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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 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
-$1B $997M $3B $0 2011 2013 2015 2017 2019 2021 2023 2025
RevenueNet income
Margins (gross / operating / net)
-53% -19% 15% 0% 2011 2013 2015 2017 2019 2021 2023 2025
GrossOperatingNet
Free cash flow (CFO − capex)
-$75M $45M $166M $0 2011 2013 2015 2017 2019 2021 2023 2025
Free cash flow
Cash vs total debt
$0 $1B $3B 2011 2013 2015 2017 2019 2021 2023 2025
CashTotal debt
Cash flow: operating / investing / financing
-$1B -$149M $1B $0 2011 2013 2015 2017 2019 2021 2023 2025
OperatingInvestingFinancing

Key annual figures

FYRevenueNet incomeGross MOp MFCFTotal debtCash
2025 $3.1B $123M 0.0% 7.6% $50M $2.3B $502M
2024 $3.2B -$1.4B 0.0% -53.0% $143M $2.7B $751M
2023 $3.3B $199M 0.0% 8.4% $109M $2.8B $244M
2022 $3.4B $241M 0.0% 8.2% $115M $2.4B $44M
2021 $2.9B $246M 0.0% 13.5% $61M $2.3B $306M
2020 $2.6B $200M 0.0% 12.1% $46M $2.1B $341M
2019 $2.9B — 0.0% 12.1% $55M $2.0B $197M
2018 $2.9B — 0.0% 11.7% -$38M $1.9B $169M
2017 $2.6B — 0.0% 13.5% -$75M $1.7B $262M
2016 $2.4B — 0.0% 14.9% $166M $1.6B $278M
2015 $2.6B — 0.0% 12.4% -$7M $1.6B $300M
2014 $3.2B — 0.0% 10.3% — $1.5B —
2013 $3.2B — 0.0% 9.8% — $1.5B —
2012 $3.4B — 0.0% 8.4% — $1.4B —
2011 $3.2B — 0.0% 8.9% — $1.3B —

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.

Price / earnings (P/E)
0.0 14.0 28.1 Mar '23 Aug '23 Jan '24 Jun '24 Nov '24 Apr '25 Sep '25 Feb '26
P/E
Price / sales (P/S)
0.0 1.0 2.0 Mar '23 Aug '23 Jan '24 Jun '24 Nov '24 Apr '25 Sep '25 Feb '26
P/S
Dividend yield (%)
0.0 2.6 5.3 Mar '23 Aug '23 Jan '24 Jun '24 Nov '24 Apr '25 Sep '25 Feb '26
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?

As of Jun '26, Hawaiian Electric Industries Inc traded at a price-to-earnings ratio of about 18.6× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.