FHB
FIRST HAWAIIAN, INC.
Financials • CIK: 0000036377
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Market Cap
$3.16B
P/E (TTM)
11.5x
Rev Growth (TTM)
+8.9%
Net Margin (TTM)
31.4%
FCF Yield (TTM)
9.6%
FCF Margin (TTM)
34.4%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$303M
Q4 '25
$100M+102%
Q3 '25
$50M-60%
FCF Margin
TTM34.4%
Q4 '2544.3%+102%
Sector: 22.2%Top 25%
OCF Margin38.0%
OCF/NI1.21x
CapEx Coverage10.5x
FCF Yield9.6%
FCF Growth (2Y)-10%
Cash Conversion Cycle
0 days
DSO: 0+DIO: –−DPO: –
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM7.3%
Div Yield4.1%
+Buyback (TTM)3.2%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)4.1%
FCF Payout Ratio42.8%
Free Cash Flow (TTM)$303.3M
Stock Repurchases (TTM)$100.0M
Capital Return / FCF75.8%
Est. Dividends Paid (TTM)$129.8M
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
–
P25MedianP75
(med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
–
Asset Turnover
0.04x
8Q: 0.04x
Leverage (1+D/E)
1.00x
D/E: 0.00x
Asset & CapEx Efficiency
Fixed Asset Turn
2.96x
8Q:2.93x
+10.1%
CapEx/Depreciation
1.98x
Depreciation Rate Trend
⚠ Declining -11.2%
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $880.8M | $225.9M↓0.2% | $226.4M↑4.1% | $217.5M↑3.1% | $211.0M↑12.2% | $188.1M↓10.4% | $210.0M↑2.6% | $204.6M↓0.6% | $205.8M |
Operating Income | $381.4M | $100.8M↑0.1% | $100.6M↑8.7% | $92.6M↑5.9% | $87.4M↑36.7% | $64.0M↓23.7% | $83.8M↑1.6% | $82.5M↑7.2% | $77.0M |
Net Income | $276.3M | $69.9M↓5.3% | $73.8M↑0.8% | $73.2M↑23.6% | $59.2M↑12.9% | $52.5M↓14.6% | $61.5M↓0.7% | $61.9M↑14.2% | $54.2M |
Operating Cash Flow | $335.1M | $104.9M↑83.8% | $57.1M↓58.1% | $136.4M↑271.4% | $36.7M↓67.7% | $113.8M↑93.3% | $58.9M↓24.7% | $78.2M↑17.3% | $66.6M |
Free Cash Flow | $303.3M | $100.0M↑101.9% | $49.5M↓60.4% | $125.2M↑337.4% | $28.6M↓72.1% | $102.5M↑95.9% | $52.3M↓27.5% | $72.2M↑16.8% | $61.8M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
11.5x
Volatile
8Q: 46.7x-687%
Valuation Lenses
Earnings
11.5x
vs – sector
Cash Flow
6.1x
EV/FCF vs –
Growth-Adj
0.5xPEG
Undervalued for growth
Quality-Adj
–P/E per %ROIC
ROIC: –
Shareholder Returns
Dividend
4.1%
Buyback
3.2%
Total Yield
7.3%
Market Cap$3.16B
EV$1.84B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
72/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Below Avg
10.3%
8Q:–
Return on Invested Capital (ROIC)
–
8Q:–
vs Sector:0.1%
Earnings Quality
Cash Conversion
1.21x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin–
Capital Efficiency
Invested Capital Turnover–
Working Capital
Cash Conversion Cycle0 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
54/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
8.9%
OpInc Growth YoY
57.5%
EPS Growth YoY
22.9%
FCF 3Y CAGR
-10.1%
Growth Quality Analysis
⚠Working Capital Drag: FCF growth lagging revenue by 19.0%
⚠Sustainability Index: 3.0/10 - Growth sustainability concerns
Margin Quality & Sustainability
High Quality
Profitability Cascade
Gross
—
Operating
—
Net
31.4%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+3.1 pts
FCF: 34.4% | Net: 31.4%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $1.48B
Interest Coverage
–
+Net cash position: $1.48B
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis