Pricing Log in Create free account
Friday 6 November 2026 Export HFWA’s income statement to Excel — free account

Heritage Financial Corporation

HFWA Financial Banks Regional

Heritage Financial Corporation’s revenue for fiscal 2025 (year ended December 2025) was $336.0 million, up 5.92% from fiscal 2024.

Revenue
+24.6%
EPS
−17.9%
Free cash flow
+0.66%
Total debt
−9.86%

Quarter to September 2026, against a year earlier

28.52 0.04 −0.14%
Market cap
$1.2B
P/E
14.1×
Fwd P/E
14.6×
Dividend yield
3.43%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 1.54
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 1 2 — — 1 1 1 3 2 — —
Insider Ownership 1.84%

Capital & Financial Ratios $m

Size
Market Cap 1,160.00
Revenue ttm 402.65
Net income ttm 77.90
Free cash flow ttm 80.43
Net debt Q (42.60)
Valuation
P/E 14.08
Forward P/E 14.60
Price / sales 2.89
Forward P/S Powerpack
Price / FCF 14.48
Price / book 1.07
Financial health
Current ratio Q 0.83
Debt / equity Q 0.13
Interest coverage Q —
Growth
Revenue growth Q +24.60% (above 0%: growing)
Operating income growth Q −0.10% (below 0%: shrinking)
EPS, this year −0.43% (below 0%: weak)
EPS, next year A +34.16% (at or above 15%: strong)
Revenue, next year A +0.16%
EPS, past 5 yrs +8.73%
EPS, next 5 yrs A +13.42%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 40.48%
10-year low 10-year high
P/S against its own 10 years 31.87%
10-year low 10-year high
P/B against its own 10 years 48.62%
10-year low 10-year high

Dividends raised 7 years running

Yield
3.43%
Annual rate
0.98
Payout ratio
48.8%
Growth, 2018–26
+5.89%/yr
  1. 0.62 ’18
  2. 0.55 ’19 −11
  3. 0.80 ’20 +45
  4. 0.81 ’21 +1
  5. 0.84 ’22 +4
  6. 0.88 ’23 +5
  7. 0.92 ’24 +5
  8. 0.96 ’25 +4
  9. 0.98 ’26 +2
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 225 117 233 187
Receivables — — — —
Inventory — — — —
Other — — — —
4,532 4,886 4,983 6,031
2023 2024 2025 Q'26
Payables 5,600 5,685 5,920 7,187
ST’ Debt — — — —
Other — — — —
5,800 5,838 6,003 7,290

Compound Annual Growth %

10y 5y 3y
Sales 7.18% 5.96% 9.34%
Cash Flow 6.32% 6.16% 0.13%
Earnings 6.16% 7.72% (6.22%)
Book Value 6.97% 2.35% 4.92%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.57 Actual 0.55

