HFWA
Heritage Financial Corporation
Banks - Regional
Market Cap$934M
5Y Perf.+44.5%
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Stock Comparison
HFWA vs COLB
Revenue, margins, valuation, and 5-year total return — side by side.
COLB
Columbia Banking System, Inc.
Banks - Regional
Market Cap$7.19B
5Y Perf.+24.0%
HFWA vs COLB — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | HFWA | COLB |
|---|---|---|
| Industry | Banks - Regional | Banks - Regional |
| Market Cap | $934M | $7.19B |
| Revenue (TTM) | $336M | $3.21B |
| Net Income (TTM) | $68M | $550M |
| Gross Margin | 72.4% | 67.7% |
| Operating Margin | 23.2% | 23.4% |
| Forward P/E | 13.4x | 9.9x |
| Total Debt | $42M | $4.01B |
| Cash & Equiv. | $53M | $511M |
HFWA vs COLB — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
HFWA
COLB
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| Heritage Financial … (HFWA) | 100 | 144.5 | +44.5% |
| Columbia Banking Sy… (COLB) | 100 | 124.0 | +24.0% |
Price return only. Dividends and distributions are not included.
Quick Verdict: HFWA vs COLB
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: COLB leads in 6 of 7 categories, making it the strongest pick for growth and revenue expansion and valuation and capital efficiency. Heritage Financial Corporation is the stronger pick specifically for capital preservation and lower volatility. As sector peers, any of these can serve as alternatives in the same allocation.
HFWA
Heritage Financial Corporation
The Banking Pick
HFWA is the clearest fit if your priority is income & stability and long-term compounding.
- Dividend streak 5 yrs, beta 0.97, yield 3.5%
- 107.4% 10Y total return vs COLB's 51.1%
- Lower volatility, beta 0.97, Low D/E 4.6%, current ratio 1.18x
Best for: income & stability and long-term compounding
COLB
Columbia Banking System, Inc.
The Banking Pick
COLB carries the broadest edge in this set and is the clearest fit for growth exposure.
- Rev growth 8.3%, EPS growth -9.8%
- 8.3% NII/revenue growth vs HFWA's 5.9%
- Lower P/E (9.9x vs 13.4x)
Best for: growth exposure
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | COLB | 8.3% NII/revenue growth vs HFWA's 5.9% |
| Value | COLB | Lower P/E (9.9x vs 13.4x) |
| Quality / Margins | COLB | Efficiency ratio 0.4% vs HFWA's 0.5% (lower = leaner) |
| Stability / Safety | HFWA | Beta 0.97 vs COLB's 1.37, lower leverage |
| Dividends | COLB | 3.7% yield, vs HFWA's 3.5% |
| Momentum (1Y) | COLB | +36.2% vs HFWA's +22.7% |
| Efficiency (ROA) | COLB | Efficiency ratio 0.4% vs HFWA's 0.5% |
HFWA vs COLB — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2025
FY 2025
HFWA vs COLB — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLHFWALAGGINGCOLB
COLBColumbia Banking Syst…
1leads
HFWAHeritage Financial Co…
4leads
6 Total Categories
CATEGORYLEADERvs COLBMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
HFWA4/5
Valuation MetricsMultiples, price ratios, and targets
COLB4/6
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
HFWA7/9
Total Returns1Y, 3Y, 5Y total returns with dividends
HFWA5/6
Risk & VolatilityBeta, volatility, and downside exposure
HFWA2/2
Analyst OutlookRatings, price targets, and dividends
Tied
—
Income & Cash Flow (Last 12 Months)
HFWA leads this category, winning 4 of 5 comparable metrics.
Income & Cash Flow (Last 12 Months)
COLB is the larger business by revenue, generating $3.2B annually — 9.6x HFWA's $336M. Profitability is closely matched — net margins range from 20.1% (HFWA) to 17.1% (COLB).
| Metric | HFWAHeritage Financia… | COLBColumbia Banking … |
|---|---|---|
| RevenueTrailing 12 months | $336M | $3.2B |
| EBITDAEarnings before interest/tax | $80M | $895M |
| Net IncomeAfter-tax profit | $68M | $550M |
| Free Cash FlowCash after capex | $86M | $724M |
| Gross MarginGross profit ÷ Revenue | +72.4% | +67.7% |
| Operating MarginEBIT ÷ Revenue | +23.2% | +23.4% |
| Net MarginNet income ÷ Revenue | +20.1% | +17.1% |
| FCF MarginFCF ÷ Revenue | +25.5% | +22.0% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | +85.7% | +5.9% |
HFWA leads this category, winning 4 of 5 comparable metrics.
