Hawaiian Electric Industries (HE)
Market Price (4/23/2026): $15.17 | Market Cap: $2.6 BilSector: Utilities | Industry: Electric Utilities
Hawaiian Electric Industries (HE)
Market Price (4/23/2026): $15.17Market Cap: $2.6 BilSector: UtilitiesIndustry: Electric Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13% Low stock price volatilityVol 12M is 33% Megatrend and thematic driversMegatrends include Renewable Energy Transition, Smart Grids & Grid Modernization, and Electrification of Everything. Themes include Battery Storage & Grid Modernization, Show more. | Weak multi-year price returns3Y Excs Rtn is -132% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 94% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.1%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.4% Key risksHE key risks include [1] massive financial liability from the 2023 Maui wildfire settlement, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Low stock price volatilityVol 12M is 33% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Smart Grids & Grid Modernization, and Electrification of Everything. Themes include Battery Storage & Grid Modernization, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -132% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 94% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.1%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.4% |
| Key risksHE key risks include [1] massive financial liability from the 2023 Maui wildfire settlement, Show more. |
Qualitative Assessment
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Hawaiian Electric Industries (HE) stock has gained about 25% since 12/31/2025 because of the following key factors:
1. Significant Return to Profitability Driven by Reduced Wildfire Expenses.
Hawaiian Electric Industries (HEI) reported a net income of $123.1 million, or $0.71 per share, for the full year 2025, a substantial improvement from a net loss of $1.43 billion, or $11.23 per share, in 2024. This turnaround was primarily due to a dramatic decrease in wildfire-related expenses, which fell to $12.2 million in 2025 from $1.4 billion in the previous year.
2. Positive Regulatory Developments and Wildfire Mitigation Progress.
In December, regulators approved the utility's enhanced wildfire safety strategy, which includes deploying new technology, fortifying infrastructure, and expanding community partnerships to reduce wildfire risk. Additionally, the Public Utilities Commission's (PUC) Wildfire Fund Study, completed in December, marked a positive step in implementing Hawaii's wildfire legislation.
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1. Significant Return to Profitability Driven by Reduced Wildfire Expenses.
Hawaiian Electric Industries (HEI) reported a net income of $123.1 million, or $0.71 per share, for the full year 2025, a substantial improvement from a net loss of $1.43 billion, or $11.23 per share, in 2024. This turnaround was primarily due to a dramatic decrease in wildfire-related expenses, which fell to $12.2 million in 2025 from $1.4 billion in the previous year.
2. Positive Regulatory Developments and Wildfire Mitigation Progress.
In December, regulators approved the utility's enhanced wildfire safety strategy, which includes deploying new technology, fortifying infrastructure, and expanding community partnerships to reduce wildfire risk. Additionally, the Public Utilities Commission's (PUC) Wildfire Fund Study, completed in December, marked a positive step in implementing Hawaii's wildfire legislation.
