Bridgewater Bancshares, Inc. Financial Ratios — BWB Stock

Profitability (USD)

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	27.55	32.38	27.98	19.22	25.1	22	13.55	9.74	12.71
Return on Assets (%)	- -	1.17	1.5	1.48	1.05	1.43	1.36	0.89	0.68	0.88
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	1.54	1.56	1.41	1.54	1.49	2.23	2.4	2.86	2.79	2.78
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	47.59	47.68	47.78	49.16	38.02	53.63	52.98	47.85	39.67	42.28
Profit Margin (%)	29.57	29.78	40.01	40.28	28.99	39.79	39.45	36.4	30.47	32.46
Net Income to Common Margin (%)	29.57	29.78	40.01	40.28	28.99	38.77	36.45	32.71	26.7	29.6
Effective Tax Rate (%)	37.86	37.54	16.25	18.06	23.75	25.8	25.54	23.92	23.19	23.23
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	27.55	32.38	27.98	19.22	25.1	22	13.55	9.74	12.71

Credit (USD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	72	110	164	174	142	135	190	413	453	508
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	72	110	164	174	142	135	190	413	453	508
Total Debt/EBITDA	104.35	123.76	171.88	145.32	101.82	52.63	58.3	131.26	150.72	128.75
Net Debt/EBITDA	73.63	93.48	138.53	116.47	-15.24	-4.14	31.18	90.35	72.81	97.46
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	4.19	4.31	4.89	5.64	5.3	5.74	5.73	6.09	6.11	6.51
Long-Term Debt/Equity (%)	62.41	79.85	74.04	71.18	53.59	35.53	48.13	96.95	98.9	98.28
Long-Term Debt/Capital (%)	57.66	61.09	62.89	57.66	47.84	33.61	37.55	54.28	54.63	54.85
Long-Term Debt/Total Assets (%)	5.71	6.78	8.29	7.68	4.86	3.87	4.36	8.94	8.94	9.4
Total Debt/Equity (%)	62.41	79.85	74.04	71.18	53.59	35.53	48.13	96.95	98.9	98.28
Total Debt/Capital (%)	57.66	61.09	62.89	57.66	47.84	33.61	37.55	54.28	54.63	54.85
Total Debt/Total Assets (%)	5.71	6.78	8.29	7.68	4.86	3.87	4.36	8.94	8.94	9.4
Net Debt to Equity	44.04	60.32	59.68	57.05	-8.02	-2.8	25.74	66.74	47.78	74.39
Net Debt/Capital (%)	49.01	54.25	57.74	52.19	-15.91	-4.15	24.33	44.97	36.77	47.91
EBITDA	1	1	1	1	1	3	3	3	3	4
EBITDA-CapEx	-2	- -	-3	-14	-23	2	2	- -	-1	-2
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	4.19	4.31	4.89	5.64	5.3	5.74	5.73	6.09	6.11	6.51
Long-Term Debt/Equity (%)	62.41	79.85	74.04	71.18	53.59	35.53	48.13	96.95	98.9	98.28
Long-Term Debt/Capital (%)	57.66	61.09	62.89	57.66	47.84	33.61	37.55	54.28	54.63	54.85
Long-Term Debt/Total Assets (%)	5.71	6.78	8.29	7.68	4.86	3.87	4.36	8.94	8.94	9.4
Total Debt/Equity (%)	62.41	79.85	74.04	71.18	53.59	35.53	48.13	96.95	98.9	98.28
Total Debt/Capital (%)	57.66	61.09	62.89	57.66	47.84	33.61	37.55	54.28	54.63	54.85
Total Debt/Total Assets (%)	5.71	6.78	8.29	7.68	4.86	3.87	4.36	8.94	8.94	9.4
CFO/Total Liabilities	1.3	1.68	1.68	1.95	0.86	1.75	2.15	0.72	1.01	0.57
CFO/CapEx	6.81	20.16	7.91	2.54	0.93	69.8	52.05	10.11	11.37	4.76
Altman's Z-Score	0.09	0.1	0.21	0.23	0.19	0.21	0.19	0.16	0.16	0.18

