What is Hawaiian Electric Industries, Inc.'s earnings per share (EPS)?

Hawaiian Electric Industries, Inc. (HE) reported diluted earnings per share of $0.71 for fiscal year 2025. This represents a 106.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Hawaiian Electric Industries, Inc. (HE) Financials

Trailing 12 months to June 30, 2026

Revenue $3.3B +5.1% YoY

Net Income $223.5M +287.9% YoY

EPS (Diluted) $1.30 +228.7% YoY

Free Cash Flow -$565.5M -472.9% YoY

Market Cap $1.5B as of Oct 14, 2026

Price / Sales 0.4x on $3.3B revenue, trailing 12 months to June 30, 2026

Price / Earnings 6.5x on $223.5M net income, trailing 12 months to June 30, 2026

Price / Book 0.8x on $1.8B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 14, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 7, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the HE SEC filings page.

Hawaiian Electric Industries, Inc. (HE) reported $3.3B in revenue over the twelve months to Jun 30, 2026, up 5.1% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI HE FY2025 2026-10-03

2025 restored operating profitability after 2024’s sharp loss, yet infrastructure spending keeps free cash generation thin and leverage elevated.

The 2024 net loss of $1.4B did not translate into negative operating cash flow: operations generated $487M, while free cash flow reached $143M. In 2025, reported earnings recovered, but operating cash flow fell to $391M and capital spending of $341M left only $49.9M of free cash flow, showing that accounting recovery has not yet produced comparable cash flexibility.

The balance sheet became less debt-heavy as debt-to-equity declined from 1.8x in FY2024 to 1.4x in FY2025, but the current ratio also narrowed from 161.1% to 132.0%. That combination points to reduced leverage alongside a smaller short-term asset cushion relative to current obligations.

Operating margin rebounded from -53.0% in FY2024 to 7.6% in FY2025 even as revenue fell to $3.1B, indicating the prior collapse was not simply a continuing volume decline. However, the recovery was spread across far more shares—about 173M versus 110M—so the return of company-level profit did not fully restore per-share earnings, which were $0.71.

Financial Health Signals

Financial Health Score 44/100

Scored as: Utilities peer group

Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Hawaiian Electric Industries, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Hawaiian Electric Industries, Inc. has an operating margin of 7.6%, meaning the company retains $8 of operating profit per $100 of revenue. This below-average margin results in a low score of 8/100, suggesting thin profitability after operating expenses. This is up from -53.0% the prior year.

Growth

Hawaiian Electric Industries, Inc.'s revenue declined 4.1% year-over-year, from $3.2B to $3.1B. This contraction results in a growth score of 14/100.

Leverage

Hawaiian Electric Industries, Inc. carries a low D/E ratio of 1.42, meaning only $1.42 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 66/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 1.32, Hawaiian Electric Industries, Inc. holds $1.32 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 83/100.

Cash Flow

While Hawaiian Electric Industries, Inc. generated $391.1M in operating cash flow, capex of $341.2M consumed most of it, leaving $49.9M in free cash flow. This results in a low score of 82/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Hawaiian Electric Industries, Inc. generates a 7.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 10/100. This is up from -96.4% the prior year.

Altman Z-Score Distress

0.51

Hawaiian Electric Industries, Inc. scores 0.51, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

5/8

Hawaiian Electric Industries, Inc. passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

3.18x

For every $1 of reported earnings, Hawaiian Electric Industries, Inc. generates $3.18 in operating cash flow ($391.1M OCF vs $123.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

2.01x

Hawaiian Electric Industries, Inc. earns $2.01 in operating income for every $1 of interest expense ($235.3M vs $117.3M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue

$939.7M

YoY+25.9%

QoQ+25.9%

5Y CAGR+6.7%

10Y CAGR+5.2%

Hawaiian Electric Industries, Inc. generated $939.7M in revenue in Q2 2026. This represents an increase of 25.9% from the same quarter a year earlier. Against the prior quarter it is up 25.9%.

EBITDA

$279.6M

YoY+115.3%

QoQ+117.0%

Hawaiian Electric Industries, Inc.'s EBITDA was $279.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 115.3% from the same quarter a year earlier. Against the prior quarter it is up 117.0%.

