HAWAIIAN ELECTRIC INDS (HE) Stock Fundamental Analysis
USA • New York Stock Exchange • NYSE:HE • US4198701009
15.88 USD
+0.69 (+4.54%)
At close: Feb 3, 2026
15.89 USD
+0.01 (+0.06%)
After Hours: 2/3/2026, 6:13:34 PM
Overall HE gets a fundamental rating of 3 out of 10. We evaluated HE against 46 industry peers in the Electric Utilities industry. The financial health of HE is average, but there are quite some concerns on its profitability. HE has a valuation in line with the averages, but on the other hand it scores bad on growth.
1. Profitability
1.1 Basic Checks
- HE had positive earnings in the past year.
- HE had a positive operating cash flow in the past year.
- Of the past 5 years HE 4 years were profitable.
- In the past 5 years HE always reported a positive cash flow from operatings.
1.2 Ratios
- Looking at the Return On Assets, with a value of 0.17%, HE is doing worse than 93.48% of the companies in the same industry.
- Looking at the Return On Equity, with a value of 0.95%, HE is doing worse than 93.48% of the companies in the same industry.
- With a Return On Invested Capital value of 2.25%, HE is not doing good in the industry: 86.96% of the companies in the same industry are doing better.
- HE had an Average Return On Invested Capital over the past 3 years of 1.99%. This is below the industry average of 4.57%.
- The last Return On Invested Capital (2.25%) for HE is above the 3 year average (1.99%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 0.17% | ||
| ROE | 0.95% | ||
| ROIC | 2.25% |
ROA(3y)-4.44%
ROA(5y)-2.09%
ROE(3y)-25.02%
ROE(5y)-11.32%
ROIC(3y)1.99%
ROIC(5y)1.95%
1.3 Margins
- With a Profit Margin value of 0.55%, HE is not doing good in the industry: 91.30% of the companies in the same industry are doing better.
- HE has a worse Operating Margin (8.33%) than 84.78% of its industry peers.
- In the last couple of years the Operating Margin of HE has declined.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 8.33% | ||
| PM (TTM) | 0.55% | ||
| GM | N/A |
OM growth 3Y-17.69%
OM growth 5Y-9.56%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
2. Health
2.1 Basic Checks
- With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), HE is destroying value.
- The number of shares outstanding for HE has been increased compared to 1 year ago.
- The number of shares outstanding for HE has been increased compared to 5 years ago.
- Compared to 1 year ago, HE has a worse debt to assets ratio.
2.2 Solvency
- HE has an Altman-Z score of 0.59. This is a bad value and indicates that HE is not financially healthy and even has some risk of bankruptcy.
- HE's Altman-Z score of 0.59 is on the low side compared to the rest of the industry. HE is outperformed by 73.91% of its industry peers.
- HE has a debt to FCF ratio of 36.77. This is a negative value and a sign of low solvency as HE would need 36.77 years to pay back of all of its debts.
- Looking at the Debt to FCF ratio, with a value of 36.77, HE is in the better half of the industry, outperforming 78.26% of the companies in the same industry.
- HE has a Debt/Equity ratio of 1.76. This is a high value indicating a heavy dependency on external financing.
- With a Debt to Equity ratio value of 1.76, HE is not doing good in the industry: 67.39% of the companies in the same industry are doing better.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.76 | ||
| Debt/FCF | 36.77 | ||
| Altman-Z | 0.59 |
ROIC/WACC0.58
WACC3.86%
2.3 Liquidity
- A Current Ratio of 2.20 indicates that HE has no problem at all paying its short term obligations.
- HE has a Current ratio of 2.20. This is amongst the best in the industry. HE outperforms 95.65% of its industry peers.
- A Quick Ratio of 2.20 indicates that HE has no problem at all paying its short term obligations.
- HE's Quick ratio of 2.20 is amongst the best of the industry. HE outperforms 95.65% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 2.2 | ||
| Quick Ratio | 2.2 |
3. Growth
3.1 Past
- HE shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -55.19%.
