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Investment Highlights Market Valuation Price Chart Business Description Interactive Breakdown Latest Trefis Analyses Better Bets vs. HE Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Hawaiian Electric Industries (HE)

Market Price (9/13/2025): $12.1 | Market Cap: $2.1 Bil
Sector: Utilities | Industry: Electric Utilities

Hawaiian Electric Industries (HE)

Market Price (9/13/2025): $12.1
Market Cap: $2.1 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 -51%, 3Y Excs Rtn is -133%		 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 116%
1 Attractive yield
FCF Yield is 8.4%		  Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 23x
2 Low stock price volatility
Vol 12M is 40%		  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 -10%
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 8.4%
2 Low stock price volatility
Vol 12M is 40%
3 Weak multi-year price returns
2Y Excs Rtn is -51%, 3Y Excs Rtn is -133%
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 116%
5 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 23x
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 -10%

Market Valuation

 9/13/252024202320222021
Share Price CYE$12.10$9.73$14.19$40.07$38.41
Market Cap CYE ($ Bil)2.11.71.64.44.2
Total Debt ($ Bil)2.63.33.23.42.6
Total Cash ($ Bil)0.20.81.41.62.9
Enterprise Value ($ Bil)4.55.04.87.86.8
Valuation Ratios     
P/S TTM0.70.40.51.31.6
P/EBIT TTM23.4-0.75.215.211.3
P/E TTM-17.7-0.97.718.818.3
Sector Ratios     
P/S TTM (Sector)2.82.42.22.32.5
P/EBIT TTM (Sector)10.59.59.711.912.0
P/E TTM (Sector)18.318.316.519.219.2
 9/13/2520242023
Share Price CYE$12.10$9.73$14.19
Market Cap CYE ($ Bil)2.11.71.6
Total Debt ($ Bil)2.63.33.2
Total Cash ($ Bil)0.20.81.4
Enterprise Value ($ Bil)4.55.04.8
Valuation Ratios   
P/S TTM0.70.40.5
P/EBIT TTM23.4-0.75.2
P/E TTM-17.7-0.97.7
Sector Ratios   
P/S TTM (Sector)2.82.42.2
P/EBIT TTM (Sector)10.59.59.7
P/E TTM (Sector)18.318.316.5

Market Cap Chart

Business Description

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. Show more

Price Returns Compared

Expand for Detailed View

 202020212022202320242025Total [1]
Returns
HE Return-22%21%4%-65%-31%25%-68%
Peers Return-6%12%5%-1%18%11%42%
S&P 500 Return16%27%-19%24%23%12%101%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: DUK, PNW, IDA, ALE, SO. See HE Returns vs. Peers.
[3] 2025 data is for the year up to 9/12/2025 (YTD)

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

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
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6PTNMPitanium154.0% 
7OPIOffice Properties Income Trust144.0%-42.6%
8HYPDHyperion DeFi144.0% 
9ISPCiSpecimen128.4%-26.6%
10EDHLEverbright Digital127.6% 

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1DGNXDiginex-85.6% 
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3YYGHYY-68.7%-76.6%
4BINIBollinger Innovations-61.6%-100.0%
5IPDNProfessional Diversity Network-54.5%-41.4%
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8NFENew Fortress Energy-46.5%-91.3%
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1PMIPicard Medical11249.2%11249.2%
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4CHSNChanson International3717.0%-99.3%
5QMMMQMMM2669.4%5698.4%
6VTAKCatheter Precision1332.7%-71.4%
7CURXCuranex Pharmaceuticals1309.0%1309.0%
8OCTOEightco811.9%562.1%
9WLDSWearable Devices708.6%8.0%
10PTNMPitanium423.7% 

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1BINIBollinger Innovations-93.4%-100.0%
2ETSElite Express-92.8%-92.8%
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8NXTTNext Technology-89.3%-93.8%
9NUTRNusaTrip-87.2%-87.2%
10CUPRCuprina-84.3% 

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1OCTOEightco900.0%562.1%
2QMMMQMMM875.3%5698.4%
3WLDSWearable Devices780.4%8.0%
4CWDCaliberCos268.8%-45.1%
5AIREReAlpha Tech257.5%-49.8%
6PTNMPitanium154.0% 
7OPIOffice Properties Income Trust144.0%-42.6%
8HYPDHyperion DeFi144.0% 
9ISPCiSpecimen128.4%-26.6%
10EDHLEverbright Digital127.6% 

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1DGNXDiginex-85.6% 
2LGCLLucas GC-69.1%-76.6%
3YYGHYY-68.7%-76.6%
4BINIBollinger Innovations-61.6%-100.0%
5IPDNProfessional Diversity Network-54.5%-41.4%
6INHDInno-53.4%-4.4%
7CDTCDT Equity-49.2%-99.4%
8NFENew Fortress Energy-46.5%-91.3%
9TGHLGrowhub-44.8% 
10SLXNSilexion Therapeutics-43.1%-86.5%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Hawaiian Electric Industries