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.57 0.66 Beat by 0.09
Q1 FY26 0.57 0.59 Beat by 0.02
Q2 FY26 0.54 0.57 Beat by 0.03
Q3 FY26 0.57 0.55 Miss by 0.02
Q4 FY26 0.62 — Reports 28 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.48 0.42 0.46 — —
’25 0.40 0.36 0.55 0.65 1.96
’24 0.16 0.41 0.33 0.34 1.24
’23 0.58 0.48 0.51 0.18 1.75
’22 0.56 0.52 0.59 0.64 2.31
’21 0.70 0.90 0.58 0.55 2.73
’20 0.33 (0.17) 0.46 0.66 1.29
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 99 107 109 — —
’25 81 80 88 87 336
’24 71 82 82 82 317
’23 75 77 80 71 303
’22 57 59 69 73 257
’21 62 64 61 59 247
’20 63 62 61 66 252
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 14 23 — — —
’25 19 23 25 28 95
’24 13 7 24 21 64
’23 23 24 31 31 110
’22 11 23 29 32 94
’21 9 21 21 19 70
’20 14 24 4 28 70
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 13 21 — — —
’25 18 21 24 22 86
’24 12 6 23 20 61
’23 19 23 27 30 99
’22 11 21 30 28 91
’21 9 19 20 18 67
’20 13 24 (1) 28 64
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 170 183 231 250 252 247 257 303 317 336 403 +7.9% 337 363 383 +4.5%
Gross margin, % 96.47 95.45 94.63 92.74 94.70 97.15 96.86 80.43 68.36 73.26 78.21 (23.2) pt
EBT 53 60 64 81 53 121 99 73 52 79 91 +4.5%
EBT margin, % 30.99 32.82 27.83 32.38 21.14 48.70 38.68 24.05 16.48 23.40 22.62 (7.6) pt
Net income 39 42 53 68 47 98 82 62 43 68 78 +6.3%
Per share, $
Per share, $ Revenue 5.73 6.16 6.56 6.81 6.98 6.94 7.32 8.66 9.20 9.88 9.88 +6.2%
Earnings 1.30 1.29 1.49 1.84 1.29 2.75 2.33 1.76 1.26 1.99 2.03 +4.8%
Cash flow 1.82 2.47 2.57 2.52 1.95 1.95 2.69 3.13 1.87 2.79 0.00 +4.9%
Capex (0.20) (0.10) (0.66) (0.35) (0.18) (0.08) (0.11) (0.29) (0.10) (0.27) 0.00 +3.1%
Free cash flow 1.61 2.37 1.91 2.16 1.77 1.87 2.58 2.83 1.77 2.52 0.00 +5.1%
Book value 16.23 17.08 21.62 22.02 22.78 23.95 22.73 24.36 25.06 27.11 26.60 +5.9%
Shares, m 30 30 35 37 36 36 35 35 34 34 39 +1.5%
Valuation, ×
Valuation, × P/E 19.92 21.70 19.95 15.38 18.13 8.89 13.04 12.02 19.44 11.88 14.08 16.0
P/S 4.52 4.92 4.53 4.16 3.35 3.52 4.15 2.44 2.66 2.39 2.89 3.7
P/B 1.60 1.77 1.38 1.29 1.03 1.02 1.34 0.87 0.98 0.87 1.07 1.2
EV/Sales 4.49 4.97 3.91 3.33 0.48 (3.35) 3.83 3.42 3.57 1.83 — 2.6
EV/FCF 15.95 12.93 13.46 10.46 1.88 (12.47) 10.87 10.46 18.53 7.15 — 8.9
Cash, $m
Cash, $m Operating cash flow 54 74 90 92 70 70 94 110 64 95 90 +6.5%
Capex (6) (3) (23) (13) (6) (3) (4) (10) (3) (9) (10) +4.6%
Free cash flow 48 70 67 80 64 67 91 99 61 86 80 +6.7%
Balance, $m
Balance, $m Working capital (562) (558) (738) (743) (608) (1,044) (2,031) (1,268) (951) (1,020) (1,258) +6.9%
Net debt (4) 9 (142) (208) (722) (1,702) (82) 297 288 (191) (43) +51.9%
Shareholders’ equity 482 508 761 809 820 854 798 853 864 922 1,084 +7.5%
Returns, %
Returns, % ROA 1.02 1.04 1.12 1.24 0.77 1.40 1.14 0.87 0.61 0.96 1.00 (0.1) pt
ROIC 6.90 7.26 6.49 8.42 33.91 0.00 8.68 3.96 2.84 6.72 5.47 (0.2) pt
ROE 8.10 8.38 8.33 8.61 5.71 11.71 9.91 7.48 5.04 7.57 7.79 (0.5) pt
People
People Employees 760 735 859 884 856 767 829 799 761 755 — (0.1%)
Revenue/emp, $m 0.22 0.25 0.27 0.28 0.29 0.32 0.31 0.38 0.42 0.44 — +7.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Heritage Financial Corporation vs peers in Banks Regional (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PFBC Preferred Bank $1.2B 9.4× 9.8× −3.71% (below 0%: shrinking) −4.14% (below 0%: shrinking) −33.29% (below 0%: shrinking) 57.05% 0.00% Compare
MCB Metropolitan Bank Holding Corp. $1.2B 11.9× 9.9× +10.67% (above 0%: growing) −12.92% (below 0%: shrinking) −168.73% (below 0%: shrinking) 64.82% 0.00% Compare
HFWA Heritage Financial Corporation $1.2B 14.1× 14.6× +24.60% (above 0%: growing) −17.86% (below 0%: shrinking) +0.66% (above 0%: growing) 79.05% 0.00%
AMTB Amerant Bancorp Inc. $1.2B 17.3× 13.2× −6.05% (below 0%: shrinking) +87.60% (above 0%: growing) +137.85% (above 0%: growing) 68.11% 0.00% Compare
UVSP Univest Corporation of Pennsylvania $1.1B 11.9× 10.5× +2.73% (above 0%: growing) −12.36% (below 0%: shrinking) +47.79% (above 0%: growing) 66.61% 0.00% Compare
NBN Northeast Bancorp $1.1B 9.7× 8.7× +6.35% (above 0%: growing) +34.97% (above 0%: growing) −136.55% (below 0%: shrinking) 62.31% 0.00% Compare
FSBC Five Star Bancorp $1.1B 12.4× 12.5× +21.04% (above 0%: growing) +19.48% (above 0%: growing) +40.75% (above 0%: growing) 65.07% 0.00% Compare
CFFN Capitol Federal Financial $1.1B 13.1× 12.3× +6.50% (above 0%: growing) +35.71% (above 0%: growing) +45.71% (above 0%: growing) 53.81% 0.00% Compare
HBNC Horizon Bancorp (IN) $1.1B — (loss-making) 9.8× −1.83% (below 0%: shrinking) +4.26% (above 0%: growing) +72.88% (above 0%: growing) 75.11% 0.00% Compare
Median of peers $1.1B 11.9× 10.2× +4.54% +11.87% +43.23% 64.95% 0.00%

