HAWAIIAN ELECTRIC INDUSTRIES INC HE

Utilities SIC 4911 - Electric Services NAICS Utilities › Electric Power Generation, Transmission and Distribution derived NYSE

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.

Last close 8.41 2026-10-23
Market cap $1.45B 2026-06-30 share count
52-week range 8.20 - 17.38

Valuation FY2025 figures against the last close

P/S0.5x
P/E11.8x
P/FCF29.1x
EV/EBITDA6.3x
Dividend yield0.0%
Diluted EPS0.71

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 0.71-11.231.822.202.251.812.001.851.522.30
EPS, diluted 0.71-11.231.812.202.251.811.991.851.522.29
Shares, diluted (wtd. avg.) 173.0M126.9M110.0M109.8M109.6M109.4M109.4M109.1M108.9M108.3M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2B 0 2B 4B Revenue, FY2016: 2.4B Net income, FY2016: 250.1M Revenue, FY2017: 2.6B Net income, FY2017: 167.2M Revenue, FY2018: 2.9B Net income, FY2018: 203.7M Revenue, FY2019: 2.9B Net income, FY2019: 219.8M Revenue, FY2020: 2.6B Net income, FY2020: 199.7M Revenue, FY2021: 2.9B Net income, FY2021: 246.2M Revenue, FY2022: 3.4B Net income, FY2022: 241.1M Revenue, FY2023: 3.2B Net income, FY2023: 199.2M Revenue, FY2024: 3.2B Net income, FY2024: -1.4B Revenue, FY2025: 3.1B Net income, FY2025: 123.1M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $2.38B $2.56B $2.86B $2.87B $2.58B $2.85B $3.42B $3.25B $3.18B $3.08B
Gross profit — — — — — — — — — —
Net income $250.1M $167.2M $203.7M $219.8M $199.7M $246.2M $241.1M $199.2M -$1.43B $123.1M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event Item 8.01
  • Other event Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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