What is Hawaiian Elec Industries's earnings per share (EPS)?

Hawaiian Elec Industries (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 Elec Industries Financials

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Hawaiian Elec Industries (HE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 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).

Financial Health Signals

Financial Profile 36/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Hawaiian Elec Industries has an operating margin of 7.6%, meaning the company retains $8 of operating profit per $100 of revenue. This results in a moderate score of 39/100, indicating healthy but not exceptional operating efficiency. This is up from -53.0% the prior year.

Growth

Hawaiian Elec Industries's revenue declined 4.1% year-over-year, from $3.2B to $3.1B. This contraction results in a growth score of 26/100.

Leverage

Hawaiian Elec Industries 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 73/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Hawaiian Elec Industries's current ratio of 1.32 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 22/100, which could limit financial flexibility.

Cash Flow

While Hawaiian Elec Industries 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 29/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Hawaiian Elec Industries generates a 7.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 29/100. This is up from -96.3% the prior year.

Altman Z-Score Distress

0.61

Hawaiian Elec Industries scores 0.61, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

5/9

Hawaiian Elec Industries passes 5 of 9 financial strength tests. 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

3.10x

For every $1 of reported earnings, Hawaiian Elec Industries generates $3.10 in operating cash flow ($391.1M OCF vs $126.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

2.0x

Hawaiian Elec Industries earns $2.0 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

$3.1B

YoY-4.1%

5Y CAGR+3.7%

10Y CAGR+1.7%

Hawaiian Elec Industries generated $3.1B in revenue in fiscal year 2025. This represents a decrease of 4.1% from the prior year.

EBITDA

$534.2M

YoY+137.8%

5Y CAGR-2.4%

10Y CAGR+0.3%

Hawaiian Elec Industries's EBITDA was $534.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 137.8% from the prior year.

Net Income

$126.3M

YoY+108.9%

5Y CAGR-8.8%

10Y CAGR-2.4%

Hawaiian Elec Industries reported $126.3M in net income in fiscal year 2025. This represents an increase of 108.9% from the prior year.

EPS (Diluted)

$0.71

YoY+106.3%

5Y CAGR-17.1%

10Y CAGR-7.2%

Hawaiian Elec Industries earned $0.71 per diluted share (EPS) in fiscal year 2025. This represents an increase of 106.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$49.9M

YoY-65.2%

5Y CAGR+1.8%

Hawaiian Elec Industries generated $49.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 65.2% from the prior year.

Cash & Debt

$501.8M

YoY-33.1%

5Y CAGR+8.0%

10Y CAGR+5.3%

Hawaiian Elec Industries held $501.8M in cash against $2.3B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

173M

YoY+0.1%

5Y CAGR+9.6%

10Y CAGR+4.8%

Hawaiian Elec Industries had 173M shares outstanding in fiscal year 2025. This represents an increase of 0.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

7.6%

YoY+60.6pp

5Y CAGR-4.5pp

10Y CAGR-4.8pp

Hawaiian Elec Industries's operating margin was 7.6% in fiscal year 2025, reflecting core business profitability. This is up 60.6 percentage points from the prior year.

Net Margin

4.1%

YoY+48.3pp

5Y CAGR-3.6pp

10Y CAGR-2.1pp

Hawaiian Elec Industries's net profit margin was 4.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 48.3 percentage points from the prior year.

Return on Equity

7.9%

YoY+104.1pp

5Y CAGR-0.7pp

10Y CAGR-0.5pp

Hawaiian Elec Industries's ROE was 7.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 104.1 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$341.2M

YoY-0.9%

5Y CAGR-2.3%

10Y CAGR-0.6%

Hawaiian Elec Industries invested $341.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 0.9% from the prior year.

HE Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$3.1B-4.1%	$3.2B-2.1%	$3.3B-3.9%	$3.4B+20.0%	$2.9B+10.5%	$2.6B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$235.3M+113.8%	-$1.7B-720.7%	$275.0M-1.6%	$279.6M-27.6%	$386.1M+23.9%	$311.5M
Interest Expense	$117.3M-7.8%	$127.2M-38.9%	$208.3M+78.5%	$116.7M+17.4%	$99.4M-0.4%	$99.8M
Income Tax	$40.6M+108.6%	-$471.0M-1463.8%	$34.5M-11.3%	$38.9M-38.0%	$62.8M+53.5%	$40.9M
Net Income	$126.3M+108.9%	-$1.4B-808.1%	$201.1M-17.2%	$243.0M-2.0%	$248.1M+24.2%	$199.7M
EPS (Diluted)	$0.71+106.3%	$-11.23-720.4%	$1.81-17.7%	$2.20-2.2%	$2.25+24.3%	$1.81

