Hawaiian Electric Industries, Inc. (HE) 10-Year Financial Performance & Capital Metrics

HE • • Utilities

UtilitiesDiversified UtilitiesRegional Electric UtilitiesIsland & Specialized Electric Utilities

AboutHawaiian Electric Industries, Inc., together with its subsidiaries, engages in the electric utility, banking, and renewable/sustainable infrastructure investment businesses in the state of Hawaii. It operates in three segments: Electric Utility, Bank, and Other. The Electric Utility segment engages in the production, purchase, transmission, distribution, and sale of electricity in the islands of Oahu, Hawaii, Maui, Lanai, and Molokai. Its renewable energy sources and potential sources include wind, solar, photovoltaic, geothermal, wave, hydroelectric, municipal waste, and other biofuels. This segment serves suburban communities, resorts, the United States armed forces installations, and agricultural operations. The Bank segment operates a community bank that offers banking and other financial services to consumers and businesses, including savings and checking accounts; and loans comprising residential and commercial real estate, residential mortgage, construction and development, multifamily residential and commercial real estate, consumer, and commercial loans. This segment operates 42 branches, including 29 branches in Oahu, 6 branches in Maui, 4 branches in Hawaii, 2 branches in Kauai, and 1 branch in Molokai. The Other segment invests in non-regulated renewable energy and sustainable infrastructure in the State of Hawaii. Hawaiian Electric Industries Inc. was incorporated in 1891 and is headquartered in Honolulu, Hawaii.Show more

Revenue $3.22B -2.1%
EBITDA -$1.42B -355.5%
Net Income -$1.42B -814.8%
Free Cash Flow $136M +25.3%
EBITDA Margin -44.22% -360.8%
Net Margin -44.23% -829.8%
ROE -73.17% -941.3%
Interest Coverage -14.02 -713.5%
Debt/Equity 2.20 +61.5%
Net Debt/EBITDA -
CapEx / Revenue 10.23% -24.0%
CapEx Coverage 1.41 +13.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 1.2x book value

✗Weaknesses

✗High debt to equity ratio of 2.2x
✗Shares diluted 15.3% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-0.06%

5Y2.3%

3Y4.15%

TTM-10.35%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM101.31%

EPS CAGR

10Y-

5Y-

3Y-

TTM99.32%

ROCE

10Y Avg0.07%

5Y Avg-2.7%

3Y Avg-6.18%

Latest-22.67%

Peer Comparison

Island & Specialized Electric Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HEHawaiian Electric Industries, Inc.	2.47B	14.28	-1.27	-2.06%	0.62%	1.07%	5.53%	2.20

