COMP <GO>

BWB vs BWFG // EV/EBITDA & P/E VALUATION

Bridgewater Bancshares Inc. (NASDAQ) VS. Bankwell Financial Group Inc. (NASDAQ) • 15-METRIC TALLY: BWB 2 — BWFG 5

■ METRIC PARITY

LAST: $20.34 (-0.24%) • MKT CAP: $567.2M

valuation

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LAST: $69.65 (+4.13%) • MKT CAP: $555.2M

valuation

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (BWB VS. BWFG) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	BWB	BWFG	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	8.90%	11.70%	-2.80	BWFG	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	3.87%	4.89%	-1.02	BWFG	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	—	68.00%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	44.00%	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	1.13%	-1.13	BWFG	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	4/9	5/9	-1.00	BWFG	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	43.6	73.9	-30.29	BWFG	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	11.4x	13.3x	-1.90	BWB	/forward-pe <GO>
Enterprise Scale & Market Cap	$567.2M	$555.2M	$11.9M	BWB	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	BWB REV	BWFG REV	BWB GROSS %	BWFG GROSS %	BWB FCF	BWFG FCF
FY 2025	$0	$2.8M	—	—	$22.0M	$27.1M
FY 2024	$0	$2.0M	—	—	$42.3M	$29.3M
FY 2023	$0	$1.6M	—	—	$30.0M	$31.9M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

BWB // BETA —

BWFG // BETA —