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Side-by-side financial comparison of DHT Holdings, Inc. (DHT) and HERITAGE FINANCIAL CORP (HFWA). Click either name above to swap in a different company.

DHT Holdings, Inc. is the larger business by last-quarter revenue ($107.3M vs $66.3M, roughly 1.6× HERITAGE FINANCIAL CORP). DHT Holdings, Inc. runs the higher net margin — 41.7% vs 33.5%, a 8.2% gap on every dollar of revenue. On growth, HERITAGE FINANCIAL CORP posted the faster year-over-year revenue change (16.3% vs -24.5%).

DHT Holdings, Inc. is an independent international crude oil tanker operator that owns and manages a fleet of very large crude carriers. It offers marine transportation services for crude oil across major global trade routes, serving clients including leading oil producers, refineries, and commodity trading enterprises worldwide.

Heritage Financial Corp (WA) is a U.S. regional financial holding company headquartered in Washington state. It provides comprehensive commercial and consumer banking services, including deposit products, small business loans, residential mortgages, personal lending and wealth management solutions, primarily serving local communities across the Pacific Northwest, with core customer segments covering small-to-medium enterprises and retail clients.

DHT vs HFWA — Head-to-Head

Bigger by revenue
DHT
DHT
1.6× larger
DHT
$107.3M
$66.3M
HFWA
Growing faster (revenue YoY)
HFWA
HFWA
+40.8% gap
HFWA
16.3%
-24.5%
DHT
Higher net margin
DHT
DHT
8.2% more per $
DHT
41.7%
33.5%
HFWA

Income Statement — Q3 FY2025 vs Q4 FY2025

Metric
DHT
DHT
HFWA
HFWA
Revenue
$107.3M
$66.3M
Net Profit
$44.8M
$22.2M
Gross Margin
Operating Margin
44.2%
38.7%
Net Margin
41.7%
33.5%
Revenue YoY
-24.5%
16.3%
Net Profit YoY
27.3%
86.4%
EPS (diluted)
$0.28
$0.65

Green = leading value per metric. Periods may differ when fiscal calendars don't align.

8-Quarter Revenue & Profit Trend

Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.

Revenue
DHT
DHT
HFWA
HFWA
Q4 25
$66.3M
Q3 25
$107.3M
$65.7M
Q2 25
$56.5M
Q1 25
$57.6M
Q4 24
$57.1M
Q3 24
$142.1M
$54.8M
Q2 24
$56.4M
Q1 24
$48.6M
Net Profit
DHT
DHT
HFWA
HFWA
Q4 25
$22.2M
Q3 25
$44.8M
$19.2M
Q2 25
$12.2M
Q1 25
$13.9M
Q4 24
$11.9M
Q3 24
$35.2M
$11.4M
Q2 24
$14.2M
Q1 24
$5.7M
Operating Margin
DHT
DHT
HFWA
HFWA
Q4 25
38.7%
Q3 25
44.2%
34.0%
Q2 25
25.6%
Q1 25
28.1%
Q4 24
28.6%
Q3 24
29.7%
23.8%
Q2 24
28.4%
Q1 24
14.1%
Net Margin
DHT
DHT
HFWA
HFWA
Q4 25
33.5%
Q3 25
41.7%
29.2%
Q2 25
21.6%
Q1 25
24.2%
Q4 24
20.9%
Q3 24
24.8%
20.8%
Q2 24
25.1%
Q1 24
11.8%
EPS (diluted)
DHT
DHT
HFWA
HFWA
Q4 25
$0.65
Q3 25
$0.28
$0.55
Q2 25
$0.36
Q1 25
$0.40
Q4 24
$0.34
Q3 24
$0.22
$0.33
Q2 24
$0.41
Q1 24
$0.16

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest quarter.

Metric
DHT
DHT
HFWA
HFWA
Cash + ST InvestmentsLiquidity on hand
$81.3M
$233.1M
Total DebtLower is stronger
Stockholders' EquityBook value
$1.1B
$921.5M
Total Assets
$1.4B
$7.0B
Debt / EquityLower = less leverage

8-quarter trend — quarters aligned by calendar period.

Cash + ST Investments
DHT
DHT
HFWA
HFWA
Q4 25
$233.1M
Q3 25
$81.3M
$245.5M
Q2 25
$254.1M
Q1 25
$248.7M
Q4 24
$117.1M
Q3 24
$73.8M
$175.6M
Q2 24
$113.8M
Q1 24
$189.6M
Stockholders' Equity
DHT
DHT
HFWA
HFWA
Q4 25
$921.5M
Q3 25
$1.1B
$904.1M
Q2 25
$888.2M
Q1 25
$881.5M
Q4 24
$863.5M
Q3 24
$1.0B
$874.5M
Q2 24
$850.5M
Q1 24
$847.6M
Total Assets
DHT
DHT
HFWA
HFWA
Q4 25
$7.0B
Q3 25
$1.4B
$7.0B
Q2 25
$7.1B
Q1 25
$7.1B
Q4 24
$7.1B
Q3 24
$1.5B
$7.2B
Q2 24
$7.1B
Q1 24
$7.1B

Cash Flow & Capital Efficiency

How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.

Metric
DHT
DHT
HFWA
HFWA
Operating Cash FlowLast quarter
$60.9M
$94.8M
Free Cash FlowOCF − Capex
$85.7M
FCF MarginFCF / Revenue
129.1%
Capex IntensityCapex / Revenue
13.8%
Cash ConversionOCF / Net Profit
1.36×
4.26×
TTM Free Cash FlowTrailing 4 quarters
$149.0M

8-quarter trend — quarters aligned by calendar period.

Operating Cash Flow
DHT
DHT
HFWA
HFWA
Q4 25
$94.8M
Q3 25
$60.9M
$25.1M
Q2 25
$22.5M
Q1 25
$19.3M
Q4 24
$64.5M
Q3 24
$80.1M
$24.2M
Q2 24
$6.8M
Q1 24
$12.9M
Free Cash Flow
DHT
DHT
HFWA
HFWA
Q4 25
$85.7M
Q3 25
$24.4M
Q2 25
$20.9M
Q1 25
$18.1M
Q4 24
$61.0M
Q3 24
$23.2M
Q2 24
$6.0M
Q1 24
$12.0M
FCF Margin
DHT
DHT
HFWA
HFWA
Q4 25
129.1%
Q3 25
37.1%
Q2 25
37.0%
Q1 25
31.4%
Q4 24
107.0%
Q3 24
42.4%
Q2 24
10.6%
Q1 24
24.7%
Capex Intensity
DHT
DHT
HFWA
HFWA
Q4 25
13.8%
Q3 25
1.0%
Q2 25
2.8%
Q1 25
2.0%
Q4 24
6.1%
Q3 24
1.7%
Q2 24
1.5%
Q1 24
1.8%
Cash Conversion
DHT
DHT
HFWA
HFWA
Q4 25
4.26×
Q3 25
1.36×
1.31×
Q2 25
1.84×
Q1 25
1.38×
Q4 24
5.41×
Q3 24
2.28×
2.12×
Q2 24
0.48×
Q1 24
2.24×

Financial Flow Comparison

Revenue → gross profit → operating profit → net profit for each company.

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