Hawaiian Electric Industries, Inc. (HE) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$0.17	$0.13	-23.5%	—	—	—
Q3 26	$0.28	$0.18	-35.7%	—	—	—
Q2 26	$0.24	$0.24	0.0%	—	—	—
Q1 26	$0.19	$0.19	0.0%	—	—	—
Q4 25	$0.07	$0.2	+185.7%	—	—	—
Q3 25	$0.23	$0.15	-34.8%	—	—	—
Q2 25	$0.4	$0.2	-50.0%	—	—	—
Q1 25	$0.53	$0.46	-13.2%	—	—	—
Q4 24	$0.49	$0.44	-10.2%	—	—	—
Q3 24	$0.54	$0.38	-29.6%	—	—	—
Q2 24	$0.49	$0.48	-2.0%	—	—	—
Q1 24	$0.54	$0.56	+3.7%	—	—	—
Q4 23	$0.53	$0.5	-5.7%	—	—	—
Q3 23	$0.53	$0.5	-5.7%	—	—	—
Q2 23	$0.55	$0.52	-5.5%	—	—	—
Q1 23	$0.54	$0.57	+5.6%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.71	—	—	$3.1B	—
FY24	—	-$11.2	—	—	$3.2B	—
FY23	—	$1.82	—	—	$3.7B	—
FY22	—	$2.2	—	—	$3.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.4B	$2.6B	$2.9B	$2.9B	$2.6B	$2.9B	$3.7B	$3.7B	$3.2B	$3.1B
YoY change	-8.54%	+7.35%	+11.9%	+0.46%	-10.2%	+10.5%	+31.3%	-1.6%	-12.6%	-4.13%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.4B	2.6B	2.9B	2.9B	2.6B	2.9B	3.7B	3.7B	3.2B	3.1B
Cost of revenue	2B	2.2B	2.5B	2.5B	2.3B	2.5B	3.4B	3.3B	4.9B	2.9B
Gross profit	355.8M	346.2M	333.4M	348M	311.5M	386.1M	381.1M	352.6M	-1.7B	235.3M
Gross margin	14.9%	13.5%	11.7%	12.1%	12.1%	13.5%	10.2%	9.58%	-53%	7.62%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	7.7M	7.9M	6M	2.8M	3.2M	-5.8M	-4.4M	-4.8M	—	—
Operating expenses	-662K	-4.5M	-4.9M	-9.2M	-5.6M	-15.4M	-15M	-19.9M	—	—
Operating income	355.8M	346.2M	333.4M	348M	311.5M	386.1M	381.1M	352.6M	-1.7B	235.3M
Operating margin	14.9%	13.5%	11.7%	12.1%	12.1%	13.5%	10.2%	9.58%	-53%	7.62%
Non-operating income, net	90.7M	4.5M	4.9M	9.8M	14.8M	15.9M	23.1M	4.3M	17.5M	6.1M
Pretax income	373.8M	276.6M	254.5M	271.4M	240.6M	310.9M	304.2M	245.7M	-1.8B	166.9M
Income tax	123.7M	109.4M	50.8M	51.6M	40.9M	62.8M	61.2M	44.6M	-471M	40.6M
Net income	250.1M	167.2M	203.7M	219.8M	199.7M	248.1M	243M	201.1M	-1.4B	126.3M
Net margin	10.5%	6.54%	7.12%	7.65%	7.74%	8.7%	6.49%	5.46%	-44.2%	4.09%
EBITDA	552.9M	560.3M	583M	623.3M	599.1M	643.1M	646.2M	636.7M	-1.4B	562.3M
EPS	2.3	1.52	1.85	2	1.81	2.25	2.2	1.82	-11.2	0.71
Diluted EPS	2.29	1.52	1.85	1.99	1.81	2.25	2.2	1.81	-11.2	0.71

