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) Beneish M-score
Hawaiian Electric Industries, Inc.'s Beneish M-score for fiscal 2025 is −5.61; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −5.61 | (3.21) |
| FY2023 | −2.40 | (1.08) |
| FY2022 | −1.32 | 0.90 |
| FY2021 | −2.22 | 0.49 |
| FY2020 | −2.71 | (0.03) |
| FY2019 | −2.68 | (0.37) |
| FY2018 | −2.31 | (0.62) |
| FY2017 | −1.69 | 0.95 |
| FY2016 | −2.64 | 0.31 |
| FY2015 | −2.95 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.12 | — | 1.03 | |
| Gross margin index | (5.19) | — | −2.74 | |
| Asset quality index | 1.28 | — | 0.52 | |
| Sales growth index | 0.96 | — | 0.86 | |
| Depreciation index | 0.99 | — | 0.11 | |
| SG&A index | 0.58 | — | −0.10 | |
| Total accruals to total assets | (0.03) | — | −0.14 | |
| Leverage index | 0.95 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −5.61 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| HE Hawaiian Electric Industries, Inc. | −5.6× |
| ENIC Enel Chile S.A. compare | −3.0× |
| POR Portland General Electric Company compare | −2.8× |
| NWE NorthWestern Corporation compare | −2.6× |
| MGEE MGE Energy Inc. compare | −2.5× |
| GNE Genie Energy Ltd. compare | −2.5× |
| CEPU Central Puerto S.A. Sponsored ADR compare | −2.4× |
| CIG Comp En De Mn Cemig ADS compare | −2.3× |
| EDN Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) compare | −1.3× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI