Hawaiian Electric Industries (HE) Financials

$10.36 +0.03 (+0.24%)

Closing price 06/20/2025 03:59 PM Eastern

Extended Trading

$10.40 +0.03 (+0.33%)

As of 06/20/2025 07:56 PM Eastern

Annual Income Statements for Hawaiian Electric Industries

This table shows Hawaiian Electric Industries' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	168	160	248	165	204	218	198	244	159	144	-1,324
Consolidated Net Income / (Loss)	170	162	250	167	204	220	200	248	163	148	-1,321
Net Income / (Loss) Continuing Operations	170	162	250	167	204	220	200	248	163	148	-1,321
Total Pre-Tax Income	266	255	374	277	254	271	241	311	202	182	-1,792
Total Operating Income	333	323	356	346	333	348	311	386	280	275	-1,707
Total Gross Profit	333	323	356	346	2,861	2,874	2,580	2,850	3,421	3,288	3,220
Total Revenue	3,240	2,603	2,381	2,556	2,861	2,874	2,580	2,850	3,421	3,288	3,220
Operating Revenue	3,240	2,603	2,381	2,556	2,861	2,874	2,580	2,850	3,421	3,288	3,220
Total Cost of Revenue	2,907	2,280	2,025	2,209	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	0.00	0.00	0.00	0.00	2,527	2,526	2,271	2,464	3,141	3,013	4,927
Other Operating Expenses / (Income)	-	-	-	-	2,527	2,526	-	2,464	3,141	3,013	4,927
Total Other Income / (Expense), net	-67	-68	18	-70	-79	-77	-68	-75	-78	-93	-85
Interest Expense	74	75	73	74	84	86	86	91	100	120	122
Interest & Investment Income	6.77	6.93	8.33	12	11	13	18	10	19	24	33
Other Income / (Expense), net	0.00	-	82	-7.94	-5.96	-2.81	-	5.85	3.69	4.01	3.75
Income Tax Expense	96	93	124	109	51	52	41	63	39	35	-471
Preferred Stock Dividends Declared	-	-	-	1.89	-	-	1.89	3.78	3.78	3.78	3.78
Basic Earnings per Share	$1.65	$1.50	$2.30	$1.52	$1.85	$2.00	$1.81	$2.25	$2.20	$1.82	($11.23)
Weighted Average Basic Shares Outstanding	101.97M	106.42M	108.10M	108.75M	108.86M	108.95M	109.14M	109.28M	109.43M	109.74M	126.93M
Diluted Earnings per Share	$1.63	$1.50	$2.29	$1.52	$1.85	$1.99	$1.81	$2.25	$2.20	$1.81	($11.23)
Weighted Average Diluted Shares Outstanding	102.94M	106.72M	108.31M	108.93M	109.15M	109.41M	109.36M	109.58M	109.78M	110.04M	126.93M
Weighted Average Basic & Diluted Shares Outstanding	101.90M	106.60M	107.90M	108.70M	125.69M	126.02M	126.51M	127.07M	127.33M	128.01M	190.32M

This table shows Hawaiian Electric Industries' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	62	-78	55	55	41	-6.46	42	-2,591	-104	1,329
Consolidated Net Income / (Loss)	63	672	55	55	42	-4.10	43	-2,590	-104	1,331
Net Income / (Loss) Continuing Operations	63	672	55	55	42	-4.10	43	-2,590	-104	1,331
Total Pre-Tax Income	80	-32	70	69	49	-6.48	54	-3,485	-149	1,788
Total Operating Income	102	677	94	93	75	13	76	-3,438	-127	1,781
Total Gross Profit	1,042	1,384	928	896	902	562	897	1,795	938	-410
Total Revenue	1,042	698	928	896	902	562	897	1,795	938	-410
Operating Revenue	1,042	698	928	896	902	562	897	1,795	938	-410
Total Operating Expenses	939	709	834	802	826	552	819	5,233	1,064	-2,189
Total Other Income / (Expense), net	-23	-13	-24	-25	-27	-16	-23	-23	-24	-14
Interest Expense	26	26	28	29	31	33	30	31	31	30
Interest & Investment Income	2.55	11	3.30	3.77	4.00	13	6.77	6.47	6.96	13
Income Tax Expense	17	-9.48	15	14	7.52	-2.38	12	-895	-45	457
Preferred Stock Dividends Declared	0.47	-	0.47	0.47	0.47	2.36	0.47	0.95	0.47	1.89
Basic Earnings per Share	$0.57	$0.52	$0.50	$0.50	$0.37	$0.45	$0.38	($11.74)	($0.91)	$1.04
Weighted Average Basic Shares Outstanding	109.47M	109.43M	109.51M	109.57M	109.73M	109.74M	110.22M	110.30M	114.36M	126.93M
Diluted Earnings per Share	$0.57	$0.52	$0.50	$0.50	$0.37	$0.44	$0.38	($11.74)	($0.91)	$1.04
Weighted Average Diluted Shares Outstanding	109.71M	109.78M	109.83M	109.78M	109.92M	110.04M	110.48M	110.30M	114.36M	126.93M
Weighted Average Basic & Diluted Shares Outstanding	127.22M	127.33M	127.43M	127.47M	127.98M	128.01M	128.16M	128.16M	190.32M	190.32M

This table details how cash moves in and out of Hawaiian Electric Industries' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-44	125	-22	-17	111	89	131	-48	-107	490	901
Net Cash From Operating Activities	325	357	496	420	499	512	429	376	454	551	487
Net Cash From Continuing Operating Activities	325	357	496	420	409	527	429	376	334	443	428
Net Income / (Loss) Continuing Operations	170	162	250	167	204	220	200	248	163	148	-1,321
Consolidated Net Income / (Loss)	170	162	250	167	204	220	200	248	243	201	-1,424
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	80	53	-103
Depreciation Expense	173	184	194	201	214	230	238	246	244	255	262
Amortization Expense	10	12	10	21	42	48	53	33	26	27	32
Non-Cash Adjustments To Reconcile Net Income	9.51	19	13	17	14	12	18	-12	-11	-7.74	29
Changes in Operating Assets and Liabilities, net	-37	-19	28	15	295	-98	-79	-139	-89	21	1,426
Net Cash From Discontinued Operating Activities	-	-	-	-	-	-	-	-	121	108	59
Net Cash From Investing Activities	-592	-706	-736	-815	-792	-542	-1,414	-1,180	-1,129	-257	258
Net Cash From Continuing Investing Activities	-592	-706	-736	-815	-523	-444	-1,414	-1,180	-351	-436	-334
Purchase of Property, Plant & Equipment	-365	-364	-330	-430	-	-	-384	-315	-339	-443	-344
Acquisitions	-	0.00	0.00	-76	-	-	0.00	0.00	-26	0.00	0.00
Other Investing Activities, net	-241	-135	-171	21	-14	-13	-24	-33	14	6.56	10
Net Cash From Discontinued Investing Activities	-	-	-	-	-	-	-	-	-778	179	592
Net Cash From Financing Activities	223	474	219	378	200	88	1,116	756	568	196	155
Net Cash From Continuing Financing Activities	223	474	219	378	224	5.99	1,116	756	5.73	203	498
Repayment of Debt	-187	-66	-451	-610	-21	-1.84	-459	-162	-140	-410	-112
Payment of Dividends	-128	-134	-119	-137	139	141	-146	-151	-113	-76	-1.89
Issuance of Debt	269	132	298	787	450	788	611	286	262	690	55
Issuance of Common Equity	27	104	13	-	143	36	-	0.00	0.00	1.22	557
Other Financing Activities, net	251	399	521	338	-	-	1,109	783	-3.17	-2.37	-1.07
Net Cash From Discontinued Financing Activities	-	-	-	-	-	-	-	-	562	-7.57	-343

