First Hawaiian, Inc. Financial Ratios — FHB Stock

Profitability (USD)

	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	573.69	166.37	121.87	77.73	40.65	49.15	39.54	29.8	25.93	27.41
Return on Assets (%)	- -	1.14	1.18	0.91	1.28	1.39	0.87	1.12	1.07	0.95	0.94	1.16
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	4.08	3.91	7.5	8.72	7.62	9.22	8.87	7.51	7.45	5.31	4.91	3.96
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	54.23	52.28	53.48	51.8	49.72	51.86	34.28	50.56	46.09	38.39	37.77	41.8
Profit Margin (%)	34.14	32.57	33.11	25.83	36.7	38.64	26.13	38.5	34.86	29.18	29.71	32.6
Net Income to Common Margin (%)	34.14	32.57	33.11	25.83	36.7	38.64	26.13	38.5	34.86	29.18	29.71	32.6
Effective Tax Rate (%)	37.06	37.71	38.1	50.13	26.18	25.49	23.79	23.86	24.35	24	21.35	22.01
Dvd Payout Ratio (%)	88.86	76.82	194.2	68.01	49.56	48.61	72.73	50.48	49.9	56.45	57.71	47.4
Sustainable Growth Rate (%)	- -	- -	-540.39	53.21	61.47	39.94	11.09	24.34	19.81	12.98	10.97	14.42

Credit (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	- -	- -	- -	600	600	200	- -	- -	500	250	- -
ST Debt	- -	- -	- -	- -	- -	400	- -	- -	- -	500	250	- -
LT Debt	- -	- -	- -	- -	600	200	200	- -	- -	- -	- -	- -
Total Debt/EBITDA	- -	- -	- -	- -	10.93	8.85	3.17	- -	- -	11.69	6.58	- -
Net Debt/EBITDA	-48.67	-103.22	-20.16	-16.68	-7.35	-1.39	-13.33	-24.27	-9.28	-28.99	-24.21	-44.03
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	- -	- -	0.41	0.68	1.42	2.17	2.1	2.42	3	3.37	3.93	4.51
Long-Term Debt/Equity (%)	- -	- -	- -	- -	23.76	7.58	7.29	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	100	100	0.05	0.02	67.17	19.26	29.61	- -	- -	- -	- -	- -
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	2.9	0.99	0.88	- -	- -	- -	- -	- -
Total Debt/Equity (%)	- -	- -	- -	- -	23.76	22.73	7.29	- -	- -	20.11	9.55	- -
Total Debt/Capital (%)	100	100	0.05	0.02	67.17	57.78	29.61	- -	- -	37.33	21.09	- -
Total Debt/Total Assets (%)	- -	- -	- -	- -	2.9	2.98	0.88	- -	- -	2.01	1.05	- -
Net Debt to Equity	-47.16	-96.83	-42.48	-40.85	-15.99	-3.56	-30.65	-47.37	-23.21	-49.87	-35.16	-53.36
Net Debt/Capital (%)	100	100	108.26	115.73	365.96	-27.29	230.04	192.86	-249.2	309.49	-6,024.16	371.81
EBITDA	26	26	52	62	55	68	63	52	57	43	38	34
EBITDA-CapEx	-9	7	37	52	13	38	30	31	43	27	9	2
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	- -	- -	0.41	0.68	1.42	2.17	2.1	2.42	3	3.37	3.93	4.51
Long-Term Debt/Equity (%)	- -	- -	- -	- -	23.76	7.58	7.29	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	100	100	0.05	0.02	67.17	19.26	29.61	- -	- -	- -	- -	- -
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	2.9	0.99	0.88	- -	- -	- -	- -	- -
Total Debt/Equity (%)	- -	- -	- -	- -	23.76	22.73	7.29	- -	- -	20.11	9.55	- -
Total Debt/Capital (%)	100	100	0.05	0.02	67.17	57.78	29.61	- -	- -	37.33	21.09	- -
Total Debt/Total Assets (%)	- -	- -	- -	- -	2.9	2.98	0.88	- -	- -	2.01	1.05	- -
CFO/Total Liabilities	1.6	0.86	1.28	1.5	1.93	1.69	1.05	1.87	1.93	1.14	1.5	1.58
CFO/CapEx	6.99	7.46	14.16	26.8	8.3	10.1	6.27	20.39	32.39	15.95	11.03	10.54
Altman's Z-Score	0.04	0.04	0.17	0.15	0.14	0.18	0.14	0.15	0.16	0.16	0.18	0.19

