A Business at a Glance
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WAFD INC
WAFD
$3.0B
Mkt Cap
$36.73
+0.03%
WAFD INC (WAFD) has a current P/E ratio of 12.8, compared to its historical median P/E of 11.5. The stock is currently considered Fair based on its historical valuation range.
WAFD INC (WAFD) has a 5-year average return on invested capital (ROIC) of 8.5%. This is below average and may indicate limited pricing power.
WAFD INC (WAFD) has a market capitalization of $2.7B. It is classified as a mid-cap stock.
Yes, WAFD INC (WAFD) pays a dividend with a trailing twelve-month yield of 3.05%. The company also returns capital through share buybacks, with a buyback yield of 8.20%.
Based on historical P/E analysis, WAFD INC (WAFD) appears fair. The current P/E of 12.8 is 11% above its historical median of 11.5. The estimated fair value CAGR (P/E method) is 3.4%.
WAFD INC (WAFD) operates in the National Commercial Banks industry, within the Financials sector.
WAFD INC (WAFD) reported annual revenue of $1.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
WaFd Bank, a federally-insured Washington state chartered commercial bank formerly known as Washington Federal Bank (the "Bank" or "WaFd Bank"), was founded on April 24, 1917 in Ballard, Washington and is engaged primarily in providing lending, depository, insurance and other banking services to consumers, small, mid-sized and large businesses, and owners and developers of commercial real estate. Effective September 25, 2025, the Bank formally changed its name from Washington Federal Bank to WaFd Bank by filing its Second Amended and Restated Articles of Incorporation with the Washington Secretary of State. WaFd, Inc., a Washington corporation, was formed as the Bank’s holding company in November, 1994. As used throughout this document, the terms "WaFd," the "Company" or "we" or "us" and "our" refer to WaFd, Inc. and its consolidated subsidiaries, and the term "Bank" or "WaFd Bank" refers to its bank operating subsidiary. The Company is headquartered in Seattle, Washington.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 763M | 1.4B | 1.4B | 1.1B | 733M | 652M |
| Net Income | 238M | 211M | 185M | 243M | 222M | 174M |
| EPS | $3.09 | $2.63 | $2.50 | $3.72 | $3.39 | $2.39 |
| Free Cash Flow | 217M | 208M | 415M | 199M | 257M | 285M |
| ROIC | 2.2% | 7.0% | 6.8% | 10.3% | 10.1% | 8.4% |
| Gross Margin | - | 50.9% | 49.1% | 64.0% | 89.8% | 86.7% |
| Debt/Equity | 2.68 | 7.78 | 8.35 | 8.26 | 8.13 | 8.24 |
| Dividends/Share | $1.12 | $1.07 | $1.03 | $0.99 | $0.95 | $0.91 |
| Operating Income | 38M | 35M | 30M | 23M | 33M | 29M |
| Operating Margin | 5.0% | 2.4% | 2.1% | 2.1% | 4.5% | 4.4% |
| ROE | 8.0% | 7.0% | 6.8% | 10.3% | 10.1% | 8.4% |
| Shares Outstanding | 74M | 80M | 74M | 65M | 65M | 73M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 564M | 571M | 584M | 601M | 651M | 734M | 708M | 652M | 733M | 1.1B | 1.4B | 1.4B | 763M |
| Gross Margin | 74.6% | 77.5% | 79.0% | 80.2% | 78.4% | 73.8% | 75.5% | 86.7% | 89.8% | 64.0% | 49.1% | 50.9% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 110M | 120M | 113M | 112M | 124M | 134M | 148M | 176M | 194M | 197M | 234M | 222M | 221M |
