$234.5 M

BWFG Mkt cap, 09-Nov-2018

$20.5 M

Bankwell Financial Revenue Q2, 2018
Bankwell Financial Gross profit (Q2, 2018)15 M
Bankwell Financial Gross profit margin (Q2, 2018), %73.2%
Bankwell Financial Net income (Q2, 2018)4.7 M
Bankwell Financial EBIT (Q2, 2018)13.6 M
Bankwell Financial Cash, 30-Jun-201889.3 M
Bankwell Financial EV369.3 M

Bankwell Financial Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Revenue

54.2m63.7m75.8m

Revenue growth, %

17%

Cost of goods sold

8.0m11.9m16.8m

Gross profit

46.3m51.8m59.0m

Gross profit Margin, %

85%81%78%

Sales and marketing expense

985.0k948.0k1.2m

R&D expense

1.5m1.6m1.9m

General and administrative expense

5.3m5.8m6.2m

Operating expense total

29.2m29.5m32.5m

Depreciation and amortization

196.0k151.0k118.0k

EBIT

39.6m45.2m53.0m

EBIT margin, %

73%71%70%

Pre tax profit

13.9m18.3m25.1m

Income tax expense

4.8m6.0m11.3m

Net Income

4.6m9.0m12.4m13.8m

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Revenue

13.2m14.4m14.7m15.6m16.4m17.7m18.7m19.2m19.9m20.5m

Cost of goods sold

1.6m2.3m2.6m2.8m3.1m3.5m4.0m4.5m4.9m5.5m

Gross profit

11.6m12.1m12.1m12.7m13.3m14.2m14.6m14.7m15.0m15.0m

Gross profit Margin, %

88%84%82%82%81%80%78%77%75%73%

Sales and marketing expense

271.0k288.0k139.0k263.0k242.0k266.0k311.0k295.0k297.0k479.0k

R&D expense

405.0k416.0k407.0k377.0k417.0k445.0k401.0k621.0k525.0k509.0k

General and administrative expense

1.3m1.4m1.4m1.4m1.4m1.7m1.4m1.4m1.6m1.7m

Operating expense total

7.4m7.2m7.1m7.2m7.5m8.2m7.6m8.1m9.2m8.8m

Depreciation and amortization

51.0k51.0k40.0k40.0k39.0k31.0k31.0k24.0k24.0k

EBIT

10.1m9.4m10.8m10.6m11.3m12.4m12.7m13.5m13.7m13.6m

EBIT margin, %

76%65%73%68%69%70%68%70%69%66%

Pre tax profit

3.6m3.5m4.3m4.2m4.6m5.4m6.2m6.2m5.8m5.9m

Income tax expense

(127.0k)1.3m1.2m1.4m1.3m1.4m1.7m2.4m1.9m1.2m1.2m

Net Income

1.1m1.2m1.5m1.9m2.3m2.3m3.0m2.9m3.1m3.7m3.8m4.3m4.6m4.7m

Bankwell Financial Balance Sheet

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Cash

48.6m88.6m96.4m70.7m

Accounts Receivable

3.3m4.1m5.0m

Inventories

57.9m132.9m154.8m

PP&E

11.9m11.2m17.8m18.2m

Goodwill

2.6m2.6m2.6m2.6m

Total Assets

1.1b1.3b1.6b1.8b

Accounts Payable

67.8m128.2m143.7m1.4b

Short-term debt

25.0m25.1m25.1m

Long-term debt

129.0m120.0m160.0m199.0m

Total Debt

145.0m185.1m224.1m

Total Liabilities

1.5b1.6b

Retained Earnings

10.4m19.0m29.7m41.0m

Total Equity

129.2m131.8m145.9m161.0m

Debt to Equity Ratio

1.1 x1.3 x

Debt to Assets Ratio

0.1 x0.1 x

Financial Leverage

8.5 x10.1 x11.2 x11.2 x

Bankwell Financial Cash Flow

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Net Income

4.6m9.0m12.4m13.8m

Depreciation and Amortization

1.2m1.7m1.7m1.5m

Accounts Receivable

(619.0k)(748.0k)(887.0k)(952.0k)

Inventories

15.2m

Cash From Operating Activities

9.2m14.2m17.8m20.6m

Cash From Investing Activities

(238.7m)(194.6m)(292.1m)(194.5m)

Dividends Paid

(110.0k)(125.0k)(125.0k)

Cash From Financing Activities

196.1m220.4m282.1m148.3m

Interest Paid

4.0m7.5m11.8m16.6m

Income Taxes Paid

2.2m6.1m8.6m8.0m

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Net Income

1.1m2.4m3.8m1.9m4.2m6.4m3.0m5.9m9.0m3.7m7.5m11.7m4.6m9.3m

Depreciation and Amortization

206.0k497.0k835.0k403.0k833.0k1.3m428.0k865.0k1.3m412.0k760.0k1.0m364.0k782.0k

Accounts Receivable

16.0k(104.0k)(311.0k)(19.0k)(251.0k)(508.0k)(299.0k)(637.0k)(428.0k)(222.0k)(281.0k)(386.0k)579.0k388.0k

Cash From Operating Activities

206.0k1.0m1.9m2.8m6.9m10.1m3.6m6.9m11.4m7.3m9.8m14.4m8.5m9.1m

Cash From Investing Activities

(32.8m)(69.0m)(159.9m)(35.5m)(91.3m)(178.4m)(106.2m)(179.0m)(228.1m)(67.9m)(135.1m)(169.8m)(23.8m)(56.8m)

Dividends Paid

(27.0k)(55.0k)(82.0k)(27.0k)(55.0k)(82.0k)(27.0k)(55.0k)(82.0k)

Cash From Financing Activities

32.8m116.5m111.6m3.5m111.4m206.6m86.7m178.2m224.2m38.2m114.9m155.4m28.0m66.2m

Interest Paid

885.0k1.7m2.7m1.3m2.9m4.8m2.6m5.4m8.4m3.4m7.5m11.8m5.0m10.6m

Income Taxes Paid

200.0k630.0k450.0k1.0m2.5m5.1m1.1m4.5m6.4m1.1m3.6m6.2m60.0k1.5m

Bankwell Financial Ratios

USDY, 2018

EV/EBIT

27.2 x

EV/CFO

40.4 x

Debt/Equity

1.3 x

Debt/Assets

0.1 x

Financial Leverage

11 x
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Bankwell Financial Operating Metrics

Bankwell Financial's Total Loans was reported to be $1.5b in Q2, 2017.
FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017

Bank Branches

9 9 9

Non-accrual Loans

$3.36 m$2.45 m$2.09 m$2.37 m$3.79 m$3.40 m$3.61 m$3.64 m$2.94 m$4.43 m$5.30 m

Total Loans

$929.76 m$978.65 m$1.04 b$1.13 b$1.15 b$1.20 b$1.28 b$1.33 b$1.37 b$1.43 b$1.49 b
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