All 327 Banks Regional stocks →

Pay and ownership Proxy statement filed 20 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 1.35m 1.27m 122.94
2024 0.00 0.00 122.24
2023 0.00 0.00 102.00
2022 0.00 0.00 139.52
2021 0.00 0.00 107.88

Ownership

Directors and executive officers, together 1.49%
BlackRock Inc. 12.30%
Prudential Financial Inc. 7.60%
The Vanguard Group 6.50%
Victory Capital Management Inc. 5.80%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Heritage Financial Corporation (HFWA) Latest News

30 Oct

Impact 3 · · The Motley Fool

27 Oct

Impact 3 · · PR Newswire

24 Oct

Impact 4 · · Simply Wall St.

22 Oct

Impact 4 · · Moby
Impact 4 ·
Impact 3 · · The Motley Fool transcript
Impact 3 · · MarketBeat
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Associated Press

20 Oct

Impact 3 · · Zacks

24 Jul

Impact 3 · · Moby transcript
Impact 3 · · The Motley Fool transcript

23 Jul

Impact 3 ·
Impact 3 · · MarketBeat
Impact 3 ·

30 Apr

Impact 3 · · Simply Wall St.

27 Apr

Impact 4 · · Simply Wall St.

26 Apr

Impact 4 · · Simply Wall St.

24 Apr

Impact 4 · · GuruFocus.com

23 Apr

Impact 4 · · Zacks
Impact 3 · · Moby
Impact 3 · · MarketBeat
Impact 3 · · Zacks
Impact 3 · · PR Newswire

3 Mar

Impact 4 · · Business Wire

2 Feb

Impact 4 · · PR Newswire

29 Jan

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

27 Jan

Impact 4 · · Simply Wall St.
stockrow.com/HFWA · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com