HBNC
Horizon Bancorp, Inc.
Banks - Regional
Market Cap$1.01B
5Y Perf.+84.8%
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HFWA
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Stock Comparison
HBNC vs HFWA
Revenue, margins, valuation, and 5-year total return — side by side.
HFWA
Heritage Financial Corporation
Banks - Regional
Market Cap$987M
5Y Perf.+45.2%
HBNC vs HFWA — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot |  HBNC |  HFWA |
|---|---|---|
| Industry | Banks - Regional | Banks - Regional |
| Market Cap | $1.01B | $987M |
| Revenue (TTM) | $96M | $336M |
| Net Income (TTM) | $-148M | $68M |
| Gross Margin | -25.0% | 72.4% |
| Operating Margin | -203.2% | 23.2% |
| Forward P/E | 9.4x | 14.1x |
| Total Debt | $404M | $42M |
| Cash & Equiv. | $67M | $53M |
HBNC vs HFWA — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
HBNC
HFWA
| Stock | Jun 20 | Jun 26 | Return |
|---|---|---|---|
| Horizon Bancorp, In… (HBNC) | 100 | 184.8 | +84.8% |
| Heritage Financial … (HFWA) | 100 | 145.2 | +45.2% |
Price return only. Dividends and distributions are not included.
Quick Verdict: HBNC vs HFWA
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: HFWA leads in 5 of 7 categories, making it the strongest pick for growth and revenue expansion and profitability and margin quality. Horizon Bancorp, Inc. is the stronger pick specifically for valuation and capital efficiency and recent price momentum and sentiment. As sector peers, any of these can serve as alternatives in the same allocation.
🥇HFWA emerged as the overall leader. Track its performance:
HBNC
Horizon Bancorp, Inc.
The Banking Pick
HBNC is the clearest fit if your priority is long-term compounding and bank quality.
- 128.4% 10Y total return vs HFWA's 114.1%
- NIM 3.6% vs HFWA's 3.2%
- Lower P/E (9.4x vs 14.1x)
Best for: long-term compounding and bank quality
HFWA
Heritage Financial Corporation
The Banking Pick
HFWA carries the broadest edge in this set and is the clearest fit for income & stability and growth exposure.
- Dividend streak 5 yrs, beta 0.86, yield 3.3%
- Rev growth 5.9%, EPS growth 58.1%
- Lower volatility, beta 0.86, Low D/E 4.6%, current ratio 1.18x
Best for: income & stability and growth exposure
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth |  HFWA | 5.9% NII/revenue growth vs HBNC's -71.0% |
| Value |  HBNC | Lower P/E (9.4x vs 14.1x) |
| Quality / Margins | HFWA | Efficiency ratio 0.5% vs HBNC's 1.6% (lower = leaner) |
| Stability / Safety | HFWA | Beta 0.86 vs HBNC's 0.97, lower leverage |
| Dividends | HFWA | 3.3% yield, 5-year raise streak, vs HBNC's 2.1% |
| Momentum (1Y) | HBNC | +34.7% vs HFWA's +28.2% |
| Efficiency (ROA) | HFWA | Efficiency ratio 0.5% vs HBNC's 1.6% |
HBNC vs HFWA — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
FY 2025
HBNC vs HFWA — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLHFWALAGGINGHBNC
HBNCHorizon Bancorp, Inc.
1leads
HFWAHeritage Financial Co…
4leads
6 Total Categories
CATEGORYLEADERvs HBNCMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
HFWA4/5
Valuation MetricsMultiples, price ratios, and targets
HFWA3/5
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
HFWA9/9
Total Returns1Y, 3Y, 5Y total returns with dividends
HBNC5/6
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
HFWA2/2
Income & Cash Flow (Last 12 Months)
HFWA leads this category, winning 4 of 5 comparable metrics.
Income & Cash Flow (Last 12 Months)
HFWA is the larger business by revenue, generating $336M annually — 3.5x HBNC's $96M. HFWA is the more profitable business, keeping 20.1% of every revenue dollar as net income compared to HBNC's -154.3%.
| Metric | HBNCHorizon Bancorp, … | HFWAHeritage Financia… |
|---|---|---|
| RevenueTrailing 12 months | $96M | $336M |
| EBITDAEarnings before interest/tax | -$186M | $80M |
| Net IncomeAfter-tax profit | -$148M | $68M |
| Free Cash FlowCash after capex | $66M | $86M |
| Gross MarginGross profit ÷ Revenue | -25.0% | +72.4% |
| Operating MarginEBIT ÷ Revenue | -2.0% | +23.2% |
| Net MarginNet income ÷ Revenue | -154.3% | +20.1% |
| FCF MarginFCF ÷ Revenue | +68.5% | +25.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | -5.6% | +85.7% |
HFWA leads this category, winning 4 of 5 comparable metrics.
