WAFD Financial Services

WaFd, Inc.

$29.77-1.91%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Financial Services
Industry: Banks - Regional
Country: United States
Market cap: 2.2B USD
Full-time employees: 2,055

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings
Drawback: less profitable than most peersless profitable than peers
About average: growth

Ranks #278 of 791 banks & insurance companies (top 36%)

Based on 3 categories: banks and insurers are not rated on risk.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 13% from September 2022 to July 2026.
WaFd had 13% more shares at July 2026 than at September 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.WaFd had 13% more shares at July 2026 than at September 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 29% of revenue in FY Sep 2025.
WaFd paid employees $9M in stock in FY Sep 2025, 29% of its $30M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

StockQuotient Score

57/ 100

Oct 5 58 → Nov 4 57 (-1)

Valuation

Is the price right?

82/100

Strong

2/2 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Stronger than most peers on:

▲ P/B
▲ Earnings yield

Compare with peers

Behind the score

Earnings yield (P/E) and book yield (P/B) versus other banks and insurers.

Book yield137.2%

SEC filings · latest balance sheetReported value40% base weight · Z-score 2.03Sector median: 0.7950 · MAD: 0.2843

Earnings yield11.6%

SEC filings · 12 months to Jun 2026Reported value60% base weight · Z-score 1.48Sector median: 0.0789 · MAD: 0.0253

Other data (not scored)

EBITDA yieldUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.1095 · MAD: 0.0527

Free cash flow yield10.3%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported valueInformational · 0% composite weightSector median: 0.0796 · MAD: 0.0459

Growth

Is it growing?

57/100

Moderate

1/1 inputs reported · High confidence

Since last quarter: No major change

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Earnings-per-share growth versus other banks and insurers.

Earnings per share growth20.5%

SEC filings · 12 months to Jun 2026Reported value100% base weight · Z-score 0.25Sector median: 0.1599 · MAD: 0.1775

Other data (not scored)

3-year revenue growth7.0%

SEC filings · 3 years to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0826 · MAD: 0.0558

Revenue growth10.1%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0866 · MAD: 0.0782

Profitability

Does it earn well?

33/100

Weak

2/2 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROE
▼ ROA

Compare with peers

Behind the score

Return on equity and return on assets versus other banks and insurers.

Return on assets0.9%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.39Sector median: 0.0117 · MAD: 0.0062

Return on equity8.5%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.58Sector median: 0.1074 · MAD: 0.0388

Other data (not scored)

Gross marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Operating marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.1450 · MAD: 0.1678

Return on invested capitalUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Risk

Debt, liquidity, price swings

Not rated

Not rated for banks and insurers: debt and share-price swings say little about their risk. We leave it blank rather than fill the gap with a made-up middle value.

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about WaFd

Is WaFd getting weaker?: Its latest SEC filing (Aug 4, 2026) showed no major changes. Its overall score is unchanged at 57/100 since Oct 28, 2026.
How is WaFd valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 82/100 against 950 banks & insurance peers. Book yield 137.2% vs a peer median of 79.5% (stronger than 83% of peers).Book yield 137.2% vs peers 79.5% (stronger than 83% of peers).
Is WaFd growing?: At about the same pace as its peers. Growth scores 57/100 against 950 banks & insurance peers.
How profitable is WaFd?: Less profitable than most of its peers. Profitability scores 33/100 against 950 banks & insurance peers. Return on equity 8.5% vs a peer median of 10.7% (weaker than 67% of peers).Return on equity 8.5% vs peers 10.7% (weaker than 67% of peers).
How risky is WaFd?: Not rated for banks and insurers: debt and share-price swings say little about their risk.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 4, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	31.1M USD	31.6M USD	+1.8%
Net income (12 months)	252.3M USD	256.5M USD	+1.7%
Free cash flow (12 months)	216.7M USD	227.0M USD	+4.7%
Cash	669.8M USD	676.5M USD	+1.0%
Shares outstanding	73.9M	74.0M	+0.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Banks - Regional · 119 companies

Valuations in Banks - Regional are within their usual range since 2016.

45% of months since 2016 were valued lower than now.
14% of companies are in the most expensive fifth of their own price-to-book history.
Over 24 months, company values +29% and earnings +32% (medians): prices and earnings moved broadly together.
Median price-to-book is −61% vs the whole market, against a usual −59%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY Sep 2021	FY Sep 2022	FY Sep 2023	FY Sep 2024	FY Sep 2025	Change
Net margin	743.8%	911.0%	988.2%	727.2%	762.5%	▲ 35 pts
Return on assets (ROA)	0.9%	1.1%	1.1%	0.7%	0.8%	▲ 0.1 pts
Return on equity (ROE)	8.6%	10.4%	10.6%	6.7%	7.4%	▲ 0.8 pts
Debt to equity	—	0.93×	1.50×	—	—	—

WAFD price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings

Drawback: less profitable than most peersless profitable than peers

About average: growth

Ranks #278 of 791 banks & insurance companies (top 36%)

Based on 3 categories: banks and insurers are not rated on risk.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 13% from September 2022 to July 2026.

WaFd had 13% more shares at July 2026 than at September 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.WaFd had 13% more shares at July 2026 than at September 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 29% of revenue in FY Sep 2025.

WaFd paid employees $9M in stock in FY Sep 2025, 29% of its $30M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Questions investors ask about WaFd

Is WaFd getting weaker?

Its latest SEC filing (Aug 4, 2026) showed no major changes. Its overall score is unchanged at 57/100 since Oct 28, 2026.

How is WaFd valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 82/100 against 950 banks & insurance peers. Book yield 137.2% vs a peer median of 79.5% (stronger than 83% of peers).Book yield 137.2% vs peers 79.5% (stronger than 83% of peers).

Is WaFd growing?

At about the same pace as its peers. Growth scores 57/100 against 950 banks & insurance peers.

How profitable is WaFd?

Less profitable than most of its peers. Profitability scores 33/100 against 950 banks & insurance peers. Return on equity 8.5% vs a peer median of 10.7% (weaker than 67% of peers).Return on equity 8.5% vs peers 10.7% (weaker than 67% of peers).

How risky is WaFd?

Not rated for banks and insurers: debt and share-price swings say little about their risk.

Previous quarter

Latest quarter

Change

Revenue (12 months)

31.1M USD

31.6M USD

+1.8%

Net income (12 months)

252.3M USD

256.5M USD

+1.7%

Free cash flow (12 months)

216.7M USD

227.0M USD

+4.7%

Cash

669.8M USD

676.5M USD

+1.0%

Shares outstanding

73.9M

74.0M

+0.1%

Key ratios

FY Sep 2021

FY Sep 2022

FY Sep 2023

FY Sep 2024

FY Sep 2025

Change

Net margin

743.8%

911.0%

988.2%

727.2%

762.5%

▲ 35 pts

Return on assets (ROA)

0.9%

1.1%

0.7%

0.8%

▲ 0.1 pts

Return on equity (ROE)

8.6%

10.4%

10.6%

6.7%

7.4%

▲ 0.8 pts

Debt to equity

—

0.93×

1.50×

—