Bankwell Financial Group, Inc. (BWFG)
Bankwell Financial Group, Inc. operates as the parent company for Bankwell Bank, delivering a full spectrum of financial services to both individual consumers and business clients. Its foundational deposit offerings encompass checking, savings, and money market accounts, as well as certificates of deposit. The institution also extends a wide array of lending products. These include residential mortgages for owner-occupied properties (ranging from single-family homes to four-unit dwellings) intended for personal use, alongside home equity loans and lines of credit. For its commercial clientele, Bankwell provides financing secured by commercial real estate, multi-family residences, and investor-owned residential properties (one to four units). It also offers commercial construction loans for development projects such as apartment complexes, condominiums, office buildings, retail spaces, and other income-generating properties. Further loan options include land loans, commercial business loans (often backed by corporate assets and personal guarantees from business owners), and loans secured by customer savings or certificate accounts and automobiles. Additionally, the bank offers unsecured personal loans and overdraft protection lines of credit. The company maintains a network of branch locations across Connecticut, specifically in New Canaan, Stamford, Fairfield, Wilton, Westport, Darien, Norwalk, and Hamden. Established in 2002 under its former name, BNC Financial Group, Inc., the organization rebranded to Bankwell Financial Group, Inc. in September 2013. Its corporate headquarters are located in New Canaan, Connecticut.
Sector: State Commercial Banks
Industry: Banks - Regional
Bankwell Financial Group, Inc.
NASDAQ:BWFGFinancial Services · Banks - Regional
PrePre-market-0.26%$69.93
Close$70.110.00%AH$70.11-0.26%Now$69.93
Close$70.11-0.16%AH$70.11-0.26%since
Mkt Cap$558.95M
Float5.92M
O/S7.97M
Inst Own50.6%
Div Yield1.14%
Dilution
Financials Summary
Revenue$207.72M
Net Income$35.2M
Total Assets$3.36B
Free Cash Flow$27.13M
Debt & Equity
Debt 37%
Equity 63%
Total Debt$179.7M
Total Equity$301.49M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in BWFG's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$3.36B
Liabilities$3.06B
Accounts Receivable$2.82B
Accounts Payable$0
Inventory$0
PP&E (Net)$21.58M
Goodwill$2.59M
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 |
| Revenue | $207.72M | $195.71M | $193.3M | $120.98M | $87.03M | $80.37M | $88.19M | $83.96M | $75.83M | $63.67M | $54.24M | $38.63M | $31.48M | $24.74M | $21.72M | $18.29M | $14.85M | $12.95M | $10.74M | $9.04M | $6.82M | $4.47M | $3.58M |
| YoY Growth | 6.1% | 1.2% | 59.8% | 39.0% | 8.3% | -8.9% | 5.0% | 10.7% | 19.1% | 17.4% | 40.4% | 22.7% | 27.2% | 13.9% | 18.8% | 23.2% | 14.6% | 20.5% | 18.8% | 32.5% | 52.6% | 25.0% | - |
| Cost of Revenue | $100.43M | $131.33M | $94.85M | $28.64M | $13.43M | $30.26M | $29.62M | $27.18M | $18.18M | $15.81M | $11.2M | $6.08M | $3.35M | $5.01M | $3.92M | $18.29M | $14.85M | $12.95M | $10.74M | $3.2M | $1.99M | $804K | $822K |
| Gross Profit | $107.28M | $64.38M | $98.44M | $92.35M | $73.6M | $50.11M | $58.57M | $56.79M | $57.65M | $47.85M | $43.04M | $32.55M | $28.13M | $19.73M | $17.8M | $0 | $0 | $0 | $0 | $5.84M | $4.84M | $3.67M | $2.76M |
| Gross Margin | 51.6% | 32.9% | 50.9% | 76.3% | 84.6% | 62.4% | 66.4% | 67.6% | 76.0% | 75.2% | 79.4% | 84.3% | 89.4% | 79.7% | 82.0% | - | - | - | - | 64.6% | 70.9% | 82.0% | 77.0% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $34.93M | $29.39M | $31.22M | $25.64M | $21.26M | $23.99M | $21.34M | $22.38M | $19.5M | $18.12M | $18.34M | $15.35M | $13.17M | $10.53M | $9.61M | $6.39M | $5.45M | $5.7M | $2.86M | $2.84M | $2.61M | $2.45M | $2.06M |
| Other | $23.86M | $21.66M | $19.18M | $18.73M | $18.48M | $18.82M | $14.28M | $13.25M | $13.02M | $11.42M | $10.83M | $10.47M | $7.62M | $7.33M | $4.99M | -$3.19M | -$2.72M | -$2.85M | -$1.43M | $2.1M | $1.73M | $1.22M | $695K |
| Total Operating Expenses | $58.79M | $51.05M | $50.4M | $44.36M | $39.74M | $42.81M | $35.63M | $35.63M | $32.52M | $29.54M | $29.17M | $25.81M | $20.79M | $17.86M | $14.6M | $3.19M | $2.72M | $2.85M | $1.43M | $4.94M | $4.34M | $3.67M | $2.76M |
| Operating Income (EBIT) | $48.49M | $13.33M | $48.04M | $47.98M | $33.86M | $7.3M | $22.94M | $21.15M | $25.13M | $18.31M | $13.87M | $6.74M | $7.34M | $1.87M | $3.2M | $721K | -$1.1M | -$442K | $1.11M | $905K | $503K | $0 | $0 |
| Operating Margin | 23.3% | 6.8% | 24.9% | 39.7% | 38.9% | 9.1% | 26.0% | 25.2% | 33.1% | 28.8% | 25.6% | 17.4% | 23.3% | 7.6% | 14.7% | 3.9% | -7.4% | -3.4% | 10.3% | 10.0% | 7.4% | - | - |
| Interest Expense | $99.39M | $108.71M | $93.99M | $23.2M | $13.49M | $22.65M | $29.19M | $23.74M | $16.84M | $11.9M | $7.97M | $3.93M | $2.77M | $3.19M | $2.87M | $835K | $0 | $0 | $0 | $3.06M | $1.52M | $579K | $557K |
| Interest Income | $198.33M | $191.99M | $188.45M | $117.94M | $81.38M | $77.49M | $82.95M | $80.06M | $71.2M | $60.99M | $50.75M | $35.59M | $28.09M | $24.4M | $20.59M | $0 | $0 | $0 | $0 | $8.39M | $6.09M | $3.82M | $2.58M |
| Other Income (Expense) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$762K | -$700K |
| Income Before Tax (EBT) | $48.49M | $13.33M | $48.04M | $47.98M | $33.86M | $7.3M | $22.94M | $21.15M | $25.13M | $18.31M | $13.87M | $6.74M | $7.34M | $1.87M | $3.2M | $721K | -$1.1M | -$442K | $1.11M | $905K | $503K | $0 | $0 |
| Income Tax Expense | $13.3M | $3.56M | $11.38M | $10.55M | $7.28M | $1.4M | $4.73M | $3.72M | $11.3M | $5.96M | $4.84M | $2.17M | $2.18M | $657K | $997K | $214K | -$271K | $1K | $425K | $393K | -$1.18M | $579K | $557K |
| Net Income | $35.2M | $9.77M | $36.66M | $37.43M | $26.59M | $5.9M | $18.22M | $17.43M | $13.83M | $12.35M | $9.03M | $4.57M | $5.16M | $1.21M | $2.2M | $507K | -$830K | -$443K | $684K | $512K | $1.68M | -$380K | -$870K |