Net Income

$123.2M

YoY+372.3%

QoQ+304.6%

5Y CAGR+13.9%

10Y CAGR+10.7%

Hawaiian Electric Industries, Inc. reported $123.2M in net income in Q2 2026. This represents an increase of 372.3% from the same quarter a year earlier. Against the prior quarter it is up 304.6%.

EPS (Diluted)

$0.71

YoY+373.3%

QoQ+294.4%

5Y CAGR+4.1%

10Y CAGR+5.6%

Hawaiian Electric Industries, Inc. earned $0.71 per diluted share (EPS) in Q2 2026. This represents an increase of 373.3% from the same quarter a year earlier. Against the prior quarter it is up 294.4%.

Cash & Balance Sheet

Free Cash Flow

-$550.0M

YoY-1019.7%

QoQ-1193.9%

Hawaiian Electric Industries, Inc. recorded an outflow of $550.0M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 1019.7% from the same quarter a year earlier. Against the prior quarter it is down 1193.9%.

Cash & Debt

$238.7M

YoY+54.7%

QoQ-47.3%

5Y CAGR-0.7%

10Y CAGR-0.7%

Hawaiian Electric Industries, Inc. held $238.7M in cash against $2.3B in long-term debt as of Q2 2026.

Shares Outstanding

173M

YoY+0.1%

QoQ+0.1%

5Y CAGR+9.6%

10Y CAGR+4.8%

Hawaiian Electric Industries, Inc. had 173M shares outstanding in Q2 2026. This represents an increase of 0.1% from the same quarter a year earlier. Against the prior quarter it is up 0.1%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Operating Margin

21.7%

YoY+14.5pp

QoQ+14.6pp

5Y change+6.8pp

10Y change+6.6pp

Hawaiian Electric Industries, Inc.'s operating margin was 21.7% in Q2 2026, reflecting core business profitability. This is up 14.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 14.6 percentage points.

Net Margin

13.1%

YoY+9.6pp

QoQ+9.0pp

5Y change+3.6pp

10Y change+5.2pp

Hawaiian Electric Industries, Inc.'s net profit margin was 13.1% in Q2 2026, showing the share of revenue converted to profit. This is up 9.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 9.0 percentage points.

Return on Equity

7.0%

YoY+5.3pp

QoQ+5.1pp

5Y change+4.3pp

10Y change+4.7pp

Hawaiian Electric Industries, Inc.'s ROE was 7.0% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 5.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 5.1 percentage points.

Gross Margin

Not reported for Q2 2026.

Capital Allocation

Capital Expenditures

$138.6M

YoY+84.9%

QoQ+33.8%

5Y CAGR+13.3%

10Y CAGR+6.2%

Hawaiian Electric Industries, Inc. invested $138.6M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 84.9% from the same quarter a year earlier. Against the prior quarter it is up 33.8%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

