HTBK

MKT CAP:$828M

Heritage Commerce Corp

Market Cap

$828M

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

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$13.45+$1.39 (+11.53%)

Apr 20, 2026

Company Details

Heritage Commerce Corp operates as the bank holding company for Heritage Bank of Commerce that provides various commercial and personal banking services to residents and the business/professional community in California. Its deposit product...

CEO

Robertson Jones Jr.

IPO Date

Jul 20, 1998

Website

www.heritagecommercecorp.com

Key Metrics TTM

Revenue

$266M

+5.8% YoY

Net Income

$48M

EPS (Diluted)

$0.78

Free Cash Flow

$61M

Revenue / Share

$4.31

Gross Margin

72.6%

Operating Margin

25.4%

Net Margin

18.0%

FCF Margin

23.0%

P/S

3.1x

P/E

17.3x

Earnings Reports

FY 2025

Mar 9, 2026

$266M+5.8%EPS $0.78

Q4 2025

Mar 9, 2026

$70M+1.3%EPS $0.25

Q3 2025

Nov 5, 2025

$67M+6.9%EPS $0.24

Q2 2025

Aug 8, 2025

$65M+7.6%EPS $0.10

Q1 2025

May 7, 2025

$64M+8.2%EPS $0.19

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$42M	$41M	$18M
Q2 22	$46M	$44M	$21M
Q3 22	$53M	$49M	$26M
Q4 22	$58M	$54M	$29M
Q1 23	$59M	$52M	$27M
Q2 23	$60M	$48M	$23M
Q3 23	$62M	$47M	$22M
Q4 23	$62M	$46M	$18M
Q1 24	$59M	$41M	$14M
Q2 24	$60M	$40M	$13M
Q3 24	$63M	$41M	$14M
Q4 24	$69M	$48M	$15M
Q1 25	$64M	$45M	$16M
Q2 25	$65M	$46M	$9M
Q3 25	$67M	$48M	$21M
Q4 25	$70M	$54M	$22M

Valuation

Quarter	P/S	P/E
Q1 22	4.2x	14.1x
Q2 22	3.8x	11.9x
Q3 22	3.8x	11.6x
Q4 22	4.0x	11.8x
Q1 23	2.4x	7.1x
Q2 23	2.2x	6.9x
Q3 23	2.1x	7.1x
Q4 23	2.5x	9.3x
Q1 24	2.1x	9.3x
Q2 24	2.1x	10.8x
Q3 24	2.5x	14.0x
Q4 24	2.3x	14.2x
Q1 25	2.3x	13.9x
Q2 25	2.3x	15.6x
Q3 25	2.3x	14.1x
Q4 25	2.9x	15.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$17M	$17M
Q2 22	$10M	$9M
Q3 22	$16M	$16M
Q4 22	$27M	$27M
Q1 23	$30M	$30M
Q2 23	$31M	$30M
Q3 23	$17M	$16M
Q4 23	-$5M	-$5M
Q1 24	$7M	$7M
Q2 24	$11M	$10M
Q3 24	$5M	$5M
Q4 24	$16M	$16M
Q1 25	$15M	$15M
Q2 25	$8M	$8M
Q3 25	$19M	$19M
Q4 25	$20M	$20M

Capital Expenditures

Quarter	CapEx
Q1 22	$224.0K
Q2 22	$298.0K
Q3 22	$117.0K
Q4 22	$144.0K
Q1 23	$113.0K
Q2 23	$329.0K
Q3 23	$792.0K
Q4 23	$437.0K
Q1 24	$429.0K
Q2 24	$653.0K
Q3 24	$436.0K
Q4 24	$106.0K
Q1 25	$0
Q2 25	$286.0K
Q3 25	$28.0K
Q4 25	$307.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+8.5%	+3.5%
Q2 22	+18.7%	-7.5%
Q3 22	+24.1%	+15.4%
Q4 22	+35.5%	+21.4%
Q1 23	+38.3%	+31.3%
Q2 23	+31.2%	+49.0%
Q3 23	+18.7%	+50.7%
Q4 23	+7.8%	+54.5%
Q1 24	+0.4%	+38.7%
Q2 24	+0.9%	+28.8%
Q3 24	+0.9%	+20.8%
Q4 24	+11.0%	+24.0%
Q1 25	+8.2%	+6.6%
Q2 25	+7.6%	+18.4%
Q3 25	+6.9%	-3.7%
Q4 25	+1.3%	-11.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$667.0K	1.6%
Q2 22	$621.0K	1.4%
Q3 22	$1M	2.6%
Q4 22	$503.0K	0.9%
Q1 23	$529.0K	0.9%
Q2 23	$626.0K	1.0%
Q3 23	$617.0K	1.0%
Q4 23	$624.0K	1.0%
Q1 24	$654.0K	1.1%
Q2 24	$707.0K	1.2%
Q3 24	$756.0K	1.2%
Q4 24	$724.0K	1.0%
Q1 25	$540.0K	0.8%
Q2 25	$176.0K	0.3%
Q3 25	$736.0K	1.1%
Q4 25	$1M	1.8%

OpEx Breakdown

Quarter	G&A
Q1 22	$15M
Q2 22	$15M
Q3 22	$16M
Q4 22	$15M
Q1 23	$17M
Q2 23	$15M
Q3 23	$16M
Q4 23	$14M
Q1 24	$17M
Q2 24	$17M
Q3 24	$17M
Q4 24	$19M
Q1 25	$18M
Q2 25	$18M
Q3 25	$17M
Q4 25	$20M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1.2B	$111M	$1.3B
Q2 22	$877M	$332M	$1.2B
Q3 22	$682M	$479M	$1.2B
Q4 22	$307M	$490M	$796M
Q1 23	$740M	$492M	$1.2B
Q2 23	$512M	$486M	$998M
Q3 23	$646M	$457M	$1.1B
Q4 23	$408M	$443M	$851M
Q1 24	$541M	$404M	$946M
Q2 24	$648M	$273M	$921M
Q3 24	$956M	$238M	$1.2B
Q4 24	$968M	$256M	$1.2B
Q1 25	$745M	$371M	$1.1B
Q2 25	$722M	$25M	$747M
Q3 25	$748M	$353M	$1.1B
Q4 25	$22M	$593M	$615M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	61M	+0.1%	+0.9%
Q2 22	61M	+0.1%	+0.4%
Q3 22	61M	+0.3%	+0.6%
Q4 22	61M	+0.4%	+0.8%
Q1 23	61M	-0.1%	+0.6%
Q2 23	61M	-0.0%	+0.5%
Q3 23	61M	+0.3%	+0.5%
Q4 23	61M	-0.0%	+0.1%
Q1 24	61M	+0.1%	+0.3%
Q2 24	61M	-0.1%	+0.3%
Q3 24	62M	+0.2%	+0.2%
Q4 24	62M	+0.2%	+0.4%
Q1 25	62M	+0.0%	+0.4%
Q2 25	62M	-0.1%	+0.4%
Q3 25	62M	-0.1%	+0.1%
Q4 25	62M	+0.1%	+0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$133.6K	317
Q2 22	$144.0K	317
Q3 22	$165.7K	317
Q4 22	$170.5K	340
Q1 23	$172.3K	340
Q2 23	$176.2K	340
Q3 23	$183.3K	340
Q4 23	$179.0K	349
Q1 24	$168.5K	349
Q2 24	$173.2K	349
Q3 24	$180.1K	349
Q4 24	$2M	40
Q1 25	$2M	40
Q2 25	$2M	40
Q3 25	$2M	40
Q4 25	$1M	50

Revenue / Employee