First Hawaiian, Inc. (FHB) Financial Ratios
26 years of historical data (2000–2025) · Financial Services · Banks - Regional
EV/EBITDA
↑
9.04
↑+36% vs avg
5yr avg: 6.63
30Y Low4.8·High9.2
P/FCF
↑
11.32
+11% vs avg
5yr avg: 10.23
30Y Low8.0·High23.7
P/B Ratio
↓
1.27
-1% vs avg
5yr avg: 1.28
30Y Low1.1·High2.0
ROE
↑
10.3%
↓+3% vs avg
5yr avg: 10.0%
30Y Low0%·High12%
Debt/EBITDA
↑
N/A
—
5yr avg: 0.79
30Y Low0.0·High29.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
FHB Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
First Hawaiian, Inc. trades at 12.7x earnings, roughly in line with its 5-year average of 12.9x, sitting at the 40th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.6x, the stock trades at a discount of 7%. On a free-cash-flow basis, the stock trades at 11.3x P/FCF, 11% above the 5-year average of 10.2x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.4B | $3.2B | $3.3B | $2.9B | $3.3B | $3.5B | $3.1B | $3.8B | $3.1B | $4.1B | $4.9B |
| Enterprise Value | $3.2B | $2.9B | $2.4B | $1.7B | $2.9B | $2.3B | $2.2B | $4.2B | $2.7B | $3.0B | $3.8B |
| P/E Ratio → | 12.70 | 11.50 | 14.50 | 12.42 | 12.52 | 13.33 | 16.49 | 13.54 | 11.66 | 22.11 | 21.10 |
| P/S Ratio | 2.94 | 2.72 | 2.94 | 2.68 | 4.11 | 4.99 | 4.05 | 4.57 | 3.86 | 5.41 | 6.73 |
| P/B Ratio | 1.27 | 1.15 | 1.27 | 1.18 | 1.47 | 1.33 | 1.12 | 1.46 | 1.22 | 1.61 | 1.96 |
| P/FCF | 11.32 | 10.47 | 11.53 | 12.23 | 7.99 | 8.93 | 17.44 | 14.40 | 9.99 | 15.69 | 23.75 |
| P/OCF | 10.24 | 9.48 | 10.49 | 11.47 | 7.74 | 8.49 | 14.66 | 12.98 | 8.78 | 15.11 | 22.07 |
P/E links to full P/E history page with 30-year chart
FHB EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
First Hawaiian, Inc.'s enterprise value stands at 9.0x EBITDA, 36% above its 5-year average of 6.6x. The Financial Services sector median is 11.4x, placing the stock at a 21% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.52 | 2.13 | 1.54 | 3.55 | 3.22 | 2.94 | 4.94 | 3.35 | 4.04 | 5.28 |
| EV / EBITDA | 9.04 | 8.32 | 7.29 | 4.79 | 7.06 | 5.69 | 7.27 | 9.24 | 6.49 | 7.06 | 9.00 |
| EV / EBIT | 9.04 | 8.32 | 8.24 | 5.45 | 8.20 | 6.54 | 9.15 | 10.88 | 7.49 | 8.25 | 10.26 |
| EV / FCF | — | 9.72 | 8.35 | 7.05 | 6.90 | 5.75 | 12.66 | 15.55 | 8.68 | 11.71 | 18.65 |
FHB Profitability
Margins and return-on-capital ratios measuring operating efficiency
First Hawaiian, Inc. earns an operating margin of 30.3%, above the Financial Services sector average of 20.3%. Operating margins have expanded from 28.3% to 30.3% over the past 3 years, signaling improving operational efficiency. ROE of 10.3% is modest. ROIC of 9.4% represents adequate returns on invested capital versus a sector median of 5.5%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 73.1% | 73.1% | 67.1% | 71.3% | 93.7% | 102.9% | 77.7% | 85.8% | 87.3% | 92.0% | 95.1% |
| Operating Margin | 30.3% | 30.3% | 25.8% | 28.3% | 43.3% | 49.2% | 32.2% | 45.4% | 44.8% | 48.9% | 51.5% |
| Net Profit Margin | 23.6% | 23.6% | 20.3% | 21.5% | 32.7% | 37.5% | 24.5% | 33.8% | 33.0% | 24.4% | 31.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.3% | 10.3% | 9.0% | 9.9% | 10.8% | 9.8% | 6.9% | 11.0% | 10.5% | 7.3% | 8.8% |
| ROA | 1.2% | 1.2% | 0.9% | 0.9% | 1.1% | 1.1% | 0.9% | 1.4% | 1.3% | 0.9% | 1.2% |
| ROIC | 9.4% | 9.4% | 7.5% | 8.7% | 10.5% | 9.3% | 5.6% | 8.5% | 9.5% | 11.0% | 10.3% |
| ROCE | 4.4% | 4.4% | 9.4% | 10.7% | 11.9% | 10.6% | 7.8% | 12.3% | 11.5% | 13.3% | 13.1% |
FHB Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
The company holds a net cash position — cash of $229M exceeds total debt of $0, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of just 1.2x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.10 | 0.20 | 0.03 | — | 0.07 | 0.38 | 0.24 | 0.00 | 0.00 |
| Debt / EBITDA | — | — | 0.76 | 1.42 | 0.18 | — | 0.65 | 2.22 | 1.45 | 0.00 | 0.02 |
