Hawaiian Electric Industries, Inc. (HE) Financial Ratios
30 years of historical data (1996–2025) · Utilities · Diversified Utilities
EV/EBITDA
↓
8.53
↓-17% vs avg
5yr avg: 10.24
30Y Low6.0·High18.8
P/FCF
↑
45.07
↑+105% vs avg
5yr avg: 22.03
30Y Low1.4·High166.4
P/B Ratio
↓
1.40
+4% vs avg
5yr avg: 1.35
30Y Low0.7·High3.0
ROE
↓
8.1%
↓+213% vs avg
5yr avg: -7.2%
30Y Low-73%·High12%
Debt/EBITDA
↑
5.97
+9% vs avg
5yr avg: 5.48
30Y Low2.6·High12.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
HE Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Hawaiian Electric Industries, Inc. trades at 18.3x earnings, 17% above its 5-year average of 15.7x, sitting at the 28th percentile of its historical range. This is roughly in line with the Utilities sector median P/E of 19.0x. On a free-cash-flow basis, the stock trades at 45.1x P/FCF, 105% above the 5-year average of 22.0x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.2B | $2.1B | $1.2B | $1.6B | $4.6B | $4.5B | $3.9B | $5.1B | $4.0B | $3.9B | $3.6B |
| Enterprise Value | $4.2B | $4.1B | $3.3B | $4.5B | $7.8B | $6.8B | $6.0B | $7.4B | $5.9B | $5.7B | $5.1B |
| P/E Ratio → | 18.34 | 17.32 | — | 7.84 | 19.02 | 18.44 | 19.55 | 23.55 | 19.58 | 23.78 | 14.44 |
| P/S Ratio | 0.73 | 0.69 | 0.38 | 0.47 | 1.34 | 1.60 | 1.50 | 1.78 | 1.40 | 1.54 | 1.50 |
| P/B Ratio | 1.40 | 1.33 | 0.82 | 0.66 | 2.05 | 1.88 | 1.63 | 2.22 | 1.82 | 1.85 | 1.70 |
| P/FCF | 45.07 | 42.67 | 9.06 | 14.36 | — | — | — | 93.30 | — | — | — |
| P/OCF | 5.75 | 5.44 | 2.65 | 2.83 | 14.01 | 12.11 | 9.01 | 10.00 | 8.00 | 9.37 | 7.23 |
P/E links to full P/E history page with 30-year chart
HE EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Hawaiian Electric Industries, Inc.'s enterprise value stands at 8.5x EBITDA, 17% below its 5-year average of 10.2x. The Utilities sector median is 11.9x, placing the stock at a 28% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.33 | 1.03 | 1.38 | 2.29 | 2.40 | 2.33 | 2.56 | 2.06 | 2.22 | 2.15 |
| EV / EBITDA | 8.53 | 8.29 | — | 8.16 | 14.21 | 10.28 | 9.98 | 11.76 | 10.76 | 10.52 | 9.43 |
| EV / EBIT | 17.96 | 14.70 | — | 16.29 | 27.60 | 17.45 | 19.49 | 21.33 | 17.00 | 16.14 | 11.46 |
| EV / FCF | — | 82.34 | 24.39 | 41.80 | — | — | — | 134.01 | — | — | — |
HE Profitability
Margins and return-on-capital ratios measuring operating efficiency
Hawaiian Electric Industries, Inc. earns an operating margin of 7.6%, below the Utilities sector average of 18.5%. ROE of 8.1% is modest, trailing the sector median of 9.3%. ROIC of 4.9% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 7.6% | 7.6% | -53.0% | 19.1% | 18.4% | 23.7% | 22.0% | 21.8% | 11.7% | 13.2% | 14.6% |
| Operating Margin | 7.6% | 7.6% | -53.0% | 8.4% | 8.2% | 13.5% | 12.1% | 12.1% | 11.7% | 13.2% | 14.6% |
| Net Profit Margin | 4.1% | 4.1% | -44.2% | 6.1% | 7.0% | 8.6% | 7.7% | 7.6% | 7.1% | 6.5% | 10.5% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.1% | 8.1% | -73.2% | 8.6% | 10.3% | 10.3% | 8.4% | 9.7% | 9.4% | 7.9% | 12.3% |
| ROA | 1.4% | 1.4% | -10.9% | 1.2% | 1.5% | 1.6% | 1.4% | 1.6% | 1.6% | 1.3% | 2.1% |
| ROIC | 4.9% | 4.9% | -28.6% | 3.8% | 4.1% | 6.3% | 5.2% | 6.0% | 6.3% | 6.8% | 7.1% |
| ROCE | 3.1% | 3.1% | -14.2% | 1.7% | 1.7% | 2.5% | 2.2% | 2.6% | 2.6% | 2.7% | 2.9% |
HE Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Hawaiian Electric Industries, Inc. carries a Debt/EBITDA ratio of 6.0x, which is highly leveraged (15% above the sector average of 5.2x). Net debt stands at $2.0B ($3.0B total debt minus $981M cash). Interest coverage of just 2.5x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.84 | 1.84 | 2.20 | 1.36 | 1.53 | 1.07 | 1.05 | 1.06 | 0.94 | 0.93 | 0.86 |
| Debt / EBITDA | 5.97 | 5.97 | — | 5.82 | 6.23 | 3.91 | 4.15 | 3.94 | 3.77 | 3.70 | 3.34 |
| Net Debt / Equity | — | 1.23 | 1.38 | 1.25 | 1.44 | 0.94 | 0.90 | 0.97 | 0.86 | 0.81 | 0.73 |
| Net Debt / EBITDA | 3.99 | 3.99 | — | 5.36 | 5.86 | 3.44 | 3.55 | 3.57 | 3.46 | 3.21 | 2.83 |