Valuation Metrics
COLB leads this category, winning 4 of 6 comparable metrics.
Valuation Metrics
At 13.1x trailing earnings, COLB trades at a 6% valuation discount to HFWA's 14.0x P/E. On an enterprise value basis, HFWA's 11.6x EV/EBITDA is more attractive than COLB's 11.9x.
| Metric | HFWAHeritage Financia… | COLBColumbia Banking … |
|---|---|---|
| Market CapShares × price | $934M | $7.2B |
| Enterprise ValueMkt cap + debt − cash | $923M | $10.7B |
| Trailing P/EPrice ÷ TTM EPS | 14.01x | 13.13x |
| Forward P/EPrice ÷ next-FY EPS est. | 13.35x | 9.86x |
| PEG RatioP/E ÷ EPS growth rate | 1.61x | — |
| EV / EBITDAEnterprise value multiple | 11.59x | 11.93x |
| Price / SalesMarket cap ÷ Revenue | 2.78x | 2.24x |
| Price / BookPrice ÷ Book value/share | 1.03x | 1.14x |
| Price / FCFMarket cap ÷ FCF | 10.90x | 10.18x |
COLB leads this category, winning 4 of 6 comparable metrics.
Profitability & Efficiency
HFWA leads this category, winning 7 of 9 comparable metrics.
Profitability & Efficiency
COLB delivers a 8.4% return on equity — every $100 of shareholder capital generates $8 in annual profit, vs $8 for HFWA. HFWA carries lower financial leverage with a 0.05x debt-to-equity ratio, signaling a more conservative balance sheet compared to COLB's 0.51x. On the Piotroski fundamental quality scale (0–9), HFWA scores 9/9 vs COLB's 6/9, reflecting strong financial health.
| Metric | HFWAHeritage Financia… | COLBColumbia Banking … |
|---|---|---|
| ROE (TTM)Return on equity | +7.5% | +8.4% |
| ROA (TTM)Return on assets | +1.0% | +0.9% |
| ROICReturn on invested capital | +5.2% | +5.4% |
| ROCEReturn on capital employed | +4.1% | +2.0% |
| Piotroski ScoreFundamental quality 0–9 | 9 | 6 |
| Debt / EquityFinancial leverage | 0.05x | 0.51x |
| Net DebtTotal debt minus cash | -$10M | $3.5B |
| Cash & Equiv.Liquid assets | $53M | $511M |
| Total DebtShort + long-term debt | $42M | $4.0B |
| Interest CoverageEBIT ÷ Interest expense | 0.87x | 0.82x |
HFWA leads this category, winning 7 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
HFWA leads this category, winning 5 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in HFWA five years ago would be worth $11,136 today (with dividends reinvested), compared to $8,268 for COLB. Over the past 12 months, COLB leads with a +36.2% total return vs HFWA's +22.7%. The 3-year compound annual growth rate (CAGR) favors HFWA at 24.4% vs COLB's 21.3% — a key indicator of consistent wealth creation.
| Metric | HFWAHeritage Financia… | COLBColumbia Banking … |
|---|---|---|
| YTD ReturnYear-to-date | +17.9% | +8.4% |
| 1-Year ReturnPast 12 months | +22.7% | +36.2% |
| 3-Year ReturnCumulative with dividends | +92.6% | +78.6% |
| 5-Year ReturnCumulative with dividends | +11.4% | -17.3% |
| 10-Year ReturnCumulative with dividends | +107.4% | +51.1% |
| CAGR (3Y)Annualised 3-year return | +24.4% | +21.3% |
HFWA leads this category, winning 5 of 6 comparable metrics.
Risk & Volatility
HFWA leads this category, winning 2 of 2 comparable metrics.
Risk & Volatility
HFWA is the less volatile stock with a 0.97 beta — it tends to amplify market swings less than COLB's 1.37 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | HFWAHeritage Financia… | COLBColumbia Banking … |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.97x | 1.37x |
| 52-Week HighHighest price in past year | $28.90 | $32.70 |
| 52-Week LowLowest price in past year | $21.32 | $21.91 |
| % of 52W HighCurrent price vs 52-week peak | +95.0% | +92.4% |
| RSI (14)Momentum oscillator 0–100 | 55.2 | 56.7 |
| Avg Volume (50D)Average daily shares traded | 289K | 2.7M |
HFWA leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
Evenly matched — HFWA and COLB each lead in 1 of 2 comparable metrics.