HE Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

HE quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$3.3B	$3.1B-4.1%	$3.2B-2.1%	$3.3B-3.9%	$3.4B+20.0%	$2.9B+10.5%	$2.6B-10.2%	$2.9B+0.5%	$2.9B+11.9%	$2.6B+7.3%	$2.4B-8.5%	$2.6B-19.6%	$3.2B0.0%	$3.2B-4.0%	$3.4B+4.1%	$3.2B
Operating Income	$376.7M	$235.3M+113.8%	-$1.7B-720.7%	$275.0M-1.6%	$279.6M-27.6%	$386.1M+23.9%	$311.5M-10.5%	$348.0M+4.4%	$333.4M-3.7%	$346.2M-2.7%	$355.8M+10.3%	$322.6M-3.0%	$332.6M+4.8%	$317.5M+11.7%	$284.2M-1.9%	$289.7M
EBITDA	N/A	$534.2M+137.8%	-$1.4B-353.6%	$557.3M+1.3%	$550.0M-17.3%	$664.8M+10.4%	$602.3M-3.8%	$626.1M+6.3%	$589.0M+3.7%	$568.2M+1.4%	$560.6M+8.2%	$518.1M+0.5%	$515.6M+6.3%	$484.9M+9.6%	$442.5M-3.2%	$457.2M
Interest Expense	$135.4M	$117.3M-7.8%	$127.2M-38.9%	$208.3M+78.5%	$116.7M+17.4%	$99.4M-0.4%	$99.8M-8.7%	$109.3M+4.9%	$104.2M+14.4%	$91.1M+2.9%	$88.6M+0.1%	$88.5M+1.5%	$87.2M+1.9%	$85.6M-4.3%	$89.4M-7.4%	$96.6M
Income Tax	$70.4M	$40.6M+108.6%	-$471.0M-1463.8%	$34.5M-11.3%	$38.9M-38.0%	$62.8M+53.5%	$40.9M-20.8%	$51.6M+1.7%	$50.8M-53.6%	$109.4M-11.6%	$123.7M+33.0%	$93.0M-2.7%	$95.6M+10.8%	$86.2M+12.2%	$76.9M+1.2%	$75.9M
Net Income	$223.5M	$123.1M+108.6%	-$1.4B-815.7%	$199.2M-17.4%	$241.1M-2.0%	$246.2M+23.3%	$199.7M-9.1%	$219.8M+7.9%	$203.7M+21.8%	$167.2M-33.2%	$250.1M+54.6%	$161.8M-4.9%	$170.0M+3.9%	$163.6M+16.4%	$140.5M+0.3%	$140.1M
EPS (Basic)	N/A	$0.71+106.3%	-$11.23-717.0%	$1.82-17.3%	$2.20-2.2%	$2.25+24.3%	$1.81-9.5%	$2.00+8.1%	$1.85+21.7%	$1.52-33.9%	$2.30+53.3%	$1.50-9.1%	$1.65+1.2%	$1.63+14.0%	$1.43-1.4%	$1.45
