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Hawaiian Electric Industries (HE)

Market Price (10/13/2025): $10.88 | Market Cap: $1.9 Bil
Sector: Utilities | Industry: Electric Utilities

Hawaiian Electric Industries (HE)

Market Price (10/13/2025): $10.88
Market Cap: $1.9 Bil
Sector: Utilities
Industry: Electric Utilities

Investment Highlights

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%		 Weak multi-year price returns
2Y Excs Rtn is -60%, 3Y Excs Rtn is -141%		 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 129%
1 Attractive yield
FCF Yield is 9.3%		  Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 21x
2 Low stock price volatility
Vol 12M is 36%		  Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.6%, Rev Chg QQuarterly Revenue Change % is -6.2%
3   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11%
0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%
1 Attractive yield
FCF Yield is 9.3%
2 Low stock price volatility
Vol 12M is 36%
3 Weak multi-year price returns
2Y Excs Rtn is -60%, 3Y Excs Rtn is -141%
4 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 129%
5 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 21x
6 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.6%, Rev Chg QQuarterly Revenue Change % is -6.2%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11%

Market Valuation & Key Metrics

HES&P 500
REVENUE GROWTHVERY POOR
Rev LTM ($ Bil)2.9
Rev Chg Q-6.2%6.1%
Rev Chg LTM-4.4%5.2%
Rev Chg 3Y Avg-2.6%5.3%
PROFITABILITYVERY POOR
Op Inc LTM ($ Bil)0.1
Op Mgn LTM1.8%18.6%
CFO LTM ($ Bil)0.5
CFO/Rev LTM17.0%20.3%
Net Inc LTM ($ Bil)-0.1
Net Inc Mgn-4.0%12.7%
VALUATIONVERY LOW
P/S0.63.2
P/CFO3.815.6
P/FCF10.720.6
P/E-15.923.6
STABILITYPOOR
Debt/Equity1.370.21
Cash/Assets0.020.07

HE Stock

Factor Drivers of Stock Movement
The 12.6% change in HE stock from 4/13/2025 to 10/12/2025 was primarily driven by a 16.2% change in the company's P/S Multiple.

413202510122025Change
Stock Price ($)9.6710.8912.62%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)3012.762915.79-3.22%
P/S Multiple0.550.6416.16%
Shares Outstanding (Mil)172.80172.500.18%
Cumulative Contribution12.62%

LTM = Last Twelve Months as of date shown
The 11.9% change in HE stock from 10/12/2024 to 10/12/2025 was primarily driven by a 83.1% change in the company's P/S Multiple.

1012202410122025Change
Stock Price ($)9.7310.8911.92%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)3051.012915.79-4.43%
P/S Multiple0.350.6483.14%
Shares Outstanding (Mil)110.30172.50-56.38%
Cumulative Contribution-23.66%

LTM = Last Twelve Months as of date shown
The -67.1% change in HE stock from 10/13/2022 to 10/12/2025 was primarily driven by a -57.6% change in the company's Shares Outstanding (Mil).

1013202210122025Change
Stock Price ($)33.0610.89-67.06%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)3207.852915.79-9.10%
P/S Multiple1.130.64-42.88%
Shares Outstanding (Mil)109.43172.50-57.63%
Cumulative Contribution-78.00%

LTM = Last Twelve Months as of date shown

Price Returns Compared

 202020212022202320242025Total [1]
Returns
HE Return-22%21%4%-65%-31%12%-73%
Peers Return-5%19%-1%-3%28%16%61%
S&P 500 Return16%27%-19%24%23%11%103%

Monthly Win Rates [3]
HE Win Rate42%50%58%50%33%44% 
Peers Win Rate57%58%50%52%57%67% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
HE Max Drawdown-29%-7%-17%-76%-45%-16% 
Peers Max Drawdown-35%-7%-19%-14%-11%-10% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: DUK, PNW, IDA, TAC, ALE. 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] 2025 data is for the year up to 10/10/2025 (YTD)

Downturns Compared

Unique KeyEventHES&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-77.8%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven349.8%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-39.2%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven64.4%51.3%
2020 Covid PandemicTime to BreakevenTime to BreakevenNot Fully Recovered days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-26.2%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven35.6%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven374 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-58.2%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven139.3%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven2096 days1480 days


How Low Can It Go?

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.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

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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.

Better Bets than Hawaiian Electric Industries (HE)

 HEBetter Performance than HE
MetricValueIndustry (Electric Utilities)
Rev Chg LTM-4.4%CEG (5.4%), SO (9.6%), DUK (4.1%), VST (31.6%), AEP (5.9%)
Rev Chg 3Y Avg-2.6%CEG (6.8%), SO (6.3%), DUK (6.0%), VST (22.4%), AEP (4.9%)
Op Mgn LTM1.8%CEG (13.9%), SO (26.5%), DUK (26.9%), VST (19.7%), AEP (24.8%)
CFO/Rev LTM17.0%SO (34.9%), DUK (38.2%), VST (22.8%), AEP (31.8%), EXC (24.4%)
FCF/Rev LTM6.0%VST (8.9%), LNT (26.8%), OTTR (6.2%), MGEE (6.2%), GNE (9.9%)
Total Yield-6.3%CEG (3.0%), SO (7.0%), DUK (5.7%), VST (4.0%), AEP (9.0%)
 HEBetter Performance than HE
MetricValueAll Other Sectors
Rev Chg LTM-4.4%NVDA (71.6%), MSFT (14.9%), AAPL (6.0%), GOOGL (13.1%), AMZN (10.9%)
Rev Chg 3Y Avg-2.6%NVDA (92.0%), MSFT (12.5%), AAPL (1.8%), GOOGL (10.2%), AMZN (11.3%)
Op Mgn LTM1.8%NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), GOOGL (32.7%), AMZN (11.4%)
CFO/Rev LTM17.0%NVDA (46.6%), MSFT (48.3%), AAPL (26.6%), GOOGL (36.0%), AMZN (18.1%)
FCF/Rev LTM6.0%NVDA (43.6%), MSFT (25.4%), AAPL (23.5%), GOOGL (18.0%), META (30.7%)
Total Yield-6.3%NVDA (2.0%), MSFT (3.3%), AAPL (3.1%), GOOGL (4.4%), AMZN (3.1%)

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Hawaiian Electric Industries Earnings Notes  
2With HE Up 17% in a Month, Is It Time to Compare It Against SO?Counter-Intuitive Comparisons 
3Better Bet Than HE Stock: Pay Less Than Hawaiian Electric Industries To Get More From EIX Actionable 
4Hawaiian Electric Industries (HE) Operating Cash Flow ComparisonFinancials 
5Hawaiian Electric Industries (HE) Net Income ComparisonFinancials 
6Hawaiian Electric Industries (HE) Debt ComparisonFinancials 
7Hawaiian Electric Industries (HE) Revenue ComparisonFinancials 
8Hawaiian Electric Industries (HE) Operating Income ComparisonFinancials 
9Hawaiian Electric Industries (HE) Tax Expense ComparisonFinancials 
10Hawaiian Electric Industries (HE) EBITDA ComparisonFinancials 
11ARTICLES  
12Big Move for HE, but Do SO’s Margins and Growth Give It the Edge? August 27th, 2025
13Better Bet Than Hawaiian Electric Industries Stock: Pay Less To Get More From EIX August 19th, 2025
14Hawaiian Electric Stock Could Offer Decent Upside With Little Risk December 28th, 2021
15Does Hawaiian Electric Industries Stock Have More Room For Gains? May 4th, 2021
16Why Hawaiian Electric Industries Stock Is A Solid Recovery Play March 18th, 2021
Title
0DASHBOARDS
1Big Move for HE, but Do SO’s Margins and Growth Give It the Edge?
2Better Bet Than Hawaiian Electric Industries Stock: Pay Less To Get More From EIX
3Hawaiian Electric Stock Could Offer Decent Upside With Little Risk
4Does Hawaiian Electric Industries Stock Have More Room For Gains?
5Why Hawaiian Electric Industries Stock Is A Solid Recovery Play
6ARTICLES
7Hawaiian Electric Industries Earnings Notes
8With HE Up 17% in a Month, Is It Time to Compare It Against SO?
9Better Bet Than HE Stock: Pay Less Than Hawaiian Electric Industries To Get More From EIX 
10Hawaiian Electric Industries (HE) Operating Cash Flow Comparison
11Hawaiian Electric Industries (HE) Net Income Comparison
12Hawaiian Electric Industries (HE) Debt Comparison
13Hawaiian Electric Industries (HE) Revenue Comparison
14Hawaiian Electric Industries (HE) Operating Income Comparison
15Hawaiian Electric Industries (HE) Tax Expense Comparison
16Hawaiian Electric Industries (HE) EBITDA Comparison

