WTBANasdaqState Commercial BanksFiscal year ends December 31
WEST BANCORPORATION INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 23, 2026
$28.97−0.22 (-0.75%)
Close on Oct 19, 2026
- Market cap
- $498.31M
- P/E (TTM)
- 12.9
- Dividend yield
- 3.45%
Margins
Share of revenue, fiscal years 2011 to 2025
Net margin
34.2%−1.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +19.4% | -2.2% | +0.6% | +4.3% | |
| Net income | +35.4% | -11.1% | -0.1% | +4.1% | |
| EPS, diluted | +35.2% | -11.4% | -0.6% | +3.6% | |
| Free cash flow | +215.6% | +4.2% | +1.5% | +4.2% | |
| Dividend per share | 0.0% | 0.0% | +3.5% | +4.9% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 14.5% | 15.0% | 13.2% | |
| Return on assets | 1.3% | 1.2% | 0.8% | |
| Capex to revenue | 19.7% | 2.5% | 3.5% | |
| Diluted shares | 16M | 17M | 17M |
Where the cash went
Fiscal 2021 to 2025, five years combined
West Bancorporation generated $228.85M from operations and spent $178.49M on capital expenditure, dividends and share buybacks. 54% of that went back into the business.
Generated
$228.85M
Used
$178.49M
Capital expenditure$95.90M54%Dividends$82.59M46%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin34.2%
×Asset turnover0.02×
×Equity multiplier16.52×
=Return on equity, FY202513.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 34.2% | 0.02× | 16.52× | 13.2% |
| FY2024 | 30.1% | 0.02× | 17.31× | 10.6% |
| FY2023 | 30.5% | 0.02× | 17.06× | 11.1% |
| FY2022 | 45.5% | 0.03× | 15.09× | 19.7% |
| FY2021 | 47.3% | 0.03× | 13.81× | 20.5% |
| FY2020 | 35.4% | 0.03× | 12.99× | 15.0% |
| FY2019 | 38.4% | 0.03× | 11.84× | 14.2% |
| FY2018 | 40.8% | 0.03× | 11.95× | 15.4% |
| FY2017 | 33.6% | 0.03× | 11.55× | 13.4% |
| FY2016 | 35.4% | 0.04× | 11.34× | 14.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$32.56M
- Cash generatingOperating cash flow above zero$46.48M
- Return on assets improvedROA up on the prior year0.6% → 0.8%
- Earnings backed by cashOperating cash flow above net income$46.48M vs $32.56M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise17M → 17M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.02 → 0.02