Last 48 quarters of trend data · Utilities · Electric & Multi-Utilities
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 6.34 | 11.17 | 4.76 | 20.61 | 13.37 | 15.33 | 17.72 | 18.25 | — | — | — | 7.41 | 8.06 | 8.32 | 18.10 | 19.20 | 20.12 | 15.20 | 21.30 | 16.79 | 20.75 |
| — | -27.1% | -73.1% | +12.9% | — | — | — | +146.1% | — | — | — | -61.4% | -59.9% | -45.3% | -15.0% | +14.4% | -3.0% | -13.6% | +16.9% | -10.8% | +7.9% | |
| P/S Ratio | 0.42 | 0.38 | 0.62 | 0.86 | 0.66 | 0.60 | 0.61 | 0.64 | 0.60 | 0.29 | 0.31 | 0.39 | 0.70 | 0.38 | 1.11 | 1.14 | 1.13 | 0.91 | 1.25 | 1.48 | 1.48 |
| — | -36.3% | +1.4% | +35.5% | +9.3% | +104.7% | +96.6% | +61.8% | -13.5% | -21.4% | -71.8% | -65.4% | -38.2% | -58.9% | -11.4% | -23.1% | -23.6% | -38.3% | -26.4% | -21.9% | -0.5% | |
| P/B Ratio | 0.91 | 0.86 | 1.33 | 1.57 | 1.32 | 1.19 | 1.17 | 1.23 | 0.78 | 0.69 | 0.89 | 0.52 | 0.66 | 0.60 | 1.74 | 1.86 | 2.05 | 1.73 | 1.98 | 1.98 | 1.87 |
| — | -27.9% | +13.6% | +27.9% | +70.5% | +73.9% | +31.7% | +138.0% | +17.9% | +14.7% | -48.9% | -72.2% | -68.0% | -65.4% | -12.0% | -6.5% | +9.5% | -6.5% | +2.6% | -3.9% | +14.9% | |
| P/FCF | — | — | — | — | 25.70 | 75.81 | 7.67 | — | 0.70 | 3.48 | — | 12.42 | — | — | 12.56 | 18.61 | — | 2.90 | — | — | — |
| — | — | — | — | +3569.1% | +2077.1% | — | — | — | — | — | -33.3% | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | 6.00 | 11.39 | 4.40 | 10.56 | 7.81 | 7.69 | 7.87 | 7.14 | 6.84 | — | — | 9.28 | 18.28 | 7.47 | 7.06 | 10.88 | 11.57 | 10.62 | 11.28 | 10.20 | 11.35 |
| — | +48.1% | -44.0% | +48.0% | +14.1% | — | — | -23.1% | -62.6% | — | — | -14.7% | +57.9% | -29.6% | -37.4% | +6.7% | +2.0% | -1.6% | +4.9% | -9.4% | +5.8% | |
| EV / EBIT | 14.58 | — | 5.78 | 18.61 | 12.56 | 14.65 | 14.32 | 14.95 | 10.82 | — | — | 22.27 | 82.20 | 15.05 | 19.28 | 19.59 | 20.81 | 16.12 | 20.47 | 17.43 | 18.47 |
| — | — | -59.7% | +24.4% | +16.0% | — | — | -32.9% | -86.8% | — | — | +13.7% | +295.0% | -6.7% | -5.8% | +12.4% | +12.7% | -5.2% | +22.9% | +0.2% | +1.6% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 7.6% | — | 21.7% | 7.2% | 8.3% | 6.6% | 7.2% | 8.4% | 12.8% | -13.5% | -208.9% | 17.8% | 14.9% | 18.9% | 20.6% | 20.3% | 19.6% | 9.8% | 19.7% | 22.7% | 11.5% |
| — | — | +201.8% | -14.8% | -35.0% | +148.8% | +103.4% | -52.9% | -13.9% | -171.3% | -1114.7% | -12.2% | -24.1% | +93.2% | +4.6% | -10.7% | +69.8% | -23.8% | +31.5% | +49.0% | -6.7% | |
| Operating Margin | 7.6% | 4.1% | 21.7% | 7.2% | 8.3% | 6.6% | 7.2% | 8.4% | 12.8% | -13.5% | -208.9% | 6.4% | 2.4% | 8.3% | 20.0% | 10.1% | 9.1% | 9.8% | 9.7% | 12.6% | 11.5% |
| — | -37.9% | +201.8% | -14.8% | -35.0% | +148.8% | +103.4% | +30.6% | +437.3% | -261.9% | -1144.2% | -36.2% | -73.9% | -15.0% | +106.7% | -20.3% | -20.9% | -23.8% | -35.4% | -17.1% | -6.7% | |
| Net Margin | 4.1% | 3.5% | 13.1% | 4.1% | 5.1% | 3.9% | 3.6% | 3.6% | -13.9% | -11.1% | -162.8% | 5.3% | 8.7% | 4.6% | 6.1% | 5.9% | 5.6% | 6.0% | 5.9% | 8.8% | 7.1% |
| — | -11.0% | +268.5% | +11.8% | +136.9% | +135.7% | +102.2% | -31.4% | -260.2% | -342.9% | -2770.3% | -9.8% | +54.4% | -24.0% | +3.9% | -33.1% | -21.2% | -28.9% | -38.0% | -12.6% | -8.6% |