Trade Ideas

Select past trade ideas related to HE and Electric Utilities.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
AES_9302025_Dip_Buyer_ValueBuy09302025AESAESDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		6.9%6.9%0.0%
VST_5312025_Quality_Momentum_RoomToRun_10%05312025VSTVistraQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		22.9%22.9%0.0%
HE_4302024_Short_Squeeze04302024HEHawaiian Electric IndustriesSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		0.8%6.6%-21.4%
HE_8312023_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG08312023HEHawaiian Electric IndustriesDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap		-13.1%-23.5%-44.8%
HE_7312020_Dip_Buyer_ValueBuy07312020HEHawaiian Electric IndustriesDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-7.1%23.9%-9.7%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
AES_9302025_Dip_Buyer_ValueBuy09302025AESAESDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		6.9%6.9%0.0%
VST_5312025_Quality_Momentum_RoomToRun_10%05312025VSTVistraQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		22.9%22.9%0.0%
HE_4302024_Short_Squeeze04302024HEHawaiian Electric IndustriesSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		0.8%6.6%-21.4%
HE_8312023_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG08312023HEHawaiian Electric IndustriesDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap		-13.1%-23.5%-44.8%
HE_7312020_Dip_Buyer_ValueBuy07312020HEHawaiian Electric IndustriesDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-7.1%23.9%-9.7%

See Trefis Trade Ideas for more.

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1UAMYUnited States Antimony57.5%589.8%
2HIVEHIVE Digital Technologies48.5%131.9%
3SESSES AI46.6%37.9%
4BITFBitfarms39.5%181.9%
5SLDPSolid Power35.6%210.1%
6PTGXProtagonist Therapeutics34.2%125.4%
7PATHUiPath32.2%34.1%
8APGEApogee Therapeutics31.6%15.8%
9AMDAdvanced Micro Devices30.5%77.9%
10GLUEMonte Rosa Therapeutics29.7%44.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1BNBrookfield-37.4%12.9%
2BNTBrookfield Wealth Solutions-37.3%13.1%
3VGVenture Global-32.3% 
4BBBYBed Bath & Beyond-27.1% 
5USNAUsana Health Sciences-25.4%-43.5%
6AEHRAehr Test Systems-24.3%41.3%
7NFENew Fortress Energy-24.0%-87.6%
8PENGPenguin Solutions-23.7%10.3%
9ESPREsperion Therapeutics-23.3%15.0%
10ANGXAngel Studios-23.1% 

