First Hawaiian, Inc. (FHB) Key Metrics
FHB valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.04B
- Enterprise value
- $2.02B
- P/E (TTM)
- 10.8 10-yr median 13.4
- Forward P/E
- 12.2
- PEG ratio
- 3.05
- Price / sales
- 3.4 10-yr median 4.1
- Price / book
- 1.1 10-yr median 1.3
- EV / EBITDA
- — 10-yr median 7.3
- Dividend yield
- 4.17% $1.04 a year
- Beta
- 0.75
FHB key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsFHB valuation Price multiples at each fiscal year-end price.
FHB returns How much profit the business earns on the capital it uses.
FHB per-share figures Results divided by the shares outstanding at year-end.
FHB financial health Debt, liquidity and how easily interest is covered.
FHB efficiency & capital use Working capital cycle and where the cash goes.
FHB valuation history
FHB returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FHB debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FHB cash returned to shareholders
FHB price vs earnings per share
FHB key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $3.18B | $3.33B | $2.92B | $3.33B | $3.54B | $3.07B | $3.85B | $3.09B | $4.08B | $4.86B |
| Enterprise value | $2.95B | $2.40B | −$571.1M | −$270.1M | −$6.08B | $2.23B | $78.6M | −$1.82B | −$2.19B | −$1.26B |
| P/E ratio | 11.5 | 14.5 | 12.4 | 12.5 | 13.3 | 16.5 | 13.5 | 11.7 | 22.2 | 21.1 |
| Price / sales | 2.7 | 2.9 | 2.7 | 4.1 | 5.0 | 4.1 | 4.6 | 3.9 | 5.4 | 6.7 |
| Price / book | 1.1 | 1.3 | 1.2 | 1.5 | 1.3 | 1.1 | 1.5 | 1.2 | 1.6 | 2.0 |
| Price / free cash flow | 10.5 | 11.5 | 12.2 | 8.0 | 8.9 | 17.4 | 14.4 | 10.0 | 15.7 | 23.7 |
| Price / operating cash flow | 9.5 | 10.5 | 11.5 | 7.7 | 8.5 | 14.7 | 13.0 | 8.8 | 15.1 | 22.1 |
| EV / sales | 2.5 | 2.1 | -0.5 | -0.3 | -8.6 | 2.9 | 0.1 | -2.3 | -2.9 | -1.7 |
| EV / EBITDA | 7.6 | 7.3 | — | — | — | 7.3 | 0.2 | — | — | — |
| EV / free cash flow | 9.7 | 8.3 | — | — | — | 12.7 | 0.3 | — | — | — |
| Earnings yield | 8.7% | 6.9% | 8.0% | 8.0% | 7.5% | 6.0% | 7.4% | 8.6% | 4.5% | 4.7% |
| Free cash flow yield | 9.6% | 8.7% | 8.2% | 12.5% | 11.2% | 5.7% | 6.9% | 10.0% | 6.4% | 4.2% |
| Dividend yield | 4.1% | 4.0% | 4.5% | 4.0% | 3.8% | 4.4% | 3.6% | 4.2% | 3.1% | 9.2% |
| Shareholder yield (dividends + buybacks) | 7.3% | 5.2% | 4.6% | 4.4% | 6.0% | 4.6% | 7.2% | 8.5% | 3.1% | 9.2% |
| Share price at fiscal year-end | $25.30 | $25.95 | $22.86 | $26.04 | $27.33 | $23.58 | $28.85 | $22.51 | $29.18 | $34.82 |
| Per share | ||||||||||
| Revenue per share | $9.31 | $8.82 | $8.54 | $6.34 | $5.47 | $5.82 | $6.31 | $5.84 | $5.39 | $5.18 |
| Earnings per share | $2.20 | $1.79 | $1.84 | $2.08 | $2.05 | $1.43 | $2.13 | $1.93 | $1.32 | $1.65 |
| Operating cash flow per share | $2.67 | $2.47 | $1.99 | $3.36 | $3.22 | $1.61 | $2.22 | $2.56 | $1.93 | $1.58 |
| Free cash flow per share | $2.42 | $2.25 | $1.87 | $3.26 | $3.06 | $1.35 | $2.00 | $2.25 | $1.86 | $1.47 |
| Cash per share | $1.82 | $9.18 | $31.23 | $28.74 | $74.78 | $7.99 | $35.76 | $40.13 | $44.89 | $43.94 |
| Book value per share | $22.07 | $20.40 | $19.44 | $17.73 | $20.51 | $21.07 | $19.79 | $18.41 | $18.13 | $17.75 |
| Tangible book value per share | $14.10 | $12.60 | $11.61 | $9.90 | $12.76 | $13.35 | $12.24 | $11.04 | $10.91 | $10.50 |
| Dividends per share | $1.04 | $1.03 | $1.04 | $1.04 | $1.04 | $1.04 | $1.04 | $0.96 | $0.89 | $3.20 |
| Capex per share | $0.25 | $0.22 | $0.12 | $0.10 | $0.16 | $0.26 | $0.22 | $0.31 | $0.07 | $0.11 |
| Debt per share | — | $1.95 | $3.91 | $0.59 | $0.51 | $1.54 | $7.50 | $4.38 | $0.00 | $0.07 |
