EBC · Financials(savings institution, federally chartered) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Eastern Bankshares, Inc. reported revenue of $134.1 million in fiscal 2025. Of the $1.9 billion its operations generated over 10 years, 20.1% went to dividends and 19.4% to buybacks. On the accounting screens, it passes 3 of 6 Piotroski tests; none of the six cross-checks between its statements fires.
Revenue, fiscal 2025134.1M
Operating margin692.1%gross margin —
Return on invested capital—
Free cash flow—
Net debt ÷ EBITDA—net debt —
Piotroski F-score3/6tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
00.25B0.50B0.75B1.00B
2017
2018Revenue 164.1MOperating income 182.7M
2019Revenue 156.2MOperating income 208.3M
2020
2020Revenue 154.7MOperating income 48.0M
2021Revenue 69.4MOperating income 181.3M
2022Revenue 77.3MOperating income 275.4M
2023Revenue 76.9MOperating income 120.1M
2024Revenue 112.6MOperating income 763.4M
2025Revenue 134.1MOperating income 928.1M
2017201820192020202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+20.2%
-2.8%
—
Operating income
+49.9%
+80.8%
—
Net income
-23.8%
+31.1%
—
Earnings per share
-29.0%
+26.7%
—
Dividend per share
+9.2%
—
—
Shares
+7.2%
+3.5%
—
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
GrossOperatingNetFree cash flow
0%200%400%600%800%
2017
2018Operating 111.4%Net 74.8%
2019Operating 133.4%Net 86.5%
2020
2020Operating 31.0%Net 14.7%
2021Operating 261.2%Net 222.8%
2022Operating 356.2%Net 258.4%
2023Operating 156.2%Net 302.1%
2024Operating 677.8%Net 106.2%
2025Operating 692.1%Net 65.8%
2017201820192020202020212022202320242025
Return on invested capital
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
2.0%
Return on assets
0.3%
Asset turnover
0.00×
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
0100M200M300M
2017
2018Net income 122.7M
2019Net income 135.1M
2020
2020Net income 22.7M
2021Net income 154.7M
2022Net income 199.8M
2023Net income 232.2M
2024Net income 119.6M
2025Net income 88.2M
2017201820192020202020212022202320242025
Where 10 years of operating cash went, 2017–2025
1.9B generated by the business. Each band is its share of that total.
Reinvested in the business 0%0
Acquisitions 3%48.2M
Dividends 20%372.4M
Share buybacks 19%359.1M
Kept, or used to pay down debt 58%1.1B
Over the same years it paid 62.7M in stock. 296.4M of the buybacks went beyond offsetting that dilution.
Per share
Earnings per shareFree cash flow per shareDividend per share
$0.00$0.50$1.00$1.50
2017
2018
2019
2020
2020Earnings per share $0.13Dividend per share $0.00
2021Earnings per share $0.90Dividend per share $0.30
2022Earnings per share $1.21Dividend per share $0.40
2023Earnings per share $1.43Dividend per share $0.41
2024Earnings per share $0.66Dividend per share $0.45
2025Earnings per share $0.43Dividend per share $0.52
2017201820192020202020212022202320242025
Shares outstanding
Diluted shares
160M180M200M220M
2017
2018
2019
2020Diluted shares 186.8M
2020Diluted shares 171.8M
2021Diluted shares 172.3M
2022Diluted shares 165.6M
2023Diluted shares 162.4M
2024Diluted shares 182.2M
2025Diluted shares 204.3M
2017201820192020202020212022202320242025
Debt and liquidity
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt ÷ EBITDA
—
Interest coverage
1× operating income ÷ interest
Current ratio
— current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
3of 6 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✕Profitability improvedReturn on assets higher than a year beforefailed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
–Less long-term debtLong-term debt as a share of assets fell — not reportedno data
–More liquidCurrent ratio higher than a year before — not reportedno data
✕No new sharesShare count did not growfailed
–Better gross marginGross margin higher than a year before — not reportedno data
✕Sells more per assetAsset turnover higher than a year beforefailed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
The accounts lack a line it needs (retained earnings, current assets or liabilities).
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
None of the six cross-checks fires for the latest year: receivables and inventory move with revenue, profit turns into cash, investment keeps up with depreciation, the tax rate is ordinary and debt is moderate.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 6 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$1.4M5 sale(s) by 4 insider(s)
Under pre-arranged plans0%of the sales followed a 10b5-1 plan set months earlier
Westermann Donald MichaelChief Information Officer
Sold on the open market · indirect
23,005
$21.43
$492,997
0
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
