NYSE : HE
Hawaiian Electric Industries, Inc. — Financial statements
Utilities · Utilities - Regulated Electric · United States
Last price 8.7 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.50B
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Financial statements
Hawaiian Electric Industries, Inc. (HE) reported revenue of 3.28B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 3.27B | 3.07B | 3.21B | 3.27B | 3.41B | 2.85B |
| Other Revenue | 11.35M | 15.71M | 13.15M | 17.98M | 12.33M | 4.34M |
| Revenue | 3.28B | 3.09B | 3.22B | 3.29B | 3.42B | 2.85B |
| Selling, General & Admin | 24.45M | |||||
| Other Operating Expenses | 3.06B | 2.85B | 3.01B | 3.01B | 3.14B | 2.43B |
| Total Operating Expenses | 3.06B | 2.85B | 3.01B | 3.01B | 3.14B | 2.46B |
| Operating Income | 217.77M | 238.80M | 206.99M | 279.01M | 283.24M | 391.91M |
| Interest Expense | -137.59M | -120.50M | -129.10M | -127.42M | -105.29M | -96.25M |
| Interest Income | 32.01M | 36.93M | 19.36M | 9.11M | ||
| Net Interest Expense | -105.59M | -83.57M | -109.73M | -118.32M | -105.29M | -96.25M |
| Allowance for Equity Funds for Construction | 15.88M | 15.01M | 13.79M | 15.16M | 10.57M | 9.53M |
| Allowance for Borrowed Funds for Construction | 6.72M | 5.89M | 5.47M | 5.20M | 3.42M | 3.25M |
| EBT Excluding Unusual Items | 134.77M | 176.14M | 116.52M | 181.05M | 191.94M | 308.44M |
| Gain (Loss) on Sale of Investments | 8.12M | 528.00K | ||||
| Gain (Loss) on Sale of Assets | -2.70M | -12.38M | -644.00K | |||
| Asset Writedown | -35.00M | |||||
| Other Unusual Items | -1.88B | |||||
| Pretax Income | 294.45M | 163.77M | -1.79B | 180.41M | 200.06M | 308.97M |
| Income Tax Expense | 70.44M | 40.65M | -470.96M | 34.53M | 38.91M | 62.81M |
| Earnings From Continuing Ops. | 224.01M | 123.12M | -1.32B | 145.88M | 161.15M | 246.17M |
| Earnings From Discontinued Ops. | -103.49M | 53.36M | 79.99M | |||
| Net Income | 224.01M | 123.12M | -1.43B | 199.24M | 241.14M | 246.17M |
| Net Income to Common | 224.01M | 123.12M | -1.43B | 199.24M | 241.14M | 246.17M |
| Shares Outstanding (Basic) | 172.63M | 172.55M | 126.93M | 109.74M | 109.43M | 109.28M |
| Shares Outstanding (Diluted) | 173.28M | 173.02M | 126.93M | 110.04M | 109.78M | 109.58M |
| EPS (Basic) | 1.30 | 0.71 | -11.23 | 1.82 | 2.20 | 2.25 |
| EPS (Diluted) | 1.29 | 0.71 | -11.24 | 1.82 | 2.20 | 2.25 |
| Free Cash Flow | -565.51M | 49.87M | 578.68M | 264.89M | 115.14M | 61.15M |
| Free Cash Flow Per Share | -3.26 | 0.29 | 4.56 | 2.41 | 1.05 | 0.56 |
| Dividend Per Share | 1.08 | 1.40 | 1.36 | |||
| Profit Margin | 6.82% | 3.99% | -44.29% | 6.06% | 7.05% | 8.64% |
| Free Cash Flow Margin | -17.23% | 1.62% | 17.97% | 8.06% | 3.37% | 2.15% |
| EBITDA | 514.83M | 537.72M | 500.53M | 561.31M | 553.65M | 670.62M |
| EBITDA Margin | 15.68% | 17.42% | 15.54% | 17.07% | 16.18% | 23.53% |
| D&A For EBITDA | 297.06M | 298.92M | 293.53M | 282.31M | 270.40M | 278.70M |
