HAWAIIAN ELECTRIC INDS (HE) Fundamental Analysis & Valuation

NYSE:HE • US4198701009

Current stock price

15.38 USD
+0.21 (+1.38%)
At close:
15.38 USD
0 (0%)
After Hours:

This HE fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

2

1. HE Profitability Analysis

1.1 Basic Checks

  • HE had positive earnings in the past year.
  • HE had a positive operating cash flow in the past year.
  • HE had positive earnings in 4 of the past 5 years.
  • Each year in the past 5 years HE had a positive operating cash flow.
HE Yearly Net Income VS EBIT VS OCF VS FCFHE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 500M -500M -1B

1.2 Ratios

  • Looking at the Return On Assets, with a value of 1.38%, HE is doing worse than 87.23% of the companies in the same industry.
  • With a Return On Equity value of 7.67%, HE is not doing good in the industry: 78.72% of the companies in the same industry are doing better.
  • HE has a worse Return On Invested Capital (2.11%) than 89.36% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for HE is below the industry average of 4.52%.
  • The 3 year average ROIC (1.95%) for HE is below the current ROIC(2.11%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 1.38%
ROE 7.67%
ROIC 2.11%
ROA(3y)-4.48%
ROA(5y)-2.08%
ROE(3y)-26.06%
ROE(5y)-11.45%
ROIC(3y)1.95%
ROIC(5y)1.92%
HE Yearly ROA, ROE, ROICHE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 -20 -40 -60 -80

1.3 Margins

  • HE has a worse Profit Margin (3.99%) than 87.23% of its industry peers.
  • In the last couple of years the Profit Margin of HE has declined.
  • HE's Operating Margin of 7.62% is on the low side compared to the rest of the industry. HE is outperformed by 85.11% of its industry peers.
  • In the last couple of years the Operating Margin of HE has declined.
  • HE's Gross Margin of 7.62% is on the low side compared to the rest of the industry. HE is outperformed by 78.72% of its industry peers.
  • In the last couple of years the Gross Margin of HE has declined.
Industry RankSector Rank
OM 7.62%
PM (TTM) 3.99%
GM 7.62%
OM growth 3Y-9.2%
OM growth 5Y-8.79%
PM growth 3Y-14.77%
PM growth 5Y-12.25%
GM growth 3Y-9.2%
GM growth 5Y-8.79%
HE Yearly Profit, Operating, Gross MarginsHE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 -10 -20 -30 -40

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5

2. HE Health Analysis

2.1 Basic Checks

  • HE has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
  • HE has about the same amout of shares outstanding than it did 1 year ago.
  • Compared to 5 years ago, HE has more shares outstanding
  • The debt/assets ratio for HE has been reduced compared to a year ago.
HE Yearly Shares OutstandingHE Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50M 100M 150M
HE Yearly Total Debt VS Total AssetsHE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B

2.2 Solvency

  • Based on the Altman-Z score of 0.62, we must say that HE is in the distress zone and has some risk of bankruptcy.
  • Looking at the Altman-Z score, with a value of 0.62, HE is doing worse than 72.34% of the companies in the same industry.
  • HE has a debt to FCF ratio of 58.46. This is a negative value and a sign of low solvency as HE would need 58.46 years to pay back of all of its debts.
  • With a decent Debt to FCF ratio value of 58.46, HE is doing good in the industry, outperforming 78.72% of the companies in the same industry.
  • HE has a Debt/Equity ratio of 1.74. This is a high value indicating a heavy dependency on external financing.
  • The Debt to Equity ratio of HE (1.74) is worse than 68.09% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.74
Debt/FCF 58.46
Altman-Z 0.62
ROIC/WACC0.51
WACC4.13%
HE Yearly LT Debt VS Equity VS FCFHE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 1B 2B 3B

2.3 Liquidity

  • A Current Ratio of 2.19 indicates that HE has no problem at all paying its short term obligations.
  • Looking at the Current ratio, with a value of 2.19, HE belongs to the top of the industry, outperforming 93.62% of the companies in the same industry.
  • HE has a Quick Ratio of 2.19. This indicates that HE is financially healthy and has no problem in meeting its short term obligations.
  • HE has a Quick ratio of 2.19. This is amongst the best in the industry. HE outperforms 95.74% of its industry peers.
Industry RankSector Rank
Current Ratio 2.19
Quick Ratio 2.19
HE Yearly Current Assets VS Current LiabilitesHE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B

