Hawaiian Electric Industries Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow judges the company, not the share price. Green is ruled out by one unanswered question: three installments of $479 million each through April 2029 stand against a business that left roughly $50 million over after investment in 2025 and that plans $2.2 billion to $2.4 billion of capital expenditure for 2026 to 2028; the Form 10-Q for June 30, 2026 itself states there is "no assurance that management's plans will be successful." Red is ruled out because none of the substance findings that grade demands is present — not one: no current going-concern language — substantial doubt did in fact exist in the second quarter of 2024 and was resolved in the third quarter of 2024, and the 2025 annual report still carries the possibility as a risk factor —, common equity positive and up from $1,606 million to $1,763 million, operating income covering net interest expense roughly twice in 2025, all financial covenants met as of June 30, 2026 with an express expectation of continued compliance over the next twelve months, $1,339 million of available liquidity against $479 million due in April 2027, positive operating cash flow in fiscal 2025 and two credit rating upgrades during 2026. Price and valuation were expressly excluded from this judgment; those are price arguments. What remains is a material open question: until the financing for the remaining installments is settled, shareholder value depends on whether the gap is closed with new shares, new debt or asset sales. Add a going-concern note, a breached covenant or a failed offering and red would be the right grade. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Hawaiian Electric is the everything-is-known trap in its purest form: the operating business is a regulated monopoly that earned $123.1 million again in 2025 and took in $391.1 million from operations — and yet the payment calendar through April 2029 shows a fixed schedule of $1.437 billion that no electricity customer helps carry. The company itself writes that the financing for those installments is not yet in place. Dividend suspended, share count up 57 percent since 2023, ratings still below investment grade despite two upgrades in 2026: buying here means buying a good business with an open invoice — and betting on how much of your stake survives the final payment. Not investment advice.
Business model
A regulated monopoly in the literal sense: three island utilities supply about 1.4 million people, roughly 95 percent of Hawaii's population, across five separate grids with no interconnection to the mainland. Revenue was $3,086.9 million in 2025 and cash from operations $391.1 million. Fuel costs are largely passed through, with the utility's own exposure capped at roughly $3.7 million a year.
Settlement obligation
Three installments of $479 million each fall due through April 2029 — a nominal $1.437 billion, and thus roughly three quarters of the $1.92 billion market capitalization; on the balance sheet they are carried at a present value of $1.30 billion as of June 30, 2026. Electricity customers expressly contribute nothing; the burden falls entirely on the owners.
Financing
Against that schedule stood roughly $50 million of free cash flow in 2025 ($391.1 million from operations less $341.2 million of capital expenditure) — and for 2026 to 2028 the group itself plans $2.2 billion to $2.4 billion of capital expenditure, which arithmetically leaves nothing over in the installment years. The Form 10-Q for June 30, 2026 states there is "no assurance" the financing plan will succeed and that failure would mean considering "other strategic alternatives." Available liquidity at the reporting date was $1,339 million, including $239 million of cash.
Earnings quality
The $123.2 million of net income in the second quarter of 2026 includes $101 million of non-cash gain from discounting the settlement liability. That book gain reverses as accretion expense through 2029. The company's own core measure fell from $35 million to $22 million in the same quarter.
Balance sheet and ratings
Common equity rose from $1,606 million to $1,763 million between December 31, 2025 and June 30, 2026 and carries 44 percent of the capital structure; all financial covenants were met at the reporting date. Moody's and S&P upgraded twice in 2026, to Ba2 and BB- respectively — still below investment grade. Operating income covered net interest expense roughly twice in 2025 ($235.3 million against $117.3 million, our calculation).
Shareholder return
The dividend has been suspended since the payment for the second quarter of 2023, with a payout ratio of nil in 2025 and the first half of 2026. The weighted-average share count rose from 109.7 million (2023) to 172.6 million (2025), up 57 percent. A $250 million at-the-market program sits ready and untouched.
Worth Noting
HE reached our research list through the second-quarter 2026 earnings release of August 7, 2026 (Form 8-K, Item 2.02): a quarterly profit of $123 million, $101 million of which came from a non-cash remeasurement, is a reason to open the filing itself.
Every figure in this analysis comes from original SEC documents (Form 10-Q for June 30, 2026, filed August 7, 2026; Forms 10-K for 2025 and 2024; Form 10-Q for March 31, 2026; Forms 8-K of July 31, August 7 and September 8, 2026). Two further documents were filed after the quarterly report and both have been evaluated — most recently, on September 8, 2026, an investor presentation that for the first time quantifies where the 2027 to 2029 installments are meant to come from and estimates the cost of Hurricane Lala. The price anchor of $11.09 is the closing price of September 4, 2026 and deliberately not an intraday quote.
