HFWA
Heritage Financial Corporation
HFWA's fundamentals are strong: revenue grew 33% and earnings per share grew 22%. At 14x earnings, it's trading in line with its usual 14x. Analysts expect that strong growth to continue.
HFWA Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| N/A | |
| N/A |
HFWA's revenue and profitability are currently strong. Free cash flow and net leverage aren't meaningful measures for financial services companies like HFWA.
HFWA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.1x | $18.36 | -35% |
| Forward | 11x | $28.21 | — |
| Fair | 14x | $27.25 | -3.4% |
| Current | 14x | $28.21 | — |
| Expensive | 18x | $35.45 | +26% |
Historical ranges are pointers, not guarantees.
HFWA's PE is in its fair range at 14x. If earnings grow as analysts expect, today's price would be 11x next year's earnings.
HFWA Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for HFWA, with profitability improving.
HFWA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.50 | +24% |
| Q3 2026 | $2.01 | +22% |
| Q2 2026 | $2.10 | +47% |
| Q1 2026 | $2.04 | +38% |
| Q4 2025 | $1.96 | +58% |
| Q3 2025 | $1.65 | +53% |
| Q2 2025 | $1.43 | +13% |
| Q1 2025 | $1.48 | +11% |
| Q4 2024 | $1.24 | -29% |
HFWA's earnings per share have fallen from their peak: $2.01 over the past year, against $2.84 in late 2021.
HFWA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $86.5M | +32% |
| Q2 2026 | $84.1M | +49% |
| Q1 2026 | $77.9M | +35% |
| Q4 2025 | $66.3M | +16% |
| Q3 2025 | $65.7M | +20% |
| Q2 2025 | $56.5M | +0.3% |
| Q1 2025 | $57.6M | +18% |
| Q4 2024 | $57.1M | +12% |
HFWA's revenue has grown year over year for eight quarters in a row: $87M last quarter, up 32% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 26% | -8.2 points |
| Q2 2026 | 25% | -1 points |
| Q1 2026 | 29% | +0.7 points |
| Q4 2025 | 39% | +10 points |
| Q3 2025 | 34% | +10 points |
| Q2 2025 | 26% | -2.8 points |
| Q1 2025 | 28% | +14 points |
| Q4 2024 | 29% | +16 points |
HFWA's operating margin was 26% last quarter, down 8.2 points from the same quarter a year ago.
HFWA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $28.4M | +16% |
| Q2 2026 | $21.1M | +0.9% |
| Q1 2026 | $12.7M | -30% |
| Q4 2025 | $22.3M | +12% |
| Q3 2025 | $24.4M | +5% |
| Q2 2025 | $20.9M | +250% |
| Q1 2025 | $18.1M | +51% |
| Q4 2024 | $19.8M | -34% |
HFWA's free cash flow was $84M over the past year, up 1.5% from the year before. Free cash flow isn't a meaningful measure for financial services companies like HFWA.
HFWA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.8% | -329K shares |
| 1 year | +20% | +6.8M shares |
| 3 years | +17% | +6.1M shares |
| 5 years | +15% | +5.3M shares |
| Available history | +11% | +4.2M shares |
HFWA has 41M diluted shares, up 20% from a year ago, despite $21M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $10.3M |
| Q2 2026 | $10.1M |
| Q1 2026 | $960,000 |
| Q4 2025 | $44,000 |
| Q3 2025 | $24,000 |
| Q2 2025 | $4.6M |
| Q1 2025 | $838,000 |
| Q4 2024 | $4.4M |
HFWA spent $21M buying back its own shares over the past year, up 118% from the year before.
HFWA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.7x | Net Cash |
| Q2 2026 | -0.4x | Net Cash |
| Q1 2026 | -2.9x | Net Cash |
| Q4 2025 | -2.7x | Net Cash |
| Q3 2025 | -1.5x | Net Cash |
| Q2 2025 | 0.2x | Very low |
| Q1 2025 | 0.3x | Very low |
| Q4 2024 | 4.9x | High |
HFWA has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like HFWA.
HFWA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.1 | Neutral |
| Stochastic | 45.1 | Neutral |
HFWA's weekly RSI is 50 (neutral) and its Stochastic is 45 (neutral).
HFWA PE vs Financial Services Sector
| Metric | HFWA | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 13x | 7.8% above |
| PE % | 55 | 63 | 8 pts below |
HFWA is trading at 14x earnings, in line with the Financial Services sector's median of 13x.
HFWA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $28.2 | 0% above |
| 20 week MA | $28.9 | 2.4% below |
| 50 week MA | $27.4 | 2.9% above |
| 100 week MA | $25.5 | 10% above |
| 200 week MA | $22.8 | 24% above |
HFWA's trend is mixed: it's above four of its five weekly moving averages, and 24% above its 200-week average.
HFWA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $28.2 | $23.0 | -18% |
| 2021 | $23.0 | $24.0 | +4.4% |
| 2022 | $24.0 | $30.8 | +28% |
| 2023 | $30.8 | $21.4 | -31% |
| 2024 | $21.4 | $24.3 | +14% |
| 2025 | $24.3 | $24.5 | +0.6% |
| 2026 YTD | $24.5 | $28.2 | +15% |
HFWA has finished higher in four of the last six years. It's up 15% so far in 2026.