At a glance
Wafd Inc is worth $2.17B, about 11 times its fiscal 2025 earnings. Revenue grew 0.5% to $725.5M in fiscal 2025, with 31.2% kept as profit; over 5 years it has grown 5.4% a year. It pays a 3.68% dividend yield, raised every year for at least 7 years, and returned $861.5M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +1.6% over the past year with dividends reinvested and −0.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 38.2% in the 2020 crash (S&P 500: 33.7%) and 19.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 4 months after the lows.
The business in plain English
WaFd, Inc. owns WaFd Bank, a Seattle-based commercial bank founded in 1917 and known as Washington Federal Bank until September 2025. It takes deposits from households and businesses and lends the money out, mainly to owners and developers of apartment buildings and commercial property, and to businesses of all sizes. As of September 30, 2025, it had 208 branches in Washington, Oregon, Idaho, Arizona, Utah, Nevada, New Mexico, California and Texas, plus online and mobile banking. The 2024 merger with Luther Burbank added about $7.7 billion of assets and ten California branches.
WaFd earns most of its money from net interest income. That is the gap between the interest it collects on loans and investments and the interest it pays on deposits and borrowings. In fiscal 2025 (ended September 30, 2025), net interest income was $654 million of $725 million in revenue. Fees and other noninterest income added $71 million. The company also runs an insurance brokerage, WaFd Insurance Group, and a wealth management arm, WaFd Wealth.
At September 30, 2025, apartment (multi-family) loans were 22.2% of gross loans, other commercial real estate 16.9%, business loans 11.2% and construction 8.3%. Single-family home loans were still 37.9%, though the bank stopped making new consumer home loans in January 2025. The filing gives no revenue split by segment or region.
Price history
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WAFD +1.6% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $205.5M, up 10.3% from a year earlier, and net income was $66.1M (+6.7%).
- For fiscal 2025, revenue was $725.5M (+0.5% year over year; +5.4% a year from FY2020 to FY2025) with a 31.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.4% good |
|---|---|
| Return on equity | 7.4% weak |
| Net income / revenue | 31.2% good |
| Deposits | $20.93B |
| Loans | $20.02B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $556.5M | $173.4M | — |
| FY2021 | $565.7M | $183.6M | — |
| FY2022 | $661.0M | $236.3M | — |
| FY2023 | $742.4M | $257.4M | — |
| FY2024 | $721.5M | $200.0M | — |
| FY2025 | $725.5M | $226.1M | — |
Valuation snapshot
| Market value | $2.17B |
|---|---|
| P/E ratio | 11.1 |
| Dividend yield | 3.68% |
Rank among 1514 US companies
Market value at each year end
Wafd’s market value went from $3.06B at the end of 2016 to $2.17B on Oct 28, 2026, down 29%; since the end of 2025 it is down 12%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.17B | -11.7% |
| 2025 | $2.46B | -6.3% |
| 2024 | $2.62B | +22.8% |
| 2023 | $2.14B | -2.5% |
| 2022 | $2.19B | +0.6% |
| 2021 | $2.18B | +11.6% |
| 2020 | $1.95B | -32.1% |
| 2019 | $2.88B | +31.9% |
| 2018 | $2.18B | -26.8% |
| 2017 | $2.98B | -2.7% |
| 2016 | $3.06B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| WAFD price data to Oct 28, 2026 | -6.3% | +1.6% | +10.3% | -0.6% | +3.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -6.3% |
| 2025 | +3.0% |
| 2024 | +1.1% |
| 2023 | +1.7% |
| 2022 | +3.4% |
| 2021 | +33.5% |
| 2020 | -27.3% |
| 2019 | +40.6% |
| 2018 | -20.3% |
| 2017 | +2.3% |
| 2016 | +47.5% |
| 2015 | +10.1% |
| 2014 | -3.3% |
| 2013 | +40.7% |
| 2012 | +22.9% |
| 2011 | -15.9% |
| 2010 | -11.4% |
| 2009 | +31.0% |
| 2008 | -26.5% |
| 2007 | -7.1% |
| 2006 | +6.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 61.2% over that stretch · deepest drop along the way 61.6%, back to its old high 58.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 37.6% over that stretch · deepest drop along the way 38.2%, back to its old high 11.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 3.2% over that stretch · deepest drop along the way 19.4%, back to its old high 3.8 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 2 open-market purchases ($100K) and 2 sales ($955K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 24, 2026 | Kim E Robison EVP & Chief Operations Officer | sell | $776K |
| Feb 6, 2026 | Cathy E Cooper EVP & Chief Consumer Banker | sell | $179K |
| Dec 3, 2025 | Brent J Beardall President & CEO, Director | buy | $51K |
| Nov 26, 2025 | Brent J Beardall President & CEO, Director | buy | $50K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.6% | Dec 31, 2024 |
| Vanguard Portfolio Management | 6.4% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.9% | Dec 31, 2024 |
| Vanguard Capital Management | 5.28% | Mar 31, 2026 |
| AllianceBernstein L.P. | 5.2% | Jun 30, 2026 |
ETFs with the most weight in WAFD
| KBE SPDR S&P Bank ETF | 1.04% |
| XSVM Invesco S&P SmallCap Value with Momentum ETF | 0.68% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.66% |
| SVAL iShares US Small Cap Value Factor ETF | 0.43% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.37% |
| AVSC Avantis U.S Small Cap Equity ETF | 0.33% |
| ETHO Amplify Etho Climate Leadership U.S. ETF | 0.32% |
| AVUV Avantis U.S. Small Cap Value ETF | 0.31% |
What could go wrong
- Fixed-rate home loans create interest-rate mismatch. Single-family home loans were 37.9% of gross loans as of September 30, 2025. Many carry long-term fixed rates, while deposit costs track short-term rates. WaFd says this exposes it more than other banks.
