Start with its own history
At 36.33×, HTLF is 161.4% above its 10-observation annual average. A lower multiple can reflect a lower price, higher earnings, or weaker growth expectations—not necessarily a bargain.
NASDAQ · HTLFBanks - RegionalUpdated Oct 25, 2026
Heartland Financial USA, Inc. P/E ratio
Current valuation, historical context, and peer comparisons.
Current P/E ratio
36.33×
161.4% abovethe 10-year annual average
Share price64.67
÷Earnings per share1.78
Price and EPS in quote currency. Calculation details
Investors are paying 36.33 for every 1 of reported earnings per share.
P/E over time
2014 – 2023
Annual P/ESelected-period average 13.90×
3-year average14.07×3 positive annual observations
5-year average13.10×5 positive annual observations
10-year average13.90×10 positive annual observations
Peer median · TTM13.37×8 peers with positive P/E
Historical P/E ratios
Annual period-end data · 25 observations
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2023 | 22.39× | +130.5% |
| Dec 31, 2022 | 9.71× | -3.9% |
| Dec 31, 2021 | 10.10× | -10.4% |
| Dec 31, 2020 | 11.28× | -6.1% |
| Dec 31, 2019 | 12.01× | -3.2% |
| Dec 31, 2018 | 12.42× | -41.9% |
| Dec 31, 2017 | 21.37× | +36.7% |
| Dec 31, 2016 | 15.64× | +31.6% |
View all 25 annual observations +
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2015 | 11.88× | -2.7% |
| Dec 31, 2014 | 12.21× | -11.8% |
| Dec 31, 2013 | 13.84× | +48.7% |
| Dec 31, 2012 | 9.31× | -24.8% |
| Dec 31, 2011 | 12.37× | -19.9% |
| Dec 31, 2010 | 15.45× | -92.0% |
| Dec 31, 2009 | 192.62× | +536.1% |
| Dec 31, 2008 | 30.28× | +154.4% |
| Dec 31, 2007 | 11.90× | -37.3% |
| Dec 31, 2006 | 18.98× | +20.7% |
| Dec 31, 2005 | 15.72× | +0.1% |
| Dec 31, 2004 | 15.71× | -0.3% |
| Dec 31, 2003 | 15.76× | +16.5% |
| Dec 31, 2002 | 13.53× | +25.3% |
| Dec 31, 2001 | 10.80× | -18.1% |
| Dec 31, 2000 | 13.18× | -35.6% |
| Dec 31, 1999 | 20.47× | N/M |
Change is relative to the preceding observation. N/M values are excluded from averages.
How HTLF compares
Company P/E vs. peer trailing-12-month ratios
| Company | P/E ratio |
|---|---|
 HTLF This stockHeartland Financial USA, Inc. | 36.33× |
 UCBUnited Community Banks, Inc. | 31.65× |
 IBTXIndependent Bank Group, Inc. | 58.34× |
 PPBIPacific Premier Bancorp, Inc. | 14.84× |
 FNBF.N.B. Corporation | 10.81× |
 ITCBItaú Corpbanca | 18.95× |
 ISBCInvestors Bancorp, Inc. | 10.43× |
 WTFCWintrust Financial Corporation | 11.91× |
 FCBPFirst Choice Bancorp | 11.78× |
Peers are selected by the data provider. Business models and earnings definitions can differ.
Put the numbers in context
What does HTLF’s P/E tell you?
Compare like with like
The median of the 8 positive peer ratios above is 13.37×. 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 HTLF 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("HTLF", "PE Ratio", "LQ")Sources & calculation methodology
Current P/E
Share price 64.67 ÷ EPS 1.78 = 36.33×. Data is supplied by Financial Modeling Prep through Wisesheets. Quote feed updated Oct 25, 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.
HTLF P/E ratio: common questions
The essentials behind the numbers.
Heartland Financial USA, Inc.'s current P/E is 36.33× based on the quote data last updated Oct 25, 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.