| EBIT | 8.6M | 10M | 20M | 22M | 23M | 34M | 55M | 29M | 33M | 23M | 30M | 35M | 38M |
| Op. Margin | 1.5% | 1.8% | 3.4% | 3.6% | 3.5% | 4.6% | 7.7% | 4.4% | 4.5% | 2.1% | 2.1% | 2.4% | 5.0% |
| Net Income | 157M | 160M | 164M | 174M | 204M | 210M | 173M | 174M | 222M | 243M | 185M | 211M | 238M |
| Net Margin | 27.9% | 28.1% | 28.1% | 28.9% | 31.3% | 28.7% | 24.5% | 26.6% | 30.3% | 22.2% | 12.9% | 15.0% | 31.1% |
| Non-Recurring | 0 | 19M | 20M | 1.7M | 1.4M | 12M | 38M | 1.5M | -655K | 1.2M | 2.6M | 1.4M | 1.4M |
| Returns on Capital | |||||||||||||
| ROIC | 8.0% | 8.2% | 8.3% | 8.7% | 10.2% | 10.4% | 8.6% | 8.4% | 10.1% | 10.3% | 6.8% | 7.0% | 2.2% |
| ROE | 8.0% | 8.2% | 8.3% | 8.7% | 10.2% | 10.4% | 8.6% | 8.4% | 10.1% | 10.3% | 6.8% | 7.0% | 8.0% |
| ROA | 1.1% | 1.1% | 1.1% | 1.2% | 1.3% | 1.3% | 1.0% | 0.9% | 1.1% | 1.1% | 0.7% | 0.8% | 0.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 174M | 143M | 222M | 180M | 191M | 234M | 167M | 314M | 268M | 214M | 439M | 237M | 255M |
| Free Cash Flow | 122M | 96M | 180M | 164M | 164M | 199M | 135M | 285M | 257M | 199M | 415M | 208M | 217M |
| Owner Earnings | 100M | 54M | 113M | 172M | 184M | 227M | 158M | 307M | 261M | 205M | 422M | 219M | 80M |
| CapEx | 52M | 46M | 42M | 15M | 27M | 36M | 32M | 29M | 12M | 15M | 25M | 29M | 39M |
| Maint. CapEx | 73M | 85M | 105M | 1.7M | 2.2M | 2.0M | 2.2M | 1.4M | 1.0M | 980K | 7.7M | 9.9M | 166M |
| Growth CapEx | 0 | 0 | 0 | 14M | 25M | 33M | 30M | 28M | 11M | 14M | 17M | 19M | 0 |
| D&A | 73M | 85M | 105M | 1.7M | 2.2M | 2.0M | 2.2M | 1.4M | 1.0M | 980K | 7.7M | 9.9M | 166M |
| CapEx/OCF | 29.8% | 25.8% | 18.8% | 8.6% | 14.2% | 15.2% | 19.2% | 9.4% | 4.4% | 7.0% | 5.6% | 12.1% | 15.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 42M | 51M | 50M | 75M | 56M | 63M | 66M | 66M | 62M | 64M | 74M | 85M | 83M |
| Dividend Yield | 2.6% | 3.3% | 3.0% | 3.4% | 2.5% | 3.1% | 3.6% | 3.6% | 3.2% | 3.5% | 3.6% | 3.5% | 3.0% |
| Share Buybacks | 104M | 127M | 88M | 98M | 164M | 124M | 112M | 349M | 3.3M | 30M | 27M | 102M | 222M |
| Buyback Yield | 6.9% | 8.0% | 4.7% | 4.2% | 7.6% | 5.1% | 8.3% | 16.2% | 0.2% | 2.0% | 1.1% | 4.2% | 8.2% |
| Stock-Based Comp | 324K | 3.6M | 3.6M | 5.9M | 4.8M | 5.3M | 6.5M | 6.4M | 6.8M | 7.9M | 9.2M | 8.5M | 9.6M |
| Debt Repayment | 0 | 211M | 868M | 4.4B | 13.1B | 13.4B | 10.4B | 8.4B | 6.9B | 15.7B | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 7.3B |
| Cash & Equiv. | 782M | 284M | 450M | 313M | 269M | 419M | 1.7B | 2.1B | 684M | 981M | 2.4B | 657M | 670M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 8.0B |
| Debt/Equity | 6.48 | 6.45 | 6.54 | 6.61 | 6.95 | 7.10 | 8.33 | 8.24 | 8.13 | 8.26 | 8.35 | 7.78 | 2.68 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.6 |
| Equity | 2.0B | 2.0B | 2.0B | 2.0B | 2.0B | 2.0B | 2.0B | 2.1B | 2.3B | 2.4B | 3.0B | 3.0B | 3.0B |
| Total Assets | 14.8B | 14.6B | 14.9B | 15.3B | 15.9B | 16.5B | 18.8B | 19.7B | 20.8B | 22.5B | 28.1B | 26.7B | 27.6B |
| Total Liabilities | 12.8B | 12.6B | 12.9B | 13.2B | 13.9B | 14.4B | 16.8B | 17.5B | 18.5B | 20.0B | 25.1B | 23.7B | 24.6B |