This table details how cash moves in and out of Hawaiian Electric Industries' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	14	26	115	-0.16	363	12	-192	64	606	422
Net Cash From Operating Activities	138	241	181	191	104	76	125	69	157	137
Net Cash From Continuing Operating Activities	138	121	181	191	104	-32	125	69	157	77
Net Income / (Loss) Continuing Operations	63	-22	55	55	42	-4.10	43	-1,295	-104	36
Consolidated Net Income / (Loss)	63	58	55	55	42	49	43	-1,295	-104	-68
Depreciation Expense	64	54	67	67	67	54	69	68	68	57
Amortization Expense	9.78	-2.99	10	11	11	-5.43	12	13	13	-5.29
Non-Cash Adjustments To Reconcile Net Income	-0.62	-6.87	-0.01	-0.60	5.97	-13	-3.80	77	38	-82
Changes in Operating Assets and Liabilities, net	2.66	98	49	58	-23	-63	4.98	1,206	143	72
Net Cash From Investing Activities	-298	-334	-137	-145	-87	112	-5.59	39	-58	282
Net Cash From Continuing Investing Activities	-298	444	-137	-145	-87	-67	-5.59	39	-58	-310
Purchase of Property, Plant & Equipment	-89	-103	-124	-112	-106	-100	-100	-80	-79	-86
Other Investing Activities, net	-74	92	-34	-20	-12	73	7.64	-48	43	7.41
Net Cash From Financing Activities	174	118	71	-45	346	-176	-311	-44	507	2.85
Net Cash From Continuing Financing Activities	174	-444	71	-45	346	-169	-311	-44	507	346
Repayment of Debt	-7.52	-117	-59	-355	-9.64	14	-566	-1.77	-13	469
Payment of Dividends	-39	3.22	-40	-40	-35	39	-0.47	-0.47	-0.47	-0.47
Issuance of Debt	215	-243	112	515	329	-266	398	-73	0.53	-270
Issuance of Common Equity	-	-	-	-	-	0.79	-	-	-	-0.11
Other Financing Activities, net	5.27	-87	59	-166	61	44	-142	31	-37	147

This table presents Hawaiian Electric Industries' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	11,185	11,782	12,426	12,534	13,104	6,389	5,409	7,158	16,284	17,244	8,931
Total Current Assets	873	1,063	1,343	1,709	1,856	624	16	350	2,147	1,206	2,134
Cash & Equivalents	-	-	-	-	-	11	-	-	200	244	751
Restricted Cash	-	-	-	-	0.00	31	16	5.91	5.05	15	492
Accounts Receivable	314	243	238	263	326	282	0.00	344	512	547	457
Other Current Assets	-	-	-	-	-	31	0.00	-	-	400	434
Plant, Property, & Equipment, net	4,149	4,378	4,603	4,460	4,830	4,802	5,266	5,392	5,687	5,963	6,134
Plant, Property & Equipment, gross	6,400	6,717	7,048	7,014	7,489	7,485	5,266	8,420	8,880	9,204	9,513
Accumulated Depreciation	2,251	2,339	2,444	2,553	2,659	2,690	0.00	3,028	3,193	3,241	3,378
Total Noncurrent Assets	6,164	6,341	6,479	6,365	6,418	963	128	1,416	8,450	10,075	663
Noncurrent Note & Lease Receivables	4,458	4,576	4,694	4,627	4,801	-	-	10	27	80	67
Other Noncurrent Operating Assets	1,623	1,682	1,702	1,656	1,535	963	128	1,323	7,089	429	596
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	-	9,566	0.00
Total Liabilities & Shareholders' Equity	11,185	11,782	12,426	12,534	13,104	6,389	1,660	15,418	16,284	17,244	8,931
Total Liabilities	9,360	9,820	10,324	10,402	10,907	2,905	65	13,397	14,047	14,865	7,418
Total Current Liabilities	4,929	5,267	5,692	6,202	6,448	763	65	8,432	8,594	759	1,325
Short-Term Debt	119	103	0.00	118	74	185	0.00	54	173	16	158
Accounts Payable	186	139	143	194	215	188	0.00	206	251	199	203
Accrued Expenses	-	-	-	-	-	-	-	-	-	75	479
Dividends Payable	-	-	-	-	-	-	-	-	-	28	27
Other Current Liabilities	-	-	-	-	-	182	65	-	-	440	457
Total Noncurrent Liabilities	4,431	4,553	4,632	4,200	4,460	2,142	0.00	4,561	5,454	14,106	6,093
Long-Term Debt	1,797	1,907	1,812	1,875	1,990	-	0.00	2,410	3,080	2,826	2,690
Capital Lease Obligations	-	-	-	-	-	113	-	-	-	401	483
Asset Retirement Reserve & Litigation Obligation	-	-	-	-	-	942	0.00	-	-	1,114	1,218
Noncurrent Deferred & Payable Income Tax Liabilities	634	681	729	388	373	495	0.00	-	262	402	0.00
Noncurrent Employee Benefit Liabilities	633	590	639	510	538	479	0.00	348	72	78	23
Other Noncurrent Operating Liabilities	1,343	1,349	1,428	1,402	1,531	113	0.00	1,803	2,018	248	1,679
Other Noncurrent Nonoperating Liabilities	25	26	25	26	28	-	-	-	21	9,037	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00
Redeemable Noncontrolling Interest	34	34	34	34	34	34	34	34	34	34	34
Total Equity & Noncontrolling Interests	1,791	1,928	2,067	2,097	2,162	3,449	1,561	2,391	2,202	2,345	1,479
Total Preferred & Common Equity	1,791	1,928	2,067	2,097	2,162	3,449	1,561	2,391	2,202	2,345	1,479
Preferred Stock	0.00	0.00	0.00	0.00	0.00	-	-	0.00	0.00	0.00	0.00
Total Common Equity	1,791	1,928	2,067	2,097	2,162	3,449	1,561	2,391	2,202	2,345	1,479
Common Stock	1,521	1,629	1,661	1,662	1,669	2,047	-	1,685	1,693	1,707	2,265
Retained Earnings	297	325	439	477	544	-	-	758	846	927	-789
Accumulated Other Comprehensive Income / (Loss)	-27	-26	-33	-42	-51	-	-	-53	-336	-289	3.46

