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WaFd, Inc. operates as the bank holding company for Washington Federal Bank that provides lending, depository, insurance, and other banking services in the United States. The company provides deposit products, including business and personal checking accounts, and term certificates of deposit, as well as money market accounts and passbook savings accounts. It offers single-family residential, construction, land acquisition and development, consumer lot, multi-family residential, commercial real estate, home equity, business, and consumer loans, as well as commercial and industrial loans. In addition, the company offers insurance brokerage services, such as individual and business insurance policies; holds and markets real estate properties; and debit and credit cards, as well as acts as the trustee. Additionally, it provides technology and data services; and personalized financial guidance and investment services. It serves consumers, mid-sized and large businesses, and owners and developers of commercial real estate. The company was formerly known as Washington Federal, Inc. and changed its name to WaFd, Inc. in September 2023. WaFd, Inc. was founded in 1917 and is headquartered in Seattle, Washington.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $725M | - | $226M | $208M | 8.3% | 0.4% | 13.0% |
| 2024 | $722M | - | $200M | $415M | 7.4% | -2.8% | -22.3% |
| 2023 | $743M | - | $257M | $199M | 12.1% | 12.2% | 8.9% |
| 2022 | $662M | - | $236M | $257M | 12.0% | - | - |
| 2021 | - | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 661.61 | 742.61 | 721.83 | 724.86 |
| Operating Revenue | - | 661.61 | 742.61 | 721.83 | 724.86 |
| Selling General And Administration | - | 203.45 | 216.56 | 263.02 | 242.35 |
| Interest Income | - | 666.36 | 1,042.96 | 1,371.71 | 1,339.45 |
| Interest Expense | - | 71.77 | 352.72 | 710.88 | 685.21 |
| Net Interest Income | - | 594.59 | 690.23 | 660.83 | 654.24 |
| Pretax Income | - | 300.04 | 325.08 | 256.06 | 289.64 |
| Tax Provision | - | 63.71 | 67.65 | 56.02 | 63.57 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.14 | 0.04 | 0.07 | -0.14 |
| Net Income Continuous Operations | - | 236.33 | 257.43 | 200.04 | 226.07 |
| Net Income From Continuing And Discontinued Operation | - | 236.33 | 257.43 | 200.04 | 226.07 |
| Net Income From Continuing Operation Net Minority Interest | - | 236.33 | 257.43 | 200.04 | 226.07 |
| Net Income | - | 236.33 | 257.43 | 200.04 | 226.07 |
| Net Income Common Stockholders | - | 221.70 | 242.80 | 185.42 | 211.44 |
| Net Income Including Noncontrolling Interests | - | 236.33 | 257.43 | 200.04 | 226.07 |
| Normalized Income | - | 235.82 | 257.29 | 199.80 | 226.56 |
| Diluted NI Availto Com Stockholders | - | 221.70 | 242.80 | 185.42 | 211.44 |
| Basic Average Shares | - | 65.29 | 65.19 | 74.24 | 80.18 |
| Diluted Average Shares | - | 65.40 | 65.26 | 74.29 | 80.26 |
| Reconciled Depreciation | - | 64.05 | 22.97 | 134.10 | 9.72 |
| Total Unusual Items | - | 0.65 | 0.18 | 0.30 | -0.63 |
| Total Unusual Items Excluding Goodwill | - | 0.65 | 0.18 | 0.30 | -0.63 |
| Preferred Stock Dividends | - | 14.62 | 14.62 | 14.62 | 14.62 |
| Special Income Charges | -13.79 | 0 | - | - | - |
| Other Special Charges | 13.79 | - | - | - | - |
| Gain On Sale Of Security | - | 0.10 | -0.83 | 0.58 | 0.18 |
| General And Administrative Expense | - | 203.45 | 216.56 | 263.02 | 242.35 |
| Other Gand A | 61.24 | - | - | - | - |
| Salaries And Wages | - | 193.92 | 196.53 | 234.15 | 222.15 |
| Insurance And Claims | - | 9.53 | 20.02 | 28.87 | 20.20 |
| Occupancy And Equipment | - | 42.50 | 41.58 | 42.04 | 44.94 |
| Other Non Interest Expense | - | 112.63 | 117.90 | 143.22 | 140.18 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| WaFd, Inc.this co. | WAFD | $2.6B | 11.63 | 0.96 | 8.3% | - |
| NMI Holdings, Inc. | NMIH | $2.7B | 7.05 | 1.06 | 15.0% | - |
| Palomar Holdings, Inc. | PLMR | $2.7B | 13.89 | 2.90 | 20.9% | - |
| FB Financial Corporation | FBK | $2.7B | 22.32 | 1.40 | 6.3% | - |
| Acadian Asset Management Inc. | AAMI | $2.7B | 33.77 | 44.58 |
| - |
| - |
| - |
| 132.0% |
| 15.77 |
| Artisan Partners Asset Management Inc. | APAM | $2.7B | 9.16 | 6.06 | 66.2% | 5.35 |
| Trustmark Corporation | TRMK | $2.6B | 11.51 | 1.22 | 10.6% | - |
| Customers Bancorp, Inc. | CUBI | $2.5B | 11.31 | 1.20 | 10.6% | - |
| SiriusPoint Ltd. | SPNT | $2.5B | 5.38 | 1.09 | 20.2% | - |
| Peer Median | - | 11.41 | 1.31 | 17.6% | 10.56 | |