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This stock no longer trades (delisted January 31, 2025)

Delisted / no longer publicly traded (per market data provider) Everything below is based on the last available data — treat it as historical, not a live read.

Stock

Heartland Financial USA

HTLF
38
Banks - Regional · Financial Services
Price
$64.67
-1.43 (-2.16%)
Market Cap
$2.77B
Exchange
NASDAQ Global Select
Winston Score
38
Historical score — this stock no longer trades, so the score is frozen at the last available data.
Data as of Oct 18, 2026 · filings through Sep 30, 2024

§How the score breaks down

Bank Quality
Not counted
n/a
Growth
Mixed
8/20
Capital Strength
Not counted
n/a
Asset Quality
Not counted
n/a
Valuation
Good
6/10
Ownership
Mixed
4/15
Dividends
Weak
1/5

19 of 50 counted points = Winston Score 38. Pillars marked n/a do not apply to this company and are left out of the total.

Share count rising — dilution

+18.7% over 4y

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

Diluted shares outstanding: 36.1M (2019) → 42.8M (2023)

§Winston Score History

The full picture

Heartland Financial USA is a regional bank holding company that provides everyday banking services like checking accounts, savings accounts, loans, and mortgages. It serves individuals, small businesses, and agricultural customers across roughly a dozen states in the Midwest and Western United States. The company operates through multiple community bank brands, giving it a local feel in each market it serves.

Heartland makes money primarily from the interest it earns on loans minus the interest it pays on deposits, along with fees for services like wealth management and treasury solutions. With roughly $20 billion in assets, it is a mid-sized regional bank that competes by maintaining strong community relationships in smaller markets where giant national banks have less presence. A key growth opportunity lies in continued consolidation of its subsidiary bank charters into a more unified brand, though the company faces risks from interest rate fluctuations and potential credit quality pressures in its agricultural and commercial loan portfolios.

Growth Profile

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

Revenue Growth

+13.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+33.3% 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

1.9%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$1.0B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Growth + cash flow

Heartland Financial USA is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

Every number that matters to educated investors.

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Bank Quality

Not applicable for this business.

Growth

Sales growth
Sales YoY
+22.3%
Fast-growing sales (+22.3% YoY)
Profit growth
EPS YoY
-60.5%
Earnings shrinking (-60.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Capital Strength

Not applicable for this business.

Asset Quality

Not applicable for this business.

Valuation

Price vs profit
P/E Ratio (TTM)
34.4x
Pricey — P/E 34.4

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+19.0
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (34.4 → 15.4)

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Dividends

Dividend
Dividend Yield
1.86%
Small dividend — 1.86% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+0.0%
Dividend flat
Payout Ratio
74%
no trend
Most of the profit goes out as dividends. Little left to reinvest, and less cushion if earnings dip.

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