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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. In the quarter to June 2026, revenue grew 33.7%, EPS grew 16.7%, free cash flow was flat and total debt fell 33.9%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for three; insiders bought in the last twelve months.

27.55 0.13 +0.47%
Market cap
$1.1B
P/E
12.9×
Fwd P/E
13.5×
Dividend yield
3.52%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.43
Total sells 1.54
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy 1 — — — — — — — — — — —
Sell — — 1 2 — — 1 1 1 3 2 —
Insider Ownership 1.83%

Capital & Financial Ratios $m

Market Cap 1,120.00
Revenue 381.04
Net Income 77.90
Free Cash Flow 80.43
Net Debt (15.63)
Current Ratio 0.83
Debt/Equity 0.17
P/E ratio 12.93
Fwd P/E 13.50
P/S ratio 2.97
P/B ratio 1.02
Past 5Y EPS Growth 8.73%
This Y EPS Growth 3.91%
Next Y EPS Growth 29.38% (at or above 15%: strong)
Next Y revenue growth (0.08%) (below 0%: weak)
Next 5Y EPS Growth 13.16%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 29.05%
10-year low 10-year high
P/S against its own 10 years 34.02%
10-year low 10-year high
P/B against its own 10 years 37.60%
10-year low 10-year high

Dividends

Payout Ratio 0.46
Annual Dividend Rate 0.97
Annual Dividend Yield 3.52%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 0.97
0.24
0.24
0.25
2025 0.96
0.24
0.24
0.24
0.24
2024 0.92
0.23
0.23
0.23
0.23
2023 0.88
0.22
0.22
0.22
0.22
2022 0.84
0.21
0.21
0.21
0.21
2021 0.81
0.20
0.20
0.20
0.21
2020 0.80
0.20
0.20
0.20
0.20
2019 0.55
0.18
0.18
0.19
0.10
2018 0.62
0.15
0.15
0.15
0.17
2017 0.51
0.12
0.13
0.13
0.13
2016 0.47
0.11
0.12
0.12
0.12
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 225 117 233 204
Receivables — — — —
Inventory — — — —
Other — — — —
4,532 4,886 4,983 5,916
2023 2024 2025 Q'26
Payables 5,600 5,685 5,920 7,039
ST’ Debt — — — —
Other — — — —
5,800 5,838 6,003 7,132

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%

Revenue $m

Mar Jun Sep Dec Year
’26 99 107 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.48 0.42 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 16.40 22.50 27.98 25.24 14.65 20.95 23.31 14.85 16.55 19.84