| EBIT | 217.77M | 238.80M | 206.99M | 279.01M | 283.24M | 391.91M |
| EBIT Margin | 6.63% | 7.74% | 6.43% | 8.49% | 8.28% | 13.75% |
| Effective Tax Rate | 23.92% | 24.82% | 19.14% | 19.45% | 20.33% | |
| Revenue as Reported | 3.28B | 3.09B | 3.22B | 3.29B | 3.42B | 2.85B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 238.73M | 501.78M | 750.53M | 244.09M | 199.88M | 305.55M |
| Trading Asset Securities | 9.00K | 638.00K | ||||
| Accounts Receivable | 520.39M | 491.53M | 457.17M | 546.70M | 6.42B | 5.48B |
| Restricted Cash | 218.00K | 478.97M | 492.32M | 15.03M | 5.05M | 5.91M |
| Other Current Assets | 493.61M | 412.30M | 434.30M | 400.07M | 52.29M | 66.66M |
| Total Current Assets | 1.25B | 1.88B | 2.13B | 10.77B | 6.68B | 5.87B |
| Property, Plant & Equipment | 6.40B | 6.24B | 6.20B | 6.04B | 5.80B | 5.51B |
| Regulatory Assets | 274.58M | 258.08M | 227.42M | 226.35M | 190.24M | 498.88M |
| Goodwill | 82.19M | 82.19M | ||||
| Long-Term Investments | 2.46B | 2.94B | ||||
| Other Long-Term Assets | 478.85M | 535.25M | 368.80M | 202.36M | 1.07B | 917.83M |
| Total Assets | 8.40B | 8.92B | 8.93B | 17.24B | 16.28B | 15.82B |
| Accounts Payable | 305.69M | 219.06M | 203.45M | 198.88M | 251.46M | 205.54M |
| Accrued Expenses | 30.93M | 31.46M | 27.20M | 28.35M | 21.33M | 19.89M |
| Short-Term Debt | 48.62M | 172.57M | 54.00M | |||
| Current Portion of Long-Term Debt | 124.96M | 109.17M | 16.50M | |||
| Current Portion of Leases | 29.13M | |||||
| Current Income Taxes Payable | 316.95M | 337.30M | ||||
| Other Current Liabilities | 933.52M | 1.02B | 936.14M | 9.55B | 4.17B | 4.32B |
| Total Current Liabilities | 1.27B | 1.43B | 1.32B | 9.80B | 4.93B | 4.94B |
| Long-Term Debt | 2.27B | 2.29B | 2.69B | 2.83B | 3.08B | 2.41B |
| Long-Term Leases | 535.02M | 548.87M | 483.12M | 401.23M | 175.31M | 136.76M |
| Long-Term Unearned Revenue | 10.43M | 251.00K | ||||
| Pension & Post-Retirement Benefits | 23.57M | 23.66M | 23.21M | 78.20M | 153.76M | 399.81M |
| Long-Term Deferred Tax Liabilities | 402.25M | 262.46M | 384.76M | |||
| Other Long-Term Liabilities | 2.54B | 3.03B | 2.90B | 1.36B | 5.43B | 5.13B |
| Total Liabilities | 6.64B | 7.32B | 7.42B | 14.86B | 14.05B | 13.40B |
| Common Stock | 2.27B | 2.27B | 2.26B | 1.71B | 1.69B | 1.69B |
| Retained Earnings | -511.96M | -665.61M | -788.92M | 926.72M | 845.83M | 757.92M |
| Comprehensive Income & Other | 3.19M | 3.34M | 3.46M | -289.35M | -336.03M | -52.53M |
| Total Common Equity | 1.76B | 1.61B | 1.48B | 2.34B | 2.20B | 2.39B |
| Minority Interest | 34.29M | 34.29M | 34.29M | 34.29M | ||
| Shareholders' Equity | 1.76B | 1.61B | 1.51B | 2.38B | 2.24B | 2.43B |
| Total Liabilities & Equity | 8.40B | 8.92B | 8.93B | 17.24B | 16.28B | 15.82B |
| Total Debt | 2.80B | 2.99B | 3.33B | 3.24B | 3.43B | 2.60B |
| Net Cash (Debt) | -2.56B | -2.49B | -2.58B | -3.00B | -3.23B | -2.29B |
