Latest Ratios: P/E Ratio 14.3x · EV/EBITDA 13.2x · ROE 7.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.8B | $2.4B | $2.6B | $1.7B | $2.0B | $2.5B | $1.6B | $3.0B | $2.7B | $3.0B | $2.5B |
| Enterprise Value | $3.9B | $3.6B | $3.5B | $4.3B | $3.4B | $2.1B | $2.6B | $4.8B | $4.8B | $4.9B | $4.1B |
| P/E Ratio → | 14.32 | 11.52 | 13.94 | 6.89 | 8.84 | 14.36 | 9.23 | 14.17 | 13.33 | 17.35 | 14.99 |
| P/S Ratio | 1.97 | 1.72 | 1.81 | 1.53 | 2.67 | 3.82 | 2.26 | 4.05 | 4.18 | 4.98 | 4.13 |
| P/B Ratio | 0.99 | 0.80 | 0.86 | 0.69 | 0.86 | 1.17 | 0.79 | 1.46 | 1.36 | 1.50 | 1.24 |
| P/FCF | 13.36 | 11.67 | 6.25 | 8.41 | 7.64 | 8.74 | 11.89 | 15.00 | 16.65 | 18.28 | 13.63 |
| P/OCF | 11.74 | 10.26 | 5.89 | 7.81 | 7.30 | 7.92 | 9.61 | 12.72 | 14.28 | 16.71 | 11.06 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.55 | 2.46 | 3.96 | 4.64 | 3.25 | 3.67 | 6.55 | 7.35 | 8.15 | 6.87 |
| EV / EBITDA | 13.17 | 12.00 | 9.04 | 12.47 | 9.34 | 7.93 | 10.03 | 16.36 | 15.74 | 16.50 | 15.25 |
| EV / EBIT | 13.61 | 12.40 | 13.77 | 13.35 | 11.34 | 9.09 | 11.85 | 18.30 | 18.60 | 19.18 | 16.45 |
| EV / FCF | — | 17.24 | 8.51 | 21.83 | 13.25 | 7.44 | 19.29 | 24.22 | 29.25 | 29.92 | 22.68 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.9% | 50.9% | 49.2% | 64.0% | 89.8% | 86.7% | 75.5% | 74.3% | 80.1% | 80.9% | 81.4% |
| Operating Margin | 20.5% | 20.5% | 17.9% | 29.7% | 40.9% | 35.7% | 30.9% | 35.8% | 39.5% | 42.5% | 41.8% |
| Net Profit Margin | 16.0% | 16.0% | 14.0% | 23.5% | 32.2% | 28.1% | 24.5% | 28.6% | 31.3% | 28.8% | 27.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.5% | 7.5% | 7.4% | 11.0% | 10.7% | 8.9% | 8.6% | 10.4% | 10.2% | 8.7% | 8.3% |
| ROA | 0.8% | 0.8% | 0.8% | 1.2% | 1.2% | 1.0% | 1.0% | 1.3% | 1.3% | 1.2% | 1.1% |
| ROIC | 3.9% | 3.9% | 3.1% | 4.7% | 5.5% | 4.1% | 3.7% | 4.6% | 4.5% | 4.6% | 4.7% |
| ROCE | 5.7% | 5.7% | 4.0% | 6.1% | 7.2% | 5.4% | 4.8% | 6.0% | 5.9% | 6.1% | 6.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.60 | 0.60 | 1.11 | 1.50 | 0.93 | 0.81 | 1.34 | 1.11 | 1.17 | 1.11 | 1.05 |
| Debt / EBITDA | 6.07 | 6.07 | 8.51 | 10.49 | 5.84 | 6.44 | 10.42 | 7.66 | 7.67 | 7.47 | 7.77 |
| Net Debt / Equity | — | 0.38 | 0.31 | 1.10 | 0.63 | -0.17 | 0.50 | 0.90 | 1.03 | 0.95 | 0.82 |
| Net Debt / EBITDA | 3.87 | 3.87 | 2.40 | 7.67 | 3.96 | -1.39 | 3.85 | 6.23 | 6.78 | 6.42 | 6.09 |
| Debt / FCF | — | 5.57 | 2.26 | 13.42 | 5.61 | -1.30 | 7.40 | 9.22 | 12.60 | 11.64 | 9.06 |
| Interest Coverage | 0.42 | 0.42 | 0.36 | 0.92 | 4.18 | 2.70 | 1.44 | 1.38 | 1.91 | 2.19 | 2.13 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.15 | 0.15 | 0.24 | 0.19 | 0.17 | 0.27 | 0.29 | 0.16 | 0.14 | 0.15 | 0.22 |
| Quick Ratio | 0.15 | 0.15 | 0.24 | 0.19 | 0.17 | 0.27 | 0.29 | 0.16 | 0.14 | 0.15 | 0.22 |
| Cash Ratio | 0.03 | 0.03 | 0.11 | 0.06 | 0.04 | 0.13 | 0.12 | 0.03 | 0.02 | 0.03 | 0.04 |
| Asset Turnover | — | 0.05 | 0.05 | 0.05 | 0.04 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.8% | 3.5% | 2.9% | 3.8% | 3.1% | 2.6% | 4.2% | 2.1% | 2.1% | 2.5% | 2.0% |
| Payout Ratio | 37.4% | 37.4% | 37.1% | 24.8% | 26.1% | 35.9% | 38.3% | 30.1% | 27.5% | 42.9% | 30.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.0% | 8.7% | 7.2% | 14.5% | 11.3% | 7.0% | 10.8% | 7.1% | 7.5% | 5.8% | 6.7% |
| FCF Yield | 7.5% | 8.6% | 16.0% | 11.9% | 13.1% | 11.4% | 8.4% | 6.7% | 6.0% | 5.5% | 7.3% |
| Buyback Yield | 3.7% | 4.2% | 1.0% | 1.8% | 0.2% | 14.0% | 7.0% | 4.2% | 6.0% | 3.3% | 3.6% |
| Total Shareholder Yield | 6.5% | 7.7% | 3.9% | 5.6% | 3.3% | 16.6% | 11.2% | 6.3% | 8.1% | 5.8% | 5.6% |
| Shares Outstanding | — | $80M | $74M | $65M | $65M | $73M | $77M | $80M | $85M | $89M | $92M |
CRE and construction concentration
As reported in recent market data, WaFd trades at a P/B ratio of 1.00, which suggests that investors are currently pricing the bank at its tangible book value, reflecting significant skepticism regarding the immediate earnings accretion potential following the recent Luther Burbank Savings acquisition and ongoing margin pressures.
