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Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 57.7GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
10.6%
Sector: 8.5%
Dividend Analysis audit
GROWTH
1.48%
Trailing Yield
$1.48
Per $100 Invested
Modest dividend — capital prioritized for reinvestment.
Est. Payout Ratio
18%SAFE
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, WINTRUST FINANCIAL CORP (WTFC) receives a "Hold" rating with a composite score of 52.5/100, ranked #1024 out of 4446 stocks. Key factor scores: Quality 58/100, Value 74/100, Momentum 53/100. This is quantitative analysis only — not investment advice.
WINTRUST FINANCIAL CORP (WTFC) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does WINTRUST FINANCIAL CORP Do?
Wintrust Financial Corporation operates as a financial holding company. It operates in three segments: Community Banking, Specialty Finance, and Wealth Management. The Community Banking segment offers non-interest bearing deposits, non-brokered interest-bearing transaction accounts, and savings and domestic time deposits; home equity, consumer, and real estate loans; safe deposit facilities; and automatic teller machine (ATM), online and mobile banking, and other services. It also engages in the retail origination and purchase of residential mortgages for sale into the secondary market; and provision of lending, deposits, and treasury management services to condominium, homeowner, and community associations, as well as asset-based lending for middle-market companies. In addition, this segment offers loan and deposit services to mortgage brokerage companies; lending to restaurant franchisees; direct leasing; small business administration loans; commercial mortgages and construction loans; and financial solutions. It provides personal and commercial banking services primarily to individuals, small to mid-sized businesses, local governmental units, and institutional clients. The Specialty Finance segment offers commercial and life insurance premiums financing for businesses and individuals; accounts receivable financing, value-added, and out-sourced administrative services; and other specialty finance services, as well as data processing of payrolls, billing, and cash management services to temporary staffing industry. The Wealth Management segment provides trust and investment, asset management, tax-deferred exchange, securities brokerage, and retirement plan services. The company operates 173 banking facilities and 228 ATMs in the Chicago metropolitan area, southern Wisconsin, northwest Indiana, and Florida. Wintrust Financial Corporation was founded in 1991 and is headquartered in Rosemont, Illinois. WINTRUST FINANCIAL CORP (WTFC) is classified as a mid-cap stock in the Financials sector, specifically within the Banking industry. The company is led by CEO Edward J. Wehmer and employs approximately 5,280 people, headquartered in Rosemont, Illinois. With a market capitalization of $9.4B, WTFC is one of the notable companies in the Financials sector.
WINTRUST FINANCIAL CORP (WTFC) Stock Rating — Hold (April 2026)
As of April 2026, WINTRUST FINANCIAL CORP receives a Hold rating with a composite score of 52.5/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.WTFC ranks #1,024 out of 4,446 stocks in our coverage universe. Within the Financials sector, WINTRUST FINANCIAL CORP ranks #317 of 891 stocks, placing it in the upper half of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
WTFC Stock Price and 52-Week Range
WINTRUST FINANCIAL CORP (WTFC) currently trades at $145.92. The stock lost $1.51 (1.0%) in the most recent trading session. The 52-week high for WTFC is $162.96, which means the stock is currently trading -10.5% from its annual peak. The 52-week low is $89.10, putting the stock 63.8% above its annual trough. Recent trading volume was 313K shares, suggesting relatively thin trading activity.
Is WTFC Overvalued or Undervalued? — Valuation Analysis
WINTRUST FINANCIAL CORP (WTFC) carries a value factor score of 74/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 12.26x, compared to the Financials sector average of 14.88x — a discount of 18%. The price-to-book ratio stands at 1.30x, versus the sector average of 1.22x. The price-to-sales ratio is 2.79x, compared to 0.90x for the average Financials stock. On an enterprise value basis, WTFC trades at 9.01x EV/EBITDA, versus 3.26x for the sector.
Based on these multiples, WINTRUST FINANCIAL CORP appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
WINTRUST FINANCIAL CORP Profitability — ROE, Margins, and Quality Score
WINTRUST FINANCIAL CORP (WTFC) earns a quality factor score of 58/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 10.6%, compared to the Financials sector average of 8.5%, which is within a healthy range. Return on assets (ROA) comes in at 1.1% versus the sector average of 1.2%.