| Net Income Margin | 16.9% | 5.0% | 19.0% | 30.9% | 30.5% | 7.3% | 20.7% | 20.8% | 18.2% | 19.4% | 16.6% | 11.8% | 16.4% | 4.9% | 10.1% | 2.8% | -5.6% | -3.4% | 6.4% | 5.7% | 24.6% | -8.5% | -24.3% |
| Supplementary Data | |||||||||||||||||||||||
| EPS | 4.49 | 1.24 | 4.71 | 4.84 | 3.38 | 0.75 | 2.32 | 2.23 | 1.80 | 1.64 | 1.23 | 0.78 | 0.75 | 0.16 | 0.30 | 0.10 | -0.51 | -0.18 | 0.29 | 0.34 | 1.13 | -0.25 | -0.67 |
| Diluted EPS | 4.45 | 1.23 | 4.67 | 4.79 | 3.36 | 0.75 | 2.31 | 2.21 | 1.78 | 1.62 | 1.21 | 0.78 | 0.75 | 0.16 | 0.30 | 0.10 | -0.50 | -0.18 | 0.29 | 0.34 | 1.13 | -0.25 | -0.67 |
| Weighted Average OS | 7.75M | 7.71M | 7.59M | 7.56M | 7.71M | 7.73M | 7.76M | 7.72M | 7.57M | 7.40M | 7.07M | 5.58M | 6.58M | 6.58M | 6.58M | 2.53M | 2.46M | 2.46M | 2.36M | 1.49M | 1.49M | 1.49M | 1.31M |
| EBITDA | $52.58M | $17.1M | $51.67M | $51.35M | $37.44M | $10.58M | $26.32M | $22.89M | $26.64M | $20.04M | $15.56M | $7.98M | $8.01M | $2.48M | $3.74M | $1.17M | -$727K | -$200K | $1.3M | $905K | $503K | $183K | $144K |
| EBITDA Margin | 25.3% | 8.7% | 26.7% | 42.4% | 43.0% | 13.2% | 29.8% | 27.3% | 35.1% | 31.5% | 28.7% | 20.6% | 25.4% | 10.0% | 17.2% | 6.4% | -4.9% | -1.5% | 12.1% | 10.0% | 7.4% | 4.1% | 4.0% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 |
| Assets | |||||||||||||||||||||||
| Current Assets | |||||||||||||||||||||||
| Cash and Cash Equivalents | $224.92M | $293.55M | $267.52M | $344.93M | $291.6M | $405.34M | $78.05M | $75.41M | $70.55M | $96.03M | $49.56M | $48.56M | $82.01M | $28.93M | $0 | $0 | $0 | $0 | $0 | $3.39M | $5.02M | $2.62M | $1.37M |
| Short-Term Investments | $2.25M | $31.71M | $9.78M | $103.66M | $90.2M | $88.61M | $82.44M | $93.15M | $92.19M | $87.75M | $40.58M | $65.01M | $28.6M | $41.06M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $227.17M | $325.27M | $277.31M | $448.59M | $381.8M | $493.94M | $160.49M | $168.56M | $162.73M | $183.78M | $90.14M | $113.57M | $110.61M | $69.98M | $0 | $0 | $0 | $0 | $0 | $3.39M | $5.02M | $2.62M | $1.37M |
| Accounts Receivable | $2.82B | $14.54M | $14.86M | $13.07M | $7.51M | $6.58M | $5.96M | $6.38M | $5.91M | $4.96M | $4.07M | $3.32M | $2.36M | $2.11M | $0 | $0 | $0 | $0 | $0 | $784K | $0 | $396K | $223K |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $9.41M | $41.02M | $29.08M | $14.7M | $15.06M | $0 | $0 | $0 | $0 |
| Total Current Assets | $3.05B | $339.8M | $292.17M | $461.66M | $389.31M | $500.52M | $166.45M | $174.94M | $168.64M | $188.74M | $94.21M | $116.89M | $112.97M | $72.09M | $9.41M | $41.02M | $29.08M | $14.7M | $15.06M | $4.17M | $5.02M | $3.02M | $1.6M |
| Long-Term Assets | |||||||||||||||||||||||
| Property, Plant & Equipment Net | $21.58M | $23.86M | $27.02M | $27.2M | $25.59M | $21.76M | $28.52M | $19.77M | $18.2M | $17.84M | $11.16M | $11.91M | $7.06M | $2.52M | $2.45M | $2.89M | $1.91M | $2.03M | $1.2M | $1.08M | $1.17M | $1.3M | $1.29M |
