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May 8, 2026·SEC
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Hawaiian Electric Industries, Inc.(HE)Earnings, Financials & Key Ratios
HE•NYSE•Utilities
$13.35
18.8× P/E·Price updated Jul 7, 2026
SectorUtilitiesIndustryDiversified UtilitiesSub-IndustryUtility holding companies with non-utility businesses
AboutHawaiian Electric Industries, Inc., together with its subsidiaries, engages in the electric utility, banking, and renewable/sustainable infrastructure investment businesses in the state of Hawaii. It operates in three segments: Electric Utility, Bank, and Other. The Electric Utility segment engages in the production, purchase, transmission, distribution, and sale of electricity in the islands of Oahu, Hawaii, Maui, Lanai, and Molokai. Its renewable energy sources and potential sources include wind, solar, photovoltaic, geothermal, wave, hydroelectric, municipal waste, and other biofuels. This segment serves suburban communities, resorts, the United States armed forces installations, and agricultural operations. The Bank segment operates a community bank that offers banking and other financial services to consumers and businesses, including savings and checking accounts; and loans comprising residential and commercial real estate, residential mortgage, construction and development, multifamily residential and commercial real estate, consumer, and commercial loans. This segment operates 42 branches, including 29 branches in Oahu, 6 branches in Maui, 4 branches in Hawaii, 2 branches in Kauai, and 1 branch in Molokai. The Other segment invests in non-regulated renewable energy and sustainable infrastructure in the State of Hawaii. Hawaiian Electric Industries Inc. was incorporated in 1891 and is headquartered in Honolulu, Hawaii.Show more
- Revenue$3.09B-4.1%
- EBITDA$495M+134.8%
- Net Income$126M+108.9%
- Free Cash Flow$50M-63.4%
- EBITDA Margin16.05%+136.3%
- Net Margin4.09%+109.2%
- ROE8.1%+111.1%
- Interest Coverage2.48+118.1%
- Debt/Equity1.84-16.3%
HE Price & Volume
Hawaiian Electric Industries, Inc. (HE) stock price & volume — 10-year historical chart
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Wildfire Litigation Risks Cloud Utility Financial Stability
Investment Thesis • Updated 2026Q1
VerdictNegative
Growth:Mixed
Profitability:Negative
Financial:Vulnerable
Cash Flow:Burning
Primary Risk:Catastrophic wildfire litigation liability
Key Thesis Takeaways
- Hawaiian Electric faces a precarious fundamental outlook as catastrophic wildfire litigation continues to erode shareholder equity, which contracted from $2.4 billion in 2024Q1 to $1.6 billion by 2026Q1.
- While the utility attempts to stabilize operations, the persistent gap between capital expenditure and internal cash generation, evidenced by a 174.2% CapEx/OCF ratio in 2025Q1, necessitates ongoing reliance on external financing.
- Investors should remain cautious as the company's core earnings power remains obscured by massive non-recurring legal charges and a volatile regulatory environment.
Verdict Logic
the company's financial health is currently dominated by extreme litigation risk and a debt-to-equity ratio of 0.41 as of 2026Q1, which continues to threaten long-term solvency and dividend sustainability.
HE Growth Metrics
Hawaiian Electric Industries, Inc. (HE) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years1.72%
5 Years3.65%
3 Years-3.37%
TTM4.2%
Profit CAGR
10 Years-2.45%
5 Years-8.59%
3 Years-19.4%
TTM109%
EPS CAGR
10 Years-7.21%
5 Years-17.07%
3 Years-31.41%
TTM105.67%
Return on Capital
10 Years0.8%
5 Years-1.02%
3 Years-3.12%
Last Year3.12%
HE Recent Earnings
Hawaiian Electric Industries, Inc. (HE) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 2/12 qtrs (17%)●Beat Revenue 4/12 qtrs (44%)
Q2 2026Latest
May 8, 2026Metric
Actual
Est
EPS
$0.18-33.3%
$0.27
Rev
$744M-0.3%
$746M
Q1 2026
Feb 27, 2026Metric
Actual
Est
EPS
$0.24+1.1%
$0.24
Rev
$806M+0.0%
$806M
Q4 2025
Nov 7, 2025Metric
Actual
Est
EPS
$0.19-20.8%
$0.24
Rev
$791M
—
Q3 2025
Aug 7, 2025Metric
Actual
Est
EPS
$0.20+199.0%
$0.20
Rev
$746M
—
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 8, 2026 | $0.18vs $0.27-33.3% | $744Mvs $746M-0.3% |
| Q1 2026 | Feb 27, 2026 | $0.24vs $0.24+1.1% | $806Mvs $806M+0.0% |
| Q4 2025 | Nov 7, 2025 | $0.19vs $0.24-20.8% | $791M |
| Q3 2025 | Aug 7, 2025 | $0.20vs $0.20+199.0% | $746M |
Based on last 12 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for Hawaiian Electric Industries, Inc. (HE)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $13.35 | $2.3B | 18.80 | -4.13% | 4.09% | 8.1% | 0.08% | |
| $90.85 | $3.81B | 13.87 | -1.99% | 21.34% | 15.21% | — | |
| $41.24 | $3.41B | 17.33 | 1.34% | 10.75% | 7.65% | — | |
| $70.75 | $4.35B | 24.06 | 6.38% | 10.21% | 5.8% | — | |
| $83.07 | $3.05B | 22.33 | 9.85% | 18.61% | 10.94% | — | |
| $112.99 | $41.64B | 20.03 | 10.89% | 12.52% | 8.82% | — |
Compare HE vs Peers
Hawaiian Electric Industries, Inc. (HE) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
HE SEC Filings & Documents
Hawaiian Electric Industries, Inc. (HE) SEC filings — annual & quarterly reports (10-K, 10-Q)
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HE Frequently Asked Questions
Hawaiian Electric Industries, Inc. (HE) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Hawaiian Electric Industries, Inc.'s revenue?
Hawaiian Electric Industries, Inc. (HE) reported $3.09B in revenue for fiscal year 2025. This represents a 119% increase from $1.41B in 1996.
How fast is Hawaiian Electric Industries, Inc. growing?
Hawaiian Electric Industries, Inc. (HE) saw revenue decline by 4.1% over the past year.
Is HE profitable?
Yes, Hawaiian Electric Industries, Inc. (HE) is profitable, generating $129.6M in net income for fiscal year 2025 (4.1% net margin).
Dividend & Returns
Does HE pay dividends?
Hawaiian Electric Industries, Inc. (HE) does not currently pay a meaningful dividend. The company may be reinvesting profits for growth.
What is HE's return on equity?
Hawaiian Electric Industries, Inc. (HE) has a return on equity (ROE) of 8.1%. This is below average, suggesting room for improvement.
What is Hawaiian Electric Industries, Inc.'s free cash flow?
Hawaiian Electric Industries, Inc. (HE) generated $44.2M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.