| Net Cash Per Share | -14.79 | -14.37 | -20.33 | -27.26 | -29.41 | -20.94 |
| Filing Date Shares Outstanding | 172.73M | 172.62M | 172.47M | 110.15M | 109.47M | 109.31M |
| Total Common Shares Outstanding | 172.73M | 172.62M | 172.47M | 110.15M | 109.47M | 109.31M |
| Working Capital | -17.18M | 456.84M | 809.74M | 977.04M | 1.74B | 935.94M |
| Book Value Per Share | 10.21 | 9.30 | 8.58 | 21.29 | 20.12 | 21.87 |
| Tangible Book Value | 1.76B | 1.61B | 1.48B | 2.34B | 2.12B | 2.31B |
| Tangible Book Value Per Share | 10.21 | 9.30 | 8.58 | 21.29 | 19.37 | 21.12 |
| Land | 54.60M | 63.54M | 69.08M | 109.38M | 102.91M | |
| Machinery | 8.73B | 8.63B | 8.47B | 8.43B | 8.09B | |
| Construction In Progress | 382.15M | 366.41M | 320.23M | 293.05M | 231.50M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 224.01M | 123.12M | -1.43B | 199.24M | 241.14M | 246.17M |
| Depreciation & Amortization | 297.06M | 298.92M | 293.53M | 282.31M | 270.40M | 278.70M |
| Loss (Gain) on Sale of Assets | 2.70M | 12.38M | 39.64M | 644.00K | -9.30M | |
| Loss (Gain) on Sale of Investments | -8.12M | -528.00K | ||||
| Stock-Based Compensation | 3.71M | 3.43M | 3.59M | 6.78M | 7.45M | 9.13M |
| Change in Accounts Receivable | -137.72M | -51.35M | 96.70M | -71.64M | -147.33M | -73.81M |
| Change in Inventory | -84.34M | -30.04M | 45.18M | 8.50M | -95.53M | -50.42M |
| Change in Accounts Payable | 77.92M | 7.03M | 6.86M | 34.29M | 23.08M | 9.93M |
| Change in Income Taxes | 17.85M | -4.56M | -25.52M | -9.86M | 120.74M | 41.33M |
| Change in Other Net Operating Assets | -566.09M | 60.99M | 1.80B | 53.39M | 49.00M | -53.46M |
| Other Operating Activities | 21.18M | -28.84M | -408.39M | -60.27M | -127.15M | -20.10M |
| Net Cash from Discontinued Operations | 494.83M | 264.25M | 120.79M | |||
| Operating Cash Flow | -143.71M | 391.07M | 922.94M | 707.62M | 454.48M | 375.67M |
| Capital Expenditures | -421.80M | -341.20M | -344.25M | -442.73M | -339.33M | -314.52M |
| Cash Acquisitions | -25.71M | |||||
| Divestitures | 8.00M | 13.78M | ||||
| Investment in Securities | -996.11M | |||||
| Other Investing Activities | 4.05M | 5.25M | 602.57M | 185.33M | -763.64M | -1.29M |
| Investing Cash Flow | -409.75M | -322.18M | 258.32M | -257.40M | -1.13B | -1.18B |
| Short-Term Debt Issued | 50.00M | 65.00M | 118.65M | |||
| Long-Term Debt Issued | 510.00M | 5.47M | 625.00M | 227.31M | 285.89M | |
| Total Debt Issued | 510.00M | 510.00M | 55.48M | 690.00M | 345.96M | 285.89M |
| Short-Term Debt Repaid | -50.00M | -237.65M | -76.86M | |||
| Long-Term Debt Repaid | -733.56M | -97.70M | -167.08M | -221.91M | -82.26M | |
| Total Debt Repaid | -297.84M | -783.56M | -97.70M | -404.73M | -221.91M | -159.12M |
| Net Debt Issued (Repaid) | 212.16M | -273.56M | -42.22M | 285.27M | 124.05M | 126.77M |
| Issuance of Common Stock | 556.61M | 1.22M | ||||
| Repurchase of Common Stock | -128.00K | -178.00K | -1.07M | -2.37M | -3.17M | -2.01M |
