Latest Ratios: P/E Ratio 17.9x · EV/EBITDA 8.3x · ROE 11.7%. (1996–2025 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 | $3.3B | $2.7B | $2.8B | $2.9B | $3.1B | $3.4B | $3.1B | $3.9B | $2.8B | $3.7B | $3.8B |
| Enterprise Value | $2.4B | $1.9B | $2.8B | $2.7B | $4.0B | $3.7B | $3.5B | $4.4B | $3.1B | $4.2B | $4.4B |
| P/E Ratio → | 17.90 | 14.80 | 20.59 | 17.50 | 14.15 | 13.40 | 19.85 | 17.12 | 12.87 | 19.79 | 20.97 |
| P/S Ratio | 3.09 | 2.58 | 2.75 | 2.96 | 4.09 | 4.87 | 4.18 | 5.02 | 3.93 | 5.30 | 5.84 |
| P/B Ratio | 1.79 | 1.48 | 1.70 | 2.02 | 2.34 | 2.08 | 2.22 | 3.01 | 2.23 | 2.96 | 3.27 |
| P/FCF | 17.78 | 14.84 | 16.76 | 20.29 | 10.14 | 9.46 | 27.02 | 21.45 | 10.00 | 25.24 | 17.99 |
| P/OCF | 15.01 | 12.53 | 15.85 | 19.02 | 9.27 | 8.90 | 20.88 | 16.51 | 8.89 | 20.85 | 16.79 |
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 | — | 1.77 | 2.73 | 2.76 | 5.30 | 5.40 | 4.85 | 5.66 | 4.37 | 6.02 | 6.81 |
| EV / EBITDA | 8.28 | 6.43 | 12.26 | 10.23 | 12.36 | 10.39 | 15.99 | 13.82 | 11.03 | 14.77 | 16.27 |
| EV / EBIT | 9.25 | 7.18 | 14.21 | 11.72 | 13.77 | 11.43 | 18.74 | 15.26 | 11.62 | 15.49 | 17.07 |
| EV / FCF | — | 10.21 | 16.66 | 18.90 | 13.16 | 10.49 | 31.33 | 24.19 | 11.11 | 28.69 | 20.97 |
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 | 65.9% | 65.9% | 60.3% | 66.6% | 93.5% | 103.1% | 77.0% | 86.3% | 89.3% | 90.8% | 93.1% |
| Operating Margin | 24.7% | 24.7% | 19.2% | 23.5% | 38.5% | 47.2% | 25.9% | 37.1% | 37.6% | 38.9% | 39.9% |
| Net Profit Margin | 19.4% | 19.4% | 14.6% | 17.7% | 29.9% | 36.8% | 21.0% | 29.3% | 30.5% | 26.8% | 27.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.7% | 11.7% | 9.7% | 12.5% | 15.4% | 17.0% | 11.6% | 17.7% | 17.6% | 15.4% | 15.9% |
| ROA | 0.9% | 0.9% | 0.6% | 0.7% | 1.0% | 1.2% | 0.8% | 1.3% | 1.3% | 1.1% | 1.1% |
| ROIC | 9.0% | 9.0% | 6.4% | 7.1% | 9.2% | 11.3% | 6.7% | 10.7% | 10.4% | 10.2% | 9.8% |
| ROCE | 1.9% | 1.9% | 7.4% | 9.6% | 13.7% | 17.3% | 10.9% | 17.3% | 16.4% | 16.1% | 16.2% |
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 | 0.05 | 0.05 | 0.45 | 0.57 | 0.94 | 0.35 | 0.56 | 0.62 | 0.50 | 0.62 | 0.69 |
| Debt / EBITDA | 0.32 | 0.32 | 3.26 | 3.10 | 3.82 | 1.58 | 3.47 | 2.53 | 2.25 | 2.72 | 2.94 |
| Net Debt / Equity | — | -0.46 | -0.01 | -0.14 | 0.70 | 0.23 | 0.35 | 0.38 | 0.25 | 0.41 | 0.54 |
| Net Debt / EBITDA | -2.92 | -2.92 | -0.07 | -0.75 | 2.83 | 1.02 | 2.20 | 1.56 | 1.10 | 1.78 | 2.31 |
| Debt / FCF | — | -4.63 | -0.10 | -1.39 | 3.01 | 1.03 | 4.31 | 2.74 | 1.11 | 3.45 | 2.97 |
| Interest Coverage | 0.75 | 0.75 | 0.50 | 0.72 | 5.12 | 11.06 | 3.77 | 3.19 | 4.23 | 5.76 | 6.44 |
Net cash position: cash ($947M) exceeds total debt ($92M)
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 | 11.00 | 11.00 | 0.14 | 0.17 | 0.16 | 0.22 | 0.23 | 0.19 | 0.17 | 0.18 | 0.18 |
| Quick Ratio | 11.00 | 11.00 | 0.14 | 0.17 | 0.16 | 0.22 | 0.23 | 0.19 | 0.17 | 0.18 | 0.18 |
| Cash Ratio | 10.24 | 10.24 | 0.04 | 0.05 | 0.02 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.01 |
| Asset Turnover | — | 0.04 | 0.04 | 0.04 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 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 | 3.4% | 4.1% | 4.0% | 3.9% | 3.6% | 3.3% | 3.5% | 2.7% | 3.5% | 2.4% | 2.1% |
| Payout Ratio | 54.9% | 54.9% | 74.9% | 65.3% | 49.8% | 43.7% | 69.9% | 46.7% | 44.9% | 47.1% | 44.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.6% | 6.8% | 4.9% | 5.7% | 7.1% | 7.5% | 5.0% | 5.8% | 7.8% | 5.1% | 4.8% |
| FCF Yield | 5.6% | 6.7% | 6.0% | 4.9% | 9.9% | 10.6% | 3.7% | 4.7% | 10.0% | 4.0% | 5.6% |
| Buyback Yield | 0.3% | 0.3% | 0.2% | 0.5% | 1.8% | 0.9% | 0.6% | 3.6% | 3.3% | 1.3% | 1.6% |
| Total Shareholder Yield | 3.7% | 4.5% | 4.2% | 4.4% | 5.4% | 4.2% | 4.1% | 6.3% | 6.7% | 3.7% | 3.8% |
| Shares Outstanding | — | $40M | $40M | $39M | $40M | $40M | $40M | $41M | $42M | $43M | $43M |
Securities portfolio duration mismatch
With a P/B ratio of 1.77 as of the most recent quarter, Bank of Hawaii commands a significant valuation premium over mainland regional peers, suggesting that investors price the institution as a protected franchise rather than a commodity balance sheet despite its modest recent return on equity.