| Intangibles | N/A | N/A | 5.5M | 5.5M | 9.9M | 7.9M | 7.2M | 6.6M | 5.6M | 5.9M | 37M | 27M | 27M |
| Retained Earnings | 706M | 830M | 944M | 1.0B | 1.2B | 1.3B | 1.4B | 1.5B | 1.7B | 1.9B | 2.0B | 2.1B | 2.2B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.55 | 1.67 | 1.78 | 1.94 | 2.40 | 2.61 | 2.26 | 2.39 | 3.39 | 3.72 | 2.50 | 2.63 | 3.09 |
| Owner EPS | 0.99 | 0.57 | 1.23 | 1.92 | 2.16 | 2.81 | 2.06 | 4.22 | 3.99 | 3.14 | 5.69 | 2.72 | 1.08 |
| Book Value | 19.44 | 20.37 | 21.44 | 22.42 | 23.51 | 25.24 | 26.25 | 29.27 | 34.77 | 37.18 | 40.45 | 37.81 | 40.37 |
| Cash Flow/Share | 1.71 | 1.49 | 2.41 | 2.01 | 2.25 | 2.91 | 2.17 | 4.33 | 4.10 | 3.28 | 5.92 | 2.95 | 5.46 |
| Dividends/Share | 0.46 | 0.54 | 0.55 | 0.84 | 0.67 | 0.79 | 0.87 | 0.91 | 0.95 | 0.99 | 1.03 | 1.07 | 1.12 |
| Shares Out. | 101.5M | 96.0M | 92.2M | 89.4M | 84.9M | 80.6M | 76.7M | 72.6M | 65.4M | 65.3M | 74.2M | 80.4M | 73.9M |
| Valuation | |||||||||||||
| P/E Ratio | 9.6 | 9.9 | 11.4 | 13.6 | 10.5 | 11.6 | 7.8 | 12.4 | 8.0 | 6.3 | 13.1 | 11.6 | 11.9 |
| P/FCF | 12.3 | 16.4 | 10.4 | 14.3 | 13.1 | 12.3 | 10.0 | 7.5 | 6.9 | 7.7 | 5.9 | 11.8 | 12.5 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 76.4 | 139.0 | 31.2 | 83.9 | 265.6 |
| Price/Book | 0.8 | 0.8 | 0.9 | 1.2 | 1.1 | 1.2 | 0.7 | 1.0 | 0.8 | 0.6 | 0.8 | 0.8 | 0.9 |
| Price/Sales | 3.7 | 3.4 | 3.5 | 4.6 | 4.4 | 3.7 | 3.3 | 3.2 | 2.9 | 2.5 | 2.8 | 3.3 | 3.6 |
| FCF Yield | 8.1% | 6.1% | 9.6% | 7.0% | 7.6% | 8.1% | 10.0% | 13.2% | 14.4% | 13.1% | 17.1% | 8.5% | 8.0% |
| Market Cap | 1.5B | 1.6B | 1.9B | 2.4B | 2.1B | 2.4B | 1.4B | 2.2B | 1.8B | 1.5B | 2.4B | 2.4B | 2.7B |
| Avg. Price | 15.82 | 16.03 | 17.94 | 24.86 | 26.66 | 25.18 | 24.21 | 25.31 | 29.19 | 28.00 | 27.62 | 29.88 | 36.73 |
| Year-End Price | 14.83 | 16.51 | 20.24 | 26.30 | 25.28 | 30.25 | 17.61 | 29.62 | 27.17 | 23.32 | 32.72 | 30.44 | 36.73 |
WAFD INC passes 2 of 9 quality checks, indicating weak fundamentals.
WAFD INC trades at 12.8x trailing earnings, compared to its 15-year median P/E of 11.5x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 12.9x vs a median of 10.2x. The company's 5-year average ROIC is 8.5% with a gross margin of 68.1%. Total shareholder yield (dividends + buybacks) is 11.2%. At current prices, the estimated annualized return to fair value is +9.6%.
WAFD INC (WAFD) has a net profit margin of 15.0%. This is a healthy margin.
WAFD INC (WAFD) generated $208 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
WAFD INC (WAFD) has a debt-to-equity ratio of 7.78. This indicates higher leverage, which may increase financial risk.
WAFD INC (WAFD) reported earnings per share (EPS) of $2.63 in its most recent fiscal year.
WAFD INC (WAFD) has a return on equity (ROE) of 7.0%. This indicates moderate shareholder returns.
WAFD INC (WAFD) has a 5-year average gross margin of 68.1%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 15 years of financial data for WAFD INC (WAFD), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
WAFD INC (WAFD) has a book value per share of $37.81, based on its most recent annual SEC filing.