Heritage Financial Corporation (HFWA) Key Metrics
HFWA valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.13B
- Enterprise value
- $1.11B
- P/E (TTM)
- 13.1 10-yr median 16.8
- Forward P/E
- 12.3
- PEG ratio
- 2.12
- Price / sales
- 3.8 10-yr median 3.9
- Price / book
- 1.0 10-yr median 0.2
- EV / EBITDA
- — 10-yr median 2.5
- Dividend yield
- 3.63% $1.00 a year
- Beta
- 0.50
HFWA key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsHFWA valuation Price multiples at each fiscal year-end price.
HFWA returns How much profit the business earns on the capital it uses.
HFWA per-share figures Results divided by the shares outstanding at year-end.
HFWA financial health Debt, liquidity and how easily interest is covered.
HFWA efficiency & capital use Working capital cycle and where the cash goes.
HFWA valuation history
HFWA returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
HFWA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
HFWA cash returned to shareholders
HFWA price vs earnings per share
HFWA key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $813.7M | $855.0M | $754.2M | $1.09B | $879.2M | $846.0M | $1.05B | $1.05B | $919.4M | $764.6M |
| Enterprise value | $195.9M | $378.6M | −$83.4M | −$275.6M | −$1.66B | −$639.4M | −$88.6M | −$35.0M | $150.1M | −$12.4M |
| P/E ratio | 12.0 | 19.8 | 12.2 | 13.3 | 9.0 | 18.2 | 15.5 | 19.8 | 22.0 | 19.6 |
| Price / sales | 2.4 | 2.7 | 2.5 | 4.2 | 3.6 | 3.4 | 4.2 | 4.6 | 5.0 | 4.5 |
| Price / book | 0.9 | 1.0 | 0.9 | 0.2 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 |
| Price / free cash flow | 9.5 | 14.0 | 7.6 | 12.0 | 13.2 | 13.4 | 14.0 | 15.7 | 13.0 | 16.2 |
| Price / operating cash flow | 8.6 | 13.3 | 6.9 | 11.5 | 12.6 | 12.0 | 11.9 | 11.6 | 12.5 | 14.2 |
| EV / sales | 0.6 | 1.2 | -0.3 | -1.1 | -6.7 | -2.5 | -0.4 | -0.2 | 0.8 | -0.1 |
| EV / EBITDA | 2.5 | 6.8 | — | — | — | — | — | — | 2.1 | — |
| EV / free cash flow | 2.3 | 6.2 | — | — | — | — | — | — | 2.1 | — |
| Earnings yield | 8.3% | 5.1% | 8.2% | 7.5% | 11.2% | 5.5% | 6.5% | 5.0% | 4.5% | 5.1% |
| Free cash flow yield | 10.5% | 7.1% | 13.1% | 8.3% | 7.6% | 7.5% | 7.1% | 6.4% | 7.7% | 6.2% |
| Dividend yield | 4.0% | 3.7% | 4.1% | 2.7% | 3.3% | 3.4% | 3.0% | 2.5% | 2.0% | 2.8% |
| Shareholder yield (dividends + buybacks) | 4.7% | 6.3% | 5.0% | 3.0% | 5.9% | 5.7% | 3.8% | 2.6% | 2.1% | 3.2% |
| Share price at fiscal year-end | $23.65 | $24.50 | $21.39 | $30.64 | $24.44 | $23.39 | $28.30 | $29.72 | $30.80 | $25.75 |
| Per share | ||||||||||
| Revenue per share | $9.76 | $9.09 | $8.60 | $7.25 | $6.88 | $6.95 | $6.77 | $6.53 | $6.14 | $5.73 |
| Earnings per share | $1.96 | $1.24 | $1.75 | $2.31 | $2.73 | $1.29 | $1.83 | $1.50 | $1.40 | $1.31 |
| Operating cash flow per share | $2.76 | $1.85 | $3.11 | $2.66 | $1.93 | $1.94 | $2.37 | $2.56 | $2.46 | $1.82 |
| Free cash flow per share | $2.49 | $1.75 | $2.81 | $2.55 | $1.85 | $1.75 | $2.02 | $1.90 | $2.36 | $1.59 |
| Cash per share | $19.19 | $25.26 | $38.55 | $40.46 | $72.77 | $42.73 | $31.93 | $32.17 | $30.61 | $30.26 |
| Book value per share | $26.78 | $24.74 | $24.20 | $196.22 | $206.02 | $182.32 | $149.58 | $149.74 | $134.03 | $127.30 |
| Tangible book value per share | $19.72 | $17.75 | $17.23 | $189.22 | $199.04 | $175.29 | $142.62 | $142.35 | $129.84 | $123.04 |
| Dividends per share | $0.95 | $0.91 | $0.87 | $0.83 | $0.80 | $0.80 | $0.84 | $0.73 | $0.61 | $0.73 |
| Capex per share | $0.27 | $0.10 | $0.29 | $0.11 | $0.08 | $0.19 | $0.35 | $0.66 | $0.10 | $0.23 |
| Debt per share | $1.23 | $11.61 | $14.80 | $2.05 | $2.13 | $1.66 | $1.23 | $1.46 | $4.84 | $4.09 |
