Latest Ratios: P/E Ratio 13.7x · EV/EBITDA 8.9x · 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 | $3.7B | $3.2B | $3.3B | $2.9B | $3.3B | $3.5B | $3.1B | $3.8B | $3.1B | $4.1B | $4.9B |
| Enterprise Value | $3.4B | $2.9B | $2.4B | $1.7B | $2.9B | $2.3B | $2.2B | $4.2B | $2.7B | $3.0B | $3.8B |
| P/E Ratio → | 13.74 | 11.50 | 14.50 | 12.42 | 12.52 | 13.33 | 16.49 | 13.54 | 11.66 | 22.11 | 21.10 |
| P/S Ratio | 3.15 | 2.72 | 2.94 | 2.68 | 4.11 | 4.99 | 4.05 | 4.57 | 3.86 | 5.41 | 6.73 |
| P/B Ratio | 1.37 | 1.15 | 1.27 | 1.18 | 1.47 | 1.33 | 1.12 | 1.46 | 1.22 | 1.61 | 1.96 |
| P/FCF | 12.13 | 10.47 | 11.53 | 12.23 | 7.99 | 8.93 | 17.44 | 14.40 | 9.99 | 15.69 | 23.75 |
| P/OCF | 10.98 | 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 | — | 2.52 | 2.13 | 1.54 | 3.55 | 3.22 | 2.94 | 4.94 | 3.35 | 4.04 | 5.28 |
| EV / EBITDA | 8.89 | 7.60 | 7.29 | 4.79 | 7.06 | 5.69 | 7.27 | 9.24 | 6.49 | 7.06 | 9.00 |
| EV / EBIT | 9.74 | 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 | 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% |
| 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 | — | 0.05 | 0.05 | 0.04 | 0.03 | 0.03 | 0.03 | 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 | 3.5% | 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 | 7.3% | 8.7% | 6.9% | 8.0% | 8.0% | 7.5% | 6.1% | 7.4% | 8.6% | 4.5% | 4.7% |
| FCF Yield | 8.2% | 9.6% | 8.7% | 8.2% | 12.5% | 11.2% | 5.7% | 6.9% | 10.0% | 6.4% | 4.2% |
| Buyback Yield | 2.7% | 3.2% | 1.2% | 0.0% | 0.3% | 2.1% | 0.2% | 3.5% | 4.3% | 0.0% | 0.0% |
| Total Shareholder Yield | 6.2% | 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 |
Geographic and tourism concentration
According to recent market data, FHB trades at a P/B of 1.34, which suggests that investors are pricing in a stability premium for its island-based franchise compared to mainland peers, despite the bank's modest ROE performance relative to the broader regional banking sector's historical averages.
The current P/B multiple reflects the market's confidence in the bank's geographic moat and the perceived stickiness of its deposit base. However, the valuation appears to be at a slight discount to Bank of Hawaii, indicating that the market may be discounting FHB's specific asset mix or growth prospects within the Hawaiian archipelago.
Based on reported figures, FHB's ROE has remained constrained in the 2.0% to 2.7% range over the last ten quarters, indicating that the bank's profitability is currently pressured by rising funding costs and a limited ability to expand net interest margins in the current rate environment.
The decomposition of profitability suggests that while the bank maintains a stable equity-to-assets ratio, the lack of significant expansion in asset utilization or non-interest income contribution limits bottom-line growth. Investors should monitor whether the shift toward interest-bearing time deposits continues to weigh on the overall return on equity.
As reported in quarterly filings, First Hawaiian maintained an efficiency ratio of 45.3% in 2026Q1, demonstrating a disciplined approach to managing non-interest expenses despite the high-cost operating environment inherent to maintaining a physical branch network across the Hawaiian islands and surrounding territories.
The bank's ability to keep the efficiency ratio below 50% suggests effective cost control, which is critical given the limited scale of the local market. However, the persistent 0.7% NIM indicates that the bank is struggling to pass through higher funding costs to its loan book, potentially signaling a structural challenge in its asset-liability management.
According to recent financial statements, the equity-to-assets ratio stood at 0.11 in 2026Q1, confirming that First Hawaiian continues to maintain a robust capital cushion that comfortably exceeds regulatory requirements for a well-capitalized institution operating within its specific regional economic constraints and risk profile.
This capital position provides the bank with significant flexibility to navigate potential economic volatility in the tourism sector without needing to curtail lending or dividend payments. The stability of this ratio over the last ten quarters suggests a management team that prioritizes balance sheet strength over aggressive capital deployment.
The P/E ratio is frequently misapplied to FHB because it fails to account for the volatility introduced by CECL-driven provision for credit losses, which can cause significant, non-cash fluctuations in quarterly earnings that do not reflect the underlying health of the bank's core lending franchise.
Investors should instead focus on P/TBV and pre-provision net revenue (PPNR) to better gauge the bank's operational performance. Relying on P/E may lead to an inaccurate assessment of the bank's valuation during periods of economic stress when provisions are elevated, masking the true earnings power of the institution.
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 13.7x. The historical average is 14.9x. This places it at the 60th percentile of its historical range.
First Hawaiian, Inc.'s current EV/EBITDA is 8.9x. 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 13.7x. This is at the 60th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
First Hawaiian, Inc.'s current dividend yield is 3.45% with a payout ratio of 47.4%.
First Hawaiian, Inc. has 73.1% gross margin and 30.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.