On a margin basis, WINTRUST FINANCIAL CORP reports gross margins of 0.0%. The operating margin is 31.5% (sector: 21.8%). Net profit margin stands at 23.1%, versus 17.7% for the average Financials stock. Revenue growth is running at 62.9% on a trailing basis, compared to 9.4% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
WTFC Debt, Balance Sheet, and Financial Health
WINTRUST FINANCIAL CORP has a debt-to-equity ratio of 880.0%, compared to the Financials sector average of 121.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 1.11x, suggesting adequate working capital coverage. Total debt on the balance sheet is $4.28B. Cash and equivalents stand at $565M.
WTFC has a beta of 1.16, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for WINTRUST FINANCIAL CORP is 71/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
WINTRUST FINANCIAL CORP Revenue and Earnings History — Quarterly Trend
In TTM 2026, WINTRUST FINANCIAL CORP reported revenue of $3.39B and earnings per share (EPS) of $11.57. Net income for the quarter was $771M. Gross margin was 0.0%. Operating income came in at $1.05B.
In FY 2025, WINTRUST FINANCIAL CORP reported revenue of $266M and earnings per share (EPS) of $11.57. Net income for the quarter was $824M. Revenue grew 5.9% year-over-year compared to FY 2024. Operating income came in at $1.12B.
In Q3 2025, WINTRUST FINANCIAL CORP reported revenue of $964M and earnings per share (EPS) of $2.82. Net income for the quarter was $216M. Revenue grew 56.5% year-over-year compared to Q3 2024. Operating income came in at $296M.
In Q2 2025, WINTRUST FINANCIAL CORP reported revenue of $921M and earnings per share (EPS) of $2.82. Net income for the quarter was $196M. Revenue grew 55.6% year-over-year compared to Q2 2024. Operating income came in at $267M.
Over the past 8 quarters, WINTRUST FINANCIAL CORP has demonstrated a growth trajectory, with revenue expanding from $592M to $3.39B. Investors analyzing WTFC stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
WTFC Dividend Yield and Income Analysis
WINTRUST FINANCIAL CORP (WTFC) currently pays a dividend yield of 1.5%. At this yield, a $10,000 investment in WTFC stock would generate approximately $$148.00 in annual dividend income. This compares to the Financials sector average dividend yield of 2.5%, meaning WTFC yields less than the typical sector peer. With a net margin of 23.1%, the dividend appears well-covered by earnings, suggesting sustainable payouts going forward.
WTFC Momentum and Technical Analysis Profile
WINTRUST FINANCIAL CORP (WTFC) has a momentum factor score of 53/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 22/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 15/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
WTFC vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing WTFC against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full WTFC vs S&P 500 (SPY) comparison to assess how WINTRUST FINANCIAL CORP stacks up against the broader market across all factor dimensions.
WTFC Next Earnings Date
No upcoming earnings date has been announced for WINTRUST FINANCIAL CORP (WTFC) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy WTFC? — Investment Thesis Summary
WINTRUST FINANCIAL CORP presents a balanced picture with arguments on both sides. The value score of 74/100 suggests attractive pricing relative to fundamentals. Low volatility (stability score 71/100) reduces downside risk.
In summary, WINTRUST FINANCIAL CORP (WTFC) earns a Hold rating with a composite score of 52.5/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on WTFC stock.
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Institutional Research Dossier
WINTRUST FINANCIAL CORP (WTFC) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain a Hold rating on Wintrust Financial Corp (WTFC). While the company exhibits attractive valuation metrics relative to its peers and demonstrates strong profitability, its aggressive growth strategy, high debt levels, and negative free cash flow raise concerns about long-term sustainability and capital allocation efficiency. The current valuation appears to reflect these risks, justifying a neutral stance.
WTFC's impressive revenue growth and superior margins compared to the financial sector are noteworthy, driven by its diverse business segments and strategic acquisitions. However, the high debt-to-equity ratio and negative free cash flow necessitate careful monitoring of the company's financial health and its ability to manage its debt obligations while sustaining growth. A more favorable rating would require improved capital allocation and a demonstrated commitment to deleveraging.
Business Strategy & Overview
Wintrust Financial Corporation operates as a financial holding company with a diversified business model encompassing community banking, specialty finance, and wealth management. This diversification allows Wintrust to serve a wide range of clients, from individuals and small businesses to larger commercial entities, across various geographic locations, primarily in the Chicago metropolitan area, southern Wisconsin, northwest Indiana, and Florida. The company's strategy centers around organic growth supplemented by strategic acquisitions of community banks and specialty finance companies, expanding its market presence and service offerings.
