Bridgewater Bancshares

BWB

Banks - Regional · Financial Services

Price

$22.06

-0.43 (-1.91%)

Market Cap

$615.1M

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−1.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 29.0M (2021) → 28.7M (2025)

Bridgewater Bancshares is a regional bank headquartered in Minnesota that provides loans, deposits, and other banking services to businesses and real estate investors. Its core customers are commercial real estate owners, small and mid-sized businesses, and entrepreneurs in the Twin Cities metro area. The bank focuses almost entirely on commercial clients rather than everyday retail customers.

The company makes money primarily through net interest income — it takes in deposits and lends that money out at higher interest rates, keeping the difference as profit. Bridgewater operates mainly in Minnesota, making it a smaller, geographically concentrated bank with roughly $5 billion in assets. Its competitive edge comes from deep local relationships and a focused niche in commercial real estate lending, but that concentration is also its main risk — a slowdown in the Twin Cities commercial real estate market or rising loan defaults could meaningfully hurt earnings.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+17.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+90.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

20.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$222M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Bridgewater Bancshares is a rare growth stock that's already generating positive cash flow while growing at 18%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

56.5%

Premium pricing power — 56.5% gross margin

Operating Margin

28.8%

Excellent — 28.8% operating margin

ROCE

2.3%

Weak — 2.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+17.2%

Fast-growing sales (17.2% YoY)

EPS YoY

+63.1%

Earnings growing fast (63.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

67%

Modest — 67% of profit becomes cash

FCF Margin

9.6%

Modest free cash flow (9.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.84

Moderate — manageable debt (0.84)

Interest Cover

0.49x

Dangerous — barely covers interest (0.5x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

12.2x

Attractive valuation — P/E 12.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+0.9

GROWING

Earnings roughly flat

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Dividends

Not applicable for this business.

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