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
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

3

Overall HE gets a fundamental rating of 3 out of 10. We evaluated HE 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 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

  • In the past year HE was profitable.
  • HE had a positive operating cash flow in the past year.
  • Of the past 5 years HE 4 years were profitable.
  • HE had a positive operating cash flow in each of the past 5 years.
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

  • HE has a Return On Assets of 0.17%. This is amonst the worse of the industry: HE underperforms 93.48% of its industry peers.
  • HE's Return On Equity of 0.95% is on the low side compared to the rest of the industry. HE is outperformed by 93.48% of its industry peers.
  • HE has a Return On Invested Capital of 2.25%. This is amonst the worse of the industry: HE underperforms 89.13% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for HE is below the industry average of 4.58%.
  • 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 Profit Margin of 0.55%. This is amonst the worse of the industry: HE underperforms 91.30% of its industry peers.
  • With a Operating Margin value of 8.33%, HE is not doing good in the industry: 84.78% of the companies in the same industry are doing better.
  • HE's Operating Margin has declined in the last couple of years.
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

More info and screens

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4

2. Health

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.
  • The number of shares outstanding for HE has been increased compared to 1 year ago.
  • The number of shares outstanding for HE has been increased compared to 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 0.62. This is a bad value and indicates that HE is not financially healthy and even has some risk of bankruptcy.
  • Looking at the Altman-Z score, with a value of 0.62, HE is doing worse than 71.74% of the companies in the same industry.
  • 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.
  • 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.
  • 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 0.62
ROIC/WACC0.56
WACC3.99%
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

  • HE has a Current Ratio of 2.20. This indicates that HE is financially healthy and has no problem in meeting its short term obligations.
  • HE has a Current ratio of 2.20. This is amongst the best in the industry. HE outperforms 93.48% of its industry peers.
  • A Quick Ratio of 2.20 indicates that HE has no problem at all paying its short term obligations.
  • HE's Quick ratio of 2.20 is amongst the best of the industry. HE outperforms 93.48% 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

More info and screens

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

1

3. Growth

3.1 Past

  • HE shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -55.19%.
  • HE shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -4.97% yearly.
  • The Revenue for HE has decreased by -24.97% in the past year. This is quite bad
  • The Revenue has been growing slightly by 2.30% on average over the past years.
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

  • HE is expected to show a decrease in Earnings Per Share. In the coming years, the EPS will decrease by -8.98% yearly.
  • The Revenue is expected to grow by 1.72% on average over the next years.
EPS Next Y-37.76%
EPS Next 2Y-19.44%
EPS Next 3Y-13.03%
EPS Next 5Y-8.98%
Revenue Next Year-1.71%
Revenue Next 2Y0.15%
Revenue Next 3Y0.9%
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

4

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 65.22% of the companies in the same industry.
  • HE is valuated rather cheaply when we compare the Price/Earnings ratio to 27.93, which is the current average of the S&P500 Index.
  • A Price/Forward Earnings ratio of 16.98 indicates a correct valuation of HE.
  • HE's Price/Forward Earnings ratio is in line with the industry average.
  • HE is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 27.77, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 20.83
Fwd PE 16.98
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.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of HE indicates a rather cheap valuation: HE is cheaper than 80.43% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 36.77
EV/EBITDA 11.07
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 -13.03% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-19.44%
EPS Next 3Y-13.03%

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%

More info and screens

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 Change1.33%
Ins Owners0.19%
Ins Owner Change-1.81%
Market Cap2.95B
Revenue(TTM)2.77B
Net Income(TTM)15.26M
Analysts42
Price Target13.01 (-23.83%)
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)15.91%
PT rev (3m)14.61%
EPS NQ rev (1m)-57.17%
EPS NQ rev (3m)-72.83%
EPS NY rev (1m)-6.02%
EPS NY rev (3m)-5.39%
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 16.98
P/S 1.07
P/FCF 36.77
P/OCF 7
P/B 1.84
P/tB 1.84
EV/EBITDA 11.07
EPS(TTM)0.82
EY4.8%
EPS(NY)1.01
Fwd EY5.89%
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 0.62
F-Score6
WACC3.99%
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-37.76%
EPS Next 2Y-19.44%
EPS Next 3Y-13.03%
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 2Y0.15%
Revenue Next 3Y0.9%
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.