undamentalytics Newsletter
Sign in

Hawaiian Electric Industries Inc (HE) stock

Add to watchlist

Add holding +

NYSE: HE NYSE Electric Utilities Next results ~November 6, 2026

C Fundamentals grade

Hawaiian Electric Industries Inc is a US-listed company in the electric utilities industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Model estimate per share

~$23

Valuation models combined (2)

Base case. Range ~$16–$27. Weighted average of 2 models (utility earnings model, forward price-to-earnings vs peers), the utility earnings model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Hawaiian Electric Industries Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds172 adding, 130 cuttingOf 37 active managers that changed their stake, 20 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Hawaiian Electric Industries files

Where Hawaiian Electric Industries stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $3.28bn, up 5.1% on a year earlier, against a decline of 2.6% a quarter earlier. Free-cash-flow margin fell to -17.2% from 4.9% a year earlier. Operating margin widened to 11.5% from 0.6%. The diluted share count is up 9.6% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 0 of our 7 financial-health checks. Our valuation models combined value is $24.99 a share, against a share price of $8.38.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 6, 2026 (estimated)

Hawaiian Electric Industries Inc's trailing-twelve-month revenue grew 5.1% year on year, with a free-cash-flow margin of -17.2%. Where it stands out: stock pay as % of revenue of 0.1% ranks 1 of 8 electric utilities companies we cover. Where it lags: net margin of 6.9% ranks 25 of 25 electric utilities companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to 5.1% (+7.7pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 7.7 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 10.8 points on a year ago.

Things to watch

  • Results due soon. Results are expected around 6 November; the share price can move sharply on the day.
  • Burning cash. Free cash flow was -17.2% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 9.6% in a year.
  • Weak cash conversion. Free cash flow was -250% of net income over the last 12 months.
  • Below peers: net margin. Net margin of 6.9% ranks 25 of 25 electric utilities companies we cover (median 13.3%).
  • Below peers: days sales outstanding. Days sales outstanding of 58 days ranks 18 of 18 electric utilities companies we cover (median 45 days).

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$0.13 against an average estimate of $0.17: missed by 23.5%
Revenue
$940m, up 25.9% on a year earlier
Share reaction
-6.5% in the first session after the results on August 7, 2026, against +0.6% for the S&P 500
Guidance given
maximum penalty under Fuel Cost Risk Sharing mechanism $3.7m (2026)
Next report
November 6, 2026; average EPS estimate $0.06

Hawaiian Electric Industries' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.7%
  • 1 week+6.7%
  • 1 month-1.6%
  • This year-28.8%
  • 1 year-24.6%
  • 5 years-77.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.3B
Operating margin
11.5%
Net margin
6.9%
EPS (TTM, diluted)
$1.30

Growth

Revenue growth
+5.1%
Change in growth rate
+7.7 pts
Share count change
+9.6%

Cash

Free cash flow (TTM)
-$566M
FCF margin
-17.2%
Stock pay % of revenue
0.1%

Earnings

Last results
August 7, 2026
Next results (est.)
November 6, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Announcement
  3. Announcement
  4. Announcement
  5. Results
  6. Guidance
  7. Agreement
  8. Product
  9. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Hawaiian Electric Industries Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Hawaiian Electric Industries Inc as an utility or power producer, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.45 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$27 ~$22–$34 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$16 ~$16–$20 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. — Does not apply: no current dividend figure in the company's tagged filings
Combined value Weighted average of the models that apply: the primary model (utility earnings model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$23 ~$16–$27 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Hawaiian Electric Industries Inc with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$21.70$25.82$29.29$30.74$40.55$31.67$38.41$40.07$14.19$9.73$12.30$8.76
Market value$2.3bn$2.8bn$3.2bn$3.4bn$4.4bn$3.5bn$4.2bn$4.4bn$1.6bn$1.2bn$2.1bn$1.5bn
+ Net debt (− = net cash)$1.4bn$1.3bn$1.5bn$1.8bn−$197m$1.9bn$2.1bn$2.5bn$2.6bn$2.0bn$1.8bn$2.0bn
Enterprise value$3.7bn$4.1bn$4.7bn$5.1bn$4.2bn$5.4bn$6.3bn$6.9bn$4.1bn$3.2bn$3.9bn$3.5bn
Multiples
Price / sales 0.9x1.2x1.2x1.2x1.5x1.3x1.5x1.3x0.5x0.4x0.7x0.5x
Price / earnings 14.5x11.3x19.3x16.6x20.4x17.3x17.0x18.1x7.8x—16.9x6.7x
Price / free cash flow —16.9x——80.7x76.1x68.8x38.2x14.4x8.6x42.7x—
EV / EBITDA 7.1x7.4x8.3x8.7x6.8x8.9x9.4x12.6x7.4x—7.3x5.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