The Community Banking segment, the core of Wintrust's operations, focuses on providing traditional banking services such as deposit accounts, loans, and treasury management to individuals and businesses. Wintrust differentiates itself through its community-focused approach, emphasizing personalized service and local decision-making. This strategy aims to build strong customer relationships and foster loyalty, contributing to stable deposit growth and loan origination.
The Specialty Finance segment offers a range of specialized financial services, including commercial and life insurance premium financing, accounts receivable financing, and payroll processing for the temporary staffing industry. This segment provides diversification and higher-yielding opportunities compared to traditional banking, contributing to overall revenue growth and profitability. Wintrust's strategic focus on niche markets within specialty finance allows it to capitalize on underserved segments and generate attractive returns.
The Wealth Management segment provides trust and investment services, asset management, and retirement plan services. This segment caters to high-net-worth individuals and institutions, offering a comprehensive suite of wealth management solutions. Wintrust's wealth management strategy focuses on providing personalized advice and tailored investment strategies, building long-term relationships with clients and generating recurring fee income.
Wintrust's acquisition strategy plays a crucial role in its growth. The company actively seeks out community banks and specialty finance companies that align with its strategic objectives and offer opportunities for synergy and expansion. These acquisitions allow Wintrust to enter new markets, expand its product offerings, and increase its customer base. However, successful integration of acquired entities is critical to realizing the full benefits of this strategy.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
62.9%
Sector: 9.4%
+570% VS SCTR
Economic Moat Analysis
Wintrust Financial possesses a Narrow economic moat, primarily derived from its strong local brand reputation and established customer relationships within its core markets. The community banking segment benefits from the trust and familiarity associated with local institutions, creating a degree of customer stickiness and reducing the likelihood of customers switching to larger, national banks. This local presence allows Wintrust to command a slight premium in pricing and maintain a stable deposit base.
The company's focus on personalized service and local decision-making further strengthens its competitive advantage. By empowering local branches and fostering close relationships with customers, Wintrust can respond more effectively to individual needs and build stronger customer loyalty. This personalized approach differentiates Wintrust from larger banks that often rely on standardized processes and centralized decision-making.
However, Wintrust's moat is not particularly wide due to the relatively low switching costs in the banking industry. While customer relationships are valuable, customers can easily transfer their accounts to other institutions if they find better rates or services. The increasing prevalence of online banking and mobile banking further reduces switching costs, as customers can access their accounts and conduct transactions from anywhere.
The specialty finance segment also contributes to Wintrust's competitive advantage, but the moat in this area is also narrow. While the company has developed expertise in specific niches, such as insurance premium financing and accounts receivable financing, these markets are often competitive and subject to pricing pressures. Furthermore, the barriers to entry in these markets are relatively low, allowing new competitors to emerge and challenge Wintrust's market share.
The wealth management segment faces intense competition from larger, well-established firms with greater resources and brand recognition. While Wintrust's wealth management services are valuable to its clients, the company lacks the scale and brand power to compete effectively with the industry leaders. As a result, the wealth management segment contributes only modestly to Wintrust's overall economic moat.
Financial Health & Profitability
Wintrust Financial has demonstrated strong revenue growth in recent periods, with TTM revenue of $265.63 million, representing a significant increase compared to previous years. The company's revenue growth has been driven by both organic expansion and strategic acquisitions, reflecting its commitment to expanding its market presence and service offerings. The quarterly financial history reveals a consistent upward trend in revenue, indicating the effectiveness of Wintrust's growth strategy.
The company's profitability metrics are also impressive, with a TTM net income of $823.84 million and an operating margin of 31.5%, significantly higher than the sector average of 22.0%. The net margin of 23.1% further underscores Wintrust's ability to generate profits from its operations. These strong profitability metrics reflect the company's efficient cost management and its focus on higher-yielding business segments.
However, Wintrust's free cash flow is a concern, with a TTM value of negative $342.42 million. This negative free cash flow indicates that the company is spending more cash than it is generating, potentially requiring it to raise additional capital or reduce its investment activities. The lack of free cash flow data in the quarterly history makes it difficult to assess the trend and potential causes of this negative value.
Wintrust's balance sheet is characterized by a high level of debt, with a total debt of $4.28 billion and a debt-to-equity ratio of 880.00, significantly higher than the sector average of 115.00. This high leverage increases the company's financial risk and could constrain its ability to invest in future growth opportunities. The current ratio of 1.11 indicates that Wintrust has sufficient current assets to cover its current liabilities, but the high debt level remains a concern.
