Hawaiian Electric Industries, Inc. (HE) Stock Analysis
Utilities · Utilities - Regulated Electric · NYSE
Hawaiian Electric Industries, Inc. (HE) posted $3.09B in revenue for fiscal 2025 (down 4.1% year over year), at a 4.0% net margin, and has compounded revenue about 3.7%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Hawaiian Electric Industries, Inc.
Hawaiian Electric Industries, Inc. has grown revenue from $2.38B to $3.09B over the last 10 fiscal years, compounding about 3.7% a year. The most recent year was down 4.1%, so growth has cooled from its longer-run pace.
Net margin sits at 4%, up 48.3 points year over year. It carries about $2.29B of total debt.
At today's valuation the market is pricing in roughly 18.8% annual free-cash-flow growth — versus the 1.8% it actually delivered over the last five years, so the price already assumes a step-up from the recent record. The one thing worth a second look in the filings is share count rising (dilution).
Synthesised from Hawaiian Electric Industries, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Hawaiian Electric Industries, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.38B | $2.56B | $2.86B | $2.87B | $2.58B | $2.85B | $3.74B | $3.68B | $3.22B | $3.09B |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $250.15M | $167.19M | $203.66M | $219.77M | $199.71M | $248.06M | $241.14M | $199.24M | $-1.43B | $123.12M |
| Net margin | 10.5% | 6.5% | 7.1% | 7.6% | 7.7% | 8.7% | 6.4% | 5.4% | -44.3% | 4.0% |
Source: Hawaiian Electric Industries, Inc. SEC filings (10-K). 18 years of history available in the interactive view.
Hawaiian Electric Industries, Inc.: 2 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Share count rising (dilution)Shares outstanding grew 57.9% over 4 years (109.3M → 172.6M) — existing holders' stakes are being diluted.
- Heavy debt loadTotal debt of $2534.9M is 6.5× last year's operating cash flow — it would take years of cash flow to clear.
What growth is priced into HE stock?
At today's market cap of $2.26B, Hawaiian Electric Industries, Inc. is priced for free-cash-flow growth of about 18.8% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $49.87M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 1.8%/yr over the last five fiscal years and revenue 3.7%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 18 years of Hawaiian Electric Industries, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
Open the interactive view — freeHawaiian Electric Industries, Inc. financial history by metric
Compare Hawaiian Electric Industries, Inc. with peers
About Hawaiian Electric Industries, Inc.
Hawaiian Electric Industries, Inc. together with its subsidiaries, engages in the electric utility business. The company engages in the production, purchase, transmission, distribution, and sale of electricity in the islands of Oahu; Hawaii; and Maui, Lanai, and Molokai; and renewable energy sources and potential sources include wind, solar, photovoltaic, geothermal, wave, hydroelectric, municipal waste, and other biofuels. It also invests in non-regulated renewable energy and sustainable infrastructure in the State of Hawaii. In addition, the company serves suburban communities, resorts, the United States Armed Forces installations, and agricultural operations. Hawaiian Electric Industries, Inc. was founded in 1891 and is headquartered in Honolulu, Hawaii.
Hawaiian Electric Industries, Inc. — frequently asked questions
What is Hawaiian Electric Industries, Inc.'s revenue?
Hawaiian Electric Industries, Inc. (HE) reported revenue of $3.09B for fiscal year 2025, down 4.1% from the prior year, according to its SEC filings.
Is Hawaiian Electric Industries, Inc. profitable?
Yes. HE earned net income of $123.12M in fiscal 2025, a net margin of 4.0%.
What is HE's P/E ratio?
Hawaiian Electric Industries, Inc. trades at a price-to-earnings ratio of about 17.7 based on the latest data in our nightly-refreshed cache.
How fast is Hawaiian Electric Industries, Inc. growing?
HE's revenue grew at roughly 3.7% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Hawaiian Electric Industries, Inc. have?
As of fiscal year 2025, HE carried roughly $2.29B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Hawaiian Electric Industries, Inc.'s market cap?
Hawaiian Electric Industries, Inc. (HE) has a market capitalization of about $2.26B, based on the latest data in our nightly-refreshed cache.
When does Hawaiian Electric Industries, Inc.'s fiscal year end?
HE's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into HE stock?
At today's market cap of $2.26B, Hawaiian Electric Industries, Inc. is priced for free-cash-flow growth of about 18.8% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $49.87M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 1.8%/yr over the last five fiscal years and revenue 3.7%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Hawaiian Electric Industries, Inc.'s official SEC filings (10-K and 10-Q), covering 18 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.