- Measured over the past years, HE shows a decrease in Earnings Per Share. The EPS has been decreasing by -4.97% on average per year.
- HE shows a very negative growth in Revenue. In the last year, the Revenue has decreased by -24.97%.
- The Revenue has been growing slightly by 2.30% on average over the past years.
EPS 1Y (TTM)-55.19%
EPS 3Y-11.55%
EPS 5Y-4.97%
EPS Q2Q%-58.7%
Revenue 1Y (TTM)-24.97%
Revenue growth 3Y4.15%
Revenue growth 5Y2.3%
Sales Q2Q%-15.75%
3.2 Future
- The Earnings Per Share is expected to decrease by -8.98% on average over the next years.
- Based on estimates for the next years, HE will show a small growth in Revenue. The Revenue will grow by 1.72% on average per year.
EPS Next Y-33.77%
EPS Next 2Y-20.83%
EPS Next 3Y-15.13%
EPS Next 5Y-8.98%
Revenue Next Year-1.71%
Revenue Next 2Y0.11%
Revenue Next 3Y0.85%
Revenue Next 5Y1.72%
3.3 Evolution
- When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
- When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
4. Valuation
4.1 Price/Earnings Ratio
- The Price/Earnings ratio is 19.37, which indicates a rather expensive current valuation of HE.
- HE's Price/Earnings is on the same level as the industry average.
- The average S&P500 Price/Earnings ratio is at 28.18. HE is valued slightly cheaper when compared to this.
- With a Price/Forward Earnings ratio of 16.34, HE is valued correctly.
- The rest of the industry has a similar Price/Forward Earnings ratio as HE.
- Compared to an average S&P500 Price/Forward Earnings ratio of 25.51, HE is valued a bit cheaper.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 19.37 | ||
| Fwd PE | 16.34 |
4.2 Price Multiples
- The rest of the industry has a similar Enterprise Value to EBITDA ratio as HE.
- 82.61% of the companies in the same industry are more expensive than HE, based on the Price/Free Cash Flow ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 34.19 | ||
| EV/EBITDA | 10.39 |
4.3 Compensation for Growth
- A cheap valuation may be justified as HE's earnings are expected to decrease with -15.13% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-20.83%
EPS Next 3Y-15.13%
5. Dividend
5.1 Amount
- HE does not give a dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 0% |
15.88
+0.69 (+4.54%)
Chartmill FA Rating
GICS SectorUtilities
GICS IndustryGroupUtilities
GICS IndustryElectric Utilities
Earnings (Last)11-07 2025-11-07/amc
Earnings (Next)02-27 2026-02-27/amc
Inst Owners80.77%
Inst Owner Change0.35%
Ins Owners0.19%
Ins Owner Change-1.81%
Market Cap2.74B
Revenue(TTM)2.77B
Net Income(TTM)15.26M
Analysts42
Price Target11.99 (-24.5%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 0% |
Yearly Dividend0.01
Dividend Growth(5Y)-59.93%
DP12.39%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)99%
Min EPS beat(2)6.69%
Max EPS beat(2)191.32%
EPS beat(4)2
Avg EPS beat(4)35.59%
Min EPS beat(4)-51.9%
Max EPS beat(4)191.32%
EPS beat(8)2
Avg EPS beat(8)11.33%
EPS beat(12)3
Avg EPS beat(12)5.73%
EPS beat(16)6
Avg EPS beat(16)7.2%
