STOCK TITAN

Hawaiian Elec Industries Financials

HE
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Hawaiian Elec Industries (HE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI HE FY2025

Profitability has recovered, but this remains a cash-reinvesting, balance-sheet-repair business rather than one generating surplus cash.

The swing from -$1.42B of net income in FY2024 to $126M in FY2025 overstates the operating change, because operating cash flow stayed positive in both years. What changed less visibly is cash left after reinvestment: FY2025 produced $391M of operating cash flow but only $49.9M of free cash flow, so most internally generated cash is still committed to the business.

After FY2024's loss, the company is operating with a thinner equity cushion: equity was $1.61B in FY2025 versus $2.34B in FY2023. That leaves debt carrying more weight on the capital structure even though debt-to-equity improved to 1.4x from 1.8x in FY2024.

FY2025 reads more like balance-sheet repair than expansion: long-term debt fell to $2.29B from $2.69B, but cash also declined as financing cash flow turned negative. With a current ratio of 1.3x and no dividends paid, the business appears to be preserving flexibility instead of releasing cash.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 26 / 100
Financial Profile 26/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Hawaiian Elec Industries's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
0

Hawaiian Elec Industries has an operating margin of 7.6%, meaning the company retains $8 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -53.0% the prior year.

Growth
28

Hawaiian Elec Industries's revenue declined 4.1% year-over-year, from $3.2B to $3.1B. This contraction results in a growth score of 28/100.

Leverage
73

Hawaiian Elec Industries carries a low D/E ratio of 1.42, meaning only $1.42 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 73/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
22

Hawaiian Elec Industries's current ratio of 1.32 is below the typical benchmark, resulting in a score of 22/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow
32

While Hawaiian Elec Industries generated $391.1M in operating cash flow, capex of $341.2M consumed most of it, leaving $49.9M in free cash flow. This results in a low score of 32/100, reflecting heavy capital investment rather than weak cash generation.

Returns
0

Hawaiian Elec Industries generates a 7.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -96.4% the prior year.

Altman Z-Score Distress
0.60

Hawaiian Elec Industries scores 0.60, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral
5/9

Hawaiian Elec Industries passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed
3.18x

For every $1 of reported earnings, Hawaiian Elec Industries generates $3.18 in operating cash flow ($391.1M OCF vs $123.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate
2.0x

Hawaiian Elec Industries earns $2.0 in operating income for every $1 of interest expense ($235.3M vs $117.3M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue
$3.1B
YoY-4.1%
5Y CAGR+3.7%
10Y CAGR+1.7%

Hawaiian Elec Industries generated $3.1B in revenue in fiscal year 2025. This represents a decrease of 4.1% from the prior year.

EBITDA
$534.2M
YoY+137.8%
5Y CAGR-2.4%
10Y CAGR+0.3%

Hawaiian Elec Industries's EBITDA was $534.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 137.8% from the prior year.

Net Income
$123.1M
YoY+108.6%
5Y CAGR-9.2%
10Y CAGR-2.7%

Hawaiian Elec Industries reported $123.1M in net income in fiscal year 2025. This represents an increase of 108.6% from the prior year.

EPS (Diluted)
$0.71
YoY+106.3%
5Y CAGR-17.1%
10Y CAGR-7.2%

Hawaiian Elec Industries earned $0.71 per diluted share (EPS) in fiscal year 2025. This represents an increase of 106.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$49.9M
YoY-65.2%
5Y CAGR+1.8%

Hawaiian Elec Industries generated $49.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 65.2% from the prior year.

Cash & Debt
$501.8M
YoY-33.1%
5Y CAGR+8.0%
10Y CAGR+5.3%

Hawaiian Elec Industries held $501.8M in cash against $2.3B in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
173M
YoY+0.1%
5Y CAGR+9.6%
10Y CAGR+4.8%

Hawaiian Elec Industries had 173M shares outstanding in fiscal year 2025. This represents an increase of 0.1% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
7.6%
YoY+60.6pp
5Y CAGR-4.5pp
10Y CAGR-4.8pp

Hawaiian Elec Industries's operating margin was 7.6% in fiscal year 2025, reflecting core business profitability. This is up 60.6 percentage points from the prior year.

