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Hawaiian Electric Industries

HE NYSE Electric Utilities Financials FY2016–FY2025

Hawaiian Electric Industries' revenue fell 4.1% to $3.1 billion in fiscal 2025. Its operating margin was 7.6%, up from −53.0% a year earlier. Free cash flow was $50 million, down 65.2%. The diluted share count rose 36.3%.

Last close · Oct 23, 2026

$8.41

3.9%
Value it Compare
Revenue Total sales reported in the income statement.
$3.1B
4.1% vs prior year
Operating margin Operating income as a share of revenue.
7.6%
60.6 pts
Net income Profit after all expenses, interest and tax.
$126M
Free cash flow Cash from operations minus capital spending.
$49.9M
65.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.2%
36.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$1.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
6.5x
On $1.30 EPS (TTM)

What Hawaiian Electric Industries does

No business description yet.

Legal name
HAWAIIAN ELECTRIC INDUSTRIES, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000354707-26-000008
0000354707

Revenue and margins

Hawaiian Electric Industries had $3.1B of revenue in fiscal 2025, down 4.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −12.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $49.9M in fiscal 2025, 1.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Hawaiian Electric Industries returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 36.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Hawaiian Electric Industries yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.8B and divides by 173.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 6.5x · peers 22.8x · sector 20.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Hawaiian Electric Industries can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $306M$43.7M$244M$751M$502M
Debt incl. finance leases $2.4B$2.6B$3.2B$2.7B$2.3B
Net debt / EBITDA 3.1x4.7x5.2x—3.3x
Debt / equity 1.0x1.2x1.4x1.9x1.4x
Interest coverage 3.9x2.4x1.3x−13.4x2.0x
Current ratio ———1.6x1.3x
Quick ratio ———1.6x1.3x
Total assets $15.8B$16.3B$7.7B$8.9B$8.9B
Total liabilities $13.4B$14.0B$14.9B$7.4B$7.3B
Shareholders' equity $2.4B$2.2B$2.3B$1.5B$1.6B
Net debt (− = net cash) $2.1B$2.6B$2.9B$2.0B$1.8B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✕ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose — — ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✕
F-score — / 9— / 95 / 8
Accruals ratio −2.9%−23.0%−3.0%
Altman Z'' —−0.770.50