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	2.6B	2.38B	2.56B	2.86B	2.87B	2.58B	2.85B	3.42B	3.29B	3.22B
Revenue Growth %	-0.2%	-0.09%	0.07%	0.12%	0%	-0.1%	0.1%	0.2%	-0.04%	-0.02%
Cost of Revenue	2.28B	2.03B	2.22B	2.53B	2.25B	2.01B	2.17B	2.79B	2.66B	4.93B
Gross Profit+	322.55M	348.18M	338.29M	333.36M	626.78M	568.7M	676.91M	628.69M	627.05M	-1.71B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.02%	0.08%	-0.03%	-0.01%	0.88%	-0.09%	0.19%	-0.07%	-0%	-3.72%
Operating Expenses+	-6.93M	-8.32M	-12.48M	-4.92M	278.76M	257.2M	290.85M	349.14M	352.06M	0
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	518.14M	542.45M	538.95M	547.39M	626.13M	602.27M	664.77M	549.96M	557.3M	-1.42B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.02%	0.05%	-0.01%	0.02%	0.14%	-0.04%	0.1%	-0.17%	0.01%	-3.55%
Depreciation & Amortization+	195.59M	194.27M	200.66M	214.04M	278.11M	290.78M	278.7M	270.4M	282.31M	282.97M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	322.55M	348.18M	338.29M	333.36M	348.02M	311.49M	386.07M	279.56M	274.99M	-1.71B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.02%	0.08%	-0.03%	-0.01%	0.04%	-0.1%	0.24%	-0.28%	-0.02%	-7.21%
Interest Expense+	74.69M	72.66M	74.19M	83.81M	86.45M	85.7M	91.11M	99.99M	120.33M	121.74M
Interest Coverage	4.32x	4.79x	4.56x	3.98x	4.03x	3.63x	4.24x	2.80x	2.29x	-14.02x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	254.79M	373.84M	276.58M	254.46M	269.52M	238.73M	308.97M	200.06M	180.41M	-1.79B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	93.02M	123.69M	109.39M	50.8M	51.64M	40.91M	62.81M	38.91M	34.53M	-470.96M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	161.77M	250.15M	167.19M	203.66M	217.88M	197.82M	246.17M	241.14M	199.24M	-1.42B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.05%	0.55%	-0.33%	0.22%	0.07%	-0.09%	0.24%	-0.02%	-0.17%	-8.15%
EPS (Diluted)+	1.50	2.29	1.52	1.87	1.99	1.81	2.25	2.20	1.81	-11.23
EPS Growth %	-0.09%	0.53%	-0.34%	0.23%	0.06%	-0.09%	0.24%	-0.02%	-0.18%	-7.2%
EPS (Basic)	1.50	2.30	1.52	1.87	2.00	1.81	2.25	2.20	1.82	-11.23
Diluted Shares Outstanding	106.72M	108.31M	108.93M	109.15M	109.41M	109.36M	109.58M	109.78M	110.04M	126.93M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	11.79B	12.43B	13.1B	13.1B	13.75B	15.24B	16.07B	16.28B	17.24B	8.93B
Asset Growth %	0.05%	0.05%	0.05%	0%	0.05%	0.11%	0.05%	0.01%	0.06%	-0.48%
PP&E (Net)+	4.38B	4.6B	5.03B	4.83B	5.31B	5.42B	5.51B	5.8B	6.04B	6.2B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	5.93B	6.32B	6.55B	6.68B	5.64B	657.29M	670.97M	8.05B	10.77B	2.13B
Cash & Equivalents	300.48M	278.45M	261.88M	169.21M	196.81M	358.98M	311.46M	199.88M	244.09M	750.53M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	-384K	-445K	-11.25M	-1.8M	0	0	0	0	0	0
Other Current Assets	4.63M	18.82M	11.25M	1.8M	73.87M	0	0	5.87M	9.98B	926.62M
Long-Term Investments	10.68M	11.22M	54.22M	151.83M	1.24B	7.45B	8.24B	1.28B	0	0
Goodwill	82.19M	82.19M	82.19M	82.19M	82.19M	82.19M	82.19M	82.19M	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Other Assets	730.56M	671.41M	988.79M	980.59M	1.47B	1.4B	1.31B	1.07B	428.71M	596.22M
Total Liabilities	9.86B	10.36B	11B	10.94B	11.43B	12.87B	13.64B	14.08B	14.86B	7.42B
Total Debt+	2.02B	1.81B	1.99B	2.06B	2.46B	2.5B	2.6B	3.43B	3.24B	3.33B
Net Debt	1.72B	1.53B	1.73B	1.89B	2.27B	2.14B	2.29B	3.23B	3B	2.58B
Long-Term Debt	1.92B	1.81B	1.87B	1.99B	1.96B	2.21B	2.41B	3.08B	2.83B	2.69B
Short-Term Borrowings	1000K	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	199.57M	160.43M	136.76M	175.31M	401.23M	483.12M
Total Current Liabilities+	267.63M	168.5M	337.5M	317.02M	3.91B	335.27M	279.43M	445.36M	9.8B	1.32B
Accounts Payable	138.52M	143.28M	193.71M	214.77M	220.63M	182.35M	205.54M	251.46M	198.88M	203.45M
Accrued Expenses	26.04M	25.23M	25.84M	28.25M	24.94M	0	0	21.33M	28.35M	27.2M
Deferred Revenue	0	-92.62M	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	0	3.36B	23.55M	19.89M	0	9.55B	936.14M
Deferred Taxes	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	0	0
Other Liabilities	7B	7.65B	8.4B	8.26B	5.36B	9.53B	10.19B	10.12B	1.84B	2.92B
Total Equity+	1.96B	2.1B	2.13B	2.2B	2.31B	2.37B	2.43B	2.2B	2.38B	1.51B
Equity Growth %	0.07%	0.07%	0.01%	0.03%	0.05%	0.02%	0.02%	-0.09%	0.08%	-0.36%
Shareholders Equity	1.93B	2.07B	2.1B	2.16B	2.28B	2.37B	2.43B	2.2B	2.34B	1.51B
Minority Interest	34.29M	34.29M	34.29M	34.29M	34.29M	0	0	0	34.29M	0
Common Stock	1.63B	1.66B	1.66B	1.67B	1.68B	1.68B	1.69B	1.69B	1.71B	2.26B
Additional Paid-in Capital	1.63B	1.66B	1.66B	1.67B	0	0	0	0	0	0
Retained Earnings	324.77M	438.97M	476.84M	543.62M	622.04M	660.4M	757.92M	845.83M	926.72M	-788.92M
Accumulated OCI	-26.26M	-33.13M	-41.94M	-50.61M	-20.04M	-1.26M	-52.53M	-336.03M	-289.35M	3.46M
Return on Assets (ROA)	0.01%	0.02%	0.01%	0.02%	0.02%	0.01%	0.02%	0.01%	0.01%	-0.11%
Return on Equity (ROE)	0.09%	0.12%	0.08%	0.09%	0.1%	0.08%	0.1%	0.1%	0.09%	-0.73%
Debt / Equity	1.03x	0.86x	0.93x	0.94x	1.06x	1.05x	1.07x	1.56x	1.36x	2.20x
Debt / Assets	0.17%	0.15%	0.15%	0.16%	0.18%	0.16%	0.16%	0.21%	0.19%	0.37%
Net Debt / EBITDA	3.32x	2.83x	3.21x	3.46x	3.62x	3.55x	3.44x	5.87x	5.38x	-
Book Value per Share	18.38	19.4	19.57	20.13	21.16	21.69	22.13	20.06	21.62	11.92

