Waterstone Financial
WSBF on Nasdaq. Waterstone Financial sells loans and savings accounts to people and businesses. Market value $358m.
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.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 5 cents. Above 10 is good.
What you pay for each dollar of net assets: $1.02.
Profit per $100 you pay: $8.43.
Quality score: 45 of 100. Price score: 99 of 100. Our list needs 70 on quality and 60 on price.
$19.87 a share, 37% above its 1-year low
Over the past year the price has ranged from $14.52 to $21.66.
Dividend: 3.0% 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 | n/a | n/a | n/a | n/a | n/a |
| 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 | 0.02bn | 0.02bn | 0.02bn | 0.02bn | 0.02bn |
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 sharesYes, 19% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Profit: $8 million, about the same as a year ago.
- Spare cash over the past 12 months: $43 million, down from $85 million.
- 5% fewer shares than a year ago. Each share owns a bit more of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | $5m |
| December 2024 | $5m |
| March 2025 | $3m |
| June 2025 | $8m |
| September 2025 | $8m |
| December 2025 | $8m |
| March 2026 | $6m |
| June 2026 | $8m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
1 long-term investor we follow owns it, down from 2 last quarter. 126 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Donald Smith & Co.Jon Hartsel | $3m | <0.1% | Cut |
Sold out this quarter
- GAMCO InvestorsMario GabelliSold out
Largest holders overall
- BlackRock$34mAdded
- Dimensional Fund Advisors LP$29m
- Renaissance Technologies$22mCut
- Vanguard Capital Management$13mCut
- State Street$8m
- Geode Capital Management$8mAdded
- American Century Companies$7mAdded
- AQR Capital Management$5mAdded
- CSM Advisors$5mAdded
- Bridgeway Capital Management$4mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- BlackRock, Inc.Passive investor7.1%Since 31 December 2025
- The Vanguard GroupPassive investorSold down below 5%Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 7.1% | 31 December 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 6 sold $4m.
- Gordon Ryan JEVP/Chief Credit OfficerSold
- Date
- 13 August 2026
- Shares
- 8,157
- Price
- $21.14
- Value
- $172,406
- Gerke Mark RaymondEVP/Chief Financial OfficerSold
- Date
- 21 May 2026
- Shares
- 10,000
- Price
- $18.34
- Value
- $183,400
- Gordon Douglas SDirectorSold
- Date
- 18 February 2026
- Shares
- 2,880
- Price
- $18.11
- Value
- $52,157
- Gordon Douglas SDirectorSold
- Date
- 6 February 2026
- Shares
- 6,765
- Price
- $18.27
- Value
- $123,597
- Gordon Douglas SDirectorSold
- Date
- 5 February 2026
- Shares
- 18,716
- Price
- $18.25
- Value
- $341,567
- Gordon Douglas SDirectorSold
- Date
- 4 February 2026
- Shares
- 15,000
- Price
- $18.55
- Value
- $278,250
- Lawton Patrick SDirectorSold
- Date
- 4 February 2026
- Shares
- 19,255
- Price
- $18.64
- Value
- $358,913
- Lawton Patrick SDirectorSold
- Date
- 3 February 2026
- Shares
- 30,000
- Price
- $18.53
- Value
- $555,900
- Glynn Julie AnnEVP/Chief Retail OfficerSold
- Date
- 2 February 2026
- Shares
- 20,929
- Price
- $18.19
- Value
- $380,763
- Hansen Michael LDirectorSold
- Date
- 27 October 2025
- Shares
- 81,413
- Price
- $15.16
- Value
- $1m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 13 August 2026 | Gordon Ryan J EVP/Chief Credit Officer | Sold | 8,157 | $21.14 | $172,406 |
| 21 May 2026 | Gerke Mark Raymond EVP/Chief Financial Officer | Sold | 10,000 | $18.34 | $183,400 |
| 18 February 2026 | Gordon Douglas S Director | Sold | 2,880 | $18.11 | $52,157 |
| 6 February 2026 | Gordon Douglas S Director | Sold | 6,765 | $18.27 | $123,597 |
| 5 February 2026 | Gordon Douglas S Director | Sold | 18,716 | $18.25 | $341,567 |
| 4 February 2026 | Gordon Douglas S Director | Sold | 15,000 | $18.55 | $278,250 |
| 4 February 2026 | Lawton Patrick S Director | Sold | 19,255 | $18.64 | $358,913 |
| 3 February 2026 | Lawton Patrick S Director | Sold | 30,000 | $18.53 | $555,900 |
| 2 February 2026 | Glynn Julie Ann EVP/Chief Retail Officer | Sold | 20,929 | $18.19 | $380,763 |
| 27 October 2025 | Hansen Michael L Director | Sold | 81,413 | $15.16 | $1m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
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.
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.