Saturday 17 October 2026
Export HE’s income statement to Excel — free account
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. In the quarter to June 2026, revenue grew 25.9%, EPS grew 373.3%, free cash flow fell 1,019.7% and total debt rose 9.76%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years.
8.58
0.09
+1.06%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
14.36 | 23.40 | 19.69 | 23.43 | 19.45 | 18.44 | 19.06 | 8.51 | 0.00 | 17.32 |
Piotroski F-Score |
6 | 4 | 5 | 7 | 5 | 5 | 5 | 5 | 4 | 6 |
Altman Z-Score |
0.48 | 0.01 | 0.02 | 0.08 | (0.09) | (0.07) | (0.10) | 0.41 | (0.19) | 0.56 |
P/S ratio |
1.49 | 1.51 | 1.39 | 1.78 | 1.50 | 1.59 | 1.34 | 0.51 | 0.38 | 0.69 |
Altman Z″-Score (non-manufacturers) |
0.15 | (2.56) | (2.53) | (2.47) | (2.65) | (2.76) | (3.03) | 0.62 | (0.77) | 0.50 |
P/FCF ratio |
17.92 | 0.00 | 0.00 | 67.17 | 84.87 | 74.17 | 0.00 | 2,636.48 | 14.73 | 42.56 |
Beneish M-Score |
(2.64) | (1.69) | (2.31) | (2.68) | (2.71) | (2.22) | (1.32) | (2.40) | — | (5.61) |
P/Operating CF |
41.16 | 38.56 | 16.50 | 29.85 | 32.97 | 41.81 | 38.03 | (53.19) | 9.83 | 19.95 |
P/B ratio |
1.72 | 1.84 | 1.84 | 2.24 | 1.65 | 1.90 | 2.08 | 0.72 | 0.84 | 1.32 |
Price to Tangible BV |
1.79 | 1.92 | 1.92 | 2.32 | 1.71 | 1.96 | 2.16 | 0.75 | 0.88 | 1.39 |
EV/Sales |
2.14 | 2.19 | 2.06 | 2.49 | 2.26 | 2.35 | 2.23 | 1.40 | 1.01 | 1.31 |
EV/EBITDA |
9.08 | 9.85 | 9.98 | 11.41 | 9.70 | 10.06 | 13.89 | 8.26 | 0.00 | 7.59 |
EV/Operating CF |
10.26 | 13.32 | 11.78 | 13.94 | 13.60 | 17.80 | 22.89 | 10.39 | 7.63 | 10.37 |
EV/FCF |
25.65 | (559.17) | (788.51) | 93.97 | 128.35 | 109.37 | (1,351.51) | 7,183.39 | 38.96 | 81.35 |
Quick Ratio |
0.09 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 1.06 | 1.28 | 1.03 |
Current Ratio |
0.88 | 0.08 | 0.08 | 0.08 | 0.09 | 0.08 | 0.08 | 1.59 | 1.61 | 1.32 |
Net Debt/EBITDA |
2.74 | 3.05 | 3.22 | 3.25 | 3.29 | 3.24 | 5.54 | 5.23 | (1.44) | 3.62 |
Debt/Assets |
14.58% | 15.90% | 15.75% | 16.48% | 15.58% | 15.57% | 19.97% | 18.40% | 36.67% | 32.68% |
Debt/Equity |
0.88 | 0.95 | 0.95 | 0.99 | 1.00 | 1.03 | 1.48 | 1.35 | 2.21 | 1.82 |
Asset Turnover |
0.20 | 0.20 | 0.22 | 0.21 | 0.18 | 0.18 | 0.21 | 0.20 | 0.25 | 0.35 |
Operating CF/Net income |
2.00 | 2.54 | 2.47 | 2.35 | 2.17 | 1.53 | 1.38 | 2.23 | (0.30) | 3.18 |
Capex/Depreciation |
(1.45) | (1.94) | (1.98) | (1.57) | (1.32) | (1.13) | (1.25) | (1.57) | (1.17) | (1.14) |
Interest Coverage |
4.69 | 4.38 | 3.76 | 3.83 | 3.51 | 4.09 | 2.70 | 2.19 | (13.42) | 2.01 |
| 12.43% | 7.94% | 9.47% | 9.81% | 8.57% | 10.41% | 10.50% | 8.76% | (74.58%) | 7.98% | |
| 2.05% | 1.32% | 1.57% | 1.62% | 1.38% | 1.60% | 1.50% | 1.19% | (10.90%) | 1.38% | |
ROIC |
6.18% | 5.65% | 5.14% | 5.04% | 4.51% | 5.31% | 3.33% | 3.27% | (30.38%) | 4.15% |
Return on Tangible Assets |
6.35% | (11.62%) | (16.03%) | (18.66%) | (10.54%) | (9.92%) | (8.16%) | 3.11% | (20.54%) | 1.85% |
Average Days of Receivables |
36.48 | 37.59 | 41.55 | 38.20 | 39.79 | 44.08 | 54.62 | 60.70 | 51.82 | 58.12 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
9.26% | 8.43% | 7.78% | 8.15% | 10.52% | 7.17% | 0.93% | 1.37% | 3.36% | 1.95% |
Intangible Assets out of Total Assets |
0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 |
Share Based Compensation of Revenue |
