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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Market cap: $1.5B
P/E: 6.6×
Fwd P/E: 12.8×
Dividend yield: —
F-score: 6/9
Altman Z: 0.56
Beneish M: −5.61
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 0.30%

Capital & Financial Ratios $m

Market Cap 1,470.00

Revenue 3,282.58

Net Income 226.23

Free Cash Flow (565.51)

Net Debt 2,526.08

Current Ratio 0.99

Debt/Equity 1.57

P/E ratio 6.60

Fwd P/E 12.80

P/S ratio 0.45

P/B ratio 0.84

Past 5Y EPS Growth (17.07%)

This Y EPS Growth (22.87%)

Next Y EPS Growth 44.72%

Next Y revenue growth 1.88%

Next 5Y EPS Growth 1.90%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 5.29%

10-year low 10-year high

P/S against its own 10 years 13.64%

10-year low 10-year high

P/B against its own 10 years 11.68%

10-year low 10-year high

EV/Sales against its own 10 years 11.09%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	Powerpack
2025	Powerpack
2024	Powerpack
2023	1.08	0.36 0.36 0.36
2022	1.40	0.35 0.35 0.35 0.35
2021	1.36	0.34 0.34 0.34 0.34
2020	1.32	0.33 0.33 0.33 0.33
2019	1.28	0.32 0.32 0.32 0.32
2018	1.24	0.31 0.31 0.31 0.31
2017	1.24	0.31 0.31 0.31 0.31
2016	1.24	0.31 0.31 0.31 0.31

predictions special payouts not included in total or ratios

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%)

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	27.30	31.71	31.72	35.06	31.83	32.96	33.18	9.06	7.61	8.14	Analyst estimates 2026–2028 Powerpack
	High	34.98	38.72	39.35	47.64	55.15	45.97	44.72	43.71	18.19	13.41
People
People	Employees	3,796	3,880	3,898	3,841	3,702	2,504	3,756	3,706	2,602	2,675
	Revenue/emp, $m	0.63	0.66	0.73	0.75	0.70	1.14	0.91	0.89	1.24	1.15
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
	Gross margin, %	24.21	21.97	19.43	20.26	22.60	20.71	9.11	9.74	(49.65)	9.57
	EBT	374	277	254	271	241	311	202	182	(1,792)	167
	EBT margin, %	15.70	10.82	8.89	9.44	9.33	10.91	5.90	5.55	(55.64)	5.41
	Net income	250	167	204	220	200	248	243	201	(1,424)	126
	Depreciation	205	222	256	278	291	279	270	282	294	299
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
	Earnings	2.30	1.52	1.85	2.00	1.81	2.25	2.20	1.82	(11.23)	0.71
	Cash flow	4.59	3.87	4.59	4.70	3.93	3.44	3.05	4.04	3.37	2.27
	Capex	(2.75)	(3.96)	(4.66)	(4.01)	(3.52)	(2.88)	(3.10)	(4.03)	(2.71)	(1.98)
	Free cash flow	1.83	(0.09)	(0.07)	0.70	0.42	0.56	(0.05)	0.01	0.66	0.29
	Book value	19.12	19.29	19.86	20.93	21.42	21.88	20.13	21.37	11.65	9.31
	Shares, m	108	109	109	109	109	109	109	110	127	173
Valuation, ×
Valuation, ×	P/E	14.36	23.40	19.69	23.43	19.45	18.44	19.06	8.51	0.00	17.32
	P/S	1.49	1.51	1.39	1.78	1.50	1.59	1.34	0.51	0.38	0.69
	P/B	1.72	1.84	1.84	2.24	1.65	1.90	2.08	0.72	0.84	1.32
	EV/Sales	2.14	2.19	2.06	2.49	2.26	2.35	2.23	1.40	1.01	1.31
	EV/FCF	25.65	(559.17)	(788.51)	93.97	128.35	109.37	(1,351.51)	7,183.39	38.96	81.35
Cash, $m
Cash, $m	Operating cash flow	496	420	499	512	429	376	334	443	428	391
	Capex	(297)	(430)	(507)	(436)	(384)	(315)	(339)	(443)	(344)	(341)
	Free cash flow	198	(10)	(7)	76	46	61	(6)	1	84	50
Balance, $m
Balance, $m	Working capital	(692)	(5,883)	(6,089)	(6,278)	(7,143)	(7,874)	(8,641)	447	810	457
	Total debt	1,812	1,993	2,064	2,265	2,338	2,464	3,253	3,174	3,275	2,916
	Net debt	1,533	1,731	1,894	2,038	1,979	2,153	3,048	2,915	2,032	1,935
	Shareholders’ equity	2,067	2,097	2,162	2,280	2,338	2,391	2,202	2,345	1,479	1,606
Returns, %
Returns, %	ROA	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
	ROE	12.43	7.94	9.47	9.81	8.57	10.41	10.50	8.76	(74.58)	7.98

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
ENIC Enel Chile S.A.	$6.1B	10.6×	—	−9.01% (below 0%: shrinking)	+60.00% (above 0%: growing)	+190.61% (above 0%: growing)	34.92%	17.46%	Compare
POR Portland General Electric Company	$5.2B	19.4×	15.3×	+0.87% (above 0%: growing)	+5.36% (above 0%: growing)	−257.58% (below 0%: shrinking)	49.88%	14.86%	Compare
NWE NorthWestern Corporation	$4.5B	26.9×	19.2×	+14.56% (above 0%: growing)	+17.14% (above 0%: growing)	−62.61% (below 0%: shrinking)	77.12%	16.36%	Compare
CIG Comp En De Mn Cemig ADS	$4.4B	5.6×	9.8×	+15.97% (above 0%: growing)	0.00%	+411.73% (above 0%: growing)	17.50%	15.58%	Compare
MGEE MGE Energy Inc.	$2.7B	17.8×	19.4×	+1.09% (above 0%: growing)	+21.92% (above 0%: growing)	−419.80% (below 0%: shrinking)	82.63%	20.25%	Compare
CEPU Central Puerto S.A. Sponsored ADR	$2.0B	4.8×	—	+148.79% (above 0%: growing)	+27.30% (above 0%: growing)	0.00%	28.98%	25.61%	Compare
HE Hawaiian Electric Industries, Inc.	$1.5B	6.6×	12.8×	+25.90% (above 0%: growing)	+373.33% (above 0%: growing)	−1,019.72% (below 0%: shrinking)	23.56%	21.73%
EDN Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor)	$458.5M	5.0×	—	+14.68% (above 0%: growing)	−72.92% (below 0%: shrinking)	+105.29% (above 0%: growing)	19.78%	5.14%	Compare
GNE Genie Energy Ltd.	$439.5M	17.1×	21.8×	−4.61% (below 0%: shrinking)	+300.00% (above 0%: growing)	−306.94% (below 0%: shrinking)	33.54%	6.50%	Compare
Median of peers	$3.5B	13.9×	19.2×	+7.83%	+19.53%	−31.30%	34.23%	15.97%

All 40 Utilities Regulated Electric stocks →

Hawaiian Electric Industries, Inc. (HE) key facts

Concern: Hawaiian Electric Industries, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.1 billion, down 4.13% from fiscal 2024.
Hawaiian Electric Industries, Inc. (HE) is an Utilities Regulated Electric company in the Utilities sector, listed on the New York Stock Exchange.
As of October 16, 2026, HE traded at $8.58, a market capitalization of $1.5 billion.
Return on equity was 7.98% and debt-to-equity 1.57.
Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 0.56 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.