BWB (Bridgewater Bancshares) Beneish M-Score: -2.84 (As of Jun. 24, 2026)


BWB Bridgewater Bancshares Inc BWB
64 GF Score
Price $20.53
GF Value $20.36
Valuation Fairly Valued
! 5 Warning Signs
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What is Bridgewater Bancshares Beneish M-Score?

Bridgewater Bancshares BWB +0.29% 64 Beneish M-Score is -2.84 as of Jun. 24, 2026. GuruFocus rates BWB with a GF Score™ of 64/100 and a GF Value™ of $20.36 (Fairly Valued). The stock has 5 warning signs investors should review. Among 1,396 Banks companies, Bridgewater Bancshares ranks better than 90.04% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.84 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Bridgewater Bancshares's Beneish M-Score or its related term are showing as below:

BWB' s Beneish M-Score Range Over the Past 10 Years
Min: -2.84   Med: -2.35   Max: 0.04
Current: -2.84

During the past 10 years, the highest Beneish M-Score of Bridgewater Bancshares was 0.04. The lowest was -2.84. And the median was -2.35.

BWB
64GF Score
Bridgewater Bancshares Inc BWB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Bridgewater Bancshares Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Bridgewater Bancshares for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.6815+0.528 * 1+0.404 * 0.9997+0.892 * 1.3715+0.115 * 1.1147
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8837+4.679 * 0.003219-0.327 * 2.3788
=-2.84

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $57.6 Mil.
Revenue was 46.043 + 38.598 + 35.843 + 35.707 = $156.2 Mil.
Gross Profit was 46.043 + 38.598 + 35.843 + 35.707 = $156.2 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $5,335.4 Mil.
Property, Plant and Equipment(Net PPE) was $52.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.5 Mil.
Selling, General, & Admin. Expense(SGA) was $55.2 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $444.8 Mil.
Net Income was 17.406 + 13.334 + 11.601 + 11.52 = $53.9 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 15.993 + 6.977 + 9.376 + 4.338 = $36.7 Mil.
 Total Receivables was $61.7 Mil.
Revenue was 31.836 + 29.074 + 26.74 + 26.231 = $113.9 Mil.
Gross Profit was 31.836 + 29.074 + 26.74 + 26.231 = $113.9 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $5,136.8 Mil.
Property, Plant and Equipment(Net PPE) was $49.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.7 Mil.
Selling, General, & Admin. Expense(SGA) was $45.5 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $180.0 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(57.632 / 156.191) / (61.658 / 113.881)
=0.368984 / 0.541425
=0.6815

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(113.881 / 113.881) / (156.191 / 156.191)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 52.784) / 5335.396) / (1 - (0 + 49.442) / 5136.808)
=0.990107 / 0.990375
=0.9997

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=156.191 / 113.881
=1.3715

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(3.689 / (3.689 + 49.442)) / (3.506 / (3.506 + 52.784))
=0.069432 / 0.062285
=1.1147

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(55.18 / 156.191) / (45.526 / 113.881)
=0.353285 / 0.399768
=0.8837

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((444.782 + 0) / 5335.396) / ((180.016 + 0) / 5136.808)
=0.083364 / 0.035044
=2.3788

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(53.861 - 0 - 36.684) / 5335.396
=0.003219

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Bridgewater Bancshares has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.84 mean?
Bridgewater Bancshares (BWB) has a Beneish M-Score of -2.84 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bridgewater Bancshares and its competitors. According to the industry distribution chart, Bridgewater Bancshares ranks #139 out of 1396 companies in the Banks industry, placing it in the top 10%.
Is Bridgewater Bancshares' Beneish M-Score too high?
Bridgewater Bancshares' current Beneish M-Score is -2.84. Based on the distribution chart, Bridgewater Bancshares ranks #139 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Bridgewater Bancshares has a GF Score™ of 64/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Bridgewater Bancshares' Beneish M-Score compare to WCCB and CBNK?
According to the Banks industry distribution chart, Bridgewater Bancshares ranks #139 out of 1396 companies for Beneish M-Score. This places Bridgewater Bancshares in the top 10% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Banks company?
A good Beneish M-Score depends on the Banks industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bridgewater Bancshares and its competitors. Bridgewater Bancshares's current Beneish M-Score is -2.84. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bridgewater Bancshares stock overvalued right now?
Based on GuruFocus' analysis, Bridgewater Bancshares (BWB) is currently considered Fairly Valued. The stock's GF Value™ is $20.36, compared to a current price of $20.53 — trading 0.8% above its estimated fair value. The current Beneish M-Score is -2.84. Bridgewater Bancshares' overall GF Score™ is 64/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Bridgewater Bancshares (BWB), the current Beneish M-Score is -2.84 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Bridgewater Bancshares (BWB) Overvalued in 2026?

Based on GuruFocus' analysis, Bridgewater Bancshares stock appears to be overvalued. The current stock price of $20.53 is trading 0.8% above its estimated GF Value™ of $20.36. GuruFocus considers Bridgewater Bancshares to be Fairly Valued.

Key valuation signals for BWB:

  • Beneish M-Score: -2.84
  • GF Value™: $20.36 vs. price of $20.53 (0.8% above fair value)
  • GF Score™: 64/100 with 5 warning signs

No single metric tells the full story. See the BWB stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Bridgewater Bancshares Business Description

Other Exchanges 1WA:Germany
Address 4450 Excelsior Boulevard, Suite 100, St. Louis Park, MN, USA, 55416
Bridgewater Bancshares Inc is a financial holding company. Through its subsidiary, it offers various personal and commercial banking products and services such as savings accounts, certificates of deposits, money transfer services, digital wallets, credit and debit cards, safe deposit lockers, different types of loans and advances, commercial deposit accounts, treasury management, and others. The company principally focuses on catering to commercial clients, offering a suite of loan and deposit products. Geographically, it mainly operates in the Twin Cities Metropolitan Statistical Area in the United States.
64GF Score

Get the complete analysis for BWB

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$20.53
Price
$20.36
GF Value