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	355.88M	495.25M	420.44M	499.31M	512.47M	429.41M	375.67M	327.93M	551.47M	465.73M
Operating CF Growth %	0.18%	0.39%	-0.15%	0.19%	0.03%	-0.16%	-0.13%	-0.13%	0.68%	-0.16%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	161.77M	250.15M	167.19M	203.66M	219.77M	199.71M	248.06M	190.92M	147.77M	-1.22B
Depreciation & Amortization	195.59M	204.75M	222M	255.63M	278.11M	290.78M	278.7M	260.74M	254.99M	282.97M
Deferred Taxes	41.43M	47.12M	37.84M	-9.37M	-15.09M	-1.71M	-5.4M	-41.41M	9.35M	-481.62M
Other Non-Cash Items	13.08M	-5.09M	7.94M	2.29M	3.63M	13.53M	-28.39M	-26.05M	124.69M	-27.29M
Working Capital Changes	-62.53M	-6.45M	-19.92M	39.3M	16.05M	-78.72M	-126.43M	-66.64M	14.68M	1.92B
Capital Expenditures+	-705.72M	-736.47M	-815.3M	-537.37M	-457.52M	-1.41B	-1.18B	-329.46M	-442.73M	-329.48M
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-705.72M	-736.47M	-815.3M	-792.06M	-541.71M	-1.41B	-1.18B	-324.08M	-257.4M	-317.63M
Acquisitions	363.8M	330.04M	-76.32M	537.37M	457.52M	383.89M	314.52M	-25.71M	0	0
Purchase of Investments	-430.86M	-541.73M	-593.27M	-370.31M	-223.75M	-1.55B	-1.86B	-540.79M	0	0
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0
Other Investing	-488.36M	-438.24M	124.87M	-674.44M	-723.38M	-603.07M	-182.16M	42.87M	185.33M	11.85M
Cash from Financing+	474.78M	218.78M	378.29M	200.07M	87.72M	1.12B	756.4M	-19.86M	195.57M	-72.03M
Dividends Paid	-133.66M	-117.27M	-136.76M	-136.88M	-139.46M	-145.99M	-150.53M	-127.89M	-75.85M	-28M
Dividend Payout Ratio %	0.81%	0.47%	0.81%	0.66%	0.64%	0.73%	0.6%	0.52%	0.37%	-
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K
Stock Issued	104.44M	13.22M	0	0	997K	34M	54.4M	13.1M	1.22M	270K
Share Repurchases	0	0	-3.83M	-996K	-997K	0	0	0	0	0
Other Financing	439.91M	-43.82M	393.27M	-2.6M	108.33M	1.07B	725.77M	-364K	-15.07M	-9.19M
Net Change in Cash+	124.94M	-22.03M	-16.57M	-92.67M	58.48M	113.74M	-53.43M	-16.02M	54.19M	76.07M
Exchange Rate Effect	0	0	0	0	0	-1000K	-1000K	0	-1000K	0
Cash at Beginning	175.54M	300.48M	278.45M	261.88M	169.21M	227.69M	358.98M	55.26M	204.93M	108.08M
Cash at End	300.48M	278.45M	261.88M	169.21M	227.69M	341.42M	305.55M	39.24M	259.12M	184.15M
Free Cash Flow+	-349.84M	-241.21M	-394.86M	-38.06M	54.95M	-984.24M	-803.92M	-1.53M	108.74M	136.25M
FCF Growth %	-0.31%	0.31%	-0.64%	0.9%	2.44%	-18.91%	0.18%	1%	72.21%	0.25%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.54%	12.31%	7.9%	9.41%	9.66%	8.44%	10.26%	10.42%	8.7%	-73.17%
EBITDA Margin	19.91%	22.79%	21.09%	19.13%	21.79%	23.35%	23.32%	16.08%	16.95%	-44.22%
