HAWAIIAN ELECTRIC INDS (HE) Fundamental Analysis & Valuation

NYSE:HE • US4198701009

Current stock price

15.165 USD
-0.24 (-1.53%)
Last:

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

  • In the past year HE was profitable.
  • In the past year HE had a positive cash flow from operations.
  • 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 2025 0 500M -500M -1B

1.2 Ratios

  • With a Return On Assets value of 1.38%, HE is not doing good in the industry: 87.23% of the companies in the same industry are doing better.
  • 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.
  • Looking at the Return On Invested Capital, with a value of 2.11%, HE is doing worse than 89.36% of the companies in the same industry.
  • HE had an Average Return On Invested Capital over the past 3 years of 1.95%. This 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

  • The Profit Margin of HE (3.99%) is worse than 87.23% of its industry peers.
  • In the last couple of years the Profit Margin of HE has declined.
  • HE has a Operating Margin of 7.62%. This is amonst the worse of the industry: HE underperforms 85.11% of its industry peers.
  • HE's Operating Margin has declined in the last couple of years.
  • The Gross Margin of HE (7.62%) is worse than 78.72% of its industry peers.
  • HE's Gross Margin has declined in the last couple of years.
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

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so HE is destroying value.
  • HE has about the same amout of shares outstanding than it did 1 year ago.
  • HE has more shares outstanding than it did 5 years ago.
  • 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.
  • The Altman-Z score of HE (0.62) is worse than 70.21% of its industry peers.
  • The Debt to FCF ratio of HE is 58.46, which is on the high side as it means it would take HE, 58.46 years of fcf income to pay off all of its debts.
  • The Debt to FCF ratio of HE (58.46) is better than 78.72% of its industry peers.
  • A Debt/Equity ratio of 1.74 is on the high side and indicates that HE has dependencies on debt financing.
  • HE's Debt to Equity ratio of 1.74 is on the low side compared to the rest of the industry. HE is outperformed by 68.09% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.74
Debt/FCF 58.46
Altman-Z 0.62
ROIC/WACC0.51
WACC4.15%
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.
  • With an excellent Current ratio value of 2.19, HE belongs to the best 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

  • The earnings per share for HE have decreased strongly by -44.52% in the last year.
  • HE shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -12.94% yearly.
  • The Revenue has decreased by -4.13% in the past year.
  • HE shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 3.65% yearly.
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.
  • HE is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 3.82% yearly.
EPS Next Y20.57%
EPS Next 2Y9.98%
EPS Next 3Y5.96%
EPS Next 5Y5.09%
Revenue Next Year4.11%
Revenue Next 2Y3.41%
Revenue Next 3Y2.26%
Revenue Next 5Y3.82%

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 accelerating.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
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

  • A Price/Earnings ratio of 17.63 indicates a rather expensive valuation of HE.
  • HE's Price/Earnings is on the same level as the industry average.
  • When comparing the Price/Earnings ratio of HE to the average of the S&P500 Index (26.21), we can say HE is valued slightly cheaper.
  • With a Price/Forward Earnings ratio of 14.63, HE is valued correctly.
  • HE's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. HE is cheaper than 68.09% of the companies in the same industry.
  • When comparing the Price/Forward Earnings ratio of HE to the average of the S&P500 Index (23.13), we can say HE is valued slightly cheaper.
Industry RankSector Rank
PE 17.63
Fwd PE 14.63
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.
  • Based on the Price/Free Cash Flow ratio, HE is valued cheaply inside the industry as 80.85% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 52.49
EV/EBITDA 10.24
HE Per share dataHE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15

4.3 Compensation for Growth

  • HE's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
PEG (NY)0.86
PEG (5Y)N/A
EPS Next 2Y9.98%
EPS Next 3Y5.96%

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

0

5. HE Dividend Analysis

5.1 Amount

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

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HE Fundamentals: All Metrics, Ratios and Statistics

HAWAIIAN ELECTRIC INDS

NYSE:HE (4/7/2026, 3:18:02 PM)

15.165

-0.24 (-1.53%)

Chartmill FA Rating
GICS SectorUtilities
GICS IndustryGroupUtilities
GICS IndustryElectric Utilities
Earnings (Last)02-27
Earnings (Next)05-07
Inst Owners88.6%
Inst Owner Change-0.01%
Ins Owners0.19%
Ins Owner Change-0.58%
Market Cap2.62B
Revenue(TTM)3.09B
Net Income(TTM)123.12M
Analysts38
Price Target13.9 (-8.34%)
Short Float %11.92%
Short Ratio7.22
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)6.86%
PT rev (3m)23.86%
EPS NQ rev (1m)9.41%
EPS NQ rev (3m)4.89%
EPS NY rev (1m)3.07%
EPS NY rev (3m)4.14%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-2.68%
Revenue NY rev (3m)-2.6%
Valuation
Industry RankSector Rank
PE 17.63
Fwd PE 14.63
P/S 0.85
P/FCF 52.49
P/OCF 6.69
P/B 1.63
P/tB 1.63
EV/EBITDA 10.24
EPS(TTM)0.86
EY5.67%
EPS(NY)1.04
Fwd EY6.84%
FCF(TTM)0.29
FCFY1.91%
OCF(TTM)2.27
OCFY14.94%
SpS17.88
BVpS9.3
TBVpS9.3
PEG (NY)0.86
PEG (5Y)N/A
Graham Number13.42
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
WACC4.15%
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 Y20.57%
EPS Next 2Y9.98%
EPS Next 3Y5.96%
EPS Next 5Y5.09%
Revenue 1Y (TTM)-4.13%
Revenue growth 3Y-6.21%
Revenue growth 5Y3.65%
Sales Q2Q%0.83%
Revenue Next Year4.11%
Revenue Next 2Y3.41%
Revenue Next 3Y2.26%
Revenue Next 5Y3.82%
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 20.57% in the next year.