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1WOLFWolfspeed1554.3%367.0%
2QUREuniQure263.4%248.6%
3UAMYUnited States Antimony166.0%589.8%
4LACLithium Americas163.7%152.2%
5RGTIRigetti Computing163.2%187.8%
6SESSES AI160.3%37.9%
7CLPTClearPoint Neuro135.4%69.8%
8BETRBetter Home & Finance131.2%537.8%
9PLUGPlug Power126.5%60.6%
10USARUSA Rare Earth124.4%109329.5%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1REXREX American Resources-50.4%46.7%
2ANGXAngel Studios-49.2% 
3USNAUsana Health Sciences-34.3%-43.5%
4GOSSGossamer Bio-34.1%152.0%
5FLYFirefly Aerospace-34.0% 
6TROXTronox-33.8%-65.3%
7KRUSKura Sushi USA-32.9%-38.5%
8VGVenture Global-31.2% 
9OXMOxford Industries-30.7%-52.8%
10SFIXStitch Fix-30.4%-6.4%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1UAMYUnited States Antimony57.5%589.8%
2HIVEHIVE Digital Technologies48.5%131.9%
3SESSES AI46.6%37.9%
4BITFBitfarms39.5%181.9%
5SLDPSolid Power35.6%210.1%
6PTGXProtagonist Therapeutics34.2%125.4%
7PATHUiPath32.2%34.1%
8APGEApogee Therapeutics31.6%15.8%
9AMDAdvanced Micro Devices30.5%77.9%
10GLUEMonte Rosa Therapeutics29.7%44.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1BNBrookfield-37.4%12.9%
2BNTBrookfield Wealth Solutions-37.3%13.1%
3VGVenture Global-32.3% 
4BBBYBed Bath & Beyond-27.1% 
5USNAUsana Health Sciences-25.4%-43.5%
6AEHRAehr Test Systems-24.3%41.3%
7NFENew Fortress Energy-24.0%-87.6%
8PENGPenguin Solutions-23.7%10.3%
9ESPREsperion Therapeutics-23.3%15.0%
10ANGXAngel Studios-23.1% 

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Hawaiian Electric Industries

Financials

HEDUKPNWIDATACALEMedian
NameHawaiian.Duke Ene.Pinnacle.Idacorp TransAltaALLETE  
Mkt Price10.89127.0292.41134.4615.5967.3079.85
Mkt Cap1.998.711.07.34.63.96.0
Rev LTM2,91631,2715,2551,8102,5071,5322,711
Op Inc LTM528,398996333208154271
FCF LTM175-563-794-342305-53-198
FCF 3Y Avg100-2,808-719-303311134-101
CFO LTM49711,9411,736609608430609
CFO 3Y Avg4709,7131,378415993474733

Growth & Margins

HEDUKPNWIDATACALEMedian
NameHawaiian.Duke Ene.Pinnacle.Idacorp TransAltaALLETE  
Rev Chg LTM-4.4%4.1%7.5%1.4%-20.9%-0.4%0.5%
Rev Chg 3Y Avg-2.6%6.0%10.0%7.0%0.5%2.5%4.2%
Rev Chg Q-6.2%4.7%3.8%-3.7%-25.6%1.6%-1.0%
QoQ Delta Rev Chg LTM-1.7%1.1%1.0%-0.9%-5.6%0.4%-0.3%
Op Mgn LTM1.8%26.9%19.0%18.4%8.3%10.1%14.2%
Op Mgn 3Y Avg-13.4%25.0%18.1%18.1%20.1%9.7%18.1%
QoQ Delta Op Mgn LTM57.9%-0.0%-0.3%0.5%-5.4%-0.8%-0.2%
CFO/Rev LTM17.0%38.2%33.0%33.6%24.3%28.1%30.6%
CFO/Rev 3Y Avg14.7%32.0%27.9%23.2%32.0%28.4%28.2%
FCF/Rev LTM6.0%-1.8%-15.1%-18.9%12.2%-3.5%-2.6%
FCF/Rev 3Y Avg3.0%-9.6%-14.7%-17.0%10.8%7.4%-3.3%

Valuation

HEDUKPNWIDATACALEMedian
NameHawaiian.Duke Ene.Pinnacle.Idacorp TransAltaALLETE  
Mkt Cap1.998.711.07.34.63.96.0
P/S0.63.22.14.01.82.52.3
P/EBIT21.110.910.216.225.419.717.9
P/E-15.920.419.224.2-40.321.319.8
P/CFO3.88.36.411.97.69.17.9
Total Yield-6.3%5.7%8.9%6.6%-0.9%9.0%6.2%
Dividend Yield0.0%0.8%3.7%2.5%1.6%4.3%2.0%
FCF Yield 3Y Avg2.2%-3.9%-7.6%-5.6%13.3%4.0%-0.9%
D/E1.40.91.30.51.00.50.9
Net D/E1.30.91.30.40.90.50.9

