First Hawaiian
Financial ratios & Valuation

Forward Multiples (2025 – 2026)

20252026
Price/Earnings ratio
13.7913.18
Price/Sales ratio
3.733.71
Earnings per Share (EPS)
$1.78$1.86

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
15.6015.8121.1022.1711.6513.4916.4813.2612.4912.3314.7411.65
Price/Sales ratio
5.325.167.005.724.275.214.305.104.352.562.765.21
Price/Book Value ratio
1.261.231.961.601.221.451.111.321.461.161.251.22
Price/Cash Flow ratio
13.7023.7122.0815.098.7712.9414.618.447.7011.3613.548.77
Price/Free Cash Flow ratio
15.9927.3823.7615.689.9714.3717.398.887.9512.1315.099.97
Price/Earnings Growth ratio
24.03-12.262.69-1.100.251.24-0.490.3012.87-1.062.940.25
Dividend Yield
5.69%4.85%9.20%3.06%4.25%3.60%4.41%3.80%3.99%4.57%4.00%4.00%
Profitability Indicator Ratios
Gross Profit Margin
100%100%100%100%100%100%100%100%100%99.31%99.55%100%
Operating Profit Margin
54.23%52.39%53.59%51.80%60.78%51.86%34.27%50.56%52.60%N/A40.18%51.86%
Pretax Profit Margin
54.23%52.39%53.59%51.80%49.71%51.86%34.27%50.56%46.08%27.30%24.17%51.86%
Net Profit Margin
34.13%32.63%33.17%25.83%36.69%38.64%26.12%38.49%34.86%20.75%18.74%38.64%
Effective Tax Rate
37.05%37.71%38.09%50.13%26.18%25.49%23.78%23.85%24.35%23.99%22.46%25.49%
Return on Assets
1.19%1.10%1.17%0.89%1.27%1.41%0.81%1.06%1.08%0.94%0.94%1.41%
Return On Equity
8.09%7.81%9.29%7.25%10.47%10.77%6.76%10.00%11.70%9.45%8.83%10.77%
Return on Capital Employed
1.89%1.77%1.89%3.16%3.81%1.93%2.06%3.01%1.63%N/A2.06%1.93%
Liquidity Ratios
Current Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0.95N/A
Quick Ratio
N/AN/A1.45K1.561.6113.880.200.21119.720.230.9513.88
Cash ratio
N/AN/A114.960.110.101.730.090.097.020.110.710.10
Days of Sales Outstanding
19.7119.0622.0824.6324.7822.4335.74N/A180.22N/A24.8824.78
Days of Inventory outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Operating Cycle
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A24.88N/A
Days of Payables Outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Cash Conversion Cycle
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A24.88N/A
Debt Ratios
Debt Ratio
N/AN/A0.00N/A0.020.020.00N/AN/A0.020.010.02
Debt Equity Ratio
N/AN/A0.00N/A0.230.220.07N/AN/A0.200.090.22
Long-term Debt to Capitalization
N/AN/AN/AN/A0.190.070.06N/AN/AN/AN/A0.07
Total Debt to Capitalization
N/AN/A0.00N/A0.190.180.06N/AN/A0.160.080.18
Interest Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1.71N/A
Cash Flow to Debt Ratio
N/AN/A24.03N/A0.580.491.04N/AN/A0.510.970.58
Company Equity Multiplier
6.777.077.938.118.197.638.259.4010.8310.028.988.19
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.380.210.310.370.480.400.290.600.560.220.200.40
Free Cash Flow / Operating Cash Flow Ratio
0.850.860.920.960.870.900.840.950.960.930.890.87
Cash Flow Coverage Ratio
N/AN/A24.03N/A0.580.491.04N/AN/A0.510.970.58
Short Term Coverage Ratio
N/AN/A24.03N/AN/A0.74N/AN/AN/A0.510.970.74
Dividend Payout Ratio
88.85%76.82%194.19%68.01%49.56%48.61%72.73%50.47%49.90%56.44%59.00%49.56%