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$805.8M+1.9%	$790.6M+5.9%	$746.4M+0.3%	$744.1M-6.9%	$799.2M-4.1%	$833.2M+4.8%	$795.4M+0.4%	$792.0M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$67.1M+28.9%	$52.0M-3.2%	$53.7M-13.9%	$62.4M+16.3%	$53.7M+135.8%	-$149.7M+91.0%	-$1.7B-3365.3%	$50.9M
Interest Expense	$29.7M+13.1%	$26.2M-3.8%	$27.3M-20.3%	$34.2M	N/A	$32.1M-1.0%	$32.4M+2.6%	$31.6M
Income Tax	$12.1M+38.7%	$8.7M-34.9%	$13.4M+109.8%	$6.4M	N/A	-$50.0M+88.5%	-$435.9M-6515.7%	$6.8M
Net Income	$42.3M+37.6%	$30.7M+17.9%	$26.1M-3.9%	$27.1M+139.8%	-$68.2M+34.3%	-$103.9M+92.0%	-$1.3B-3140.3%	$42.6M
EPS (Diluted)	N/A	$0.18+20.0%	$0.150.0%	$0.15+137.5%	$-0.40+56.0%	$-0.91+92.2%	$-11.74-3189.5%	$0.38

HE Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$8.9B-0.1%	$8.9B+16.3%	$7.7B-52.9%	$16.3B+2.9%	$15.8B+5.5%	$15.0B
Current Assets	$1.9B-11.7%	$2.1B	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
Inventory	N/A	N/A	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
Goodwill	N/A	N/A	$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
Current Liabilities	$1.4B+7.8%	$1.3B	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
Total Equity	$1.6B+8.6%	$1.5B-36.9%	$2.3B+6.5%	$2.2B-7.9%	$2.4B+2.3%	$2.3B
Retained Earnings	-$665.6M+15.6%	-$788.9M-185.1%	$926.7M+9.6%	$845.8M+11.6%	$757.9M+14.8%	$660.4M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$8.9B+1.2%	$8.8B+5.9%	$8.3B-5.0%	$8.8B-1.9%	$8.9B-49.6%	$17.7B+4.0%	$17.1B+0.8%	$16.9B
Current Assets	$1.9B-1.5%	$1.9B+24.2%	$1.5B-20.9%	$1.9B-8.8%	$2.1B	N/A	N/A	N/A
Cash & Equivalents	$501.8M-8.5%	$548.2M+255.3%	$154.3M-75.5%	$629.3M-16.1%	$750.5M-9.2%	$827.0M+283.6%	$215.6M-16.5%	$258.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$491.5M-1.3%	$498.2M+14.3%	$435.8M-1.8%	$444.0M-2.9%	$457.2M-13.2%	$526.7M+10.6%	$476.1M+1.5%	$469.3M
Goodwill	N/A	N/A	N/A	N/A	N/A	$0	$0-100.0%	$82.2M
Total Liabilities	$7.3B+1.4%	$7.2B+6.8%	$6.8B-6.5%	$7.2B-2.6%	$7.4B-54.0%	$16.1B+1.2%	$15.9B+9.8%	$14.5B
Current Liabilities	$1.4B+0.5%	$1.4B-1.3%	$1.4B-7.7%	$1.6B+17.7%	$1.3B	N/A	N/A	N/A
Long-Term Debt	$2.3B-0.4%	$2.3B+23.1%	$1.9B-15.4%	$2.2B-18.1%	$2.7B-5.2%	$2.8B-0.1%	$2.8B0.0%	$2.8B
Total Equity	$1.6B+2.7%	$1.6B+1.9%	$1.5B+1.9%	$1.5B+1.8%	$1.5B-6.2%	$1.6B+45.3%	$1.1B-54.4%	$2.4B
Retained Earnings	-$665.6M+5.6%	-$705.4M+4.2%	-$736.2M+3.4%	-$762.2M+3.4%	-$788.9M-83.0%	-$431.0M-32.0%	-$326.6M-133.7%	$968.8M

HE Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$391.1M-19.8%	$487.5M-11.6%	$551.5M+21.3%	$454.5M+21.0%	$375.7M-12.5%	$429.4M
Capital Expenditures	$341.2M-0.9%	$344.3M-22.2%	$442.7M+30.5%	$339.3M+7.9%	$314.5M-18.1%	$383.9M
Free Cash Flow	$49.9M-65.2%	$143.2M+31.7%	$108.7M-5.6%	$115.1M+88.3%	$61.1M+34.4%	$45.5M
Investing Cash Flow	-$322.2M-224.7%	$258.3M+200.4%	-$257.4M+77.2%	-$1.1B+4.3%	-$1.2B+16.6%	-$1.4B
Financing Cash Flow	-$331.0M-314.0%	$154.7M-20.9%	$195.6M-65.5%	$567.7M-25.0%	$756.4M-32.2%	$1.1B
Dividends Paid	$0	$0-100.0%	$74.0M-33.5%	$111.2M-25.2%	$148.6M+3.2%	$144.1M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$106.4M+6.1%	$100.3M-25.6%	$134.8M+171.3%	$49.7M-63.6%	$136.6M-13.3%	$157.5M+128.8%	$68.8M-44.8%	$124.6M
Capital Expenditures	$85.8M-8.7%	$94.0M+25.4%	$75.0M-13.4%	$86.5M-0.9%	$87.3M+12.0%	$78.0M-2.6%	$80.0M-19.1%	$98.9M
Free Cash Flow	$20.7M+228.1%	$6.3M-89.5%	$59.8M+262.2%	-$36.9M-174.9%	$49.2M-38.0%	$79.5M+808.5%	-$11.2M-143.6%	$25.7M
Investing Cash Flow	-$84.8M0.0%	-$84.9M-14.7%	-$74.0M+5.7%	-$78.5M-127.8%	$282.4M+590.4%	-$57.6M-247.2%	$39.1M+799.5%	-$5.6M
Financing Cash Flow	-$68.0M-118.1%	$374.9M+170.0%	-$535.7M-424.1%	-$102.2M-3686.2%	$2.9M-99.4%	$506.6M+1255.6%	-$43.8M+85.9%	-$310.9M
Dividends Paid	N/A	N/A	N/A	N/A	$0	$0	$0	$0
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