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Stock Movement Drivers
Fundamental Drivers
The 23.3% change in HE stock from 12/31/2025 to 4/22/2026 was primarily driven by a 634.8% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 4222026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.30 | 15.17 | 23.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,080 | 3,087 | 0.2% |
| Net Income Margin (%) | 0.6% | 4.1% | 634.8% |
| P/E Multiple | 123.8 | 20.7 | -83.3% |
| Shares Outstanding (Mil) | 173 | 173 | 0.0% |
| Cumulative Contribution | 23.3% |
Market Drivers
12/31/2025 to 4/22/2026| Return | Correlation | |
|---|---|---|
| HE | 23.3% | |
| Market (SPY) | -5.4% | 32.3% |
| Sector (XLU) | 5.1% | 33.3% |
Fundamental Drivers
The 37.4% change in HE stock from 9/30/2025 to 4/22/2026 was primarily driven by a 39.1% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 4222026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.04 | 15.17 | 37.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,123 | 3,087 | -1.2% |
| P/S Multiple | 0.6 | 0.8 | 39.1% |
| Shares Outstanding (Mil) | 172 | 173 | -0.1% |
| Cumulative Contribution | 37.4% |
Market Drivers
9/30/2025 to 4/22/2026| Return | Correlation | |
|---|---|---|
| HE | 37.4% | |
| Market (SPY) | -2.9% | 19.0% |
| Sector (XLU) | 3.7% | 30.4% |
Fundamental Drivers
The 38.5% change in HE stock from 3/31/2025 to 4/22/2026 was primarily driven by a 44.4% change in the company's P/S Multiple.| (LTM values as of) | 3312025 | 4222026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.95 | 15.17 | 38.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,220 | 3,087 | -4.1% |
| P/S Multiple | 0.6 | 0.8 | 44.4% |
| Shares Outstanding (Mil) | 173 | 173 | 0.1% |
| Cumulative Contribution | 38.5% |
Market Drivers
3/31/2025 to 4/22/2026| Return | Correlation | |
|---|---|---|
| HE | 38.5% | |
| Market (SPY) | 16.3% | 32.4% |
| Sector (XLU) | 16.2% | 38.0% |
Fundamental Drivers
The -59.1% change in HE stock from 3/31/2023 to 4/22/2026 was primarily driven by a -42.4% change in the company's Net Income Margin (%).| (LTM values as of) | 3312023 | 4222026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.08 | 15.17 | -59.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,421 | 3,087 | -9.8% |
| Net Income Margin (%) | 7.1% | 4.1% | -42.4% |
| P/E Multiple | 16.7 | 20.7 | 24.1% |
| Shares Outstanding (Mil) | 109 | 173 | -36.6% |
| Cumulative Contribution | -59.1% |
Market Drivers
3/31/2023 to 4/22/2026| Return | Correlation | |
|---|---|---|
| HE | -59.1% | |
| Market (SPY) | 63.3% | 10.5% |
| Sector (XLU) | 44.3% | 25.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HE Return | 21% | 4% | -65% | -31% | 26% | 26% | -51% |
| Peers Return | 15% | 6% | -7% | 20% | 14% | 10% | 72% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 3% | 88% |
Monthly Win Rates [3] | |||||||
| HE Win Rate | 50% | 58% | 50% | 33% | 58% | 75% | |
| Peers Win Rate | 57% | 62% | 55% | 55% | 65% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| HE Max Drawdown | -7% | -17% | -76% | -45% | -16% | 0% | |
| Peers Max Drawdown | -8% | -11% | -20% | -7% | -8% | -2% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NEE, DUK, SO, AEP, SRE. See HE Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/22/2026 (YTD)
How Low Can It Go
| Event | HE | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -77.8% | -25.4% |
| % Gain to Breakeven | 349.8% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -39.2% | -33.9% |
| % Gain to Breakeven | 64.4% | 51.3% |
| Time to Breakeven | Not Fully Recovered days | 148 days |
| 2018 Correction | ||
| % Loss | -26.2% | -19.8% |
| % Gain to Breakeven | 35.6% | 24.7% |
| Time to Breakeven | 374 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -58.2% | -56.8% |
| % Gain to Breakeven | 139.3% | 131.3% |
| Time to Breakeven | 2,096 days | 1,480 days |
Compare to NEE, DUK, SO, AEP, SRE
In The Past
Hawaiian Electric Industries's stock fell -77.8% during the 2022 Inflation Shock from a high on 2/7/2023. A -77.8% loss requires a 349.8% gain to breakeven.
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About Hawaiian Electric Industries (HE)
Hawaiian 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.
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It's the NextEra Energy of Hawaii, but with a banking division.
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- Electricity Generation and Distribution: The production, purchase, transmission, distribution, and sale of electricity using various energy sources across the islands of Oahu, Hawaii, Maui, Lanai, and Molokai.
- Banking and Financial Services: A comprehensive suite of financial products including savings and checking accounts, as well as various loan types such as residential, commercial, consumer, and construction loans.
- Renewable Energy and Sustainable Infrastructure Investment: Strategic investment in non-regulated renewable energy projects and sustainable infrastructure within Hawaii.
