HE · Hawaiian Electric Industries Inc - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · HE

1Y 3Y 5Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$3.09B	$3.22B	$3.68B	$3.74B	$2.85B	$2.58B
Cost of Revenue	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-
R&D	-	-	-	-	-	-
SG&A	-	-	-	-	-	-
Total Operating Expenses	$2.85B	$4.93B	$3.33B	$3.36B	$2.46B	$2.27B
D&A	$298.92M	$293.53M	$310.80M	$294.84M	$278.70M	$290.78M
Operating Income	$235.32M	($1.71B)	$352.60M	$381.07M	$386.07M	$311.49M
Interest Expense	$117.33M	$127.21M	$208.33M	$116.70M	$99.40M	$99.81M
Income Tax	$40.65M	($470.96M)	$44.57M	$61.17M	$62.81M	$40.91M
Net Income	$126.28M	($1.42B)	$201.13M	$199.71M	$246.17M	$197.82M
EPS - Basic	$0.71	($11.23)	$1.82	$2.20	$2.25	$1.81
EPS - Diluted	$0.71	($11.23)	$1.81	$2.20	$2.25	$1.81

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$501.78M	$750.53M	$679.55M	$199.88M	$305.55M	$341.42M
Accounts Receivable	$491.53M	$546.70M	-	-	-	-
Inventory	-	-	-	-	-	-
Accounts Payable	$219.06M	$198.88M	-	-	-	-
Current Assets	$1.88B	$342.50M◇	$168.77M◇	$676.65M◇	-	-
Total Assets	$8.92B	$8.93B	$17.24B	$16.28B	$15.82B	$15.00B
Current Liabilities	$1.43B	$1.23B◇	($149.62M)◇	$133.22M◇	-	-
Long-term Debt	$2.29B	$2.69B	$2.84B	$2.38B	$2.32B	$2.12B
Total Liabilities	$7.32B	$7.42B	$14.86B	$14.05B	$13.40B	$12.63B
Stockholders' Equity	$1.61B	$1.48B	$2.34B	$2.20B	$2.39B	$2.34B
Retained Earnings	($665.61M)	($788.92M)	$926.72M	$845.83M	$757.92M	$660.40M

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	$391.07M	$487.48M	$551.47M	$454.48M	$375.67M	$429.41M
Investing Cash Flow	($322.18M)	$258.32M	($257.40M)	($1.13B)	($1.18B)	($1.41B)
Financing Cash Flow	($331.00M)	$154.71M	$195.57M	$567.67M	$756.40M	$1.12B
CapEx	$341.20M	$344.25M	$448.30M	$344.04M	$314.52M	$383.89M
Free Cash Flow	$49.87M	$143.23M	$103.17M	$110.44M	$61.15M	$45.51M

