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Earnings transcript
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HFWA
Heritage Financial Corporation
$27.55
0.13
(0.47%)
| Exchange: | NASDAQ |
| Market Cap: | 1.127B |
| Shares Outstanding: | 11.012M |
Delayed data
About The Company
| Sector: | Financial ServicesView sector performance | |||||
| Industry: | Banks – RegionalView industry performance | |||||
| CEO: | Bryan D. McDonald | |||||
| Full Time Employees: | 755 | |||||
| Address: |
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| Website: | https://www.hf-wa.com |
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.
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Revenue Segmentation
HFWA full analysis
Welcome to MARKETSNAP’s SWOT analysis for Heritage Financial Corporation, a name you might not hear every day in the investing world, but one worth diving into if you’re on the hunt for solid regional banking plays. I’m thrilled to break down this stock for you today, focusing on what makes it tick, where it’s stumbling, and what could drive its future for us long-term investors. Let’s get into the nitty-gritty of Heritage Financial, a Washington-based bank operating in the financial…
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 303,128 | 317,185 | 335,968 |
| Gross Profit | 239,538 | 210,555 | 243,355 |
| EBITDA | 78,519 | 55,490 | 79,919 |
| Operating Income | 72,915 | 52,259 | 77,789 |
| Net Income | 61,755 | 43,258 | 67,532 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 7,174,957 | 7,106,278 | 6,967,350 |
| Total Liabilities | 6,321,696 | 6,242,751 | 6,045,846 |
| Total Stockholders Equity | 853,261 | 863,527 | 921,504 |
| Total Debt | 521,765 | 405,058 | 42,350 |
| Cash and Cash Equivalents | 224,973 | 117,100 | 52,587 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 109,523 | 64,483 | 40,434 |
| Capital Expenditure | -10,376 | -3,459 | 0 |
| Free Cash Flow | 99,147 | 61,024 | 40,434 |
| Net Income | 61,755 | 43,258 | 67,532 |
| Net Change in Cash | 121,383 | -107,873 | 2,268 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2028 | Research Access | Research Access | Research Access | Research Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 379,923.163 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (High) | 384,707.041 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (Avg) | 381,739 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Low) | 116,203.190 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (High) | 127,359.485 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Avg) | 121,781.337 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Low) | 93,059.415 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (High) | 102,365.494 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Avg) | 97,712.455 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Low) | 135,284.158 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (High) | 136,987.616 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Avg) | 135,930.747 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Avg) | 2.840 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (High) | 2.980 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Low) | 2.700 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated Revenue) | 1 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated EPS) | 2 | Research Access | Research Access | Research Access | Research Access |
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Current Key Metrics
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Login — it's freeSWOT Analysis
Strengths (preview)
- Stable Financial Performance: Heritage Financial reported adjusted earnings per share in Q3 2025 that align with or exceed expectations, as highlighted in the earnings call transcript. Key metrics such as revenue and net income from income statements indicate consistent operational results, supported by a solid gross profit margin (TTM) and net profit margin (TTM).
- Strong Liquidity Position: Balance sheet data shows a healthy level of cash and cash equivalents alongside a favorable current ratio (TTM) and quick ratio (TTM), indicating the company’s ability to meet short-term obligations effectively.
- Dividend Consistency: The company maintains a competitive dividend yield (TTM) as per key metrics, providing a reliable income stream for investors, which is further supported by consistent net dividends paid as seen in cash flow statements.
- Strategic Leadership Focus: Insights from the Q3 2025 earnings call transcript emphasize management’s commitment to maintaining stable net interest margins and improving operational efficiency, reflecting strong strategic direction under the current CEO.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MarketSnap estimates HFWA intrinsic value between $12.81 – $25.47 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about HFWA valuation
Is Heritage Financial Corporation (HFWA) overvalued or undervalued right now?
MarketSnap estimates intrinsic value for Heritage Financial Corporation (HFWA) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is HFWA a buy, hold, or sell for long-term investors?
MarketSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether HFWA trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is HFWA’s P/E ratio?
You can see HFWA’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for HFWA?
MarketSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MarketSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is HFWA a good long-term investment?
Whether HFWA fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MarketSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
HFWA
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Daily snapshot
0.47
Trading Metrics:
| Open: | 27.43 | Previous Close: | 27.42 | |
| Day Low: | 27.42 | Day High: | 28.03 | |
| Year Low: | 21.32 | Year High: | 31.25 | |
| Price Avg 50: | 28.49 | Price Avg 200: | 27.56 | |
| Volume: | 307094 | Average Volume: | 379490 |
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