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Hawaiian Electric Industries (HE) serves a diverse customer base primarily consisting of individuals, businesses, and government entities across its various segments. The company sells primarily to a broad range of customers rather than a few specific large corporate clients. Its major customer categories include:
- Residential/Individual Customers: This category includes homeowners and individuals who purchase electricity for their residences (through the Electric Utility segment in suburban communities) and utilize banking services such as savings and checking accounts, and residential mortgages (through the Bank segment).
- Commercial/Business Customers: This category encompasses various businesses, including resorts and agricultural operations that purchase electricity (Electric Utility segment), as well as businesses seeking banking and financial services like commercial real estate loans and commercial loans (Bank segment).
- Government/Military Customers: Specifically, the Electric Utility segment serves the United States armed forces installations located in Hawaii.
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Scott W. H. Seu
President & Chief Executive Officer
Scott Seu was appointed President and CEO of Hawaiian Electric Industries (HEI) in January 2022. Prior to this role, he served as President and CEO of Hawaiian Electric, HEI's electric utility subsidiary, from February 2020 to December 2021. He initially joined Hawaiian Electric in 1993 and held various leadership positions focusing on environmental management, renewable energy development, electric system operations, and government and community affairs. Before his tenure at Hawaiian Electric, Seu worked as a mechanical and environmental engineer in California and internationally in China. He holds Bachelor's and Master's degrees in mechanical engineering from Stanford University.
Paul K. Ito
Executive Vice President, Chief Financial Officer & Treasurer
Paul Ito assumed the role of Executive Vice President and Chief Financial Officer (CFO) of Hawaiian Electric Industries (HEI) on January 1, 2023, after serving as interim CFO since July 2022. He joined HEI in 2018, where his previous roles included vice president of tax, controller, and treasurer, leading functions such as accounting, financial reporting, tax, and treasury. Before joining HEI, Ito was the Senior Vice President and CFO at Alexander & Baldwin, Inc. (A&B), a publicly traded commercial real estate company. His professional experience also includes working in the audit practice at Deloitte & Touche, LLP.
Kurt K. Murao
Executive Vice President, General Counsel, Chief Administrative Officer and Corporate Secretary
Kurt Murao serves as Executive Vice President, General Counsel, Chief Administrative Officer, and Corporate Secretary at Hawaiian Electric Industries (HEI). In this capacity, he is responsible for overseeing HEI's legal and compliance, administration, and corporate secretary functions, also acting as HEI's chief compliance officer. Murao joined HEI in 2011 as associate general counsel. Before his time at HEI, he worked for the Division of Corporation Finance at the U.S. Securities and Exchange Commission and at a national law firm in Washington, D.C.
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The most significant risk to Hawaiian Electric Industries (HE) is the ongoing and multifaceted impact of the Maui wildfires. This risk encompasses several critical financial and operational challenges:1. Wildfire Liabilities, Financial Strain, and Solvency Concerns
The company has faced substantial liabilities and incurred significant costs related to the August 2023 Maui wildfires, including large settlement agreements for tort claims and shareholder lawsuits. Hawaiian Electric and its parent company, HEI, contributed $1.99 billion (pre-tax) to a global settlement to resolve tort claims. Additionally, a settlement with shareholders regarding alleged misleading claims about wildfire mitigation efforts amounted to $47.75 million. These massive liabilities have resulted in a substantial net loss for the company and severe financial pressure, raising concerns about balance sheet strain, potential credit downgrades, and the need for capital raising that could dilute shareholders or even threaten debt repayment and potential bankruptcy if financing plans are not successfully executed.2. Increased Wildfire Mitigation and Infrastructure Investment Costs
In response to the devastating fires, Hawaiian Electric has implemented and received regulatory approval for an enhanced wildfire safety strategy and plan. This plan necessitates significant ongoing investments in new technology, infrastructure hardening, minimizing fire hazards, and expanding community partnerships to substantially reduce future wildfire risks. These initiatives contribute to higher operating and capital expenditures for the company, impacting its financial performance.3. Regulatory Scrutiny and Uncertainty in Cost Recovery
As a regulated utility, Hawaiian Electric's ability to recover wildfire-related costs, including liabilities and safety investments, through rate adjustments is subject to stringent regulatory approval by the Public Utilities Commission (PUC). While the PUC has approved a multi-year wildfire safety plan, which may support cost recovery, there remains a risk that higher wildfire and climate-related costs could lead to structurally lower profitability for HEI. The company is also engaged in ongoing litigation with its own property insurers over coverage for wildfire damages, further adding to financial and legal uncertainties.AI Analysis | Feedback
The following are clear emerging threats for Hawaiian Electric Industries:
- **Distributed Energy Resources and Grid Defection:** The increasing affordability and adoption of distributed generation, primarily rooftop solar combined with battery storage systems, threatens the traditional utility business model. As customers generate and store their own electricity, their reliance on Hawaiian Electric's centralized grid and purchased power diminishes, directly impacting the Electric Utility segment's revenue from electricity sales. This trend could lead to a 'utility death spiral' where fixed grid costs are spread over a declining customer base, necessitating higher rates for remaining customers and further incentivizing self-generation.