| Shares outstanding | 125.5M | 128.3M | 127.9M | 128.0M | 129.5M | 130.2M | 133.4M | 137.1M | 139.7M | 139.5M |
| Change in shares outstanding | −2.2% | +0.3% | −0.1% | −1.2% | −0.5% | −2.4% | −2.7% | −1.8% | +0.1% | +0.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 10.3% | 9.0% | 9.9% | 10.8% | 9.8% | 6.9% | 11.0% | 10.5% | 7.3% | 8.8% |
| Return on invested capital (ROIC) | 13.1% | 67.7% | — | — | — | 48.0% | — | — | — | — |
| Return on assets (ROA) | 1.2% | 0.9% | 0.9% | 1.1% | 1.1% | 0.9% | 1.4% | 1.3% | 0.9% | 1.2% |
| Return on tangible assets | 1.2% | 1.0% | 1.0% | 1.1% | 1.1% | 0.9% | 1.5% | 1.3% | 0.9% | 1.2% |
| Free cash flow margin | 26.0% | 25.5% | 21.9% | 51.4% | 55.9% | 23.2% | 31.8% | 38.6% | 34.5% | 28.3% |
| Income quality (OCF / net income) | 1.21 | 1.38 | 1.09 | 1.62 | 1.57 | 1.13 | 1.04 | 1.33 | 1.47 | 0.96 |
| Financial health | ||||||||||
| Total debt | — | $250.0M | $500.0M | $75.0M | $65.8M | $200.0M | $1.00B | $600.0M | $34,000 | $9.2M |
| Cash & short-term investments | $228.7M | $1.18B | $4.00B | $3.68B | $9.69B | $1.04B | $4.77B | $5.50B | $6.27B | $6.13B |
| Net debt | −$228.7M | −$928.3M | −$3.50B | −$3.60B | −$9.62B | −$840.9M | −$3.77B | −$4.90B | −$6.27B | −$6.12B |
| Debt / equity | — | 0.10 | 0.20 | 0.03 | 0.02 | 0.07 | 0.38 | 0.24 | 0.00 | 0.00 |
| Debt / assets | — | 0.01 | 0.02 | 0.00 | 0.00 | 0.01 | 0.05 | 0.03 | 0.00 | 0.00 |
| Net debt / EBITDA | −0.59 | −2.81 | −9.93 | −8.83 | −24.00 | −2.74 | −8.39 | −11.87 | −14.57 | −14.43 |
| Current ratio | 0.03 | 0.08 | 0.20 | 0.19 | 0.46 | 0.07 | 0.28 | 0.32 | 0.36 | 0.36 |
| Quick ratio | 0.03 | 0.08 | 0.22 | 0.21 | 0.52 | 0.13 | 0.32 | 0.32 | 0.36 | 0.36 |
| Interest coverage | 1.2 | 0.8 | 1.1 | 7.1 | 18.6 | 5.2 | 3.6 | 4.5 | 8.8 | 13.8 |
| Working capital | −$10.53B | −$18.98B | −$17.37B | −$17.81B | −$11.84B | −$17.87B | −$12.57B | −$11.73B | −$11.43B | −$10.77B |
| Invested capital | $2.54B | $1.69B | −$1.01B | −$1.33B | −$6.96B | $1.90B | −$1.13B | −$2.38B | −$3.74B | −$3.64B |
| Tangible asset value | $1.77B | $1.62B | $1.48B | $1.27B | $1.65B | $1.74B | $1.63B | $1.51B | $1.52B | $1.46B |
| Net current asset value | −$20.88B | −$19.52B | −$17.98B | −$18.26B | −$12.35B | −$18.56B | −$12.71B | −$12.62B | −$11.70B | −$11.01B |
| Graham number | $33.06 | $28.69 | $28.34 | $28.78 | $30.77 | $26.01 | $30.81 | $28.27 | $23.17 | $25.67 |
| Graham net-net per share | −$166.51 | −$153.11 | −$142.57 | −$145.73 | −$101.04 | −$147.42 | −$98.16 | −$92.13 | −$83.86 | −$79.03 |
| Capital allocation | ||||||||||
| Dividends paid | $131.0M | $132.8M | $132.6M | $132.6M | $134.1M | $135.1M | $138.2M | $131.0M | $124.9M | $447.0M |
| Share buybacks (net) | $100.3M | $40.0M | $3.2M | $13.0M | $78.1M | $6.7M | $138.0M | $131.8M | $136,000 | $146,000 |
| Dividend payout ratio | 47.4% | 57.7% | 56.4% | 49.9% | 50.5% | 72.7% | 48.6% | 49.6% | 68.0% | 194.2% |
| Dividends + buybacks / free cash flow | 76.3% | 59.8% | 56.8% | 34.9% | 53.5% | 80.5% | 103.4% | 85.0% | 48.2% | 218.6% |
| Capex / revenue | 2.7% | 2.5% | 1.5% | 1.6% | 2.9% | 4.4% | 3.5% | 5.3% | 1.3% | 2.2% |
| Capex / operating cash flow | 9.5% | 9.1% | 6.3% | 3.1% | 4.9% | 15.9% | 9.9% | 12.0% | 3.7% | 7.1% |
| Capex / depreciation | 0.95 | 0.76 | 0.37 | 0.23 | 0.39 | 0.53 | 0.43 | 0.77 | 0.16 | 0.30 |
| Stock-based compensation / revenue | 1.4% | 1.1% | 0.9% | 1.3% | 1.8% | 1.3% | 0.9% | 0.8% | 0.7% | 0.6% |
| SG&A / revenue | 34.3% | 21.5% | 21.4% | 25.5% | 26.6% | 23.7% | 21.4% | 21.5% | 22.5% | 22.6% |
| Efficiency | ||||||||||