Valuation Metrics
HFWA leads this category, winning 3 of 5 comparable metrics.
Valuation Metrics
| Metric | HBNCHorizon Bancorp, … | HFWAHeritage Financia… |
|---|---|---|
| Market CapShares × price | $1.0B | $987M |
| Enterprise ValueMkt cap + debt − cash | $1.3B | $977M |
| Trailing P/EPrice ÷ TTM EPS | -6.27x | 14.82x |
| Forward P/EPrice ÷ next-FY EPS est. | 9.40x | 14.12x |
| PEG RatioP/E ÷ EPS growth rate | — | 1.70x |
| EV / EBITDAEnterprise value multiple | — | 12.27x |
| Price / SalesMarket cap ÷ Revenue | 9.81x | 2.94x |
| Price / BookPrice ÷ Book value/share | 1.47x | 1.08x |
| Price / FCFMarket cap ÷ FCF | 24.29x | 11.53x |
HFWA leads this category, winning 3 of 5 comparable metrics.
Profitability & Efficiency
HFWA leads this category, winning 9 of 9 comparable metrics.
Profitability & Efficiency
HFWA delivers a 7.5% return on equity — every $100 of shareholder capital generates $8 in annual profit, vs $-15 for HBNC. HFWA carries lower financial leverage with a 0.05x debt-to-equity ratio, signaling a more conservative balance sheet compared to HBNC's 0.59x. On the Piotroski fundamental quality scale (0–9), HFWA scores 9/9 vs HBNC's 4/9, reflecting strong financial health.
| Metric | HBNCHorizon Bancorp, … | HFWAHeritage Financia… |
|---|---|---|
| ROE (TTM)Return on equity | -14.7% | +7.5% |
| ROA (TTM)Return on assets | -2.2% | +1.0% |
| ROICReturn on invested capital | -9.3% | +5.2% |
| ROCEReturn on capital employed | -4.7% | +4.1% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 9 |
| Debt / EquityFinancial leverage | 0.59x | 0.05x |
| Net DebtTotal debt minus cash | $338M | -$10M |
| Cash & Equiv.Liquid assets | $67M | $53M |
| Total DebtShort + long-term debt | $404M | $42M |
| Interest CoverageEBIT ÷ Interest expense | -1.62x | 0.87x |
HFWA leads this category, winning 9 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
HBNC leads this category, winning 5 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in HBNC five years ago would be worth $12,766 today (with dividends reinvested), compared to $12,287 for HFWA. Over the past 12 months, HBNC leads with a +34.7% total return vs HFWA's +28.2%. The 3-year compound annual growth rate (CAGR) favors HBNC at 27.5% vs HFWA's 23.2% — a key indicator of consistent wealth creation.
| Metric | HBNCHorizon Bancorp, … | HFWAHeritage Financia… |
|---|---|---|
| YTD ReturnYear-to-date | +21.3% | +24.6% |
| 1-Year ReturnPast 12 months | +34.7% | +28.2% |
| 3-Year ReturnCumulative with dividends | +107.4% | +87.1% |
| 5-Year ReturnCumulative with dividends | +27.7% | +22.9% |
| 10-Year ReturnCumulative with dividends | +128.4% | +114.1% |
| CAGR (3Y)Annualised 3-year return | +27.5% | +23.2% |
HBNC leads this category, winning 5 of 6 comparable metrics.
Risk & Volatility
Evenly matched — HBNC and HFWA each lead in 1 of 2 comparable metrics.
Risk & Volatility
HFWA is the less volatile stock with a 0.86 beta — it tends to amplify market swings less than HBNC's 0.97 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | HBNCHorizon Bancorp, … | HFWAHeritage Financia… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.97x | 0.86x |
| 52-Week HighHighest price in past year | $19.75 | $29.12 |
| 52-Week LowLowest price in past year | $14.34 | $21.32 |
| % of 52W HighCurrent price vs 52-week peak | +100.0% | +99.7% |
| RSI (14)Momentum oscillator 0–100 | 67.3 | 65.4 |
| Avg Volume (50D)Average daily shares traded | 306K | 236K |
Evenly matched — HBNC and HFWA each lead in 1 of 2 comparable metrics.
