Reading the annual reports…
First time this company is opened: we are analysing its official reports. This can take up to a minute; after that the page loads instantly.
First time this company is opened: we are analysing its official reports. This can take up to a minute; after that the page loads instantly.
HE · NYSE · United States · Electric Services
In shortHAWAIIAN ELECTRIC INDUSTRIES INC is profitable, generates cash and carries moderate debt, with revenue shrinking (−4.1% last year).
Financial health
Weak
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | 7.6% | 42/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | 4.1% | 36/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | 8.2% | 41/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | 4.4% | 30/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 1.32× | 43/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 1.50× | 28/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | 3.57× | 12/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | 2.01× | 5/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | 0.50 | 0/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | 1.6% | 26/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | 0.39× | 12/100 |
| Years with positive free cash flow (last 5) | 5 of 5 | 100/100 |
Weight in the score: 20%
| Profitable years (last 5) | 4 of 5 | 80/100 |
|---|---|---|
| Years of revenue decline (last 5) | 3 of 5 | 0/100 |
| Revenue growth volatility | 11.6% | 68/100 |
| Operating margin volatility | 28.0% | 0/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | -3.8% | 0/100 |
|---|---|---|
| EPS growth, 3-year average | -31.4% | 0/100 |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
USD millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 2,850 | 3,465 | 3,288 | 3,220 | 3,087 |
| Operating income | 386 | 280 | 275 | (1,707) | 235 |
| Interest expense | 99 | 117 | 208 | 127 | 117 |
| Pre-tax income | 311 | 202 | 182 | (1,792) | 167 |
| Income tax | 63 | 39 | 35 | (471) | 41 |
| Net income | 248 | 243 | 201 | (1,424) | 126 |
| Diluted EPS | $2.25 | $2.20 | $1.81 | −$11.23 | $0.71 |
| Diluted shares (millions) | 110 | 110 | 110 | 127 | 173 |
5 older years available with the 10-year history. Essential plan, from €8.25/month →
0.50 Distress zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
5/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Jun 30, 2026 · Data updated Aug 7, 2026