| Goodwill | $2.59M | $2.59M | $2.59M | $2.59M | $2.59M | $2.59M | $2.59M | $2.59M | $2.59M | $2.59M | $2.59M | $2.59M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $76K | $214K | $290K | $382K | $501K | $652K | $848K | $481K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $2.79B | $2.81B | $2.67B | $1.91B | $1.65B | $1.62B | $1.61B | $1.54B | $1.36B | $1.14B | $928.02M | $635.75M | $526.15M | $4.58M | $6.91M | $3.4M | $0 | $10.52M | $137.17M | $118.47M | $93.26M | $60.38M |
| Deferred Tax Assets | $11.36M | $9.74M | $9.38M | $7.42M | $7.62M | $11.3M | $5.79M | $4.35M | $4.9M | $9.09M | $8.34M | $7.16M | $5.84M | $2.8M | $3.15M | $2.64M | $2.13M | $1.64M | $592K | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $276.58M | $99.79M | $74.44M | $78.72M | $118.21M | $64.48M | $57.76M | $60.66M | $57.4M | $48.2M | $73.44M | $32.12M | $17.52M | $6.46M | $458.45M | $342.42M | $291.72M | $228.67M | $163.53M | $6.71M | $5.47M | $2.51M | $12.53M |
| Total Long-Term Assets | $312.11M | $2.93B | $2.92B | $2.79B | $2.07B | $1.75B | $1.72B | $1.7B | $1.63B | $1.44B | $1.24B | $982.64M | $666.65M | $537.92M | $468.63M | $354.87M | $299.16M | $232.34M | $175.84M | $144.97M | $125.12M | $97.07M | $74.2M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $3.36B | $3.27B | $3.22B | $3.25B | $2.46B | $2.25B | $1.88B | $1.87B | $1.8B | $1.63B | $1.33B | $1.1B | $779.62M | $610.02M | $478.03M | $395.89M | $328.24M | $247.04M | $190.91M | $149.14M | $130.14M | $100.09M | $75.79M |
| Liabilities | |||||||||||||||||||||||
| Current Liabilities | |||||||||||||||||||||||
| Accounts Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $409K | $0 | $0 | $0 |
| Short-Term Debt | $110M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $38M | $15M | $14M | $23M | $0 | $16.5M | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $7.42M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $1.5B | $2.79B | $2.74B | $2.8B | $2.12B | $1.83B | $1.49B | $1.5B | $1.4B | $1.29B | $1.05B | $835.44M | $661.54M | $462.08M | $184.97M | $120.22M | $129.4M | $80.07M | $78.31M | $118.44M | $103.04M | $73.69M | $65.71M |
| Total Current Liabilities | $1.61B | $2.79B | $2.74B | $2.86B | $2.17B | $1.88B | $1.52B | $1.51B | $1.41B | $1.3B | $1.05B | $841.32M | $666.13M | $467.48M | $222.97M | $135.22M | $143.4M | $103.07M | $78.31M | $135.35M | $103.04M | $73.69M | $65.71M |
| Long-Term Liabilities | |||||||||||||||||||||||
| Long-Term Debt | $69.7M | $159.45M | $159.21M | $158.96M | $84.44M | $200.26M | $175.21M | $185.16M | $224.1M | $185.05M | $145M | $129M | $44M | $91M | $20M | $29M | $32M | $20M | $15M | $0 | $14M | $16.5M | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $677K | $181K | $84K | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $1.38B | $50.94M | $53.77M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $185.19M | $191.14M | $117.07M | $92.4M | $67.36M | $156K | $330K | $504K | $314K |
