BANK OF HAWAII CORP
BOHdata completeness 100%18 fiscal years on fileData notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'
BANK OF HAWAII CORP earns about 35% on invested capital, far above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $52.94 and $66.86 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $526.7M1 | $112.7M2 | $116M3 | $122.1M3 | $121.9M3 |
| Net income | $253.4M4 | $225.8M5 | $171.2M6 | $150M6 | $205.9M6 |
| Operating cash flow | $377.2M7 | $333M8 | $138.8M9 | $170.9M9 | $218.3M9 |
| Capital expenditure | $22.4M10 | $28.8M11 | $9.4M12 | $9.68M12 | $34.1M12 |
| Free cash flow (derived) | $354.8M7 | $304.2M8 | $129.4M9 | $161.3M9 | $184.3M9 |
| Total debt | — | — | $550M13 | $550M14 | $550M15 |
| Cash & equivalents | $560.4M16 | $401.8M17 | $1B18 | $763.6M19 | $946.5M19 |
| Diluted shares | 40.1M | 39.8M | 39.4M | 39.7M | 39.9M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $463.56 of net worth that earned you $51.56 and generated $46.15 of cash last year, against $137.73 of debt.
It earned about 35% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has held roughly steady.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $52.94 and $66.86 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$161.3M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$161.3M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$205.9M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $66.86 |
| Base | 0.0% | $66.86 |
| Bull | 5.0% | $80.62 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0000950170-24-023196 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-031193 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0000046195-26-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0000950170-24-023196 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-031193 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0000046195-26-000015 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0000950170-24-023196 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-031193 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0000046195-26-000015 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0000950170-24-023196 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-031193 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0000046195-26-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0000950170-24-023196 (LongTermDebt)
- 10-K · period ending 2024-12-31 · accession 0000950170-25-031193 (LongTermDebt)
- 10-K · period ending 2025-12-31 · accession 0000046195-26-000015 (LongTermDebt)
- 10-K · period ending 2021-12-31 · accession 0001564590-23-002876 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0000950170-24-023196 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0000950170-25-031193 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0000046195-26-000015 (CashAndCashEquivalentsAtCarryingValue)