A Business at a Glance
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HAWAIIAN ELECTRIC INDUSTRIES INC
HE
$2.3B
Mkt Cap
$13.50
-0.22%
HAWAIIAN ELECTRIC INDUSTRIES INC (HE) has a current P/E ratio of 19.0, compared to its historical median P/E of 17.1. The stock is currently considered Fair based on its historical valuation range.
HAWAIIAN ELECTRIC INDUSTRIES INC (HE) has a 5-year average return on invested capital (ROIC) of -1.4%. This is below average and may indicate limited pricing power.
HAWAIIAN ELECTRIC INDUSTRIES INC (HE) has a market capitalization of $2.3B. It is classified as a mid-cap stock.
HAWAIIAN ELECTRIC INDUSTRIES INC (HE) does not currently pay a regular dividend.
Based on historical P/E analysis, HAWAIIAN ELECTRIC INDUSTRIES INC (HE) appears fair. The current P/E of 19.0 is 11% above its historical median of 17.1. The estimated fair value CAGR (P/E method) is -7.0%.
HAWAIIAN ELECTRIC INDUSTRIES INC (HE) operates in the Electric Services industry, within the Utilities sector.
HAWAIIAN ELECTRIC INDUSTRIES INC (HE) reported annual revenue of $3.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
HEI Consolidated HEI and subsidiaries and lines of business. HEI is a holding company with its subsidiaries principally engaged in electric utility and non-regulated renewable/sustainable infrastructure businesses operating in the State of Hawaii. As a holding company, HEI’s sources of funds are primarily dividends from its Electric utility operating subsidiaries, borrowings, and sales of equity. The rights of HEI and its creditors and shareholders to participate in any distribution of the assets of any of HEI’s subsidiaries are subject to the prior claims of the creditors of such subsidiary, except to the extent that claims of HEI in its capacity as a creditor are recognized as primary. The abilities of certain of HEI’s subsidiaries to pay dividends or make other distributions to HEI are subject to contractual and regulatory restrictions (see Note 15 of the Consolidated Financial Statements). HEI is headquartered in Honolulu, Hawaii and has one reportable segment: Electric utility.
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Electric energy sales - large light and power | $838M | $1.22B | $1.14B | $1.12B | $1.08B | 35% |
Electric energy sales - residential | $831M | $1.08B | $1.03B | $1.01B | $992M | 32% |
Electric energy sales - commercial | $791M | $1.09B | $1.04B | $1.01B | $972M | 32% |
Electric energy sales - other | $11M | $17M | $19M | $19M | $18M | 1% |
Other sales | $4M | $12M | $18M | $12M | $14M | 0% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.1B | 3.1B | 3.2B | 3.3B | 3.4B | 2.9B |
| Net Income | 123M | 123M | -1.4B | 199M | 241M | 246M |
| EPS | $0.71 | $0.71 | $-11.23 | $1.81 | $2.20 | $2.25 |
| Free Cash Flow | 50M | 50M | 143M | 109M | 115M | 61M |
| ROIC | 5.0% | 5.0% | -30.5% | 4.6% | 4.9% | 9.1% |
| Gross Margin | 18.6% | 18.6% | - | 23.3% | 19.5% | 26.8% |
| Debt/Equity | 1.53 | 1.53 | 1.96 | 1.24 | 1.16 | 0.99 |
| Dividends/Share | $0.00 | $0.00 | $0.00 | $0.67 | $1.40 | $1.36 |
| Operating Income | 235M | 235M | -1.7B | 275M | 280M | 386M |
| Operating Margin | 7.6% | 7.6% | -53.0% | 8.4% | 8.2% | 13.5% |
| ROE | 7.7% | 8.0% | -74.6% | 8.8% | 10.5% | 10.4% |
| Shares Outstanding | 173M | 173M | 127M | 110M | 110M | 109M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 3.2B | 2.6B | 2.4B | 2.6B | 2.9B | 2.9B | 2.6B | 2.9B | 3.4B | 3.3B | 3.2B | 3.1B | 3.1B |
