HAWAIIAN ELECTRIC INDUSTRIES INC HE
HEI and subsidiaries and lines of business. HEI is a holding company with its subsidiaries principally engaged in electric utility and non-regulated renewable/sustainable infrastructure businesses operating in the State of Hawaii. As a holding company, HEI's sources of funds are primarily dividends from its Electric utility operating subsidiaries, borrowings, and sales of equity. The rights of HEI and its creditors and shareholders to participate in any distribution of the assets of any of HEI's subsidiaries are subject to the prior claims of the creditors of such subsidiary, except to the extent that claims of HEI in its capacity as a creditor are recognized as primary. The abilities of certain of HEI's subsidiaries to pay dividends or make other distributions to HEI are subject to contractual and regulatory restrictions (see Note 15 of the Consolidated Financial Statements). HEI is headquartered in Honolulu, Hawaii and has one reportable segment: Electric utility. HEI and its other subsidiaries which are not reportable segments are grouped and reported as an "All Other" non-reportable segment.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.08B | $3.18B | $3.25B | $3.42B | $2.85B | $2.58B | $2.87B | $2.86B | $2.56B | $2.38B |
| Total operating expenses | $2.85B | $4.93B | $3.01B | $3.14B | $2.46B | $2.27B | $2.53B | $2.53B | $2.21B | $2.02B |
| Operating income | $235.3M | -$1.71B | $275.0M | $279.6M | $386.1M | $311.5M | $348.0M | $333.4M | $346.2M | $355.8M |
| Interest expense | $117.3M | $127.2M | $125.5M | $103.4M | $99.4M | $99.8M | $109.3M | $104.2M | $91.1M | $88.6M |
| Pre-tax income | $166.9M | -$1.79B | $182.3M | $202.0M | $310.9M | $240.6M | $271.4M | $254.5M | $276.6M | $373.8M |
| Income tax | $40.6M | $471.0M | $34.5M | $38.9M | $62.8M | $40.9M | $51.6M | $50.8M | $109.4M | $123.7M |
| Net income | $123.1M | -$1.43B | $199.2M | $241.1M | $246.2M | $199.7M | $219.8M | $203.7M | $167.2M | $250.1M |
| EPS, basic | 0.71 | -11.23 | 1.82 | 2.20 | 2.25 | 1.81 | 2.00 | 1.85 | 1.52 | 2.30 |
| EPS, diluted | 0.71 | -11.23 | 1.81 | 2.20 | 2.25 | 1.81 | 1.99 | 1.85 | 1.52 | 2.29 |
| Shares, diluted (wtd. avg.) | $173.0M | $126.9M | $110.0M | $109.8M | $109.6M | $109.4M | $109.4M | $109.1M | $108.9M | $108.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $501.8M | $750.5M | $244.1M | $48.8M | $311.5M | $359.0M | $227.7M | $169.2M | $261.9M | $278.5M |
| Receivables | $491.5M | $457.2M | $546.7M | — | — | — | — | — | — | — |
| Total current assets | $1.88B | $2.13B | — | — | — | — | — | — | — | — |
| Property, plant and equipment | $6.19B | $6.13B | $5.96B | $5.69B | $5.39B | $5.27B | $5.11B | $4.83B | $4.46B | $4.60B |
| Goodwill | — | — | $82.2M | $82.2M | $82.2M | $82.2M | $82.2M | $82.2M | $82.2M | $82.2M |
| Total assets | $8.92B | $8.93B | $7.68B | $16.28B | $15.82B | $15.00B | $13.75B | $13.10B | $12.53B | $11.88B |
| Accounts payable | $219.1M | $203.5M | $198.9M | — | — | — | — | — | — | — |
| Short-term debt | $125.0M | $109.2M | $16.5M | — | — | — | — | — | — | — |
| Total current liabilities | $1.43B | $1.32B | — | — | — | — | — | — | — | — |
| Long-term debt | $2.29B | $2.69B | $2.83B | $2.38B | $2.32B | $2.12B | $1.96B | $1.88B | $1.68B | $1.62B |
| Total liabilities | $7.32B | $7.42B | $14.86B | $14.05B | $13.40B | $12.63B | $11.43B | $10.91B | $10.40B | $10.32B |
| Retained earnings | -$665.6M | -$788.9M | $926.7M | $845.8M | $757.9M | $660.4M | $622.0M | $543.6M | $476.8M | $439.0M |
| Total equity | $1.61B | $1.48B | $2.34B | $2.20B | $2.39B | $2.34B | $2.28B | $2.16B | $2.10B | $2.07B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $391.1M | $487.5M | $551.5M | $454.5M | $375.7M | $429.4M | $512.5M | $499.3M | $420.4M | $495.7M |
| Depreciation and amortisation | $298.9M | $293.5M | $282.3M | $270.4M | $278.7M | $290.8M | $278.1M | $255.6M | $222.0M | $204.7M |
| Stock-based compensation | $3.4M | $3.6M | $6.8M | $7.5M | $9.1M | $5.8M | $10.0M | $7.8M | $5.4M | $4.8M |
| Capital expenditure | $341.2M | $344.3M | $442.7M | $339.3M | $314.5M | $383.9M | $457.5M | $537.4M | $495.2M | $330.0M |
| Investing cash flow | -$322.2M | $258.3M | -$257.4M | -$1.13B | -$1.18B | -$1.41B | -$541.7M | -$792.1M | -$815.3M | -$736.5M |
| Financing cash flow | -$331.0M | $154.7M | $195.6M | $567.7M | $756.4M | $1.12B | $87.7M | $200.1M | $378.3M | $218.8M |
| Dividends paid | $0 | $0 | $74.0M | $111.2M | $148.6M | $144.1M | $139.5M | $135.0M | $134.9M | $117.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-051288.
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