- **Fintech and Digital Banking Disruption:** The rapid expansion of financial technology (fintech) companies and digital-only banks poses a significant threat to the Bank segment. These alternative providers offer banking and financial services, including savings, checking, and various loan types, with potentially lower operating costs, greater convenience through digital platforms, and innovative user experiences. This competition can erode the customer base of traditional branch-based community banks like HE's Bank segment, particularly among younger demographics or those seeking purely digital solutions.
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Addressable Markets for Hawaiian Electric Industries (HE) in Hawaii
Electric Utility Segment
The addressable market for the electric utility services in the state of Hawaii is significant. In 2022, the total expenditures on utility-sold electricity in Hawaii reached approximately $3,542 million. Hawaiian Electric Industries, through its subsidiaries Hawaiian Electric Company, Hawaii Electric Light Company, and Maui Electric Company, supplies power to approximately 95% of Hawaii's population, covering the islands of Oahu, Hawaii, Maui, Lanai, and Molokai. In 2024, the total retail sales of electricity in Hawaii amounted to 8,952,134 megawatthours, with an average retail price of $0.38 per kilowatt-hour.Bank Segment
The banking market in Hawaii, where Hawaiian Electric Industries holds a 10% minority interest in American Savings Bank, represents a substantial financial landscape. As of December 13, 2024, community bank branches in Hawaii held total deposits of approximately $56.32 billion. More broadly, the total assets of commercial banks headquartered in Hawaii were $56.42 billion in 2024. In the second quarter of 2025, the sum of total assets for banks in Honolulu alone was approximately $65.27 billion.Renewable/Sustainable Infrastructure Investment Segment
Hawaii is actively pursuing ambitious renewable energy goals, aiming for 100% clean energy by 2045. This commitment creates a substantial addressable market for renewable and sustainable infrastructure investments. In 2024, renewable sources contributed approximately 33% of Hawaii's total statewide electricity generation. The total investment in solar energy within Hawaii has reached $5.5 billion. Furthermore, there is significant ongoing investment in the sector, with companies like Clearway having made $2 billion in direct investments, including 741 MW in operations and development. An additional investment of approximately $90 million is planned for a liquid renewable fuels manufacturing facility, expected to be commissioned in 2025. In 2023, 33.3% of the power handled by Hawaiian Electric Industries was from renewable sources.AI Analysis | Feedback
Here are 3 expected drivers of future revenue growth for Hawaiian Electric Industries (HE) over the next 2-3 years:- Increased Capital Expenditures for Wildfire Safety and Grid Modernization: Hawaiian Electric Industries anticipates a higher capital spending cycle, with utility capital expenditures projected to be between $550–700 million in 2026, rising to $600–850 million by 2028. These investments are crucial for wildfire safety, grid resilience, and modernization efforts across its service territories. Such capital investments in infrastructure typically expand the utility's rate base, leading to increased revenue generation through approved rates.
- Investments in Renewable Energy to Meet Portfolio Standards: The company is actively pursuing its commitment to achieve a 40% Renewable Portfolio Standard by 2030, having reached 37% in 2025. The ongoing transition to cleaner energy sources necessitates substantial capital deployment for new renewable generation projects and associated transmission and distribution infrastructure. These investments will contribute to the growth of the utility’s asset base and, consequently, its revenues.
