Washington Trust Bancorp

WASH

Banks - Regional · Financial Services

Price

$39.71

+0.34 (+0.86%)

Market Cap

$757.1M

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Exceptional

Stability

Mixed

Valuation

Strong

Dividends

Good

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Share count rising — dilution

+10.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 17.5M (2021) → 19.3M (2025)

Winston Score History

The full picture

Washington Trust Bancorp is a regional bank based in Rhode Island. It offers everyday banking services like checking accounts, savings accounts, and loans to individuals and local businesses. It also runs a wealth management division that helps people invest and plan their finances, which sets it apart from many small community banks.

The company makes money by charging interest on loans and collecting fees for wealth management services. It operates mainly in Rhode Island, Connecticut, and Massachusetts, making it one of the oldest and largest state-chartered banks in the United States. Its long history and established customer relationships in a small, tight-knit region give it a stable base, but its limited geographic footprint also means growth opportunities are narrow. Rising interest rates and competition from larger national banks remain the key risks to its earnings over time.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-2.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+21.7% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

2.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$6.1B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Washington Trust Bancorp's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

62.7%

Premium pricing power — 62.7% gross margin

Profit after running costs

Operating Margin

21.6%

Excellent — 21.6% operating margin

Return on the money invested

ROCE

6.9%

Weak — 6.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+27.3%

Fast-growing sales (+27.3% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

137%

Turns 137% of profit into real cash

Spare cash per sale

FCF Margin

19.0%

Converts sales into free cash efficiently (19.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.86

Moderate — manageable debt (0.86)

Covers its interest

Interest Cover

0.48x

Dangerous — barely covers interest (0.5x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

13.6x

Attractive valuation — P/E 13.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+1.2

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

5.61%

Healthy income — 5.61% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+0.0%

Dividend flat

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