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Hawaii's largest electric utility holding company, facing significant liability from the 2023 Maui wildfires.
Hawaii's largest electric utility holding company, facing significant liability from the 2023 Maui wildfires.
Utility earnings come from rates set by Hawaii's regulator to cover costs and allow a return, and the island grids rely heavily on imported oil, which is passed through to customers. American Savings Bank adds a separate banking income stream.
Moat: narrow (regulatory licence, scale). Sole regulated utility on isolated island grids, but wildfire liabilities have eroded its financial standing.
Headquarters: Honolulu, Hawaii, US · Founded: 1891 · Employees: 2,675
Size Hawaiian Electric Industries (HE) is a United States Utilities company (Electric Utilities) with a market value of $1.45B, the 2011th largest of 3,117 United States companies the cockpit tracks. Shares closed at $8.42 on 6 Nov 2026.
Performance Over six months the shares fell 43.2%, against -18.0% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue grew 1.7% over the last twelve months (peer median +3.3%); the operating margin is 11.5% (peer median 12.3%).
Valuation It trades at 5.2× forward earnings against a peer median of 10.1× (3rd cheapest of 15).
Capital Return on invested capital runs 0.8 points above its cost of capital (6.1% WACC).
Short interest Short interest is 10.5% of the free float (15 Oct 2026).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.28B | $3.09B | $3.22B | $3.29B | $3.74B |
| Revenue growth | — | -4% | -2% | -12% | — |
| Gross profit | $377M | $235M | -$1.71B | $275M | $381M |
| EBITDA | $638M | $495M | -$1.45B | $530M | $637M |
| Net income | $226M | $126M | -$1.31B | $201M | $243M |
| Free cash flow | -$566M | $49.9M | $143M | $109M | $110M |
| Capital expenditure | $422M | $341M | $344M | $443M | $344M |
| Total debt | $2.80B | $2.96B | $3.33B | $3.24B | $3.43B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Hawaiian Electric Industries HE | $1.45B | -43% | +2% | 11% | 5.2× | n/a |
| NextEra Energy NEE | $182B | -6% | +13% | 30% | 21.0× | 18.8% |
| Avista AVA | $3.37B | -1% | -1% | 19% | 15.0× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.5% | -4.5% | 11th highest of 21 |
| 6-month return | -43.2% | -18.0% | lowest of 20 |
| Distance from 52-week high | -51.5% | -32.5% | 2nd lowest of 21 |
| Revenue growth (TTM) | +1.7% | +3.3% | 10th lowest of 21 |
| Operating margin | 11.5% | 12.3% | 10th lowest of 21 |
| Forward P/E | 5.2× | 10.1× | 3rd cheapest of 15 |
| ROIC minus cost of capital | +0.8 pp | +0.3 pp | 10th highest of 21 |
| EV / EBITDA | 6.3× | 8.5× | 5th cheapest of 10 |
| Net debt / EBITDA | 4.0× | 1.3× | 5th most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hawaiian Electric Industries HE | United States | $1.45B | -43% | +2% | 11% | 5.2× | n/a | n/a |
| Vedanta Power VEDPOWER.NS | India | $1.46B | n/a | +5% | -13% | n/a | n/a | n/a |
| Jinneng Holding Shanxi Electric Power 000767.SZ | China | $1.40B | -20% | -6% | 6% | n/a | 2.5% | +5.6% |
| Xinjiang Tianfu Energy 600509.SS | China | $1.40B | -16% | +9% | 7% | 14.7× | -4.3% | +11.5% |
| Hokkaido Electric Power Company,Incorporated 9509.T | Japan | $1.38B | +5% | -1% | 4% | 7.3× | n/a | n/a |
| Harbin Hatou Investment 600864.SS | China | $1.56B | -18% | 0% | -17% | n/a | -17.2% | -3.8% |
| Jiangsu New Energy Development 603693.SS | China | $1.56B | -21% | -3% | 35% | 20.9× | 0.7% | +6.1% |
| Hokuriku Electric Power 9505.T | Japan | $1.34B | +16% | -5% | 7% | 7.6× | 8.4% | +3.7% |
| Nava NAVA.NS | India | $1.59B | -26% | +9% | 29% | n/a | 19.8% | +11.0% |
| Dynagreen Environmental Protection 1330.HK | Hong Kong | $1.59B | +8% | +17% | 31% | 10.3× | -2.7% | +8.4% |
| Central Puerto SA Sponsored ADR CEPU | United States | $1.64B | -29% | +51% | 29% | 5.0× | -5.0% | +10.3% |
| Electricite de Strasbourg ELEC.PA | France | $1.29B | -34% | -10% | 8% | n/a | -10.7% | +11.1% |
| Romande Energie REHN.SW | Switzerland | $1.68B | -1% | +2% | 8% | 15.1× | 7.4% | +7.2% |
| Jiangxi Ganneng 000899.SZ | China | $1.26B | -31% | +24% | 13% | 7.4× | -4.4% | +22.6% |
| Chongqing Three Gorges Water Conservancy and Electric Power 600116.SS | China | $1.73B | -8% | +4% | 6% | 18.8× | -2.5% | +14.1% |
| Beijing Jingneng Clean Energy 0579.HK | Hong Kong | $1.74B | -27% | -1% | 18% | 4.7× | -1.0% | +3.5% |
| CESC CESC.NS | India | $1.77B | -32% | +9% | 12% | 9.9× | n/a | n/a |
| Guizhou Qianyuan Power 002039.SZ | China | $1.19B | -8% | +14% | 45% | 19.5× | -10.1% | +4.4% |
| Hunan Energy Group Development 000722.SZ | China | $1.19B | -13% | +126% | 48% | n/a | 0.8% | +2.4% |
| naturenergie NEAG.SW | Switzerland | $1.17B | -12% | -16% | 13% | 12.1× | -15.5% | +5.6% |
| CGN New Energy 1811.HK | Hong Kong | $1.16B | -23% | -12% | 26% | 6.2× | 4.2% | +8.2% |