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)6.82%
PT rev (3m)8.05%
EPS NQ rev (1m)-57.17%
EPS NQ rev (3m)-72.83%
EPS NY rev (1m)0%
EPS NY rev (3m)0.67%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.03%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 19.37 | ||
| Fwd PE | 16.34 | ||
| P/S | 0.99 | ||
| P/FCF | 34.19 | ||
| P/OCF | 6.51 | ||
| P/B | 1.72 | ||
| P/tB | 1.72 | ||
| EV/EBITDA | 10.39 |
EPS(TTM)0.82
EY5.16%
EPS(NY)0.97
Fwd EY6.12%
FCF(TTM)0.46
FCFY2.93%
OCF(TTM)2.44
OCFY15.37%
SpS16.04
BVpS9.26
TBVpS9.26
PEG (NY)N/A
PEG (5Y)N/A
Graham Number13.07
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 0.17% | ||
| ROE | 0.95% | ||
| ROCE | 2.77% | ||
| ROIC | 2.25% | ||
| ROICexc | 2.41% | ||
| ROICexgc | 2.77% | ||
| OM | 8.33% | ||
| PM (TTM) | 0.55% | ||
| GM | N/A | ||
| FCFM | 2.9% |
ROA(3y)-4.44%
ROA(5y)-2.09%
ROE(3y)-25.02%
ROE(5y)-11.32%
ROIC(3y)1.99%
ROIC(5y)1.95%
ROICexc(3y)2.09%
ROICexc(5y)2.03%
ROICexgc(3y)2.33%
ROICexgc(5y)2.25%
ROCE(3y)2.54%
ROCE(5y)2.47%
ROICexgc growth 3Y8.08%
ROICexgc growth 5Y3.01%
ROICexc growth 3Y6.51%
ROICexc growth 5Y2.51%
OM growth 3Y-17.69%
OM growth 5Y-9.56%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
F-Score6
Asset Turnover0.31
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.76 | ||
| Debt/FCF | 36.77 | ||
| Debt/EBITDA | 5.8 | ||
| Cap/Depr | 134.96% | ||
| Cap/Sales | 12.32% | ||
| Interest Coverage | 4191.95 | ||
| Cash Conversion | 87.17% | ||
| Profit Quality | 525.51% | ||
| Current Ratio | 2.2 | ||
| Quick Ratio | 2.2 | ||
| Altman-Z | 0.59 |
F-Score6
WACC3.86%
ROIC/WACC0.58
Cap/Depr(3y)144.45%
Cap/Depr(5y)144.46%
Cap/Sales(3y)11.17%
Cap/Sales(5y)11.89%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-55.19%
EPS 3Y-11.55%
EPS 5Y-4.97%
EPS Q2Q%-58.7%
EPS Next Y-33.77%
EPS Next 2Y-20.83%
EPS Next 3Y-15.13%
EPS Next 5Y-8.98%
Revenue 1Y (TTM)-24.97%
Revenue growth 3Y4.15%
Revenue growth 5Y2.3%
Sales Q2Q%-15.75%
Revenue Next Year-1.71%
Revenue Next 2Y0.11%
Revenue Next 3Y0.85%
Revenue Next 5Y1.72%
EBIT growth 1Y-34.85%
EBIT growth 3Y-14.27%
EBIT growth 5Y-7.48%
EBIT Next Year50.64%
EBIT Next 3Y17.87%
EBIT Next 5Y12.29%
FCF growth 1Y-69.91%
FCF growth 3Y32.77%
FCF growth 5Y21.1%
OCF growth 1Y-41.22%
OCF growth 3Y9.07%
OCF growth 5Y-1%
HAWAIIAN ELECTRIC INDS / HE FAQ
What is the ChartMill fundamental rating of HAWAIIAN ELECTRIC INDS (HE) stock?
ChartMill assigns a fundamental rating of 3 / 10 to HE.
Can you provide the valuation status for HAWAIIAN ELECTRIC INDS?
ChartMill assigns a valuation rating of 4 / 10 to HAWAIIAN ELECTRIC INDS (HE). This can be considered as Fairly Valued.
Can you provide the profitability details for HAWAIIAN ELECTRIC INDS?
HAWAIIAN ELECTRIC INDS (HE) has a profitability rating of 2 / 10.
Can you provide the PE and PB ratios for HE stock?
The Price/Earnings (PE) ratio for HAWAIIAN ELECTRIC INDS (HE) is 19.37 and the Price/Book (PB) ratio is 1.72.
How financially healthy is HAWAIIAN ELECTRIC INDS?
The financial health rating of HAWAIIAN ELECTRIC INDS (HE) is 4 / 10.