Analyst Outlook
Wall Street rates HFWA as "Buy" and COLB as "Buy". Consensus price targets imply 14.1% upside for HFWA (target: $31) vs 9.0% for COLB (target: $33). For income investors, COLB offers the higher dividend yield at 3.74% vs HFWA's 3.46%.
| Metric | HFWAHeritage Financia… | COLBColumbia Banking … |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $31.33 | $32.92 |
| # AnalystsCovering analysts | 14 | 19 |
| Dividend YieldAnnual dividend ÷ price | +3.5% | +3.7% |
| Dividend StreakConsecutive years of raises | 5 | 0 |
| Dividend / ShareAnnual DPS | $0.95 | $1.13 |
| Buyback YieldShare repurchases ÷ mkt cap | +0.6% | +1.5% |
Evenly matched — HFWA and COLB each lead in 1 of 2 comparable metrics.
Key Takeaway
HFWA leads in 4 of 6 categories (Income & Cash Flow, Profitability & Efficiency). COLB leads in 1 (Valuation Metrics). 1 tied.
Best OverallHeritage Financial Corporat… (HFWA)Leads 4 of 6 categories
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HFWA vs COLB: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is HFWA or COLB a better buy right now?
For growth investors, Columbia Banking System, Inc.
(COLB) is the stronger pick with 8. 3% revenue growth year-over-year, versus 5. 9% for Heritage Financial Corporation (HFWA). Columbia Banking System, Inc. (COLB) offers the better valuation at 13. 1x trailing P/E (9. 9x forward), making it the more compelling value choice. Analysts rate Heritage Financial Corporation (HFWA) a "Buy" — based on 14 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 — HFWA or COLB?
On trailing P/E, Columbia Banking System, Inc.
(COLB) is the cheapest at 13. 1x versus Heritage Financial Corporation at 14. 0x. On forward P/E, Columbia Banking System, Inc. is actually cheaper at 9. 9x.
03Which is the better long-term investment — HFWA or COLB?
Over the past 5 years, Heritage Financial Corporation (HFWA) delivered a total return of +11.
4%, compared to -17. 3% for Columbia Banking System, Inc. (COLB). Over 10 years, the gap is even starker: HFWA returned +107. 4% versus COLB's +51. 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 — HFWA or COLB?
By beta (market sensitivity over 5 years), Heritage Financial Corporation (HFWA) is the lower-risk stock at 0.
97β versus Columbia Banking System, Inc. 's 1. 37β — meaning COLB is approximately 40% 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 51% for Columbia Banking System, Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — HFWA or COLB?
By revenue growth (latest reported year), Columbia Banking System, Inc.
(COLB) is pulling ahead at 8. 3% versus 5. 9% for Heritage Financial Corporation (HFWA). On earnings-per-share growth, the picture is similar: Heritage Financial Corporation grew EPS 58. 1% year-over-year, compared to -9. 8% for Columbia Banking System, 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 — HFWA or COLB?
Heritage Financial Corporation (HFWA) is the more profitable company, earning 20.
1% net margin versus 17. 1% for Columbia Banking System, Inc. — meaning it keeps 20. 1% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: COLB leads at 23. 4% versus 23. 2% for HFWA. 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 HFWA or COLB more undervalued right now?
On forward earnings alone, Columbia Banking System, Inc.
(COLB) trades at 9. 9x forward P/E versus 13. 4x for Heritage Financial Corporation — 3. 5x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for HFWA: 14. 1% to $31. 33.
08Which pays a better dividend — HFWA or COLB?
All stocks in this comparison pay dividends.
Columbia Banking System, Inc. (COLB) offers the highest yield at 3. 7%, versus 3. 5% for Heritage Financial Corporation (HFWA).
09Is HFWA or COLB 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.
97), 3. 5% yield, +107. 4% 10Y return). Both have compounded well over 10 years (HFWA: +107. 4%, COLB: +51. 1%), 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 HFWA and COLB?
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.
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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Revenue Growth>
%
(HFWA: 5.9% · COLB: 8.3%)Net Margin>
%
(HFWA: 20.1% · COLB: 17.1%)P/E Ratio<
x
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