Working Capital (USD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	12.2	11.28	11.67	11.76	12.51	11.94	7.28	6.26	7.75
Days Sales Outstanding	- -	29.91	32.36	31.29	31.03	29.18	30.56	50.17	58.28	47.1
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

API ChatGPT

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	306	405	357	496	492	376	370	482
- Cash & Cash Equivalents	21	27	32	35	164	145	88	129	234	124
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	67	67	67	67	67
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	72	110	164	174	142	135	190	413	453	508
Enterprise Value	-166	-147	184	254	-55	112	112	123	-113	607
Total Capital	125	179	260	302	297	401	505	760	829	926
Total Debt/Capital (%)	57.66	61.09	62.89	57.66	47.84	33.61	37.55	54.28	54.63	54.85
Total Debt / EV	-0.43	-0.75	0.89	0.69	-2.59	1.2	1.7	3.36	-4.02	0.84
EV/Sales	- -	- -	2.74	3.26	- -	0.98	0.83	1.12	2.5	4.27
EV/EBITDA	- -	- -	193.77	212.12	- -	43.89	34.36	39.04	89.78	153.68
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	6.27	6.43	- -	2.07	1.31	4.09	5.82	21.81
EV/Free Cash Flow to Firm	- -	- -	5.57	4.62	- -	2.04	1.29	3.72	5.35	18.02
Diluted Market Cap	- -	- -	311	413	364	512	509	382	377	495
Diluted Enterprise Value	51	83	442	553	343	568	677	733	663	946
EV per Share	- -	- -	6.36	8.66	- -	4.01	4.03	4.41	9.85	22.08
TTM Sales	45	57	67	78	94	115	135	110	108	142
TTM EBITDA	1	1	1	1	1	3	3	3	3	4
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	15	25	29	40	23	54	85	30	46	28
TTM Free Cash Flow to Firm	17	26	33	55	48	55	87	33	50	34

Multiples (USD)