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	-	-	-	-	-	-
Operating margin	7.6%	-53.0%	9.6%	10.2%	13.5%	12.1%
EBITDA margin	17.3%	-43.9%	18.0%	18.1%	23.3%	23.3%
Net margin	4.1%	-44.2%	5.5%	5.3%	8.6%	7.7%
Free cash flow margin	1.6%	4.4%	2.8%	3.0%	2.1%	1.8%
FCF / Net income	0.39	-0.10	0.51	0.55	0.25	0.23
R&D / Revenue	-	-	-	-	-	-
SG&A / Revenue	-	-	-	-	-	-
Effective tax rate	24.4%	-	18.1%	23.4%	20.3%	17.1%
Return on assets	1.4%	-15.9%	1.2%	1.2%	1.6%	1.3%
Return on equity	7.9%	-96.3%	8.6%	9.1%	10.3%	8.5%
Return on invested capital	4.6%	-32.3%	5.6%	6.4%	6.5%	5.8%
Liquidity
Current ratio	1.32	0.28	-1.13	5.08	-	-
Quick ratio	1.32	0.28	-1.13	5.08	-	-
Cash ratio	0.35	0.61	-4.54	1.50	-	-
Leverage
Debt / Equity	1.42	1.82	1.21	1.08	0.97	0.91
Debt / Assets	0.26	0.30	0.16	0.15	0.15	0.14
Debt / EBITDA	4.28	-	4.28	3.53	3.49	3.52
Interest coverage	2.0x	-13.4x	1.7x	3.3x	3.9x	3.1x
Equity multiplier	5.56	6.04	7.35	7.39	6.62	6.42
Liabilities / Assets	0.82	0.83	0.86	0.86	0.85	0.84
Efficiency
Asset turnover	0.35	0.36	0.21	0.23	0.18	0.17
Inventory turnover	-	-	-	-	-	-
Days sales outstanding	58d	62d	-	-	-	-
Days inventory outstanding	-	-	-	-	-	-
Days payable outstanding	-	-	-	-	-	-
Cash conversion cycle	-	-	-	-	-	-
Valuation
P / E	17.3x	-	7.8x	19.0x	18.4x	19.6x
P / B	1.3x	0.8x	0.7x	2.1x	1.9x	1.7x
P / S	0.7x	0.4x	0.4x	1.2x	1.6x	1.5x
EV / EBITDA	7.3x	-	5.6x	10.0x	9.9x	9.4x
Growth
Revenue growth (YoY)	-4.1%	-12.6%	-1.6%	31.3%	10.5%	-10.3%
Revenue CAGR (3y)	-6.2%	4.1%	12.6%	9.2%	-0.1%	0.3%
Revenue CAGR (5y)	3.7%	2.3%	5.2%	7.9%	3.7%	-0.2%
Gross profit growth (YoY)	-	-	-	-	-	-
Operating income growth (YoY)	-	-	-7.5%	-1.3%	23.9%	-10.7%
Net income growth (YoY)	-	-	0.7%	-18.9%	24.4%	-9.2%
EPS growth (YoY)	-	-	-17.7%	-2.2%	24.3%	-9.0%
EPS CAGR (3y)	-31.4%	-	0.0%	3.4%	6.7%	6.0%
EPS CAGR (5y)	-17.1%	-	-0.4%	7.7%	-0.4%	3.8%
FCF growth (YoY)	-65.2%	38.8%	-6.6%	80.6%	34.4%	-17.2%
FCF CAGR (5y)	1.8%	21.1%	-	197.9%	-18.0%	-
Book value growth (YoY)	8.6%	-36.9%	6.5%	-7.9%	2.3%	2.5%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$3.09B total

Electric Utility Segment$3.07B · 99.5%

All Other Segments$15.71M · 0.5%

Stability scores

Altman Z′

FY 2025 · bankruptcy risk

0.49

Distress

Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.

Piotroski F-score

FY 2025 · 9-point quality

6/9

Neutral

✓Net income positive
✓Operating cash flow positive
✓ROA improved YoY
✓Cash flow > net income
✓Long-term debt decreased
✓Current ratio improved
✗No share dilution
-Gross margin improved
✗Asset turnover improved

Peer comparison

Same SIC group: Electric Services

Company	Revenue (last FY)	Net margin	ROE
ETR	$12.95B	13.6%	10.4%
SO	$29.55B	14.9%	12.2%
AEP	$21.88B	16.4%	11.5%
NRG	$30.71B	2.8%	51.4%
PPL	$9.17B	12.9%	7.9%

Comparing HAWAIIAN ELECTRIC INDUSTRIES INC against the 5 most active filers in the same SIC group.

Dividends

$0.00/share trailing 12 months

Ex-date	Per share
Aug 17, 2023	$0.3600
May 18, 2023	$0.3600
Feb 22, 2023	$0.3600
Nov 21, 2022	$0.3500
Aug 17, 2022	$0.3500
May 19, 2022	$0.3500
Feb 23, 2022	$0.3500
Nov 22, 2021	$0.3400
Aug 18, 2021	$0.3400
May 19, 2021	$0.3400
Feb 24, 2021	$0.3400
Nov 19, 2020	$0.3300
Aug 20, 2020	$0.3300
May 21, 2020	$0.3300
Feb 25, 2020	$0.3300
Nov 21, 2019	$0.3200
Aug 21, 2019	$0.3200
May 22, 2019	$0.3200
Feb 25, 2019	$0.3200
Nov 20, 2018	$0.3100
Aug 20, 2018	$0.3100
May 22, 2018	$0.3100
Feb 21, 2018	$0.3100
Nov 21, 2017	$0.3100

Cells marked with a small ◇ are sourced from SEC's bulk Financial Statement Data Sets, which can lose dimensional context (notably Revenue and Operating Income for issuers that report by segment). These cells will be replaced with authoritative values from the Company Facts API as the backfill completes.