Latest Ratios: P/E Ratio 11.1x · EV/EBITDA 12.3x · ROE 10.3%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.0B | $3.2B | $3.3B | $2.9B | $3.3B | $3.5B | $3.1B | $3.8B | $3.1B | $4.1B | $4.9B |
| Enterprise Value | $2.8B | $2.9B | $2.4B | $1.7B | $2.9B | $2.3B | $2.2B | $4.2B | $2.7B | $3.0B | $3.8B |
| P/E Ratio → | 11.13 | 11.50 | 14.50 | 12.42 | 12.52 | 13.33 | 16.49 | 13.54 | 11.66 | 22.11 | 21.10 |
| P/S Ratio | 4.19 | 3.61 | 4.30 | 3.63 | 4.37 | 5.13 | 4.32 | 5.23 | 4.28 | 5.73 | 6.99 |
| P/B Ratio | 1.13 | 1.15 | 1.27 | 1.18 | 1.47 | 1.33 | 1.12 | 1.46 | 1.22 | 1.61 | 1.96 |
| P/FCF | 8.11 | 10.47 | 11.53 | 12.23 | 7.99 | 8.93 | 17.44 | 14.40 | 9.99 | 15.69 | 23.75 |
| P/OCF | 9.07 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.35 | 3.11 | 2.09 | 3.78 | 3.31 | 3.14 | 5.64 | 3.72 | 4.28 | 5.49 |
| EV / EBITDA | 12.34 | 7.60 | 7.29 | 4.79 | 7.06 | 5.69 | 7.27 | 9.24 | 6.49 | 7.06 | 9.00 |
| EV / EBIT | 7.93 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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 | 96.9% | 96.9% | 98.1% | 96.7% | 99.8% | 105.7% | 82.9% | 98.1% | 96.9% | 97.4% | 98.8% |
| Operating Margin | 40.2% | 40.2% | 37.8% | 38.4% | 46.1% | 50.6% | 34.3% | 51.9% | 49.7% | 51.8% | 53.5% |
| Net Profit Margin | 31.4% | 31.4% | 29.7% | 29.2% | 34.9% | 38.5% | 26.1% | 38.6% | 36.7% | 25.8% | 33.1% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | -0.59 | -0.59 | -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)
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.03 | 0.03 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 4.2% | 4.1% | 4.0% | 4.5% | 4.0% | 3.8% | 4.4% | 3.6% | 4.2% | 3.1% | 9.2% |
| Payout Ratio | 47.4% | 47.4% | 57.7% | 56.4% | 49.9% | 50.5% | 72.7% | 48.6% | 49.6% | 68.0% | 194.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.0% | 8.7% | 6.9% | 8.0% | 8.0% | 7.5% | 6.1% | 7.4% | 8.6% | 4.5% | 4.7% |
| FCF Yield | 12.3% | 9.6% | 8.7% | 8.2% | 12.5% | 11.2% | 5.7% | 6.9% | 10.0% | 6.4% | 4.2% |
| Buyback Yield | 3.3% | 3.2% | 1.2% | 0.0% | 0.3% | 2.1% | 0.2% | 3.5% | 4.3% | 0.0% | 0.0% |
| Total Shareholder Yield | 7.5% | 7.3% | 5.2% | 4.5% | 4.3% | 5.9% | 4.6% | 7.1% | 8.5% | 3.1% | 9.2% |
| Shares Outstanding | — | $126M | $128M | $128M | $128M | $130M | $130M | $133M | $137M | $140M | $139M |
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying FHB stock.
First Hawaiian, Inc.'s current P/E ratio is 11.1x. The historical average is 14.9x.
First Hawaiian, Inc.'s current EV/EBITDA is 12.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.1x.
First Hawaiian, Inc.'s return on equity (ROE) is 10.3%. The historical average is 8.7%.
Based on historical data, First Hawaiian, Inc. is trading at a P/E of 11.1x. Compare with industry peers and growth rates for a complete picture.
First Hawaiian, Inc.'s current dividend yield is 4.18% with a payout ratio of 47.4%.
First Hawaiian, Inc. has 96.9% gross margin and 40.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Key Metrics
Top Statement Risk
Volatile revenue distorting earnings
Metrics are mathematically derived from official filings.
Discount to Book Reflects Limited Returns
Based on FHB's reported figures, the P/B of 1.13 and P/TBV implied by a tangible book value of $14.84 against a $24.98 price suggest the market prices the bank near a modest premium to tangible equity, consistent with an ROE of roughly 2.3% to 2.7%.
A price-to-book near 1.13 is not demanding for a franchise with this deposit base, but the trailing ROE in the low-2% range implies the market is capitalizing a return well below cost of equity unless profitability normalizes. The forward P/E of 11.17 versus the peer set, where BOH trades at 15.07 and WAFD at 11.19, suggests the market is pricing FHB closer to a commodity balance sheet than to a premium island franchise. Investors should monitor whether ROTCE recovery justifies the current multiple, since the dividend yield of 4.2% is currently doing much of the work in supporting the total return case.
Thin Spread Limits ROE Quality
As reported in financial statements, FHB's ROA has stayed near 0.2% to 0.3% and ROE between 2.0% and 2.7%, with an equity-to-assets ratio near 0.12 showing that leverage is doing little to lift returns.
Decomposing ROE, the low net interest margin of roughly 0.6% to 0.7% combined with a modest asset base means profitability depends heavily on fee income and provisioning outcomes rather than spread expansion. The leverage component is conservative, so the low ROE reflects weak asset yield capture rather than an aggressive balance sheet. Compared with BOH's 13.3% ROE, FHB's returns appear structurally lower, suggesting the gap is not only cyclical but tied to the composition of earning assets and deposit costs.
Efficiency Swings Obscure Cost Trend
According to recent SEC filings as reproduced in the data, FHB's efficiency ratio ranged from 53.8% to 69.5% across recent quarters, with the 2.7% reading in Q2 2026 reflecting a revenue anomaly rather than a genuine cost improvement.
Excluding the distorted Q2 2026 print, the efficiency ratio clustered in the mid-50s to high-50s before rising to 69.5% in the latest quarter, which suggests operating leverage has weakened as revenue growth slowed while costs remained sticky. NIM has held in a narrow band, leaving limited room to offset cost inflation through spread expansion. Investors should monitor whether the latest efficiency deterioration reflects one-time items or a persistent cost base expansion.
Provision Step-Up Tests Reserve Adequacy
Based on FHB's reported figures, provision expense rose to $20.3M in Q3 2026 from $5.0M in Q1 2026, a notable departure from a ten-quarter range that mostly stayed below $10.5M and warrants closer scrutiny of reserve levels.
The sharp increase in provisioning may indicate emerging credit pressure in commercial or hospitality-linked exposures, though the data does not disclose non-performing asset or charge-off detail needed to confirm the cause. Given the bank's low ROE, even modest additional provisions would materially compress earnings. Whether current reserves are adequate cannot be fully assessed from the supplied figures and warrants further investigation.
Fee Ratio Misleads on Core Earnings
Based on reported figures, the fee income percentage swung from 6.9% to 24.6%, so ratios built on non-interest income may overstate the quality of recurring revenue for a bank whose fee line is tied to tourism-sensitive merchant activity.
Relying on the headline fee percentage or the trailing P/E ignores that the Q2 2026 revenue distortion makes period-to-period comparisons unreliable. A better approach would be to normalize revenue by stripping out the anomalous net interest and fee lines and evaluating pre-provision net revenue on a multi-quarter average. Until revenue classification is clarified, the reported ROE and efficiency ratio should be treated as provisional.