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3

3. HE Growth Analysis

3.1 Past

  • HE shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -44.52%.
  • HE shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -12.94% yearly.
  • Looking at the last year, HE shows a decrease in Revenue. The Revenue has decreased by -4.13% in the last year.
  • The Revenue has been growing slightly by 3.65% on average over the past years.
EPS 1Y (TTM)-44.52%
EPS 3Y-26.88%
EPS 5Y-12.94%
EPS Q2Q%20%
Revenue 1Y (TTM)-4.13%
Revenue growth 3Y-6.21%
Revenue growth 5Y3.65%
Sales Q2Q%0.83%

3.2 Future

  • The Earnings Per Share is expected to grow by 5.09% on average over the next years.
  • The Revenue is expected to grow by 2.60% on average over the next years.
EPS Next Y28.95%
EPS Next 2Y17.53%
EPS Next 3Y9.85%
EPS Next 5Y5.09%
Revenue Next Year-8.91%
Revenue Next 2Y-2.64%
Revenue Next 3Y-0.92%
Revenue Next 5Y2.6%

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
HE Yearly Revenue VS EstimatesHE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 1B 2B 3B 4B
HE Yearly EPS VS EstimatesHE Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0.5 1 1.5 2

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5

4. HE Valuation Analysis

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 17.88, HE is valued on the expensive side.
  • The rest of the industry has a similar Price/Earnings ratio as HE.
  • HE is valuated rather cheaply when we compare the Price/Earnings ratio to 27.47, which is the current average of the S&P500 Index.
  • A Price/Forward Earnings ratio of 13.87 indicates a correct valuation of HE.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of HE indicates a somewhat cheap valuation: HE is cheaper than 72.34% of the companies listed in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 22.62. HE is valued slightly cheaper when compared to this.
Industry RankSector Rank
PE 17.88
Fwd PE 13.87
HE Price Earnings VS Forward Price EarningsHE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • 68.09% of the companies in the same industry are more expensive than HE, based on the Enterprise Value to EBITDA ratio.
  • HE's Price/Free Cash Flow ratio is rather cheap when compared to the industry. HE is cheaper than 80.85% of the companies in the same industry.
Industry RankSector Rank
P/FCF 53.24
EV/EBITDA 10.23
HE Per share dataHE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15

4.3 Compensation for Growth

  • The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
PEG (NY)0.62
PEG (5Y)N/A
EPS Next 2Y17.53%
EPS Next 3Y9.85%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

0

5. HE Dividend Analysis

5.1 Amount

  • HE does not give a dividend.
Industry RankSector Rank
Dividend Yield 0%

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HE Fundamentals: All Metrics, Ratios and Statistics

HAWAIIAN ELECTRIC INDS

NYSE:HE (4/23/2026, 8:15:46 PM)

After market: 15.38 0 (0%)

15.38

+0.21 (+1.38%)

