Latest Ratios: P/E Ratio 13.0x · EV/EBITDA 7.2x · ROE 8.1%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.6B | $2.1B | $1.2B | $1.6B | $4.6B | $4.5B | $3.9B | $5.1B | $4.0B | $3.9B | $3.6B |
| Enterprise Value | $3.6B | $4.1B | $3.3B | $4.5B | $7.8B | $6.8B | $6.0B | $7.4B | $5.9B | $5.7B | $5.1B |
| P/E Ratio → | 12.99 | 17.32 | — | 7.84 | 19.02 | 18.44 | 19.55 | 23.55 | 19.58 | 23.78 | 14.44 |
| P/S Ratio | 0.52 | 0.69 | 0.38 | 0.47 | 1.34 | 1.60 | 1.50 | 1.78 | 1.40 | 1.54 | 1.50 |
| P/B Ratio | 0.99 | 1.33 | 0.82 | 0.66 | 2.05 | 1.88 | 1.63 | 2.22 | 1.82 | 1.85 | 1.70 |
| P/FCF | 31.92 | 42.67 | 9.06 | 14.36 | — | — | — | 93.30 | — | — | — |
| P/OCF | 4.07 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 7.21 | 8.29 | — | 8.16 | 14.21 | 10.28 | 9.98 | 11.76 | 10.76 | 10.52 | 9.43 |
| EV / EBIT | 15.17 | 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 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.7% | 5.8% | — | 12.8% | 5.3% | 5.4% | 5.1% | 4.2% | 5.1% | 4.2% | 6.9% |
| FCF Yield | 3.1% | 2.3% | 11.0% | 7.0% | — | — | — | 1.1% | — | — | — |
| Buyback Yield | 2.2% | 1.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% |
| Total Shareholder Yield | 2.3% | 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 |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying HE stock.
Hawaiian Electric Industries, Inc.'s current P/E ratio is 13.0x. The historical average is 20.6x. This places it at the 7th percentile of its historical range.
Hawaiian Electric Industries, Inc.'s current EV/EBITDA is 7.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.4x.
Hawaiian Electric Industries, Inc.'s return on equity (ROE) is 8.1%. The historical average is 6.5%.
Based on historical data, Hawaiian Electric Industries, Inc. is trading at a P/E of 13.0x. This is at the 7th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Hawaiian Electric Industries, Inc.'s current dividend yield is 0.12%.
Hawaiian Electric Industries, Inc. has 7.6% gross margin and 7.6% operating margin.
Hawaiian Electric Industries, Inc.'s Debt/EBITDA ratio is 6.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Wildfire litigation and liquidity strain
Metrics are mathematically derived from official filings.
Distressed Multiple, Not Utility Norm
HE trades at 16.5x trailing earnings and 8.1x EV/EBITDA, a discount to peers like NWE (24.4x P/E) and MGEE (22.0x), reflecting a risk premium for wildfire liabilities, per recent market data.
The forward P/E of 12.6x suggests the market expects earnings recovery, but the 0.1% dividend yield (versus 2.3-5.0% for peers) signals that income investors have abandoned the stock. The P/B of 1.26x is below the peer average of ~1.77x, implying the market assigns a going-concern discount to the book value, likely due to potential litigation losses. This valuation is more comparable to distressed assets than to regulated utilities, indicating the market is pricing in a high probability of adverse outcomes.
Earned ROE Far Below Authorized
Earned ROE swung from -73.3% in 2024Q2 to 7.2% in 2026Q2, but the 2026Q2 figure remains below typical authorized ROEs of 9-10%, indicating regulatory lag and crisis-related costs, per SEC filings.
The 2024Q2 collapse was driven by wildfire charges, but even the recent 7.2% ROE is below the allowed return, suggesting the utility is not earning its cost of capital. The 2026Q1 ROE of 1.9% and 2025Q4 of 2.6% highlight persistent under-earning, which may indicate that the PUC is not granting timely recovery of wildfire mitigation and legal costs. Investors should monitor whether future rate cases can restore earned ROE to authorized levels, as this gap directly impacts the stock's valuation.
Pass-Through Masks Margin Volatility
Operating margin improved to 21.7% in 2026Q2 from 7.2% in 2026Q1, but the 2024Q2 operating loss of $1.7B reflects wildfire charges, while gross margin of 7.6% indicates fuel pass-through, per financial statements.
The 2026Q2 operating margin spike appears driven by a one-time $374M depreciation charge, which inflates the margin artificially, as noted in prior analysis. Excluding non-recurring items, the underlying operating margin is likely in the mid-single digits, consistent with the 2025-2026 range of 6-8%. This suggests that cost recovery mechanisms are functioning for fuel, but the company is absorbing elevated legal and wildfire mitigation costs without full regulatory recovery, compressing true profitability.
Leverage Spikes Beyond Regulatory Norms
Debt-to-capital rose to 0.62 in 2026Q2 from 0.62 in 2024Q1, but peaked at 0.78 in 2024Q2, while interest coverage fell to 4.4x from 53.3x in 2024Q2, per balance sheet data.
The current debt-to-capital of 62% is above the typical 50-55% for regulated utilities, and the 2024Q2 spike to 78% reflects the equity erosion from wildfire losses. Interest coverage of 4.4x in 2026Q2 is below the 5x threshold often required by rating agencies, indicating weakened credit metrics. The reported D/E of 1.84% in the data is clearly a data error, but the actual leverage is elevated, and with cash down 80% from 2024Q4, refinancing risk is a concern.
Dividend Suspended, Payout Moot
Dividend yield is 0.1% with no payments since 2024Q2, as the company prioritizes capital preservation over income, per cash flow data.
The suspension eliminates any payout coverage analysis, but it signals a shift to preserving liquidity for litigation and debt service. The lack of dividend also removes a key support for the stock price, as income investors have exited. The company's ability to resume dividends depends on resolving wildfire liabilities and restoring equity, which appears distant given the ongoing legal overhang.
Misapplied P/E Ignores Distress
Comparing HE's P/E to utility peers is misleading because the trailing earnings include massive one-time charges, while the forward P/E of 12.6x assumes a recovery that may not materialize, per recent filings.
The standard utility P/E analysis fails here because HE's earnings are distorted by non-recurring items, such as the $1.3B loss in 2024Q2 and the $374M depreciation spike in 2026Q2. A more appropriate metric is EV/EBITDA, which at 8.1x is below peers, but even this may overstate value if EBITDA is inflated by regulatory assets. Investors should use a sum-of-the-parts analysis, separating the bank's value from the utility, and stress-test the utility's cash flows under adverse litigation scenarios.