HAWAIIAN ELECTRIC INDS (HE) Stock Fundamental Analysis

USA • New York Stock Exchange • NYSE:HE • US4198701009

17.08 USD
+0.09 (+0.53%)
At close: Feb 6, 2026
17.112 USD
+0.03 (+0.19%)
After Hours: 2/6/2026, 8:04:00 PM
Fundamental Rating

2

HE gets a fundamental rating of 2 out of 10. The analysis compared the fundamentals against 46 industry peers in the Electric Utilities industry. While HE seems to be doing ok healthwise, there are quite some concerns on its profitability. HE is valued expensive and it does not seem to be growing.


Dividend Valuation Growth Profitability Health

2

1. Profitability

1.1 Basic Checks

  • HE had positive earnings in the past year.
  • HE had a positive operating cash flow in the past year.
  • Of the past 5 years HE 4 years were profitable.
  • 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 0 500M -500M -1B

1.2 Ratios

  • Looking at the Return On Assets, with a value of 0.17%, HE is doing worse than 93.48% of the companies in the same industry.
  • With a Return On Equity value of 0.95%, HE is not doing good in the industry: 93.48% of the companies in the same industry are doing better.
  • HE's Return On Invested Capital of 2.25% is on the low side compared to the rest of the industry. HE is outperformed by 86.96% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for HE is below the industry average of 4.57%.
  • The last Return On Invested Capital (2.25%) for HE is above the 3 year average (1.99%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 0.17%
ROE 0.95%
ROIC 2.25%
ROA(3y)-4.44%
ROA(5y)-2.09%
ROE(3y)-25.02%
ROE(5y)-11.32%
ROIC(3y)1.99%
ROIC(5y)1.95%
HE Yearly ROA, ROE, ROICHE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 -20 -40 -60 -80

1.3 Margins

  • Looking at the Profit Margin, with a value of 0.55%, HE is doing worse than 91.30% of the companies in the same industry.
  • Looking at the Operating Margin, with a value of 8.33%, HE is doing worse than 84.78% of the companies in the same industry.
  • In the last couple of years the Operating Margin of HE has declined.
Industry RankSector Rank
OM 8.33%
PM (TTM) 0.55%
GM N/A
OM growth 3Y-17.69%
OM growth 5Y-9.56%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
HE Yearly Profit, Operating, Gross MarginsHE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 -20 -30 -40

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4

2. Health

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so HE is destroying value.
  • HE has more shares outstanding than it did 1 year ago.
  • HE has more shares outstanding than it did 5 years ago.
  • Compared to 1 year ago, HE has a worse debt to assets ratio.
HE Yearly Shares OutstandingHE Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 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 5B 10B 15B

2.2 Solvency

  • HE has an Altman-Z score of 0.61. This is a bad value and indicates that HE is not financially healthy and even has some risk of bankruptcy.
  • The Altman-Z score of HE (0.61) is worse than 71.74% of its industry peers.
  • The Debt to FCF ratio of HE is 36.77, which is on the high side as it means it would take HE, 36.77 years of fcf income to pay off all of its debts.
  • HE has a better Debt to FCF ratio (36.77) than 78.26% of its industry peers.
  • HE has a Debt/Equity ratio of 1.76. This is a high value indicating a heavy dependency on external financing.
  • Looking at the Debt to Equity ratio, with a value of 1.76, HE is doing worse than 67.39% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 1.76
Debt/FCF 36.77
Altman-Z 0.61
ROIC/WACC0.56
WACC3.98%
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 0 1B 2B 3B

2.3 Liquidity

  • A Current Ratio of 2.20 indicates that HE has no problem at all paying its short term obligations.
  • HE has a Current ratio of 2.20. This is amongst the best in the industry. HE outperforms 95.65% of its industry peers.
  • HE has a Quick Ratio of 2.20. This indicates that HE is financially healthy and has no problem in meeting its short term obligations.
  • HE's Quick ratio of 2.20 is amongst the best of the industry. HE outperforms 95.65% of its industry peers.
Industry RankSector Rank
Current Ratio 2.2
Quick Ratio 2.2
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 500M 1B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