| Total Long-Term Liabilities | $1.45B | $210.39M | $212.97M | $158.96M | $84.44M | $200.26M | $175.21M | $185.16M | $224.1M | $185.05M | $145M | $129M | $44M | $91M | $205.87M | $220.32M | $149.15M | $112.4M | $82.36M | $156K | $14.33M | $17M | $314K |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $3.06B | $3B | $2.95B | $3.01B | $2.25B | $2.08B | $1.7B | $1.7B | $1.64B | $1.48B | $1.2B | $970.32M | $710.13M | $558.48M | $428.84M | $355.54M | $292.55M | $215.46M | $160.67M | $135.51M | $117.37M | $90.69M | $66.03M |
| Stockholders' Equity | |||||||||||||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $10.98M | $10.98M | $10.98M | $10.98M | $0 | $5.04M | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $120.12M | $119.11M | $118.25M | $115.02M | $118.15M | $121.34M | $120.59M | $120.53M | $118.3M | $115.35M | $112.58M | $107.27M | $52.1M | $38.12M | $37.55M | $42.32M | $32.97M | $32.77M | $30.89M | $1.49M | $1.49M | $1.31M | $1.31M |
| Retained Earnings | $181.59M | $152.66M | $149.17M | $123.64M | $92.4M | $70.84M | $69.32M | $54.71M | $41.33M | $29.65M | $18.96M | $10.43M | $5.98M | $926K | -$156K | -$2.15M | -$2.4M | -$1.12M | -$680K | -$1.36M | -$1.88M | -$3.56M | -$3.18M |
| Comprehensive Income & Other | -$216K | -$1.24M | -$1.66M | -$189K | -$8.56M | -$15.57M | -$7.52M | -$1.04M | $1.69M | $890K | $227K | $531K | $424K | $1.51M | $810K | $185K | $88K | -$73K | $25K | -$237K | -$273K | $24K | $31K |
| Other Stockholders' Equity | -$216K | -$1.24M | -$1.66M | -$189K | -$8.56M | -$15.57M | -$7.52M | -$1.04M | $1.39M | $890K | $227K | $11.51M | $11.4M | $12.49M | $11.79M | $185K | $5.13M | -$73K | $25K | $13.51M | $13.16M | $11.65M | $11.64M |
| Total Equity | $301.49M | $270.52M | $265.75M | $238.47M | $201.99M | $176.6M | $182.4M | $174.2M | $161.03M | $145.9M | $131.77M | $129.21M | $69.48M | $51.53M | $49.19M | $40.35M | $35.7M | $31.58M | $30.23M | $13.63M | $12.77M | $9.4M | $9.77M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $3.36B | $3.27B | $3.22B | $3.25B | $2.46B | $2.25B | $1.88B | $1.87B | $1.8B | $1.63B | $1.33B | $1.1B | $779.62M | $610.02M | $478.03M | $395.89M | $328.24M | $247.04M | $190.91M | $149.14M | $130.14M | $100.09M | $75.79M |
| Supplementary Data | |||||||||||||||||||||||
| Total Debt | $179.7M | $159.45M | $159.21M | $158.96M | $84.44M | $200.26M | $175.21M | $185.16M | $224.1M | $185.05M | $145M | $129M | $44M | $91M | $58M | $44M | $46M | $43M | $15M | $16.5M | $14M | $16.5M | $0 |
| Net Debt | -$45.22M | -$134.1M | -$108.32M | -$185.97M | -$207.16M | -$205.08M | $97.16M | $109.74M | $153.56M | $89.03M | $95.44M | $80.44M | -$38.01M | $62.07M | $58M | $44M | $46M | $43M | $15M | $13.11M | $8.98M | $13.88M | -$1.38M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2004 | FY 2003 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2004-12-31 | 2003-12-31 |
