Hawaiian Electric Industries, Inc. HE

UtilitiesElectric Utilities & IPPsUnited States of America

Last close 8.70 USD on Nov 1, 2026, −29.3% year to date

Quant rating

Quant rating D Rank 81 of 90 in Utilities

Growth C 40 of 90
Valuation D 85 of 90
Quality C 56 of 90
Revisions C 54 of 90
Momentum D 87 of 90

Wall Street consensus Sell (4.33)Average target 7.50 USD −13.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.5B
Enterprise value: 4.0B
52-week range: 8.14 – 17.37
3-year range: 7.74 – 17.51
Dividend yield: –
Beta (5 years): 0.52
Shares outstanding: 173M
Next earnings: Nov 6, 2026

About the company

Hawaiian Electric Industries, Inc. is a holding company that provides energy services. The Company’s subsidiaries are principally engaged in electric utility and non-regulated renewable/sustainable infrastructure businesses operating in the State of Hawaii. Its electric utility, Hawaiian Electric Company, Inc. (Hawaiian Electric), supplies power to approximately 95% of Hawaii’s population. The Company operates through the electric utility segment. Hawaiian Electric and its operating utility subsidiaries, Hawaii Electric Light Company, Inc. (Hawaii Electric Light) and Maui Electric Company, Limited (Maui Electric), are regulated electric utilities that provide essential electric service to approximately 95% of Hawaii’s population through the operation of five separate grids that serve communities on the islands of Oahu, Hawaii, Maui, Lanai and Molokai. Its subsidiary, Pacific Current, LLC, invests in non-regulated clean energy and sustainable infrastructure in the State of Hawaii.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,087	3,220	3,288	3,421	2,850	–
Revenue growth	−4.1%	−2.1%	−3.9%	20.0%	10.5%	3.7%
EPS (basic, normalized)	0.86	0.98	2.04	2.20	2.25	–
EPS growth	−12.2%	−52.0%	−7.3%	−2.2%	–	–
Gross margin	7.6%	7.6%	10.6%	8.2%	13.5%	9.5%
Net margin	4.0%	−41.1%	4.4%	4.7%	8.6%	−3.9%
ROE	8.1%	−67.9%	6.4%	7.0%	10.3%	−7.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	239
Current ratio	–
Long-term debt (mil)	2,765
Net debt (mil)	2,526
Total equity (mil)	1,763
Net debt / equity	1.43x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	3,087	−4.1%	1.3x	–	–	–	0.86	−12.2%	10.1x
2026	3,181	+3.1%	1.3x	556	–	7.3x	0.79	−8.0%	11.0x
2027	3,326	+4.5%	1.2x	649	+16.8%	6.2x	1.02	+28.9%	8.5x
2028	3,445	+3.6%	1.2x	697	+7.4%	5.8x	0.99	−3.0%	8.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	3,181	0.0%	−1.6%	−0.8%	0.79	−3.9%	−14.9%	−25.8%
2027	3,326	0.0%	−2.6%	−0.3%	1.02	+0.1%	−9.3%	−11.0%
2028	3,445	0.0%	−1.6%	+0.6%	0.99	+0.3%	−7.6%	−10.6%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	0.45	0.44	0.46	0.20	0.23	0.20	0.19	0.24	0.18	0.13
EPS mean	0.54	0.49	0.53	0.40	0.23	0.18	−0.20	0.24	0.28	0.17
Surprise	−16.7%	−10.2%	−12.4%	−50.5%	−0.9%	+9.9%	−194.1%	+1.1%	−35.5%	−23.5%

Peer comparison Electric Utilities & IPPs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
HE Hawaiian Electric Industries, Inc.	1.5B	–	4.0%	0.85x	11.0x	8.5x	7.3x	6.2x
NEE NextEra Energy, Inc.	175.6B	8.16x	24.9%	2.85x	20.8x	19.1x	17.2x	14.4x
SO Southern Co	107.8B	5.56x	14.7%	2.72x	20.4x	19.0x	13.0x	12.0x
DUK Duke Energy Corp	99.3B	6.28x	15.2%	1.81x	18.9x	17.8x	11.8x	10.7x
AEP American Electric Power Company Inc	70.9B	6.40x	16.4%	2.16x	20.4x	18.9x	13.1x	11.7x
ED Consolidated Edison, Inc.	43.1B	–	12.0%	1.68x	19.1x	18.0x	11.5x	10.7x
Mean		6.60x	14.5%	2.01x	18.4x	16.9x	12.3x	10.9x
Median		6.34x	15.0%	1.99x	19.7x	18.4x	12.4x	11.2x

