Last 47 quarters of trend data · Financial Services · Banks - Regional
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Heritage Financial Corporation's quarterly P/E stands at 9.1x, down 48.0% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has compressed 51.6% YoY to 8.0x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 14.24 | 9.10 | 10.80 | 17.03 | 15.21 | 17.50 | 16.49 | 10.99 | 30.30 | 29.71 | 8.00 | 8.42 | 9.22 |
| — | -48.0% | -34.5% | +54.9% | -49.8% | -41.1% | +106.3% | +30.5% | +228.5% | +148.2% | -28.7% | -30.4% | -17.5% | |
| P/S Ratio | 2.83 | 2.34 | 2.37 | 2.57 | 2.58 | 2.57 | 2.31 | 1.92 | 2.39 | 2.64 | 1.80 | 1.84 | 2.53 |
| — | -9.0% | +2.6% | +33.6% | +8.1% | -2.5% | +28.7% | +4.8% | -5.6% | -29.5% | -47.5% | -51.6% | -34.8% | |
| P/B Ratio | 1.04 | 0.88 | 0.92 | 0.93 | 0.95 | 0.98 | 0.86 | 0.74 | 0.81 | 0.88 | 0.70 | 0.69 | 0.92 |
| — | -9.9% | +6.7% | +25.1% | +18.2% | +11.5% | +22.6% | +6.8% | -12.2% | -35.4% | -41.8% | -37.4% | -15.0% | |
| P/FCF | 11.08 | 9.13 | 8.53 | 9.83 | 11.61 | 10.68 | 8.12 | 26.37 | 14.22 | 6.29 | 5.24 | 6.11 | 10.12 |
| — | -14.5% | +5.1% | -62.7% | -18.4% | +69.8% | +55.0% | +331.7% | +40.6% | -29.9% | -38.8% | -38.3% | -53.5% | |
| EV / EBITDA | 11.79 | 7.99 | 8.25 | 14.28 | 12.97 | 16.51 | 18.15 | 15.33 | 32.36 | 32.85 | 9.20 | 11.31 | 8.63 |
| — | -51.6% | -54.5% | -6.8% | -59.9% | -49.8% | +97.3% | +35.5% | +275.0% | +268.9% | +69.6% | +2723.5% | +225.3% | |
| EV / EBIT | 12.07 | 8.08 | 8.37 | 14.77 | 13.57 | 17.37 | 18.81 | 16.22 | 36.96 | 39.81 | 9.72 | 12.20 | 9.13 |
| — | -53.5% | -55.5% | -9.0% | -63.3% | -56.4% | +93.6% | +33.0% | +304.8% | +322.3% | +68.0% | +2852.7% | +237.7% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Heritage Financial Corporation's operating margin was 28.6% in Q4 2025, up 3.2 pp QoQ and up 8.8 pp YoY. This marks the 3rd consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of 23.0% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin expanded 12.5% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 72.4% | 76.4% | 72.8% | 69.4% | 70.8% | 67.9% | 64.1% | 67.3% | 66.1% | 69.3% | 78.7% | 79.1% | 88.5% |
| — | +12.5% | +13.5% | +3.1% | +7.1% | -2.0% | -18.5% | -14.9% | -25.3% | -26.3% | -16.7% | -20.2% | -14.4% | |
| Operating Margin | 23.2% | 28.6% | 25.4% | 18.1% | 19.9% | 19.9% | 16.0% | 19.5% | 9.6% | 9.2% | 27.3% | 25.7% | 32.9% |
| — | +44.2% | +58.7% | -7.6% | +106.9% | +114.7% | -41.5% | -23.9% | -70.8% | -75.9% | -26.9% | -33.1% | -19.4% | |
| Net Margin | 20.1% | 25.6% | 21.8% | 15.3% | 17.1% | 14.5% | 14.0% | 17.3% | 8.0% | 8.8% | 22.8% | 21.8% | 27.3% |
| — | +76.6% | +56.0% | -11.8% | +112.8% | +65.5% | -38.8% | -20.5% | -70.5% | -71.8% | -25.4% | -31.2% | -21.0% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.6% | 2.4% | 2.1% | 1.4% | 1.6% | 1.4% | 1.3% | 1.7% | 0.7% | 0.7% | 2.2% | 2.0% | 2.5% |
| — | +77.5% | +61.5% | -17.2% | +135.9% | +83.5% | -40.6% | -18.5% | -73.2% | -73.9% | -15.9% | -10.4% | +6.9% | |
| ROA | 1.0% | 0.3% | 0.3% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.1% | 0.1% | 0.3% | 0.2% | 0.3% |
| — | +90.1% | +69.4% | -14.0% | +142.4% | +92.3% | -37.1% | -14.8% | -72.0% | -72.6% | -11.7% | -6.5% | +8.6% | |
| ROIC | 5.2% | 1.8% | 1.5% | 0.9% | 1.0% | 1.0% | 0.7% | 0.9% | 0.4% | 0.4% | 1.2% | 1.1% | 1.7% |
| — | +91.2% | +102.2% | +5.8% | +165.0% | +161.6% | -40.4% | -23.7% | -78.3% | -85.0% | -45.0% | -40.4% | -10.0% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Heritage Financial Corporation's Debt/EBITDA ratio is 1.7x, down from 7.1x last quarter — comfortably within a safe range. The current ratio has improved 645.3% YoY to 1.18x, strengthening the short-term liquidity position. Debt/Equity has declined for 5 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.18 | 0.32 | 0.33 | 0.47 | 0.46 | 0.61 | 0.62 | 0.61 | 0.61 | 0.62 | 0.54 |
| — | -90.2% | -61.6% | -47.6% | -47.2% | -23.3% | -24.1% | -1.3% | +14.6% | +616.8% | +663.9% | +693.2% | +527.6% | |
| Debt / EBITDA | 0.53 | 1.68 | 7.08 | 19.09 | 16.95 | 23.57 | 29.83 | 30.84 | 66.54 | 65.47 | 21.49 | 23.80 | 17.00 |
| — | -92.9% | -76.3% | -38.1% | -74.5% | -64.0% | +38.8% | +29.6% | +291.3% | +2739.2% | +850.5% | +773.6% | +443.4% | |
| Current Ratio | 1.18 | 1.18 | 0.14 | 0.15 | 0.16 | 0.16 | 0.18 | 0.19 | 0.22 | 0.25 | 0.24 | 0.29 | 0.32 |
| — | +645.3% | -23.2% | -23.2% | -28.5% | -35.6% | -22.3% | -33.8% | -31.8% | -13.3% | -24.8% | -21.5% | -24.8% | |
| Quick Ratio | 1.18 | 1.18 | 0.14 | 0.15 | 0.16 | 0.16 | 0.18 | 0.19 | 0.22 | 0.25 | 0.24 | 0.29 | 0.32 |
| — | +645.3% | -23.2% | -23.2% | -28.5% | -35.6% | -22.3% | -33.8% | -31.8% | -13.3% | -24.8% | -21.5% | -24.8% | |
| Interest Coverage | 0.87 | 1.21 | 1.01 | 0.61 | 0.68 | 0.65 | 0.49 | 0.63 | 0.30 | 0.32 | 1.22 | 1.39 | 3.62 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 47 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying HFWA stock.
Heritage Financial Corporation's current P/E is 14.2x. The average P/E over the last 4 quarters is 13.0x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Heritage Financial Corporation's current operating margin is 23.2%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Heritage Financial Corporation's business trajectory between earnings reports.