Finwise Bancorp
FINW on Nasdaq. FinWise Bancorp sells loans and banking services to consumers and small businesses nationwide. Market value $153m.
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: 9 cents. Above 10 is good.
What you pay for each dollar of net assets: $0.76.
Profit per $100 you pay: $9.06.
Quality score: 86 of 100. Price score: 100 of 100. Our list needs 70 on quality and 60 on price.
$10.87 a share, at its 1-year low
Over the past year the price has ranged from $10.79 to $19.86.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||||
| Revenue | n/a | n/a | n/a | n/a |
| Operating margin | ||||
| Operating margin | n/a | n/a | n/a | n/a |
| Debt to equity | ||||
| Debt to equity | n/a | n/a | n/a | n/a |
| Shares outstanding | ||||
| Shares outstanding | 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 yearsUnknown
- Buying back its own sharesNo, 11% more shares since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Profit: $2 million, down 48% on a year ago.
- Spare cash over the past 12 months: $5 million. A year earlier it spent $49 million more than it brought in.
- 1% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | $3m |
| December 2024 | $3m |
| March 2025 | $3m |
| June 2025 | $4m |
| September 2025 | $5m |
| December 2025 | $4m |
| March 2026 | $3m |
| June 2026 | $2m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 23 March 2026
- Next quarterly (estimated, 10-Q)
- 11 November 2026
Who owns it
None of the long-term investors we follow own it. 70 funds in all.
Largest holders overall
- Alliancebernstein L.P.$13m
- BlackRock$8mAdded
- Wasatch Advisors LP$7mCut
- US Bancorp$7m
- Vanguard Capital Management$6m
- Geode Capital Management$3mAdded
- Dimensional Fund Advisors LP$2mAdded
- State Street$1m
- Bridgeway Capital Management$1mCut
- Northern Trust$1mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- AllianceBernstein L.P.Passive investor6.1%Since 31 March 2025
- Wasatch Advisors LPPassive investorSold down below 5%Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
AllianceBernstein L.P. Passive investor | 6.1% | 31 March 2025 | |
Wasatch Advisors LP Passive investor | Sold down below 5% | 31 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $43,528 of shares on the open market.
- Reynolds Howard IDirectorBought
- Date
- 31 October 2025
- Shares
- 2,297
- Price
- $18.95
- Value
- $43,528
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 31 October 2025 | Reynolds Howard I Director | Bought | 2,297 | $18.95 | $43,528 |
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 23 Mar 2026, plus the 10-Q filed 12 Aug 2026 and 7 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 implemented segment reporting into our financial results during the three months ended September 30, 2025 and this change to our financial reporting could be confusing to investors and may not have the desired effects.
Could happenWe have provided disclosures about our new segment reporting structure elsewhere in this Report, but there is no guarantee that investors or the market will understand this change to our financial reporting. There is also no guarantee that this change to our financial reporting will have the desired effect. In addition, for periods prior to July 1, 2025, our operations were managed and reported as a single segment, and historical financial data by segment was not maintained. Accordingly, it is not practicable to present segment information for prior periods. Failure of investors or analysts to understand our revised segment reporting structure may negatively affect their ability to understand our financial performance and operating results which could adversely affect our stock price.
Read moreThe development and use of artificial intelligence present risks and challenges that may adversely impact our business.
Could happenWhile we have policies prohibiting our employees from using non-approved generative AI applications or websites on the Company or the Bank’s network, there can be no assurances that our employees will adhere to these policies or that such policies will be effective in mitigating the risks associated with using AI technology. Furthermore, although we have not authorized the use of any AI tools with personally identifiable or nonpublic information, employees may intentionally or inadvertently violate our policy by using personally identifiable or nonpublic information, including sensitive client information, with AI technologies.
Read moreThe development and use of artificial intelligence present risks and challenges that may adversely impact our business.
Could happenAI models, particularly generative AI models, may produce output or take action that is incorrect, that results in the release of private, confidential or proprietary information, that reflects biases included in the data on which they are trained, that produces output that is, or is perceived to be, discriminatory or unfair, that infringes on the intellectual property rights of others, or that is otherwise harmful.
Read moreThe development and use of artificial intelligence present risks and challenges that may adversely impact our business.
Could happenSince personally identifiable or nonpublic information may be used with such technologies, these technologies are capable of generating output that improperly discloses such personally identifiable or nonpublic information. The use of personally identifiable or nonpublic information could result in a violation of certain laws, including data privacy laws and the data privacy and security laws, exposing us to legal liability or regulatory penalties. Furthermore, we may rely on AI models developed by third parties, and, to that extent, would be dependent in part on the manner in which those third parties develop and train their models, including risks arising from the inclusion of any unauthorized material in the training data for their models, and the effectiveness of the steps these third parties have taken to limit the risks associated with the output of their models, matters over which we may have limited visibility. Any of these risks could expose us to liability or adverse legal or regulatory consequences and harm our reputation and the public perception of our business or the effectiveness of our security measures, which could have an adverse effect on our business, financial condition or results of operations.
Read moreEvolving ESG expectations could increase our costs and risks.
Could happenRegulatory, investor, and stakeholder expectations around environmental, social, and governance (“ESG”) practices continue to evolve, potentially increasing compliance costs and operational burdens. Recent shifts in U.S. policies have altered the landscape of ESG practices. The Trump Administration has rolled back several climate initiatives and withdrawn from international agreements, such as the Paris Climate Accord. These changes may reduce certain compliance requirements but also introduce uncertainty regarding future regulations. Stakeholders, including investors and customers, continue to scrutinize corporate ESG practices, and failure to meet their evolving expectations could impact our reputation and financial performance. Additionally, state-level regulations and international standards may impose differing ESG requirements, leading to potential operational complexities.
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.