EPS (Diluted)	$1.30	$0.71+106.3%	-$11.23-720.4%	$1.81-17.7%	$2.20-2.2%	$2.25+24.3%	$1.81-9.0%	$1.99+7.6%	$1.85+21.7%	$1.52-33.6%	$2.29+52.7%	$1.50-8.0%	$1.63+0.6%	$1.62+14.1%	$1.42-1.4%	$1.44
Diluted Shares (Avg)	N/A	173M+36.3%	127M+15.3%	110M+0.2%	110M+0.2%	110M+0.2%	109M0.0%	109M+0.2%	109M+0.2%	109M+0.6%	108M+1.5%	107M+3.7%	103M+3.3%	100M+2.3%	97M+1.6%	96M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$939.7M+25.9%	$746.4M+0.3%	$805.8M+0.8%	$790.6M-5.1%	$746.4M-6.2%	$744.1M-6.1%	$799.2M-6.4%	$833.2M+4.0%
Operating Income	$204.2M+280.0%	$53.4M-14.5%	$67.1M+25.1%	$52.0M+134.8%	$53.7M+103.2%	$62.4M+22.7%	$53.7M-27.8%	-$149.7M-339.4%
EBITDA	$279.6M+115.3%	$128.8M-7.3%	$139.4M+9.7%	$126.0M+264.9%	$129.9M+108.2%	$139.0M+19.0%	$127.0M	-$76.4M-158.8%
Interest Expense	$48.4M+77.5%	$31.1M-9.0%	$29.7M	$26.2M-18.3%	$27.3M-15.9%	$34.2M+8.3%	N/A	$32.1M
Income Tax	$41.5M+209.0%	$8.1M+27.3%	$12.1M	$8.7M+117.5%	$13.4M+103.1%	$6.4M-5.9%	N/A	-$50.0M-764.2%
Net Income	$123.2M+372.3%	$30.4M+12.2%	$39.1M+157.4%	$30.7M+129.6%	$26.1M+102.0%	$27.1M-36.3%	-$68.2M-239.9%	-$103.9M-349.9%
EPS (Basic)	$0.71+373.3%	$0.18+20.0%	$0.23+157.5%	$0.18+119.8%	$0.15+101.3%	$0.15-60.5%	-$0.40-190.9%	-$0.91-345.9%
EPS (Diluted)	$0.71+373.3%	$0.18+20.0%	$0.23+157.5%	$0.18+119.8%	$0.15	$0.15	-$0.40	-$0.91-345.9%
Diluted Shares (Avg)	173M+0.3%	173M+0.3%	N/A	173M+51.2%	173M	173M	172M	114M+4.0%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses.