25 /100

Weak moat

How hard Hawaiian Electric Industries's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 1.4% of total assets over 10 years.

  • Durability 3 / 20

    Operating margin has been a median 11.5%; its worst year was -45.5%.

  • Cash conversion 7 / 20

    Free cash flow was positive in 7 of 10 years, at a median 0.6% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 58.3% over five years; stock-based pay has been a median 0.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 6, 2026, after the close. Analysts expect EPS of $0.06 (range $0.06 to $0.06) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.79 −8% $3.1bn +2%
Next $1.02 +29% $3.3bn +4%

Next year's EPS estimate has moved −9.4% in 90 days, across 3 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.17 $0.13 −23.5%
Mar 2026 $0.28 $0.18 −35.5%
Dec 2025 $0.24 $0.24 0.0%
Sept 2025 $0.18 $0.19 +2.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 7, 2026
  • Maximum penalty under Fuel Cost Risk Sharing mechanism · Hawaiian Electric utility 2026 about $3.7m
    “In addition, the maximum penalty of ~$3.7 million (pre-tax) is expected under the Fuel Cost Risk Sharing mechanism, which is recorded as a reduction of fuel revenue.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

4 analysts, Oct 2026
Buy00%
Hold250%
Sell250%

Monthly trend

  1. Oct 2026224
  2. Sep 2026224
  3. Aug 2026213
  4. Jul 2026213

Counts of recommendations published by analysts covering Hawaiian Electric Industries Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
14.6%
of tradable shares
Days to cover
6.13
at average volume
Short interest, 1 month
+4%
to September 30, 2026
Held by institutions
88%
of shares
Held by insiders
0.3%
of shares
Employees
2,659
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −24.6%

$11.62 on October 31, 2025 to $8.76

ThenNowEffect
Revenue (last 12 months) $3.1bn $3.3bn +5.1%
P/S multiple 0.6x 0.5x −21.4%
Share count 158m 173m −8.8%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
HE+21%+4%−65%−31%+26%−29%
Industry peers (median)+18%−1%−4%+16%+16%+5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HE50%58%50%33%58%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HE−15%−23%−77%−50%−18%−52%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 83% from March 18, 2020 to July 8, 2024. Getting back needed a 500% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$8.21 – $17.08
From 52-week high
−48.7%
vs 50-day average
−8.3%
vs 200-day average
−33.2%
Volatility (1 year)
32%
Beta vs S&P 500
0.29