- Heavy exposure to apartment and commercial property loans. Multi-family loans were 22.2% and commercial real estate 16.9% of gross loans as of September 30, 2025. About 83% of those fund buildings the owner doesn't occupy, so repayment relies on tenants.
- "Needs to Improve" community lending rating limits options. The bank has a "Needs to Improve" Community Reinvestment Act rating, regulators' grade of how well it serves local communities. WaFd warns this may restrict operations and limit strategic opportunities, such as acquisitions.
- Exit from consumer home lending may backfire. In January 2025, the bank said it would stop making new consumer single-family home loans and home equity lines of credit. WaFd warns such strategy shifts may not succeed, hurting results.
- Western focus and newer California exposure. Its 208 branches are in nine western states as of September 30, 2025, so regional downturns or disasters could hit hard. WaFd also flags its 2024 entry into California, via Luther Burbank, as added risk.
- Preferred shareholders get paid before common dividends. WaFd's 4.875% Series A preferred stock ranks ahead of common shares. If the preferred dividend is skipped, no common dividend can be paid, and bank rules can also limit payouts.
Recent events
- Quarterly results released
- Investor presentation or announcement
- Major agreement signed; Unregistered sale of shares; Executive or board change; Investor presentation or announcement
- Other company announcement
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Other company announcement
- Investor presentation or announcement
- Quarterly results released
For income and retirement investors
As of September 30, 2025, WaFd had paid 170 consecutive quarterly dividends. It has raised its annual dividend for 7 straight years. Over the five years to fiscal 2025 it grew from $0.87 a share to $1.07, about 4.2% a year. Dividends paid in fiscal 2025 equaled 37.4% of net income, and the yield was 3.68% as of October 28, 2026. From fiscal 2021 to 2025, WaFd spent $511 million buying back shares and $350 million on dividends. Even so, the share count rose 13.4% between November 2021 and July 2026, a period that included the Luther Burbank merger.
The shares have fallen hard in downturns. They dropped 61.6% in the 2008 financial crisis and did not regain their old peak until January 2014. In the 2020 COVID crash they fell 38.2% and recovered by March 2021. In 2022 they fell 19.4% and recovered by October 2022. A single bank stock carries more risk than a diversified fund.
Questions investors ask
How does WaFd Bank make money?
Mostly by lending out deposits at higher rates than it pays for them. In fiscal 2025, which ended September 30, 2025, net interest income (interest earned minus interest paid) was $654 million of $725 million in revenue. Its largest loan types at that date were single-family home loans at 37.9% of gross loans, apartment loans at 22.2% and other commercial real estate at 16.9%. Fees and other noninterest income added $71 million.
Does WaFd raise its dividend every year?
Yes. It has raised its dividend for 7 straight years through fiscal 2025. Over the five years to fiscal 2025, the annual dividend rose from $0.87 a share to $1.07, about 4.2% a year. As of September 30, 2025, WaFd had paid 170 consecutive quarterly cash dividends. That record is no guarantee. The company flags limits on its ability to pay dividends, and holders of its 4.875% Series A preferred stock must be paid before common shareholders.
What is WaFd's dividend yield?
The dividend yield was 3.68% as of October 28, 2026, when the company's market value was about $2.17 billion. Fiscal 2025 dividends totaled $1.07 a share, and dividends paid equaled 37.4% of that year's net income. On the same date the shares traded at 11.1 times fiscal 2025 earnings of $2.63 a share. A yield rises when the share price falls, so it changes every day.
Is WaFd the same company as Washington Federal?
Yes. WaFd, Inc. used to be called Washington Federal, Inc. Its bank changed its name from Washington Federal Bank to WaFd Bank effective September 25, 2025. The bank was founded on April 24, 1917, in Ballard, Washington. The holding company was formed in November 1994 and is based in Seattle. The company first listed on Nasdaq on November 9, 1982, and says it has made a profit every year since going public.
How has WaFd stock performed over the long term?
Unevenly. As of October 28, 2026, the share price was up 44% over 10 years, about 3.7% a year, and up 34% over three years. It was down 3% over five years and down 6.3% for 2026 through that date. It fell 61.6% in the 2008 financial crisis and 38.2% in the 2020 COVID crash. Over a much longer span, the company reports a 14,253% total shareholder return for investors who bought at its 1982 offering, as of September 30, 2025.