HE Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	7.6%+60.6pp	-53.0%-61.4pp	8.4%+0.2pp	8.2%-5.4pp	13.5%+1.5pp	12.1%
Net Margin	4.1%+48.3pp	-44.2%-50.4pp	6.1%-1.0pp	7.1%-1.6pp	8.7%+1.0pp	7.7%
Return on Equity	7.9%+104.1pp	-96.3%-104.9pp	8.6%-2.4pp	11.0%+0.6pp	10.4%+1.8pp	8.5%
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%
Current Ratio	1.32-0.3	1.61	N/A	N/A	N/A	N/A
Debt-to-Equity	1.42-0.4	1.82+0.6	1.21+0.1	1.08+0.1	0.97+0.1	0.91
FCF Margin	1.6%-2.8pp	4.5%+1.1pp	3.3%-0.1pp	3.4%+1.2pp	2.1%+0.4pp	1.8%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	8.3%+1.8pp	6.6%-0.6pp	7.2%-1.2pp	8.4%+1.7pp	6.7%+24.7pp	-18.0%+190.9pp	-208.9%-215.3pp	6.4%
Net Margin	5.3%+1.4pp	3.9%+0.4pp	3.5%-0.2pp	3.6%+12.2pp	-8.5%+3.9pp	-12.5%+150.3pp	-162.8%-168.2pp	5.4%
Return on Equity	2.6%+0.7pp	2.0%+0.3pp	1.7%-0.1pp	1.8%+6.4pp	-4.6%+2.0pp	-6.6%+112.7pp	-119.3%-121.1pp	1.8%
Return on Assets	0.5%+0.1pp	0.4%+0.0pp	0.3%0.0pp	0.3%+1.1pp	-0.8%-0.2pp	-0.6%+7.0pp	-7.6%-7.8pp	0.3%
Current Ratio	1.32-0.0	1.35+0.3	1.07-0.2	1.25-0.4	1.61	N/A	N/A	N/A
Debt-to-Equity	1.42-0.0	1.47+0.3	1.21-0.2	1.46-0.4	1.82+0.0	1.80-0.8	2.62+1.4	1.19
FCF Margin	2.6%+1.8pp	0.8%-7.2pp	8.0%+13.0pp	-5.0%-11.1pp	6.2%-3.4pp	9.5%+10.9pp	-1.4%-4.7pp	3.3%

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Frequently Asked Questions

What is Hawaiian Elec Industries's annual revenue?

Hawaiian Elec Industries (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 Elec Industries's revenue growing?

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

Is Hawaiian Elec Industries profitable?

Yes, Hawaiian Elec Industries (HE) reported a net income of $126.3M in fiscal year 2025, with a net profit margin of 4.1%.

What is Hawaiian Elec Industries's EBITDA?

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

How much debt does Hawaiian Elec Industries have?

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

What is Hawaiian Elec Industries's operating margin?

Hawaiian Elec Industries (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 Elec Industries's net profit margin?

Hawaiian Elec Industries (HE) had a net profit margin of 4.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Hawaiian Elec Industries's return on equity (ROE)?

Hawaiian Elec Industries (HE) has a return on equity of 7.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Hawaiian Elec Industries's free cash flow?

Hawaiian Elec Industries (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 Elec Industries's operating cash flow?

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

What are Hawaiian Elec Industries's total assets?

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

What are Hawaiian Elec Industries's capital expenditures?

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

How many shares does Hawaiian Elec Industries have outstanding?

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

What is Hawaiian Elec Industries's current ratio?

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

What is Hawaiian Elec Industries's debt-to-equity ratio?

Hawaiian Elec Industries (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 Elec Industries's return on assets (ROA)?

Hawaiian Elec Industries (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 Elec Industries's Altman Z-Score?

Hawaiian Elec Industries (HE) has an Altman Z-Score of 0.61, 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 Elec Industries's Piotroski F-Score?

Hawaiian Elec Industries (HE) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Hawaiian Elec Industries's earnings high quality?

Hawaiian Elec Industries (HE) has an earnings quality ratio of 3.10x, 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 Elec Industries cover its interest payments?

Hawaiian Elec Industries (HE) has an interest coverage ratio of 2.0x, 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 Elec Industries?

Hawaiian Elec Industries (HE) scores 36 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.