| Shares outstanding | 34.4M | 34.9M | 35.3M | 35.5M | 36.0M | 36.2M | 37.0M | 35.4M | 29.8M | 29.7M |
| Change in shares outstanding | −1.4% | −1.0% | −0.6% | −1.4% | −0.5% | −2.2% | +4.6% | +18.5% | +0.5% | −0.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 7.6% | 5.0% | 1.6% | 1.1% | 1.4% | 0.8% | 1.2% | 1.1% | 1.1% | 1.1% |
| Return on invested capital (ROIC) | 19.3% | 21.5% | 2.2% | 1.6% | 2.0% | 1.0% | 1.6% | 1.4% | 1.3% | 1.4% |
| Return on assets (ROA) | 1.0% | 0.6% | 0.9% | 1.1% | 1.4% | 0.8% | 1.2% | 1.1% | 1.0% | 1.0% |
| Return on tangible assets | 1.0% | 0.6% | 0.9% | 1.2% | 1.4% | 0.7% | 1.3% | 1.0% | 1.0% | 1.0% |
| Free cash flow margin | 25.5% | 19.2% | 32.7% | 35.2% | 26.9% | 25.2% | 29.8% | 29.1% | 38.4% | 27.8% |
| Income quality (OCF / net income) | 1.40 | 1.49 | 1.77 | 1.15 | 0.71 | 1.51 | 1.30 | 1.70 | 1.76 | 1.39 |
| Financial health | ||||||||||
| Total debt | $42.4M | $405.1M | $521.8M | $72.8M | $76.8M | $60.1M | $45.6M | $51.8M | $144.3M | $121.4M |
| Cash & short-term investments | $660.1M | $881.5M | $1.36B | $1.44B | $2.62B | $1.55B | $1.18B | $1.14B | $913.5M | $898.4M |
| Net debt | −$617.8M | −$476.4M | −$837.6M | −$1.36B | −$2.54B | −$1.49B | −$1.14B | −$1.09B | −$769.2M | −$777.0M |
| Debt / equity | 0.05 | 0.47 | 0.61 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.04 | 0.03 |
| Debt / assets | 0.01 | 0.06 | 0.07 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.04 | 0.03 |
| Net debt / EBITDA | −7.73 | −8.59 | −10.67 | −13.29 | −24.94 | −27.98 | −11.45 | −12.67 | −10.66 | −11.62 |
| Current ratio | 1.18 | 0.16 | 0.25 | 0.27 | 0.48 | 0.33 | 0.33 | 0.33 | 0.35 | 0.37 |
| Quick ratio | 1.18 | 0.16 | 1.01 | 0.30 | 0.80 | 0.50 | 0.40 | 0.38 | 0.40 | 0.41 |
| Interest coverage | 0.9 | 0.5 | 1.2 | 12.3 | 17.1 | 4.0 | 4.5 | 5.2 | 7.2 | 8.8 |
| Working capital | $830.3M | −$4.78B | −$4.22B | −$3.86B | −$2.82B | −$3.13B | −$2.38B | −$2.32B | −$1.69B | −$1.56B |
| Invested capital | $303.7M | $387.1M | $15.7M | $5.60B | $4.87B | $5.11B | $4.40B | $4.21B | $3.23B | $3.00B |
| Tangible asset value | $678.6M | $619.4M | $607.5M | $6.71B | $7.16B | $6.34B | $5.27B | $5.04B | $3.88B | $3.65B |
| Net current asset value | −$635.8M | −$5.34B | −$4.94B | $1.43B | $2.61B | $1.54B | $1.17B | $1.13B | $813.3M | $810.0M |
| Graham number | $34.39 | $26.27 | $30.88 | $100.96 | $112.39 | $72.67 | $78.41 | $71.09 | $64.98 | $61.27 |
| Graham net-net per share | −$52.99 | −$153.20 | −$200.62 | $38.53 | $48.19 | $32.01 | $28.37 | $29.39 | $25.21 | $25.24 |
| Capital allocation | ||||||||||
| Dividends paid | $32.6M | $31.8M | $30.8M | $29.5M | $28.9M | $28.9M | $30.9M | $25.8M | $18.3M | $21.6M |
| Share buybacks (net) | $5.5M | $22.4M | $7.0M | $3.2M | $22.9M | $19.1M | $8.6M | $1.7M | $737,000 | $2.9M |
| Dividend payout ratio | 48.3% | 73.5% | 49.9% | 36.0% | 29.5% | 62.0% | 45.8% | 48.6% | 43.8% | 55.4% |
| Dividends + buybacks / free cash flow | 44.6% | 88.8% | 38.1% | 36.1% | 77.9% | 75.8% | 53.0% | 40.9% | 27.0% | 51.8% |
| Capex / revenue | 2.7% | 1.1% | 3.4% | 1.6% | 1.2% | 2.8% | 5.2% | 10.1% | 1.7% | 4.0% |
| Capex / operating cash flow | 9.7% | 5.4% | 9.5% | 4.3% | 4.3% | 9.9% | 14.9% | 25.7% | 4.2% | 12.5% |
| Capex / depreciation | 4.30 | 1.07 | 1.85 | 1.30 | — | — | 1.07 | 1.09 | 0.26 | 0.48 |
| Stock-based compensation / revenue | 1.5% | 1.4% | 1.4% | 1.5% | 1.5% | 1.4% | 1.3% | 1.2% | 1.1% | 1.1% |
| SG&A / revenue | 36.1% | 32.4% | 34.7% | 37.2% | 37.6% | 37.0% | 41.9% | 43.9% | 41.9% | 43.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 2,590.8 | 22.4 | 22.9 | 23.6 | 25.1 | 24.6 | 21.8 | 21.8 | 23.1 | 22.9 |
| Days of inventory on hand | — | — | -12,551.5 | -51,347.3 | 20,517.9 | -3,716.5 | -3,435.4 | -3,064.4 | -3,350.3 | -1,892.3 |
