First Hawaiian Inc (FHB) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of First Hawaiian Inc $22.25, price $24.78, upside -10.2%, quality 64 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch First Hawaiian Inc for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $13.47 – $30.34 · fair‑value band $18.71 – $32.44 · the $24.78 price screens above the $22.25 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
Follow First Hawaiian in your weekly email
Every Wednesday you see whether First Hawaiian is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
First Hawaiian, Inc. operates as a bank holding company for First Hawaiian Bank that provides a range of banking products and services to consumer and commercial customers in the United States. It operates in two segments: Retail Banking and Commercial Banking.
Show more
First Hawaiian, Inc. operates as a bank holding company for First Hawaiian Bank that provides a range of banking products and services to consumer and commercial customers in the United States. It operates in two segments: Retail Banking and Commercial Banking. The company offers various deposit products, including checking, savings, and time deposit accounts, and other deposit accounts. It also provides residential and commercial mortgage loans, home equity lines of credit and loans, automobile loans and leases, secured and unsecured lines of credit, installment loans, small business loans and leases, as well as commercial lease and auto dealer financing services. In addition, the company offers wealth management, personal installment, individual investment and financial planning, insurance protection, trust and estate, private banking, investment management, retirement planning, and credit card and merchant processing services, as well as consumer and commercial credit cards processing services. Further, the company provides commercial and industrial lending, such as auto dealer flooring, commercial real estate lending, and construction lending services. It offers its products through branch, online, and mobile distribution channels. The company was formerly known as BancWest Corporation and changed its name to First Hawaiian, Inc. in April 2016. First Hawaiian, Inc. was founded in 1858 and is headquartered in Honolulu, Hawaii.
Stock analysis
First Hawaiian Inc (FHB) currently trades at $24.78, while our model-based Fair Value estimate is $22.25, implying the stock looks roughly 11.4% overvalued today.
Show more
Valuation
Bull case: the Multiples group reads highest at a median of $29.52 per share, and 2 of the 6 models we run sit above the $24.78 price.
Bear case: the Asset-Based group reads lowest at $15.25, and 4 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: $18.71 (bear) to $32.44 (bull), the price of $24.78 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 64/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
First Hawaiian Inc reported revenue of $1.2B in FY2025 versus $709M in FY2021, a compound +13.3%/yr. Reported net income was $276M in FY2025, compounding +1.0%/yr from FY2021.
Key figures
Market cap $3.7B · P/E ratio 10.9 · P/S ratio 2.57 · EPS (TTM) $2.28 · Dividend yield 4.2% · Net margin 23.6% · Return on equity 10.5% · Return on assets (EBIT) 1.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 18% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −38% fair-value upside, at −10%, FHB screens cheaper than that median.
Fair Value models
Bear $18.71Fair Value $22.25Bull $32.44
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($0.9071 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.75/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+3.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.0%
Start year 2020 (pandemic). Over 10 years: +5.6% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.8%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+5.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.4%
Dividend (yield on the price)4.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.1% vs 4%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.32% → 30%
Start year 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−4.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−2.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −6.6% a year for the price and −4.3% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (95 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 1074 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score61 · Top 25%
Fair Value upside−10% · Above median
Profitability
Return on equity (TTM)11% · Above median
Return on assets1% · Above median
Net margin (TTM)33% · Above median
Operating margin (TTM)42% · Above median
Growth and dividend
Revenue growth7% · Below median
Dividend yield (TTM)4.2% · Top 25%
Balance sheet
Debt / equity0.07× · Lowest 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is First Hawaiian Inc (FHB) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $22.25 versus a price of $24.78, about −10% upside (overvalued).
What is the fair value of FHB?
Our model-based fair value for First Hawaiian Inc is $22.25 (as of Sep 24, 2026), built from audited fundamentals. The current price: $24.78.
What is the quality score of FHB?
First Hawaiian Inc has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for First Hawaiian Inc (FHB)?
Our model-based price target is the fair value of $22.25 (as of Sep 24, 2026) from 6 valuation models. Cautious scenario $18.71, optimistic scenario $32.44. It is a calculation from audited fundamentals, not an analyst target.
What is the First Hawaiian Inc stock forecast for 2026?
Our models put fair value at $22.25, about −10% upside versus a price of $24.78 (overvalued). Cautious scenario $18.71, optimistic scenario $32.44. The calculation is refreshed regularly with new filings.
What is the revenue of First Hawaiian Inc (FHB)?
First Hawaiian Inc reported trailing-twelve-month revenue of about $868M (latest available figure, as of Sep 24, 2026).
Does First Hawaiian Inc pay a dividend?
First Hawaiian Inc currently shows a dividend yield of about 4.20% relative to its recent price (as of Sep 24, 2026).
