(HE) Hawaiian Electric Industries - Overview

Sector: Utilities | Industry: Utilities - Regulated Electric | Exchange: NYSE (USA) | Market Cap: 2.310m USD | Total Return: 25.8% in 12m

Electricity, Renewable Energy, Infrastructure, Banking Services
Total Rating 48
Safety 69
Buy Signal -0.39
Utilities - Regulated Electric
Industry Rotation: +13.2
Market Cap: 2.31B
Avg Turnover: 27.7M
Risk 3d forecast
Volatility44.8%
VaR 5th Pctl6.64%
VaR vs Median-13.4%
Reward TTM
Sharpe Ratio0.81
Rel. Str. IBD44
Rel. Str. Peer Group43.3
Character TTM
Beta-0.322
Beta Downside-0.337
Hurst Exponent0.403
Drawdowns 3y
Max DD80.01%
CAGR/Max DD-0.34
CAGR/Mean DD-0.42
EPS (Earnings per Share) EPS (Earnings per Share) of HE over the last years for every Quarter: "2021-03": 0.58, "2021-06": 0.58, "2021-09": 0.58, "2021-12": 0.5, "2022-03": 0.63, "2022-06": 0.48, "2022-09": 0.57, "2022-12": 0.52, "2023-03": 0.5, "2023-06": 0.5, "2023-09": 0.56, "2023-12": 0.48, "2024-03": 0.45, "2024-06": 0.44, "2024-09": 0.46, "2024-12": 0.2, "2025-03": 0.15, "2025-06": 0.2, "2025-09": 0.19, "2025-12": 0.24, "2026-03": 0.18,
EPS CAGR: -35.37%
EPS Trend: -93.8%
Last SUE: -0.43
Qual. Beats: 0
Revenue Revenue of HE over the last years for every Quarter: 2021-03: 642.946, 2021-06: 680.257, 2021-09: 756.904, 2021-12: 770.272, 2022-03: 785.068, 2022-06: 895.607, 2022-09: 1042.196999, 2022-12: 1019.113, 2023-03: 928.237, 2023-06: 895.685, 2023-09: 901.873, 2023-12: 561.708, 2024-03: 792.014, 2024-06: 795.417, 2024-09: 938.383, 2024-12: 486.949, 2025-03: 744.07, 2025-06: 746.392, 2025-09: 790.61, 2025-12: 805.824, 2026-03: 746.447,
Rev. CAGR: -8.00%
Rev. Trend: -76.5%
Last SUE: 1.39
Qual. Beats: 1

Warnings

Altman Z'' 0.55 < 1.0 - financial distress zone

Below Avwap Earnings

Tailwinds

Confidence

Description: HE Hawaiian Electric Industries

Hawaiian Electric Industries, Inc. (HE) operates as a regulated electric utility serving approximately 95% of Hawaiis population across the islands of Oahu, Hawaii, Maui, Lanai, and Molokai. Founded in 1891, the company manages the full lifecycle of electrical services, including generation, transmission, and distribution, while also investing in non-regulated renewable infrastructure projects.

The company’s portfolio integrates diverse energy sources such as wind, solar, geothermal, and biofuels to serve a customer base that includes residential communities, the U.S. military, and large-scale agricultural operations. As a vertically integrated utility in an island geography, the company must maintain isolated grid systems rather than relying on interstate transmission interconnections common in the continental United States.

Electric utilities are typically subject to oversight by state public utilities commissions, which determine the rates companies can charge to recover capital investments and operating costs. You can find more detailed data on these regulatory filings and financial metrics at ValueRay. Given Hawaiis aggressive clean energy mandates, the company is currently transitioning its generation mix toward a goal of 100% renewable energy by 2045.

Headlines to Watch Out For
  • Wildfire liability settlements and legal proceedings impact long-term corporate solvency
  • Regulatory approval for rate hikes determines utility segment profit margins
  • Federal funding for grid hardening reduces capital expenditure pressure on earnings
  • American Savings Bank performance influences consolidated holding company dividend capacity
  • Renewable energy transition costs affect electricity pricing and consumer demand levels
Piotroski VR-10 (Strict) 1.5
Net Income: 129.6m TTM > 0 and > 6% of Revenue
FCF/TA: 0.00 > 0.02 and ΔFCF/TA -0.44 > 1.0
NWC/Revenue: 14.96% < 20% (prev 13.07%; Δ 1.89% < -1%)
CFO/TA 0.05 > 3% & CFO 402.4m > Net Income 129.6m
Net Debt (2.49b) to EBITDA (542.0m): 4.60 < 3
Current Ratio: 1.34 > 1.5 & < 3
Outstanding Shares: last quarter (173.3m) vs 12m ago 0.30% < -2%
Gross Margin: 7.32% > 18% (prev -0.56%; Δ 788.6% > 0.5%)
Asset Turnover: 34.95% > 50% (prev 33.82%; Δ 1.12% > 0%)
Interest Coverage Ratio: 2.43 > 6 (EBITDA TTM 542.0m / Interest Expense TTM 109.7m)
Altman Z'' 0.55
A: 0.05 (Total Current Assets 1.83b - Total Current Liabilities 1.37b) / Total Assets 8.91b
B: -0.07 (Retained Earnings -635.2m / Total Assets 8.91b)
C: 0.03 (EBIT TTM 267.0m / Avg Total Assets 8.84b)
D: 0.23 (Book Value of Equity 1.64b / Total Liabilities 7.28b)
Altman-Z'' = 0.55 = B
Beneish M -2.89
DSRI: 0.98 (Receivables 452.2m/444.0m, Revenue 3.09b/2.96b)
GMI: 1.00 (fallback, negative margins)
AQI: 1.27 (AQ_t 0.09 / AQ_t-1 0.07)
SGI: 1.04 (Revenue 3.09b / 2.96b)
TATA: -0.03 (NI 129.6m - CFO 402.4m) / TA 8.91b)
Beneish M = -2.89 (Cap -4..+1) = A
What is the price of HE shares?

