WaFd, Inc. (WAFD) 株式分析

企業概要

WaFd, Inc. operates as a bank holding company that facilitates Washington Federal Bank, delivering a comprehensive suite of financial products including lending, depository services, insurance, and other banking solutions across the United States. The enterprise is categorized within the Financial Services sector and specifically functions as a regional bank, positioning it to serve local economic needs while adhering to the regulatory frameworks applicable to smaller banking institutions. As of the latest data, the company holds a market capitalization of $2.51B, generates annual revenue of $734.47M, and employs a workforce of 1,979 individuals. These valuation and operational metrics indicate that WaFd, Inc. maintains a substantial asset base relative to typical regional peers, suggesting a mature scale that allows for diversified product offerings while retaining the agility characteristic of community-focused financial institutions.

財務健全性

The company reported a trailing twelve-month revenue of $734.47M and net income of $228.37M, while EBITDA figures are not disclosed in the available data. The significant disparity between the total revenue of $734.47M and the net income of $228.37M reveals a cost structure where operating expenses, including interest on deposits and administrative costs, consume approximately 69% of gross revenue before arriving at the bottom line, which is typical for banking models where net interest margins are compressed. Regarding liquidity and cash generation, the company holds $767.08M in cash reserves, though free cash flow metrics are not reported, implying that cash generation is primarily evaluated through net income and balance sheet liquidity rather than standalone free cash flow conversion in this reporting period. The margin analysis shows a gross margin of 0.0%, an operating margin of 46.6%, and a profit margin of 33.1%; the zero gross margin confirms the financial services industry standard where services are recorded at net revenue, while the high operating and profit margins demonstrate effective cost management and pricing power. The balance sheet shows cash of $767.08M against total debt of $2.56B, with a debt-to-equity ratio not disclosed, suggesting the company relies heavily on deposit liabilities rather than external debt financing. Although the current ratio is not disclosed, the presence of $767.08M in cash indicates strong short-term liquidity sufficient to meet immediate obligations. Return on equity stands at 8.0% and return on assets is 0.9%, metrics that reveal management is generating moderate returns on shareholder capital while maintaining a conservative return on assets profile common for banks with high leverage ratios.

バリュエーション評価

The stock trades with a trailing P/E ratio of 11.40 and a forward P/E of 10.19, indicating that the market expects earnings to grow in the future as the forward multiple is lower than the trailing multiple, implying an anticipated improvement in profitability. The price-to-book ratio is 0.92, which suggests the market values the company at approximately 8% below its book value, indicating no market premium for intangible assets or brand equity. Alternative valuation metrics include a price-to-sales ratio of 3.42 and an EV/EBITDA ratio that is not available, meaning investors must rely on P/S multiples to assess whether the stock is fairly valued relative to its sales base. The 52-week trading range spans from a low of $23.75 to a high of $34.30, providing context for the current trading price relative to the full year's volatility band. The beta of 0.82 indicates that the stock's price volatility is lower than the broader market, suggesting a defensive characteristic that may appeal to risk-averse investors during periods of market turbulence.

Growth & Income

Revenue growth year-over-year is 9.8% while earnings growth year-over-year is 46.6%, demonstrating that earnings are expanding at a significantly faster pace than revenue, which implies improving operational efficiency or a favorable mix of higher-margin products. As a dividend payer, the company offers a dividend yield of 3.3% with a payout ratio of 37.5%, a level that is highly sustainable given the robust earnings growth and low payout percentage leaves ample room for retained earnings. Since the payout ratio is well below 100%, the company retains the majority of its profits, balancing income distribution with capital retention for organic growth. The overall growth and income profile is characterized by double-digit earnings expansion supported by a conservative dividend policy that provides current income without compromising future capital adequacy.