Shareholder Yield | 7.3% | 9.1% | 10.5% | 14.4% | 20.6% | 7.8% | 14.6% | 9.8% | 10.0% | 6.1% | 2.1% |
| Shares Outstanding | — | $18M | $19M | $20M | $22M | $24M | $25M | $26M | $28M | $28M | $27M |
Mortgage market cyclicality
As reported in recent financial data, Waterstone Financial trades at a P/B of 1.04, which suggests that investors are pricing the bank as a commodity balance sheet rather than a premium franchise, likely due to the inherent volatility of its mortgage-heavy business model compared to regional peers.
The current P/B multiple indicates that the market is skeptical of the bank's ability to generate sustainable returns on equity above its cost of capital. This valuation appears to reflect a 'conglomerate discount' where the cyclicality of the mortgage banking segment obscures the stability of the community banking operations.
Based on quarterly figures, the bank's ROE has struggled to exceed 2.3% over the last ten quarters, indicating that the combination of a thin 0.7% NIM and high operational overhead significantly constrains the bank's ability to generate meaningful returns on tangible equity for its shareholders.
The decomposition of profitability shows that the bank's reliance on non-interest income, which reached 41.1% of revenue in 2026Q1, introduces significant earnings volatility. Investors should monitor whether the bank can improve its asset utilization, as the current ROE levels suggest a structural challenge in scaling the mortgage business efficiently.
According to recent regulatory filings, the efficiency ratio has remained elevated, fluctuating between 52.1% and 67.5%, which suggests that the bank's high-touch mortgage origination model requires substantial personnel expenses that prevent the realization of operating leverage even when interest income shows signs of recovery.
The persistent NIM compression, hovering near 0.6%, indicates that funding costs are effectively neutralizing the yield benefits from the loan portfolio. This suggests that the bank's profitability is highly sensitive to the cost of deposits, which may be difficult to manage in a competitive local market like Milwaukee.
As evidenced by the consistent equity-to-assets ratio of approximately 0.15 over the last ten quarters, the bank maintains a disciplined capital position that provides a necessary buffer against the credit and market risks inherent in its specialized residential mortgage-focused business model.
This conservative capital structure appears to be a strategic choice by management to mitigate the risks associated with its mortgage-heavy operations. While this provides a fortress-like balance sheet, it also implies that the bank may be under-leveraging its capital base, which contributes to the observed low ROE.
The P/E ratio is the most commonly misapplied metric for Waterstone Financial, as it fails to account for the non-cash mark-to-market adjustments on mortgage servicing rights that frequently distort quarterly earnings and mask the underlying cash-generating capability of the bank's core community banking operations.
Investors should instead focus on tangible book value and adjusted core earnings to better assess the bank's true economic performance. Relying on P/E in this context may lead to erroneous conclusions about the bank's valuation, as it treats volatile, non-cash accounting gains as recurring operational income.
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying WSBF stock.
Waterstone Financial, Inc.'s current P/E ratio is 13.9x. The historical average is 24.3x. This places it at the 38th percentile of its historical range.
Waterstone Financial, Inc.'s current EV/EBITDA is 20.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.8x.
Waterstone Financial, Inc.'s return on equity (ROE) is 7.7%. The historical average is 5.1%.
Based on historical data, Waterstone Financial, Inc. is trading at a P/E of 13.9x. This is at the 38th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Waterstone Financial, Inc.'s current dividend yield is 2.93% with a payout ratio of 40.8%.
Waterstone Financial, Inc. has 71.2% gross margin and 16.6% operating margin. Operating margin between 10-20% is typical for established companies.
Waterstone Financial, Inc.'s Debt/EBITDA ratio is 11.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.