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	901.9M	956.4M	897.2M	897.4M	938.4M	486.9M	744.1M	746.4M	790.6M	805.8M	746.4M	939.7M
Cost of revenue	826.8M	865.4M	820.7M	2.6B	1.1B	424.6M	681.6M	692.6M	738.6M	738.7M	693.1M	735.5M
Gross profit	75.1M	91M	76.4M	-1.7B	-126.5M	62.3M	62.4M	53.7M	52M	67.1M	53.4M	204.2M
Gross margin	8.33%	9.51%	8.52%	-191.6%	-13.5%	12.8%	8.39%	7.2%	6.58%	8.33%	7.15%	21.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	-1.3M	-1.2M	—	—	—	—	—	—	—	—	—	—
Operating expenses	-5.3M	-5.3M	-1.4M	—	—	—	—	—	—	—	—	—
Operating income	75.1M	91M	77.8M	-1.7B	-126.5M	62.3M	62.4M	53.7M	52M	67.1M	53.4M	204.2M
Operating margin	8.33%	9.51%	8.67%	-191.6%	-13.5%	12.8%	8.39%	7.2%	6.58%	8.33%	7.15%	21.7%
Non-operating income, net	5.3M	-10.3M	4.9M	4.6M	4.4M	3.6M	-8.7M	4.4M	5.7M	4.7M	4.6M	1.6M
Pretax income	49.1M	56.9M	54.3M	-1.7B	-149.2M	45.6M	33.5M	40M	39.9M	53.5M	38.6M	164.7M
Income tax	7.5M	7.7M	11.7M	-447.3M	-45.3M	9.9M	6.4M	13.4M	8.7M	12.1M	8.1M	41.5M
Net income	41.6M	49.3M	42.6M	-1.3B	-103.9M	-67.8M	27.1M	26.6M	31.2M	41.4M	30.4M	123.2M
Net margin	4.61%	5.15%	4.75%	-144.3%	-11.1%	-13.9%	3.65%	3.56%	3.95%	5.13%	4.08%	13.1%
EBITDA	123.9M	169.1M	163.1M	-1.6B	-51.2M	143.6M	152.5M	132.9M	128.1M	143.3M	139.7M	285.7M
EPS	0.37	0.44	0.38	-11.7	-0.91	-0.4	0.15	0.15	0.18	0.23	0.18	0.71
Diluted EPS	0.37	0.44	0.38	-11.7	-0.91	-0.4	0.15	0.15	0.18	0.23	0.18	0.71

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3.6B	3.9B	4B	5.1B	3.9B	4.5B	4.6B	1.6B	—	—	1.5B
Enterprise value	4B	4.3B	4.5B	6.1B	4B	4.3B	6.4B	3.8B	—	—	4.1B
Shares outstanding	108.1M	108.7M	108.9M	108.9M	109.1M	109.3M	109.4M	109.7M	126.9M	172.6M	172.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	14.3	23.5	19.6	23.2	19.3	18.3	18.8	7.74	—	—	6.9
P/S	1.5	1.54	1.39	1.78	1.5	1.59	1.22	0.42	—	—	0.47
P/B	1.73	1.87	1.84	2.24	1.65	1.9	2.08	0.66	—	—	0.87
EV/EBITDA	7.24	7.6	7.71	9.85	6.76	6.62	9.87	5.93	—	—	8.03
EV/Sales	1.68	1.67	1.57	2.14	1.57	1.49	1.7	1.03	—	—	1.26
Earnings yield	7%	4.25%	5.11%	4.3%	5.17%	5.47%	5.31%	12.9%	—	—	14.5%
FCF yield	4.63%	-0.25%	-0.19%	1.08%	1.18%	-0.42%	-0.03%	2.29%	—	—	21%
PEG	—	—	—	—	—	—	—	—	—	—	0.02

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	14.9%	13.5%	11.7%	12.1%	12.1%	13.5%	10.2%	9.58%	-53%	7.62%	21.7%
Operating margin	14.9%	13.5%	11.7%	12.1%	12.1%	13.5%	10.2%	9.58%	-53%	7.62%	4.55%
Net margin	10.5%	6.54%	7.12%	7.65%	7.74%	8.7%	6.49%	5.46%	-44.2%	4.09%	6.82%
ROE	12.1%	7.97%	9.42%	9.64%	8.54%	10.4%	11%	8.58%	-94.1%	7.86%	13.4%
ROA	2.01%	1.33%	1.55%	1.6%	1.33%	1.57%	1.49%	1.17%	-15.9%	1.42%	1.63%
ROIC	9.54%	8.62%	10%	8.5%	10.2%	14.6%	7.61%	6.32%	-41.7%	4.38%	6.64%
Return on tangible assets	2.04%	1.35%	1.57%	1.62%	1.35%	1.58%	1.51%	1.18%	-15.9%	1.42%	2.69%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	37.5	19.4	21.1	15.9	23.5	20.8	18.1	28.6	1.61	1.32	0.99
Quick ratio	37.5	19.4	21.1	15.9	23.5	20.8	18.1	28.6	1.61	1.32	0.99
Debt / equity	0.88	0.95	0.95	1.08	1.07	1.09	1.56	1.72	2.2	1.84	1.59
Debt / assets	0.15	0.16	0.16	0.18	0.17	0.16	0.21	0.23	0.37	0.33	0.33
Net debt / EBITDA	0.77	0.59	0.87	1.66	0.31	-0.43	2.78	3.49	-1.84	4.37	3.68
Interest coverage	6.15	4.73	4.04	4.14	3.81	4.41	4.04	3.04	-13.7	2.5	3.31
Effective tax rate	33.1%	39.6%	20%	19%	17%	20.2%	20.1%	18.1%	0%	24.4%	23.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	22	23.5	26.3	26.4	23.6	26.1	34.2	33.6	25.4	17.9	19
EPS (basic)	2.3	1.52	1.85	2	1.81	2.25	2.2	1.82	-11.2	0.71	0.71
EPS (diluted)	2.29	1.52	1.85	1.99	1.81	2.25	2.2	1.81	-11.2	0.71	1.28
Book value per share	19.1	19.3	19.9	20.9	21.4	21.9	20.1	21.4	11.9	9.31	10.2
FCF per share	1.53	-0.09	-0.07	0.5	0.42	-0.17	-0.01	0.32	1.07	0.29	-3.26
Cash per share	12.8	15.3	14.3	13.1	21.2	26.4	14.9	16.5	5.91	2.91	1.38
Capex per share	—	—	—	—	—	—	—	—	—	1.98	2.44