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Hawaiian Electric Industries HE $1.5B −4.1% 7.6% 1.6% 5.2% 6.5x 5
Portland General Electric POR $5.2B 4.0% 15.5% −2.0% 5.4% 19.6x 5 Compare →
Alliant Energy LNT $18.0B 9.6% 23.5% −25.4% 5.6% 21.8x 6 Compare →
TXNM Energy TXNM $6.6B 9.9% 20.4% −28.2% 4.8% 44.1x 6 Compare →
Idacorp IDA $7.7B −1.2% 20.3% −33.1% 5.5% 23.8x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.4B $2.6B $2.9B $2.9B $2.6B $2.9B $3.4B $3.3B $3.2B $3.1B
Operating income $356M $346M $333M $348M $312M $386M $280M $275M −$1.7B $235M
Interest expense $88.6M $91.1M $104M $109M $99.8M $99.4M $117M $208M $127M $117M
Pretax income $374M $277M $255M $271M $241M $311M $202M $182M −$1.8B $167M
Income tax $124M $109M $50.8M $51.6M $40.9M $62.8M $38.9M $34.5M −$471M $40.6M
Net income $250M $167M $204M $220M $200M $248M $243M $201M −$1.4B $126M
Diluted EPS $2.29 $1.52 $1.85 $1.99 $1.81 $2.25 $2.20 $1.81 −$11.23 $0.71
Diluted shares 0.11B 0.11B 0.11B 0.11B 0.11B 0.11B 0.11B 0.11B 0.13B 0.17B
Cash flow
Cash from operations $496M $420M $499M $513M $429M $376M $455M $552M $488M $391M
Capital expenditure $330M $495M $537M $458M $384M $315M $339M $443M $344M $341M
Free cash flow $166M −$74.8M −$38.1M $55.0M $45.5M $61.2M $115M $109M $143M $49.9M
Depreciation and amortization $205M $222M $256M $278M $291M $279M $270M $282M $294M $299M
Stock-based compensation $4.8M $5.4M $7.8M $10.0M $5.8M $9.1M $7.4M $6.8M $3.6M $3.4M
Acquisitions $0.0M $76.3M $0.0M $0.0M $0.0M $0.0M $25.7M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $117M $135M $135M $140M $144M $149M $111M $74.0M $0.0M $0.0M
Dividends and buybacks $117M $135M $135M $139M $144M $149M $111M $74.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $279M $262M $169M $197M $341M $306M $43.7M $244M $751M $502M
Total debt $1.6B $1.8B $2.0B $2.2B $2.2B $2.4B $2.6B $2.8B $2.7B $2.3B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $48.7M $339M — $0.0M
Current assets — — — — — — — — $2.1B $1.9B
Current liabilities — — — — — — — — $1.3B $1.4B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $4.6B $4.5B $4.8B $5.1B $5.3B $5.4B $5.7B $6.0B $6.1B $6.2B
Total assets $11.9B $12.5B $13.1B $13.7B $15.0B $15.8B $16.3B $7.7B $8.9B $8.9B
Total liabilities $10.3B $10.4B $10.9B $11.4B $12.6B $13.4B $14.0B $14.9B $7.4B $7.3B
Shareholders' equity $2.1B $2.1B $2.2B $2.3B $2.3B $2.4B $2.2B $2.3B $1.5B $1.6B
Margins
Operating margin 15.0% 13.6% 11.7% 12.1% 12.1% 13.5% 8.2% 8.4% −53.0% 7.6%
EBITDA margin 23.6% 22.2% 20.6% 21.8% 23.4% 23.3% 16.1% 17.0% −43.9% 17.3%
Net margin 10.5% 6.5% 7.1% 7.7% 7.7% 8.7% 7.1% 6.1% −44.2% 4.1%
FCF margin 7.0% −2.9% −1.3% 1.9% 1.8% 2.2% 3.4% 3.3% 4.5% 1.6%
Returns
Return on capital — 5.9% 7.0% 6.9% 6.1% 7.1% 4.9% 4.4% −30.9% 5.2%
Return on capital employed — — — — — — — — — 3.1%
Return on equity 12.5% 8.0% 9.6% 9.9% 8.7% 10.5% 10.6% 8.9% −74.5% 8.2%
Return on assets 2.1% 1.4% 1.6% 1.6% 1.4% 1.6% 1.5% 1.7% −17.2% 1.4%
Growth
Revenue growth −8.5% 7.4% 11.9% 0.5% −10.2% 10.5% 20.0% −3.9% −2.1% −4.1%
Net income growth 54.6% −33.2% 21.8% 7.9% −9.1% 24.2% −2.0% −17.2% −808.1% —
EPS growth 52.7% −33.6% 21.7% 7.6% −9.1% 24.3% −2.2% −17.7% −720.4% —
FCF growth — −145.1% — — −17.2% 34.4% 88.3% −5.6% 31.7% −65.2%
Share count change 1.5% 0.6% 0.2% 0.2% −0.1% 0.2% 0.2% 0.2% 15.4% 36.3%
Financial health
Net debt / EBITDA 2.4x 2.7x 3.0x 3.1x 3.2x 3.1x 4.7x 5.2x — 3.3x
Debt / equity 0.8x 0.9x 0.9x 0.9x 1.0x 1.0x 1.2x 1.4x 1.9x 1.4x
Interest coverage 4.0x 3.8x 3.2x 3.2x 3.1x 3.9x 2.4x 1.3x −13.4x 2.0x
Current ratio — — — — — — — — 1.6x 1.3x
Quick ratio — — — — — — — — 1.6x 1.3x
Capital allocation
Capex / revenue 13.9% 19.4% 18.8% 15.9% 14.9% 11.0% 9.9% 13.5% 10.7% 11.1%
Stock comp / revenue 0.2% 0.2% 0.3% 0.4% 0.2% 0.3% 0.2% 0.2% 0.1% 0.1%
Payouts / FCF 70.8% — — 253.8% 316.6% 243.1% 96.6% 68.0% 0.0% 0.0%
Quality scores
Piotroski F-score — — — — — — — — — 5.0
Altman Z'' — — — — — — — — −0.8 0.5
Accruals ratio −2.1% −2.1% −2.3% −2.2% −1.6% −0.8% −1.3% −2.9% −23.0% −3.0%

Source: SEC EDGAR XBRL filings (CIK 0000354707). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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