Net Debt / EBITDA	3.32x	2.83x	3.21x	3.46x	3.62x	3.55x	3.44x	5.87x	5.38x	-
Interest Coverage	4.32x	4.79x	4.56x	3.98x	4.03x	3.63x	4.24x	2.80x	2.29x	-14.02x
CapEx / Revenue	27.11%	30.94%	31.9%	18.78%	15.92%	54.8%	41.38%	9.63%	13.47%	10.23%
Dividend Payout Ratio	81.45%	46.88%	80.67%	66.28%	64.01%	72.84%	60.38%	52.21%	37.12%	-
Debt / Equity	1.03x	0.86x	0.93x	0.94x	1.06x	1.05x	1.07x	1.56x	1.36x	2.20x
EPS Growth	-8.54%	52.67%	-33.62%	23.03%	6.42%	-9.05%	24.31%	-2.22%	-17.73%	-720.44%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Electric Energy Sales, Large Light And Power	-	-	-	894.77M	905.31M	751.46M	837.83M	1.22B	1.14B	1.12B
Electric Energy Sales, Large Light And Power Growth	-	-	-	-	1.18%	-16.99%	11.49%	45.81%	-6.59%	-1.51%
Electric Energy Sales, Commercial	-	-	-	853.67M	846.11M	703.52M	791.42M	1.09B	1.04B	1.01B
Electric Energy Sales, Commercial Growth	-	-	-	-	-0.89%	-16.85%	12.50%	37.41%	-3.99%	-2.96%
Electric Energy Sales, Residential	-	-	-	801.85M	807.65M	766.61M	830.65M	1.08B	1.03B	1.01B
Electric Energy Sales, Residential Growth	-	-	-	-	0.72%	-5.08%	8.35%	29.82%	-4.83%	-1.33%
Product and Service, Other	-	-	-	-	-	-	-	33.71M	35.29M	42.12M
Product and Service, Other Growth	-	-	-	-	-	-	-	-	4.69%	19.35%
Electric Energy Sales, Other	-	-	-	17.24M	16.3M	8.05M	10.77M	17.06M	19.47M	18.68M
Electric Energy Sales, Other Growth	-	-	-	-	-5.49%	-50.58%	33.72%	58.43%	14.11%	-4.05%
Other Sales	-	-	-	-	-	-	-	11.8M	17.54M	11.92M
Other Sales Growth	-	-	-	-	-	-	-	-	48.59%	-32.02%
Regulatory Revenue	-	-	-	-37.69M	-54.1M	11.87M	40.07M	-29.12M	3.71M	-2.57M
Regulatory Revenue Growth	-	-	-	-	-43.55%	121.94%	237.59%	-172.68%	112.73%	-169.20%
Bank Interest And Dividend Income	-	-	-	258.23M	266.55M	244.66M	242.27M	265.87M	334.78M	-
Bank Interest And Dividend Income Growth	-	-	-	-	3.23%	-8.21%	-0.98%	9.74%	25.92%	-
Bank Fees	-	-	-	47.3M	46.66M	38.89M	46.66M	48.88M	48.78M	-
Bank Fees Growth	-	-	-	-	-1.36%	-16.66%	19.98%	4.77%	-0.21%	-
Other Bank Noninterest Income	-	-	-	8.75M	15.36M	29.96M	17.47M	6.31M	11.1M	-
Other Bank Noninterest Income Growth	-	-	-	-	75.51%	95.10%	-41.68%	-63.88%	75.87%	-
Electric Utility	-	2.09B	2.26B	-	-	-	-	-	-	-
Electric Utility Growth	-	-	7.79%	-	-	-	-	-	-	-
Banking	-	285.92M	297.64M	-	-	-	-	-	-	-
Banking Growth	-	-	4.10%	-	-	-	-	-	-	-
Others	-	362K	419K	-	-	-	-	-	-	-
Others Growth	-	-	15.75%	-	-	-	-	-	-	-
Hawaiian Electric Company and Subsidiaries	209M	-	-	-	-	-	-	-	-	-
Hawaiian Electric Company and Subsidiaries Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024

