First HAWAIIAN, Inc. (FHB) intrinsic value & 10-year financials
First HAWAIIAN, Inc. (FHB) has a Graham intrinsic value of $28.47 per share. At $24.95 on Oct 17, 2026, the stock trades 12% below that value. Over the last 10 fiscal years revenue grew 65.0% a year to $880.8M, with an average return on invested capital of 14.8%.
- Graham intrinsic value
- $28.47
- Share price (Oct 17, 2026)
- $24.95
- Price vs Graham value
- 12% below
- Market cap
- $3.1B
- Revenue (FY2025)
- $880.8M
- Revenue growth (10-yr CAGR)
- 65.0%
- ROIC (10-yr avg)
- 14.8%
- Free cash flow (FY2025)
- $303.3M
FHB 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $880.8M | $276.3M | $2.20 | $303.3M | — | 18.5% |
| FY2024 | $808.5M | $230.1M | $1.79 | $288.7M | — | 15.6% |
| FY2023 | $836.9M | $235.0M | $1.84 | $239.0M | — | 15.3% |
| FY2022 | $793.1M | $265.7M | $2.08 | $417.3M | — | 16.5% |
| FY2021 | $715.5M | $265.7M | $2.05 | $396.7M | — | 16.1% |
| FY2020 | $733.1M | $185.8M | $1.43 | $176.1M | — | 9.2% |
| FY2019 | $765.9M | $284.4M | $2.13 | $267.1M | — | 13.3% |
| FY2018 | $745.3M | $264.4M | $1.93 | $315.5M | — | 14.6% |
| FY2017 | $8.3M | $183.7M | $1.32 | $259.7M | — | 12.6% |
| FY2016 | $9.7M | $230.2M | $1.65 | $204.6M | — | 16.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
FIRST HAWAIIAN, INC. is a consistent compounder, expanding top-line revenue at 65.0% annually over the past decade.
FIRST HAWAIIAN, INC. returns on capital have been average, hovering around 14.8% ROIC over the decade.
FIRST HAWAIIAN, INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, FIRST HAWAIIAN, INC. is modeled at 3.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $28.47 per share.