Analyst Outlook
HFWA leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
Wall Street rates HBNC as "Buy" and HFWA as "Buy". Consensus price targets imply 7.9% upside for HFWA (target: $31) vs 3.8% for HBNC (target: $21). For income investors, HFWA offers the higher dividend yield at 3.27% vs HBNC's 2.10%.
| Metric | HBNCHorizon Bancorp, … | HFWAHeritage Financia… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $20.50 | $31.33 |
| # AnalystsCovering analysts | 9 | 14 |
| Dividend YieldAnnual dividend ÷ price | +2.1% | +3.3% |
| Dividend StreakConsecutive years of raises | 0 | 5 |
| Dividend / ShareAnnual DPS | $0.42 | $0.95 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +0.6% |
HFWA leads this category, winning 2 of 2 comparable metrics.
Key Takeaway
HFWA leads in 4 of 6 categories (Income & Cash Flow, Valuation Metrics). HBNC leads in 1 (Total Returns). 1 tied.
Best OverallHeritage Financial Corporat… (HFWA)Leads 4 of 6 categories
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HBNC vs HFWA: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is HBNC or HFWA a better buy right now?
For growth investors, Heritage Financial Corporation (HFWA) is the stronger pick with 5.
9% revenue growth year-over-year, versus -71. 0% for Horizon Bancorp, Inc. (HBNC). Heritage Financial Corporation (HFWA) offers the better valuation at 14. 8x trailing P/E (14. 1x forward), making it the more compelling value choice. Analysts rate Horizon Bancorp, Inc. (HBNC) a "Buy" — based on 9 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — HBNC or HFWA?
On forward P/E, Horizon Bancorp, Inc.
is actually cheaper at 9. 4x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — HBNC or HFWA?
Over the past 5 years, Horizon Bancorp, Inc.
(HBNC) delivered a total return of +27. 7%, compared to +22. 9% for Heritage Financial Corporation (HFWA). Over 10 years, the gap is even starker: HBNC returned +128. 4% versus HFWA's +114. 1%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — HBNC or HFWA?
By beta (market sensitivity over 5 years), Heritage Financial Corporation (HFWA) is the lower-risk stock at 0.
86β versus Horizon Bancorp, Inc. 's 0. 97β — meaning HBNC is approximately 13% more volatile than HFWA relative to the S&P 500. On balance sheet safety, Heritage Financial Corporation (HFWA) carries a lower debt/equity ratio of 5% versus 59% for Horizon Bancorp, Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — HBNC or HFWA?
By revenue growth (latest reported year), Heritage Financial Corporation (HFWA) is pulling ahead at 5.
9% versus -71. 0% for Horizon Bancorp, Inc. (HBNC). On earnings-per-share growth, the picture is similar: Heritage Financial Corporation grew EPS 58. 1% year-over-year, compared to -493. 8% for Horizon Bancorp, Inc.. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — HBNC or HFWA?
Heritage Financial Corporation (HFWA) is the more profitable company, earning 20.
1% net margin versus -145. 9% for Horizon Bancorp, Inc. — meaning it keeps 20. 1% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: HFWA leads at 23. 2% versus -193. 4% for HBNC. At the gross margin level — before operating expenses — HFWA leads at 72. 4%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is HBNC or HFWA more undervalued right now?
On forward earnings alone, Horizon Bancorp, Inc.
(HBNC) trades at 9. 4x forward P/E versus 14. 1x for Heritage Financial Corporation — 4. 7x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for HFWA: 7. 9% to $31. 33.
08Which pays a better dividend — HBNC or HFWA?
All stocks in this comparison pay dividends.
Heritage Financial Corporation (HFWA) offers the highest yield at 3. 3%, versus 2. 1% for Horizon Bancorp, Inc. (HBNC).
09Is HBNC or HFWA better for a retirement portfolio?
For long-horizon retirement investors, Heritage Financial Corporation (HFWA) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.
86), 3. 3% yield, +114. 1% 10Y return). Both have compounded well over 10 years (HFWA: +114. 1%, HBNC: +128. 4%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between HBNC and HFWA?
Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: HBNC is a small-cap quality compounder stock; HFWA is a small-cap deep-value stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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