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HAWAIIAN ELECTRIC INDUSTRIES INC HE

NYSE · stock · Electric Services · website · IPO 1981-01-01 · LEI

HAWAIIAN ELECTRIC INDUSTRIES INC statistics & valuation

Market cap$2.3B
P / E18.6×
P / S0.8×
P / B1.5×
P / FCF47.0×
Net margin4.1%
Return on equity7.9%
FCF margin1.6%
Net debt$1.8B
Net debt / EBITDA3.3×
Enterprise value USD$4.1B
EV / EBITDA7.7×
Earnings yield EBIT/EV5.7%
Return on capital3.1%
Graham number +2.1%$12.18

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($12.18); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
7.70% 8.70% 7.00% 6.10% -44.20% 4.10% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
14.90% 13.50% 11.70% 12.10% 12.10% 13.50% 8.10% 8.40% -53.00% 7.60% 2016201720182019202020212022202320242025
Return on equity (%)
8.50% 10.40% 11.00% 8.60% -96.30% 7.90% 2016201720182019202020212022202320242025
Shares outstanding
108.6M 108.9M 109.1M 109.4M 109.4M 109.6M 109.8M 110.2M 172.5M 173.0M 2016201720182019202020212022202320242025
Net debt ($)
$1.34B $1.42B $1.71B $1.77B $1.78B $2.02B $2.34B $2.58B $1.94B $1.78B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
1.30% 1.60% 1.50% 2.60% -15.90% 1.40% 2016201720182019202020212022202320242025
Free cash flow margin (%)
7.00% -2.90% -1.30% 1.90% 1.80% 2.10% 3.30% 3.30% 4.40% 1.60% 2016201720182019202020212022202320242025
Debt / equity (×)
0.78× 0.80× 0.87× 0.86× 0.91× 0.97× 1.08× 1.21× 1.82× 1.42× 2016201720182019202020212022202320242025
EPS ($)
$2.29 $1.52 $1.85 $1.99 $1.81 $2.25 $2.20 $1.81 -$11.23 $0.71 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

HAWAIIAN ELECTRIC INDUSTRIES INC trades at about 16.8× earnings — below its 10-year norm (10-year range 7.2×–24.6×, median 19.9×).

7.2× 24.6×

Shaded band = 10-year range (7.2×–24.6×); dot = today's 16.8×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating margin7.6%-53.0%8.4%8.1%13.5%12.1%12.1%11.7%13.5%14.9%
Net margin4.1%-44.2%6.1%7.0%8.7%7.7%————
FCF margin1.6%4.4%3.3%3.3%2.1%1.8%1.9%-1.3%-2.9%7.0%
Return on assets1.4%-15.9%2.6%1.5%1.6%1.3%————
Return on equity7.9%-96.3%8.6%11.0%10.4%8.5%————
Debt / equity1.42×1.82×1.21×1.08×0.97×0.91×0.86×0.87×0.80×0.78×
Current ratio1.321.61————————

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.