Hawaiian Elec Industries Financials
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).
A capital-heavy recovery is taking shape: profitability returned, but ongoing asset spending still absorbs most operating cash.
After the FY2024 loss, earnings normalized in FY2025, yet cash conversion weakened: free cash flow fell to$49.9M even with net income back at$123.1M . The reason sits between the cash-flow lines—operating cash flow was only$391.1M while capital spending stayed near$341.2M , so the rebound restored accounting profit faster than it restored spendable cash and left the asset base still demanding heavy upkeep.
Balance-sheet repair is visible, but the company is still liability-heavy: debt to equity improved to 1.4x from 1.8x, and total liabilities edged down. With dividends still at
Per-share recovery lags the rebound in reported profit because the share count remains
Financial Health Signals
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 Elec Industries'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.
Hawaiian Elec Industries scores 0.58, 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.
Hawaiian Elec Industries 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.
For every $1 of reported earnings, Hawaiian Elec Industries 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.
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
Earnings & Revenue
Hawaiian Elec Industries generated $3.1B in revenue in fiscal year 2025. This represents a decrease of 4.1% from the prior year.
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.
Hawaiian Elec Industries reported $123.1M in net income in fiscal year 2025. This represents an increase of 108.6% from the prior year.
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
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.
Hawaiian Elec Industries held $501.8M in cash against $2.3B in long-term debt as of fiscal year 2025.
Hawaiian Elec Industries had 173M shares outstanding in fiscal year 2025. This represents an increase of 0.1% from the prior year.
Margins & Returns
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.
Hawaiian Elec Industries's net profit margin was 4.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 48.3 percentage points from the prior year.
Hawaiian Elec Industries's ROE was 7.7% 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
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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $746.4M-7.4% | $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 |
| 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 | $53.4M-20.5% | $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 |
| Interest Expense | $31.1M+5.0% | $29.7M+13.1% | $26.2M-3.8% | $27.3M-20.3% | $34.2M | N/A | $32.1M-1.0% | $32.4M |
| Income Tax | $8.1M-32.8% | $12.1M+38.7% | $8.7M-34.9% | $13.4M+109.8% | $6.4M | N/A | -$50.0M+88.5% | -$435.9M |
| Net Income | $30.4M-22.2% | $39.1M+27.3% | $30.7M+17.9% | $26.1M-3.9% | $27.1M+139.8% | -$68.2M+34.3% | -$103.9M+92.0% | -$1.3B |
| EPS (Diluted) | $0.18 | N/A | $0.18+20.0% | $0.150.0% | $0.15+137.5% | $-0.40+56.0% | $-0.91+92.2% | $-11.74 |
HE Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $8.9B-0.1% | $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 |
| Current Assets | $1.8B-2.9% | $1.9B-1.5% | $1.9B+24.2% | $1.5B-20.9% | $1.9B-8.8% | $2.1B | N/A | N/A |
| Cash & Equivalents | $452.8M-9.8% | $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 |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $452.2M-8.0% | $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 |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0 |
| Total Liabilities | $7.3B-0.5% | $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 |
| Current Liabilities | $1.4B-4.2% | $1.4B+0.5% | $1.4B-1.3% | $1.4B-7.7% | $1.6B+17.7% | $1.3B | N/A | N/A |
| Long-Term Debt | $2.3B-0.2% | $2.3B-0.4% | $2.3B+23.1% | $1.9B-15.4% | $2.2B-18.1% | $2.7B-5.2% | $2.8B-0.1% | $2.8B |
| Total Equity | $1.6B+2.0% | $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 |
| Retained Earnings | -$635.2M+4.6% | -$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 |
HE Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $61.0M-42.6% | $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 |
| Capital Expenditures | $103.5M+20.7% | $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 |
| Free Cash Flow | -$42.5M-305.8% | $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 |
| Investing Cash Flow | -$101.9M-20.1% | -$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 |
| Financing Cash Flow | -$8.1M+88.2% | -$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 |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | $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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 7.1%-1.2pp | 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% |
| Net Margin | 4.1%-0.8pp | 4.9%+1.0pp | 3.9%+0.4pp | 3.5%-0.2pp | 3.6%+12.2pp | -8.5%+3.9pp | -12.5%+150.3pp | -162.8% |
| Return on Equity | 1.9%-0.6pp | 2.4%+0.5pp | 2.0%+0.3pp | 1.7%-0.1pp | 1.8%+6.4pp | -4.6%+2.0pp | -6.6%+112.7pp | -119.3% |
| Return on Assets | 0.3%-0.1pp | 0.4%+0.1pp | 0.4%+0.0pp | 0.3%0.0pp | 0.3%+1.1pp | -0.8%-0.2pp | -0.6%+7.0pp | -7.6% |
| Current Ratio | 1.34+0.0 | 1.32-0.0 | 1.35+0.3 | 1.07-0.2 | 1.25-0.4 | 1.61 | N/A | N/A |
| Debt-to-Equity | 1.39-0.0 | 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 |
| FCF Margin | -5.7%-8.3pp | 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% |
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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 $123.1M in fiscal year 2025, with a net profit margin of 4.0%.
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 4.0% 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 7.7% 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.
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 0.58, 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 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 Elec Industries's earnings high quality?
Hawaiian Elec Industries (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 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 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.