Frequently Asked Questions

Growth & Financials

Hawaiian Electric Industries, Inc. (HE) reported $2.77B in revenue for fiscal year 2024. This represents a 15% decrease from $3.24B in 2011.

Hawaiian Electric Industries, Inc. (HE) saw revenue decline by 2.1% over the past year.

Yes, Hawaiian Electric Industries, Inc. (HE) is profitable, generating $17.1M in net income for fiscal year 2024 (-44.2% net margin).

Dividend & Returns

Yes, Hawaiian Electric Industries, Inc. (HE) pays a dividend with a yield of 1.43%. This makes it attractive for income-focused investors.

Hawaiian Electric Industries, Inc. (HE) has a return on equity (ROE) of -73.2%. Negative ROE indicates the company is unprofitable.

Hawaiian Electric Industries, Inc. (HE) generated $448.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Industry Metrics

Hawaiian Electric Industries, Inc. (HE) has a dividend payout ratio of 0%. This suggests the dividend is well-covered and sustainable.

US Stock Screener

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Hawaiian Electric Industries, Inc. (HE) 10-Year Financial Performance & Capital Metrics

HE • • Utilities

UtilitiesDiversified UtilitiesRegional Electric UtilitiesIsland & Specialized Electric Utilities

Revenue $3.22B -2.1%
EBITDA -$1.42B -355.5%
Net Income -$1.42B -814.8%
Free Cash Flow $136M +25.3%
EBITDA Margin -44.22% -360.8%
Net Margin -44.23% -829.8%
ROE -73.17% -941.3%
Interest Coverage -14.02 -713.5%
Debt/Equity 2.20 +61.5%
Net Debt/EBITDA -
CapEx / Revenue 10.23% -24.0%
CapEx Coverage 1.41 +13.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 1.2x book value

✗Weaknesses

✗High debt to equity ratio of 2.2x
✗Shares diluted 15.3% in last year

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-0.06%

5Y2.3%

3Y4.15%

TTM-10.35%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM101.31%

EPS CAGR

10Y-

5Y-

3Y-

TTM99.32%

ROCE

10Y Avg0.07%

5Y Avg-2.7%

3Y Avg-6.18%

Latest-22.67%

Peer Comparison

Island & Specialized Electric Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HEHawaiian Electric Industries, Inc.	2.47B	14.28	-1.27	-2.06%	0.62%	1.07%	5.53%	2.20

