# Hawaiian Electric Industries Inc. (HE) fundamentals

Data as of 2026-09-08. NYSE, United States. Sector: Utilities / Multi-Utilities. Price $11.09, market value $1.9 billion.

## Valuation
- **P/E (trailing): 8.6×** (5-yr avg 15.1×, 3-yr avg 12.6×). Hawaiian Electric Industries Inc. trades at 8.6× trailing earnings, well below its own five-year average of 15.1×: cheap by its own standards. The Utilities median in the September 2026 study was 21.2×. Forward P/E is 10.3×, higher than trailing, so analysts expect earnings to fall.
- **PEG: 0.10**. A PEG of 0.10 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 0.6×**. Each dollar of revenue is priced at 0.6×, a low multiple typical of thin-margin businesses or out-of-favour stocks.
- **Price / book: 1.1×**. The shares trade at 1.1× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 5.7×**. Enterprise value is 5.7× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: -29.5%** (5-yr avg 5.0%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.
- **Earnings yield: 11.6%**. The inverse of the P/E: 11.6% of the price is earned each year.

## Profitability
- **Operating margin: 11.5%**. 11.5% of revenue is left after running the business.
- **Net margin: 4.1%**. 4.1% of each dollar of sales reaches the bottom line.
- **Return on equity: 7.9%**. 7.9% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 8.2%**. Return on all capital, debt included, is 8.2%.

## Growth
- **Revenue growth (1 yr): -4.1%** (3-yr -3.4%/yr, 5-yr 3.7%/yr). Revenue fell 4.1% over the last year, against 3.7% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 106.3%** (3-yr -31.4%/yr, 5-yr -17.1%/yr). Earnings per share rose 106.3%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): -24.3%/yr**. Free cash flow has compounded at -24.3% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 1.50**. Debt is 1.50 times equity, a leveraged balance sheet, which is normal for utilities.
- **Net debt / EBITDA: 2.8×**. It would take 2.8 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: 2.8×**. Operating profit covers interest 2.8×, thin but manageable.
- **Altman Z-score: 0.84**. A Z-score of 0.84 is in the distress zone, a signal to examine the balance sheet closely.
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. Hawaiian Electric Industries Inc. does not currently pay a dividend.

## Price and momentum
- **Total return (1 yr): -10.3%** (YTD -9.8%, 3-mo -18.1%). The shares are down 10.3% over twelve months including dividends.
- **From 52-week high: -36.2%** (2.8% above the low). Trading 36% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 29**. An RSI of 29 is oversold; bounces are common, but oversold can stay oversold in a real decline.
- **Beta (1 yr): 0.44** (volatility 31%). Beta of 0.44 against the S&P 500: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=HE · Page: https://foliofundamentals.com/stocks/he

Not investment advice.