Returns

HEDUKPNWIDATACALEMedian
NameHawaiian.Duke Ene.Pinnacle.Idacorp TransAltaALLETE  
1M Rtn-10.0%4.2%4.8%7.3%23.3%6.4%5.6%
3M Rtn3.0%9.1%2.5%15.1%37.1%3.0%6.1%
6M Rtn12.6%8.7%2.5%16.2%81.0%6.6%10.7%
12M Rtn11.9%15.4%12.0%37.1%53.4%9.4%13.7%
3Y Rtn-67.1%62.8%70.0%53.3%108.9%55.7%59.2%
1M Excs Rtn-9.8%4.6%5.1%7.5%23.8%6.5%5.8%
3M Excs Rtn-2.0%4.1%-2.3%10.0%30.1%-2.1%1.1%
6M Excs Rtn-8.9%-13.7%-20.0%-6.1%60.2%-17.9%-11.3%
12M Excs Rtn-2.5%5.1%-3.0%23.2%39.2%-4.0%1.3%
3Y Excs Rtn-140.9%-20.8%-11.6%-27.6%11.0%-23.3%-22.1%

Comparison Analyses

Title
0With 8.4% Gains On The Table, HE May Outshine IDA
1Hawaiian Electric Industries vs. Allete: Both Seem Similar Bets
2Hawaiian Electric Industries vs. Pinnacle West Capital: Both Seem Similar Bets
3Hawaiian Electric Industries vs. Duke Energy: Industry Competitors, But Hawaiian Electric Industries Is A Better Bet
4Hawaiian Electric Industries vs Etsy: Similar Revenue; Which Stock Is A Better Bet?
5Hawaiian Electric Industries vs Hexcel: Similar Market Cap; Which Stock Is A Better Bet?
6Hawaiian Electric Industries vs Beyond Meat: Similar Market Cap; Which Stock Is A Better Bet?
7Hawaiian Electric Industries vs Diodes: Similar Market Cap; Which Stock Is A Better Bet?
8Hawaiian Electric Industries vs Twilio: Similar Revenue; Which Stock Is A Better Bet?
9Hawaiian Electric Industries vs DexCom: Similar Revenue; Which Stock Is A Better Bet?

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date8/7/20255/9/20252/24/202511/8/20248/9/20245/10/20242/29/202411/13/20238/7/20235/9/20232/27/202311/7/2022
Key Financials Quarterly            
Total Revenue7467444879387957925629028969286981,042
Ebitda136143147-48-1,5871329412817617661155
Operating Income546262-127-1,6625113759395-9102
Net Income2727-68-104-1,29543494255555863
EPS0.150.15-0.40-0.91-11.740.380.440.370.500.500.520.57
Key Financials TTM            
Total Revenue TTM2,9162,9653,0133,0883,0513,1513,2883,4243,5643,5643,4213,493
Ebitda TTM378-1,345-1,356-1,409-1,233530574540568555563657
Operating Income TTM52-1,663-1,675-1,724-1,522232276254281275280377
Net Income TTM-118-1,440-1,424-1,307-1,162189201210231229243240
Growth Rates Quarterly            
Total Revenue Growth-6.2%-6.1%-13.3%4.0%-11.2%-14.7%-19.5%-13.5%0.0%18.2%-9.4%37.7%
EBITDA Growth108.6%8.0%56.2%-137.5%-1002.4%-24.8%55.4%-17.7%7.8%-4.1%-60.8%4.2%
Operating Income Growth103.2%22.7%365.8%-268.5%-1887.1%-46.2%257.4%-26.4%7.3%-4.7%-109.6%4.9%
Net Income Growth102.1%-36.3%-237.6%-349.9%-2451.0%-22.8%-14.8%-33.5%3.9%-20.7%5.1%-2.1%
Margins Quarterly            
EBITDA Margin18.3%19.2%30.2%-5.1%-199.5%16.7%16.8%14.2%19.6%19.0%8.7%14.9%
Operating Income Margin7.2%8.4%12.8%-13.5%-208.9%6.4%2.4%8.3%10.4%10.2%-1.2%9.8%
Net Income Margin3.6%3.6%-13.9%-11.1%-162.8%5.4%8.8%4.6%6.1%5.9%8.3%6.0%
Cash & Debt            
Total Cash1546297512,2441,6121,5771,3816673163151,6302,408
Total Debt2,5693,1873,3313,8893,8963,8813,2443,9263,6073,5203,4283,191
Net Debt / (Cash)2,4152,5582,5811,6462,2842,3041,8633,2583,2903,2041,798783
Cash Flows Quarterly            
FCF from Operations1675014313761125683419118120450
Cash Flows TTM            
FCF from Operations TTM497391466391288418474610625416328199
Returns to Shareholders Quarterly            
Dividends10000260321839393118
Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC3.0%4.2%4.0%-9.6%-132.1%4.2%1.0%5.5%6.3%6.5%-0.8%15.1%
Return on Invested Capital (ROIC) TTM            
ROIC TTM0.5%-25.2%-25.2%-34.8%-30.1%5.1%6.8%4.6%4.8%4.8%7.2%14.1%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Electric utility3,2703,4092,5402,2652,546
All other1812410
Bank  306314328
Total3,2883,4212,8502,5802,874


