Westamerica Bancorporation

WABC

Banks - Regional · Financial Services

Price

$61.36

-1.10 (-1.76%)

Market Cap

$1.44B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−7.5% over 4y

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

Diluted shares outstanding: 26.9M (2021) → 24.8M (2025)

Westamerica Bancorporation operates as a bank holding company for the Westamerica Bank that provides various banking products and services to individual and commercial customers. The company accepts various deposit products, including retail savings and checking accounts, as well as certificates of deposit. Its loan portfolio includes commercial, commercial and residential real estate, real estate construction, and consumer installment loans, as well as indirect automobile loans. It operates thr

Winston Score History

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1 trades / 12mo

0 Congressional buys and 1 sell on WABC in the last 12 months.

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Score breakdown

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Quality

Gross Margin

95.4%

Premium pricing power — 95.4% gross margin

Operating Margin

55.8%

Excellent — 55.8% operating margin

ROCE

3.5%

Weak — 3.5% 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

-11.5%

Shrinking sales (-11.5% YoY)

EPS YoY

-10.2%

Earnings shrinking (-10.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

106%

Turns 106% of profit into real cash

FCF Margin

43.3%

Converts sales into free cash efficiently (43.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.17

Conservative — low debt load (0.17)

Interest Cover

11.12x

Comfortably covers interest (11.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

13.7x

Attractive valuation — P/E 13.7

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

P/E vs Forward

+0.3

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

3.13%

Moderate income — 3.13% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+4.5%

Dividend growing modestly (4.5% YoY)

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