As of May 25, 2026, the stock is trading at USD 13.69 with a total of 1,021,766 shares traded.
Over the past week, the price has changed by +3.33%, over one month by -10.42%, over three months by -12.82% and over the past year by +25.76%.

Is HE a buy, sell or hold?

Hawaiian Electric Industries has received a consensus analysts rating of 3.40. Therefore, it is recommended to hold HE.

  • StrongBuy: 1
  • Buy: 0
  • Hold: 4
  • Sell: 0
  • StrongSell: 0

What are the forecasts/targets for the HE price?
Analysts Target Price 13.8 0.4%
Hawaiian Electric Industries (HE) - Fundamental Data Overview as of 20 May 2026
P/E Trailing = 18.0811
P/E Forward = 12.4844
P/S = 0.7477
P/B = 1.3949
P/EG = 2.2693
Revenue TTM = 3.09b USD
EBIT TTM = 267.0m USD
EBITDA TTM = 542.0m USD
Long Term Debt = 2.28b USD (from longTermDebt, last quarter)
Short Term Debt = 125.0m USD (from shortTermDebt, last quarter)
Debt = 2.95b USD (corrected: LT Debt 2.28b + ST Debt 125.0m) + Leases 541.1m
Net Debt = 2.49b USD (calculated: Debt 2.95b - CCE 452.8m)
Enterprise Value = 4.80b USD (2.31b + Debt 2.95b - CCE 452.8m)
Interest Coverage Ratio = 2.43 (Ebit TTM 267.0m / Interest Expense TTM 109.7m)
EV/FCF = 108.6x (Enterprise Value 4.80b / FCF TTM 44.2m)
FCF Yield = 0.92% (FCF TTM 44.2m / Enterprise Value 4.80b)
FCF Margin = 1.43% (FCF TTM 44.2m / Revenue TTM 3.09b)
Net Margin = 4.19% (Net Income TTM 129.6m / Revenue TTM 3.09b)
Gross Margin = 7.32% ((Revenue TTM 3.09b - Cost of Revenue TTM 2.86b) / Revenue TTM)
Gross Margin QoQ = 7.15% (prev 8.33%)
Tobins Q-Ratio = 0.54 (Enterprise Value 4.80b / Total Assets 8.91b)
Interest Expense / Debt = 3.72% (Interest Expense 109.7m / Debt 2.95b)
Taxrate = 21.10% (8.14m / 38.6m)
NOPAT = 210.6m (EBIT 267.0m * (1 - 21.10%))
Current Ratio = 1.34 (Total Current Assets 1.83b / Total Current Liabilities 1.37b)
Debt / Equity = 1.80 (Debt 2.95b / totalStockholderEquity, last quarter 1.64b)
Debt / EBITDA = 4.60 (Net Debt 2.49b / EBITDA 542.0m)
Debt / FCF = 56.37 (Net Debt 2.49b / FCF TTM 44.2m)
Total Stockholder Equity = 1.60b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.47% (Net Income 129.6m / Total Assets 8.91b)
RoE = 5.79% (Net Income TTM 129.6m / Total Stockholder Equity 2.24b)
RoCE = 5.91% (EBIT 267.0m / Capital Employed (Equity 2.24b + L.T.Debt 2.28b))
RoIC = 2.75% (NOPAT 210.6m / Invested Capital 7.66b)
WACC = 3.78% (E(2.31b)/V(5.26b) * Re(4.85%) + D(2.95b)/V(5.26b) * Rd(3.72%) * (1-Tc(0.21)))
Discount Rate = 4.85% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 77.78 | Cagr: 22.25%
[DCF] Terminal Value 73.10% ; FCFF base≈59.5m ; Y1≈52.2m ; Y5≈42.1m
 [DCF] Fair Price = N/A (negative equity: EV 676.5m - Net Debt 2.49b = -1.82b; debt exceeds intrinsic value)
 EPS Correlation: -93.81 | EPS CAGR: -35.37% | SUE: -0.43 | # QB: 0
Revenue Correlation: -76.49 | Revenue CAGR: -8.00% | SUE: 1.39 | # QB: 1
EPS current Quarter (2026-06-30): EPS=0.28 | Chg30d=+9.41% | Revisions=+20% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.28 | Chg30d=+9.41% | Revisions=+20% | Analysts=1
EPS current Year (2026-12-31): EPS=1.04 | Chg30d=-2.15% | Revisions=N/A | GrowthEPS=+21.5% | GrowthRev=+2.2%
EPS next Year (2027-12-31): EPS=1.15 | Chg30d=+0.00% | Revisions=+20% | GrowthEPS=+9.7% | GrowthRev=+4.8%
[Analyst] Revisions Ratio: +20%