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±6.9%
After a week
4 up, 8 down
typical move ±5.8%
After a month
5 up, 7 down
typical move ±8.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 7, 2026 −6.5% +0.6% −6.1% −12.7%
May 8, 2026 −9.7% +1.1% −14.2% −12.8%
February 27, 2026 +3.2% −0.4% −3.7% −4.8%
November 7, 2025 −3.4% +1.7% +0.5% +3.5%
August 7, 2025 −2.4% +0.7% +2.9% +7.5%
May 9, 2025 +2.6% +3.2% +1.9% +1.6%
February 21, 2025 +0.3% −2.2% −0.2% +1.3%
November 8, 2024 −5.8% +0.5% −2.8% −1.2%
August 9, 2024 −17.0% +0.5% −16.3% −27.4%
May 10, 2024 +7.3% +0.1% +12.3% +0.4%
February 13, 2024 −8.6% −0.5% −4.0% −19.2%
November 9, 2023 −16.4% +0.8% −4.4% −4.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Hawaiian Electric Industries Inc in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Hawaiian Electric Industries Inc
$3B $3.1B $3.2B $3.3B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $3.1B Revenue (TTM), FY23 Q4: $3.3B Revenue (TTM), FY24 Q1: $3.2B Revenue (TTM), FY24 Q2: $3.2B Revenue (TTM), FY24 Q3: $3.3B Revenue (TTM), FY24 Q4: $3.2B Revenue (TTM), FY25 Q1: $3.2B Revenue (TTM), FY25 Q2: $3.1B Revenue (TTM), FY25 Q3: $3.1B Revenue (TTM), FY25 Q4: $3.1B Revenue (TTM), FY26 Q1: $3.1B Revenue (TTM), FY26 Q2: $3.3B $3.3B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $3.1B
FY23 Q4 $3.3B
FY24 Q1 $3.2B
FY24 Q2 $3.2B
FY24 Q3 $3.3B
FY24 Q4 $3.2B
FY25 Q1 $3.2B
FY25 Q2 $3.1B
FY25 Q3 $3.1B
FY25 Q4 $3.1B
FY26 Q1 $3.1B
FY26 Q2 $3.3B
Revenue growth, TTM YoY Hawaiian Electric Industries Inc
-15% -10% -5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -10.3% Revenue growth, TTM YoY, FY23 Q4: -3.9% Revenue growth, TTM YoY, FY24 Q1: -6.5% Revenue growth, TTM YoY, FY24 Q2: -3.9% Revenue growth, TTM YoY, FY24 Q3: 4.5% Revenue growth, TTM YoY, FY24 Q4: -2.1% Revenue growth, TTM YoY, FY25 Q1: -2.3% Revenue growth, TTM YoY, FY25 Q2: -3.7% Revenue growth, TTM YoY, FY25 Q3: -5.9% Revenue growth, TTM YoY, FY25 Q4: -4.1% Revenue growth, TTM YoY, FY26 Q1: -2.6% Revenue growth, TTM YoY, FY26 Q2: 5.1% 5.1%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -10.3%
FY23 Q4 -3.9%
FY24 Q1 -6.5%
FY24 Q2 -3.9%
FY24 Q3 4.5%
FY24 Q4 -2.1%
FY25 Q1 -2.3%
FY25 Q2 -3.7%
FY25 Q3 -5.9%
FY25 Q4 -4.1%
FY26 Q1 -2.6%
FY26 Q2 5.1%
Operating margin (TTM) Hawaiian Electric Industries Inc
-60% -40% -20% 0% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 6.1% Operating margin (TTM), FY23 Q4: 8.4% Operating margin (TTM), FY24 Q1: 7.9% Operating margin (TTM), FY24 Q2: -45.5% Operating margin (TTM), FY24 Q3: -51.5% Operating margin (TTM), FY24 Q4: -53.0% Operating margin (TTM), FY25 Q1: -53.4% Operating margin (TTM), FY25 Q2: 0.6% Operating margin (TTM), FY25 Q3: 7.2% Operating margin (TTM), FY25 Q4: 7.6% Operating margin (TTM), FY26 Q1: 7.3% Operating margin (TTM), FY26 Q2: 11.5% 11.5%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 6.1%
FY23 Q4 8.4%
FY24 Q1 7.9%
FY24 Q2 -45.5%
FY24 Q3 -51.5%
FY24 Q4 -53.0%
FY25 Q1 -53.4%
FY25 Q2 0.6%
FY25 Q3 7.2%
FY25 Q4 7.6%
FY26 Q1 7.3%
FY26 Q2 11.5%
FCF margin (TTM) Hawaiian Electric Industries Inc
-20% -10% 0% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 8.7% FCF margin (TTM), FY23 Q4: 3.3% FCF margin (TTM), FY24 Q1: 2.4% FCF margin (TTM), FY24 Q2: -0.4% FCF margin (TTM), FY24 Q3: 2.1% FCF margin (TTM), FY24 Q4: 4.4% FCF margin (TTM), FY25 Q1: 2.5% FCF margin (TTM), FY25 Q2: 4.9% FCF margin (TTM), FY25 Q3: 2.5% FCF margin (TTM), FY25 Q4: 1.6% FCF margin (TTM), FY26 Q1: 1.4% FCF margin (TTM), FY26 Q2: -17.2% -17.2%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 8.7%
FY23 Q4 3.3%
FY24 Q1 2.4%
FY24 Q2 -0.4%
FY24 Q3 2.1%
FY24 Q4 4.4%
FY25 Q1 2.5%
FY25 Q2 4.9%
FY25 Q3 2.5%
FY25 Q4 1.6%
FY26 Q1 1.4%
FY26 Q2 -17.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Hawaiian Electric Industries took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $3.1B
  2. Other operating costs $2.9B · 92.4%
  3. Operating income $235M · 7.6%
  4. Income tax $40.6M · 1.3%
  5. Interest and other $68.4M · 2.2%
  6. Net income $126M · 4.1%

Shares of revenue. Source: Hawaiian Electric Industries's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 2,310 2,665 3,242 3,375 3,238 3,240 2,603 2,381 2,556 2,861 2,874 2,580 2,850 3,421 3,288 3,220 3,087 3,283
EBITDA 344 415 457 443 485 516 518 561 568 589 626 602 665 550 557 −1,413 534 674
Operating income 188 256 290 284 318 333 323 356 346 333 348 311 386 280 275 −1,707 235 377
Net income 83 114 138 139 162 168 160 248 165 202 218 200 248 243 201 −1,424 126 226
Diluted EPS $0.91 $1.21 $1.44 $1.42 $1.62 $1.63 $1.50 $2.29 $1.52 $1.85 $1.99 $1.81 $2.25 $2.20 $1.81 −$11.23 $0.71 $1.30
Growth (year on year)
Revenue −28.2% +15.4% +21.7% +4.1% −4.0% +0.0% −19.6% −8.5% +7.3% +11.9% +0.5% −10.2% +10.5% +20.0% −3.9% −2.1% −4.1% +5.1%
EBITDA −3.0% +20.6% +10.1% −3.2% +9.6% +6.3% +0.5% +8.2% +1.4% +3.7% +6.3% −3.8% +10.4% −17.3% +1.3% −353.6% — +110.9%
Operating income −8.1% +36.5% +13.1% −1.9% +11.7% +4.8% −3.0% +10.3% −2.7% −3.7% +4.4% −10.5% +23.9% −27.6% −1.6% −720.7% — —
Net income −8.0% +36.8% +21.8% +0.3% +16.6% +4.0% −4.9% +55.3% −33.4% +22.1% +8.0% −8.3% +24.2% −2.0% −17.2% −808.1% — —
Diluted EPS −15.0% +33.0% +19.0% −1.4% +14.1% +0.6% −8.0% +52.7% −33.6% +21.7% +7.6% −9.0% +24.3% −2.2% −17.7% −720.4% — —
Margins
EBITDA margin 14.9% 15.6% 14.1% 13.1% 15.0% 15.9% 19.9% 23.5% 22.2% 20.6% 21.8% 23.3% 23.3% 16.1% 17.0% −43.9% 17.3% 20.5%
Operating margin 8.1% 9.6% 8.9% 8.4% 9.8% 10.3% 12.4% 14.9% 13.5% 11.7% 12.1% 12.1% 13.5% 8.2% 8.4% −53.0% 7.6% 11.5%
Net margin 3.6% 4.3% 4.3% 4.1% 5.0% 5.2% 6.1% 10.4% 6.5% 7.1% 7.6% 7.7% 8.7% 7.1% 6.1% −44.2% 4.1% 6.9%
Free-cash-flow margin −0.9% 6.0% 0.5% −2.7% −0.9% −1.2% −0.3% 7.0% −2.9% −1.3% 1.9% 1.8% 2.1% 3.4% 3.3% 4.4% 1.6% −17.2%
Cash flow
Cash from operations 269 341 250 279 362 325 357 496 420 499 512 429 376 454 551 487 391 −144
Capital spending 289 182 235 371 389 365 364 330 495 537 458 384 315 339 443 344 341 422
Free cash flow −20 159 15 −92 −28 −39 −7 166 −75 −38 55 46 61 115 109 143 50 −566
Stock-based pay 1 3 4 7 8 9 7 5 5 8 10 6 9 7 7 4 3 4
Free cash flow after stock pay −21 156 11 −98 −36 −49 −13 161 −80 −46 45 40 52 108 102 140 46 −569
Balance sheet
Cash — — — — — — 300 278 262 169 197 341 306 44 244 751 502 239
Total debt 1,407 1,390 1,409 1,507 1,598 1,626 1,681 1,619 1,802 1,954 — 2,249 2,376 2,558 2,826 2,739 2,285 2,266
Net debt (negative = net cash) — — — — — — 1,381 1,341 1,540 1,784 −197 1,907 2,070 2,514 2,582 1,988 1,783 2,027
Diluted shares 92m 94m 96m 97m 100m 103m 107m 108m 109m 109m 109m 109m 110m 110m 110m 127m 173m 173m
Returned to shareholders
Dividends 97 93 107 96 98 126 132 117 135 135 139 144 149 111 74 0 0 —
Total returned 97 93 107 96 98 126 132 117 135 135 139 144 149 111 74 0 0 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 7 checks passed · June 30, 2026
What it owns · $8.4bn
Short-term assets $1.3bnLonger-term assets $7.1bn
What it owes, and who funded it · $8.4bn
Short-term liabilities $1.3bnLonger-term liabilities $5.4bnShareholders' equity $1.8bn
  • Short-term assets cover short-term liabilities $1.3bn of assets due within a year against $1.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.3bn short-term assets against $5.4bn of longer-dated liabilities.
  • More cash than debt $239m of cash against $2.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 129% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 97% to 129% over five years.
  • A year's operating cash flow covers at least 20% of debt −$144m of operating cash flow against $2.3bn of debt.
  • Operating profit covers interest at least five times over Operating income of $377m against $135m of interest.

