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.
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Hawaiian Electric Industries, Inc. (HE) Altman Z-score
Hawaiian Electric Industries, Inc.'s Altman Z-score for fiscal 2025 is 0.56, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.56 | 0.75 |
| FY2024 | −0.19 | (0.60) |
| FY2023 | 0.41 | 0.51 |
| FY2022 | −0.10 | (0.04) |
| FY2021 | −0.07 | 0.02 |
| FY2020 | −0.09 | (0.16) |
| FY2019 | 0.08 | 0.05 |
| FY2018 | 0.02 | 0.01 |
| FY2017 | 0.01 | (0.46) |
| FY2016 | 0.48 | (0.01) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.05 | — | 0.06 | |
| Retained earnings / total assets | (0.07) | — | −0.10 | |
| EBIT / total assets | 0.03 | — | 0.09 | |
| Market value of equity / total liabilities | 0.29 | — | 0.17 | |
| Sales / total assets | 0.35 | — | 0.35 | |
| Altman Z-score | Distress zone | 0.56 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.50 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| GNE Genie Energy Ltd. compare | 4.1× |
| CEPU Central Puerto S.A. Sponsored ADR compare | 2.7× |
| CIG Comp En De Mn Cemig ADS compare | 1.8× |
| MGEE MGE Energy Inc. compare | 1.7× |
| ENIC Enel Chile S.A. compare | 1.4× |
| EDN Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) compare | 1.0× |
| POR Portland General Electric Company compare | 1.0× |
| NWE NorthWestern Corporation compare | 0.9× |
| HE Hawaiian Electric Industries, Inc. | 0.6× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets