Hawaiian Electric Industries

Regulated Electric · Utilities

Price

$11.50

-0.11 (-0.95%)

Market Cap

$1.99B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Good

Stability

Mixed

Valuation

Good

Dividends

Good

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Share count rising — dilution

+57.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 109.6M (2021) → 173.0M (2025)

Winston Score History

The full picture

Hawaiian Electric Industries is a utility holding company based in Honolulu, Hawaii. Its main business, Hawaiian Electric Company, generates and delivers electricity to about 95% of Hawaii's population across the islands of Oahu, Maui, Hawaii, Lanai, and Molokai. It also owns American Savings Bank, a mid-sized retail bank serving Hawaii residents.

The company earns money by charging customers for electricity and through standard banking services like loans and deposits. Because Hawaii is an island state, Hawaiian Electric has a near-monopoly on power delivery with no competition from mainland grids. However, the company faces serious legal and financial risk from the August 2023 Maui wildfires, where downed power lines are alleged to have started the deadliest U.S. wildfire in over a century. Billions of dollars in potential liability from lawsuits and settlements remain a central concern for the business going forward.

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0 Congressional buys and 1 sell on HE in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+25.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+373.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~7 months

$239M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Hawaiian Electric Industries grew revenue 26% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

21.7%

Thin — 21.7% gross margin

Profit after running costs

Operating Margin

21.7%

Excellent — 21.7% operating margin

Return on the money invested

ROCE

9.4%

Below par — 9.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+12.6%

Fast-growing sales (+12.6% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

132%

Turns 132% of profit into real cash

Spare cash per sale

FCF Margin

-3.8%

Burning cash (-3.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.29

Elevated debt (1.29)

Covers its interest

Interest Cover

2.85x

Tight — interest eats into profit (2.8x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

8.8x

Attractive valuation — P/E 8.8

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-2.1

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

12.52%

Healthy income — 12.52% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+2.9%

Dividend flat

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