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	2.6B	2.38B	2.56B	2.86B	2.87B	2.58B	2.85B	3.42B	3.29B	3.22B
Revenue Growth %	-0.2%	-0.09%	0.07%	0.12%	0%	-0.1%	0.1%	0.2%	-0.04%	-0.02%
Cost of Revenue	2.28B	2.03B	2.22B	2.53B	2.25B	2.01B	2.17B	2.79B	2.66B	4.93B
Gross Profit+	322.55M	348.18M	338.29M	333.36M	626.78M	568.7M	676.91M	628.69M	627.05M	-1.71B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.02%	0.08%	-0.03%	-0.01%	0.88%	-0.09%	0.19%	-0.07%	-0%	-3.72%
Operating Expenses+	-6.93M	-8.32M	-12.48M	-4.92M	278.76M	257.2M	290.85M	349.14M	352.06M	0
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	518.14M	542.45M	538.95M	547.39M	626.13M	602.27M	664.77M	549.96M	557.3M	-1.42B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.02%	0.05%	-0.01%	0.02%	0.14%	-0.04%	0.1%	-0.17%	0.01%	-3.55%
Depreciation & Amortization+	195.59M	194.27M	200.66M	214.04M	278.11M	290.78M	278.7M	270.4M	282.31M	282.97M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	322.55M	348.18M	338.29M	333.36M	348.02M	311.49M	386.07M	279.56M	274.99M	-1.71B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.02%	0.08%	-0.03%	-0.01%	0.04%	-0.1%	0.24%	-0.28%	-0.02%	-7.21%
Interest Expense+	74.69M	72.66M	74.19M	83.81M	86.45M	85.7M	91.11M	99.99M	120.33M	121.74M
Interest Coverage	4.32x	4.79x	4.56x	3.98x	4.03x	3.63x	4.24x	2.80x	2.29x	-14.02x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	254.79M	373.84M	276.58M	254.46M	269.52M	238.73M	308.97M	200.06M	180.41M	-1.79B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	93.02M	123.69M	109.39M	50.8M	51.64M	40.91M	62.81M	38.91M	34.53M	-470.96M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	161.77M	250.15M	167.19M	203.66M	217.88M	197.82M	246.17M	241.14M	199.24M	-1.42B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.05%	0.55%	-0.33%	0.22%	0.07%	-0.09%	0.24%	-0.02%	-0.17%	-8.15%
EPS (Diluted)+	1.50	2.29	1.52	1.87	1.99	1.81	2.25	2.20	1.81	-11.23
EPS Growth %	-0.09%	0.53%	-0.34%	0.23%	0.06%	-0.09%	0.24%	-0.02%	-0.18%	-7.2%
EPS (Basic)	1.50	2.30	1.52	1.87	2.00	1.81	2.25	2.20	1.82	-11.23
Diluted Shares Outstanding	106.72M	108.31M	108.93M	109.15M	109.41M	109.36M	109.58M	109.78M	110.04M	126.93M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	11.79B	12.43B	13.1B	13.1B	13.75B	15.24B	16.07B	16.28B	17.24B	8.93B
Asset Growth %	0.05%	0.05%	0.05%	0%	0.05%	0.11%	0.05%	0.01%	0.06%	-0.48%
PP&E (Net)+	4.38B	4.6B	5.03B	4.83B	5.31B	5.42B	5.51B	5.8B	6.04B	6.2B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	5.93B	6.32B	6.55B	6.68B	5.64B	657.29M	670.97M	8.05B	10.77B	2.13B
Cash & Equivalents	300.48M	278.45M	261.88M	169.21M	196.81M	358.98M	311.46M	199.88M	244.09M	750.53M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	-384K	-445K	-11.25M	-1.8M	0	0	0	0	0	0
Other Current Assets	4.63M	18.82M	11.25M	1.8M	73.87M	0	0	5.87M	9.98B	926.62M
Long-Term Investments	10.68M	11.22M	54.22M	151.83M	1.24B	7.45B	8.24B	1.28B	0	0
Goodwill	82.19M	82.19M	82.19M	82.19M	82.19M	82.19M	82.19M	82.19M	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Other Assets	730.56M	671.41M	988.79M	980.59M	1.47B	1.4B	1.31B	1.07B	428.71M	596.22M
Total Liabilities	9.86B	10.36B	11B	10.94B	11.43B	12.87B	13.64B	14.08B	14.86B	7.42B
Total Debt+	2.02B	1.81B	1.99B	2.06B	2.46B	2.5B	2.6B	3.43B	3.24B	3.33B
Net Debt	1.72B	1.53B	1.73B	1.89B	2.27B	2.14B	2.29B	3.23B	3B	2.58B
Long-Term Debt	1.92B	1.81B	1.87B	1.99B	1.96B	2.21B	2.41B	3.08B	2.83B	2.69B
Short-Term Borrowings	1000K	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	199.57M	160.43M	136.76M	175.31M	401.23M	483.12M
Total Current Liabilities+	267.63M	168.5M	337.5M	317.02M	3.91B	335.27M	279.43M	445.36M	9.8B	1.32B
Accounts Payable	138.52M	143.28M	193.71M	214.77M	220.63M	182.35M	205.54M	251.46M	198.88M	203.45M
Accrued Expenses	26.04M	25.23M	25.84M	28.25M	24.94M	0	0	21.33M	28.35M	27.2M
Deferred Revenue	0	-92.62M	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	0	3.36B	23.55M	19.89M	0	9.55B	936.14M
Deferred Taxes	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	0	0
Other Liabilities	7B	7.65B	8.4B	8.26B	5.36B	9.53B	10.19B	10.12B	1.84B	2.92B
Total Equity+	1.96B	2.1B	2.13B	2.2B	2.31B	2.37B	2.43B	2.2B	2.38B	1.51B
Equity Growth %	0.07%	0.07%	0.01%	0.03%	0.05%	0.02%	0.02%	-0.09%	0.08%	-0.36%
Shareholders Equity	1.93B	2.07B	2.1B	2.16B	2.28B	2.37B	2.43B	2.2B	2.34B	1.51B
Minority Interest	34.29M	34.29M	34.29M	34.29M	34.29M	0	0	0	34.29M	0
Common Stock	1.63B	1.66B	1.66B	1.67B	1.68B	1.68B	1.69B	1.69B	1.71B	2.26B
Additional Paid-in Capital	1.63B	1.66B	1.66B	1.67B	0	0	0	0	0	0
Retained Earnings	324.77M	438.97M	476.84M	543.62M	622.04M	660.4M	757.92M	845.83M	926.72M	-788.92M
Accumulated OCI	-26.26M	-33.13M	-41.94M	-50.61M	-20.04M	-1.26M	-52.53M	-336.03M	-289.35M	3.46M
Return on Assets (ROA)	0.01%	0.02%	0.01%	0.02%	0.02%	0.01%	0.02%	0.01%	0.01%	-0.11%
Return on Equity (ROE)	0.09%	0.12%	0.08%	0.09%	0.1%	0.08%	0.1%	0.1%	0.09%	-0.73%
Debt / Equity	1.03x	0.86x	0.93x	0.94x	1.06x	1.05x	1.07x	1.56x	1.36x	2.20x
Debt / Assets	0.17%	0.15%	0.15%	0.16%	0.18%	0.16%	0.16%	0.21%	0.19%	0.37%
Net Debt / EBITDA	3.32x	2.83x	3.21x	3.46x	3.62x	3.55x	3.44x	5.87x	5.38x	-
Book Value per Share	18.38	19.4	19.57	20.13	21.16	21.69	22.13	20.06	21.62	11.92