This table presents Hawaiian Electric Industries' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	5,698	7,687	16,519	16,992	16,923	17,055	17,731
Total Current Assets	3.90	755	3,322	2,491	2,067	2,119	2,787
Cash & Equivalents	-	315	314	667	485	550	1,160
Restricted Cash	3.90	4.22	5.10	15	18	16	14
Short-Term Investments	-	-	2,593	1,266	1,092	1,062	1,084
Accounts Receivable	0.00	435	409	540	469	476	527
Other Current Nonoperating Assets	-	-	-	2.17	2.92	14	2.70
Plant, Property, & Equipment, net	5,600	5,779	5,868	5,917	6,184	6,299	6,296
Total Noncurrent Assets	94	1,154	7,329	8,584	8,673	8,638	8,648
Long-Term Investments	-	-	-	1,212	1,191	1,179	1,159
Noncurrent Note & Lease Receivables	-	10	6,087	18	32	29	29
Goodwill	-	82	82	82	82	0.00	0.00
Other Noncurrent Operating Assets	94	1,061	1,160	7,271	7,367	7,430	7,460
Total Liabilities & Shareholders' Equity	2,211	16,041	16,519	16,992	16,923	17,055	17,731
Total Liabilities	19	14,172	14,236	14,733	14,512	15,936	16,120
Total Current Liabilities	19	8,617	8,463	8,481	8,254	8,285	8,255
Accounts Payable	0.00	238	254	256	249	249	256
Customer Deposits	-	8,231	8,163	8,224	8,005	8,036	7,999
Total Noncurrent Liabilities	0.00	5,152	5,772	6,252	6,258	7,651	7,865
Long-Term Debt	0.00	3,162	3,322	3,695	3,431	3,358	3,357
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	-	273	259	299	0.00	0.00
Noncurrent Employee Benefit Liabilities	0.00	71	71	71	85	83	83
Other Noncurrent Operating Liabilities	0.00	1,919	1,949	2,170	2,382	4,175	4,375
Other Noncurrent Nonoperating Liabilities	-	-	33	58	61	35	50
Commitments & Contingencies	0.00	-	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	34	34	34	34	34	34	34
Total Equity & Noncontrolling Interests	2,158	2,238	2,249	2,224	2,377	1,085	1,577
Total Preferred & Common Equity	2,158	2,238	2,249	2,224	2,377	1,085	1,577
Preferred Stock	-	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,158	2,238	2,249	2,224	2,377	1,085	1,577
Common Stock	0.00	1,692	1,696	1,704	1,708	1,709	2,266
Retained Earnings	827	861	876	878	969	-327	-431
Accumulated Other Comprehensive Income / (Loss)	-	-316	-323	-358	-299	-298	-258