0.20% | 0.21% | 0.27% | 0.35% | 0.23% | 0.32% | 0.22% | 0.21% | 0.11% | 0.11% |
Graham Net Nets |
(1.45) | (2.56) | (2.62) | (2.14) | (3.11) | (2.81) | (2.91) | (8.10) | (4.31) | (2.56) |
Graham Number |
31.39 | 25.68 | 28.83 | 30.69 | 29.61 | 33.28 | 31.56 | 29.50 | 0.00 | 12.19 |
Earnings Yield |
6.96% | 4.27% | 5.08% | 4.27% | 5.14% | 5.42% | 5.25% | 11.75% | (130.22%) | 5.77% |
Free Cash Flow Yield |
5.58% | (0.26%) | (0.19%) | 1.49% | 1.18% | 1.35% | (0.12%) | 0.04% | 6.79% | 2.35% |
Revenue per Share |
22.02 | 23.50 | 26.28 | 26.38 | 23.64 | 26.08 | 31.26 | 29.96 | 25.37 | 17.89 |
Operating CF per Share |
4.59 | 3.87 | 4.59 | 4.70 | 3.93 | 3.44 | 3.05 | 4.04 | 3.37 | 2.27 |
Capex per Share |
(2.75) | (3.96) | (4.66) | (4.01) | (3.52) | (2.88) | (3.10) | (4.03) | (2.71) | (1.98) |
Free Cash Flow per Share |
1.83 | (0.09) | (0.07) | 0.70 | 0.42 | 0.56 | (0.05) | 0.01 | 0.66 | 0.29 |
Cash per Share |
2.58 | 2.41 | 1.55 | 2.09 | 3.29 | 2.85 | 1.87 | 2.36 | 9.79 | 5.68 |
Shareholders Equity per Share |
19.12 | 19.29 | 19.86 | 20.93 | 21.42 | 21.88 | 20.13 | 21.37 | 11.65 | 9.31 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
19.12 | 19.29 | 19.86 | 20.93 | 21.42 | 21.88 | 20.13 | 21.37 | 11.65 | 9.31 |
Free Cash Flow |
198.31 | (10.01) | (7.46) | 76.01 | 45.51 | 61.15 | (5.65) | 0.64 | 83.86 | 49.87 |
Working Capital |
(691.67) | (5,882.61) | (6,089.23) | (6,277.53) | (7,143.43) | (7,873.87) | (8,641.23) | 447.19 | 809.74 | 456.84 |
Capital Expenditures |
(297.35) | (430.45) | (506.77) | (436.46) | (383.89) | (314.52) | (339.33) | (442.73) | (344.25) | (341.20) |
Net Current Asset Value |
(5,140.37) | (9,900.43) | (10,445.08) | (10,924.22) | (11,998.03) | (12,765.67) | (13,364.10) | (13,693.09) | (5,318.00) | (5,432.38) |
EV/EBIT |
14.30 | 16.17 | 17.64 | 20.52 | 18.75 | 17.32 | 27.32 | 16.74 | 0.00 | 17.24 |
Capex to Sales |
0.12 | 0.17 | 0.18 | 0.15 | 0.15 | 0.11 | 0.10 | 0.13 | 0.11 | 0.11 |
Price to Operating Income |
9.99 | 11.17 | 11.96 | 14.67 | 12.40 | 11.75 | 16.42 | 6.15 | 0.00 | 9.02 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.04 | 0.05 | 0.05 | 0.05 | 0.06 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
Cash ROIC |
4.77% | (0.23%) | (0.17%) | 1.59% | 0.90% | 1.18% | (0.10%) | 0.01% | 1.40% | 0.91% |
Accounts Receivable Turnover |
9.90 | 10.20 | 9.72 | 9.18 | 8.87 | 9.12 | 7.99 | 6.21 | 6.41 | 6.51 |
Accounts Payable Turnover |
12.81 | 11.83 | 11.28 | 10.53 | 9.91 | 11.65 | 13.61 | 13.18 | 23.95 | 13.21 |
Inventory Turnover |
(225.42) | (249.13) | (335.50) | (1,032.47) | 175.86 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
28.98 | 35.46 | 34.01 | 35.14 | 33.33 | 33.20 | 29.52 | 24.46 | 15.41 | 28.64 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
240.36 | 250.58 | 294.44 | 313.23 | 291.01 | 312.71 | 428.06 | 529.30 | 501.94 | 474.35 |
Average Payables |
140.90 | 168.50 | 204.24 | 217.70 | 201.49 | 193.95 | 228.50 | 225.17 | 201.17 | 211.26 |
Average Inventory |
(8.00) | (8.00) | (6.87) | (2.22) | 11.35 | — | — | — | — | — |
Average Assets |
12,103.77 | 12,479.84 | 12,819.11 | 13,424.65 | 14,374.63 | 15,413.33 | 16,053.44 | 16,764.03 | 13,087.62 | 8,927.15 |
Average Common Equity |
1,997.20 | 2,082.07 | 2,129.83 | 2,221.27 | 2,308.88 | 2,364.19 | 2,296.69 | 2,273.67 | 1,911.97 | 1,542.50 |
Columns are period end dates