1

3. Growth

3.1 Past

  • The earnings per share for HE have decreased strongly by -55.19% in the last year.
  • The Earnings Per Share has been decreasing by -4.97% on average over the past years.
  • Looking at the last year, HE shows a very negative growth in Revenue. The Revenue has decreased by -24.97% in the last year.
  • Measured over the past years, HE shows a small growth in Revenue. The Revenue has been growing by 2.30% on average per year.
EPS 1Y (TTM)-55.19%
EPS 3Y-11.55%
EPS 5Y-4.97%
EPS Q2Q%-58.7%
Revenue 1Y (TTM)-24.97%
Revenue growth 3Y4.15%
Revenue growth 5Y2.3%
Sales Q2Q%-15.75%

3.2 Future

  • The Earnings Per Share is expected to decrease by -8.98% on average over the next years.
  • Based on estimates for the next years, HE will show a small growth in Revenue. The Revenue will grow by 1.72% on average per year.
EPS Next Y-33.77%
EPS Next 2Y-20.83%
EPS Next 3Y-15.13%
EPS Next 5Y-8.98%
Revenue Next Year-1.71%
Revenue Next 2Y0.11%
Revenue Next 3Y0.85%
Revenue Next 5Y1.72%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
  • 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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Find the best growth stocksShow best growing peers

3

4. Valuation

4.1 Price/Earnings Ratio

  • HE is valuated rather expensively with a Price/Earnings ratio of 20.83.
  • Based on the Price/Earnings ratio, HE is valued a bit more expensive than 60.87% of the companies in the same industry.
  • The average S&P500 Price/Earnings ratio is at 27.92. HE is valued slightly cheaper when compared to this.
  • With a Price/Forward Earnings ratio of 17.58, HE is valued on the expensive side.
  • The rest of the industry has a similar Price/Forward Earnings ratio as HE.
  • When comparing the Price/Forward Earnings ratio of HE to the average of the S&P500 Index (27.78), we can say HE is valued slightly cheaper.
Industry RankSector Rank
PE 20.83
Fwd PE 17.58
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

  • The rest of the industry has a similar Enterprise Value to EBITDA ratio as HE.
  • Based on the Price/Free Cash Flow ratio, HE is valued cheaper than 80.43% of the companies in the same industry.
Industry RankSector Rank
P/FCF 36.77
EV/EBITDA 11.04
HE Per share dataHE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15

4.3 Compensation for Growth

  • A cheap valuation may be justified as HE's earnings are expected to decrease with -15.13% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-20.83%
EPS Next 3Y-15.13%

More info and screens

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

0

5. Dividend

5.1 Amount

  • No dividends for HE!.
Industry RankSector Rank
Dividend Yield 0%

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Find the best dividend stocksShow peers with best dividend

HAWAIIAN ELECTRIC INDS

NYSE:HE (2/6/2026, 8:04:00 PM)

After market: 17.112 +0.03 (+0.19%)

17.08

+0.09 (+0.53%)