What growth is priced into First Hawaiian Inc (FHB)?
For today's price to be fair in a discounted-cash-flow model, First Hawaiian Inc would have to grow free cash flow by -4.3 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of FHB use?
Our models discount First Hawaiian Inc at 9.0 %: a base by market capitalisation (mid), damped by beta 0.71, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For First Hawaiian Inc that is -4.3 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has First Hawaiian Inc (FHB) delivered so far?
Over the past 5 years revenue at First Hawaiian Inc grew +9.0 % a year. The price currently implies -4.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of First Hawaiian Inc (FHB) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into First Hawaiian Inc (-4.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of First Hawaiian Inc (FHB)?
The free-cash-flow yield on the price is 9.75 %: that much free cash flow First Hawaiian Inc produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of First Hawaiian Inc (FHB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For First Hawaiian Inc it is $22.25 per share (as of Sep 24, 2026), against a price of $24.78. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is First Hawaiian Inc stock overvalued or undervalued in 2026?
As of Sep 24, 2026, FHB trades above its calculated fair value: price $24.78, fair value $22.25, a gap of about −10% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FHB?
No. The price is what the market pays today ($24.78); the fair value is what the company's own numbers justify ($22.25). For First Hawaiian Inc the two are $2.53 per share apart. That gap is exactly why we show both numbers side by side.
How much is First Hawaiian Inc worth?
The market values First Hawaiian Inc at about $3.7B (market capitalisation, as of Sep 24, 2026). Per share that is $24.78; our models calculate a fair value of $22.25 per share.
What do the bullish and bearish scenarios say about FHB?
Our models span a range for First Hawaiian Inc: cautious scenario $18.71, base $22.25, optimistic $32.44 per share (as of Sep 24, 2026, price $24.78). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FHB?
First Hawaiian Inc trades at a price-to-earnings ratio of 10.9 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $22.25 is built from several models across several years. Other multiples: PEG 3.1, P/B 1.3, P/S 4.2, EV/EBITDA 10.3.
What is the PEG ratio of FHB?
The PEG ratio of First Hawaiian Inc is 3.05 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of First Hawaiian Inc (FHB)?
Balance-sheet figures for First Hawaiian Inc (as of Sep 24, 2026): return on equity 10.5%, debt of 0.07 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is FHB from its 52-week high?
First Hawaiian Inc trades at $24.78, about 18% below its 52-week high of $30.34 and 12% above the low of $22.08 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $22.25 is for.
Which stocks are comparable to First Hawaiian Inc?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, Intesa Sanpaolo S.p.A, HDFC Bank Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is First Hawaiian Inc stock attractive at the current price?
The data as of Sep 24, 2026: price $24.78, calculated fair value $22.25 (−10%), Quality Score 64/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FHB calculated?
We run First Hawaiian Inc through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $22.25, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. First Hawaiian Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of First Hawaiian Inc (FHB)?
The closing price on Sep 23, 2026 was $24.78. Our model-based fair value is $22.25, about −10% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with First Hawaiian Inc right now?
For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of First Hawaiian Inc (FHB) come from?
Earnings per share at First Hawaiian Inc grew +2.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.8 %, EBIT margin −6.5 %, tax rate +2.5 %, residual (interest, one-offs) +0.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of First Hawaiian Inc
How large is the market capitalisation of First Hawaiian Inc (FHB)?
The market capitalisation of First Hawaiian Inc is $3.7B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of First Hawaiian Inc (FHB)?
The price-to-sales ratio of First Hawaiian Inc is 2.57 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of First Hawaiian Inc (FHB)?
Earnings per share at First Hawaiian Inc are $2.28 (price ÷ EPS = P/E 10.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of First Hawaiian Inc (FHB)?
The dividend yield of First Hawaiian Inc is 4.2% (payout 45.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of First Hawaiian Inc (FHB)?
The net margin of First Hawaiian Inc is 23.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of First Hawaiian Inc (FHB)?
The return on equity (ROE) of First Hawaiian Inc is 10.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of First Hawaiian Inc (FHB)?
On an EBIT basis the return on assets of First Hawaiian Inc is 1.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of First Hawaiian Inc (FHB)?
The operating margin of First Hawaiian Inc is 42.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at First Hawaiian Inc (FHB)?
Revenue at First Hawaiian Inc is growing +7.4% versus a year earlier (3y avg +12.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at First Hawaiian Inc (FHB)?
Earnings per share at First Hawaiian Inc are growing +17.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does First Hawaiian Inc (FHB) hold?
First Hawaiian Inc holds more cash than debt, $229M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
Free · no account needed
Watch First Hawaiian Inc in the live analysis
One click puts First Hawaiian Inc on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
Broad data
Sep 24, 2026