HFWA

MKT CAP:$903M

Heritage Financial Corporation

Market Cap

$903M

Financial Services·Banks - Regional·🇺🇸 United States·NASDAQ

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$27.34+$3.64 (+15.36%)

Apr 22, 2026

Company Details

Heritage Financial Corporation operates as the bank holding company for Heritage Bank that provides various financial services to small and medium sized businesses and individuals in the United States. The company accepts various deposit pr...

CEO

Bryan D. McDonald

IPO Date

May 7, 1998

Website

www.hf-wa.com

Key Metrics TTM

Revenue

$345M

+5.6% YoY

Net Income

$73M

EPS (Diluted)

$2.04

Free Cash Flow

$86M

Revenue / Share

$8.83

Gross Margin

53.8%

Operating Margin

17.8%

Net Margin

21.0%

FCF Margin

24.8%

P/S

2.6x

P/E

12.4x

Earnings Reports

Q1 2026

Apr 23, 2026

NEW

$91M+11.6%EPS $0.48

FY 2025

Feb 27, 2026

$336M+5.9%EPS $1.96

Q4 2025

Feb 27, 2026

$87M+5.6%EPS $0.65

Q3 2025

Nov 7, 2025

$88M+7.6%EPS $0.56

Q2 2025

Aug 8, 2025

$80M-2.2%EPS $0.35

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$59M	$58M	$23M
Q3 22	$69M	$65M	$26M
Q4 22	$73M	$68M	$28M
Q1 23	$75M	$66M	$25M
Q2 23	$77M	$61M	$20M
Q3 23	$80M	$63M	$22M
Q4 23	$71M	$49M	$7M
Q1 24	$71M	$47M	$7M
Q2 24	$82M	$55M	$16M
Q3 24	$82M	$52M	$13M
Q4 24	$82M	$56M	$16M
Q1 25	$81M	$58M	$16M
Q2 25	$80M	$56M	$14M
Q3 25	$88M	$64M	$22M
Q4 25	$87M	$66M	$25M
Q1 26	$91M	$0	$0

Valuation

Quarter	P/S	P/E
Q2 22	3.7x	11.1x
Q3 22	3.8x	11.9x
Q4 22	4.0x	12.6x
Q1 23	2.7x	9.1x
Q2 23	2.0x	7.1x
Q3 23	1.9x	7.3x
Q4 23	2.4x	11.6x
Q1 24	2.2x	14.0x
Q2 24	2.0x	13.8x
Q3 24	2.4x	19.8x
Q4 24	2.6x	19.2x
Q1 25	2.5x	16.1x
Q2 25	2.5x	16.4x
Q3 25	2.5x	14.7x
Q4 25	2.5x	12.2x
Q1 26	2.5x	11.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$11M	$10M
Q2 22	$23M	$23M
Q3 22	$29M	$27M
Q4 22	$32M	$30M
Q1 23	$23M	$19M
Q2 23	$24M	$23M
Q3 23	$31M	$27M
Q4 23	$31M	$30M
Q1 24	$13M	$12M
Q2 24	$7M	$6M
Q3 24	$24M	$23M
Q4 24	$21M	$20M
Q1 25	$19M	$18M
Q2 25	$23M	$21M
Q3 25	$25M	$24M
Q4 25	$28M	$22M