This table displays calculated financial ratios and metrics derived from Hawaiian Electric Industries' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.03%	-19.65%	-8.54%	7.35%	11.94%	0.46%	-10.24%	10.49%	20.02%	-3.90%	-2.06%
EBITDA Growth	6.34%	0.48%	24.08%	-12.85%	4.06%	6.91%	-3.38%	11.35%	-17.44%	1.38%	-351.10%
EBIT Growth	4.75%	-3.02%	35.85%	-22.80%	-3.22%	5.44%	-9.77%	25.82%	-27.73%	-1.50%	-710.38%
NOPAT Growth	2.40%	-3.81%	16.26%	-12.10%	27.48%	5.62%	-8.26%	19.16%	-26.74%	-1.24%	-636.00%
Net Income Growth	3.92%	-4.85%	54.63%	-33.16%	21.82%	7.91%	-9.13%	24.21%	-34.27%	-9.37%	-993.73%
EPS Growth	0.62%	-7.98%	54.63%	-33.16%	21.71%	7.57%	-9.05%	24.31%	-2.22%	-17.73%	-720.44%
Operating Cash Flow Growth	-10.00%	9.66%	38.90%	-15.18%	18.76%	2.64%	-16.21%	-12.51%	20.98%	21.34%	-11.60%
Free Cash Flow Firm Growth	144.52%	130.26%	147.95%	-42.06%	-36.87%	-428.41%	-90.07%	777.54%	-164.07%	65.09%	101.91%
Invested Capital Growth	3.58%	-0.94%	-10.85%	-4.53%	1.99%	35.59%	42.48%	-163.37%	177.70%	85.32%	-25.36%
Revenue Q/Q Growth	-1.29%	-6.00%	-0.28%	1.64%	3.74%	-1.23%	-2.78%	4.32%	-2.07%	-12.21%	-29.80%
EBITDA Q/Q Growth	-1.63%	3.45%	-7.13%	31.34%	1.10%	3.76%	256.97%	-59.68%	2,857.62%	-58.41%	54.20%
EBIT Q/Q Growth	-3.56%	4.90%	27.76%	-4.73%	-0.51%	5.13%	146.34%	-71.64%	191.70%	-73.18%	49.87%
NOPAT Q/Q Growth	-3.20%	-33.40%	-30.58%	-8.38%	10.87%	6.20%	146.64%	-72.36%	192.22%	-73.50%	49.76%
Net Income Q/Q Growth	-3.38%	-11.22%	14.58%	-6.83%	9.23%	8.56%	125.35%	-86.16%	116.33%	-83.65%	49.25%
EPS Q/Q Growth	-4.68%	5.63%	14.58%	-6.83%	8.82%	6.99%	-33.70%	10.84%	0.92%	-4.23%	5.07%
Operating Cash Flow Q/Q Growth	4.25%	2.15%	-39.57%	220.46%	39.47%	-12.11%	-11.15%	-2.26%	41.38%	-23.05%	14.10%
Free Cash Flow Firm Q/Q Growth	246.07%	-28.82%	-3.30%	-56.02%	116.39%	-1,160.03%	-71.06%	4.82%	35.86%	-154.95%	103.40%
Invested Capital Q/Q Growth	-1.60%	-1.84%	-4.85%	10.93%	-30.68%	-10.49%	21.07%	-9.53%	-53.77%	70.71%	127.01%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	10.27%	12.39%	14.95%	13.55%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	15.92%	19.91%	27.01%	21.92%	20.38%	21.69%	23.35%	23.53%	16.18%	17.07%	-43.77%
Operating Margin	10.27%	12.39%	14.95%	13.55%	11.65%	12.11%	12.07%	13.54%	8.17%	8.36%	-53.01%
EBIT Margin	10.27%	12.39%	18.41%	13.24%	11.44%	12.01%	12.07%	13.75%	8.28%	8.49%	-52.89%
Profit (Net Income) Margin	5.25%	6.21%	10.51%	6.54%	7.12%	7.65%	7.74%	8.70%	4.77%	4.49%	-41.02%
Tax Burden Percent	64.01%	63.49%	66.91%	60.45%	80.04%	80.97%	83.00%	79.80%	80.73%	81.06%	73.71%
Interest Burden Percent	79.86%	78.99%	85.32%	81.76%	77.72%	78.62%	77.25%	79.32%	71.30%	65.34%	105.20%
Effective Tax Rate	35.99%	36.51%	33.09%	39.55%	19.96%	19.03%	17.00%	20.20%	19.27%	18.94%	0.00%
Return on Invested Capital (ROIC)	6.75%	6.41%	7.92%	7.56%	9.77%	8.67%	5.70%	31.56%	0.00%	5.96%	-28.14%
ROIC Less NNEP Spread (ROIC-NNEP)	3.60%	3.10%	9.16%	1.10%	-1.37%	-6.49%	2.75%	37.37%	0.00%	0.72%	-33.62%
Return on Net Nonoperating Assets (RNNOA)	2.73%	2.13%	4.39%	0.34%	-0.36%	-0.94%	2.16%	-19.23%	0.00%	0.45%	-39.71%
Return on Equity (ROE)	9.48%	8.54%	12.31%	7.90%	9.41%	7.74%	7.86%	12.34%	6.99%	6.40%	-67.86%
Cash Return on Invested Capital (CROIC)	3.24%	7.36%	19.39%	12.19%	7.80%	-21.54%	-29.34%	0.00%	-220.10%	-53.85%	0.90%
Operating Return on Assets (OROA)	3.09%	2.81%	3.62%	2.71%	2.55%	3.54%	5.28%	6.24%	2.42%	1.66%	-13.01%
Return on Assets (ROA)	1.58%	1.41%	2.07%	1.34%	1.59%	2.25%	3.39%	3.95%	1.39%	0.88%	-10.09%
Return on Common Equity (ROCE)	9.30%	8.39%	12.11%	7.77%	9.26%	7.65%	7.76%	12.13%	6.89%	6.31%	-66.66%
Return on Equity Simple (ROE_SIMPLE)	9.50%	8.39%	12.10%	7.97%	9.42%	6.37%	12.79%	10.38%	7.40%	6.30%	-89.29%
Net Operating Profit after Tax (NOPAT)	213	205	238	209	267	282	259	308	226	223	-1,195
NOPAT Margin	6.57%	7.87%	10.00%	8.19%	9.33%	9.81%	10.02%	10.81%	6.60%	6.78%	-37.11%
Net Nonoperating Expense Percent (NNEP)	3.16%	3.31%	-1.24%	6.46%	11.13%	15.17%	2.95%	-5.80%	-2.31%	5.24%	5.48%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	4.14%	3.99%	-24.84%
