Start here if you're new
what it is
WaFd runs 208 bank branches across nine western states and makes money by lending and charging fees.
how it gets paid
Last year WaFd made about $600M in revenue. Net interest income was the main engine at about $450M, or ~75% of sales.
why it's growing
Revenue grew 7.8% last year on that ~$600M base. One quarter printed on the order of ~$160M, up roughly 12% vs. prior year—quarterly momentum can outpace the full-year headline.
what just happened
One filing-friendly read is ~$0.72 GAAP EPS for fiscal Q4; vendor screens often show ~$0.79 vs a $0.60 consensus (≈32% beat)—treat that as an adjusted or restated window, not the same line as the $0.72 wire copy.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
65/100 earnings predictability — reasonably predictable
12.6x trailing p/e — the market's not buying it — or you found a deal
3.3% dividend yield — cash in your pocket every quarter
xvary composite: 51/100 — below average
What they do
WaFd runs 208 bank branches across nine western states and makes money by lending and charging fees.
You are buying 208 branches in nine western states. That is local enough to know borrowers, and large enough to pull in deposits. Net interest margin means lending spread. It was 2.71% in fiscal Q4. That spread is the whole game.
How they make money
$600M
annual revenue · their business grew +7.8% last year
Net interest income
$450M
+8.0%
Service charges
$60M
+4.0%
Mortgage banking
$42M
+10.0%
Card and interchange fees
$30M
+6.0%
Other non-interest income
$18M
+2.0%
The products that matter
takes deposits and makes loans
regional banking
208 branches · nine states
this is the entire reported revenue engine at about $600M, and it grew 7.8% last year. there is no hidden growth segment coming to save the story.
core
profit spread on lending
net interest income
2.71% net interest margin
the margin improved from 2.69% to 2.71% last quarter. that 0.02-point move looks small. for a regional bank, it is the kind of small number that decides whether earnings grind higher or stall.
the number that matters
shareholder cash returns
dividend
3.3% yield
you collect a 3.3% yield while management tries to improve profitability. that makes waiting easier, but it does not fix an ~8% return on equity.
paid to wait
Key numbers
12.6x
trailing p/e
You pay 12.6 times trailing earnings for a bank with a 3.3% yield. That is not cheap, and it is not a panic price.
3.3%
dividend yield
This is the cash you get while waiting. The yield is the main reason to own the stock.
2.71%
net interest margin
This is the bank’s lending spread. Higher means more room between borrowing costs and loan income.
8%
return on equity
This is profit on shareholder money. An 8% return says the bank is earning, but not roaring.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 70 / 100
- net profit margin 18.4% — keeps 18 cents of every dollar in revenue
- return on equity 8% — $0.08 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in WAFD 3 years ago → it's now worth $11,170.
The index would have given you $13,920.
source: institutional data · total return
What just happened
beat estimates
WaFd: fiscal Q4 was ~$0.72 GAAP EPS in one press read; screens also show ~$0.79 vs $0.60 consensus (≈32% beat)—reconcile GAAP vs adjusted in the filing.
Quarterly revenue on the order of ~$160M (scaled consistently with the ~$600M annual table) was up roughly 12% vs. prior year. EPS is the profit attached to one share.
~$160M
qtr revenue (approx.)
~$0.79
eps (adj. / screen)
2.71%
NIM (fiscal Q4)
the number that mattered
The beat narrative matters because it showed earnings ran ahead of the $0.60 estimate on the adjusted line; do not stack that against $0.72 GAAP Q4 without reading the reconciliation.
-
wafd, inc. completed fiscal 2025 on a decent note (ended september 30th).
-
fiscal fourth-quarter share earnings came in at $0.72, a penny above the year-ago tally.
-
net interest margin improved sequentially to 2.71% from 2.69% in the fiscal third quarter, and rose from 2.62% a year earlier, primarily owing to lower costs of deposits and borrowings.
-
for the full fiscal year, share earnings increased to $2.63 from $2.50 in fiscal 2024.
-
funding trends have continued to improve, driven by a healthier deposit mix.
source: company earnings report, 2026
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What could go wrong
the #1 risk is net interest margin compression from deposit costs.
med
net interest margin gives you very little room for error
WAFD's net interest margin improved to 2.71% from 2.69%. that is good news. it is also a reminder that the earnings story is being moved by hundredths of a percent.
if deposit costs rise again, the margin tailwind disappears fast and the low multiple stops looking like a bargain.
med
construction and real estate exposure can get ugly at the wrong time
those categories are part of the business mix, and regional banks rarely get a free pass when property markets wobble. with ~18.4% net margin and ~8% return on equity (per this page’s health row), profit cushion exists, but it is not massive.
credit costs do not need to explode to matter here. a modest deterioration can eat into earnings quickly when returns are already ordinary.
med
institutional sponsorship is drifting the wrong way
institutions were net sellers for two straight quarters, with 113 buyers versus 122 sellers in 3q2025. that is not a panic signal. it is a lack-of-excitement signal.
when a stock already trails the market by $2,750 on a $10,000 starting investment over three years, weak sponsorship can keep the discount in place.
the combined risk picture is simple: this is a $2B regional bank with a 2.71% net interest margin and ~8% return on equity. if margin slips or credit costs rise, the 12.6x p/e is not cheap enough to hide it.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
net interest margin above 2.71%
this is the cleanest signal on whether deposit mix improvement is real or temporary. for this bank, a few basis points matter.
earnings
next quarterly print
watch whether quarterly EPS can build on the recent adjusted-screen read (~$0.79) and keep full-year earnings moving above the $2.63 fiscal 2025 base.
risk
credit quality in construction and real estate
those lending categories are in the mix. if the economy softens, this is where the nice, boring bank story stops being boring.
trend
institutional selling streak
two straight quarters of net selling is manageable. more than that starts to look like a real sentiment trend, not random quarter-to-quarter noise.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts think WAFD is more likely to lag than lead over the next stretch.
risk profile
average
stability score 3 — this is a normal level of stock risk, not a bunker and not a rollercoaster.
chart momentum
average
technical score 3 — the chart is not sending a dramatic message either way.
earnings predictability
65 / 100
earnings predictability at 65/100 means you should expect a few surprises. not chaos, just less smoothness than the best-run banks.
source: institutional data
Institutional activity
institutions have been net selling for 2 consecutive quarters — 113 buyers vs. 122 sellers in 3q2025. total institutional holdings: 61.8M shares. net selling for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$26
$48
$33
current price
$37
target midpoint · +12% from current · 3-5yr high: $45 (+35% · 11% ann'l return)
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