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Hawaiian Electric Industries, Inc.

HE Utilities Utilities Regulated Electric

Hawaiian Electric Industries, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.1 billion, down 4.13% from fiscal 2024.

Revenue
+25.9%
EPS
+373.3%
Free cash flow
−1,019.7%
Total debt
+9.76%

Quarter to June 2026, against a year earlier

8.41 0.09 −1.06%
Market cap
$1.5B
P/E
6.5×
Fwd P/E
10.9×
Dividend yield
—
F-score
6/9
Altman Z
0.56
Beneish M
−5.61
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.31%

Capital & Financial Ratios $m

Size
Market Cap 1,460.00
Revenue ttm 3,282.58
Net income ttm 226.23
Free cash flow ttm (565.51)
Net debt Q 2,526.08
Valuation
P/E 6.47
Forward P/E 10.90
Price / sales 0.44
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.82
Financial health
Current ratio Q 0.99 (below 1: weak)
Debt / equity Q 1.57
Interest coverage Q 4.22
Growth
Revenue growth Q +25.90% (above 0%: growing)
Operating income growth Q +279.95% (above 0%: growing)
EPS, this year −22.87% (below 0%: weak)
EPS, next year A +44.72% (at or above 15%: strong)
Revenue, next year A +1.88%
EPS, past 5 yrs −17.07% (below 0%: weak)
EPS, next 5 yrs A +1.90%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.2×, against a ten-year median of 2.1×; over the ten years it ranged from 1.1× in 2024 to 2.7× in 2021.
P/E against its own 10 years 4.43%
10-year low 10-year high
P/S against its own 10 years 10.67%
10-year low 10-year high
P/B against its own 10 years 10.71%
10-year low 10-year high
EV/Sales against its own 10 years 10.01%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—
Growth, 2017–25
−100.0%/yr
  1. 1.24 ’17
  2. 1.24 ’18 +0
  3. 1.28 ’19 +3
  4. 1.32 ’20 +3
  5. 1.36 ’21 +3
  6. 1.40 ’22 +3
  7. 1.08 ’23 −23
  8. 0.00 ’24 −100
  9. 0.00 ’25
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 259 1,243 981 239
Receivables 547 457 492 520
Inventory — — — —
Other 400 434 412 494
1,206 2,134 1,885 1,253
2023 2024 2025 Q'26
Payables 199 203 219 306
ST’ Debt 16 158 125 —
Other 515 936 1,052 934
759 1,325 1,428 1,270

Compound Annual Growth %

10y 5y 3y
Sales 1.72% 3.65% (3.37%)
Cash Flow 0.92% (1.85%) 5.43%
Earnings (2.58%) (9.05%) (20.07%)
Book Value (1.81%) (7.23%) (9.99%)

Earnings Trends EPS, adjusted, against the consensus

Q4 FY24 Estimate 0.39 Actual 0.20

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY23 0.56 0.50 Miss by 0.06
Q2 FY23 0.54 0.50 Miss by 0.04
Q3 FY23 0.56 0.56 Met by 0.00
Q4 FY24 0.39 0.20 Miss by 0.19

