HENYSEElectric ServicesFiscal year ends December 31
HAWAIIAN ELECTRIC INDUSTRIES INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 7, 2026
$8.42−0.16 (-1.86%)
Close on Oct 19, 2026
- Market cap
- $1.46B
- P/E (TTM)
- 6.5
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
7.6%−4.5 pts over 5 years
Net margin
4.1%−3.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -4.1% | -3.4% | +3.7% | +1.7% | |
| Operating income | – | -5.6% | -5.5% | -3.1% | |
| Net income | – | -19.6% | -8.8% | – | |
| EPS, diluted | – | -31.4% | -17.1% | -7.2% | |
| Free cash flow | -65.2% | -24.3% | +1.8% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 8.6% | 8.2% | |
| Return on assets | – | 1.4% | 1.4% | |
| Current ratio | – | – | 1.32 | |
| Interest coverage | 4.0× | 3.1× | 2.0× | |
| Capex to revenue | 13.9% | 14.9% | 11.1% | |
| Diluted shares | 108M | 109M | 173M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Hawaiian Electric Industries generated $2.26B from operations and spent $2.12B on capital expenditure, dividends and share buybacks. 84% of that went back into the business.
Generated
$2.26B
Used
$2.12B
Capital expenditure$1.78B84%Dividends$333.83M16%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin4.1%
×Asset turnover0.35×
×Equity multiplier5.79×
=Return on equity, FY20258.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 4.1% | 0.35× | 5.79× | 8.2% |
| FY2024 | -44.2% | 0.39× | 4.34× | -74.5% |
| FY2023 | 6.1% | 0.27× | 5.27× | 8.8% |
| FY2022 | 7.1% | 0.21× | 6.99× | 10.6% |
| FY2021 | 8.7% | 0.18× | 6.52× | 10.5% |
| FY2020 | 7.7% | 0.18× | 6.23× | 8.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$126.28M
- Cash generatingOperating cash flow above zero$391.07M
- Return on assets improvedROA up on the prior year-18.5% → 1.4%
- Earnings backed by cashOperating cash flow above net income$391.07M vs $126.28M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.61 → 1.32
- No dilutionShare count did not rise127M → 173M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.42 → 0.35