| Net Debt / Equity | — | -0.08 | -0.35 | -0.50 | -0.20 | -0.47 | -0.31 | 0.12 | -0.16 | -0.41 | -0.42 |
| Net Debt / EBITDA | -0.65 | -0.65 | -2.78 | -3.52 | -1.11 | -3.14 | -2.74 | 0.68 | -0.98 | -2.40 | -2.46 |
| Debt / FCF | — | -0.75 | -3.19 | -5.19 | -1.08 | -3.17 | -4.77 | 1.15 | -1.31 | -3.98 | -5.10 |
| Interest Coverage | 1.23 | 1.23 | 0.82 | 1.08 | 7.07 | 18.61 | 5.18 | 3.63 | 4.49 | 8.78 | 13.85 |
Net cash position: cash ($229M) exceeds total debt ($0)
FHB Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.03x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 0.20x to 0.03x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.03 | 0.03 | 0.08 | 0.20 | 0.19 | 0.46 | 0.07 | 0.28 | 0.32 | 0.36 | 0.36 |
| Quick Ratio | 0.03 | 0.03 | 0.08 | 0.20 | 0.19 | 0.46 | 0.07 | 0.28 | 0.32 | 0.36 | 0.36 |
| Cash Ratio | 0.02 | 0.02 | 0.06 | 0.08 | 0.02 | 0.06 | 0.05 | 0.04 | 0.06 | 0.06 | 0.06 |
| Asset Turnover | — | 0.05 | 0.05 | 0.04 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
FHB Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
First Hawaiian, Inc. returns 6.7% to shareholders annually — split between a 3.7% dividend yield and 2.9% buyback yield. A payout ratio of 47.4% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 7.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.7% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 47.4% | 47.4% | 57.7% | 56.4% | 49.9% | 50.5% | 72.7% | 48.6% | 49.6% | 68.0% | 194.2% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.9% | 8.7% | 6.9% | 8.0% | 8.0% | 7.5% | 6.1% | 7.4% | 8.6% | 4.5% | 4.7% |
| FCF Yield | 8.8% | 9.6% | 8.7% | 8.2% | 12.5% | 11.2% | 5.7% | 6.9% | 10.0% | 6.4% | 4.2% |
| Buyback Yield | 2.9% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 6.7% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $126M | $128M | $128M | $128M | $130M | $130M | $133M | $137M | $140M | $139M |
Peer Comparison
Compare FHB with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 FHBYou | $3B | 12.7 | 9.0 | 11.3 | 73.1% | 30.3% | 10.3% | 9.4% | — |
 BOH | $3B | 16.9 | 7.2 | 16.8 | 67.4% | 26.8% | 11.7% | 10.0% | 0.3 |
 COLB | $7B | 13.3 | 12.0 | 10.3 | 67.7% | 23.4% | 8.5% | 5.4% | 4.5 |
 WAFD | $3B | 13.9 | 13.3 | 13.5 | 50.9% | 20.5% | 7.5% | 3.9% | 6.1 |
 BANR | $2B | 11.5 | 9.4 | 8.9 | 79.0% | 29.5% | 10.5% | 7.7% | 1.5 |
 HBCP | $519M | 11.3 | 7.5 | 11.7 | 70.5% | 27.7% | 11.1% | 7.7% | 1.0 |
 CVBF | $3B | 13.7 | 13.2 | 13.0 | 79.9% | 43.8% | 9.3% | 6.8% | 3.5 |
 HBAN | $27B | 12.1 | 16.1 | 11.7 | 61.7% | 21.5% | 10.0% | 5.1% | 6.9 |
 BOKF | $8B | 14.2 | 13.7 | 13.8 | 63.7% | 21.4% | 10.1% | 5.2% | 5.8 |
 WTFC | $10B | 13.3 | 11.9 | 12.1 | 62.2% | 26.4% | 12.1% | 7.5% | 3.7 |
 IBOC | $5B | 11.1 | 8.7 | 9.2 | 78.3% | 49.4% | 13.6% | 10.5% | 1.3 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 18 years · Updated daily
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FHB — Frequently Asked Questions
Quick answers to the most common questions about buying FHB stock.
What is First Hawaiian, Inc.'s P/E ratio?
First Hawaiian, Inc.'s current P/E ratio is 12.7x. The historical average is 14.9x. This places it at the 40th percentile of its historical range.
What is First Hawaiian, Inc.'s EV/EBITDA?
First Hawaiian, Inc.'s current EV/EBITDA is 9.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.2x.
What is First Hawaiian, Inc.'s ROE?
First Hawaiian, Inc.'s return on equity (ROE) is 10.3%. The historical average is 8.7%.
Is FHB stock overvalued?
Based on historical data, First Hawaiian, Inc. is trading at a P/E of 12.7x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is First Hawaiian, Inc.'s dividend yield?
First Hawaiian, Inc.'s current dividend yield is 3.74% with a payout ratio of 47.4%.
What are First Hawaiian, Inc.'s profit margins?
First Hawaiian, Inc. has 73.1% gross margin and 30.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.