Working Capital (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	19.17	18.25	15.81	14.87	15.63	12.38	10.4	10.78	9.9	9.42	10.75
Days Sales Outstanding	- -	19.04	20	23.09	24.55	23.35	29.48	35.11	33.85	36.85	38.73	33.94
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	3,490	3,016	2,364	3,062	2,574	3,077	3,015	2,789	3,314	3,157
- Cash & Cash Equivalents	1,261	2,650	1,052	1,035	1,004	694	1,041	1,258	527	1,740	1,170	1,478
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	600	600	200	- -	- -	500	250	- -
Enterprise Value	-6,233	-6,677	-2,640	-3,253	-2,538	-1,108	1,733	-6,609	-663	-707	467	-191
Total Capital	- -	- -	80	141	893	1,038	675	606	738	1,339	1,185	1,080
Total Debt/Capital (%)	100	100	0.05	0.02	67.17	57.78	29.61	- -	- -	37.33	21.09	- -
Total Debt / EV	- -	- -	- -	- -	-0.24	-0.54	0.12	- -	- -	-0.71	0.54	- -
EV/Sales	- -	- -	- -	- -	- -	- -	2.44	- -	- -	- -	0.6	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	27.48	- -	- -	- -	12.29	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	8.27	- -	- -	- -	1.47	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	7.14	- -	- -	- -	1.35	- -
Diluted Market Cap	- -	- -	3,490	3,018	2,367	3,069	2,581	3,091	3,027	2,796	3,330	3,175
Diluted Enterprise Value	-1,261	-2,650	2,438	1,983	1,963	2,975	1,740	1,832	2,500	1,556	2,410	1,698
EV per Share	- -	- -	- -	- -	- -	- -	13.35	- -	- -	- -	3.66	- -
TTM Sales	635	656	695	711	720	736	711	690	762	805	775	847
TTM EBITDA	26	26	52	62	55	68	63	52	57	43	38	34
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	247	143	220	270	351	297	210	417	431	255	318	335
TTM Free Cash Flow to Firm	282	162	236	280	394	326	243	438	444	271	346	367

Multiples (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	14.81	10.78	6.01	9.42	10.63	7.06	6.82	10.32	9.62	8.66
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-6,233	-6,677	-2,640	-3,253	-2,538	-1,108	1,733	-6,609	-663	-707	467	-191
Low Price	- -	- -	23	26.3	21.19	22.13	13.56	23.14	21.21	15.08	19.48	20.32
EV/Sales	- -	- -	- -	- -	- -	- -	2.44	- -	- -	- -	0.6	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	27.48	- -	- -	- -	12.29	- -
Price/Earnings	- -	- -	15.16	16.42	8.94	10.77	13.86	11.58	11.35	11.87	14.4	11.43
Price/Earnings Average	- -	- -	12.28	16.51	10.84	9.73	11.18	11.5	11.18	10.38	12.46	11.24
Price/Earnings High	- -	- -	21.49	26.84	16.76	13.79	21.85	14.95	14.95	15.35	15.98	12.77
Price/Earnings Low	- -	- -	13.94	19.98	10.98	10.36	9.48	11.23	10.18	8.19	10.81	9.18
Price/Book Value	- -	- -	43.49	21.45	8.06	6.98	5.42	5.08	4.09	3.32	3.54	2.92
Price/Book Value Average	- -	- -	35.24	21.58	9.77	6.31	4.37	5.04	4.03	2.91	3.07	2.87
Price/Book Value High	- -	- -	61.66	35.07	15.11	8.94	8.54	6.56	5.38	4.3	3.93	3.27
Price/Book Value Low	- -	- -	39.98	26.11	9.89	6.72	3.71	4.92	3.66	2.29	2.66	2.35
Price/Tangible Book Value	- -	- -	2.38	1.98	1.56	1.88	1.48	1.86	2.38	1.88	2.05	1.78
Price/Tangible Book Value Average	- -	- -	1.93	1.99	1.89	1.7	1.2	1.85	2.34	1.64	1.77	1.76
Price/Tangible Book Value High	- -	- -	3.38	3.23	2.93	2.4	2.34	2.4	3.14	2.43	2.27	1.99
Price/Tangible Book Value Low	- -	- -	2.19	2.41	1.92	1.8	1.01	1.81	2.13	1.3	1.54	1.43
Price/Sales	- -	- -	5.02	4.24	3.28	4.16	3.62	4.46	3.96	3.46	4.28	3.73
Price/Sales Average	- -	- -	4.07	4.27	3.98	3.76	2.92	4.43	3.9	3.03	3.7	3.66
Price/Sales High	- -	- -	7.12	6.93	6.15	5.33	5.71	5.75	5.21	4.48	4.75	4.16
Price/Sales Low	- -	- -	4.61	5.16	4.03	4	2.48	4.32	3.55	2.39	3.21	2.99
Price/Cash Flow	- -	- -	15.86	11.18	6.73	10.33	12.29	7.38	7	10.93	10.44	9.42
Price/Cash Flow Average	- -	- -	12.85	11.24	8.15	9.33	9.92	7.32	6.9	9.57	9.03	9.27
Price/Cash Flow High	- -	- -	22.48	18.27	12.61	13.23	19.37	9.52	9.23	14.15	11.58	10.53
Price/Cash Flow Low	- -	- -	14.58	13.61	8.26	9.93	8.41	7.15	6.28	7.54	7.83	7.57
Price/Free Cash Flow Average	- -	- -	12	10.85	7.29	8.51	8.57	7.01	6.72	9.03	8.32	8.51
Price/Free Cash Flow High	- -	- -	21	17.63	11.27	12.06	16.75	9.12	8.98	13.35	10.67	9.68
Price/Free Cash Flow Low	- -	- -	13.62	13.13	7.38	9.06	7.27	6.85	6.11	7.12	7.22	6.95
EV/Sales Average	- -	- -	2.55	2.81	3.42	3.63	1.74	2.6	3.21	1.49	2.51	1.92
EV/Sales High	- -	- -	5.6	5.48	5.59	5.2	4.53	3.93	4.52	2.94	3.56	2.42
EV/Sales Low	- -	- -	3.1	3.71	3.47	3.87	1.29	2.5	2.86	0.85	2.02	1.25
EV/EBITDA Average	-48.67	-103.22	34.03	32.22	44.84	39.41	19.6	34.66	43.06	28.07	51.23	48.51
EV/EBITDA High	-48.67	-103.22	74.66	62.8	73.36	56.44	51.02	52.34	60.72	55.36	72.55	61.12
EV/EBITDA Low	-48.67	-103.22	41.33	42.5	45.5	42.04	14.59	33.29	38.37	15.99	41.24	31.53
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	25.02	21.61	17.26	23.01	19.82	23.86	23.65	21.86	25.95	25.3
High Price	- -	- -	35.47	35.32	32.36	29.47	31.25	30.8	31.16	28.28	28.8	28.28
Enterprise Value Average	-1,261	-2,650	1,776	1,998	2,462	2,673	1,236	1,797	2,444	1,200	1,948	1,628
Enterprise Value High	-1,261	-2,650	3,896	3,895	4,028	3,828	3,218	2,714	3,446	2,368	2,758	2,051
Enterprise Value Low	-1,261	-2,650	2,156	2,636	2,498	2,851	920	1,726	2,177	684	1,567	1,058

