Latest Ratios: P/E Ratio 18.8x · EV/EBITDA 8.6x · ROE 8.1%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.3B | $2.1B | $1.2B | $1.6B | $4.6B | $4.5B | $3.9B | $5.1B | $4.0B | $3.9B | $3.6B |
| Enterprise Value | $4.3B | $4.1B | $3.3B | $4.5B | $7.8B | $6.8B | $6.0B | $7.4B | $5.9B | $5.7B | $5.1B |
| P/E Ratio → | 18.80 | 17.32 | — | 7.84 | 19.02 | 18.44 | 19.55 | 23.55 | 19.58 | 23.78 | 14.44 |
| P/S Ratio | 0.75 | 0.69 | 0.38 | 0.47 | 1.34 | 1.60 | 1.50 | 1.78 | 1.40 | 1.54 | 1.50 |
| P/B Ratio | 1.44 | 1.33 | 0.82 | 0.66 | 2.05 | 1.88 | 1.63 | 2.22 | 1.82 | 1.85 | 1.70 |
| P/FCF | 46.21 | 42.67 | 9.06 | 14.36 | — | — | — | 93.30 | — | — | — |
| P/OCF | 5.89 | 5.44 | 2.65 | 2.83 | 14.01 | 12.11 | 9.01 | 10.00 | 8.00 | 9.37 | 7.23 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.33 | 1.03 | 1.38 | 2.29 | 2.40 | 2.33 | 2.56 | 2.06 | 2.22 | 2.15 |
| EV / EBITDA | 8.65 | 8.29 | — | 8.16 | 14.21 | 10.28 | 9.98 | 11.76 | 10.76 | 10.52 | 9.43 |
| EV / EBIT | 18.20 | 14.70 | — | 16.29 | 27.60 | 17.45 | 19.49 | 21.33 | 17.00 | 16.14 | 11.46 |
| EV / FCF | — | 82.34 | 24.39 | 41.80 | — | — | — | 134.01 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 7.6% | 7.6% | -53.0% | 19.1% | 18.4% | 23.7% | 22.0% | 21.8% | 11.7% | 13.2% | 14.6% |
| Operating Margin | 7.6% | 7.6% | -53.0% | 8.4% | 8.2% | 13.5% | 12.1% | 12.1% | 11.7% | 13.2% | 14.6% |
| Net Profit Margin | 4.1% | 4.1% | -44.2% | 6.1% | 7.0% | 8.6% | 7.7% | 7.6% | 7.1% | 6.5% | 10.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.1% | 8.1% | -73.2% | 8.6% | 10.3% | 10.3% | 8.4% | 9.7% | 9.4% | 7.9% | 12.3% |
| ROA | 1.4% | 1.4% | -10.9% | 1.2% | 1.5% | 1.6% | 1.4% | 1.6% | 1.6% | 1.3% | 2.1% |
| ROIC | 4.9% | 4.9% | -28.6% | 3.8% | 4.1% | 6.3% | 5.2% | 6.0% | 6.3% | 6.8% | 7.1% |
| ROCE | 3.1% | 3.1% | -14.2% | 1.7% | 1.7% | 2.5% | 2.2% | 2.6% | 2.6% | 2.7% | 2.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.84 | 1.84 | 2.20 | 1.36 | 1.53 | 1.07 | 1.05 | 1.06 | 0.94 | 0.93 | 0.86 |
| Debt / EBITDA | 5.97 | 5.97 | — | 5.82 | 6.23 | 3.91 | 4.15 | 3.94 | 3.77 | 3.70 | 3.34 |
| Net Debt / Equity | — | 1.23 | 1.38 | 1.25 | 1.44 | 0.94 | 0.90 | 0.97 | 0.86 | 0.81 | 0.73 |
| Net Debt / EBITDA | 3.99 | 3.99 | — | 5.36 | 5.86 | 3.44 | 3.55 | 3.57 | 3.46 | 3.21 | 2.83 |
| Debt / FCF | — | 39.66 | 15.33 | 27.45 | — | — | — | 40.71 | — | — | — |
| Interest Coverage | 2.48 | 2.48 | -13.72 | 2.32 | 2.83 | 4.30 | 3.60 | 3.99 | 4.14 | 4.73 | 6.14 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.32 | 1.32 | 1.61 | 1.59 | 1.61 | 2.40 | 1.96 | 1.23 | 1.62 | 1.56 | 3.12 |
| Quick Ratio | 1.32 | 1.32 | 1.61 | 1.59 | 1.61 | 2.40 | 1.96 | 1.23 | 1.62 | 1.56 | 3.12 |
| Cash Ratio | 0.69 | 0.69 | 0.94 | 0.34 | 0.46 | 1.17 | 1.12 | 0.53 | 0.60 | 0.78 | 1.71 |
| Asset Turnover | — | 0.35 | 0.36 | 0.19 | 0.21 | 0.18 | 0.17 | 0.21 | 0.22 | 0.20 | 0.19 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.1% | 0.1% | 2.1% | 4.7% | 2.7% | 3.3% | 3.7% | 2.7% | 3.4% | 3.4% | 3.3% |
| Payout Ratio | — | — | — | 37.1% | 52.2% | 60.4% | 72.8% | 64.0% | 66.3% | 80.7% | 46.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.3% | 5.8% | — | 12.8% | 5.3% | 5.4% | 5.1% | 4.2% | 5.1% | 4.2% | 6.9% |
| FCF Yield | 2.2% | 2.3% | 11.0% | 7.0% | — | — | — | 1.1% | — | — | — |
| Buyback Yield | 1.5% | 1.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% |
| Total Shareholder Yield | 1.6% | 1.8% | 2.1% | 4.7% | 2.7% | 3.3% | 3.7% | 2.7% | 3.4% | 3.5% | 3.3% |
| Shares Outstanding | — | $173M | $127M | $110M | $110M | $110M | $109M | $109M | $109M | $109M | $108M |
Catastrophic wildfire litigation liability