| Days payables outstanding | — | — | — | 337,450.8 | -97,905.4 | 37,588.7 | 73,190.6 | 81,413.0 | 96,183.7 | 105,757.8 |
| Cash conversion cycle (days) | — | — | — | -388,774.6 | 118,448.4 | -41,280.6 | -76,604.3 | -84,455.6 | -99,510.9 | -107,627.2 |
| Receivables turnover | 0.14 | 16.27 | 15.93 | 15.48 | 14.52 | 14.86 | 16.77 | 16.71 | 15.82 | 15.90 |
| Payables turnover | — | — | — | 0.00 | −0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 |
| Asset turnover | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 |
| Average receivables | $2.38B | $19.5M | $19.0M | $16.6M | $17.0M | $16.9M | $14.9M | $13.8M | $11.6M | $10.7M |
| Average payables | — | — | — | $6.14B | $5.99B | $5.09B | $4.51B | $3.91B | $3.31B | $3.17B |
| Average inventory | — | — | −$2.19B | −$934.9M | −$1.26B | −$503.3M | −$211.6M | −$147.3M | −$115.3M | −$56.7M |
| Intangibles / total assets | 3.5% | 3.4% | 3.4% | 3.6% | 3.4% | 3.8% | 4.6% | 4.9% | 3.0% | 3.3% |
Computed from HFWA's annual financial statements (latest annual report filed February 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
HFWA valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Heritage Financial traded at 12.0 times earnings, against a 10-year median of 16.8. Based on the latest twelve months, the trailing P/E is 13.1 and the forward P/E is 12.3. Heritage Financial earned a return on equity of 7.6% and a return on invested capital of 19.3% in fiscal 2025. It ended the year with $42.4 million of debt and $660.1 million in cash and short-term investments, a net cash position of $617.8 million. It returned $38.2 million to shareholders: $32.6 million in dividends and $5.5 million in share buybacks, 45% of free cash flow. The share count rose 15.9% from 29.7M to 34.4M over 9 years.
See the HFWA income statement, the HFWA chart for price history, or the HFWA stock overview for the latest quote and news.
HFWA key metrics FAQ
What is Heritage Financial's P/E ratio?
Heritage Financial's trailing P/E ratio is 13.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 12.3. At the end of fiscal 2025 it was 12.0, compared with a 10-year median of 16.8.
What is Heritage Financial's EV/EBITDA?
Heritage Financial's enterprise value was 2.5 times EBITDA at the end of fiscal 2025 (enterprise value $195.9 million, EBITDA $79.9 million).
What is Heritage Financial's return on equity?
Heritage Financial's return on equity (ROE) was 7.6% in fiscal 2025: net income of $67.5 million on average shareholders' equity of $892.5 million.
What is Heritage Financial's ROIC?
Heritage Financial's return on invested capital was 19.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Heritage Financial have?
Heritage Financial had total debt of $42.4 million at the end of fiscal 2025, a debt-to-equity ratio of 0.05 and more cash than debt.
What is Heritage Financial's dividend yield?
Heritage Financial's forward dividend yield is 3.63%. Heritage Financial paid $32.6 million in dividends in fiscal 2025 ($0.95 per share), a payout ratio of 48.3%.
Does Heritage Financial buy back its shares?
Yes. Heritage Financial spent $5.5 million on net share repurchases in fiscal 2025 Shares outstanding changed −1.4% over the year, to 34.4M..
What is Heritage Financial's free cash flow yield?
Heritage Financial generated $85.7 million of free cash flow in fiscal 2025, a free cash flow yield of 10.5% on its market value at year-end ($813.7 million).
What is Heritage Financial's current ratio?
Heritage Financial's current ratio was 1.18 at the end of fiscal 2025: current assets were 1.18 times current liabilities.