	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	139	139	140	140	135	130	130	128	127	128	126	123
Diluted Weighted Avg Shares	139	139	139	140	137	133	130	130	128	128	128	126
Basic Weighted Avg Shares	139	139	139	140	137	133	130	129	127	128	128	125
Revenue per Share	4.55	4.71	4.98	5.09	5.26	5.53	5.47	5.35	5.98	6.31	6.07	6.79
EBITDA per Share	0.19	0.18	0.37	0.44	0.4	0.51	0.49	0.4	0.45	0.34	0.3	0.27
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.55	1.53	1.65	1.32	1.93	2.14	1.43	2.06	2.08	1.84	1.8	2.21
Basic EPS from Cont Ops	1.55	1.53	1.65	1.32	1.93	2.14	1.43	2.06	2.08	1.84	1.8	2.21
Diluted EPS, GAAP	1.55	1.53	1.65	1.32	1.93	2.13	1.43	2.05	2.08	1.84	1.79	2.2
Diluted EPS from Cont Ops	1.55	1.53	1.65	1.32	1.93	2.13	1.43	2.05	2.08	1.84	1.79	2.2
Dividend per Share	1.38	1.18	3.2	0.9	0.96	1.04	1.04	1.04	1.04	1.04	1.04	1.05
Cash Flow per Share	1.77	1.02	1.58	1.93	2.57	2.23	1.61	3.23	3.38	2	2.49	2.68
Free Cash Flow per Basic Share	1.52	0.89	1.47	1.86	2.26	2.01	1.36	3.08	3.27	1.87	2.26	2.43
Cash & Equivalents per Share	44.69	47.88	43.94	44.92	40.18	35.84	8.01	75.11	28.85	31.32	24.25	26.83
Book Value per Share	- -	- -	0.58	1.01	2.14	3.29	3.66	4.7	5.79	6.58	7.33	8.66
Tangible Book Value per Share	11.86	12.33	10.5	10.92	11.05	12.26	13.38	12.82	9.94	11.64	12.66	14.18

First Hawaiian, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)