Hawaiian Electric Industries

HE · NYSE · Utilities · Financials, fiscal 2016 to 2025

HE · Last close · October 26, 2026

$8.21

Value Hawaiian Electric Industries yourself

Hawaiian Electric Industries' revenue fell 4.1% to $3.1 billion in fiscal 2025. Its operating margin was 7.6%, up from −53.0% a year earlier. Free cash flow was $50 million, down 65.2%. The diluted share count rose 36.3%.

HAWAIIAN ELECTRIC INDUSTRIES, INC. Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0000354707-26-000008 Updated October 22, 2026

Revenue

$3.1B

4.1%

Operating margin

7.6%

60.6 pts

Net income

$126M

Free cash flow

$50M

65.2%

Return on capital

5.2%

36.1 pts

Market cap

$1.4B

Oct 26 close

P/E

6.3x

On $1.30 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share fell 12.2% a year and net income 7.3% a year, as new shares raised the share count by 60% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Hawaiian Electric Industries yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Hawaiian Electric Industries' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Hawaiian Electric Industries' fiscal 2025 free cash flow of $50M, net cash of −$1.8B at December 31, 2025 and 173 million diluted shares, from its filings. The scenarios are fitted to Hawaiian Electric Industries: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -3.4% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9%: 7% for a stable business (Electric Utilities), plus 1 point as a smaller company, worth $1.4B, plus 1 point for unsteady results (a loss in fiscal 2024); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means Hawaiian Electric Industries' net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Hawaiian Electric Industries's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 10% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $8.21
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Careful. Hawaiian Electric Industries' P/E today, 6.3×, is less than half the example multiple. A gap that wide usually means one of two things: its latest earnings include large one-off items, such as a tax benefit or a gain on a sale, or investors expect its earnings to fall. Either way the examples can mislead, so they aren't set against the share price. Check the earnings in its latest filings before using them.

Value per share on three example scenarios, from Hawaiian Electric Industries' earnings per share of $1.30 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 20.9×, the middle of Hawaiian Electric Industries' own P/E today, its peers' median and its sector's median (the Utilities median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Portland General Electric, Alliant Energy, TXNM Energy, Idacorp.

Earnings growth in the years ahead (% a year) Starts at Hawaiian Electric Industries' revenue growth over the last 3 years, -3.4% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $8.21
Value at this multiple, against the last close: —
Hawaiian Electric Industries' P/E at the last close: 6.3×

Company	Last close	Earnings per share	P/E today
TXNM EnergyTXNM	$58.40	$1.32	44.2×
IdacorpIDA	$140.21	$5.90	23.8×
Alliant EnergyLNT	$69.50	$3.19	21.8×
Portland General ElectricPOR	$44.12	$2.27	19.4×
Hawaiian Electric IndustriesHE	$8.21	$1.30	6.3×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	306	44	244	750	502
Debt incl. finance leases	2,376	2,606	3,165	2,739	2,285
Net debt (negative means net cash)	2,070	2,563	2,921	1,988	1,783
Net debt to EBITDA	3.1x	4.7x	5.2x	—	3.3x
Debt to equity	1.0x	1.2x	1.4x	1.9x	1.4x
Interest coverage	3.9x	2.4x	1.3x	−13.4x	2.0x
Current ratio	—	—	—	1.6x	1.3x
Quick ratio	—	—	—	1.6x	1.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

No officer, director or 10% owner of Hawaiian Electric Industries reported buying or selling its shares on the open market between October 27, 2025 and October 26, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Fail	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Pass
Current ratio rose	—	—	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Fail
F-score	—	—	5 of 8
Accruals ratio	−2.9%	−23.0%	−3.0%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Hawaiian Electric Industries side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Hawaiian Electric Industries	FY25	−4.1%	7.6%	1.6%	5.2%	3.3x	5
Portland General Electric	FY25	4.0%	15.5%	−2.0%	5.4%	4.3x	5	Compare
Alliant Energy	FY25	9.6%	23.5%	−25.4%	5.6%	6.3x	6	Compare
TXNM Energy	FY25	9.9%	20.4%	−28.2%	4.8%	6.1x	6	Compare
Idacorp	FY25	−1.2%	20.3%	−33.1%	5.5%	5.5x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,381	2,556	2,861	2,874	2,580	2,850	3,421	3,288	3,220	3,087
Revenue growth	−8.5%	7.3%	11.9%	0.5%	−10.2%	10.5%	20.0%	−3.9%	−2.1%	−4.1%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	356	346	333	348	312	386	280	275	−1,707	235
Net income	250	167	204	220	200	248	243	201	−1,424	126
Diluted EPS (US$)	2.29	1.52	1.85	1.99	1.81	2.25	2.20	1.81	−11.23	0.71
Diluted shares (millions)	108	109	109	109	109	110	110	110	127	173
Cash flow
Cash from operations	496	420	499	512	429	376	454	552	488	391
Capital expenditure	330	495	537	458	384	314	339	443	344	341
Free cash flow	166	−75	−38	55	46	61	115	109	143	50
Dividends paid	117	135	135	140	144	149	111	74	0	0
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	0	76	0	0	0	0	26	0	0	0
Stock-based compensation	5	5	8	10	6	9	7	7	4	3
Balance sheet at fiscal year end
Cash and short-term investments	278	262	169	197	341	306	44	244	750	502
Debt incl. finance leases	1,619	1,802	1,954	2,150	2,248	2,376	2,606	3,165	2,739	2,285
Total assets	11,882	12,534	13,104	13,745	15,004	15,823	16,284	7,677	8,931	8,923
Total liabilities	10,324	10,402	10,908	11,431	12,632	13,398	14,048	14,865	7,418	7,317
Shareholders' equity	2,067	2,097	2,162	2,280	2,338	2,391	2,202	2,345	1,479	1,606
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	14.9%	13.6%	11.7%	12.1%	12.1%	13.5%	8.2%	8.4%	−53.0%	7.6%
Net margin	10.5%	6.5%	7.1%	7.7%	7.7%	8.7%	7.1%	6.1%	−44.2%	4.1%
Free cash flow margin	7.0%	−2.9%	−1.3%	1.9%	1.8%	2.1%	3.4%	3.3%	4.5%	1.6%
Return on capital	—	5.9%	7.0%	6.9%	6.1%	7.1%	4.9%	4.4%	−30.9%	5.2%
Return on equity	12.5%	8.0%	9.6%	9.9%	8.7%	10.5%	10.6%	8.8%	−74.5%	8.2%
Return on assets	2.1%	1.4%	1.6%	1.6%	1.4%	1.6%	1.5%	1.7%	−17.1%	1.4%
Net debt to EBITDA	2.4x	2.7x	3.0x	3.1x	3.2x	3.1x	4.7x	5.2x	—	3.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Hawaiian Electric Industries' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Hawaiian Electric Industries.