Net Margin
4.0%
YoY+48.3pp
5Y CAGR-3.8pp
10Y CAGR-2.2pp

Hawaiian Elec Industries's net profit margin was 4.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 48.3 percentage points from the prior year.

Return on Equity
7.7%
YoY+104.1pp
5Y CAGR-0.9pp
10Y CAGR-0.7pp

Hawaiian Elec Industries's ROE was 7.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 104.1 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
$341.2M
YoY-0.9%
5Y CAGR-2.3%
10Y CAGR-0.6%

Hawaiian Elec Industries invested $341.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 0.9% from the prior year.

HE Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $805.8M+1.9% $790.6M+5.9% $746.4M+0.3% $744.1M-6.9% $799.2M-4.1% $833.2M+4.8% $795.4M+0.4% $792.0M
Cost of Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A N/A N/A N/A N/A
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses N/A N/A N/A N/A N/A N/A N/A N/A
Operating Income $67.1M+28.9% $52.0M-3.2% $53.7M-13.9% $62.4M+16.3% $53.7M+135.8% -$149.7M+91.0% -$1.7B-3365.3% $50.9M
Interest Expense $29.7M+13.1% $26.2M-3.8% $27.3M-20.3% $34.2M N/A $32.1M-1.0% $32.4M+2.6% $31.6M
Income Tax $12.1M+38.7% $8.7M-34.9% $13.4M+109.8% $6.4M N/A -$50.0M+88.5% -$435.9M-6515.7% $6.8M
Net Income $39.1M+27.3% $30.7M+17.9% $26.1M-3.9% $27.1M+139.8% -$68.2M+34.3% -$103.9M+92.0% -$1.3B-3140.3% $42.6M
EPS (Diluted) N/A $0.18+20.0% $0.150.0% $0.15+137.5% $-0.40+56.0% $-0.91+92.2% $-11.74-3189.5% $0.38

HE Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $8.9B+1.2% $8.8B+5.9% $8.3B-5.0% $8.8B-1.9% $8.9B-49.6% $17.7B+4.0% $17.1B+0.8% $16.9B
Current Assets $1.9B-1.5% $1.9B+24.2% $1.5B-20.9% $1.9B-8.8% $2.1B N/A N/A N/A
Cash & Equivalents $501.8M-8.5% $548.2M+255.3% $154.3M-75.5% $629.3M-16.1% $750.5M-9.2% $827.0M+283.6% $215.6M-16.5% $258.3M
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable $491.5M-1.3% $498.2M+14.3% $435.8M-1.8% $444.0M-2.9% $457.2M-13.2% $526.7M+10.6% $476.1M+1.5% $469.3M
Goodwill N/A N/A N/A N/A N/A $0 $0-100.0% $82.2M
Total Liabilities $7.3B+1.4% $7.2B+6.8% $6.8B-6.5% $7.2B-2.6% $7.4B-54.0% $16.1B+1.2% $15.9B+9.8% $14.5B
Current Liabilities $1.4B+0.5% $1.4B-1.3% $1.4B-7.7% $1.6B+17.7% $1.3B N/A N/A N/A
Long-Term Debt $2.3B-0.4% $2.3B+23.1% $1.9B-15.4% $2.2B-18.1% $2.7B-5.2% $2.8B-0.1% $2.8B0.0% $2.8B
Total Equity $1.6B+2.7% $1.6B+1.9% $1.5B+1.9% $1.5B+1.8% $1.5B-6.2% $1.6B+45.3% $1.1B-54.4% $2.4B
Retained Earnings -$665.6M+5.6% -$705.4M+4.2% -$736.2M+3.4% -$762.2M+3.4% -$788.9M-83.0% -$431.0M-32.0% -$326.6M-133.7% $968.8M

