WaFd, Inc. (WAFD) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-65.4%

$10.50

vs $30.35 price

Levered DCF

$4.82

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-0.4

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	9.32×	11.47×	13.94×	6.89×	8.82×	14.36×	9.23×	14.17×
P/B	0.75×	0.8×	0.86×	0.69×	0.86×	1.17×	0.79×	1.46×
P/S	1.59×	1.72×	1.81×	1.52×	2.67×	3.81×	2.26×	4.05×
EV / EBITDA	12.35×	11.99×	9.03×	12.47×	9.33×	7.93×	10.02×	16.36×
Gross margin	54.7%	50.9%	49.2%	64.0%	89.8%	86.7%	75.5%	74.3%
Operating margin	23.1%	20.5%	17.9%	29.7%	40.9%	35.7%	30.9%	35.8%
Net margin	18.1%	16.0%	14.0%	23.5%	32.2%	28.1%	24.5%	28.6%
Current ratio	0.26×	0.15×	0.24×	0.19×	0.17×	0.27×	0.29×	0.16×
Debt / equity	0.85×	0.6×	1.11×	1.5×	0.93×	0.81×	1.34×	1.11×
Interest coverage	0.54×	0.42×	0.36×	0.92×	4.18×	2.7×	1.44×	1.38×
Dividend yield	3.6%	4.1%	3.4%	4.7%	3.9%	2.9%	4.2%	2.1%
Payout ratio	31.7%	43.9%	44.4%	30.5%	32.2%	39.4%	38.3%	30.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.5%	7.4%	6.7%	10.6%	10.4%	8.6%	8.6%	10.3%
Return on invested capital	4.4%	4.3%	3.0%	4.2%	5.3%	4.7%	3.6%	4.8%
Return on assets	0.9%	0.8%	0.7%	1.1%	1.1%	0.9%	0.9%	1.3%
Free cash flow yield	0.0%	8.6%	16.0%	11.9%	13.1%	11.5%	8.4%	6.7%
Earnings yield	11.4%	9.3%	7.7%	15.4%	12.1%	7.4%	10.8%	7.1%
Enterprise value	$4B	$3.6B	$3.5B	$4.3B	$3.4B	$2.1B	$2.6B	$4.8B
Net debt / EBITDA	5.48×	3.87×	2.4×	7.67×	3.96×	-1.39×	3.85×	6.23×
Cash conversion cycle (days)	26	55	57	32	32	30	31	24