Chartmill FA Rating
GICS SectorUtilities
GICS IndustryGroupUtilities
GICS IndustryElectric Utilities
Earnings (Last)02-27
Earnings (Next)05-08
Inst Owners88.74%
Inst Owner Change0.29%
Ins Owners0.19%
Ins Owner Change-0.58%
Market Cap2.65B
Revenue(TTM)3.09B
Net Income(TTM)123.12M
Analysts38
Price Target14.15 (-8%)
Short Float %10.04%
Short Ratio6.87
Dividend
Industry RankSector Rank
Dividend Yield 0%
Yearly Dividend0.01
Dividend Growth(5Y)-61.73%
DP1.54%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)94.71%
Min EPS beat(2)-1.89%
Max EPS beat(2)191.32%
EPS beat(4)2
Avg EPS beat(4)48.09%
Min EPS beat(4)-3.75%
Max EPS beat(4)191.32%
EPS beat(8)2
Avg EPS beat(8)11.7%
EPS beat(12)3
Avg EPS beat(12)6.22%
EPS beat(16)5
Avg EPS beat(16)6.06%
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)8.82%
PT rev (3m)18.09%
EPS NQ rev (1m)0%
EPS NQ rev (3m)4.89%
EPS NY rev (1m)6.95%
EPS NY rev (3m)14.14%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-4.51%
Revenue NY rev (3m)-10.66%
Valuation
Industry RankSector Rank
PE 17.88
Fwd PE 13.87
P/S 0.86
P/FCF 53.24
P/OCF 6.79
P/B 1.65
P/tB 1.65
EV/EBITDA 10.23
EPS(TTM)0.86
EY5.59%
EPS(NY)1.11
Fwd EY7.21%
FCF(TTM)0.29
FCFY1.88%
OCF(TTM)2.27
OCFY14.73%
SpS17.88
BVpS9.3
TBVpS9.3
PEG (NY)0.62
PEG (5Y)N/A
Graham Number13.417 (-12.76%)
Profitability
Industry RankSector Rank
ROA 1.38%
ROE 7.67%
ROCE 2.79%
ROIC 2.11%
ROICexc 2.24%
ROICexgc 2.54%
OM 7.62%
PM (TTM) 3.99%
GM 7.62%
FCFM 1.62%
ROA(3y)-4.48%
ROA(5y)-2.08%
ROE(3y)-26.06%
ROE(5y)-11.45%
ROIC(3y)1.95%
ROIC(5y)1.92%
ROICexc(3y)2.08%
ROICexc(5y)2.01%
ROICexgc(3y)2.35%
ROICexgc(5y)2.24%
ROCE(3y)2.61%
ROCE(5y)2.59%
ROICexgc growth 3Y8.15%
ROICexgc growth 5Y6.58%
ROICexc growth 3Y6.44%
ROICexc growth 5Y6.26%
OM growth 3Y-9.2%
OM growth 5Y-8.79%
PM growth 3Y-14.77%
PM growth 5Y-12.25%
GM growth 3Y-9.2%
GM growth 5Y-8.79%
F-Score7
Asset Turnover0.35
Health
Industry RankSector Rank
Debt/Equity 1.74
Debt/FCF 58.46
Debt/EBITDA 5.63
Cap/Depr 131.22%
Cap/Sales 11.05%
Interest Coverage 2307.08
Cash Conversion 78.95%
Profit Quality 40.51%
Current Ratio 2.19
Quick Ratio 2.19
Altman-Z 0.62
F-Score7
WACC4.13%
ROIC/WACC0.51
Cap/Depr(3y)143.41%
Cap/Depr(5y)138.46%
Cap/Sales(3y)11.79%
Cap/Sales(5y)11.12%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-44.52%
EPS 3Y-26.88%
EPS 5Y-12.94%
EPS Q2Q%20%
EPS Next Y28.95%
EPS Next 2Y17.53%
EPS Next 3Y9.85%
EPS Next 5Y5.09%
Revenue 1Y (TTM)-4.13%
Revenue growth 3Y-6.21%
Revenue growth 5Y3.65%
Sales Q2Q%0.83%
Revenue Next Year-8.91%
Revenue Next 2Y-2.64%
Revenue Next 3Y-0.92%
Revenue Next 5Y2.6%
EBIT growth 1Y-27.65%
EBIT growth 3Y-14.85%
EBIT growth 5Y-5.45%
EBIT Next Year74.98%
EBIT Next 3Y27.46%
EBIT Next 5Y18.68%
FCF growth 1Y-65.18%
FCF growth 3Y-23.29%
FCF growth 5Y1.85%
OCF growth 1Y-19.78%
OCF growth 3Y-4.89%
OCF growth 5Y-1.85%

HAWAIIAN ELECTRIC INDS / HE Fundamental Analysis FAQ

What is the ChartMill fundamental rating of HAWAIIAN ELECTRIC INDS (HE) stock?

ChartMill assigns a fundamental rating of 3 / 10 to HE.


Can you provide the valuation status for HAWAIIAN ELECTRIC INDS?

ChartMill assigns a valuation rating of 5 / 10 to HAWAIIAN ELECTRIC INDS (HE). This can be considered as Fairly Valued.


What is the profitability of HE stock?

HAWAIIAN ELECTRIC INDS (HE) has a profitability rating of 2 / 10.


Can you provide the financial health for HE stock?

The financial health rating of HAWAIIAN ELECTRIC INDS (HE) is 5 / 10.


Can you provide the expected EPS growth for HE stock?

The Earnings per Share (EPS) of HAWAIIAN ELECTRIC INDS (HE) is expected to grow by 28.95% in the next year.