Revenue and earnings series are deliberately limited to 2023 through 2025 and shown on a continuing-operations basis: the sale of American Savings Bank on December 31, 2024 is treated retrospectively as a discontinued operation, so older group figures measure something different. Including the bank, income for common stock was $199.2 million in 2023 and minus $1,426.0 million in 2024.
Easily confused: Hawaiian Electric Industries, Inc. (NYSE: HE) is the listed holding company. Its subsidiary Hawaiian Electric Company, Inc. files jointly with the parent but is not listed — the holding company owns all 17,854,278 of its shares. Figures labelled "Hawaiian Electric" in quarterly reports often refer to the subsidiary rather than the group.
Stock Watch
This analysis is as of September 8, 2026. Stock Watch will tell you what's changed at HE since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Price history
Chart
Interactive price chart (TradingView).
52-week range: 10.10 $ to 17.10 $ · Last price: 10.10 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Utilities - Regulated Electric
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Hawaiian Electric Industries Inc HE | 1.7 | – | 6.0 | 17.6 | 7.3 | -4.1 | -16.8 |
| Nextera Energy Inc NEE | 168.9 | 20.8 | 15.8 | 61.0 | 30.2 | 11.0 | 18.9 |
| Southern Company SO | 97.9 | 22.7 | 11.8 | 48.3 | 25.8 | 10.6 | -2.2 |
| Duke Energy Corporation DUK | 92.4 | 18.6 | 10.5 | 52.0 | 25.5 | 6.2 | 1.3 |
| American Electric Power Co Inc AEP | 66.2 | 18.3 | 12.9 | 46.4 | 23.7 | 9.4 | 16.6 |
| Dominion Energy Inc D | 56.2 | 19.0 | 13.9 | 46.2 | 28.7 | 14.2 | 12.5 |
| Entergy Corporation ETR | 46.6 | 26.6 | 12.6 | 47.0 | 18.7 | 9.0 | 18.8 |
| Xcel Energy Inc XEL | 45.1 | 21.5 | 13.0 | 46.8 | 18.2 | 9.1 | 4.0 |
| Exelon Corporation EXC | 43.6 | 15.9 | 10.2 | 42.4 | 22.3 | 5.3 | 3.0 |
| Median of companies shown | 56.2 | 19.9 | 12.6 | 46.8 | 23.7 | 9.1 | 4.0 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 2,381 | 348 | 250 | 2.31 | 495 | 2,101 | 12,497 |
| 2017 | 2,556 | 338 | 167 | 1.53 | 420 | 2,132 | 12,680 |
| 2018 | 2,861 | 333 | 204 | 1.87 | 499 | 2,197 | 13,270 |
| 2019 | 2,874 | 348 | 218 | 1.99 | 512 | 2,315 | 13,745 |
| 2020 | 2,580 | 311 | 198 | 1.81 | 429 | 2,372 | 15,238 |
| 2021 | 2,850 | 386 | 246 | 2.25 | 376 | 2,425 | 16,066 |
| 2022 | 3,421 | 280 | 241 | 2.20 | 454 | 2,237 | 16,653 |
| 2023 | 3,288 | 275 | 199 | 1.81 | 551 | 2,379 | 17,244 |
| 2024 | 3,220 | -1,707 | -1,424 | -11.22 | 466 | 1,513 | 8,931 |
| 2025 | 3,087 | 235 | 126 | 0.73 | 391 | 1,606 | 8,923 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.40 | -190.90 | 799 | -6.40 | -13.90 | 137 | 51 |
| 2025: Q1 | 0.16 | -58.80 | 744 | -6.10 | 3.60 | 50 | -37 |
| 2025: Q2 | 0.15 | – | 746 | -6.20 | 3.60 | 135 | 60 |
| 2025: Q3 | 0.18 | – | 791 | -15.70 | 3.90 | 100 | 6 |
| 2025: Q4 | 0.24 | – | 806 | 0.80 | 5.10 | 106 | 21 |
| 2026: Q1 | 0.18 | 11.80 | 746 | 0.30 | 4.10 | 61 | -43 |
| 2026: Q2 | 0.71 | 373.30 | 940 | 25.90 | 13.10 | -411 | -550 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 5 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.82 | 0.66 – 0.99 | 3,146 | -4.2% | 2 |
| 12/31/2027 | 1.08 | 1.04 – 1.12 | 3,307 | 30.5% | 3 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Die Inselversorger von Hawaiian Electric setzen künstliche Intelligenz und maschinelles Lernen laut Geschäftsbericht 10-K für 2025 bereits in ihren Betriebs- und Informationssystemen ein und planen zusätzlich vorausschauende Analysen zur Zustandsüberwachung des Netzes — ein eigenes KI-Produkt verkauft der Konzern nicht.