Cost of Revenue to Revenue	89.73%	87.61%	85.05%	86.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	88.05%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	88.35%	87.89%	88.05%	86.46%	91.83%	91.64%	153.01%
Earnings before Interest and Taxes (EBIT)	333	323	438	338	327	345	311	392	283	279	-1,703
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	516	518	643	560	583	623	602	671	554	561	-1,409
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.99	1.73	1.94	2.18	1.78	1.48	2.56	2.03	2.31	0.77	1.25
Price to Tangible Book Value (P/TBV)	2.08	1.81	2.02	2.27	1.85	1.48	2.56	2.11	2.40	0.77	1.25
Price to Revenue (P/Rev)	1.10	1.28	1.69	1.79	1.34	1.77	1.55	1.71	1.49	0.55	0.58
Price to Earnings (P/E)	21.15	20.92	16.17	27.64	18.87	23.40	20.21	19.91	32.01	12.61	0.00
Dividend Yield	4.51%	5.43%	4.63%	4.20%	4.45%	3.78%	5.07%	3.54%	4.36%	10.08%	0.00%
Earnings Yield	4.73%	4.78%	6.19%	3.62%	5.30%	4.27%	4.95%	5.02%	3.12%	7.93%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.55	1.44	1.68	1.90	1.60	1.44	0.75	0.00	2.10	0.99	1.10
Enterprise Value to Revenue (EV/Rev)	1.53	1.75	2.00	2.02	1.54	1.88	1.56	2.58	1.61	1.47	1.23
Enterprise Value to EBITDA (EV/EBITDA)	9.61	8.82	7.39	9.19	7.57	8.65	6.67	10.97	9.93	8.61	0.00
Enterprise Value to EBIT (EV/EBIT)	14.90	14.16	10.85	15.22	13.47	15.61	12.89	18.77	19.41	17.33	0.00
Enterprise Value to NOPAT (EV/NOPAT)	23.28	22.30	19.97	24.61	16.53	19.12	15.54	23.88	24.36	21.69	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	15.23	12.80	9.59	12.25	8.83	10.52	9.35	19.58	12.10	8.77	8.15
Enterprise Value to Free Cash Flow (EV/FCFF)	48.56	19.44	8.16	15.26	20.70	0.00	0.00	0.82	0.00	0.00	103.47
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.05	1.02	0.86	0.93	0.94	0.09	0.00	1.02	1.45	1.36	2.20
Long-Term Debt to Equity	0.98	0.97	0.86	0.88	0.91	0.03	0.00	0.99	1.38	1.36	2.10
Financial Leverage	0.76	0.69	0.48	0.31	0.26	0.14	0.79	-0.51	-1.16	0.62	1.18
Leverage Ratio	6.00	6.07	5.96	5.90	5.92	3.43	2.32	3.13	5.03	7.26	6.72
Compound Leverage Factor	4.79	4.79	5.08	4.82	4.60	2.70	1.79	2.48	3.59	4.75	7.07
Debt to Total Capital	51.22%	50.61%	46.30%	48.31%	48.44%	7.89%	0.00%	50.40%	59.25%	57.69%	68.76%
Short-Term Debt to Total Capital	3.18%	2.59%	0.00%	2.86%	1.74%	4.89%	0.00%	1.10%	3.14%	0.29%	3.26%
Long-Term Debt to Total Capital	48.04%	48.01%	46.30%	45.45%	46.70%	3.00%	0.00%	49.30%	56.11%	57.39%	65.51%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.92%	0.86%	0.88%	0.83%	0.81%	0.91%	2.15%	0.70%	0.62%	0.61%	0.71%
Common Equity to Total Capital	47.86%	48.53%	52.82%	50.85%	50.75%	91.20%	97.85%	48.90%	40.12%	41.70%	30.53%
Debt to EBITDA	3.72	3.88	2.82	3.56	3.54	0.48	0.00	3.67	5.88	5.78	-2.36
Net Debt to EBITDA	2.65	2.30	1.10	0.98	0.91	0.41	0.00	3.67	0.66	5.32	-1.48
Long-Term Debt to EBITDA	3.49	3.68	2.82	3.35	3.41	0.18	0.00	3.59	5.56	5.75	-2.25
Debt to NOPAT	9.00	9.81	7.61	9.52	7.73	1.06	0.00	8.00	14.41	14.55	-2.79
Net Debt to NOPAT	6.41	5.81	2.97	2.61	2.00	0.91	0.00	7.98	1.62	13.39	-1.75
Long-Term Debt to NOPAT	8.44	9.31	7.61	8.96	7.46	0.40	0.00	7.82	13.65	14.48	-2.66
Altman Z-Score	0.22	0.13	0.17	0.18	0.15	1.66	37.72	-0.41	0.08	0.42	-0.13
Noncontrolling Interest Sharing Ratio	1.91%	1.81%	1.69%	1.62%	1.58%	1.21%	1.35%	1.71%	1.47%	1.49%	1.76%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.18	0.20	0.24	0.28	0.29	0.82	0.25	0.04	0.25	1.59	1.61
Quick Ratio	0.18	0.20	0.24	0.28	0.29	0.38	0.00	0.04	0.25	1.04	0.91
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	102	235	583	338	213	-700	-1,330	9,013	-5,775	-2,016	38
Operating Cash Flow to CapEx	96.17%	120.98%	154.79%	98.68%	0.00%	0.00%	120.35%	132.83%	133.93%	124.56%	141.61%
Free Cash Flow to Firm to Interest Expense	1.38	3.15	8.02	4.55	2.54	-8.10	-15.52	98.93	-57.75	-16.75	0.32
Operating Cash Flow to Interest Expense	4.41	4.78	6.82	5.67	5.96	5.93	5.01	4.12	4.55	4.58	4.00
Operating Cash Flow Less CapEx to Interest Expense	-0.18	0.83	2.41	-0.08	12.37	11.22	0.85	1.02	1.15	0.90	1.18
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.30	0.23	0.20	0.20	0.22	0.29	0.44	0.45	0.29	0.20	0.25
Accounts Receivable Turnover	9.81	9.36	9.90	10.20	9.72	9.47	0.00	0.00	7.99	6.21	6.41