| Debt / FCF | — | 39.66 | 15.33 | 27.45 | — | — | — | 40.71 | — | — | — |
| Interest Coverage | 2.48 | 2.48 | -13.72 | 2.32 | 2.83 | 4.30 | 3.60 | 3.99 | 4.14 | 4.73 | 6.14 |
HE Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.32x means Hawaiian Electric Industries, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 1.59x to 1.32x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.32 | 1.32 | 1.61 | 1.59 | 1.61 | 2.40 | 1.96 | 1.23 | 1.62 | 1.56 | 3.12 |
| Quick Ratio | 1.32 | 1.32 | 1.61 | 1.59 | 1.61 | 2.40 | 1.96 | 1.23 | 1.62 | 1.56 | 3.12 |
| Cash Ratio | 0.69 | 0.69 | 0.94 | 0.34 | 0.46 | 1.17 | 1.12 | 0.53 | 0.60 | 0.78 | 1.71 |
| Asset Turnover | — | 0.35 | 0.36 | 0.19 | 0.21 | 0.18 | 0.17 | 0.21 | 0.22 | 0.20 | 0.19 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
HE Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Hawaiian Electric Industries, Inc. returns 1.7% to shareholders annually — split between a 0.1% dividend yield and 1.6% buyback yield. The earnings yield of 5.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.1% | 0.1% | 2.1% | 4.7% | 2.7% | 3.3% | 3.7% | 2.7% | 3.4% | 3.4% | 3.3% |
| Payout Ratio | — | — | — | 37.1% | 52.2% | 60.4% | 72.8% | 64.0% | 66.3% | 80.7% | 46.9% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.5% | 5.8% | — | 12.8% | 5.3% | 5.4% | 5.1% | 4.2% | 5.1% | 4.2% | 6.9% |
| FCF Yield | 2.2% | 2.3% | 11.0% | 7.0% | — | — | — | 1.1% | — | — | — |
| Buyback Yield | 1.6% | 1.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% |
| Total Shareholder Yield | 1.7% | 1.8% | 2.1% | 4.7% | 2.7% | 3.3% | 3.7% | 2.7% | 3.4% | 3.5% | 3.3% |
| Shares Outstanding | — | $173M | $127M | $110M | $110M | $110M | $109M | $109M | $109M | $109M | $108M |
Peer Comparison
Compare HE with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 HEYou | $2B | 18.3 | 8.5 | 45.1 | 7.6% | 7.6% | 8.1% | 4.9% | 6.0 |
 OTTR | $4B | 13.4 | 9.5 | 37.5 | 27.8% | 26.5% | 15.6% | 10.4% | 2.4 |
 AVA | $3B | 16.7 | 10.3 | — | 24.2% | 18.0% | 7.3% | 4.5% | 5.3 |
 NWE | $4B | 23.8 | 13.2 | — | 82.3% | 20.2% | 6.3% | 4.0% | 5.7 |
 MGEE | $3B | 20.4 | 13.1 | — | 97.3% | 22.9% | 10.7% | 6.1% | 3.3 |
 ED | $39B | 18.9 | 12.6 | 1088.8 | 62.0% | 17.3% | 8.8% | 4.4% | 5.5 |
 WEC | $37B | 23.2 | 15.3 | — | 50.5% | 24.2% | 11.6% | 5.1% | 5.8 |
 AEE | $30B | 20.3 | 13.5 | — | 29.6% | 23.0% | 11.3% | 4.7% | 5.4 |
 POR | $6B | 18.2 | 10.0 | — | 33.6% | 16.4% | 7.7% | 4.5% | 4.9 |
 IDA | $8B | 24.1 | 17.3 | — | 22.1% | 21.9% | 9.4% | 4.6% | 5.6 |
 BKH | $6B | 18.3 | 12.2 | — | 38.5% | 23.3% | 7.8% | 4.9% | 5.7 |
| Utilities Median | — | 19.0 | 11.9 | 18.6 | 38.4% | 18.5% | 9.3% | 4.9% | 5.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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HE — Frequently Asked Questions
Quick answers to the most common questions about buying HE stock.
What is Hawaiian Electric Industries, Inc.'s P/E ratio?
Hawaiian Electric Industries, Inc.'s current P/E ratio is 18.3x. The historical average is 20.6x. This places it at the 28th percentile of its historical range.
What is Hawaiian Electric Industries, Inc.'s EV/EBITDA?
Hawaiian Electric Industries, Inc.'s current EV/EBITDA is 8.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.4x.
What is Hawaiian Electric Industries, Inc.'s ROE?
Hawaiian Electric Industries, Inc.'s return on equity (ROE) is 8.1%. The historical average is 6.5%.
Is HE stock overvalued?
Based on historical data, Hawaiian Electric Industries, Inc. is trading at a P/E of 18.3x. This is at the 28th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Hawaiian Electric Industries, Inc.'s dividend yield?
Hawaiian Electric Industries, Inc.'s current dividend yield is 0.08%.
What are Hawaiian Electric Industries, Inc.'s profit margins?
Hawaiian Electric Industries, Inc. has 7.6% gross margin and 7.6% operating margin.
How much debt does Hawaiian Electric Industries, Inc. have?
Hawaiian Electric Industries, Inc.'s Debt/EBITDA ratio is 6.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.