| Days sales outstanding | 92.2 | 157.2 | 140.1 | 150.8 | 156.9 | 86.7 | 20.4 | 22.1 | 21.8 | 19.3 |
| Days of inventory on hand | — | — | -512.7 | -6,886.1 | 21,923.5 | -2,001.0 | -1,132.2 | 1.9 | 2.0 | 2.5 |
| Days payables outstanding | — | — | — | 155,479.3 | -369,938.1 | 38,577.1 | 51,473.7 | 62,241.0 | 103,842.3 | 169,157.7 |
| Cash conversion cycle (days) | — | — | — | -162,214.6 | 392,018.5 | -40,491.3 | -52,585.5 | -62,217.0 | -103,818.5 | -169,136.0 |
| Receivables turnover | 3.96 | 2.32 | 2.61 | 2.42 | 2.33 | 4.21 | 17.87 | 16.51 | 16.74 | 18.96 |
| Payables turnover | — | — | — | 0.00 | −0.00 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 |
| Inventory turnover | — | — | — | — | — | — | — | 188.73 | 183.78 | 146.78 |
| Asset turnover | 0.05 | 0.05 | 0.04 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
| Average receivables | $295.0M | $487.4M | $419.4M | $335.4M | $304.8M | $180.1M | $47.1M | $48.5M | $45.0M | $38.1M |
| Average payables | — | — | — | $21.75B | $20.52B | $17.83B | $16.79B | $17.38B | $17.20B | $16.43B |
| Average inventory | — | — | −$441.2M | −$963.4M | −$1.22B | −$925.1M | −$369.4M | $540,000 | $329,000 | $241,500 |
| Intangibles / total assets | 4.2% | 4.2% | 4.0% | 4.1% | 4.0% | 4.4% | 5.0% | 4.9% | 4.9% | 5.1% |
Computed from FHB's annual financial statements (latest annual report filed February 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
FHB valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), First Hawaiian traded at 11.5 times earnings, against a 10-year median of 13.4. Based on the latest twelve months, the trailing P/E is 10.8 and the forward P/E is 12.2. First Hawaiian earned a return on equity of 10.3% and a return on invested capital of 13.1% in fiscal 2025. It returned $231.3 million to shareholders: $131.0 million in dividends and $100.3 million in share buybacks, 76% of free cash flow. The share count fell 10.0% from 139.5M to 125.5M over 9 years.
See the FHB income statement, the FHB chart for price history, or the FHB stock overview for the latest quote and news.
FHB key metrics FAQ
What is First Hawaiian's P/E ratio?
First Hawaiian's trailing P/E ratio is 10.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 12.2. At the end of fiscal 2025 it was 11.5, compared with a 10-year median of 13.4.
What is First Hawaiian's EV/EBITDA?
First Hawaiian's enterprise value was 7.6 times EBITDA at the end of fiscal 2025 (enterprise value $2.9 billion, EBITDA $387.8 million).
What is First Hawaiian's return on equity?
First Hawaiian's return on equity (ROE) was 10.3% in fiscal 2025: net income of $276.3 million on average shareholders' equity of $2.7 billion.
What is First Hawaiian's ROIC?
First Hawaiian's return on invested capital was 13.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
What is First Hawaiian's dividend yield?
First Hawaiian's forward dividend yield is 4.17%. First Hawaiian paid $131.0 million in dividends in fiscal 2025 ($1.04 per share), a payout ratio of 47.4%.
Does First Hawaiian buy back its shares?
Yes. First Hawaiian spent $100.3 million on net share repurchases in fiscal 2025 Shares outstanding changed −2.2% over the year, to 125.5M..
What is First Hawaiian's free cash flow yield?
First Hawaiian generated $303.3 million of free cash flow in fiscal 2025, a free cash flow yield of 9.6% on its market value at year-end ($3.2 billion).
What is First Hawaiian's current ratio?
First Hawaiian's current ratio was 0.03 at the end of fiscal 2025: current assets were 0.03 times current liabilities.