EPS $

Mar Jun Sep Dec Year
’26 0.18 0.71 — — —
’25 0.15 0.15 0.18 0.23 0.71
’24 0.38 (11.74) (0.91) (0.40) (11.23)
’23 0.50 0.50 0.37 0.44 1.81
’22 0.63 0.48 0.57 0.52 2.20
’21 0.59 0.58 0.58 0.50 2.25
’20 0.31 0.45 0.59 0.46 1.81
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 746 940 — — —
’25 744 746 791 806 3,087
’24 792 795 833 799 3,220
’23 928 896 902 562 3,288
’22 785 896 1,042 698 3,421
’21 643 680 757 770 2,850
’20 677 609 641 652 2,580
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 61 (411) — — —
’25 50 135 100 106 391
’24 126 42 134 126 428
’23 181 191 104 (32) 443
’22 93 (18) 138 121 334
’21 42 76 150 108 376
’20 61 136 115 117 429
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (43) (550) — — —
’25 (37) 60 6 21 50
’24 27 (38) 56 38 84
’23 57 79 (3) (132) 1
’22 13 (87) 50 18 (6)
’21 (32) 2 79 13 61
’20 (64) 64 17 29 46
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,381 2,556 2,861 2,874 2,580 2,850 3,421 3,288 3,220 3,087 3,283 +2.9% 3,145 3,277 3,406 +3.3%
Gross margin, % 24.21 21.97 19.43 20.26 22.60 20.71 9.11 9.74 (49.65) 9.57 13.15 (14.6) pt
EBT 374 277 254 271 241 311 202 182 (1,792) 167 297 (8.6%)
EBT margin, % 15.70 10.82 8.89 9.44 9.33 10.91 5.90 5.55 (55.64) 5.41 9.04 (10.3) pt
Net income 250 167 204 220 200 248 243 201 (1,424) 126 226 (7.3%)
Per share, $
Per share, $ Revenue 22.02 23.50 26.28 26.38 23.64 26.08 31.26 29.96 25.37 17.89 19.01 (2.3%)
Earnings 2.30 1.52 1.85 2.00 1.81 2.25 2.20 1.82 (11.23) 0.71 1.30 (12.2%)
Cash flow 4.59 3.87 4.59 4.70 3.93 3.44 3.05 4.04 3.37 2.27 (0.83) (7.5%)
Capex (2.75) (3.96) (4.66) (4.01) (3.52) (2.88) (3.10) (4.03) (2.71) (1.98) (2.44) (3.6%)
Free cash flow 1.83 (0.09) (0.07) 0.70 0.42 0.56 (0.05) 0.01 0.66 0.29 (3.28) (18.6%)
Book value 19.12 19.29 19.86 20.93 21.42 21.88 20.13 21.37 11.65 9.31 10.21 (7.7%)
Shares, m 108 109 109 109 109 109 109 110 127 173 173 +5.3%
Valuation, ×
Valuation, × P/E 14.36 23.40 19.69 23.43 19.45 18.44 19.06 8.51 0.00 17.32 6.47 16.4
P/S 1.49 1.51 1.39 1.78 1.50 1.59 1.34 0.51 0.52 0.69 0.44 1.2
P/B 1.72 1.84 1.84 2.24 1.65 1.90 2.08 0.72 1.13 1.32 0.82 1.6
EV/Sales 2.14 2.19 2.06 2.49 2.26 2.35 2.23 1.40 1.15 1.31 1.25 2.0
EV/FCF 25.65 (559.17) (788.51) 93.97 128.35 109.37 (1,351.51) 7,183.39 44.24 81.35 (7.26) 496.7
Cash, $m
Cash, $m Operating cash flow 496 420 499 512 429 376 334 443 428 391 (144) (2.6%)
Capex (297) (430) (507) (436) (384) (315) (339) (443) (344) (341) (422) +1.5%
Free cash flow 198 (10) (7) 76 46 61 (6) 1 84 50 (566) (14.2%)
Balance, $m
Balance, $m Working capital (692) (5,883) (6,089) (6,278) (7,143) (7,874) (8,641) 447 810 457 (17) n/m
Net debt 1,533 1,731 1,894 2,038 1,979 2,153 3,048 2,915 2,032 1,935 2,526 +2.6%
Shareholders’ equity 2,067 2,097 2,162 2,280 2,338 2,391 2,202 2,345 1,479 1,606 1,763 (2.8%)
Returns, %
Returns, % ROA 2.05 1.32 1.57 1.62 1.38 1.60 1.50 1.19 (10.90) 1.38 2.68 (0.7) pt
ROIC 6.18 5.65 5.14 5.04 4.51 5.31 3.33 3.27 (30.38) 4.15 5.49 (2.0) pt
ROE 12.43 7.94 9.47 9.81 8.57 10.41 10.50 8.76 (74.58) 7.98 13.59 (4.4) pt
People
People Employees 3,796 3,880 3,898 3,841 3,702 2,504 3,756 3,706 2,602 2,675 — (3.8%)
Revenue/emp, $m 0.63 0.66 0.73 0.75 0.70 1.14 0.91 0.89 1.24 1.15 — +7.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Hawaiian Electric Industries, Inc. vs peers in Utilities Regulated Electric (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TXNM TXNM Energy, Inc. $6.4B 27.3× 19.2× +13.31% (above 0%: growing) +27.05% (above 0%: growing) −2,148.16% (below 0%: shrinking) 69.76% 36.97% Compare
POR Portland General Electric Company $5.5B 19.5× 14.9× +2.00% (above 0%: growing) +7.45% (above 0%: growing) −227.00% (below 0%: shrinking) 60.56% 19.26% Compare
NWE NorthWestern Corporation $5.1B 30.8× 23.6× +9.51% (above 0%: growing) −19.35% (below 0%: shrinking) −5.54% (below 0%: shrinking) 0.00% 17.61% Compare
CIG Comp En De Mn Cemig ADS $3.5B 6.1× 7.8× +15.97% (above 0%: growing) 0.00% +411.73% (above 0%: growing) 17.50% 15.58% Compare
MGEE MGE Energy Inc. $3.0B 18.1× 18.7× +8.38% (above 0%: growing) +22.13% (above 0%: growing) +122.24% (above 0%: growing) 0.00% 30.51% Compare
CEPU Central Puerto S.A. Sponsored ADR $1.5B 3.6× — +148.79% (above 0%: growing) +27.30% (above 0%: growing) 0.00% 28.98% 25.61% Compare
HE Hawaiian Electric Industries, Inc. $1.5B 6.5× 10.9× +25.90% (above 0%: growing) +373.33% (above 0%: growing) −1,019.72% (below 0%: shrinking) 23.56% 21.73%
GNE Genie Energy Ltd. $439.8M 17.0× 16.1× −4.61% (below 0%: shrinking) +388.89% (above 0%: growing) −306.94% (below 0%: shrinking) 33.54% 6.50% Compare
EDN Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) $313.1M 3.5× — +14.68% (above 0%: growing) −72.92% (below 0%: shrinking) +105.29% (above 0%: growing) 19.78% 5.14% Compare
Median of peers $3.2B 17.5× 17.4× +11.41% +14.79% −2.77% 24.38% 18.44%

