HE
Hawaiian Electric Industries, Inc.
HE's fundamentals are mixed, but it looks cheap: trading at 6.5x earnings, about a third of its usual 18x.
HE Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Weak | |
| Under pressure |
HE's revenue and profitability are currently healthy, but its cash flow and balance sheet are under pressure.
HE PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 6.5x | $8.62 | — |
| Cheap | 7.3x | $9.59 | +11% |
| Fair | 18x | $24.20 | +181% |
| Expensive | 21x | $27.78 | +222% |
Historical ranges are pointers, not guarantees.
HE's PE is in its cheap range at 6.5x.
HE Forward outlook
There aren't enough analyst estimates for HE to show an outlook.
HE Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $1.32 | +1550% |
| Q2 2026 | $1.30 | +$2.31 |
| Q1 2026 | $0.74 | +$13.64 |
| Q4 2025 | $0.71 | +$13.38 |
| Q3 2025 | $0.08 | +$11.91 |
| Q2 2025 | -$1.01 | +$9.54 |
| Q1 2025 | -$12.90 | -863% |
| Q4 2024 | -$12.67 | -800% |
HE's earnings per share have fallen from their peak: $1.32 over the past year, against $2.29 in early 2022.
HE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1B | +28% |
| Q2 2026 | $939.7M | +26% |
| Q1 2026 | $746.4M | +0.3% |
| Q4 2025 | $805.8M | +0.8% |
| Q3 2025 | $790.6M | -16% |
| Q2 2025 | $746.4M | -17% |
| Q1 2025 | $744.1M | -17% |
| Q4 2024 | $799.2M | -16% |
HE's revenue has grown year over year for four quarters in a row: $1B last quarter, up 28% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 4.1% | -2.5 points |
| Q2 2026 | 22% | +15 points |
| Q1 2026 | 7.2% | -1.2 points |
| Q4 2025 | 8.3% | +1.6 points |
| Q3 2025 | 6.6% | +20 points |
| Q2 2025 | 7.2% | +199 points |
| Q1 2025 | 8.4% | -0.1 points |
| Q4 2024 | 6.7% | -2.8 points |
HE's operating margin was 4.1% last quarter, down 2.5 points from the same quarter a year ago, near the bottom of its range since 2019.
HE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$38M | -704% |
| Q2 2026 | -$550M | -1020% |
| Q1 2026 | -$42.5M | -$5.6M |
| Q4 2025 | $20.7M | -59% |
| Q3 2025 | $6.3M | -92% |
| Q2 2025 | $59.8M | +$71.3M |
| Q1 2025 | -$36.9M | -247% |
| Q4 2024 | $51M | +$80.6M |
HE's free cash flow was −$610M over the past year, against $80M the year before.
HE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +286K shares |
| 1 year | +0.3% | +592K shares |
| 3 years | +58% | +63.6M shares |
| 5 years | +58% | +63.9M shares |
| Available history | +59% | +64.1M shares |
HE has 174M diluted shares, about the same as a year ago.
HE Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.1x | Elevated |
| Q2 2026 | 3.0x | Elevated |
| Q1 2026 | 3.5x | Elevated |
| Q4 2025 | 3.4x | Elevated |
| Q3 2025 | 3.5x | Elevated |
| Q2 2025 | 5.7x | High |
| Q1 2024 | 3.9x | Elevated |
| Q4 2023 | 3.5x | Elevated |
HE's net debt is about 3.1 years of its operating earnings (EBITDA), down from 3.5 years a year ago.
HE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 24.9 | Oversold |
| Stochastic | 9.2 | Oversold |
HE's weekly RSI is 25 (oversold) and its Stochastic is 9 (oversold).
HE PE vs Utilities Sector
| Metric | HE | Sector median | Relative |
|---|---|---|---|
| PE | 6.5x | 20x | 68% below |
| PE % | 10 | 44 | 34 pts below |
HE is trading at 6.5x earnings, a 68% discount to the Utilities sector's median of 20x.
HE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $8.69 | 0.8% below |
| 20 week MA | $10.7 | 20% below |
| 50 week MA | $12.9 | 33% below |
| 100 week MA | $11.8 | 27% below |
| 200 week MA | $15.8 | 46% below |
HE is in a downtrend: it's below all five of its weekly moving averages, and 46% below its 200-week average.
HE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $46.7 | $34.6 | -26% |
| 2021 | $34.6 | $40.3 | +17% |
| 2022 | $40.3 | $41.7 | +3.4% |
| 2023 | $41.7 | $14.2 | -66% |
| 2024 | $14.2 | $9.94 | -30% |
| 2025 | $9.94 | $12.1 | +22% |
| 2026 YTD | $12.1 | $8.62 | -29% |
HE has finished lower in three of the last six years. It's down 29% so far in 2026.