Chartmill FA Rating
GICS SectorUtilities
GICS IndustryGroupUtilities
GICS IndustryElectric Utilities
Earnings (Last)11-07
Earnings (Next)02-27
Inst Owners80.77%
Inst Owner Change0.35%
Ins Owners0.19%
Ins Owner Change-1.81%
Market Cap2.95B
Revenue(TTM)2.77B
Net Income(TTM)15.26M
Analysts42
Price Target11.99 (-29.8%)
Short Float %12.4%
Short Ratio5.07
Dividend
Industry RankSector Rank
Dividend Yield 0%
Yearly Dividend0.01
Dividend Growth(5Y)-59.93%
DP12.39%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)99%
Min EPS beat(2)6.69%
Max EPS beat(2)191.32%
EPS beat(4)2
Avg EPS beat(4)35.59%
Min EPS beat(4)-51.9%
Max EPS beat(4)191.32%
EPS beat(8)2
Avg EPS beat(8)11.33%
EPS beat(12)3
Avg EPS beat(12)5.73%
EPS beat(16)6
Avg EPS beat(16)7.2%
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)6.82%
PT rev (3m)8.05%
EPS NQ rev (1m)-57.17%
EPS NQ rev (3m)-72.83%
EPS NY rev (1m)0%
EPS NY rev (3m)0.67%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.03%
Valuation
Industry RankSector Rank
PE 20.83
Fwd PE 17.58
P/S 1.07
P/FCF 36.77
P/OCF 7
P/B 1.84
P/tB 1.84
EV/EBITDA 11.04
EPS(TTM)0.82
EY4.8%
EPS(NY)0.97
Fwd EY5.69%
FCF(TTM)0.46
FCFY2.72%
OCF(TTM)2.44
OCFY14.29%
SpS16.04
BVpS9.26
TBVpS9.26
PEG (NY)N/A
PEG (5Y)N/A
Graham Number13.07
Profitability
Industry RankSector Rank
ROA 0.17%
ROE 0.95%
ROCE 2.77%
ROIC 2.25%
ROICexc 2.41%
ROICexgc 2.77%
OM 8.33%
PM (TTM) 0.55%
GM N/A
FCFM 2.9%
ROA(3y)-4.44%
ROA(5y)-2.09%
ROE(3y)-25.02%
ROE(5y)-11.32%
ROIC(3y)1.99%
ROIC(5y)1.95%
ROICexc(3y)2.09%
ROICexc(5y)2.03%
ROICexgc(3y)2.33%
ROICexgc(5y)2.25%
ROCE(3y)2.54%
ROCE(5y)2.47%
ROICexgc growth 3Y8.08%
ROICexgc growth 5Y3.01%
ROICexc growth 3Y6.51%
ROICexc growth 5Y2.51%
OM growth 3Y-17.69%
OM growth 5Y-9.56%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
F-Score6
Asset Turnover0.31
Health
Industry RankSector Rank
Debt/Equity 1.76
Debt/FCF 36.77
Debt/EBITDA 5.8
Cap/Depr 134.96%
Cap/Sales 12.32%
Interest Coverage 4191.95
Cash Conversion 87.17%
Profit Quality 525.51%
Current Ratio 2.2
Quick Ratio 2.2
Altman-Z 0.61
F-Score6
WACC3.98%
ROIC/WACC0.56
Cap/Depr(3y)144.45%
Cap/Depr(5y)144.46%
Cap/Sales(3y)11.17%
Cap/Sales(5y)11.89%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-55.19%
EPS 3Y-11.55%
EPS 5Y-4.97%
EPS Q2Q%-58.7%
EPS Next Y-33.77%
EPS Next 2Y-20.83%
EPS Next 3Y-15.13%
EPS Next 5Y-8.98%
Revenue 1Y (TTM)-24.97%
Revenue growth 3Y4.15%
Revenue growth 5Y2.3%
Sales Q2Q%-15.75%
Revenue Next Year-1.71%
Revenue Next 2Y0.11%
Revenue Next 3Y0.85%
Revenue Next 5Y1.72%
EBIT growth 1Y-34.85%
EBIT growth 3Y-14.27%
EBIT growth 5Y-7.48%
EBIT Next Year50.64%
EBIT Next 3Y17.87%
EBIT Next 5Y12.29%
FCF growth 1Y-69.91%
FCF growth 3Y32.77%
FCF growth 5Y21.1%
OCF growth 1Y-41.22%
OCF growth 3Y9.07%
OCF growth 5Y-1%

HAWAIIAN ELECTRIC INDS / HE FAQ

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

ChartMill assigns a fundamental rating of 2 / 10 to HE.


Can you provide the valuation status for HAWAIIAN ELECTRIC INDS?

ChartMill assigns a valuation rating of 3 / 10 to HAWAIIAN ELECTRIC INDS (HE). This can be considered as Overvalued.


Can you provide the profitability details for HAWAIIAN ELECTRIC INDS?

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


Can you provide the PE and PB ratios for HE stock?

The Price/Earnings (PE) ratio for HAWAIIAN ELECTRIC INDS (HE) is 20.83 and the Price/Book (PB) ratio is 1.84.


How financially healthy is HAWAIIAN ELECTRIC INDS?

The financial health rating of HAWAIIAN ELECTRIC INDS (HE) is 4 / 10.