Heritage Financial Corporation logo

Heritage Financial Corporation

HFWA

NASDAQFinancial ServicesBanks - Regional

Previous close

$29.10

+$0.15 · +0.52%

Aug 21, 4:00 PM ET

Pre-market

$29.40

+$0.30 · +1.03%

Aug 24, 5:11 AM ET

HFWA company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Buy

Favorable setup — positive multi-factor alignment

Valuation

85

Deep Value

Momentum

55

Neutral

Sentiment

70

Bullish

Risk resilience

78

Moderate Risk

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Company profile

Company website

Heritage Financial Corporation operates as the parent company for Heritage Bank, providing a comprehensive range of financial services to individuals and small to mid-sized businesses throughout the United States. The company's deposit offerings include various checking accounts (both interest and non-interest bearing), money market accounts, savings accounts, and certificates of deposit. Its extensive lending portfolio encompasses commercial and industrial financing, real estate loans for both owner-occupied and investment properties, residential mortgages for single to four-family dwellings, and funding for construction and land development projects. Additionally, it extends consumer loans, lines of credit, equipment financing, and commercial business loans to a wide array of sectors such as real estate, leasing, healthcare, hospitality, retail, and construction. Heritage Financial also originates loans backed by the U.S. Small Business Administration and delivers trust services along with professional financial guidance. As of January 27, 2022, the corporation managed 49 banking locations situated across Washington and Oregon. Established in 1927 and headquartered in Olympia, Washington, the company adopted its current name in 1998, having previously operated as Heritage Financial Corporation, M.H.C.

Industry
Banks - Regional
Sector
Financial Services
Headquarters
US
CEO
Bryan D. McDonald
Listed since
May 7, 1998
Employees
976

Market position

Day range

Current $29.10

52-week range

Current $29.10

Open
$29.035
Previous close
$28.95
Volume
323K
0.98× average
Average volume
328.61K
Average daily volume
Market cap
1.2B USD
Beta
0.49
Market reference 1
50-day average
$29.52
-1.42% below average
200-day average
$26.721
+8.90% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
792.87M USD
P/E (TTM)
13.73×
P/B (TTM)
1.05×
P/S (TTM)
3.57×
EV / EBITDA
9.96×
Earnings yield
8.41%
Free cash flow yield
10.67%
Dividend yield
3.33%

Profitability & efficiency

Gross margin
74.64%
Operating margin
14.03%
Net margin
23.17%
Return on equity
7.33%
Return on assets
0.97%
Return on invested capital
5.72%

Financial health

Debt / equity
0.17×
Current ratio
1.18×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends119%80%42%4%Gross margin, FY2021: 109.02%Gross margin, FY2022: 97.41%Gross margin, FY2023: 79.02%Gross margin, FY2024: 66.38%Gross margin, FY2025: 72.43%Operating margin, FY2021: 48.70%Operating margin, FY2022: 38.68%Operating margin, FY2023: 24.05%Operating margin, FY2024: 16.48%Operating margin, FY2025: 23.15%Net margin, FY2021: 39.62%Net margin, FY2022: 31.85%Net margin, FY2023: 20.37%Net margin, FY2024: 13.64%Net margin, FY2025: 20.10%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 109.02%. Gross margin FY2022 97.41%. Gross margin FY2023 79.02%. Gross margin FY2024 66.38%. Gross margin FY2025 72.43%. Operating margin FY2021 48.70%. Operating margin FY2022 38.68%. Operating margin FY2023 24.05%. Operating margin FY2024 16.48%. Operating margin FY2025 23.15%. Net margin FY2021 39.62%. Net margin FY2022 31.85%. Net margin FY2023 20.37%. Net margin FY2024 13.64%. Net margin FY2025 20.10%.