| Gross Margin | 18.6% | 23.3% | 27.3% | 25.8% | 24.2% | 25.6% | 27.2% | 26.8% | 19.5% | 23.3% | N/A | 18.6% | 18.6% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 333M | 323M | 356M | 346M | 333M | 348M | 311M | 386M | 280M | 275M | -1.7B | 235M | 235M |
| Op. Margin | 10.3% | 12.4% | 14.9% | 13.5% | 11.7% | 12.1% | 12.1% | 13.5% | 8.2% | 8.4% | -53.0% | 7.6% | 7.6% |
| Net Income | 168M | 160M | 248M | 165M | 202M | 218M | 198M | 246M | 241M | 199M | -1.4B | 123M | 123M |
| Net Margin | 5.2% | 6.1% | 10.4% | 6.5% | 7.1% | 7.6% | 7.7% | 8.6% | 7.0% | 6.1% | -44.3% | 4.0% | 4.0% |
| Non-Recurring | 1.9M | 6.0M | 0 | 0 | 0 | 0 | 0 | 528K | 8.1M | 0 | 40M | 12M | 12M |
| Returns on Capital | |||||||||||||
| ROIC | 6.9% | 6.4% | 7.4% | 7.7% | 11.1% | 10.0% | 9.7% | 9.1% | 4.9% | 4.6% | -30.5% | 5.0% | 5.0% |
| ROE | 9.6% | 8.6% | 12.4% | 7.9% | 9.5% | 9.8% | 8.6% | 10.4% | 10.5% | 8.8% | -74.6% | 8.0% | 7.7% |
| ROA | 1.6% | 1.4% | 2.1% | 1.4% | 1.6% | 1.6% | 1.4% | 1.6% | 1.5% | 1.7% | -17.2% | 1.4% | 1.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 325M | 357M | 496M | 420M | 499M | 512M | 429M | 376M | 454M | 551M | 487M | 391M | 391M |
| Free Cash Flow | -39M | -6.9M | 166M | -75M | -38M | 55M | 46M | 61M | 115M | 109M | 143M | 50M | 50M |
| Owner Earnings | 133M | 155M | 286M | 193M | 236M | 224M | 133M | 88M | 177M | 262M | 190M | 89M | 89M |
| CapEx | 365M | 364M | 330M | 495M | 537M | 458M | 384M | 315M | 339M | 443M | 344M | 341M | 341M |
| Maint. CapEx | 183M | 196M | 205M | 222M | 256M | 278M | 291M | 279M | 270M | 282M | 294M | 299M | 299M |
| Growth CapEx | 182M | 168M | 125M | 273M | 282M | 179M | 93M | 36M | 69M | 160M | 51M | 42M | 42M |
| D&A | 183M | 196M | 205M | 222M | 256M | 278M | 291M | 279M | 270M | 282M | 294M | 299M | 299M |
| CapEx/OCF | 112.1% | 102.2% | 66.6% | 117.8% | 101.5% | 89.3% | 89.4% | 83.7% | 75.7% | 80.3% | 70.6% | 87.2% | 87.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 126M | 132M | 117M | 135M | 135M | 139M | 144M | 149M | 111M | 74M | 0 | 0 | 0 |
| Dividend Yield | 6.7% | 5.5% | 4.6% | 4.6% | 4.3% | 3.5% | 3.9% | 3.7% | 2.7% | 2.4% | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 9.3M | 6.5M | 4.8M | 5.4M | 7.8M | 10.0M | 5.8M | 9.1M | 7.5M | 6.8M | 3.6M | 3.4M | 3.4M |
| Debt Repayment | 111M | 0 | 75M | 465M | 54M | 287M | 179M | 82M | 222M | 167M | 98M | 734M | 734M |
| Balance Sheet | |||||||||||||
| Net Debt | 1.4B | 1.3B | 1.1B | 139M | 396M | 784M | 1.4M | 2.1B | 2.5B | 2.7B | 2.2B | 2.0B | 2.0B |
| Cash & Equiv. | 127M | 132M | 278M | 262M | 169M | 197M | 341M | 306M | 44M | 244M | 751M | 502M | 502M |
| Long-Term Debt | 1.5B | 1.6B | 1.6B | 1.7B | 1.9B | 2.0B | 2.1B | 2.3B | 2.4B | 2.8B | 2.7B | 2.3B | 2.3B |
| Debt/Equity | 0.91 | 0.87 | 0.78 | 0.86 | 0.90 | 0.97 | 0.99 | 0.99 | 1.16 | 1.24 | 1.96 | 1.53 | 1.53 |
| Interest Coverage | 3.8 | 3.6 | 4.0 | 3.8 | 3.2 | 3.2 | 3.1 | 3.9 | 2.4 | 1.3 | -13.4 | 5.7 | 5.7 |
| Equity | 1.8B | 1.9B | 2.1B | 2.1B | 2.2B | 2.3B | 2.3B | 2.4B | 2.2B | 2.3B | 1.5B | 1.6B | 1.6B |
| Total Assets | 11.2B | 11.8B | 11.9B | 12.5B | 13.1B | 13.7B | 15.0B | 15.8B | 16.3B | 7.7B | 8.9B | 8.9B | 8.9B |
