Bankwell Financial Group
BWFG on Nasdaq. Bankwell Financial Group sells loans and deposit accounts to people and businesses. Market value $527m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 14 cents. Above 10 is good.
What you pay for each dollar of net assets: $1.62.
Profit per $100 you pay: $8.17.
Quality score: 97 of 100. Price score: 84 of 100. Our list needs 70 on quality and 60 on price.
$65.83 a share, 63% above its 1-year low
Over the past year the price has ranged from $40.45 to $69.59.
Dividend: 1.2% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $872,000 | $1m | $2m | $2m | $3m |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.01bn | 0.01bn | 0.01bn | 0.01bn | 0.01bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsStrong, 29.1% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $665,000 last quarter, down 1% on a year ago.
- Profit: $12 million, up 36% on a year ago.
- Spare cash over the past 12 months: $34 million, up from $24 million.
- 2% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $575,000 |
| December 2024 | $589,000 |
| March 2025 | $602,000 |
| June 2025 | $674,000 |
| September 2025 | $779,000 |
| December 2025 | $771,000 |
| March 2026 | $780,000 |
| June 2026 | $665,000 |
| Quarter to | Amount |
|---|---|
| September 2024 | $2m |
| December 2024 | $3m |
| March 2025 | $7m |
| June 2025 | $9m |
| September 2025 | $10m |
| December 2025 | $9m |
| March 2026 | $11m |
| June 2026 | $12m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 4 March 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 127 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $4m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $4m | <0.1% |
Largest holders overall
- BlackRock$29mAdded
- Dimensional Fund Advisors LP$19mAdded
- Vanguard Capital Management$16m
- Acadian Asset Management$14mAdded
- Geode Capital Management$10mAdded
- Pacific Ridge Capital Partners$10m
- American Century Companies$9mAdded
- State Street$9mAdded
- TWO Sigma Investments, LP$7mAdded
- Siena Capital Partners GP$7m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Lawrence B Seidmanat least 10.0%+0.5 pts(filed with 7 related holders)Since 12 September 2025
What they said
Item 4 is hereby amended and restated to read as follows: These purchases were executed in accordance with the regulatory approvals Mr. Seidman obtained to purchase up to 14.99% of the outstanding shares of the Issuer.
Read the filing - BlackRock, Inc.Passive investor5.2%+0.3 ptsSince 30 June 2026
- George P. BauerPassive investorSold down below 5%Since 10 December 2025
What they said
The Reporting Person acquired and currently holds the shares of the Company's Common Stock, as described herein, for investment purposes. The Reporting Person believed that the shares, when purchased, represented an attractive investment opportunity. The Reporting Person is no…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Lawrence B Seidman | at least 10.0%+0.5 pts (filed with 7 related holders) | 12 September 2025 | What they saidItem 4 is hereby amended and restated to read as follows: These purchases were executed in accordance with the regulatory approvals Mr. Seidman obtained to purchase up to 14.99% of the outstanding shares of the Issuer. Read the filing |
BlackRock, Inc. Passive investor | 5.2%+0.3 pts | 30 June 2026 | |
George P. Bauer Passive investor | Sold down below 5% | 10 December 2025 | What they saidThe Reporting Person acquired and currently holds the shares of the Company's Common Stock, as described herein, for investment purposes. The Reporting Person believed that the shares, when purchased, represented an attractive investment opportunity. The Reporting Person is no… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 5 insiders bought $4m of shares on the open market. 8 sold $1m.