| Operating Activities | |||||||||||||||||||||
| Net Income | $35.2M | $9.77M | $36.66M | $37.43M | $26.59M | $5.9M | $18.22M | $17.43M | $13.83M | $12.35M | $9.03M | $4.57M | $5.16M | $1.21M | $2.2M | $507K | -$830K | -$443K | $684K | -$380K | -$870K |
| Depreciation & Amortization | $4.08M | $3.77M | $3.62M | $3.37M | $3.58M | $3.28M | $3.38M | $1.73M | $1.51M | $1.73M | $1.69M | $1.24M | $666K | $612K | $541K | $452K | $374K | $242K | $189K | $183K | $144K |
| Deferred Income Tax | -$1.41M | -$469K | -$191K | -$1.96M | $1.7M | -$3.52M | $276K | $1.28M | $3.91M | -$1.1M | -$966K | -$696K | -$357K | -$777K | -$404K | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $2.34M | $3M | $3.07M | $2.36M | $1.83M | $1.77M | $1.02M | $1.29M | $917K | $1.19M | $1.03M | $573K | $343K | $563K | $250K | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | |||||||||||||||||||||
| Accounts Receivable | -$2.13M | $328K | -$1.79M | -$5.56M | -$933K | -$620K | $416K | -$465K | -$952K | -$887K | -$748K | -$619K | -$185K | $206K | -$745K | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Working Capital | -$4.5M | -$7.61M | -$7.43M | $43.23M | $4.71M | -$17.1M | -$14.04M | -$2.75M | $1.57M | -$265K | $928K | $2.16M | -$1.14M | $3.21M | $1.45M | $144K | -$1.29M | -$1.1M | $2.04M | -$222K | $25K |
| Total Working Capital Change | -$6.63M | -$7.29M | -$9.23M | $37.67M | $3.78M | -$17.72M | -$13.63M | -$3.22M | $615K | -$1.15M | $180K | $1.54M | -$1.32M | $3.41M | $708K | $144K | -$1.29M | -$1.1M | $2.04M | -$222K | $25K |
| Other Non-Cash Items | -$5.32M | $21.15M | -$2.02M | $3.8M | -$2.92M | $8.77M | -$2.63M | $1.46M | -$211K | $4.36M | $2.19M | $1.95M | -$1.54M | $3.14M | $3.17M | -$260K | -$2.17M | $1.34M | $692K | -$439K | $2.35M |
| Net Cash from Operating | $28.27M | $29.94M | $31.93M | $82.67M | $34.56M | -$1.51M | $6.63M | $19.98M | $20.57M | $17.37M | $13.15M | $9.17M | $2.95M | $8.17M | $6.46M | $843K | -$3.92M | $37K | $3.6M | -$858K | $1.65M |
| Investing Activities | |||||||||||||||||||||
| Capital Expenditures | -$1.14M | -$613K | -$2.04M | -$4.96M | $4.26M | $3.34M | -$645K | -$3.35M | -$1.87M | -$8.4M | -$938K | -$2.04M | -$908K | -$684K | -$96K | -$1.43M | -$255K | -$1.11M | -$295K | -$176K | -$248K |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.55M | $30.88M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | -$86.43M | -$31.19M | -$9.95M | -$37.23M | -$33.59M | -$20.67M | -$12.31M | -$26.38M | -$75.31M | -$117.32M | $0 | -$53.77M | -$7.62M | -$7M | -$69.03M | -$47.83M | -$41.21M | -$36.1M | -$28.77M | -$26.41M | -$14.93M |
| Sales of Investments | $43.09M | $15.08M | $5.08M | $12.67M | $30.38M | $16.96M | $31.46M | $21.99M | $65.82M | $61.67M | $25.13M | $28.46M | $11.42M | $56.56M | $33.35M | $23.82M | $38.43M | $33.69M | $28.44M | $16.76M | $9.97M |