- Regulatory Rate Adjustments and Mechanisms: Revenue growth will also be driven by regulatory actions, including a rebasing proposal for the next multi-year rate period expected to be filed by March 2026, with a decision anticipated by the end of 2026. Hawaiian Electric's revenue is determined by the regulator through a Revenue Balancing Account (RBA) and adjusted annually via an Annual Revenue Adjustment (ARA) model. Increases in annual revenue adjustment mechanism revenues have already contributed to higher utility core net income.
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Share Repurchases
- Hawaiian Electric Industries reported no share repurchases from 2021 through 2024.
Share Issuance
- The company secured funding for a settlement payment related to the Maui wildfire tort litigation through an equity offering in the third quarter of 2024.
- The diluted earnings per share for 2025 decreased compared to 2024 due to a larger share count resulting from the September 2024 equity issuance.
- Shares outstanding increased from approximately 0.11 billion in Q1 2024 to 0.173 billion by Q1 2025.
Outbound Investments
- In 2024, Hawaiian Electric Industries completed a strategic review and majority sale of its subsidiary, American Savings Bank (ASB).
- The sale of ASB generated proceeds that enhanced the company's financial flexibility.
- Losses in 2024 included those associated with the strategic review of Pacific Current, another segment of HEI.
Capital Expenditures
- Actual capital expenditures increased from $347 million in 2024 to $368 million in 2025.
- Projected capital expenditures are between $550 million and $700 million for 2026, and between $600 million and $850 million by 2028.
- The primary focus of capital expenditures between 2025 and 2027 is on grid hardening (76%), grid modernization (13%), operational practices (8%), situational awareness (2%), and strengthening partnerships (1%). Approximately $120 million was invested in wildfire safety improvements in 2024.
Latest Trefis Analyses
Trade Ideas
Select ideas related to HE.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03312026 | SRE | Sempra | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 12122025 | CTRI | Centuri | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 9.9% | 9.9% | -5.5% |
| 11212025 | PEG | Public Service Enterprise | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 1.2% | 1.2% | -4.0% |
| 04302024 | HE | Hawaiian Electric Industries | Special | Short Squeeze PotentialShort Squeeze PotentialHas potential for a short squeeze. High short interest, rising short interest and high debt. | 0.8% | 6.6% | -21.4% |
| 08312023 | HE | Hawaiian Electric Industries | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | -13.1% | -23.5% | -44.8% |
| 07312020 | HE | Hawaiian Electric Industries | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -7.1% | 23.9% | -9.7% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 92.12 |
| Mkt Cap | 83.9 |
| Rev LTM | 24,644 |
| Op Inc LTM | 6,335 |
| FCF LTM | -1,666 |
| FCF 3Y Avg | -1,336 |
| CFO LTM | 8,373 |
| CFO 3Y Avg | 7,650 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.4% |
| Rev Chg 3Y Avg | 2.4% |
| Rev Chg Q | 9.0% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Inc Chg LTM | 10.3% |
| Op Inc Chg 3Y Avg | 10.6% |
| Op Mgn LTM | 24.6% |
| Op Mgn 3Y Avg | 23.6% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 33.2% |