Net Income by Segment
$ Mil20242023202220212020
Electric utility194189178169159
All other-48-28-33-29-28
Bank  1015889
Total146161246198220


Assets by Segment
$ Mil20242023202220212020
Electric utility7,284 6,4926,4576,389
All other394 149150124
Bank  9,1828,3977,233
Total7,677 15,82315,00413,745


Price Behavior

HE Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta1.830.900.750.610.630.56
Up Beta3.322.451.940.550.630.63
Down Beta5.690.991.470.891.010.65
Up Capture-92%36%18%31%27%4%
Bmk +ve Days13233574144420
Stock +ve Days7203064122349
Down Capture374%26%-4%57%43%91%
Bmk -ve Days8192952107330
Stock -ve Days14213258123393

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date9302025
Short Interest: Shares Quantity10,087,515
Short Interest: % Change Since 91520254.1%
Average Daily Volume1,779,279
Days-to-Cover Short Interest5.67
Basic Shares Quantity172,496,000
Short % of Basic Shares5.8%

Returns Analyses

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/7/2025-2.3%3.0%7.6%
5/9/20251.9%1.2%1.0%
2/21/20252.2%1.8%3.3%
11/8/2024-6.3%-3.4%-1.8%
8/9/2024-14.5%-13.7%-25.2%
5/10/202410.0%15.1%2.9%
2/13/2024-4.9%0.0%-15.9%
11/9/2023-17.1%-5.2%-5.1%
...
SUMMARY STATS   
# Positive111411
# Negative131013
Median Positive0.6%2.2%3.9%
Median Negative-2.5%-3.6%-5.1%
Max Positive10.0%15.1%18.8%
Max Negative-17.1%-42.6%-66.4%

SEC Filings

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Report DateFiling DateFiling
6302025807202510-Q 6/30/2025
3312025509202510-Q 3/31/2025
12312024224202510-K 12/31/2024
93020241108202410-Q 9/30/2024
6302024809202410-Q 6/30/2024
3312024510202410-Q 3/31/2024
12312023229202410-K 12/31/2023
93020231113202310-Q 9/30/2023
6302023807202310-Q 6/30/2023
3312023509202310-Q 3/31/2023
12312022227202310-K 12/31/2022
93020221107202210-Q 9/30/2022
6302022808202210-Q 6/30/2022
3312022509202210-Q 3/31/2022
12312021225202210-K 12/31/2021
93020211105202110-Q 9/30/2021

Insider Activity

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Industry Resources

External Quote Links


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