Financials

HEDUKPNWIDAALESOMedian
NameHawaiian.Duke Ene.Pinnacle.Idacorp ALLETE Southern  
Mkt Price12.10121.9588.19125.3663.2692.2790.23
Mkt Cap2.194.810.56.83.7101.58.7
Rev LTM2,91631,2715,2551,8101,53227,8534,086
Op Inc LTM528,3989963331547,375665
FCF LTM175-563-794-342-53105-198
FCF 3Y Avg100-2,808-719-303134-1,230-511
CFO LTM49711,9411,7366094309,7271,173
CFO 3Y Avg4709,7131,3784154747,767926

Growth & Margins

HEDUKPNWIDAALESOMedian
NameHawaiian.Duke Ene.Pinnacle.Idacorp ALLETE Southern  
Rev Chg LTM-4.4%4.1%7.5%1.4%-0.4%9.6%2.7%
Rev Chg 3Y Avg-2.6%6.0%10.0%7.0%2.5%6.3%6.2%
Rev Chg Q-6.2%4.7%3.8%-3.7%1.6%17.0%2.7%
QoQ Delta Rev Chg LTM-1.7%1.1%1.0%-0.9%0.4%4.2%0.7%
Op Mgn LTM1.8%26.9%19.0%18.4%10.1%26.5%18.7%
Op Mgn 3Y Avg-13.4%25.0%18.1%18.1%9.7%23.1%18.1%
QoQ Delta Op Mgn LTM57.9%-0.0%-0.3%0.5%-0.8%0.0%-0.0%
CFO/Rev LTM17.0%38.2%33.0%33.6%28.1%34.9%33.3%
CFO/Rev 3Y Avg14.7%32.0%27.9%23.2%28.4%28.5%28.2%
FCF/Rev LTM6.0%-1.8%-15.1%-18.9%-3.5%0.4%-2.6%
FCF/Rev 3Y Avg3.0%-9.6%-14.7%-17.0%7.4%-4.4%-7.0%

Valuation

HEDUKPNWIDAALESOMedian
NameHawaiian.Duke Ene.Pinnacle.Idacorp ALLETE Southern  
Mkt Cap2.194.810.56.83.7101.58.7
P/S0.73.02.03.72.43.62.7
P/EBIT23.510.59.715.118.512.313.7
P/E-17.719.518.322.620.022.019.8
P/CFO4.27.96.111.18.510.48.2
Total Yield-5.7%6.0%9.3%7.1%9.5%7.5%7.3%
Dividend Yield0.0%0.8%3.9%2.7%4.5%2.9%2.8%
FCF Yield 3Y Avg2.2%-3.9%-7.6%-5.6%4.0%-1.6%-2.8%
D/E1.20.91.30.50.50.70.8
Net D/E1.20.91.30.40.50.70.8

Returns

HEDUKPNWIDAALESOMedian
NameHawaiian.Duke Ene.Pinnacle.Idacorp ALLETE Southern  
1M Rtn6.1%-2.2%-5.2%-1.2%-3.9%-1.9%-2.0%
3M Rtn15.3%5.3%-1.0%10.8%-1.2%2.9%4.1%
6M Rtn7.7%3.3%-4.0%9.6%-1.4%3.8%3.5%
12M Rtn8.3%9.1%2.9%25.4%3.7%7.8%8.0%
3Y Rtn-67.4%27.1%34.2%26.8%22.6%33.3%27.0%
1M Excs Rtn4.3%-4.0%-7.1%-3.0%-5.7%-3.7%-3.8%
3M Excs Rtn4.5%-4.0%-10.7%0.2%-10.8%-6.0%-5.0%
6M Excs Rtn-8.2%-14.2%-21.3%-8.7%-20.2%-14.6%-14.4%
12M Excs Rtn-15.5%-11.7%-17.4%4.3%-16.3%-13.4%-14.5%
3Y Excs Rtn-133.2%-40.7%-34.1%-41.0%-44.8%-34.7%-40.8%

Comparison Analyses

Title
0With 6.0% 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 8/31/2025

 1M2M3M6M1Y3Y
Beta0.670.600.560.610.540.58
Up Beta1.771.691.790.540.530.63
Down Beta0.620.250.720.940.930.67
Up Capture155%79%54%47%24%6%
Bmk +ve Days10223571142415
Stock +ve Days13223463125350
Down Capture-181%-98%-95%36%25%91%
Bmk -ve Days11192754106334
Stock -ve Days7182758118392

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

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity8,191,506
Short Interest: % Change Since 815202521.9%
Average Daily Volume2,351,894
Days-to-Cover Short Interest3.48
Basic Shares Quantity172,496,000
Short % of Basic Shares4.7%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/7/2025-2.3%3.0% 
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   
# Positive111410
# Negative131014
Median Positive0.6%2.2%3.6%
Median Negative-2.5%-3.6%-5.1%
Max Positive10.0%15.1%18.8%
Max Negative-17.1%-42.6%-66.4%

Insider Activity

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Industry Resources

External Quote Links


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