| Common Dividends Paid | -73.96M | -111.23M | -148.64M | |||
| Other Financing Activities | -56.51M | -57.26M | -358.61M | -14.59M | 558.01M | 780.28M |
| Financing Cash Flow | 155.53M | -331.00M | 154.71M | 195.57M | 567.67M | 756.40M |
| Net Cash Flow | -397.94M | -262.11M | 1.34B | 645.80M | -106.53M | -47.52M |
| Free Cash Flow | -565.51M | 49.87M | 578.68M | 264.89M | 115.14M | 61.15M |
| Free Cash Flow Margin | -17.23% | 1.62% | 17.97% | 8.06% | 3.37% | 2.15% |
| Free Cash Flow Per Share | -3.26 | 0.29 | 4.56 | 2.41 | 1.05 | 0.56 |
| Levered Free Cash Flow | 324.62M | 142.93M | 534.01M | 908.06M | -982.92M | 702.49M |
| Unlevered Free Cash Flow | 410.62M | 218.24M | 614.69M | 987.70M | -917.11M | 762.64M |
| Cash Interest Paid | 100.00M | 102.00M | 131.00M | 109.00M | 94.00M | 98.00M |
| Cash Income Tax Paid | 17.00M | 37.00M | 32.00M | 23.00M | 30.00M | 34.00M |
| Change in Working Capital | -692.38M | -17.93M | 1.93B | 14.68M | -50.03M | -126.43M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.51B | 2.12B | 1.68B | 1.56B | 4.58B | 4.54B |
| Enterprise Value | 4.08B | 4.60B | 4.44B | 4.86B | 7.63B | 6.96B |
| PE Ratio | 6.79 | 17.25 | 7.84 | 19.00 | 18.43 | |
| PS Ratio | 0.46 | 0.69 | 0.52 | 0.47 | 1.34 | 1.59 |
| PB Ratio | 0.86 | 1.32 | 1.11 | 0.66 | 2.05 | 1.87 |
| P/FCF Ratio | 42.57 | 2.90 | 5.90 | 39.79 | 74.19 | |
| P/OCF Ratio | 5.43 | 1.82 | 2.21 | 10.08 | 12.07 | |
| EV/Sales Ratio | 1.24 | 1.49 | 1.38 | 1.48 | 2.23 | 2.44 |
| EV/EBITDA Ratio | 7.92 | 8.56 | 8.88 | 8.65 | 13.78 | 10.38 |
| EV/EBIT Ratio | 18.71 | 19.28 | 21.46 | 17.40 | 26.94 | 17.77 |
| EV/FCF Ratio | 92.31 | 7.68 | 18.33 | 66.27 | 113.89 | |
| Debt / Equity Ratio | 1.59 | 1.86 | 2.20 | 1.36 | 1.53 | 1.07 |
| Debt / EBITDA Ratio | 3.91 | 3.97 | 4.49 | 4.12 | 3.95 | 3.76 |
| Debt / FCF Ratio | 59.91 | 5.76 | 12.24 | 29.77 | 42.53 | |
| Net Debt / Equity Ratio | 1.45 | 1.55 | 1.71 | 1.26 | 1.44 | 0.95 |
| Net Debt / EBITDA Ratio | 4.98 | 4.62 | 5.16 | 5.34 | 5.83 | 3.42 |
| Net Debt / FCF Ratio | -4.53 | 49.85 | 4.46 | 11.32 | 28.04 | 37.53 |
| Quick Ratio | 0.60 | 0.70 | 0.91 | 0.08 | 1.34 | 1.17 |
| Current Ratio | 0.99 | 1.32 | 1.61 | 1.10 | 1.35 | 1.19 |
| Asset Turnover | 0.39 | 0.35 | 0.25 | 0.20 | 0.21 | 0.18 |
| Return on Equity (ROE) | 13.45% | 7.89% | -67.95% | 6.32% | 6.91% | 10.26% |
| Return on Assets (ROA) | 1.63% | 1.67% | 0.99% | 1.04% | 1.10% | 1.59% |
| Return on Capital Employed (ROCE) | 3.10% | 3.20% | 2.70% | 3.70% | 2.50% | 3.60% |
| Earnings Yield | 14.73% | 5.80% | -84.98% | 12.75% | 5.26% | 5.43% |
| FCF Yield | -37.37% | 2.35% | 34.48% | 16.95% | 2.51% | 1.35% |
| Dividend Yield | 7.61% | 3.35% | 3.28% | |||
| Payout Ratio | 37.12% | 46.13% | 60.38% | |||
| Buyback Yield / Dilution | -9.64% | -36.31% | -15.35% | -0.24% | -0.18% | -0.21% |
| Total Shareholder Return | -9.64% | -36.31% | -15.35% | 7.38% | 3.16% | 3.07% |