- Dale Eric JDirectorBought
- Date
- 8 September 2026
- Shares
- 530
- Price
- $67.11
- Value
- $35,568
- Dunne Jeffrey RDirectorBought
- Date
- 8 September 2026
- Shares
- 261
- Price
- $67.11
- Value
- $17,516
- Drexler Blake SDirectorBought
- Date
- 8 September 2026
- Shares
- 116
- Price
- $67.11
- Value
- $7,785
- Porto Carl MDirectorBought
- Date
- 8 September 2026
- Shares
- 327
- Price
- $67.11
- Value
- $21,945
- SEIDMAN LAWRENCE BDirectorBought
- Date
- 8 September 2026
- Shares
- 5,266
- Price
- $66.94
- Value
- $352,507
- SEIDMAN LAWRENCE BDirectorBought
- Date
- 25 August 2026
- Shares
- 2,540
- Price
- $65.92
- Value
- $167,426
- SEIDMAN LAWRENCE BDirectorBought
- Date
- 7 August 2026
- Shares
- 10,000
- Price
- $66.63
- Value
- $666,254
- Hildebrand Ryan JasonChief Innovation OfficerSold
- Date
- 31 July 2026
- Shares
- 2,246
- Price
- $66.74
- Value
- $149,898
- Hildebrand Ryan JasonChief Innovation OfficerSold
- Date
- 1 July 2026
- Shares
- 1,088
- Price
- $58.48
- Value
- $63,626
- SEIDMAN LAWRENCE BDirectorBought
- Date
- 5 June 2026
- Shares
- 323
- Price
- $53.70
- Value
- $17,345
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 8 September 2026 | Dale Eric J Director | Bought | 530 | $67.11 | $35,568 |
| 8 September 2026 | Dunne Jeffrey R Director | Bought | 261 | $67.11 | $17,516 |
| 8 September 2026 | Drexler Blake S Director | Bought | 116 | $67.11 | $7,785 |
| 8 September 2026 | Porto Carl M Director | Bought | 327 | $67.11 | $21,945 |
| 8 September 2026 | SEIDMAN LAWRENCE B Director | Bought | 5,266 | $66.94 | $352,507 |
| 25 August 2026 | SEIDMAN LAWRENCE B Director | Bought | 2,540 | $65.92 | $167,426 |
| 7 August 2026 | SEIDMAN LAWRENCE B Director | Bought | 10,000 | $66.63 | $666,254 |
| 31 July 2026 | Hildebrand Ryan Jason Chief Innovation Officer | Sold | 2,246 | $66.74 | $149,898 |
| 1 July 2026 | Hildebrand Ryan Jason Chief Innovation Officer | Sold | 1,088 | $58.48 | $63,626 |
| 5 June 2026 | SEIDMAN LAWRENCE B Director | Bought | 323 | $53.70 | $17,345 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 4 Mar 2026, plus the 10-Q filed 5 Aug 2026 and 3 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
What changed in the risks this year
Companies must list what could hurt them each year. These are the parts that changed since last year’s report.
We face a risk of disruptions and may be impacted by U.S. Government shutdowns.
Could happenA U.S. government shutdown may materially disrupt our operations that rely on programs administered by the U.S. Small Business Administration (“SBA”). During such shutdowns, the SBA suspends non-essential activities, including the administrative support associated with our origination of new 7(a) loans. Even lenders with delegated authority are unable to process new applications or finalize disbursements during this period. These disruptions may adversely affect our ability to originate, service, and sell SBA-guaranteed loans, and may also impact the processing of guarantee payment requests.
Read moreWe face a risk of disruptions and may be impacted by U.S. Government shutdowns.
Could happenFurthermore, upon the resumption of government operations, the SBA will likely experience a backlog of applications, which could be significant and may lead to extended processing times and further delays. These delays could impair our financial performance, increase credit risk exposure, and negatively affect our relationships with borrowers and lending partners.
Read moreWe face a risk of disruptions and may be impacted by U.S. Government shutdowns.
Could happenAdditionally, suspension of other federally-funded programs, such as Section 8 housing vouchers and contracts, may have an impact on borrower cash flows, which could, in turn, affect the Company's loan payments. The Company's exposure to such programs is very limited.
The evolving and often conflicting political and regulatory landscape related to environmental, social, and governance (“ESG”) practices creates uncertainty and compliance challenges that may increase our costs and expose us to new or additional risks.
Could happenCompanies face divergent and changing federal, state, and local regulatory approaches towards ESG, further affected by shifts in governmental priorities, which create uncertainty regarding enforcement priorities and compliance expectations. This dynamic and sometimes conflicting landscape complicates compliance, strategic planning, and operational decision‑making, and may increase legal, compliance, and operational costs, divert management attention, and heighten the risk of non‑compliance. In addition, heightened scrutiny from investors and other stakeholders regarding ESG matters creates reputational risk regardless of our approach, which could adversely affect our business, financial condition, and results of operations.
Read more
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.