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.1% | 2.0% | 7.2% | 1.9% | 2.6% | 2.0% | 1.7% | 1.8% | -4.3% | -7.6% | -73.3% | 1.8% | 2.1% | 1.8% | 2.4% | 2.4% | 2.6% | 2.8% | 2.3% | 2.9% | 2.3% |
| — | +0.9% | +324.1% | +5.6% | +159.5% | +125.9% | +102.3% | +1.1% | -306.2% | -520.4% | -3159.5% | -27.6% | -18.7% | -35.4% | +5.1% | -16.4% | +13.9% | +5.7% | -15.7% | +5.9% | +5.4% | |
| ROA | 1.4% | 0.4% | 1.4% | 0.3% | 0.5% | 0.4% | 0.3% | 0.3% | -0.5% | -0.6% | -7.6% | 0.2% | 0.3% | 0.2% | 0.3% | 0.3% | 0.3% | 0.4% | 0.3% | 0.4% | 0.3% |
| — | +14.9% | +357.9% | +11.3% | +191.7% | +161.0% | +104.1% | +24.4% | -278.4% | -343.5% | -2400.8% | -25.4% | -18.2% | -36.7% | +0.6% | -23.6% | +0.8% | -4.8% | -20.8% | +2.1% | +1.0% | |
| ROIC | 4.9% | 1.0% | 3.6% | 1.0% | 1.4% | 1.1% | 1.1% | 1.3% | 1.2% | -2.2% | -24.3% | 0.7% | 0.2% | 1.0% | 2.4% | 1.3% | 1.3% | 1.5% | 1.3% | 1.6% | 1.4% |
| — | -13.5% | +219.2% | -20.0% | +19.4% | +151.1% | +104.7% | +89.6% | +538.2% | -312.6% | -1100.2% | -46.7% | -85.9% | -32.3% | +81.3% | -18.8% | -6.6% | -1.2% | -16.8% | -1.3% | +6.3% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.84 | 0.31 | 1.60 | 1.80 | 1.84 | 1.87 | 1.64 | 2.07 | 2.20 | 2.41 | 3.48 | 1.61 | 1.36 | 1.74 | 1.58 | 1.55 | 1.53 | 1.45 | 1.27 | 1.14 | 1.07 |
| — | -83.7% | -2.4% | -13.0% | -16.3% | -22.4% | -52.9% | +28.6% | +61.5% | +38.9% | +120.4% | +3.9% | -11.0% | +19.7% | +24.5% | +35.3% | +42.9% | +33.9% | +14.9% | +3.4% | +1.8% | |
| Debt / EBITDA | 5.97 | 13.36 | 10.08 | 24.57 | 22.54 | 23.76 | 21.45 | 22.93 | 27.96 | — | — | 31.17 | 52.13 | 25.53 | 14.03 | 20.66 | 20.30 | 19.89 | 18.04 | 15.59 | 17.27 |
| — | -43.8% | -53.0% | +7.2% | -19.4% | — | — | -26.4% | -46.4% | — | — | +50.9% | +156.8% | +28.4% | -22.2% | +32.5% | +17.6% | +20.5% | +11.1% | -4.7% | -3.2% | |
| Current Ratio | 1.32 | 0.99 | 0.99 | 1.34 | 1.32 | 1.35 | 1.07 | 1.25 | 1.61 | 5.56 | 3.69 | 3.14 | 1.59 | 3.90 | 2.19 | 1.77 | 1.61 | 1.70 | 1.64 | 1.98 | 2.40 |
| — | -26.7% | -7.8% | +7.2% | -18.1% | -75.8% | -71.0% | -60.2% | +1.4% | +42.8% | +68.1% | +77.2% | -1.4% | +129.6% | +33.5% | -10.6% | -32.9% | -4.4% | -16.3% | +2.1% | +22.5% | |
| Quick Ratio | 1.32 | 0.99 | 0.73 | 1.34 | 1.32 | 1.35 | 1.07 | 1.25 | 1.61 | 5.56 | 3.69 | 3.14 | 1.59 | 3.90 | 2.19 | 1.77 | 1.61 | 1.70 | 1.64 | 1.98 | 2.40 |
| — | -26.7% | -32.1% | +7.2% | -18.1% | -75.8% | -71.0% | -60.2% | +1.4% | +42.8% | +68.1% | +77.2% | -1.4% | +129.6% | +33.5% | -10.6% | -32.9% | -4.4% | -16.3% | +2.1% | +22.5% | |
| Interest Coverage | 2.48 | 0.86 | 4.40 | 2.31 | 2.90 | 2.52 | 2.55 | 2.02 | 2.54 | -3.85 | -53.26 | 1.72 | 0.42 | 2.44 | 3.30 | 3.29 | 3.55 | 4.09 | 3.64 | 4.26 | 4.03 |
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Includes 30+ ratios · 48 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 is 6.3x. The average P/E over the last 4 quarters is 12.5x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Hawaiian Electric Industries, Inc.'s current operating margin is 7.6%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Hawaiian Electric Industries, Inc.'s business trajectory between earnings reports.