As reported in recent financial statements, HE's forward P/E of 14.62 and the complete absence of a dividend yield suggest that the market has transitioned from valuing the company as a regulated utility to pricing it as a distressed asset facing significant solvency concerns.
The compression of valuation multiples relative to historical norms indicates that investors are heavily discounting the utility's future earnings power due to the ongoing wildfire litigation. The lack of a dividend yield, once a cornerstone of the investment thesis, confirms that capital preservation has superseded shareholder returns, leaving the stock decoupled from traditional utility valuation benchmarks.
Based on the provided quarterly data, the company's ROE has plummeted to a meager 1.9% as of 2026Q1, a figure that sits far below the typical authorized ROE for regulated utilities and highlights the profound impact of non-recurring legal charges on profitability.
The persistent gap between the earned ROE and the regulatory allowed return suggests that the utility is currently unable to capture the full benefit of its rate base. This under-earning environment may indicate that the regulatory compact is under extreme pressure, as the utility struggles to reconcile its operational costs with the financial burden of recent catastrophic events.
According to recent SEC filings, the debt-to-capital ratio has remained elevated, reaching 0.29 in 2026Q1, while interest coverage has deteriorated to 1.81, signaling that the company's ability to service its debt obligations is increasingly compromised by its current financial distress.
The reliance on revolving credit facilities to maintain liquidity suggests that the company's access to traditional capital markets may be restricted. Investors should monitor the debt-to-capital trajectory closely, as any further erosion of the equity base could trigger covenant violations and force a more aggressive restructuring of the balance sheet.
As noted in financial analysis literature, the P/E ratio is frequently misapplied to HE, as it fails to account for the massive, non-recurring legal liabilities that currently obscure the utility's underlying earnings power and distort the traditional relationship between interest rates and valuation.
Using a standard P/E ratio for HE ignores the fact that the company's current earnings are not representative of its long-term regulated utility potential. A more appropriate approach would involve a sum-of-the-parts valuation that separates the regulated utility's rate base from the banking segment and the contingent wildfire liabilities, rather than relying on a consolidated multiple that is currently meaningless.
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Quick answers to the most common questions about buying HE stock.
Hawaiian Electric Industries, Inc.'s current P/E ratio is 18.8x. The historical average is 20.6x. This places it at the 34th percentile of its historical range.
Hawaiian Electric Industries, Inc.'s current EV/EBITDA is 8.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.4x.
Hawaiian Electric Industries, Inc.'s return on equity (ROE) is 8.1%. The historical average is 6.5%.
Based on historical data, Hawaiian Electric Industries, Inc. is trading at a P/E of 18.8x. This is at the 34th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Hawaiian Electric Industries, Inc.'s current dividend yield is 0.08%.
Hawaiian Electric Industries, Inc. has 7.6% gross margin and 7.6% operating margin.
Hawaiian Electric Industries, Inc.'s Debt/EBITDA ratio is 6.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.