HFWANasdaqSavings Institutions, Not Federally CharteredFiscal year ends December 31
HERITAGE FINANCIAL CORP /WA/
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 7, 2026
$27.46−0.09 (-0.33%)
Close on Oct 19, 2026
- Market cap
- $1.14B
- P/E (TTM)
- 13.1
- Dividend yield
- 3.50%
Margins
Share of revenue, fiscal years 2011 to 2025
Net margin
27.4%+7.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +13.5% | -0.4% | +0.7% | +4.3% | |
| Net income | +56.1% | -6.2% | +7.7% | +6.1% | |
| EPS, diluted | +58.1% | -5.3% | +8.7% | +4.6% | |
| Free cash flow | +40.4% | -1.8% | +6.2% | +5.6% | |
| Dividend per share | +4.3% | +4.6% | +3.7% | +6.1% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 8.2% | 5.7% | 7.6% | |
| Return on assets | 1.0% | 0.8% | 1.0% | |
| Capex to revenue | 4.1% | 2.9% | 3.7% | |
| Diluted shares | 30M | 36M | 34M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Heritage Financial generated $432.81M from operations and spent $244.69M on capital expenditure, dividends and share buybacks. 12% of that went back into the business.
Generated
$432.81M
Used
$244.69M
Capital expenditure$30.03M12%Dividends$153.67M63%Share buybacks$60.99M25%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin27.4%
×Asset turnover0.03×
×Equity multiplier7.88×
=Return on equity, FY20257.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 27.4% | 0.03× | 7.88× | 7.6% |
| FY2024 | 19.9% | 0.03× | 8.32× | 5.0% |
| FY2023 | 25.3% | 0.03× | 8.57× | 7.5% |
| FY2022 | 32.9% | 0.03× | 8.72× | 9.9% |
| FY2021 | 40.8% | 0.03× | 8.39× | 11.7% |
| FY2020 | 19.5% | 0.04× | 7.47× | 5.7% |
| FY2019 | 29.1% | 0.04× | 6.92× | 8.6% |
| FY2018 | 24.3% | 0.05× | 7.43× | 8.4% |
| FY2017 | 23.9% | 0.04× | 8.07× | 8.4% |
| FY2016 | 23.7% | 0.04× | 7.91× | 8.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$67.53M
- Cash generatingOperating cash flow above zero$94.82M
- Return on assets improvedROA up on the prior year0.6% → 1.0%
- Earnings backed by cashOperating cash flow above net income$94.82M vs $67.53M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise35M → 34M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.03 → 0.03