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	11.1%	12.8%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	87.2%	-293.5%
Payout ratio	47.6%	81.8%	67.2%	64.3%	73.1%	45.8%	52.6%	65.1%	-1.97%	1.5%	0%
Dividend yield	3.33%	3.48%	3.43%	2.77%	3.78%	2.51%	2.79%	8.41%	—	—	16.1%

Yield

16.1%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.36

ex-dividend Aug 17, 2023

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 17, 2023	$0.36
May 18, 2023	$0.36
Feb 22, 2023	$0.36

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$901.9M	$956.4M	$897.2M	$897.4M	$938.4M	$486.9M	$744.1M	$746.4M	$790.6M	$805.8M	$746.4M	$939.7M
YoY change	-13.5%	-6.16%	-3.35%	+0.19%	+4.05%	-49.1%	-17.1%	-16.8%	-15.7%	+65.5%	+0.32%	+25.9%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.4B	1.7B	1.6B	1.4B	2.3B	2.9B	1.6B	1.8B	750.5M	501.8M
Receivables	237.9M	263.2M	325.7M	300.8M	281.2M	344.2M	511.9M	575.2M	457.2M	491.5M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	6.3B	6.6B	6.7B	6.8B	7.9B	5.8B	8.1B	8.5B	2.1B	1.9B
Property, plant & equipment	4.6B	4.5B	4.8B	5.3B	5.4B	5.5B	5.8B	6.2B	6.2B	6.2B
Goodwill & intangibles	164.4M	164.4M	164.4M	164.4M	164.4M	164.4M	164.4M	164.4M	—	—
Total assets	12.4B	12.5B	13.1B	13.7B	15B	15.8B	16.3B	17.2B	8.9B	8.9B
Accounts payable	143.3M	193.7M	214.8M	220.6M	182.3M	205.5M	251.5M	247.5M	203.5M	219.1M
Short-term debt	—	117.9M	74M	185.7M	129.4M	54M	172.6M	—	157.8M	125M
Total current liabilities	168.5M	337.5M	317M	431.3M	335.3M	279.4M	445.4M	298.7M	1.3B	1.4B
Long-term debt	1.8B	1.9B	2B	2.3B	2.4B	2.5B	3.3B	4B	3.2B	2.8B
Total liabilities	10.4B	10.4B	10.9B	11.5B	12.7B	13.4B	14.1B	14.9B	7.4B	7.3B
Shareholders' equity	2.1B	2.1B	2.2B	2.3B	2.3B	2.4B	2.2B	2.3B	1.5B	1.6B
Total debt	1.8B	2B	2.1B	2.5B	2.5B	2.6B	3.4B	4B	3.3B	3B
Net debt	1.5B	1.7B	1.9B	2.3B	2.2B	2.3B	3.2B	3.4B	2.6B	2.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	667.1M	1.8B	1.6B	1.6B	2.2B	750.5M	629.3M	154.3M	548.2M	501.8M	452.8M	238.7M
Receivables	540.1M	575.2M	469.3M	476.1M	526.7M	457.2M	444M	435.8M	498.2M	491.5M	452.2M	520.4M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	7.3B	8.5B	8.1B	8.1B	8.8B	2.1B	1.9B	1.5B	1.9B	1.9B	1.8B	1.3B
Property, plant & equipment	6B	6.2B	6.3B	6.4B	6.4B	6.2B	6.2B	6.1B	6.2B	6.2B	6.3B	6.4B
Goodwill & intangibles	164.4M	164.4M	164.4M	0	0	—	—	—	—	—	—	—
Total assets	17B	17.2B	16.9B	17.1B	17.7B	8.9B	8.8B	8.3B	8.8B	8.9B	8.9B	8.4B
Accounts payable	256.3M	247.5M	248.8M	248.7M	255.6M	203.5M	207.1M	232.9M	217.3M	219.1M	220.1M	305.7M
Short-term debt	—	—	—	—	—	157.8M	463.6M	192.8M	143.5M	125M	125M	—
