FHBFIRST HAWAIIAN, INC.
State Commercial Banks
- Revenue
- $881M
- 8.9% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $3.1B
- Employees
- 2,000
- $440K revenue each
- Net debt / EBITDA
- —
- −$1.9B net debt
- AI in 10-K
- 2.0
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo121% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo69% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo4% of assetsOver 40% of assets
- Shareholder dissentNo100% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$440K · 84th pctBottom quartile of its SIC industry
- Quiet on AINo2.0 per 10K words · 56th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$3.1B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$1M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $715M | $793M | $837M | $809M | $881M | 8.9% |
| Net income | $266M | $266M | $235M | $230M | $276M | 20% |
| Operating cash flow | $417M | $431M | $255M | $318M | $335M | 5.5% |
| Capex | $20M | $13M | $16M | $29M | $32M | 10% |
| Stock-based comp | $13M | $10M | $10M | $12M | $16M | 34% |
| Buybacks | $75M | $9M | — | $40M | $100M | 150% |
| Dividends | $134M | $133M | $133M | $133M | $131M | 1.4% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Dec 20, 2001 | SC 13E3/A | BNP Paribas | — | — |
| Sep 21, 2001 | SC 13E3/A | BNP Paribas | — | — |
| Aug 20, 2001 | DEFM14A | BNP Paribas | $35.00 | 40.1% |
| Aug 15, 2001 | SC 13E3/A | BNP Paribas | — | — |
| Aug 7, 2001 | SC 13E3/A | BNP Paribas | — | — |
| Jul 16, 2001 | SC 13E3/A | BNP Paribas | — | — |
| Jun 5, 2001 | SC 13E3 | BNP Paribas | — | — |
| Jun 5, 2001 | PREM14A | BNP Paribas | $35.00 | 40% |
| Jul 20, 1998 | DEFM14A | XYZ Corporation | $35.00 | 25% |
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $1M · 6
- Net
- −$1M
Pay vs performance
No pay-versus-performance disclosure yet.