# Hawaiian Electric Industries Inc. (HE) fundamentals

Data as of 2026-11-04. NYSE, United States. Sector: Utilities / Multi-Utilities. Price $8.39, market value $1.5 billion.

## Valuation
- **P/E (trailing): 6.5×** (5-yr avg 15.1×, 3-yr avg 12.6×). Hawaiian Electric Industries Inc. trades at 6.5× 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 8.2×, higher than trailing, so analysts expect earnings to fall.
- **PEG: 0.08**. A PEG of 0.08 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 0.4×**. Each dollar of revenue is priced at 0.4×, a low multiple typical of thin-margin businesses or out-of-favour stocks.
- **Price / book: 0.8×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 5.0×**. Enterprise value is 5.0× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: -39.0%** (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: 15.5%**. The inverse of the P/E: 15.5% 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.
- **Current ratio: 1.32** (quick 1.32). Current assets cover the next year's liabilities 1.32 times.
- **Altman Z-score: 0.87**. A Z-score of 0.87 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): -24.6%** (YTD -28.8%, 3-mo -31.0%). The shares are down 24.6% over twelve months including dividends.
- **From 52-week high: -51.7%** (2.9% above the low). Trading 52% 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): 46**. An RSI of 46 is neutral.
- **Beta (1 yr): 0.36** (volatility 32%). Beta of 0.36 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.