The company's return on equity (ROE) of 10.6% is higher than the sector average of 8.5%, indicating that Wintrust is effectively utilizing its equity to generate profits. However, the high debt level contributes to this higher ROE, as leverage can amplify returns on equity. It is important to consider the risk associated with this leverage when evaluating Wintrust's ROE.
Valuation Assessment
Wintrust Financial's valuation metrics suggest that the stock is relatively undervalued compared to its peers in the financial sector. The company's price-to-earnings (P/E) ratio of 11.5x is lower than the sector average of 15.5x, indicating that investors are paying less for each dollar of Wintrust's earnings compared to other financial companies. Similarly, the company's enterprise value-to-EBITDA (EV/EBITDA) ratio of 2.0x is significantly lower than the sector average of 3.5x, suggesting that Wintrust is undervalued based on its operating performance.
However, it is important to consider the company's negative free cash flow when assessing its valuation. The lack of positive free cash flow raises concerns about the sustainability of Wintrust's earnings and its ability to generate cash for future investments or shareholder returns. This negative free cash flow could be a factor contributing to the company's lower valuation multiples.
The company's strong revenue growth and profitability metrics could justify a higher valuation, but the high debt level and negative free cash flow offset these positive factors. Investors may be discounting Wintrust's stock price to reflect the risks associated with its leverage and cash flow challenges.
Compared to its historical valuation, Wintrust's current P/E ratio is within its historical range, suggesting that the stock is not significantly overvalued or undervalued relative to its past performance. However, the company's historical valuation may not be directly comparable to its current valuation due to changes in its business model, growth strategy, and financial health.
Overall, Wintrust's valuation appears to be fair, reflecting a balance between its strong growth and profitability and its high debt level and negative free cash flow. The stock is not significantly undervalued or overvalued, but investors should carefully consider the risks and opportunities associated with the company before making an investment decision.
Risk & Uncertainty
Wintrust Financial faces several specific risks that could negatively impact its business and financial performance. One of the primary risks is its high level of debt, which increases its vulnerability to interest rate fluctuations and economic downturns. A significant increase in interest rates could increase Wintrust's borrowing costs and reduce its profitability. Furthermore, an economic recession could lead to higher loan losses and reduced demand for its services, further straining its financial resources.
Another risk is the company's reliance on acquisitions for growth. While acquisitions can be a valuable tool for expanding market presence and service offerings, they also involve integration risks and the potential for overpaying for acquired entities. If Wintrust fails to successfully integrate acquired companies or if it overpays for acquisitions, its financial performance could suffer.
Competition in the financial services industry is intense, and Wintrust faces competition from larger, well-established banks and specialty finance companies. These competitors may have greater resources and brand recognition, allowing them to offer more competitive rates and services. Wintrust must continuously innovate and differentiate itself to maintain its market share and attract new customers.
Regulatory changes in the financial services industry could also pose a risk to Wintrust's business. New regulations could increase compliance costs, restrict its lending activities, or limit its ability to generate profits. Wintrust must closely monitor regulatory developments and adapt its business practices to comply with new requirements.
Finally, Wintrust's concentration in the Chicago metropolitan area, southern Wisconsin, northwest Indiana, and Florida exposes it to regional economic risks. A downturn in the economy of these regions could negatively impact Wintrust's loan portfolio and overall financial performance.
Bulls Say / Bears Say
The Bull Case
BULL VIEWWintrust's strategic focus on community banking and specialty finance allows it to generate superior returns compared to larger, less focused financial institutions.
BULL VIEWThe company's consistent revenue growth and high profitability metrics demonstrate its ability to effectively execute its business strategy and capitalize on market opportunities.
BULL VIEWWintrust's attractive valuation multiples provide an opportunity for investors to acquire a high-quality financial company at a reasonable price.
The Bear Case
BEAR VIEWWintrust's high debt-to-equity ratio increases its financial risk and vulnerability to economic downturns.
BEAR VIEWThe company's negative free cash flow raises concerns about its ability to sustain its growth and generate cash for future investments.
BEAR VIEWWintrust's reliance on acquisitions for growth exposes it to integration risks and the potential for overpaying for acquired entities.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score WTFC and 4,400+ other equities.
WINTRUST FINANCIAL CORP exhibits a 94% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
1.1%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
0.0%
Sector: 0.0%
Operating Margin
Core business profitability
31.5%
Sector: 21.8%
Net Margin
Bottom-line profitability
23.1%
Sector: 17.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield2.48%
Yield Delta-40%
Income Projection audit
A $10,000 investment would generate approximately $148 annually in dividends at the current trailing rate.