| Other Investing Activities | -$120.71M | -$17.24M | -$41.39M | -$781.64M | -$271.07M | -$21.57M | $182K | -$66.87M | -$183.1M | -$227.64M | -$217.74M | -$213.89M | -$85.48M | -$163.06M | -$80.79M | -$30.56M | -$59.89M | -$54.56M | -$35.07M | -$23.34M | -$21.75M |
| Net Cash from Investing | -$165.19M | -$33.96M | -$48.3M | -$811.16M | -$270.02M | -$21.94M | $18.69M | -$74.61M | -$194.46M | -$291.69M | -$193.55M | -$238.7M | -$51.71M | -$114.19M | -$116.56M | -$55.99M | -$62.92M | -$58.09M | -$35.69M | -$33.17M | -$26.96M |
| Financing Activities | |||||||||||||||||||||
| Debt Repaid | -$20M | - | - | -$74.35M | $116.08M | -$25M | $10M | $39M | -$39M | -$40M | -$16M | -$78M | $47M | - | - | $2M | -$3M | -$28M | $1.5M | -$16.5M | - |
| Common Stock Issuance | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $200K | $3.78M | $44.7M | $13.18M | $0 | $0 | $4.16M | $4.78M | $1.64M | $15.42M | $0 | $0 |
| Common Stock Repurchases | -$1.33M | -$2.14M | $0 | -$5.54M | -$5.08M | -$1.04M | -$988K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | -$6.27M | -$6.28M | -$6.24M | -$6.19M | -$5.03M | -$4.39M | -$4.08M | -$3.76M | -$2.15M | -$1.66M | -$376K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | $41.91M | $50.81M | -$63.91M | $676.87M | $296.74M | $335.43M | -$10.31M | $104.78M | $111.42M | $243.54M | $212.14M | $73.48M | $135.78M | $94.99M | $58M | $64.92M | $73.48M | $27.82M | $24.47M | $8.26M | $28.89M |
| Net Cash from Financing | $54.31M | $42.39M | -$70.15M | $739.49M | $170.55M | $355M | -$25.38M | $62.02M | $148.27M | $282.08M | $220.44M | $196.07M | $101.84M | $127.85M | $77.73M | $66.82M | $81.07M | $57.46M | $38.39M | $24.78M | $33M |
| Forex Effect | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$82.6M | $38.37M | -$86.52M | $11M | -$64.92M | $331.55M | -$61K | $7.38M | -$25.62M | $7.76M | $40.04M | -$33.45M | $53.09M | $21.84M | -$32.36M | $0 | $0 | $0 | $0 | -$9.25M | $7.69M |
| Supplementary Data | |||||||||||||||||||||
| Operating Cash Flow | $28.27M | $29.94M | $31.93M | $82.67M | $34.56M | -$1.51M | $6.63M | $19.98M | $20.57M | $17.37M | $13.15M | $9.17M | $2.95M | $8.17M | $6.46M | $843K | -$3.92M | $37K | $3.6M | -$858K | $1.65M |
| Capital Expenditure | -$1.14M | -$613K | -$2.04M | -$4.96M | $4.26M | $3.34M | -$645K | -$3.35M | -$1.87M | -$8.4M | -$938K | -$2.04M | -$908K | -$684K | -$96K | -$1.43M | -$255K | -$1.11M | -$295K | -$176K | -$248K |
| Free Cash Flow | $27.13M | $29.32M | $29.88M | $77.71M | $38.81M | $1.82M | $5.99M | $16.63M | $18.7M | $8.97M | $12.21M | $7.13M | $2.04M | $7.48M | $6.37M | -$591K | -$4.17M | -$1.08M | $3.31M | -$1.03M | $1.4M |
| Cash at Beginning | $307.52M | $269.16M | $355.68M | $344.68M | $409.6M | $78.05M | $78.11M | $70.73M | $96.36M | $88.6M | $48.56M | $82.01M | $28.93M | $7.09M | $39.45M | $0 | $0 | $0 | $0 | $13.37M | $5.68M |
| Cash at End | $224.92M | $307.52M | $269.16M | $355.68M | $344.68M | $409.6M | $78.05M | $78.11M | $70.73M | $96.36M | $88.6M | $48.56M | $82.01M | $28.93M | $7.09M | $0 | $0 | $0 | $0 | $4.12M | $13.37M |