HE Financials Hawaiian Electric Industries Inc

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Aug 9, 2026, 10:13 UTC Overview →

Growth & profitability

Revenue has grown 3.7% per year over the past 5 years.
Net income has grown slower than revenue (-9.2% vs 3.7% per year).
Operating margin has contracted, at 7.6% in the latest year.
Free cash flow has grown 1.8% per year over the past 5 years.

Financial health

Total debt ($2.3B) exceeds cash ($502M); net debt is $1.8B.
Total debt has grown in line with revenue (1.5% vs 3.7% per year).
Operating income covered interest expense 2.0× in the latest year.
Total debt is 4.3× EBITDA.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$3.1B	$123M	0.0%	7.6%	7.7%	1.4%	$50M	$2.3B	$502M
2024	$3.2B	-$1.4B	0.0%	-53.0%	-96.4%	-16.0%	$143M	$2.7B	$751M
2023	$3.3B	$199M	0.0%	8.4%	8.5%	2.6%	$109M	$2.8B	$244M
2022	$3.4B	$241M	0.0%	8.2%	10.9%	1.5%	$115M	$2.4B	$44M
2021	$2.9B	$246M	0.0%	13.5%	10.3%	1.6%	$61M	$2.3B	$306M
2020	$2.6B	$200M	0.0%	12.1%	8.5%	1.3%	$46M	$2.1B	$341M
2019	$2.9B	—	0.0%	12.1%	0.0%	0.0%	$55M	$2.0B	$197M
2018	$2.9B	—	0.0%	11.7%	0.0%	0.0%	-$38M	$1.9B	$169M
2017	$2.6B	—	0.0%	13.5%	0.0%	0.0%	-$75M	$1.7B	$262M
2016	$2.4B	—	0.0%	14.9%	0.0%	0.0%	$166M	$1.6B	$278M
2015	$2.6B	—	0.0%	12.4%	0.0%	0.0%	-$7M	$1.6B	$300M
2014	$3.2B	—	0.0%	10.3%	0.0%	0.0%	—	$1.5B	—
2013	$3.2B	—	0.0%	9.8%	0.0%	0.0%	—	$1.5B	—
2012	$3.4B	—	0.0%	8.4%	0.0%	0.0%	—	$1.4B	—
2011	$3.2B	—	0.0%	8.9%	0.0%	0.0%	—	$1.3B	—

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$940M	$123M	0.0%	21.7%	7.0%	1.5%	-$550M	$2.3B	$239M
Mar '26	$746M	$30M	0.0%	7.2%	1.9%	0.3%	-$43M	$2.3B	$453M
Dec '25	$806M	$41M	0.0%	8.3%	2.6%	0.5%	$21M	$2.3B	$502M
Sep '25	$791M	$31M	0.0%	6.6%	2.0%	0.4%	$6M	$2.3B	$548M
Jun '25	$746M	$27M	0.0%	7.2%	1.7%	0.3%	$60M	$1.9B	$154M
Mar '25	$744M	$27M	0.0%	8.4%	1.8%	0.3%	-$37M	$2.3B	$629M
Dec '24	$799M	-$68M	0.0%	6.7%	-4.6%	-0.8%	$49M	$2.7B	$751M
Sep '24	$833M	-$104M	0.0%	-18.0%	-6.6%	-0.6%	$79M	$2.8B	$827M
Jun '24	$795M	-$1.3B	0.0%	-208.9%	-119.3%	-7.6%	-$11M	$2.8B	$216M
Mar '24	$792M	$43M	0.0%	6.4%	1.8%	0.3%	$26M	$2.8B	$258M
Dec '23	$853M	$49M	0.0%	8.7%	2.1%	0.6%	-$24M	$2.8B	$244M
Sep '23	$801M	$42M	0.0%	7.8%	1.9%	0.2%	-$3M	$2.9B	$667M
Jun '23	$799M	$55M	0.0%	8.5%	2.4%	0.3%	$79M	$2.6B	$314M
Mar '23	$928M	$55M	0.0%	10.1%	2.5%	0.3%	$57M	$2.5B	$315M
Dec '22	$1.0B	$58M	0.0%	9.1%	2.6%	0.4%	$134M	$2.4B	$44M
Sep '22	$1.0B	$63M	0.0%	9.8%	2.9%	0.4%	$50M	$2.4B	$175M
Jun '22	$896M	$53M	0.0%	9.7%	2.4%	0.3%	-$87M	$2.4B	$160M
Mar '22	$785M	$70M	0.0%	12.6%	3.0%	0.4%	$13M	$2.3B	$302M
Dec '21	$770M	$55M	0.0%	11.5%	2.3%	0.3%	$13M	$2.3B	$306M
Sep '21	$757M	$64M	0.0%	12.9%	2.7%	0.4%	$79M	$2.2B	$228M

Valuation over time

How the market has priced HE against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 27.5× (Mar '23) to 11.8× (Nov '26).
The price-to-sales ratio has fallen from 1.9× (Mar '23) to 0.5× (Nov '26).
The dividend yield has risen from 1.7% (Mar '23) to 4.1% (Nov '24).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is HE growing its revenue and profit?

Over the past 5 years, Hawaiian Electric Industries Inc's revenue has grown 3.7% per year, and net income declined 9.2% per year. These are computed facts, not advice.

How much debt does HE have?

As of FY2025, Hawaiian Electric Industries Inc reported $2.3B of total debt against $502M of cash; operating income covered interest expense 2.0×.

What is HE's profit margin?

In FY2025, gross margin was —, operating margin 7.6%, and net margin 4.0%.

What is HE's P/E ratio?

Hawaiian Electric Industries Inc's P/E (TTM) is 6.43 as of the 2026-11-03 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the HE stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 11.8× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.