This company is no longer publicly traded

Delisted / no longer publicly traded (per market data provider) Any Winston Score and financials shown below are based on the last available data and should be treated as historical — they are no longer updated.

Delisted: April 17, 2026

Heritage Commerce

HTBK

Banks - Regional · Financial Services

Price

$13.45

+13.45 (+3.07%)

Market Cap

$828.4M

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+1.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 60.7M (2021) → 61.7M (2025)

Heritage Commerce Corp is a regional bank holding company based in the San Francisco Bay Area of California. It owns Heritage Bank of Commerce, which offers everyday banking services like checking accounts, loans, and lines of credit. Its main customers are small and medium-sized businesses, real estate investors, and professionals in the surrounding communities.

The company makes money primarily through net interest income — the difference between what it earns on loans and what it pays on deposits. It operates mainly across the Bay Area, with a smaller presence in other parts of Northern California, and generates roughly $800 million in market value. Its competitive edge comes from deep local relationships and a focus on business banking in one of the wealthiest regional economies in the country. The main risk the company faces is interest rate sensitivity, since changes in rates directly affect how much profit it earns on its loans and deposits.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+1.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+47.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

1.2%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$22M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Heritage Commerce is growing revenue at 1% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

76.3%

Premium pricing power — 76.3% gross margin

Operating Margin

31.1%

Excellent — 31.1% operating margin

ROCE

2.9%

Weak — 2.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+5.8%

Slow sales growth (5.8% YoY)

EPS YoY

+18.2%

Earnings growing fast (18.2% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

129%

Turns 129% of profit into real cash

FCF Margin

22.9%

Converts sales into free cash efficiently (22.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.06

Conservative — low debt load (0.06)

Interest Cover

0.95x

Dangerous — barely covers interest (0.9x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

17.2x

Fair value — P/E 17.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+3.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (17.2 → 13.3)

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Dividends

Dividend Yield

3.87%

Moderate income — 3.87% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+0.0%

Dividend flat

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