Capital Expenditures

Quarter	CapEx
Q1 22	$724.0K
Q2 22	$467.0K
Q3 22	$1M
Q4 22	$2M
Q1 23	$5M
Q2 23	$824.0K
Q3 23	$4M
Q4 23	$1M
Q1 24	$893.0K
Q2 24	$823.0K
Q3 24	$941.0K
Q4 24	$802.0K
Q1 25	$1M
Q2 25	$2M
Q3 25	$678.0K
Q4 25	$6M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	-8.6%	+49.8%
Q3 22	+11.9%	+20.3%
Q4 22	+22.2%	+27.4%
Q1 23	+31.1%	+48.7%
Q2 23	+31.7%	+58.8%
Q3 23	+16.3%	+35.0%
Q4 23	-2.1%	+44.3%
Q1 24	-4.6%	+28.5%
Q2 24	+5.8%	+14.5%
Q3 24	+2.4%	+18.4%
Q4 24	+15.7%	+2.1%
Q1 25	+13.7%	+0.8%
Q2 25	-2.2%	-0.4%
Q3 25	+7.6%	-4.5%
Q4 25	+5.6%	-6.0%
Q1 26	+11.6%	+39.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$950.0K	1.7%
Q2 22	$843.0K	1.4%
Q3 22	$1M	1.5%
Q4 22	$998.0K	1.4%
Q1 23	$1M	1.5%
Q2 23	$985.0K	1.3%
Q3 23	$1M	1.4%
Q4 23	$1M	1.6%
Q1 24	$1M	1.4%
Q2 24	$1M	1.3%
Q3 24	$1M	1.4%
Q4 24	$1M	1.4%
Q1 25	$1M	1.6%
Q2 25	$1M	1.6%
Q3 25	$1M	1.4%
Q4 25	$1M	1.4%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$22M	$344.0K
Q3 22	$25M	$358.0K
Q4 22	$13M	$675.0K
Q1 23	$26M	$402.0K
Q2 23	$26M	$441.0K
Q3 23	$26M	$389.0K
Q4 23	$26M	$698.0K
Q1 24	$26M	$211.0K
Q2 24	$25M	$244.0K
Q3 24	$25M	$128.0K
Q4 24	$25M	$405.0K
Q1 25	$27M	$335.0K
Q2 25	$26M	$336.0K
Q3 25	$27M	$284.0K
Q4 25	$40M	$296.0K
Q1 26	—	$383.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$994M	$1.2B	$2.2B
Q3 22	$407M	$1.4B	$1.8B
Q4 22	$104M	$1.3B	$1.4B
Q1 23	$301M	$1.3B	$1.6B
Q2 23	$108M	$1.3B	$1.4B
Q3 23	$221M	$1.1B	$1.4B
Q4 23	$225M	$1.1B	$1.4B
Q1 24	$190M	$997M	$1.2B
Q2 24	$114M	$931M	$1.0B
Q3 24	$176M	$853M	$1.0B
Q4 24	$117M	$764M	$881M
Q1 25	$249M	$643M	$892M
Q2 25	$254M	$585M	$839M
Q3 25	$245M	$562M	$807M
Q4 25	$53M	$608M	$660M
Q1 26	$98M	$1.0B	$1.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	35M	-0.0%	-2.5%
Q3 22	35M	+0.2%	-1.3%
Q4 22	35M	+0.0%	+0.1%
Q1 23	35M	-0.1%	+0.1%
Q2 23	35M	-0.9%	-0.8%
Q3 23	35M	-0.0%	-1.0%
Q4 23	35M	-0.1%	-1.1%
Q1 24	35M	+0.4%	-0.6%
Q2 24	35M	-0.9%	-0.6%
Q3 24	35M	-0.7%	-1.3%
Q4 24	35M	-0.3%	-1.5%
Q1 25	35M	-0.1%	-2.0%
Q2 25	35M	+0.0%	-1.2%
Q3 25	34M	-0.3%	-0.7%
Q4 25	34M	-0.0%	-0.4%
Q1 26	39M	+13.7%	+13.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$80.8K	727
Q3 22	$94.3K	727
Q4 22	$91.6K	793
Q1 23	$94.5K	793
Q2 23	$97.5K	793
Q3 23	$100.6K	793
Q4 23	$93.1K	764
Q1 24	$93.5K	764
Q2 24	$107.1K	764
Q3 24	$106.9K	764
Q4 24	$112.2K	733
Q1 25	$110.9K	733
Q2 25	$109.2K	733
Q3 25	$119.8K	733
Q4 25	$120.1K	723
Q1 26	$125.4K	723

Revenue / Employee