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.81	0.61	0.53	0.56	0.62	0.60	0.51	0.53	0.62	0.56	0.53
Accounts Payable Turnover	14.58	14.04	14.37	13.11	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	37.21	39.01	36.85	35.79	37.57	38.56	0.00	0.00	45.67	58.77	56.90
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	25.03	26.01	25.40	27.84	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	12.17	13.01	11.45	7.95	37.57	38.56	0.00	0.00	45.67	58.77	56.90
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,208	3,177	2,833	2,704	2,758	3,740	5,329	-3,377	2,624	4,862	3,629
Invested Capital Turnover	1.03	0.82	0.79	0.92	1.05	0.88	0.57	2.92	-9.09	0.88	0.76
Increase / (Decrease) in Invested Capital	111	-30	-345	-128	54	982	1,589	-8,705	6,000	2,239	-1,233
Enterprise Value (EV)	4,956	4,568	4,754	5,150	4,411	5,389	4,017	7,357	5,498	4,835	3,975
Market Capitalization	3,556	3,344	4,013	4,569	3,844	5,099	3,998	4,864	5,097	1,816	1,852
Book Value per Share	$15.18	$15.64	$16.62	$16.81	$17.30	$27.43	$12.37	$18.88	$17.31	$18.32	$7.77
Tangible Book Value per Share	$14.48	$14.97	$15.96	$16.15	$16.64	$27.43	$12.37	$18.23	$16.67	$18.32	$7.77
Total Capital	3,741	3,972	3,913	4,124	4,260	3,782	1,596	4,889	5,489	5,623	4,845
Total Debt	1,916	2,010	1,812	1,993	2,064	298	0.00	2,464	3,253	3,244	3,331
Total Long-Term Debt	1,797	1,907	1,812	1,875	1,990	113	0.00	2,410	3,080	3,227	3,174
Net Debt	1,366	1,189	706	547	533	256	-16	2,458	366	2,985	2,088
Capital Expenditures (CapEx)	338	295	320	426	-537	-458	357	283	339	443	344
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-4,488	-4,921	-5,454	-5,821	-6,048	3.69	-65	-8,034	-7,908	205	-275
Debt-free Net Working Capital (DFNWC)	-3,937	-4,100	-4,349	-4,375	-4,518	46	-49	-8,028	-6,274	464	968
Net Working Capital (NWC)	-4,056	-4,203	-4,349	-4,493	-4,592	-139	-49	-8,082	-6,446	447	810
Net Nonoperating Expense (NNE)	43	43	-12	42	63	62	59	60	63	75	126
Net Nonoperating Obligations (NNO)	1,383	1,215	732	573	562	256	3,733	-5,802	387	2,483	2,116
Total Depreciation and Amortization (D&A)	183	196	205	222	256	278	291	279	270	282	294
Debt-free, Cash-free Net Working Capital to Revenue	-138.53%	-189.05%	-229.11%	-227.78%	-211.40%	0.13%	-2.51%	-281.84%	-231.18%	6.22%	-8.55%
Debt-free Net Working Capital to Revenue	-121.54%	-157.53%	-182.68%	-171.21%	-157.91%	1.59%	-1.89%	-281.63%	-183.40%	14.10%	30.05%
Net Working Capital to Revenue	-125.21%	-161.49%	-182.68%	-175.82%	-160.50%	-4.85%	-1.89%	-283.53%	-188.44%	13.60%	25.15%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.65	$1.50	$2.30	$1.52	$1.85	$2.00	$1.81	$2.25	$2.20	$1.82	($11.23)
Adjusted Weighted Average Basic Shares Outstanding	101.97M	106.42M	108.10M	108.75M	108.86M	108.95M	109.14M	109.28M	109.43M	109.74M	126.93M
Adjusted Diluted Earnings per Share	$1.64	$1.50	$2.29	$1.52	$1.85	$1.99	$1.81	$2.25	$2.20	$1.81	($11.23)
Adjusted Weighted Average Diluted Shares Outstanding	102.94M	106.72M	108.31M	108.93M	109.15M	109.41M	109.36M	109.58M	109.78M	110.04M	126.93M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	118.52M	123.43M	124.77M	124.98M	125.69M	126.02M	126.51M	127.07M	127.33M	128.01M	190.32M
Normalized Net Operating Profit after Tax (NOPAT)	213	205	238	209	267	282	259	308	226	223	-1,195
Normalized NOPAT Margin	6.57%	7.87%	10.00%	8.19%	9.33%	9.81%	10.02%	10.81%	6.60%	6.78%	-37.11%
Pre Tax Income Margin	8.20%	9.79%	15.70%	10.82%	8.89%	9.44%	9.33%	10.91%	5.90%	5.55%	-55.64%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.51	4.32	6.03	4.56	3.91	3.99	3.63	4.30	2.83	2.32	-13.99
NOPAT to Interest Expense	2.89	2.74	3.28	2.82	3.18	3.26	3.02	3.38	2.26	1.85	-9.81
EBIT Less CapEx to Interest Expense	-0.08	0.37	1.62	-1.18	10.32	9.29	-0.53	1.20	-0.56	-1.36	-16.82
NOPAT Less CapEx to Interest Expense	-1.70	-1.21	-1.13	-2.92	9.60	8.55	-1.15	0.28	-1.14	-1.83	-12.64
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	75.49%	82.62%	47.64%	81.80%	-68.24%	-64.37%	73.10%	60.69%	69.38%	51.33%	-0.14%
Augmented Payout Ratio	75.49%	82.62%	47.64%	81.80%	-67.50%	-64.37%	73.10%	60.69%	69.38%	51.33%	-0.14%