Analyst estimates 2026–2028

Powerpack
High 26.48 33.25 37.40 33.22 28.43 30.86 34.34 31.21 27.58 26.92
People
People Employees 760 735 859 884 856 767 829 799 761 755
Revenue/emp, $m 0.22 0.25 0.27 0.28 0.29 0.32 0.31 0.38 0.42 0.44
Income, $m
Income, $m Revenue 170 183 231 250 252 247 257 303 317 336
Gross margin, % 96.47 95.45 94.63 92.74 94.70 97.15 96.86 80.43 68.36 73.26
EBT 53 60 64 81 53 121 99 73 52 79
EBT margin, % 30.99 32.82 27.83 32.38 21.14 48.70 38.68 24.05 16.48 23.40
Net income 39 42 53 68 47 98 82 62 43 68
Depreciation 13 11 21 18 0 (19) 3 22 23 27
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
Earnings 1.30 1.29 1.49 1.84 1.29 2.75 2.33 1.76 1.26 1.99
Cash flow 1.82 2.47 2.57 2.52 1.95 1.95 2.69 3.13 1.87 2.79
Capex (0.20) (0.10) (0.66) (0.35) (0.18) (0.08) (0.11) (0.29) (0.10) (0.27)
Free cash flow 1.61 2.37 1.91 2.16 1.77 1.87 2.58 2.83 1.77 2.52
Book value 16.23 17.08 21.62 22.02 22.78 23.95 22.73 24.36 25.06 27.11
Shares, m 30 30 35 37 36 36 35 35 34 34
Valuation, ×
Valuation, × P/E 19.92 21.70 19.95 15.38 18.13 8.89 13.04 12.02 19.44 11.88
P/S 4.52 4.92 4.53 4.16 3.35 3.52 4.15 2.44 2.66 2.39
P/B 1.60 1.77 1.38 1.29 1.03 1.02 1.34 0.87 0.98 0.87
EV/Sales 4.49 4.97 3.91 3.33 0.48 (3.35) 3.83 3.42 3.57 1.83
EV/FCF 15.95 12.93 13.46 10.46 1.88 (12.47) 10.87 10.46 18.53 7.15
Cash, $m
Cash, $m Operating cash flow 54 74 90 92 70 70 94 110 64 95
Capex (6) (3) (23) (13) (6) (3) (4) (10) (3) (9)
Free cash flow 48 70 67 80 64 67 91 99 61 86
Balance, $m
Balance, $m Working capital (562) (558) (738) (743) (608) (1,044) (2,031) (1,268) (951) (1,020)
Total debt 99 113 20 21 21 21 21 522 405 42
Net debt (4) 9 (142) (208) (722) (1,702) (82) 297 288 (191)
Shareholders’ equity 482 508 761 809 820 854 798 853 864 922
Returns, %
Returns, % ROA 1.02 1.04 1.12 1.24 0.77 1.40 1.14 0.87 0.61 0.96
ROIC 6.90 7.26 6.49 8.42 33.91 0.00 8.68 3.96 2.84 6.72
ROE 8.10 8.38 8.33 8.61 5.71 11.71 9.91 7.48 5.04 7.57
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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× 9.2× +1.39% (above 0%: growing) +10.55% (above 0%: growing) −33.29% (below 0%: shrinking) 58.34% 0.00% Compare
AMTB Amerant Bancorp Inc. $1.1B 20.7× 12.7× −9.98% (below 0%: shrinking) −1.82% (below 0%: shrinking) −30.03% (below 0%: shrinking) 65.49% 0.00% Compare
UVSP Univest Corporation of Pennsylvania $1.1B 11.8× 11.2× −0.76% (below 0%: shrinking) +20.29% (above 0%: growing) +4.85% (above 0%: growing) 66.82% 0.00% Compare
HFWA Heritage Financial Corporation $1.1B 12.9× 13.5× +33.70% (above 0%: growing) +16.67% (above 0%: growing) +0.66% (above 0%: growing) 78.63% 0.00%
MCB Metropolitan Bank Holding Corp. $1.1B 10.9× 8.8× +10.67% (above 0%: growing) −12.92% (below 0%: shrinking) −168.73% (below 0%: shrinking) 64.82% 0.00% Compare
NBN Northeast Bancorp $1.1B 9.7× 8.2× +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 12.7× 12.1× +18.93% (above 0%: growing) +33.82% (above 0%: growing) +32.43% (above 0%: growing) 64.63% 0.00% Compare
CFFN Capitol Federal Financial $1.0B 12.6× 11.9× +6.50% (above 0%: growing) +35.71% (above 0%: growing) +45.71% (above 0%: growing) 53.81% 0.00% Compare
BFST Business First Bancshares, Inc. $1.0B 11.1× 9.9× +8.01% (above 0%: growing) 0.00% +80.82% (above 0%: growing) 65.76% 0.00% Compare
Median of peers $1.1B 11.5× 10.5× +6.43% +15.42% −12.59% 64.73% 0.00%

All 323 Banks Regional stocks →

Heritage Financial Corporation (HFWA) key facts

  • Strength: Heritage Financial Corporation’s revenue for fiscal 2025 (year ended December 2025) was $336.0 million, up 5.92% from fiscal 2024.
  • Heritage Financial Corporation (HFWA) is a Banks Regional company in the Financial sector, listed on Nasdaq.
  • As of October 16, 2026, HFWA traded at $27.55, a market capitalization of $1.1 billion.
  • Heritage Financial Corporation pays an annual dividend of $0.97 per share, a yield of 3.52%, with a payout ratio of 46.2%.
  • Return on equity was 7.57% and debt-to-equity 0.17.
  • Its Piotroski F-score is 8 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Heritage Financial Corporation (HFWA) Latest News

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stockrow.com/HFWA · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com