All 39 Utilities Regulated Electric stocks →

Pay and ownership Proxy statement filed 29 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 4.43m 3.70m 39.00
2024 6.54m 3.72m 31.00
2023 5.39m (87.73k) 45.00
2022 3.81m 4.05m 126.00
2021 5.93m 7.90m 121.00

Ownership

Directors and executive officers, together less than 1%
BlackRock, Inc.5 16.10%
Horizon Kinetics Asset Management LLC6 11.23%
Arena Holdings Management LLC4 6.11%
Feroz Dewan4 6.11%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Hawaiian Electric Industries, Inc. (HE) Latest News

29 Oct

Impact 4 · · 24/7 Wall St.

23 Oct

Impact 3 · · Business Wire

19 Oct

Impact 4 · · Simply Wall St.

21 Sep

Impact 4 · · Business Wire

17 Aug

Impact 3 ·

15 Aug

Impact 3 ·

14 Aug

Impact 3 · · The Motley Fool transcript

8 Aug

Impact 3 · · Moby transcript
Impact 3 · · MarketBeat transcript
Impact 3 · transcript

7 Aug

Impact 3 ·

17 Jul

Impact 4 ·

12 May

Impact 4 · · Simply Wall St.

11 May

Impact 3 · · MT Newswires

10 May

Impact 4 · · MarketBeat

9 May

Impact 3 · · Moby transcript

8 May

Impact 3 · · Business Wire

2 Mar

Impact 4 · · Simply Wall St.

28 Feb

Impact 4 · · Moby
Impact 4 · · MarketBeat
Impact 4 · · GuruFocus.com

27 Feb

Impact 4 · · Associated Press Finance
Impact 4 ·

11 Feb

Impact 4 · · Simply Wall St.MT NewswiresEuronewsBloombergMT NewswiresBloomberg

2 Feb

Impact 4 · · Insider Monkey

22 Jan

Impact 4 ·

21 Jan

Impact 4 · · Simply Wall St.Motley FoolMT NewswiresMT NewswiresSimply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.

20 Jan

Impact 4 · · The Motley Fool

7 Jan

Impact 3 · · staradvertiser.com

19 Dec

Impact 4 · · Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.
stockrow.com/HE · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com