HE Balance Sheet

HE quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$8.9B-0.1%	$8.9B+16.3%	$7.7B-52.9%	$16.3B+2.9%	$15.8B+5.5%	$15.0B+9.2%	$13.7B+4.9%	$13.1B+4.5%	$12.5B+5.5%	$11.9B+0.8%	$11.8B+5.4%	$11.2B+8.1%	$10.3B+1.9%	$10.1B+5.8%	$9.6B
Current Assets	$1.9B-11.7%	$2.1B	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$501.8M-33.1%	$750.5M+207.5%	$244.1M+458.2%	$43.7M-85.7%	$305.6M-10.5%	$341.4M+73.5%	$196.8M+16.3%	$169.2M-35.4%	$261.9M-6.0%	$278.5M-7.3%	$300.5M	N/A	N/A	N/A	N/A
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	N/A	N/A	N/A	N/A
Accounts Receivable	$491.5M+7.5%	$457.2M-16.4%	$546.7M+6.8%	$511.9M+48.7%	$344.2M+22.4%	$281.2M-6.5%	$300.8M-7.6%	$325.7M+23.7%	$263.2M+10.6%	$237.9M-2.0%	$242.8M-22.6%	$313.7M-9.5%	$346.8M-4.4%	$362.8M+5.4%	$344.3M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	$82.2M0.0%	$82.2M0.0%	$82.2M0.0%	$82.2M0.0%	$82.2M0.0%	$82.2M0.0%	$82.2M0.0%	$82.2M0.0%	$82.2M0.0%	$82.2M0.0%	$82.2M0.0%	$82.2M0.0%	$82.2M
Total Liabilities	$7.3B-1.4%	$7.4B+39.1%	$5.3B-62.0%	$14.0B+4.9%	$13.4B+6.1%	$12.6B+10.5%	$11.4B+4.8%	$10.9B+4.9%	$10.4B+0.8%	$10.3B+5.1%	$9.8B+4.9%	$9.4B+9.1%	$8.6B+0.7%	$8.5B+6.1%	$8.0B
Current Liabilities	$1.4B+7.8%	$1.3B	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Non-Current Liabilities	$5.9B-3.4%	$6.1B	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$2.3B-15.1%	$2.7B-4.8%	$2.8B+18.5%	$2.4B+2.7%	$2.3B+9.6%	$2.1B+7.9%	$2.0B+4.5%	$1.9B+11.6%	$1.7B+4.0%	$1.6B+2.6%	$1.6B+4.8%	$1.5B+0.9%	$1.5B+4.9%	$1.4B+6.2%	$1.3B
Total Equity	$1.6B+8.6%	$1.5B-36.9%	$2.3B+6.5%	$2.2B-7.9%	$2.4B+2.3%	$2.3B+2.5%	$2.3B+5.5%	$2.2B+3.1%	$2.1B+1.5%	$2.1B+7.2%	$1.9B+7.7%	$1.8B+3.7%	$1.7B+8.4%	$1.6B+4.2%	$1.5B
Retained Earnings	-$665.6M+15.6%	-$788.9M-185.1%	$926.7M+9.6%	$845.8M+11.6%	$757.9M+14.8%	$660.4M+6.2%	$622.0M+14.4%	$543.6M+14.0%	$476.8M+8.6%	$439.0M+35.2%	$324.8M+9.5%	$296.7M+16.3%	$255.0M+18.1%	$215.9M+8.8%	$198.4M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$8.4B+0.9%	$8.9B+1.7%	$8.9B-0.1%	$8.8B-50.3%	$8.3B-51.2%	$8.8B-48.2%	$8.9B+16.3%	$17.7B+4.4%
Current Assets	$1.3B-18.7%	$1.8B-6.0%	$1.9B-11.7%	$1.9B	$1.5B	$1.9B	$2.1B	N/A
Cash & Equivalents	$238.7M+54.7%	$452.8M-28.0%	$501.8M-33.1%	$548.2M-33.7%	$154.3M-28.4%	$629.3M+143.7%	$750.5M+207.5%	$827.0M+24.0%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$520.4M+19.4%	$452.2M+1.8%	$491.5M+7.5%	$498.2M-5.4%	$435.8M-8.5%	$444.0M-5.4%	$457.2M-16.4%	$526.7M-2.5%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0-100.0%
Total Liabilities	$6.6B-1.7%	$7.3B+0.7%	$7.3B-1.4%	$7.2B-55.2%	$6.8B-57.6%	$7.2B-50.2%	$7.4B+39.1%	$16.1B+9.4%
Current Liabilities	$1.3B-11.7%	$1.4B-12.3%	$1.4B+7.8%	$1.4B	$1.4B	$1.6B	$1.3B	N/A
Non-Current Liabilities	$5.4B+1.0%	$5.9B+4.3%	$5.9B-3.4%	$5.8B	$5.3B	$5.7B	$6.1B	N/A
Long-Term Debt	$2.3B+21.6%	$2.3B+3.5%	$2.3B-15.1%	$2.3B-19.1%	$1.9B-34.3%	$2.2B-22.4%	$2.7B-4.8%	$2.8B-3.7%
Total Equity	$1.8B+14.9%	$1.6B+8.7%	$1.6B+8.6%	$1.6B-0.8%	$1.5B+41.4%	$1.5B-36.7%	$1.5B-36.9%	$1.6B-29.1%
Retained Earnings	-$512.0M+30.5%	-$635.2M+16.7%	-$665.6M+15.6%	-$705.4M-63.7%	-$736.2M-125.4%	-$762.2M-178.7%	-$788.9M-185.1%	-$431.0M-149.1%