View the full file — quotes, sources, reviewed filings
„The Utilities rely on evolving and complex operational systems and infrastructure and information systems, networks and other technologies, including artificial intelligence and machine learning, which are interconnected with the systems and network infrastructure owned by third parties"
Die Versorger stützen sich auf sich fortentwickelnde und komplexe Betriebssysteme und -infrastruktur sowie auf Informationssysteme, Netzwerke und andere Technologien — einschließlich künstlicher Intelligenz und maschinellen Lernens —, die mit den Systemen und der Netzinfrastruktur Dritter verbunden sind
10-K · 2026-02-27 · View SEC filing
„The Utilities also plan to start to use artificial intelligence and machine learning to test predictive analytics and control through edge computing to help assess the state of health of utility assets and prevent premature failure, and the diversification of generation from renewable sources."
Die Versorger planen außerdem, künstliche Intelligenz und maschinelles Lernen einzusetzen, um vorausschauende Analysen und Steuerung über Edge-Computing zu erproben — mit dem Ziel, den Zustand der Netzanlagen zu beurteilen, vorzeitige Ausfälle zu verhindern und die Erzeugung aus erneuerbaren Quellen zu diversifizieren.
10-K · 2026-02-27 · View SEC filing
Filings Reviewed: 10-Q 2026-08-07 · 8-K 2026-08-07 · 8-K 2026-07-31 · 10-Q 2026-05-08 · 10-K 2026-02-27 · 10-K 2025-02-24
Rated on September 8, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -3.4%
- More than 10% revenue growth is expected for the coming year 4.8%
- Share count grows by less than 3% a year 16.4%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -2.5%
- Gross margin at 40% or higher and without meaningful erosion 7.6%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 3.7 x EBITDA
- Operating cash flow covers the profits of the last three years 2,507 m
- Return on capital at 15% or higher, or up versus two years ago 3.1%
- Insiders hold at least 10% or are net buyers 0.3%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
2/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 2.9%
- Exp. sales growth 3Y > 5% 3.5%
- EBIT growth 10Y > 5% -4.3%
- Exp. EBIT growth 3Y > 5% 21.4%
- Net debt < 4x EBIT 8.4x
- EBIT positive, 10Y straight 9
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 7.9%
- ROCE > 15% 3.1%
- Expected return > 10% 24.9%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Hawaiian Electric Industries, Inc. ist gemeinsam mit ihren Tochtergesellschaften im Stromversorgungsgeschäft tätig.
- Employees
- 2,659
- Headquarters
- Honolulu, HI
- Address
- 1001 Bishop Street, 96813 Honolulu, United States
- Phone
- 808 543 5662
- Website
- hei.com
- IPO Date
- 11/05/1987
- ISIN
- US4198701009
- Stock Split
- 2:1 on 06/14/2004
- Stock Split
- 2:1 on 05/24/1984
Management
| Name | Title | Birth Year |
|---|---|---|
| Scott W. H. Seu | President, CEO & Director | 1966 |
| Kurt K. Murao J.D. | SVP, Chief Legal Officer, Chief Compliance Officer & Corporate Secretary | 1970 |
| Shelee M. T. Kimura | President, CEO & Director of Hawaiian Electric Company, Inc. | 1973 |
| Paul K. Ito C.P.A. | Executive VP & CFO | 1971 |
| Bruce K. Tamashiro | Controller, Chief Accounting Officer & Treasurer | – |
| Mateo Garcia | Director of Investor Relations | – |
| Julie R. Smolinski | Vice President of Strategy & Corporate Sustainability | – |
| Marcelino Susas | President of Pacific Current | – |
| Ann C. Teranishi | CEO, President & Director of American Savings Bank | 1976 |
| Diane J. Plotts | Business Advisor | 1936 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/05/2026 HAWAIIAN ELECTRIC INDUSTRIES INC (HE): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/07/2026 HAWAIIAN ELECTRIC INDUSTRIES INC (HE): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 07/31/2026 HAWAIIAN ELECTRIC INDUSTRIES INC (HE): Entry into a Material Definitive Agreement SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.