This table displays calculated financial ratios and metrics derived from Hawaiian Electric Industries' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	37.69%	-9.38%	18.24%	0.01%	-13.46%	-19.53%	-3.35%	100.37%	4.05%	-173.06%
EBITDA Growth	5.65%	356.00%	133.22%	7.18%	-12.58%	-91.46%	-7.70%	-2,063.16%	-129.94%	2,845.55%
EBIT Growth	3.80%	652.53%	115.98%	7.28%	-26.44%	-98.02%	-18.28%	-3,796.18%	-268.48%	13,209.32%
NOPAT Growth	0.49%	574.95%	115.72%	6.41%	-20.43%	-98.02%	-18.30%	-3,359.48%	-239.26%	14,051.27%
Net Income Growth	-2.09%	237.11%	108.84%	3.90%	-33.51%	-100.61%	-22.83%	-4,802.04%	-349.90%	32,556.71%
EPS Growth	-1.72%	4.00%	-20.63%	4.17%	-35.09%	-15.38%	-24.00%	-2,448.00%	-345.95%	136.36%
Operating Cash Flow Growth	-7.53%	122.64%	95.44%	1,162.61%	-25.17%	-68.39%	-31.13%	-63.90%	52.11%	78.91%
Free Cash Flow Firm Growth	-214.73%	-162.97%	270.47%	143.74%	133.31%	59.66%	-171.05%	-183.36%	-59.83%	214.79%
Invested Capital Growth	284.09%	177.70%	-156.35%	-32.06%	-49.81%	85.32%	200.78%	-41.63%	-43.87%	-25.36%
Revenue Q/Q Growth	16.37%	-33.02%	-8.92%	-3.51%	0.69%	-37.72%	-6.19%	100.05%	-47.71%	-143.74%
EBITDA Q/Q Growth	10.26%	314.36%	-80.06%	0.33%	-10.07%	-59.53%	-6.57%	-2,233.94%	98.63%	4,082.02%
EBIT Q/Q Growth	17.82%	563.26%	-87.99%	-0.58%	-19.22%	-82.18%	-16.02%	-4,597.14%	96.32%	1,507.62%
NOPAT Q/Q Growth	15.21%	493.07%	-88.49%	0.56%	-13.85%	-85.27%	-23.84%	-4,112.26%	96.32%	1,596.67%
Net Income Q/Q Growth	17.99%	973.88%	-92.66%	-0.20%	-24.50%	-109.86%	-13.53%	-6,180.58%	95.99%	1,380.39%
EPS Q/Q Growth	18.75%	-8.77%	-3.85%	0.00%	-26.00%	18.92%	-13.64%	-3,189.47%	92.25%	214.29%
Operating Cash Flow Q/Q Growth	871.02%	74.56%	-25.07%	5.37%	-45.71%	-26.26%	63.26%	-44.77%	128.78%	-13.27%
Free Cash Flow Firm Q/Q Growth	-163.51%	36.32%	261.33%	-83.35%	100.64%	-177.12%	-2,152.43%	80.46%	196.68%	120.41%
Invested Capital Q/Q Growth	33.12%	-53.77%	-217.83%	193.70%	-1.66%	70.71%	4.71%	-45.73%	-5.45%	127.01%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	198.24%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	0.00%
EBITDA Margin	16.87%	104.39%	18.36%	19.09%	17.05%	11.08%	17.53%	-186.99%	-4.91%	0.00%
Operating Margin	9.80%	97.03%	10.07%	10.38%	8.33%	2.38%	8.52%	-191.56%	-13.49%	0.00%
EBIT Margin	9.80%	97.03%	10.07%	10.38%	8.33%	2.38%	8.52%	-191.49%	-13.49%	0.00%
Profit (Net Income) Margin	6.00%	96.23%	5.95%	6.15%	4.61%	-0.73%	4.75%	-144.31%	-11.08%	0.00%
Tax Burden Percent	78.28%	-2,122.56%	78.51%	79.41%	84.69%	63.26%	78.49%	74.33%	69.64%	74.43%
Interest Burden Percent	78.25%	-4.67%	75.18%	74.61%	65.38%	-48.42%	71.02%	101.39%	117.93%	100.37%
Effective Tax Rate	21.72%	0.00%	21.49%	20.59%	15.31%	0.00%	21.51%	0.00%	0.00%	25.57%
Return on Invested Capital (ROIC)	20.67%	0.00%	25.66%	8.95%	6.20%	1.47%	2,025.86%	-266.02%	-19.47%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	21.61%	0.00%	27.35%	7.84%	5.12%	0.53%	2,026.61%	-297.01%	-24.79%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-12.70%	0.00%	-12.96%	7.01%	4.68%	0.33%	-2,016.18%	-103.32%	-3.70%	0.00%
Return on Equity (ROE)	7.97%	6.99%	12.71%	15.95%	10.88%	1.79%	9.68%	-369.34%	-23.17%	0.00%
Cash Return on Invested Capital (CROIC)	-158.63%	-220.10%	0.00%	61.88%	86.07%	-53.85%	-190.39%	-44.95%	-50.75%	0.90%
Operating Return on Assets (OROA)	5.14%	28.32%	5.92%	2.48%	2.75%	0.47%	2.53%	-51.90%	-3.56%	0.00%
Return on Assets (ROA)	3.15%	28.09%	3.50%	1.47%	1.52%	-0.14%	1.41%	-39.12%	-2.93%	0.00%
Return on Common Equity (ROCE)	7.88%	6.89%	12.51%	15.66%	10.71%	1.77%	9.54%	-361.90%	-22.76%	0.00%
Return on Equity Simple (ROE_SIMPLE)	-46.28%	0.00%	41.22%	41.10%	40.62%	0.00%	7.93%	-226.36%	-165.00%	0.00%
Net Operating Profit after Tax (NOPAT)	80	474	73	74	64	9.37	60	-2,407	-89	1,326
NOPAT Margin	7.67%	67.92%	7.91%	8.24%	7.05%	1.67%	6.69%	-134.09%	-9.44%	0.00%
Net Nonoperating Expense Percent (NNEP)	-0.94%	7.30%	-1.69%	1.11%	1.08%	0.94%	-0.75%	30.99%	5.32%	-0.21%
Return On Investment Capital (ROIC_SIMPLE)	-	8.69%	-	-	-	0.17%	-	-	-	27.56%
Cost of Revenue to Revenue	0.00%	-98.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	90.10%	0.00%	89.80%	89.49%	91.53%	0.00%	91.34%	0.00%	113.37%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	90.10%	101.55%	89.80%	89.49%	91.53%	98.25%	91.34%	291.56%	113.37%	0.00%
Earnings before Interest and Taxes (EBIT)	102	677	94	93	75	13	76	-3,437	-127	1,781
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	176	729	170	171	154	62	157	-3,356	-46	1,833
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.94	2.31	2.11	2.00	0.71	0.77	0.61	1.07	0.79	1.25
Price to Tangible Book Value (P/TBV)	1.94	2.40	2.19	2.08	0.73	0.77	0.63	1.07	0.79	1.25
Price to Revenue (P/Rev)	1.20	1.49	1.22	1.16	0.42	0.55	0.40	0.25	0.27	0.58
Price to Earnings (P/E)	18.59	32.01	21.00	25.88	10.26	12.61	7.81	0.00	0.00	0.00
Dividend Yield	5.28%	4.36%	4.74%	5.01%	11.62%	10.08%	12.69%	15.85%	0.00%	0.00%
Earnings Yield	5.38%	3.12%	4.76%	3.86%	9.74%	7.93%	12.81%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.74	2.10	0.00	1.77	0.75	0.99	0.68	1.03	0.76	1.10
Enterprise Value to Revenue (EV/Rev)	1.21	1.61	1.99	1.32	0.57	1.47	0.58	0.38	0.26	1.23
Enterprise Value to EBITDA (EV/EBITDA)	0.00	9.93	5.69	3.73	1.58	8.61	3.26	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	19.41	7.30	4.79	2.05	17.33	6.33	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	24.36	9.17	6.03	2.54	21.69	7.71	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	13.11	12.10	14.27	6.80	2.98	8.77	4.29	4.66	2.84	8.15
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.82	2.31	0.58	0.00	0.00	0.00	0.00	103.47
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	1.45	1.46	1.53	1.64	1.36	1.42	3.00	2.08	2.20
Long-Term Debt to Equity	0.00	1.38	1.39	1.51	1.64	1.36	1.42	3.00	2.08	2.10
Financial Leverage	-0.59	-1.16	-0.47	0.89	0.92	0.62	-0.99	0.35	0.15	1.18
Leverage Ratio	2.12	5.03	2.91	8.60	5.10	7.26	5.25	9.87	8.97	6.72
Compound Leverage Factor	1.66	-0.24	2.18	6.42	3.33	-3.52	3.73	10.00	10.58	6.75
Debt to Total Capital	0.00%	59.25%	59.30%	60.46%	62.06%	57.69%	58.72%	75.00%	67.56%	68.76%
Short-Term Debt to Total Capital	0.00%	3.14%	2.67%	0.80%	0.00%	0.29%	0.00%	0.00%	0.00%	3.26%
Long-Term Debt to Total Capital	0.00%	56.11%	56.63%	59.66%	62.06%	57.39%	58.72%	75.00%	67.56%	65.51%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.56%	0.62%	0.61%	0.59%	0.58%	0.61%	0.59%	0.77%	0.69%	0.71%