Not reported in any period shown, so not listed: Inventory.

HE Cash Flow Statement

HE quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	-$143.7M	$391.1M-19.8%	$487.5M-11.6%	$551.5M+21.3%	$454.5M+21.0%	$375.7M-12.5%	$429.4M-16.2%	$512.5M+2.6%	$499.3M+18.8%	$420.4M-15.2%	$495.7M+38.9%	$356.9M+9.7%	$325.4M-10.0%	$361.6M+29.6%	$278.9M+11.4%	$250.4M
Depreciation & Amortization	N/A	$298.9M+1.8%	$293.5M+4.0%	$282.3M+4.4%	$270.4M-3.0%	$278.7M-4.2%	$290.8M+4.6%	$278.1M+8.8%	$255.6M+15.1%	$222.0M+8.4%	$204.7M+4.7%	$195.6M+6.9%	$183.0M+9.4%	$167.4M+5.7%	$158.3M-5.4%	$167.5M
Stock-Based Compensation	N/A	$3.4M-4.6%	$3.6M-47.0%	$6.8M-9.0%	$7.5M-18.4%	$9.1M+57.2%	$5.8M-41.8%	$10.0M+28.2%	$7.8M+44.2%	$5.4M+12.8%	$4.8M-26.8%	$6.5M-29.6%	$9.3M+19.4%	$7.8M+16.2%	$6.7M+76.3%	$3.8M
Capital Expenditures	$421.8M	$341.2M-0.9%	$344.3M-22.2%	$442.7M+30.5%	$339.3M+7.9%	$314.5M-18.1%	$383.9M-16.1%	$457.5M-14.9%	$537.4M+8.5%	$495.2M+50.0%	$330.0M-9.3%	$363.8M-0.3%	$364.8M-6.3%	$389.4M+5.1%	$370.7M+57.7%	$235.1M
Free Cash Flow	-$565.5M	$49.9M-65.2%	$143.2M+31.7%	$108.7M-5.6%	$115.1M+88.3%	$61.1M+34.4%	$45.5M-17.2%	$55.0M+244.4%	-$38.1M+49.1%	-$74.7M-145.1%	$165.6M+2484.3%	-$6.9M+82.4%	-$39.4M-41.4%	-$27.9M+69.6%	-$91.8M-701.8%	$15.3M
Investing Cash Flow	-$409.8M	-$322.2M-224.7%	$258.3M+200.4%	-$257.4M+77.2%	-$1.1B+4.3%	-$1.2B+16.6%	-$1.4B-161.0%	-$541.7M+31.6%	-$792.1M+2.9%	-$815.3M-10.7%	-$736.5M-4.4%	-$705.7M	N/A	N/A	N/A	N/A
Financing Cash Flow	$155.5M	-$331.0M-314.0%	$154.7M-20.9%	$195.6M-65.5%	$567.7M-25.0%	$756.4M-32.2%	$1.1B+1171.8%	$87.7M-56.2%	$200.1M-47.1%	$378.3M+72.9%	$218.8M-53.8%	$473.8M	N/A	N/A	N/A	N/A
Dividends Paid	N/A	$0	$0-100.0%	$74.0M-33.5%	$111.2M-25.2%	$148.6M+3.2%	$144.1M+3.3%	$139.5M+3.3%	$135.0M+0.1%	$134.9M+15.0%	$117.3M-11.0%	$131.8M+4.2%	$126.5M+28.5%	$98.4M+2.3%	$96.2M-9.9%	$106.8M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$411.4M-405.3%	$61.0M+22.9%	$106.4M-22.1%	$100.3M-36.3%	$134.8M+95.8%	$49.7M-60.1%	$136.6M+78.9%	$157.5M+52.1%
Depreciation & Amortization	$75.4M-1.0%	$75.4M-1.5%	$72.3M-1.5%	$74.0M+0.9%	$76.1M+4.0%	$76.6M+16.1%	$73.4M	$73.3M+8.6%
Stock-Based Compensation	$2.6M-7.1%	$1.2M+59.4%	N/A	-$600K-100.0%	$2.8M+75.0%	$754K-10.5%	N/A	-$300K-112.5%
Capital Expenditures	$138.6M+84.9%	$103.5M+19.6%	$85.8M-1.8%	$94.0M+20.5%	$75.0M-6.4%	$86.5M-12.5%	$87.3M-13.0%	$78.0M-26.8%
Free Cash Flow	-$550.0M-1019.7%	-$42.5M-15.3%	$20.7M-58.1%	$6.3M-92.1%	$59.8M+633.1%	-$36.9M-243.3%	$49.2M+304.9%	$79.5M+2777.6%
Investing Cash Flow	-$138.2M-86.7%	-$101.9M-29.8%	-$84.8M-130.0%	-$84.9M-47.4%	-$74.0M-289.2%	-$78.5M-1303.7%	$282.4M+151.6%	-$57.6M+33.6%
Financing Cash Flow	-$143.3M+73.2%	-$8.1M+92.1%	-$68.0M-2487.6%	$374.9M-26.0%	-$535.7M-1122.0%	-$102.2M+67.1%	$2.9M+101.6%	$506.6M+46.3%
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	$0+100.0%	$0-100.0%

Not reported in any period shown, so not listed: Share Buybacks.