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	355.88M	495.25M	420.44M	499.31M	512.47M	429.41M	375.67M	327.93M	551.47M	465.73M
Operating CF Growth %	0.18%	0.39%	-0.15%	0.19%	0.03%	-0.16%	-0.13%	-0.13%	0.68%	-0.16%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	161.77M	250.15M	167.19M	203.66M	219.77M	199.71M	248.06M	190.92M	147.77M	-1.22B
Depreciation & Amortization	195.59M	204.75M	222M	255.63M	278.11M	290.78M	278.7M	260.74M	254.99M	282.97M
Deferred Taxes	41.43M	47.12M	37.84M	-9.37M	-15.09M	-1.71M	-5.4M	-41.41M	9.35M	-481.62M
Other Non-Cash Items	13.08M	-5.09M	7.94M	2.29M	3.63M	13.53M	-28.39M	-26.05M	124.69M	-27.29M
Working Capital Changes	-62.53M	-6.45M	-19.92M	39.3M	16.05M	-78.72M	-126.43M	-66.64M	14.68M	1.92B
Capital Expenditures+	-705.72M	-736.47M	-815.3M	-537.37M	-457.52M	-1.41B	-1.18B	-329.46M	-442.73M	-329.48M
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-705.72M	-736.47M	-815.3M	-792.06M	-541.71M	-1.41B	-1.18B	-324.08M	-257.4M	-317.63M
Acquisitions	363.8M	330.04M	-76.32M	537.37M	457.52M	383.89M	314.52M	-25.71M	0	0
Purchase of Investments	-430.86M	-541.73M	-593.27M	-370.31M	-223.75M	-1.55B	-1.86B	-540.79M	0	0
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0
Other Investing	-488.36M	-438.24M	124.87M	-674.44M	-723.38M	-603.07M	-182.16M	42.87M	185.33M	11.85M
Cash from Financing+	474.78M	218.78M	378.29M	200.07M	87.72M	1.12B	756.4M	-19.86M	195.57M	-72.03M
Dividends Paid	-133.66M	-117.27M	-136.76M	-136.88M	-139.46M	-145.99M	-150.53M	-127.89M	-75.85M	-28M
Dividend Payout Ratio %	0.81%	0.47%	0.81%	0.66%	0.64%	0.73%	0.6%	0.52%	0.37%	-
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K
Stock Issued	104.44M	13.22M	0	0	997K	34M	54.4M	13.1M	1.22M	270K
Share Repurchases	0	0	-3.83M	-996K	-997K	0	0	0	0	0
Other Financing	439.91M	-43.82M	393.27M	-2.6M	108.33M	1.07B	725.77M	-364K	-15.07M	-9.19M
Net Change in Cash+	124.94M	-22.03M	-16.57M	-92.67M	58.48M	113.74M	-53.43M	-16.02M	54.19M	76.07M
Exchange Rate Effect	0	0	0	0	0	-1000K	-1000K	0	-1000K	0
Cash at Beginning	175.54M	300.48M	278.45M	261.88M	169.21M	227.69M	358.98M	55.26M	204.93M	108.08M
Cash at End	300.48M	278.45M	261.88M	169.21M	227.69M	341.42M	305.55M	39.24M	259.12M	184.15M
Free Cash Flow+	-349.84M	-241.21M	-394.86M	-38.06M	54.95M	-984.24M	-803.92M	-1.53M	108.74M	136.25M
FCF Growth %	-0.31%	0.31%	-0.64%	0.9%	2.44%	-18.91%	0.18%	1%	72.21%	0.25%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.54%	12.31%	7.9%	9.41%	9.66%	8.44%	10.26%	10.42%	8.7%	-73.17%
EBITDA Margin	19.91%	22.79%	21.09%	19.13%	21.79%	23.35%	23.32%	16.08%	16.95%	-44.22%
Net Debt / EBITDA	3.32x	2.83x	3.21x	3.46x	3.62x	3.55x	3.44x	5.87x	5.38x	-
Interest Coverage	4.32x	4.79x	4.56x	3.98x	4.03x	3.63x	4.24x	2.80x	2.29x	-14.02x
CapEx / Revenue	27.11%	30.94%	31.9%	18.78%	15.92%	54.8%	41.38%	9.63%	13.47%	10.23%
Dividend Payout Ratio	81.45%	46.88%	80.67%	66.28%	64.01%	72.84%	60.38%	52.21%	37.12%	-
Debt / Equity	1.03x	0.86x	0.93x	0.94x	1.06x	1.05x	1.07x	1.56x	1.36x	2.20x