Income trends

Revenue

335.97M USD+5.92%

Operating income

77.79M USD+48.85%

Net income

67.53M USD+56.11%
Income trends across reported periods365.24M USD248.16M USD131.07M USD13.99M USDRevenue, FY2021: 247.45M USDRevenue, FY2022: 257.05M USDRevenue, FY2023: 303.13M USDRevenue, FY2024: 317.19M USDRevenue, FY2025: 335.97M USDOperating income, FY2021: 120.51M USDOperating income, FY2022: 99.44M USDOperating income, FY2023: 72.92M USDOperating income, FY2024: 52.26M USDOperating income, FY2025: 77.79M USDNet income, FY2021: 98.04M USDNet income, FY2022: 81.88M USDNet income, FY2023: 61.76M USDNet income, FY2024: 43.26M USDNet income, FY2025: 67.53M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 247.45M USD. Revenue FY2022 257.05M USD. Revenue FY2023 303.13M USD. Revenue FY2024 317.19M USD. Revenue FY2025 335.97M USD. Operating income FY2021 120.51M USD. Operating income FY2022 99.44M USD. Operating income FY2023 72.92M USD. Operating income FY2024 52.26M USD. Operating income FY2025 77.79M USD. Net income FY2021 98.04M USD. Net income FY2022 81.88M USD. Net income FY2023 61.76M USD. Net income FY2024 43.26M USD. Net income FY2025 67.53M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue335.97M USD317.19M USD303.13M USD257.05M USD247.45M USD
Cost of goods sold92.61M USD106.63M USD63.59M USD6.65M USD−22.33M USD
Gross profit243.36M USD210.56M USD239.54M USD250.4M USD269.78M USD
Selling, general, and administrative121.13M USD102.78M USD105.33M USD95.75M USD93.01M USD
Operating expenses165.57M USD158.3M USD166.62M USD150.97M USD149.27M USD
Interest income314.24M USD309.71M USD284.47M USD227.46M USD212.83M USD
Interest expense89.83M USD100.35M USD59.31M USD8.07M USD7.04M USD
Depreciation and amortization1.85M USD3.23M USD5.6M USD3.09M USD−18.63M USD
Operating income77.79M USD52.26M USD72.92M USD99.44M USD120.51M USD
Net income67.53M USD43.26M USD61.76M USD81.88M USD98.04M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
55%
6 beats, 5 misses, 0 met estimates
Average EPS surprise
-10.41%
11 comparable reports
Latest EPS result
0.57
Estimate 0.45 · Beat by 28.09%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates0.70.570.440.31Q1 '25MissQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26MissQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Jan 23, 2025: actual 0.35, estimate 0.45, surprise -22.22%, Miss. Q2 2025, reported Apr 24, 2025: actual 0.49, estimate 0.452, surprise +8.48%, Beat. Q3 2025, reported Jul 24, 2025: actual 0.53, estimate 0.497, surprise +6.70%, Beat. Q4 2025, reported Oct 23, 2025: actual 0.56, estimate 0.547, surprise +2.38%, Beat. Q1 2026, reported Jan 22, 2026: actual 0.66, estimate 0.57, surprise +15.79%, Beat. Q2 2026, reported Apr 23, 2026: actual 0.49, estimate 0.57, surprise -14.04%, Miss. Q3 2026, reported Jul 23, 2026: actual 0.57, estimate 0.445, surprise +28.09%, Beat. Q4 2026, reported Oct 22, 2026: actual —, estimate 0.59, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates89.75M77.52M65.28M53.05MQ1 '25MissQ2 '25MissQ3 '25MissQ4 '25MissQ1 '26BeatQ2 '26MissQ3 '26MissQ4 '26Estimate
Q1 2025, reported Jan 23, 2025: actual 57.05M USD, estimate 60.69M USD, surprise -5.99%, Miss. Q2 2025, reported Apr 24, 2025: actual 57.59M USD, estimate 61.76M USD, surprise -6.74%, Miss. Q3 2025, reported Jul 24, 2025: actual 56.5M USD, estimate 65.35M USD, surprise -13.54%, Miss. Q4 2025, reported Oct 23, 2025: actual 65.7M USD, estimate 66.21M USD, surprise -0.77%, Miss. Q1 2026, reported Jan 22, 2026: actual 66.35M USD, estimate 66.1M USD, surprise +0.38%, Beat. Q2 2026, reported Apr 23, 2026: actual 77.92M USD, estimate 80.49M USD, surprise -3.20%, Miss. Q3 2026, reported Jul 23, 2026: actual 84.13M USD, estimate 86.3M USD, surprise -2.52%, Miss. Q4 2026, reported Oct 22, 2026: actual —, estimate 86.12M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$32.00

9.97% upside
Past 12 months12-month forecastHigh $32.00Average $32.00Low $32.00

Rating distribution

14 ratings
Strong buy00%
Buy750%
Hold750%
Sell00%
Strong sell00%

Recent analyst actions

4 institutions

HFWA news

HFWA peers

ETFs holding HFWA

Funds reporting this stock among their holdings, ordered by reported position size.

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