HE Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

HE quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Margin	7.6%+60.6pp	-53.0%-61.4pp	8.4%+0.2pp	8.2%-5.4pp	13.5%+1.5pp	12.1%0.0pp	12.1%+0.5pp	11.7%-1.9pp	13.6%-1.4pp	14.9%+2.6pp	12.4%+2.1pp	10.3%+0.5pp	9.8%+1.4pp	8.4%-0.5pp	8.9%
Net Margin	4.0%+48.3pp	-44.3%-50.4pp	6.1%-1.0pp	7.0%-1.6pp	8.6%+0.9pp	7.7%+0.1pp	7.6%+0.5pp	7.1%+0.6pp	6.5%-4.0pp	10.5%+4.3pp	6.2%+1.0pp	5.3%+0.2pp	5.1%+0.9pp	4.2%-0.2pp	4.3%
Return on Equity	7.7%+104.1pp	-96.4%-104.9pp	8.5%-2.4pp	10.9%+0.7pp	10.3%+1.8pp	8.5%-1.1pp	9.6%+0.2pp	9.4%+1.5pp	8.0%-4.1pp	12.1%+3.7pp	8.4%-1.1pp	9.5%0.0pp	9.5%+0.7pp	8.8%-0.4pp	9.2%
Return on Assets	1.4%+17.4pp	-16.0%-18.6pp	2.6%+1.1pp	1.5%-0.1pp	1.6%+0.2pp	1.3%-0.3pp	1.6%+0.1pp	1.6%+0.2pp	1.3%-0.8pp	2.1%+0.7pp	1.4%-0.1pp	1.5%-0.1pp	1.6%+0.2pp	1.4%-0.1pp	1.5%
Current Ratio	1.32-0.3x	1.61	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.42-0.4x	1.82+0.6x	1.21+0.1x	1.08+0.1x	0.97+0.1x	0.910.0x	0.860.0x	0.87+0.1x	0.800.0x	0.780.0x	0.820.0x	0.840.0x	0.860.0x	0.890.0x	0.88
Asset Turnover	0.350.0x	0.36-0.1x	0.43+0.2x	0.210.0x	0.180.0x	0.170.0x	0.210.0x	0.220.0x	0.200.0x	0.200.0x	0.22-0.1x	0.290.0x	0.310.0x	0.330.0x	0.34
FCF Margin	1.6%-2.8pp	4.5%+1.1pp	3.3%-0.1pp	3.4%+1.2pp	2.1%+0.4pp	1.8%-0.1pp	1.9%+3.2pp	-1.3%+1.6pp	-2.9%-9.9pp	7.0%+7.2pp	-0.3%+1.0pp	-1.2%-0.4pp	-0.9%+1.9pp	-2.7%-3.2pp	0.5%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Margin	21.7%+14.5pp	7.1%-1.2pp	8.3%+1.6pp	6.6%+24.6pp	7.2%	8.4%+2.0pp	6.7%-2.0pp	-18.0%-25.8pp
Net Margin	13.1%+9.6pp	4.1%+0.4pp	4.9%+13.4pp	3.9%+16.4pp	3.5%	3.6%-1.7pp	-8.5%-14.3pp	-12.5%-17.7pp
Return on Equity	7.0%+5.3pp	1.9%+0.1pp	2.4%+7.1pp	2.0%+8.6pp	1.7%+121.0pp	1.8%0.0pp	-4.6%-6.7pp	-6.6%-8.5pp
Return on Assets	1.5%+1.2pp	0.3%0.0pp	0.4%+1.2pp	0.4%+0.9pp	0.3%+7.9pp	0.3%+0.1pp	-0.8%-1.4pp	-0.6%-0.8pp
Current Ratio	0.99-0.1x	1.34+0.1x	1.32-0.3x	1.35	1.07	1.25	1.61	N/A
Debt-to-Equity	1.29+0.1x	1.39-0.1x	1.42-0.4x	1.47-0.3x	1.21-1.4x	1.46+0.3x	1.82+0.6x	1.80+0.5x
Asset Turnover	0.110.0x	0.080.0x	0.090.0x	0.090.0x	0.090.0x	0.080.0x	0.090.0x	0.050.0x
FCF Margin	-58.5%-66.5pp	-5.7%-0.7pp	2.6%-3.6pp	0.8%-8.7pp	8.0%+9.4pp	-5.0%-8.2pp	6.2%+9.0pp	9.5%+9.9pp

Not reported in any period shown, so not listed: Gross Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Hawaiian Electric Industries, Inc. HE	FY2025	$3.1B	$123.1M	4.0%	$1.5B	44/100
MGE Energy Inc MGEE	FY2025	N/A	$135.9M	N/A	$2.7B	—
NorthWestern Energy Group, Inc. NWE	FY2025	$1.6B	$181.1M	11.2%	$4.6B	50/100
Enel Chile S.A. ENIC	FY2025	$4.5B	$584.9M	13.0%	$6.1B	42/100
Portland General Electric Company POR	FY2025	$3.6B	$306.0M	8.6%	$5.2B	61/100
IDACORP, Inc. IDA	FY2025	$1.7B	$323.5M	18.5%	$7.9B	53/100

Where Hawaiian Electric Industries, Inc. Ranks

Frequently Asked Questions

What is Hawaiian Electric Industries, Inc.'s annual revenue?