From Hawaiian Electric Industries Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+9.6%
year over year
Days sales outstanding
58 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electric utilities
Last 12 months unless stated HE OGE POR AQN LNT TXNM Median
Revenue, last 12 months $3.3bn $3.4bn $3.6bn $2.4bn $4.4bn $2.3bn $9.4bn
Revenue growth, last 12 months 5.1% 2.4% 1.2% 4.9% 6.8% 10.0% 6.4%
Revenue growth, 3-year average −0.9% 6.2% 7.2% — 1.9% 3.3% 3.7%
Revenue growth, latest quarter 25.9% 13.2% 2.0% — 1.0% 13.3% 4.3%
Gross margin — 62.0% — 69.0% 85.8% 41.0% 65.9%
Operating margin 11.5% 25.8% 14.4% 20.7% 22.1% 24.4% 22.3%
Operating margin, 3-year average −11.1% 25.0% 15.3% 21.2% 22.7% 20.6% 22.4%
Net margin 6.9% 16.4% 7.7% 7.4% 18.4% 9.9% 13.3%
Cash from operations / revenue −4.4% 37.9% 27.0% 24.4% 26.1% 26.3% 27.0%
Free-cash-flow margin −17.2% 6.2% −11.7% −7.3% −23.8% −26.0% −10.0%
Free-cash-flow margin, 3-year average −4.3% −0.8% −11.4% −25.1% −22.6% −30.8% −8.2%
Stock pay / revenue 0.1% 0.5% — 0.5% 0.7% 0.3% 0.4%
Change in share count 9.6% 2.4% 6.1% 5.2% 0.8% 15.0% 1.7%

Median of all 25 companies we cover in electric utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

25 electric utilities companies
Measure Company Peer median Rank
Revenue growth Growth 5.1% 6.4% 16 of 25
Change in growth rate Growth +7.7pp -0.1pp 4 of 25
Operating margin Profitability 11.5% 22.5% 23 of 24
Net margin Profitability 6.9% 13.3% 25 of 25
Free-cash-flow margin Cash generation -17.2% -10.0% 17 of 24
Stock pay as % of revenue Cash generation 0.1% 0.5% 1 of 8
Long-term debt as % of assets Balance sheet 27.0% 40.9% 4 of 24
Change in share count Balance sheet 9.6% 1.7% 22 of 23
Days sales outstanding Balance sheet 58 days 45 days 18 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Electric Utility $3.1B 99.5% ▼ 4.2%
All Other Segments $15.7M 0.5% ▲ 19.5%
Products and services
Line of business Revenue Share YoY
Electric Energy Sales Large Light and Power $1.1B 35.1% ▼ 3.9%
Electric Energy Sales Residential $992M 32.3% ▼ 2.0%
Electric Energy Sales Commercial $972M 31.6% ▼ 4.1%
Electric Energy Sales Other $18M 0.6% ▼ 3.8%
Other Sales $13.7M 0.4% ▲ 14.6%

