Heritage Financial Corporation HFWA R2K

Financial Services · Banks - Regional · United States

Heritage Financial Corporation operates as the bank holding company for Heritage Bank that provides various financial services to small and medium sized businesses and its owners in the United States. It accepts various deposit products, such as noninterest demand deposits, interest bearing demand deposits, money market accounts, savings accounts, personal checking accounts, and certificates of deposit. The company also offers commercial business loans, including lines of credit, term equipment financing and term owner-occupied, and non-owner occupied CRE loans; real estate construction and land development loans, as well as residential construction loans, and commercial and multifamily construction loans; residential real estate loans; and originate loans that are guaranteed by the U.S. SBA, and secured and unsecured consumer loans and lines of credit. In addition, it provides investment advice, online banking, online statements, mobile banking with mobile deposit, Visa debit cards, and access. The company was formerly known as Heritage Financial Corporation, M.H.C. and changed its name to Heritage Financial Corporation in 1998. Heritage Financial Corporation was founded in 1927 and is headquartered in Olympia, Washington.

Market & Price

Market Cap

$1.12B

Current Price

$27.25

High / Low (52W)

$28.13 / $21.09

Beta

0.50

Valuation

Stock P/E

13.36

Industry PE

12.01

Forward P/E

9.75

PEG Ratio

2.13

Book Value

$27.05

Price to Book

1.01

P/S

4.23

EV/EBITDA

Dividend Yield

3.52%

Profitability & Returns

ROCE

ROE

7.27%

ROA

0.93%

Profit Margin

27.32%

Op Margin

32.29%

EPS (Latest Qtr)

$0.48

EPS (TTM)

$2.04

Balance Sheet & Liquidity

Debt/Equity

Quick Ratio

Current Ratio

Debt

$59.05M

Total Assets

$6.97B

Current Assets

Working Capital

Ownership

Promoter Holding

1.44%

Chg in Prom Hold

FII / Inst Holding

80.87%

Chg in FII Hold

Financial Snapshot

Enterprise Value

$897.49M

Total Revenue (TTM)

$265.58M

EBITDA

Free Cash Flow

Operating Cash Flow

$89.53M

Shares Outstanding

41.22M

Gross Margin

0.00%

Payout Ratio

47.06%

Growth (CAGR)

Revenue 5Y

-0.38%

Profit 5Y

-6.22%

Revenue (YoY)

37.20%

Earnings (YoY)

20.00%

PROS

Excellent profit margin of 27.3%.
Attractive dividend yield of 3.52%.
In a confirmed uptrend (50-DMA above 200-DMA).

CONS

Revenue declined at -0.4% CAGR over 5 years.
Earnings shrank at -6.2% CAGR over 5 years.

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Financial Services).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	HFWA Heritage Financial Corporation R2K	27.25	13.36	$1.12B	3.52%	-	7.27%	-0.38%	-6.22%
2	JPM JPMorgan Chase & Co. SPX	299.31	14.33	$802.00B	2.00%	-	16.47%	12.50%	14.83%
3	V Visa Inc. SPX	326.36	28.48	$620.65B	0.82%	38.38%	60.35%	10.92%	10.28%
4	MA Mastercard Incorporated SPX	493.98	28.57	$436.47B	0.70%	61.47%	-	13.82%	14.66%
5	MS Morgan Stanley SPX	208.00	18.84	$328.08B	1.92%	-	16.39%	9.52%	15.20%
6	GS The Goldman Sachs Group, Inc. SPX	1,025.56	18.73	$302.55B	1.76%	-	14.55%	7.16%	15.11%
7	WFC Wells Fargo & Company SPX	77.54	11.98	$237.29B	2.32%	-	12.03%	4.02%	15.98%
8	BLK BlackRock, Inc. SPX	1,046.88	26.32	$162.51B	2.19%	4.89%	11.90%	10.65%	2.36%
9	SCHW The Charles Schwab Corporation SPX	87.35	17.37	$151.91B	1.47%	-	19.08%	4.83%	7.21%

Quarterly Results

Figures in USD.

Metric	Jun 2015	Sep 2015	Dec 2015	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	57.59M	56.50M	65.70M	66.35M	77.92M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	23.68M	23.52M	22.14M	20.50M	21.46M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	16.16M	14.46M	22.31M	25.68M	22.40M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2.25M	2.24M	3.14M	3.44M	3.45M
Net Income	8.72M	9.49M	9.49M	9.09M	8.89M	11.04M	9.89M	9.32M	11.83M	10.62M	10.02M	9.09M	11.86M	15.50M	16.61M	16.55M	15.98M	17.89M	17.13M	12.19M	-6.14M	16.64M	23.88M	25.34M	32.70M	20.59M	19.76M	18.58M	20.99M	20.46M	16.85M	18.22M	5.75M	14.16M	11.42M	13.91M	12.21M	19.17M	22.24M	18.95M
Diluted EPS	0.29	0.32	0.32	0.30	0.30	0.37	0.33	0.31	0.40	0.35	0.33	0.27	0.35	0.42	0.45	0.45	0.43	0.48	0.47	0.34	-0.17	0.46	0.66	0.70	0.90	0.58	0.56	0.52	0.59	0.58	0.48	0.51	0.16	0.41	0.33	0.40	0.36	0.55	0.65	0.48

