HE
HAWAIIAN ELECTRIC INDUSTRIES INC
Utilities • CIK: 0000354707
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Market Cap
$2.12B
P/E (TTM)
17.3x
Rev Growth (TTM)
-4.1%
Net Margin (TTM)
4.0%
FCF Yield (TTM)
2.3%
FCF Margin (TTM)
1.6%
Cash Flow Health
Free Cash Flow6/8 positive
TTM$50M
Q4 '25
$21M+228%
Q3 '25
$6M-89%
FCF Margin
TTM1.6%
Q4 '252.6%+222%
Sector: 0.0%Above Avg
OCF Margin12.7%
OCF/NI3.18x
CapEx Coverage1.1x
FCF Yield2.3%
FCF Growth (2Y)-24%
Cash Conversion Cycle
31 days
DSO: 31+DIO: –−DPO: –
Capital Allocation & Returns
Total Shareholder Yield
TTM0.0%
Div Yield0.0%
Insufficient data
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$49.9M
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
2.7%
Volatile
+0.2% YoY+39.5%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
5.8%
8Q: 5.0%
Asset Turnover
0.35x
8Q: 0.29x
Leverage (1+D/E)
1.08x
D/E: 0.08x
DuPont: 2.2% ≈ 2.7% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
0.50x
8Q:0.51x
Flat
Invested Cap Turn
0.47x
8Q:0.48x
-6.0%
CapEx Intensity
5.2%
8Q:5.5%
CapEx/Depreciation
1.18x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $3.1B | $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 |
Operating Income | $235.3M | $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 |
Net Income | $123.1M | $39.6M↑28.8% | $30.7M↑17.9% | $26.1M↓2.2% | $26.7M↑139.1% | $-68.2M↑34.6% | $-104.4M↑91.9% | $-1.3B↓3175.6% | $42.1M |
Operating Cash Flow | $391.1M | $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 |
Free Cash Flow | $49.9M | $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 |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
17.3x
Volatile
8Q: 41.6x+6536%
Valuation Lenses
Earnings
17.3x
vs – sector
Cash Flow
26.9x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
6.4P/E per %ROIC
ROIC: 2.7%
Shareholder Returns
Dividend
–
Buyback
–
Total Yield
–
Market Cap$2.12B
EV$1.34B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
41/100
Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Below Avg
8.0%
8Q:–
Return on Invested Capital (ROIC)Top 25%
2.7%
8Q:–
+39.5%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 5.8%
Asset Turnover: 0.35x
Earnings Quality
Cash Conversion
3.18x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin–
Capital Efficiency
Invested Capital Turnover0.47x
Working Capital
Cash Conversion Cycle31 days
Growth Quality & Momentum
Low Quality
Growth Quality Score
36/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
-4.1%
OpInc Growth YoY
25.1%
EPS Growth YoY
N/A
FCF 3Y CAGR
-24.3%
Growth Quality Analysis
⚠Working Capital Drag: FCF growth lagging revenue by 20.2%
⚠Sustainability Index: 1.0/10 - Growth sustainability concerns
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
—
Operating
7.6%
Below Avg in sector
Net
4.0%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-2.4 pts
FCF: 1.6% | Net: 4.0%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $855.79M
Interest Coverage
–
+Net cash position: $855.79M
Leverage Metrics
Debt-to-Equity
0.08x
Balance sheet risk & solvency analysis