EPS Growth	-8.54%	52.67%	-33.62%	23.03%	6.42%	-9.05%	24.31%	-2.22%	-17.73%	-720.44%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Electric Energy Sales, Large Light And Power	-	-	-	894.77M	905.31M	751.46M	837.83M	1.22B	1.14B	1.12B
Electric Energy Sales, Large Light And Power Growth	-	-	-	-	1.18%	-16.99%	11.49%	45.81%	-6.59%	-1.51%
Electric Energy Sales, Commercial	-	-	-	853.67M	846.11M	703.52M	791.42M	1.09B	1.04B	1.01B
Electric Energy Sales, Commercial Growth	-	-	-	-	-0.89%	-16.85%	12.50%	37.41%	-3.99%	-2.96%
Electric Energy Sales, Residential	-	-	-	801.85M	807.65M	766.61M	830.65M	1.08B	1.03B	1.01B
Electric Energy Sales, Residential Growth	-	-	-	-	0.72%	-5.08%	8.35%	29.82%	-4.83%	-1.33%
Product and Service, Other	-	-	-	-	-	-	-	33.71M	35.29M	42.12M
Product and Service, Other Growth	-	-	-	-	-	-	-	-	4.69%	19.35%
Electric Energy Sales, Other	-	-	-	17.24M	16.3M	8.05M	10.77M	17.06M	19.47M	18.68M
Electric Energy Sales, Other Growth	-	-	-	-	-5.49%	-50.58%	33.72%	58.43%	14.11%	-4.05%
Other Sales	-	-	-	-	-	-	-	11.8M	17.54M	11.92M
Other Sales Growth	-	-	-	-	-	-	-	-	48.59%	-32.02%
Regulatory Revenue	-	-	-	-37.69M	-54.1M	11.87M	40.07M	-29.12M	3.71M	-2.57M
Regulatory Revenue Growth	-	-	-	-	-43.55%	121.94%	237.59%	-172.68%	112.73%	-169.20%
Bank Interest And Dividend Income	-	-	-	258.23M	266.55M	244.66M	242.27M	265.87M	334.78M	-
Bank Interest And Dividend Income Growth	-	-	-	-	3.23%	-8.21%	-0.98%	9.74%	25.92%	-
Bank Fees	-	-	-	47.3M	46.66M	38.89M	46.66M	48.88M	48.78M	-
Bank Fees Growth	-	-	-	-	-1.36%	-16.66%	19.98%	4.77%	-0.21%	-
Other Bank Noninterest Income	-	-	-	8.75M	15.36M	29.96M	17.47M	6.31M	11.1M	-
Other Bank Noninterest Income Growth	-	-	-	-	75.51%	95.10%	-41.68%	-63.88%	75.87%	-
Electric Utility	-	2.09B	2.26B	-	-	-	-	-	-	-
Electric Utility Growth	-	-	7.79%	-	-	-	-	-	-	-
Banking	-	285.92M	297.64M	-	-	-	-	-	-	-
Banking Growth	-	-	4.10%	-	-	-	-	-	-	-
Others	-	362K	419K	-	-	-	-	-	-	-
Others Growth	-	-	15.75%	-	-	-	-	-	-	-
Hawaiian Electric Company and Subsidiaries	209M	-	-	-	-	-	-	-	-	-
Hawaiian Electric Company and Subsidiaries Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024

Frequently Asked Questions

Growth & Financials

Hawaiian Electric Industries, Inc. (HE) reported $2.77B in revenue for fiscal year 2024. This represents a 15% decrease from $3.24B in 2011.

Hawaiian Electric Industries, Inc. (HE) saw revenue decline by 2.1% over the past year.

Yes, Hawaiian Electric Industries, Inc. (HE) is profitable, generating $17.1M in net income for fiscal year 2024 (-44.2% net margin).

Dividend & Returns

Yes, Hawaiian Electric Industries, Inc. (HE) pays a dividend with a yield of 1.43%. This makes it attractive for income-focused investors.

Hawaiian Electric Industries, Inc. (HE) has a return on equity (ROE) of -73.2%. Negative ROE indicates the company is unprofitable.

Hawaiian Electric Industries, Inc. (HE) generated $448.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Industry Metrics

Hawaiian Electric Industries, Inc. (HE) has a dividend payout ratio of 0%. This suggests the dividend is well-covered and sustainable.