Start with its own history
At 12.47×, HFWA is 23.4% below its 10-observation annual average. A lower multiple can reflect a lower price, higher earnings, or weaker growth expectations—not necessarily a bargain.
NASDAQ · HFWABanks - RegionalUpdated Nov 5, 2026
Heritage Financial Corporation P/E ratio
Current valuation, historical context, and peer comparisons.
Current P/E ratio
12.47×
23.4% belowthe 10-year annual average
Share price29.18
÷Earnings per share2.34
Price and EPS in quote currency. Calculation details
Investors are paying 12.47 for every 1 of reported earnings per share.
P/E over time
2016 – 2025
Annual P/ESelected-period average 16.27×
3-year average14.52×3 positive annual observations
5-year average13.12×5 positive annual observations
10-year average16.27×10 positive annual observations
Peer median · TTM12.28×8 peers with positive P/E
Historical P/E ratios
Annual period-end data · 25 observations
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2025 | 11.88× | -38.9% |
| Dec 31, 2024 | 19.44× | +59.1% |
| Dec 31, 2023 | 12.22× | -7.1% |
| Dec 31, 2022 | 13.15× | +48.0% |
| Dec 31, 2021 | 8.89× | -51.0% |
| Dec 31, 2020 | 18.13× | +17.9% |
| Dec 31, 2019 | 15.38× | -22.9% |
| Dec 31, 2018 | 19.95× | -16.5% |
View all 25 annual observations +
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2017 | 23.88× | +20.5% |
| Dec 31, 2016 | 19.81× | +31.4% |
| Dec 31, 2015 | 15.07× | -29.6% |
| Dec 31, 2014 | 21.40× | -23.7% |
| Dec 31, 2013 | 28.03× | +66.0% |
| Dec 31, 2012 | 16.89× | -43.5% |
| Dec 31, 2011 | 29.90× | +125.6% |
| Dec 31, 2010 | 13.26× | -92.9% |
| Dec 31, 2009 | 185.71× | +1309.9% |
| Dec 31, 2008 | 13.17× | +7.9% |
| Dec 31, 2007 | 12.21× | -18.8% |
| Dec 31, 2006 | 15.04× | +4.1% |
| Dec 31, 2005 | 14.44× | +5.4% |
| Dec 31, 2004 | 13.71× | -8.5% |
| Dec 31, 2003 | 14.98× | +16.3% |
| Dec 31, 2002 | 12.89× | -0.9% |
| Dec 31, 2001 | 13.00× | N/M |
Change is relative to the preceding observation. N/M values are excluded from averages.
How HFWA compares
Company P/E vs. peer trailing-12-month ratios
| Company | P/E ratio |
|---|---|
 HFWA This stockHeritage Financial Corporation | 12.47× |
 LARKLandmark Bancorp, Inc. | 9.53× |
 BHBBar Harbor Bankshares | 12.58× |
 PRKPark National Corporation | 15.94× |
 BWFGBankwell Financial Group, Inc. | 12.74× |
 CBFVCB Financial Services, Inc. | 11.38× |
 OBKOrigin Bancorp, Inc. | 12.40× |
 BANRBanner Corporation | 12.17× |
 WASHWashington Trust Bancorp, Inc. | 11.99× |
Peers are selected by the data provider. Business models and earnings definitions can differ.
Put the numbers in context
What does HFWA’s P/E tell you?
Compare like with like
The median of the 8 positive peer ratios above is 12.28×. Check growth, margins, debt, and earnings quality before interpreting the gap. A faster-growing business may justify a higher multiple.
Check what drives earnings
One-off gains can temporarily lower P/E; unusual charges can raise it. Reported earnings and forward estimates answer different questions. Pair this view with return on equity and liquidity for a fuller picture.
Keep your research connected
Take HFWA into your spreadsheet
Pull historical P/E into Excel or Google Sheets with Wisesheets. Build your own comparisons alongside the rest of your financial model.
Explore WisesheetsQuarterly P/E · latest quarterLQ selects the latest reported quarter. Requires the Wisesheets add-in. See available data
=WISE("HFWA", "PE Ratio", "LQ")Sources & calculation methodology
Current P/E
Share price 29.18 ÷ EPS 2.34 = 12.47×. Data is supplied by Financial Modeling Prep through Wisesheets. Quote feed updated Nov 5, 2026; this is not a real-time trading quote.
History & averages
Annual and quarterly P/E observations are provided separately from the current quote. Averages use the latest 3, 5, or 10 annual observations, excluding missing and nonpositive ratios. Pre-IPO observations are omitted. These are period-end observations, not daily averages.
Data definitions and limitations
The current quote feed does not specify the exact EPS filing-period end or whether EPS is basic or diluted. We do not label it as forward P/E. Peer ratios are explicitly trailing-12-month (TTM) values. Historical observations do not include independently verified price and EPS inputs. Sources may update on different schedules; rounded inputs can produce small calculation differences. Historical comparisons describe past pricing, not an estimate of fair value.
HFWA P/E ratio: common questions
The essentials behind the numbers.
Heritage Financial Corporation's current P/E is 12.47× based on the quote data last updated Nov 5, 2026. It represents the share price divided by reported earnings per share. Prices and earnings may refresh on different schedules.
Annual P/E uses earnings for a completed fiscal year. Trailing-12-month (TTM) P/E uses the latest four quarters, while forward P/E uses forecast earnings. These are not interchangeable. This page labels peer ratios as TTM and shows dated annual or quarterly historical observations; it does not show forward estimates.
N/M means not meaningful: the feed has no positive P/E for that observation. Negative or zero earnings should not be ranked as a low positive valuation multiple. N/M observations are excluded from the averages shown above.
Divide the share price by earnings per share (EPS). For example, a share price of 100 and EPS of 5 gives a P/E of 20×. This page uses the price and EPS supplied together in the quote when both are positive.
Price timestamps, EPS definitions, share classes, adjustments, and fiscal periods can differ. A forward P/E also uses forecast earnings rather than reported earnings. Compare the inputs and as-of dates before comparing two displayed ratios.
Not necessarily. The average describes previous market pricing, not fair value. Changes in earnings quality, growth expectations, debt, accounting, and business risk can justify a different multiple today.