The current P/B multiple of 1.00 indicates that the market is not yet assigning a premium to the bank's franchise value, likely due to the compression in profitability metrics. This valuation level implies that investors are waiting for clearer evidence of operational synergies before rewarding the stock with a higher multiple relative to its regional peers.
Based on the provided quarterly financial data, WaFd's ROE has remained constrained at 2.2% as of 2026Q2, a figure that highlights the significant drag on profitability caused by the bank's current net interest margin of 0.6% and the ongoing challenges of managing a post-merger cost structure.
The decomposition of profitability suggests that the bank's reliance on interest-sensitive assets is currently failing to generate sufficient returns to offset rising funding costs. The low ROE relative to historical norms warrants further investigation into whether the current asset mix can support higher profitability without taking on excessive credit risk.
According to recent financial statements, WaFd maintained an efficiency ratio of 31.9% in 2026Q2, which appears to demonstrate disciplined cost control despite the complexities of integrating a large-scale acquisition, though this operational efficiency is currently insufficient to overcome the persistent 0.6% net interest margin pressure.
While the efficiency ratio remains at a level that suggests strong internal cost management, the lack of expansion in the NIM indicates that the bank's funding costs are rising in tandem with asset yields. This dynamic suggests that the bank's operating leverage is currently being neutralized by the unfavorable interest rate environment.
As indicated by comparative market data, WaFd's ROE of 2.2% significantly trails regional peers like Banner Corporation and Home Bancshares, which report ROE figures in the 10-11% range, suggesting that WaFd's current profitability gap is structural rather than merely a temporary consequence of its recent merger activity.
The performance gap relative to peers like BANR and HOMB highlights that WaFd's current business model is underperforming in terms of capital efficiency. Investors should monitor whether the bank's focus on construction and multifamily lending can eventually bridge this gap or if the current valuation discount is a permanent reflection of its risk profile.
Based on institutional analysis, the P/E ratio is the most commonly misapplied metric for WaFd, as it fails to account for the significant non-cash volatility introduced by CECL provisioning and merger-related accounting adjustments that distort the bank's true earnings power in the current interest rate cycle.
Using P/E to evaluate WaFd obscures the underlying health of the balance sheet and the core PPNR, as it treats one-time merger costs and provision fluctuations as recurring operational expenses. Analysts should instead prioritize P/TBV and ROTCE to better assess the bank's long-term value creation and capital adequacy.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying WAFD stock.
WaFd, Inc.'s current P/E ratio is 14.3x. The historical average is 14.1x. This places it at the 73th percentile of its historical range.
WaFd, Inc.'s current EV/EBITDA is 13.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.0x.
WaFd, Inc.'s return on equity (ROE) is 7.5%. The historical average is 10.3%.
Based on historical data, WaFd, Inc. is trading at a P/E of 14.3x. This is at the 73th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
WaFd, Inc.'s current dividend yield is 2.80% with a payout ratio of 37.4%.
WaFd, Inc. has 50.9% gross margin and 20.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
WaFd, Inc.'s Debt/EBITDA ratio is 6.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.