Bank of Hawaii Corporation (BOH) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-12.4%

$62.78

vs $71.65 price

Levered DCF

$70.37

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

-0.32

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	14.67×	20.47×	17.42×	14.1×	13.32×	19.8×	17.02×	12.8×
P/B	1.46×	1.69×	2.01×	2.33×	2.07×	2.21×	2.99×	2.21×
P/S	2.55×	2.73×	2.95×	4.07×	4.84×	4.16×	4.99×	3.91×
EV / EBITDA	6.35×	12.18×	10.19×	12.31×	10.34×	15.93×	13.74×	10.97×
Gross margin	65.9%	60.3%	66.6%	93.5%	103.1%	77.0%	86.3%	89.3%
Operating margin	24.7%	19.2%	23.5%	38.5%	47.2%	25.9%	37.1%	37.6%
Net margin	19.4%	14.6%	17.7%	29.9%	36.8%	21.0%	29.3%	30.5%
Current ratio	11×	0.14×	0.17×	0.16×	0.22×	0.23×	0.19×	0.17×
Debt / equity	0.05×	0.45×	0.57×	0.94×	0.35×	0.56×	0.62×	0.5×
Interest coverage	0.75×	0.5×	0.72×	5.12×	11.06×	3.77×	3.19×	4.23×
Dividend yield	4.9%	4.4%	4.2%	3.9%	3.4%	3.5%	2.7%	3.5%
Payout ratio	65.1%	83.3%	69.9%	53.3%	44.8%	69.9%	46.7%	44.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.1%	9.0%	12.1%	17.1%	15.7%	11.2%	17.6%	17.3%
Return on invested capital	15.5%	5.1%	6.5%	7.6%	10.5%	6.4%	9.8%	10.4%
Return on assets	0.9%	0.6%	0.7%	1.0%	1.1%	0.7%	1.2%	1.3%
Free cash flow yield	6.8%	6.0%	4.9%	9.9%	10.6%	3.7%	4.7%	10.1%
Earnings yield	7.6%	5.3%	6.0%	7.4%	7.6%	5.1%	5.9%	7.8%
Enterprise value	$1.9B	$2.8B	$2.7B	$4B	$3.7B	$3.5B	$4.3B	$3.1B
Net debt / EBITDA	-2.92×	-0.07×	-0.75×	2.83×	1.02×	2.2×	1.56×	1.1×
Cash conversion cycle (days)	24	30	7	-5	128	73	61	85