Hawaiian Electric Industries, Inc. (HE) reported $3.1B in total revenue for fiscal year 2025. This represents a -4.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Hawaiian Electric Industries, Inc.'s revenue growing?

Hawaiian Electric Industries, Inc. (HE) revenue declined by 4.1% year-over-year, from $3.2B to $3.1B in fiscal year 2025.

Is Hawaiian Electric Industries, Inc. profitable?

Yes, Hawaiian Electric Industries, Inc. (HE) reported a net income of $123.1M in fiscal year 2025, with a net profit margin of 4.0%.

What is Hawaiian Electric Industries, Inc.'s EBITDA?

Hawaiian Electric Industries, Inc. (HE) had EBITDA of $534.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Hawaiian Electric Industries, Inc. have?

As of fiscal year 2025, Hawaiian Electric Industries, Inc. (HE) had $501.8M in cash and equivalents against $2.3B in long-term debt.

What is Hawaiian Electric Industries, Inc.'s operating margin?

Hawaiian Electric Industries, Inc. (HE) had an operating margin of 7.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Hawaiian Electric Industries, Inc.'s net profit margin?

Hawaiian Electric Industries, Inc. (HE) had a net profit margin of 4.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Hawaiian Electric Industries, Inc.'s return on equity (ROE)?

Hawaiian Electric Industries, Inc. (HE) has a return on equity of 7.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Hawaiian Electric Industries, Inc.'s free cash flow?

Hawaiian Electric Industries, Inc. (HE) generated $49.9M in free cash flow during fiscal year 2025. This represents a -65.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Hawaiian Electric Industries, Inc.'s operating cash flow?

Hawaiian Electric Industries, Inc. (HE) generated $391.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Hawaiian Electric Industries, Inc.'s total assets?

Hawaiian Electric Industries, Inc. (HE) had $8.9B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Hawaiian Electric Industries, Inc.'s capital expenditures?

Hawaiian Electric Industries, Inc. (HE) invested $341.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Hawaiian Electric Industries, Inc. have outstanding?

Hawaiian Electric Industries, Inc. (HE) had 173M shares outstanding as of fiscal year 2025.

What is Hawaiian Electric Industries, Inc.'s current ratio?

Hawaiian Electric Industries, Inc. (HE) had a current ratio of 1.32 as of fiscal year 2025, which is considered adequate.

What is Hawaiian Electric Industries, Inc.'s debt-to-equity ratio?

Hawaiian Electric Industries, Inc. (HE) had a debt-to-equity ratio of 1.42 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Hawaiian Electric Industries, Inc.'s return on assets (ROA)?

Hawaiian Electric Industries, Inc. (HE) had a return on assets of 1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Hawaiian Electric Industries, Inc.'s P/E ratio?

Hawaiian Electric Industries, Inc. (HE) trades at 6.5x earnings, its market capitalization divided by net income of $223.5M net income, trailing 12 months to June 30, 2026. The market capitalization is $1.5B as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Hawaiian Electric Industries, Inc.'s price-to-sales ratio?

Hawaiian Electric Industries, Inc. (HE) trades at 0.4x sales, its market capitalization divided by revenue of $3.3B revenue, trailing 12 months to June 30, 2026. The market capitalization is $1.5B as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Hawaiian Electric Industries, Inc.'s Altman Z-Score?

Hawaiian Electric Industries, Inc. (HE) has an Altman Z-Score of 0.51, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Hawaiian Electric Industries, Inc.'s Piotroski F-Score?

Hawaiian Electric Industries, Inc. (HE) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Hawaiian Electric Industries, Inc.'s earnings high quality?

Hawaiian Electric Industries, Inc. (HE) has an earnings quality ratio of 3.18x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Hawaiian Electric Industries, Inc. cover its interest payments?

Hawaiian Electric Industries, Inc. (HE) has an interest coverage ratio of 2.01x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Hawaiian Electric Industries, Inc.?

Hawaiian Electric Industries, Inc. (HE) scores 44 out of 100 on our Financial Health Score, indicating moderate standing within its utilities peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.