API ChatGPT

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	9.37	7.5	7.64	9.32	5.87	11.59	7.48	14.69
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-166	-147	184	254	-55	112	112	123	-113	607
Low Price	- -	- -	9.3	9.69	7.99	12.29	14.97	7.9	10.52	11.93
EV/Sales	- -	- -	2.74	3.26	- -	0.98	0.83	1.12	2.5	4.27
EV/EBITDA	- -	- -	193.77	212.12	- -	43.89	34.36	39.04	89.78	153.68
Price/Earnings	- -	- -	11.37	12.88	13.13	11.14	9.98	10.48	12.87	11.46
Price/Earnings Average	- -	- -	13.45	10.78	11.3	10.34	9.7	8.74	12.32	10.2
Price/Earnings High	- -	- -	14.94	13	14.59	12.62	11.37	13.85	15.24	12.49
Price/Earnings Low	- -	- -	10.02	9.06	8.4	7.74	8.42	6.12	10.02	7.8
Price/Book Value	- -	- -	3.17	3.16	2.3	2.48	1.98	1.34	1.2	1.37
Price/Book Value Average	- -	- -	3.75	2.65	1.98	2.31	1.92	1.12	1.14	1.22
Price/Book Value High	- -	- -	4.17	3.19	2.56	2.81	2.25	1.77	1.42	1.49
Price/Book Value Low	- -	- -	2.79	2.22	1.47	1.73	1.67	0.78	0.93	0.93
Price/Tangible Book Value	- -	- -	1.41	1.68	1.36	1.6	1.52	1.06	1	1.12
Price/Tangible Book Value Average	- -	- -	1.67	1.4	1.17	1.49	1.47	0.88	0.95	0.99
Price/Tangible Book Value High	- -	- -	1.85	1.69	1.51	1.81	1.73	1.4	1.18	1.22
Price/Tangible Book Value Low	- -	- -	1.24	1.18	0.87	1.11	1.28	0.62	0.78	0.76
Price/Sales	- -	- -	4.55	5.19	3.81	4.32	3.64	3.43	3.44	3.39
Price/Sales Average	- -	- -	5.38	4.34	3.28	4.01	3.53	2.86	3.29	3.02
Price/Sales High	- -	- -	5.98	5.23	4.23	4.89	4.14	4.53	4.07	3.7
Price/Sales Low	- -	- -	4.01	3.65	2.43	3	3.07	2	2.68	2.31
Price/Cash Flow	- -	- -	10.4	10.24	15.51	9.14	5.79	12.54	7.98	17.32
Price/Cash Flow Average	- -	- -	12.32	8.57	13.35	8.49	5.63	10.46	7.65	15.41
Price/Cash Flow High	- -	- -	13.68	10.32	17.23	10.36	6.6	16.57	9.45	18.88
Price/Cash Flow Low	- -	- -	9.17	7.2	9.92	6.35	4.89	7.33	6.22	11.78
Price/Free Cash Flow Average	- -	- -	11.1	6.28	6.58	8.65	5.7	9.67	7.16	13.08
Price/Free Cash Flow High	- -	- -	12.32	7.57	8.49	10.56	6.69	15.32	8.86	16.02
Price/Free Cash Flow Low	- -	- -	8.26	5.28	4.89	6.47	4.95	6.77	5.82	10
EV/Sales Average	1.14	1.46	7.34	6.13	3.05	4.5	4.78	6.05	5.94	6.2
EV/Sales High	1.14	1.46	7.94	7.03	4	5.38	5.38	7.72	6.72	6.88
EV/Sales Low	1.14	1.46	5.97	5.44	2.21	3.49	4.31	5.2	5.32	5.49
EV/EBITDA Average	73.63	93.48	518.96	398.89	204.79	201.63	198.68	211.4	212.93	222.91
EV/EBITDA High	73.63	93.48	561.06	456.82	268.74	241.29	224.04	269.77	240.84	247.33
EV/EBITDA Low	73.63	93.48	421.77	353.74	148.23	156.39	179.37	181.48	190.87	197.35
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	10.55	13.78	12.49	17.69	17.74	13.52	13.51	17.53
High Price	- -	- -	13.87	13.9	13.88	20.05	20.2	17.87	16	19.11
Enterprise Value Average	51	83	494	478	286	516	646	664	640	880
Enterprise Value High	51	83	534	548	375	618	729	848	724	976
Enterprise Value Low	51	83	402	424	207	400	583	570	574	779

Shares Outstanding	29	29	30	29	28	28	28	28	28	28
Diluted Weighted Avg Shares	30	29	29	30	29	29	29	28	28	28
Basic Weighted Avg Shares	30	29	29	29	29	28	28	28	27	27
Revenue per Share	1.49	1.95	2.32	2.66	3.28	4.1	4.88	3.94	3.93	5.17
EBITDA per Share	0.02	0.03	0.03	0.04	0.05	0.09	0.12	0.11	0.11	0.14
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.44	0.58	0.93	1.07	0.95	1.59	1.78	1.29	1.05	1.53
Basic EPS from Cont Ops	0.44	0.58	0.93	1.07	0.95	1.63	1.92	1.44	1.2	1.68
Diluted EPS, GAAP	0.44	0.58	0.91	1.05	0.93	1.54	1.72	1.27	1.03	1.49
Diluted EPS from Cont Ops	0.44	0.58	0.91	1.05	0.93	1.58	1.86	1.41	1.18	1.63
Dividend per Share	- -	- -	- -	- -	- -	0.04	0.15	0.15	0.15	0.15
Cash Flow per Share	0.5	0.86	1.01	1.35	0.81	1.94	3.06	1.08	1.69	1.01
Free Cash Flow per Basic Share	0.42	0.81	0.89	0.82	-0.06	1.91	3	0.97	1.54	0.8
Cash & Equivalents per Share	7.93	8.82	9.83	11.05	19.39	20.86	22.94	26.32	36.58	16.37
Book Value per Share	1.76	2.4	3.33	4.36	5.43	7.12	8.97	10.09	11.3	12.8
Tangible Book Value per Share	3.7	4.59	7.49	8.22	9.17	11.05	11.7	12.8	13.56	15.71

Bridgewater Bancshares, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)