HE Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $106.4M+6.1% $100.3M-25.6% $134.8M+171.3% $49.7M-63.6% $136.6M-13.3% $157.5M+128.8% $68.8M-44.8% $124.6M
Capital Expenditures $85.8M-8.7% $94.0M+25.4% $75.0M-13.4% $86.5M-0.9% $87.3M+12.0% $78.0M-2.6% $80.0M-19.1% $98.9M
Free Cash Flow $20.7M+228.1% $6.3M-89.5% $59.8M+262.2% -$36.9M-174.9% $49.2M-38.0% $79.5M+808.5% -$11.2M-143.6% $25.7M
Investing Cash Flow -$84.8M0.0% -$84.9M-14.7% -$74.0M+5.7% -$78.5M-127.8% $282.4M+590.4% -$57.6M-247.2% $39.1M+799.5% -$5.6M
Financing Cash Flow -$68.0M-118.1% $374.9M+170.0% -$535.7M-424.1% -$102.2M-3686.2% $2.9M-99.4% $506.6M+1255.6% -$43.8M+85.9% -$310.9M
Dividends Paid N/A N/A N/A N/A $0 $0 $0 $0
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

HE Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin N/A N/A N/A N/A N/A N/A N/A N/A
Operating Margin 8.3%+1.8pp 6.6%-0.6pp 7.2%-1.2pp 8.4%+1.7pp 6.7%+24.7pp -18.0%+190.9pp -208.9%-215.3pp 6.4%
Net Margin 4.9%+1.0pp 3.9%+0.4pp 3.5%-0.2pp 3.6%+12.2pp -8.5%+3.9pp -12.5%+150.3pp -162.8%-168.2pp 5.4%
Return on Equity 2.4%+0.5pp 2.0%+0.3pp 1.7%-0.1pp 1.8%+6.4pp -4.6%+2.0pp -6.6%+112.7pp -119.3%-121.1pp 1.8%
Return on Assets 0.4%+0.1pp 0.4%+0.0pp 0.3%0.0pp 0.3%+1.1pp -0.8%-0.2pp -0.6%+7.0pp -7.6%-7.8pp 0.3%
Current Ratio 1.32-0.0 1.35+0.3 1.07-0.2 1.25-0.4 1.61 N/A N/A N/A
Debt-to-Equity 1.42-0.0 1.47+0.3 1.21-0.2 1.46-0.4 1.82+0.0 1.80-0.8 2.62+1.4 1.19
FCF Margin 2.6%+1.8pp 0.8%-7.2pp 8.0%+13.0pp -5.0%-11.1pp 6.2%-3.4pp 9.5%+10.9pp -1.4%-4.7pp 3.3%

Similar Companies

Frequently Asked Questions

Hawaiian Elec Industries (HE) reported $3.1B in total revenue for fiscal year 2025. This represents a -4.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Hawaiian Elec Industries (HE) revenue declined by 4.1% year-over-year, from $3.2B to $3.1B in fiscal year 2025.

Yes, Hawaiian Elec Industries (HE) reported a net income of $123.1M in fiscal year 2025, with a net profit margin of 4.0%.

Hawaiian Elec Industries (HE) reported diluted earnings per share of $0.71 for fiscal year 2025. This represents a 106.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Hawaiian Elec Industries (HE) had EBITDA of $534.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Hawaiian Elec Industries (HE) had $501.8M in cash and equivalents against $2.3B in long-term debt.

Hawaiian Elec Industries (HE) had an operating margin of 7.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Hawaiian Elec Industries (HE) had a net profit margin of 4.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Hawaiian Elec Industries (HE) has a return on equity of 7.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Hawaiian Elec Industries (HE) generated $49.9M in free cash flow during fiscal year 2025. This represents a -65.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Hawaiian Elec Industries (HE) generated $391.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Hawaiian Elec Industries (HE) had $8.9B in total assets as of fiscal year 2025, including both current and long-term assets.

Hawaiian Elec Industries (HE) invested $341.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Hawaiian Elec Industries (HE) had 173M shares outstanding as of fiscal year 2025.

Hawaiian Elec Industries (HE) had a current ratio of 1.32 as of fiscal year 2025, which is considered adequate.

Hawaiian Elec Industries (HE) had a debt-to-equity ratio of 1.42 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Hawaiian Elec Industries (HE) had a return on assets of 1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Hawaiian Elec Industries (HE) has an Altman Z-Score of 0.60, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Hawaiian Elec Industries (HE) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Hawaiian Elec Industries (HE) has an earnings quality ratio of 3.18x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Hawaiian Elec Industries (HE) has an interest coverage ratio of 2.0x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Hawaiian Elec Industries (HE) scores 26 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

Back to top