Is Heritage Financial (HFWA) overvalued or fairly valued?

MarketChacha shows Heritage Financial's valuation in context — a trailing P/E of about 15.4, a forward P/E of about 10.5, a price-to-book of about 1.0 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

Does Heritage Financial's reported profit turn into cash?

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash. MarketChacha computes this cash-conversion check (1.56×) from reported figures — education, not a rating.

What is the share price of Heritage Financial (HFWA)?

Heritage Financial last traded at $27.85 (+1.4% on the day), as of 10/20/2026 — a delayed quote shown for education, not investment advice.

Heritage Financial

HFWA · NYSE · Financials · United States

Snapshot

TickerHFWA

ExchangeNYSE

SectorFinancials

IndustryBanks - Regional

CountryUnited States

Employees976

HeadquartersOlympia, United States

Websitewww.hf-wa.com

Filings tracked18

About Heritage Financial

Heritage Financial Corporation operates as the bank holding company for Heritage Bank that provides various financial services to small and medium sized businesses and its owners in the United States. It accepts various deposit products, such as noninterest demand deposits, interest bearing demand deposits, money market accounts, savings accounts, personal checking accounts, and certificates of deposit. The company also offers commercial business loans, including lines of credit, term equipment financing and term owner-occupied, and non-owner occupied CRE loans; real estate construction and land development loans, as well as residential construction loans, and commercial and multifamily construction loans; residential real estate loans; and originate loans that are guaranteed by the U.S. SBA, and secured and unsecured consumer loans and lines of credit. In addition, it provides investment advice, online banking, online statements, mobile banking with mobile deposit, Visa debit cards, and access. The company was formerly known as Heritage Financial Corporation, M.H.C. and changed its name to Heritage Financial Corporation in 1998. Heritage Financial Corporation was founded in 1927 and is headquartered in Olympia, Washington.

Who owns it

Insiders1.4%
Institutions82.6%
Public & other16.0%

270 institutional holders

Ownership breakdown from public market data.

Top holders

Blackrock Inc.14.20%
Jennison Associates LLC8.65%
Victory Capital Management Inc.5.77%
Dimensional Fund Advisors LP5.00%
State Street Corporation4.84%
Vanguard Capital Management LLC4.48%
Alliancebernstein L.P.2.78%
Geode Capital Management, LLC2.70%

Largest institutional holders — last updated 6/30/2026.

Forensic scorecard

Latest ROE of 7.3% is on the low side — the business earns a modest return on shareholder capital.

Cash conversion1.56×

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash.

Return on equity7.3%

Latest ROE of 7.3% is on the low side — the business earns a modest return on shareholder capital.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $87.4M · EPS 0.62

Est. earnings growth -6.6%

Next fiscal year

Rev $361.8M · EPS 2.63

Est. earnings growth +12.7%

Analyst consensus estimates — not the company's own guidance.

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P/E ROE ROCE Margins Market cap

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

ROE

7.3%

Profit CAGR (2y)

+4.6%

EPS (FY2025)

1.96

Net profit (FY2025)

$67.5M

Ask MarketChacha about HFWA

Get a cited, plain-English answer — the “why”, not just data. Finance research only, never buy/sell advice.

Financials

Yearly

Period	Net profit	EPS	ROE
FY2025	$67.5M	1.96	7.3%
FY2024	$43.3M	1.24	5.0%
FY2023	$61.8M	1.75	7.2%

Quarterly

Period	Net profit	EPS
2026Q2	$17.5M	0.42
2026Q1	$18.9M	0.48
2025Q3	$19.2M	0.55
2025Q2	$12.2M	0.36
2025Q1	$13.9M	0.40
2024Q3	$11.4M	0.33
2024Q2	$14.2M	0.41
2024Q1	$5.7M	0.16
2023Q3	$18.2M	0.51
2023Q2	$16.8M	0.48
2023Q1	$20.5M	0.58

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

10-Q filing
SEC8/7/2026
8-K — Results of operations, Reg FD disclosure, Other events, Exhibits
SEC7/23/2026material
8-K — Shareholder vote results
SEC5/8/2026material
10-Q filing
SEC5/8/2026
8-K — Results of operations, Reg FD disclosure, Other events, Exhibits
SEC4/23/2026material
8-K/A — Exhibits
SEC4/10/2026
8-K — Other events
SEC3/23/2026material
10-K filing
SEC2/27/2026
8-K — Completion of acquisition/disposition, Reg FD disclosure, Exhibits
SEC2/2/2026material
8-K — Shareholder vote results, Exhibits
SEC1/22/2026material
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC1/22/2026material
8-K — Other events, Exhibits
SEC1/16/2026material

2025

8-K — Other events, Exhibits
SEC12/30/2025material
8-K — Executive/director change, Exhibits
SEC12/19/2025material
10-Q filing
SEC11/7/2025
8-K — Results of operations, Reg FD disclosure, Other events, Exhibits
SEC10/23/2025material
8-K — Material agreement, Reg FD disclosure, Exhibits
SEC9/26/2025material
10-Q filing
SEC8/8/2025

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.