Washington Trust Bancorp

WASH

Banks - Regional · Financial Services

Price

$36.62

-0.85 (-2.27%)

Market Cap

$698.2M

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+10.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 17.5M (2021) → 19.3M (2025)

Washington Trust Bancorp is a regional bank based in Rhode Island. It offers everyday banking services like checking accounts, savings accounts, and loans to individuals and local businesses. It also runs a wealth management division that helps people invest and plan their finances, which sets it apart from many small community banks.

The company makes money by charging interest on loans and collecting fees for wealth management services. It operates mainly in Rhode Island, Connecticut, and Massachusetts, making it one of the oldest and largest state-chartered banks in the United States. Its long history and established customer relationships in a small, tight-knit region give it a stable base, but its limited geographic footprint also means growth opportunities are narrow. Rising interest rates and competition from larger national banks remain the key risks to its earnings over time.

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

-3.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+4.8% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

2.4%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$28M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Revenue declining

Washington Trust Bancorp's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

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Quality

Gross Margin

58.2%

Premium pricing power — 58.2% gross margin

Operating Margin

17.4%

Healthy — 17.4% operating margin

ROCE

1.4%

Weak — 1.4% 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

+23.7%

Fast-growing sales (23.7% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

104%

Turns 104% of profit into real cash

FCF Margin

13.7%

Converts sales into free cash efficiently (13.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

1.09

Elevated debt (1.09)

Interest Cover

0.43x

Dangerous — barely covers interest (0.4x)

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

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Valuation

P/E Ratio (TTM)

13.3x

Attractive valuation — P/E 13.3

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

P/E vs Forward

+1.8

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

6.30%

Healthy income — 6.30% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+0.0%

Dividend flat

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