HAWAIIAN ELECTRIC INDS (HE) Stock Fundamental Analysis

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

15.19 USD
-0.13 (-0.85%)
At close: Feb 2, 2026
15.18 USD
-0.01 (-0.07%)
Pre-Market: 2/3/2026, 7:48:47 AM
Fundamental Rating

3

Taking everything into account, HE scores 3 out of 10 in our fundamental rating. HE was compared to 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 has a valuation in line with the averages, but 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

  • The Return On Assets of HE (0.17%) is worse than 93.48% of its industry peers.
  • The Return On Equity of HE (0.95%) is worse than 93.48% of its industry peers.
  • The Return On Invested Capital of HE (2.25%) is worse than 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

  • HE has a worse Profit Margin (0.55%) than 91.30% of its industry peers.
  • The Operating Margin of HE (8.33%) is worse than 84.78% of its industry peers.
  • 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

  • With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), HE is destroying value.
  • HE has more shares outstanding than it did 1 year ago.
  • Compared to 5 years ago, HE has more shares outstanding
  • HE has a worse debt/assets ratio than last year.
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

  • Based on the Altman-Z score of 0.59, we must say that HE is in the distress zone and has some risk of bankruptcy.
  • The Altman-Z score of HE (0.59) is worse than 73.91% of its industry peers.
  • HE has a debt to FCF ratio of 36.77. This is a negative value and a sign of low solvency as HE would need 36.77 years to pay back of all of its debts.
  • With a decent Debt to FCF ratio value of 36.77, HE is doing good in the industry, outperforming 78.26% of the companies in the same industry.
  • A Debt/Equity ratio of 1.76 is on the high side and indicates that HE has dependencies on debt financing.
  • The Debt to Equity ratio of HE (1.76) is worse than 67.39% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.76
Debt/FCF 36.77
Altman-Z 0.59
ROIC/WACC0.6
WACC3.75%
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.
  • With an excellent Current ratio value of 2.20, HE belongs to the best of the industry, outperforming 95.65% of the companies in the same industry.
  • 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 has a better Quick ratio (2.20) than 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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1

3. Growth

3.1 Past

  • The earnings per share for HE have decreased strongly by -55.19% in the last year.
  • HE shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -4.97% yearly.
  • 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

  • Based on estimates for the next years, HE will show a decrease in Earnings Per Share. The EPS will decrease by -8.98% on average per year.
  • HE is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 1.72% yearly.
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.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
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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4

4. Valuation

4.1 Price/Earnings Ratio

  • HE is valuated rather expensively with a Price/Earnings ratio of 18.52.
  • HE's Price/Earnings ratio is in line with the industry average.
  • HE is valuated rather cheaply when we compare the Price/Earnings ratio to 28.41, which is the current average of the S&P500 Index.
  • HE is valuated correctly with a Price/Forward Earnings ratio of 15.63.
  • HE's Price/Forward Earnings is on the same level as the industry average.
  • HE is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 25.64, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 18.52
Fwd PE 15.63
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

  • HE's Enterprise Value to EBITDA is on the same level as the industry average.
  • Based on the Price/Free Cash Flow ratio, HE is valued cheaper than 82.61% of the companies in the same industry.
Industry RankSector Rank
P/FCF 32.7
EV/EBITDA 10.39
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 earnings are expected to decrease with -15.13% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-20.83%
EPS Next 3Y-15.13%

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0

5. Dividend

5.1 Amount

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

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HAWAIIAN ELECTRIC INDS

NYSE:HE (2/2/2026, 8:11:57 PM)

Premarket: 15.18 -0.01 (-0.07%)

15.19

-0.13 (-0.85%)

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 Cap2.62B
Revenue(TTM)2.77B
Net Income(TTM)15.26M
Analysts42
Price Target11.99 (-21.07%)
Short Float %N/A
Short RatioN/A
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 18.52
Fwd PE 15.63
P/S 0.95
P/FCF 32.7
P/OCF 6.22
P/B 1.64
P/tB 1.64
EV/EBITDA 10.39
EPS(TTM)0.82
EY5.4%
EPS(NY)0.97
Fwd EY6.4%
FCF(TTM)0.46
FCFY3.06%
OCF(TTM)2.44
OCFY16.06%
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 0.59
F-Score6
WACC3.75%
ROIC/WACC0.6
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 3 / 10 to HE.


Can you provide the valuation status for HAWAIIAN ELECTRIC INDS?

ChartMill assigns a valuation rating of 4 / 10 to HAWAIIAN ELECTRIC INDS (HE). This can be considered as Fairly Valued.


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 18.52 and the Price/Book (PB) ratio is 1.64.


How financially healthy is HAWAIIAN ELECTRIC INDS?

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