Technical analysis

1M−2.8%
3M−34.0%
1Y−27.3%
3Y−32.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Hawaiian Electric Industries, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,087	3,220	3,288	3,421	2,850	2,580
Cost of revenue	2,852	2,977	2,938	3,141	2,464	2,268
Gross profit	235	243	350	280	386	311
Selling, general & administrative expenses	–	–	–	–	–	–
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	12.4	1,950	75.0	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	223	−1,707	275	280	386	311
Net interest income (expense)	−59.5	−88.6	−96.7	−81.3	−81.1	−67.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	3.5	3.8	4.0	3.7	5.8	−3.2
Net income before taxes	167	−1,792	182	202	311	241
Provision for taxes	40.6	−471	34.5	38.9	62.8	40.9
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	126	−1,321	148	163	248	200
Extraordinary items	0	−103	53.4	80.0	–	–
Net income	126	−1,424	201	243	248	200
EBIT, normalized	248	227	280	280	386	311
EBITDA, normalized	508	488	548	536	632	550
Basic EPS, normalized	0.86	0.98	2.04	2.20	2.25	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Hawaiian Electric Industries, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	502	751	680	200	306	341
Receivables	492	457	575	512	344	–
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	6,245	6,201	6,245	5,803	5,514	5,419
Goodwill	–	–	82.2	82.2	82.2	82.2
Intangibles	–	–	–	–	–	–
Long-term investments	–	–	2,352	2,708	3,107	2,487
Note receivable	–	–	6,122	5,908	5,150	5,261
Other long-term assets	2,678	2,731	2,443	1,784	1,969	1,755
Total assets	8,923	8,931	17,244	16,284	15,823	15,004
Liabilities
Accounts payable	219	203	247	251	206	182
Payable/accrued	–	–	–	–	–	–
Accrued expenses	74.7	83.7	155	148	157	184
Short-term debt	0	48.6	750	868	142	219
Current portion of long-term debt	125	109	18.0	172	223	55.0
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	2,791	3,117	3,163	2,262	2,099	2,064
Minority interest	–	–	–	–	–	–
Other liabilities	4,526	4,301	11,701	11,786	11,299	10,568
Total liabilities	7,317	7,418	14,865	14,047	13,397	12,632
Shareholders' equity
Preferred stock	–	–	–	0	0	0
Common stock	2,268	2,265	1,707	1,693	1,685	1,678
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	−666	−789	927	846	758	660
Treasury stock	–	–	–	–	–	–
Other equity	3.3	37.8	−255	−302	−18.2	33.0
Total equity	1,606	1,513	2,379	2,237	2,425	2,372
Total liabilities & shareholders' equity	8,923	8,931	17,244	16,284	15,823	15,004

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Hawaiian Electric Industries, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	126	−1,424	201	243	248	200
Depreciation, depletion & amortization	260	262	268	256	246	238
Deferred taxes	−10.6	−486	5.3	−32.5	−5.4	−1.7
Non-cash items	81.1	210	56.5	31.5	13.3	72.0
Changes in working capital	−65.7	1,926	20.9	−43.6	−126	−78.7
Cash from operations	391	487	551	454	376	429
Investing activities
Capital expenditures	−341	−344	−448	−344	−315	−384
Other investing cash flows	19.0	603	191	−785	−865	−1,030
Cash from investing	−322	258	−257	−1,129	−1,180	−1,414
Financing activities
Financing cash flow items	−20.2	−358	−129	−8.1	780	1,106
Cash dividends paid	−1.9	−1.9	−115	−155	−151	−146
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−309	514	440	731	127	155
Cash from financing	−331	155	196	568	756	1,116
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−262	901	490	−107	−47.5	131
Free cash flow	49.9	143	103	110	61.1	45.5

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.