| CFO/Rev 3Y Avg | 34.6% |
| FCF/Rev LTM | -6.4% |
| FCF/Rev 3Y Avg | -4.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 83.9 |
| P/S | 3.3 |
| P/Op Inc | 13.5 |
| P/EBIT | 12.3 |
| P/E | 22.1 |
| P/CFO | 10.3 |
| Total Yield | 6.1% |
| Dividend Yield | 2.6% |
| FCF Yield 3Y Avg | -1.6% |
| D/E | 0.7 |
| Net D/E | 0.7 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.7% |
| 3M Rtn | 6.9% |
| 6M Rtn | 6.0% |
| 12M Rtn | 28.7% |
| 3Y Rtn | 35.0% |
| 1M Excs Rtn | -9.2% |
| 3M Excs Rtn | 3.1% |
| 6M Excs Rtn | -1.6% |
| 12M Excs Rtn | -6.4% |
| 3Y Excs Rtn | -35.0% |
Price Behavior
Price Behavior
| Market Price | $15.17 | |
| Market Cap ($ Bil) | 2.6 | |
| First Trading Date | 11/05/1987 | |
| Distance from 52W High | -11.2% | |
| 50 Days | 200 Days | |
| DMA Price | $15.36 | $12.91 |
| DMA Trend | up | up |
| Distance from DMA | -1.2% | 17.5% |
| 3M | 1YR | |
| Volatility | 31.8% | 32.9% |
| Downside Capture | 0.21 | 0.06 |
| Upside Capture | 102.48 | 56.62 |
| Correlation (SPY) | 23.6% | 19.7% |
HE Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.83 | 0.42 | 1.08 | 0.54 | 0.58 | 0.46 |
| Up Beta | 0.26 | 0.36 | 1.19 | 0.83 | 0.54 | 0.47 |
| Down Beta | -0.43 | -0.43 | 0.37 | 0.45 | 0.80 | 0.63 |
| Up Capture | 192% | 72% | 240% | 97% | 47% | 3% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 13 | 21 | 36 | 70 | 134 | 359 |
| Down Capture | 110% | 77% | 75% | 15% | 42% | 81% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 9 | 21 | 27 | 54 | 112 | 382 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HE | |
|---|---|---|---|---|
| HE | 48.8% | 33.0% | 1.25 | - |
| Sector ETF (XLU) | 20.8% | 14.0% | 1.12 | 31.6% |
| Equity (SPY) | 26.7% | 12.5% | 1.77 | 19.8% |
| Gold (GLD) | 38.9% | 27.4% | 1.19 | 12.3% |
| Commodities (DBC) | 23.5% | 16.2% | 1.32 | -3.2% |
| Real Estate (VNQ) | 15.6% | 13.6% | 0.82 | 37.2% |
| Bitcoin (BTCUSD) | -12.8% | 42.6% | -0.21 | 3.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HE | |
|---|---|---|---|---|
| HE | -17.0% | 53.3% | -0.15 | - |
| Sector ETF (XLU) | 9.3% | 17.2% | 0.40 | 31.6% |
| Equity (SPY) | 10.5% | 17.1% | 0.48 | 16.1% |
| Gold (GLD) | 21.5% | 17.8% | 0.99 | 6.8% |
| Commodities (DBC) | 10.7% | 18.8% | 0.47 | 1.9% |
| Real Estate (VNQ) | 3.6% | 18.8% | 0.09 | 29.2% |
| Bitcoin (BTCUSD) | 3.8% | 56.4% | 0.29 | 5.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HE | |
|---|---|---|---|---|
| HE | -6.7% | 42.1% | -0.02 | - |
| Sector ETF (XLU) | 9.7% | 19.2% | 0.43 | 42.2% |
| Equity (SPY) | 13.8% | 17.9% | 0.66 | 23.7% |
| Gold (GLD) | 13.9% | 15.9% | 0.73 | 5.2% |
| Commodities (DBC) | 8.1% | 17.6% | 0.38 | 4.8% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 34.5% |
| Bitcoin (BTCUSD) | 68.1% | 66.9% | 1.07 | 3.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/27/2026 | 3.2% | -3.7% | -4.8% |
| 11/7/2025 | -3.2% | 0.7% | 3.7% |
| 8/7/2025 | -2.3% | 3.0% | 7.6% |
| 5/9/2025 | 1.9% | 1.2% | 1.0% |
| 2/21/2025 | 2.2% | 1.8% | 3.3% |
| 11/8/2024 | -6.3% | -3.4% | -1.8% |
| 8/9/2024 | -14.5% | -13.7% | -25.2% |
| 5/10/2024 | 10.0% | 15.1% | 2.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 13 | 12 |
| # Negative | 13 | 11 | 12 |
| Median Positive | 1.9% | 1.8% | 3.5% |
| Median Negative | -3.2% | -3.3% | -4.9% |
| Max Positive | 10.0% | 15.1% | 18.8% |
| Max Negative | -17.1% | -42.6% | -66.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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