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	248.98M	243.82M	216.84M	246.14M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	8.07M	59.31M	100.35M	89.83M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	99.44M	72.92M	52.26M	78.60M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	17.56M	11.16M	9.00M	11.07M
Net Income	581.00K	13.35M	6.52M	13.26M	9.57M	21.01M	37.49M	38.92M	41.79M	53.06M	67.56M	46.57M	-	81.88M	61.76M	43.26M	67.53M
Diluted EPS	-0.10	1.04	0.42	0.87	0.01	0.01	1.25	1.30	1.39	1.49	1.83	1.29	-	2.31	1.75	1.24	1.96

Compounded Sales Growth

5 Years:	-0.38%
1 Year:	37.20%

Compounded Profit Growth

5 Years:	-6.22%
1 Year:	20.00%

Stock Price Performance

1 Year:	+21.23%
6 Months:	+13.39%
3 Months:	+4.09%
1 Month:	+1.03%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	-	1.37B	1.37B	1.35B	1.66B	3.46B	3.65B	3.88B	4.11B	5.32B	5.55B	6.62B	-	6.98B	7.17B	7.11B	6.97B
Current Assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash & Equivalents	60.63M	107.23M	168.89M	123.17M	104.27M	130.40M	121.64M	126.64M	103.75M	103.02M	161.91M	228.57M	743.32M	-	103.59M	224.97M	117.10M	233.09M
Inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Receivables	-	-	-	-	-	-	-	-	-	-	-	-	-	-	18.55M	19.52M	19.48M	19.28M
Total Liabilities	-	-	1.17B	1.17B	1.15B	1.44B	3.00B	3.18B	3.40B	3.60B	4.56B	4.74B	5.79B	-	6.18B	6.32B	6.24B	6.05B
Current Liabilities	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Long Term Debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	21.47M	521.76M	405.06M	42.35M
Total Debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	21.47M	521.76M	405.06M	42.35M
Total Equity	113.15M	158.50M	202.28M	202.52M	198.94M	215.76M	454.51M	469.97M	481.76M	508.31M	760.72M	809.31M	820.44M	-	797.89M	853.26M	863.53M	921.50M
Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-	-	-	-	35.11M	34.91M	33.99M	33.96M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	9.87M	27.07M	20.87M	27.88M	30.90M	51.34M	51.40M	53.98M	73.51M	90.41M	92.49M	70.33M	-	94.46M	109.52M	64.48M	94.82M
Investing Cash Flow	-34.03M	243.76M	-61.77M	-3.50M	-16.59M	-121.65M	-216.62M	-252.93M	-241.39M	-109.60M	-125.30M	-538.55M	-	-1.21B	-93.45M	-85.90M	186.75M
Financing Cash Flow	70.76M	-209.07M	-4.82M	-43.28M	11.83M	61.55M	170.23M	176.05M	167.15M	78.08M	99.47M	982.97M	-	-506.38M	105.31M	-86.45M	-165.58M
Capital Expenditure	-1.98M	-6.91M	-3.13M	-3.86M	-5.21M	-3.94M	-1.82M	-6.72M	-3.06M	-23.27M	-13.04M	-7.00M	-	-4.02M	-10.38M	-3.46M	-9.16M
Free Cash Flow	7.89M	20.16M	17.74M	24.02M	25.69M	47.40M	49.58M	47.26M	70.45M	67.15M	79.45M	63.33M	-	90.44M	99.15M	61.02M	85.66M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-	-	-	-	-1.62B	121.38M	-107.87M	115.99M
Share Buybacks	-	-	2.34M	6.02M	8.82M	2.60M	7.74M	2.89M	737.00K	1.70M	8.64M	19.12M	22.89M	3.20M	6.97M	22.42M	5.52M
Dividends Paid	1.20M	1.17M	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Ratios (Annual)

Figures in %.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-	32.9%	25.3%	19.9%	27.4%
ROE %	0.4%	6.6%	3.2%	6.7%	4.4%	4.6%	8.0%	8.1%	8.2%	7.0%	8.3%	5.7%	-	10.3%	7.2%	5.0%	7.3%
ROCE %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Shareholding Pattern

Insiders

1.44%

Institutions

80.87%

Public Float

82.06%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Blackrock Inc.	13.49%	5.56M	$151.56M
2	Jennison Associates LLC	7.80%	3.21M	$87.57M
3	Victory Capital Management Inc.	5.99%	2.47M	$67.29M
4	Dimensional Fund Advisors LP	4.75%	1.96M	$53.31M
5	Vanguard Capital Management LLC	4.48%	1.85M	$50.36M
6	State Street Corporation	4.36%	1.80M	$48.96M
7	Alliancebernstein L.P.	2.78%	1.14M	$31.20M
8	Geode Capital Management, LLC	2.27%	934.80K	$25.47M
9	Basswood Capital Management, L.L.C.	1.70%	698.90K	$19.05M
10	Boston Partners	1.67%	690.32K	$18.81M

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