The elevated P/B multiple appears to be a function of the bank's dominant market share in the isolated Hawaiian archipelago, which acts as a structural barrier to entry. Investors should monitor whether this premium remains sustainable if the bank's ROTCE continues to face pressure from rising funding costs and the drag of its long-duration securities portfolio.
Based on the provided quarterly data, the bank's ROE has remained constrained in the low single digits, with a 2026Q1 ROE of 3.1% reflecting the combined impact of a stagnant 0.6% NIM and the limitations of a conservative, low-leverage balance sheet strategy.
The DuPont analysis suggests that profitability is currently hampered by the bank's inability to expand its net interest margin, as the cost of funds rises faster than asset yields. The reliance on a high-cost physical branch network further limits the bank's ability to drive ROE through operational efficiency, suggesting that profitability may remain moderate until the interest rate environment stabilizes.
As reported in recent financial statements, the efficiency ratio improved to 44.0% in 2026Q1, yet this operational discipline is currently insufficient to offset the persistent 0.6% NIM, which remains under pressure from the bank's significant exposure to long-duration fixed-rate assets.
While management has demonstrated an ability to control non-interest expenses, the structural NIM compression indicates that the bank's funding advantage is being eroded by the migration of deposits into higher-yielding alternatives. This suggests that the bank's core profitability is increasingly sensitive to the duration mismatch between its deposit base and its investment securities portfolio.
According to the latest regulatory filings, the bank maintains an equity-to-assets ratio of 0.08, which, while indicative of a fortress-like capital position, may be masking the underlying impact of unrealized losses within the investment securities portfolio on the bank's true economic capital.
The bank's conservative capital management appears to prioritize stability over growth, which is consistent with its role as a dominant local utility-like institution. However, investors should monitor whether this capital buffer is sufficient to absorb potential volatility in the securities portfolio without necessitating a reduction in the bank's consistent dividend payout.
The P/E ratio is frequently misapplied to Bank of Hawaii, as it fails to account for the significant volatility in earnings caused by provision adjustments and the non-cash impact of unrealized losses in the held-to-maturity securities portfolio, which obscures the bank's true underlying profitability.
Analysts should prioritize P/TBV over P/E, as the latter is distorted by the bank's conservative accounting for credit losses and the duration-related valuation swings in its investment portfolio. Relying on P/E may lead to an inaccurate assessment of the bank's valuation, as it ignores the capital constraints imposed by the current interest rate environment.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BOH stock.
Bank of Hawaii Corporation's current P/E ratio is 17.9x. The historical average is 15.7x. This places it at the 80th percentile of its historical range.
Bank of Hawaii Corporation's current EV/EBITDA is 8.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.0x.
Bank of Hawaii Corporation's return on equity (ROE) is 11.7%. The historical average is 15.6%.
Based on historical data, Bank of Hawaii Corporation is trading at a P/E of 17.9x. This is at the 80th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Bank of Hawaii Corporation's current dividend yield is 3.41% with a payout ratio of 54.9%.
Bank of Hawaii Corporation has 65.9% gross margin and 24.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Bank of Hawaii Corporation's Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.