| Total Liabilities | 9.4B | 9.8B | 10.3B | 10.4B | 10.9B | 11.4B | 12.6B | 13.4B | 14.0B | 5.3B | 7.4B | 7.3B | 7.3B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 297M | 325M | 439M | 477M | 544M | 622M | 660M | 758M | 846M | 927M | -789M | -666M | -666M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 810M | 457M | 457M |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2.1B | 1.9B | 1.9B |
| Current Liabilities | 633M | 590M | 639M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.3B | 1.4B | 1.4B |
| Per Share Data | |||||||||||||
| EPS | 1.63 | 1.50 | 2.29 | 1.52 | 1.85 | 1.99 | 1.81 | 2.25 | 2.20 | 1.81 | -11.23 | 0.71 | 0.71 |
| Owner EPS | 1.29 | 1.45 | 2.64 | 1.78 | 2.16 | 2.05 | 1.22 | 0.80 | 1.61 | 2.38 | 1.50 | 0.51 | 0.51 |
| Book Value | 17.36 | 18.09 | 19.06 | 19.29 | 19.83 | 20.83 | 21.39 | 21.85 | 20.09 | 21.30 | 11.65 | 9.26 | 9.26 |
| Cash Flow/Share | 3.15 | 3.35 | 4.57 | 3.87 | 4.58 | 4.68 | 3.93 | 3.43 | 4.15 | 5.01 | 3.84 | 2.26 | 2.43 |
| Dividends/Share | 1.24 | 1.24 | 1.24 | 1.24 | 1.24 | 1.28 | 1.32 | 1.36 | 1.40 | 0.67 | 0.00 | 0.00 | 0.00 |
| Shares Out. | 103.1M | 106.6M | 108.4M | 108.7M | 109.1M | 109.5M | 109.3M | 109.4M | 109.6M | 110.1M | 127.0M | 173.4M | 173.4M |
| Valuation | |||||||||||||
| P/E Ratio | 15.0 | 14.4 | 11.2 | 19.4 | 16.4 | 20.3 | 17.2 | 17.0 | 18.2 | 7.9 | N/A | 17.1 | 19.0 |
| P/FCF | N/A | N/A | 16.9 | N/A | N/A | 80.5 | 74.9 | 68.3 | 38.1 | 14.5 | 8.8 | 42.1 | 46.9 |
| EV/EBIT | 10.3 | 8.9 | 8.7 | 9.6 | 11.1 | 14.8 | 10.7 | 15.4 | 17.2 | 14.3 | N/A | 14.9 | 18.2 |
| Price/Book | 1.4 | 1.2 | 1.4 | 1.5 | 1.5 | 1.9 | 1.5 | 1.7 | 2.0 | 0.7 | 0.9 | 1.3 | 1.5 |
| Price/Sales | 0.6 | 0.9 | 1.1 | 1.1 | 1.1 | 1.4 | 1.4 | 1.4 | 1.1 | 0.9 | 0.5 | 0.6 | 0.8 |
| FCF Yield | -1.6% | -0.3% | 5.9% | -2.3% | -1.1% | 1.2% | 1.3% | 1.5% | 2.6% | 6.9% | 11.3% | 2.4% | 2.1% |
| Market Cap | 2.5B | 2.3B | 2.8B | 3.2B | 3.3B | 4.4B | 3.4B | 4.2B | 4.4B | 1.6B | 1.3B | 2.1B | 2.3B |
| Avg. Price | 18.19 | 22.49 | 23.71 | 26.98 | 28.89 | 36.04 | 34.15 | 37.14 | 38.21 | 28.21 | 11.41 | 10.87 | 13.50 |
| Year-End Price | 24.39 | 21.58 | 25.74 | 29.42 | 30.35 | 40.39 | 31.19 | 38.19 | 40.05 | 14.37 | 9.94 | 12.12 | 13.50 |
HAWAIIAN ELECTRIC INDUSTRIES INC passes 1 of 9 quality checks, indicating weak fundamentals.
HAWAIIAN ELECTRIC INDUSTRIES INC trades at 19.0x trailing earnings, compared to its 15-year median P/E of 17.1x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 46.7x vs a median of 40.1x. The company's 5-year average gross margin is 22.1%. At current prices, the estimated annualized return to fair value is +15.9%.
HAWAIIAN ELECTRIC INDUSTRIES INC (HE) has a net profit margin of 4.0%. This is a modest margin.
HAWAIIAN ELECTRIC INDUSTRIES INC (HE) generated $50 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
HAWAIIAN ELECTRIC INDUSTRIES INC (HE) has a debt-to-equity ratio of 1.53. This indicates higher leverage, which may increase financial risk.
HAWAIIAN ELECTRIC INDUSTRIES INC (HE) reported earnings per share (EPS) of $0.71 in its most recent fiscal year.
HAWAIIAN ELECTRIC INDUSTRIES INC (HE) has a return on equity (ROE) of 8.0%. This indicates moderate shareholder returns.
HAWAIIAN ELECTRIC INDUSTRIES INC (HE) has a 5-year average gross margin of 22.1%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 18 years of financial data for HAWAIIAN ELECTRIC INDUSTRIES INC (HE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
HAWAIIAN ELECTRIC INDUSTRIES INC (HE) has a book value per share of $9.26, based on its most recent annual SEC filing.