From Hawaiian Electric Industries Inc's 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.9B
Institutions reporting
337
Shares held vs prior quarter
▲ 3.3%
Positions opened / closed
36 / 35

Top buyers and sellers, Q2 2026: 172 institutions bought and 130 sold ; the biggest buyer was Jupiter Asset Management Ltd (+1.6M shares) and the biggest seller 12 West Capital Management LP (−675K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $358M 26.5M 18.5% ▲ 2.9%
Horizon Kinetics Asset Management LLC $303M 22.4M 15.7% ▲ 3.5%
Vanguard Portfolio Management LLC $140M 10.4M 7.3% ▲ 1.1%
Vanguard Capital Management LLC $101M 7.5M 5.2% ▲ 0.3%
State Street Corp $97.2M 7.2M 5.0% ▲ 5.3%
T. Rowe Price Investment Management, Inc. $83.9M 6.2M 4.3% ▼ 0.2%
Geode Capital Management, LLC $58.7M 4.3M 3.0% ▲ 6.1%
Quantinno Capital Management LP $53.8M 4.0M 2.8% ▲ 13.3%
Charles Schwab Investment Management Inc $41.8M 3.1M 2.2% ▼ 7.7%
Invesco Ltd. $36M 2.7M 1.9% ▲ 31.9%
Dimensional Fund Advisors LP $34.8M 2.6M 1.8% ▲ 0.4%
Morgan Stanley $33.8M 2.5M 1.7% ▼ 5.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Hawaiian Electric Industries Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

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

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 5 trades and filings

No trades in Hawaiian Electric Industries Inc disclosed in the last 12 months; 5 earlier trades on record.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $50,001 - $100,000, traded January 31, 2025, filed February 11, 2025
  • Daniel S. Goldman(D-NY 10):Sale (full), $15,001 - $50,000, traded March 6, 2023, filed April 17, 2023
  • Donna Shalala(FL):Sale (full), $1,001 - $15,000, traded June 24, 2019, filed April 27, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 6, 2026 estimated from the company's past filing pattern, not announced

  • August 7, 2026
  • May 8, 2026
  • February 27, 2026
  • November 7, 2025
  • August 7, 2025
  • May 9, 2025

Recent SEC filings

Data status

When each part of this page on Hawaiian Electric Industries Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Hawaiian Electric Industries Inc in brief

What does Hawaiian Electric Industries Inc do?
Hawaiian Electric Industries Inc is a US-listed company in the electric utilities industry. Its financial year ends in December.
What is Hawaiian Electric Industries Inc's stock ticker?
Hawaiian Electric Industries Inc trades under the ticker HE on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Hawaiian Electric Industries Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Hawaiian Electric Industries Inc reported revenue of $3.3B, 5.1% higher than a year earlier, according to its SEC filings.
What is Hawaiian Electric Industries Inc's free cash flow?
Hawaiian Electric Industries Inc's free-cash-flow margin is -17.2% of revenue over the trailing twelve months, ranking 17 of the 24 electric utilities companies we cover.
Who are Hawaiian Electric Industries Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Horizon Kinetics Asset Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Hawaiian Electric Industries Inc's market cap?
On November 2, 2026, Hawaiian Electric Industries Inc's market capitalisation was about $1.5B, with a price-to-earnings ratio of 6.7 and net debt of $2B. Market figures come from third-party market data and may be delayed.
How much debt does Hawaiian Electric Industries Inc have?
Hawaiian Electric Industries Inc's debt-to-equity ratio is 128.5%, from its latest balance sheet (97.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Hawaiian Electric Industries Inc's competitors?
In our Electric Utilities peer group, the companies closest to Hawaiian Electric Industries Inc are OGE Energy Corp., Portland General Electric Co, Algonquin Power & Utilities Corp., Alliant Energy and Txnm Energy Inc. The side-by-side comparison below sets their revenue, margins and growth against Hawaiian Electric Industries Inc's.
When is Hawaiian Electric Industries Inc's next earnings date?
Around November 6, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Hawaiian Electric Industries Inc announces its own schedule.