Total current liabilities	314.2M	298.7M	310.3M	283.2M	305.7M	1.3B	1.6B	1.4B	1.4B	1.4B	1.4B	1.3B
Long-term debt	3.9B	4B	3.9B	3.9B	3.9B	3.2B	2.7B	2.4B	2.9B	2.8B	2.8B	2.8B
Total liabilities	14.8B	14.9B	14.5B	15.9B	16.2B	7.4B	7.2B	6.8B	7.2B	7.3B	7.3B	6.6B
Shareholders' equity	2.2B	2.3B	2.4B	1.1B	1.6B	1.5B	1.5B	1.6B	1.6B	1.6B	1.6B	1.8B
Total debt	3.9B	4B	3.9B	3.9B	3.9B	3.3B	3.2B	2.6B	3B	3B	2.9B	2.8B
Net debt	3.3B	3.4B	3.4B	3.3B	2.7B	2.6B	2.6B	2.4B	2.4B	2.5B	2.5B	2.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	250.1M	167.2M	203.7M	219.8M	199.7M	179.6M	190.9M	195.9M	-1.2B	126.3M
Depreciation & amortization	204.7M	222M	255.6M	278.1M	290.8M	251.2M	260.7M	270.2M	283M	298.9M
Stock-based compensation	4.8M	5.4M	7.8M	10M	5.8M	9.1M	10.4M	—	—	3.4M
Change in working capital	4.8M	-54M	15.6M	17M	-91.8M	-139.3M	-66.6M	24.7M	1.9B	-17.9M
Operating cash flow	490.1M	375.4M	463M	503.5M	374.8M	280.1M	332.3M	466.2M	461M	391.1M
Capital expenditure	—	—	—	—	—	—	—	—	—	-341.2M
Investing cash flow	-409M	-384.8M	-285.8M	-105.3M	-1B	-991.4M	-32.1M	6.2M	11.8M	-322.2M
Dividends paid	-119.2M	-136.8M	-136.9M	-141.4M	-146M	-113.7M	-127.9M	-131M	-28M	-1.9M
Share repurchases	—	—	—	—	—	—	—	—	—	-35.4M
Financing cash flow	115.7M	303.3M	131.1M	37.7M	902.9M	-45.2M	-19.9M	-60.9M	-72M	-381M
Net change in cash	196.8M	293.9M	308.4M	435.9M	241.2M	-756.5M	280.3M	411.5M	400.8M	-312.1M
Free cash flow	165.6M	-10M	-7.5M	55M	45.5M	-18.9M	-1.5M	35.6M	136.3M	49.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	27M	58.7M	42.6M	-1.3B	-82.1M	46.9M	27.1M	60.8M	71.7M	831K	30.4M	123.2M
Depreciation & amortization	47.6M	67.8M	80.8M	87.9M	70.5M	71.7M	76.6M	70.6M	68.3M	78M	75.4M	75.4M
Stock-based compensation	—	—	1.3M	2.2M	—	—	754K	—	—	—	1.2M	2.6M
Change in working capital	-13.7M	-65.8M	-7.4M	1.6B	205.2M	26.4M	-83M	58.2M	17.6M	-15.9M	-70.1M	-98.6M
Operating cash flow	45.7M	64M	118.3M	993K	136M	142.4M	14.7M	166.6M	135.6M	71.1M	61M	-411.4M
Capital expenditure	—	—	—	—	—	—	—	-73.4M	-92.4M	-87.3M	-103.5M	-138.6M
Investing cash flow	164.6M	960K	94M	193.4M	1.2M	9.2M	8M	-70.5M	-89.4M	-88.3M	-101.9M	-138.2M
Dividends paid	-18.4M	-32.7M	-473K	-473K	-498K	-499K	-473K	-10.5M	-20.6M	19.6M	0	0
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	923.3M	-221.7M	-310.9M	-419.1M	-327.9M	-32.8M	-102.2M	-37.5M	384.8M	-543M	-8.1M	-143.3M
Net change in cash	1.1B	-156.7M	-98.6M	-224.7M	-190.8M	118.7M	-79.5M	58.6M	430.9M	-560.2M	-48.9M	-692.9M
Free cash flow	-64.1M	-36M	25.1M	-12.2M	61.1M	57.9M	-36.9M	93.2M	43.2M	-16.2M	-42.5M	-550M

Date	Ratio
Jun 14, 2004	2:1
May 24, 1984	2:1

Hawaiian Electric Industries, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history