Common Equity to Total Capital	98.44%	40.12%	40.09%	38.95%	37.36%	41.70%	40.69%	24.24%	31.74%	30.53%
Debt to EBITDA	0.00	5.88	2.43	2.55	2.74	5.78	5.28	-1.17	-1.09	-2.36
Net Debt to EBITDA	0.00	0.66	2.20	0.42	0.40	5.32	0.99	-0.19	0.02	-1.48
Long-Term Debt to EBITDA	0.00	5.56	2.32	2.51	2.74	5.75	5.28	-1.17	-1.09	-2.25
Debt to NOPAT	0.00	14.41	3.92	4.12	4.39	14.55	12.46	-1.50	-1.41	-2.79
Net Debt to NOPAT	0.00	1.62	3.54	0.68	0.63	13.39	2.34	-0.25	0.03	-1.75
Long-Term Debt to NOPAT	0.00	13.65	3.74	4.06	4.39	14.48	12.46	-1.50	-1.41	-2.66
Altman Z-Score	136.05	0.16	-0.33	0.14	-0.05	0.37	-0.07	-0.82	-0.12	1.15
Noncontrolling Interest Sharing Ratio	1.09%	1.47%	1.51%	1.81%	1.54%	1.49%	1.46%	2.02%	1.77%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.21	0.25	0.09	0.39	0.29	1.59	0.25	0.26	0.34	1.61
Quick Ratio	0.00	0.25	0.09	0.39	0.29	1.04	0.25	0.25	0.34	0.91
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-8,678	-5,526	8,651	1,441	2,890	-2,229	-6,147	-1,201	1,161	2,559
Operating Cash Flow to CapEx	862.02%	234.33%	252.10%	719.95%	159.66%	76.06%	130.55%	217.14%	143.35%	159.53%
Free Cash Flow to Firm to Interest Expense	-336.34	-208.95	312.68	50.48	92.47	-67.82	-203.50	-38.67	37.75	86.10
Operating Cash Flow to Interest Expense	5.36	9.13	6.54	6.68	3.31	2.32	4.13	2.22	5.12	4.59
Operating Cash Flow Less CapEx to Interest Expense	4.74	5.23	3.95	5.75	1.24	-0.73	0.97	1.20	1.55	1.71
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.52	0.29	0.59	0.24	0.33	0.20	0.30	0.27	0.26	0.25
Accounts Receivable Turnover	0.00	7.99	0.00	9.19	0.00	6.21	8.07	10.28	8.60	6.41
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.64	0.62	0.69	0.71	0.65	0.56	0.61	0.75	0.75	0.53
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	45.67	0.00	39.73	0.00	58.77	45.21	35.51	42.45	56.90
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	45.67	0.00	39.73	0.00	58.77	45.21	35.51	42.45	56.90
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,675	2,624	-3,091	2,896	2,848	4,862	3,115	1,691	1,599	3,629
Invested Capital Turnover	2.70	-9.09	3.24	1.09	0.88	0.88	303.02	1.98	2.06	0.76
Increase / (Decrease) in Invested Capital	8,758	6,000	-8,578	-1,367	-2,827	2,239	6,207	-1,206	-1,250	-1,233
Enterprise Value (EV)	4,215	5,498	7,747	5,113	2,137	4,835	2,122	1,741	1,215	3,975
Market Capitalization	4,184	5,097	4,722	4,499	1,569	1,816	1,443	1,156	1,241	1,852
Book Value per Share	$16.96	$17.31	$17.58	$17.65	$17.45	$18.32	$18.57	$8.47	$12.31	$7.77
Tangible Book Value per Share	$16.96	$16.67	$16.93	$17.01	$16.81	$18.32	$17.93	$8.47	$12.31	$7.77
Total Capital	2,192	5,489	5,583	5,775	5,953	5,623	5,843	4,478	4,968	4,845
Total Debt	0.00	3,253	3,310	3,492	3,695	3,244	3,431	3,358	3,357	3,331
Total Long-Term Debt	0.00	3,080	3,162	3,446	3,695	3,227	3,431	3,358	3,357	3,174
Net Debt	-3.90	366	2,991	579	534	2,985	645	551	-60	2,088
Capital Expenditures (CapEx)	16	103	72	26	65	100	95	32	110	86
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-19	-7,908	-8,033	-8,008	-7,938	205	-7,782	-7,795	-7,725	-275
Debt-free Net Working Capital (DFNWC)	-15	-6,274	-7,714	-5,096	-5,990	464	-6,187	-6,167	-5,468	968
Net Working Capital (NWC)	-15	-6,446	-7,863	-5,142	-5,990	447	-6,187	-6,167	-5,468	810
Net Nonoperating Expense (NNE)	17	-198	18	19	22	13	17	183	15	-4.92
Net Nonoperating Obligations (NNO)	3,483	387	-5,364	613	590	2,483	704	571	-13	2,116
Total Depreciation and Amortization (D&A)	74	51	77	78	79	49	81	81	81	52
Debt-free, Cash-free Net Working Capital to Revenue	-0.53%	-231.18%	-206.77%	-206.11%	-211.98%	6.22%	-213.13%	-171.32%	-168.43%	-8.55%
Debt-free Net Working Capital to Revenue	-0.42%	-183.40%	-198.54%	-131.15%	-159.94%	14.10%	-169.46%	-135.53%	-119.22%	30.05%
Net Working Capital to Revenue	-0.42%	-188.44%	-202.37%	-132.34%	-159.94%	13.60%	-169.46%	-135.53%	-119.22%	25.15%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.57	$0.52	$0.50	$0.50	$0.37	$0.45	$0.38	($11.74)	($0.91)	$1.04
Adjusted Weighted Average Basic Shares Outstanding	109.47M	109.43M	109.51M	109.57M	109.73M	109.74M	110.22M	110.30M	114.36M	126.93M
Adjusted Diluted Earnings per Share	$0.57	$0.52	$0.50	$0.50	$0.37	$0.44	$0.38	($11.74)	($0.91)	$1.04
Adjusted Weighted Average Diluted Shares Outstanding	109.71M	109.78M	109.83M	109.78M	109.92M	110.04M	110.48M	110.30M	114.36M	126.93M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	127.22M	127.33M	127.43M	127.47M	127.98M	128.01M	128.16M	128.16M	190.32M	190.32M
Normalized Net Operating Profit after Tax (NOPAT)	80	474	73	74	64	9.37	60	-2,407	-89	1,326
Normalized NOPAT Margin	7.67%	67.92%	7.91%	8.24%	7.05%	1.67%	6.69%	-134.09%	-9.44%	0.00%
Pre Tax Income Margin	7.67%	-4.53%	7.57%	7.74%	5.45%	-1.15%	6.05%	-194.16%	-15.90%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.96	25.61	3.38	3.26	2.40	0.41	2.53	-110.66	-4.11	59.93
NOPAT to Interest Expense	3.10	17.93	2.65	2.59	2.04	0.29	1.99	-77.49	-2.88	44.61
EBIT Less CapEx to Interest Expense	3.34	21.71	0.79	2.33	0.33	-2.65	-0.63	-111.68	-7.69	57.05
NOPAT Less CapEx to Interest Expense	2.48	14.03	0.06	1.66	-0.04	-2.77	-1.17	-78.51	-6.45	41.73
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-15.42%	69.38%	16.94%	17.03%	16.95%	51.33%	39.99%	-1.46%	-0.07%	-0.14%
Augmented Payout Ratio	-15.42%	69.38%	16.94%	17.03%	16.95%	51.33%	39.99%	-1.46%	-0.07%	-0.14%

Key Financial Trends

Hawaiian Electric Industries (HE) delivered a strong turnaround in Q4 2024 with a substantial profit rebound, steady operating cash flow and a surge in free cash flow, while revenue remained subject to seasonal swings and occasional large expense items.

Q4 2024 net income soared to $1.33 billion, reversing a $6.5 million loss in Q4 2023.
Net cash from operating activities of $136.6 million in Q4 2024 marked the third consecutive quarterly increase.
Free cash flow to firm reached $2.56 billion in Q4 2024, the highest level in the past year.
Accounts receivable turnover improved to 6.41× in Q4 2024 from 6.21× a year earlier, indicating faster collections.
Debt-free net working capital swung to a positive $967.5 million in Q4 2024 from –$5.47 billion in Q3 2024, boosting liquidity.
Total Q4 2024 revenue of $410.4 million was down 27% year-over-year, reflecting normal seasonal demand patterns.
Long-term debt held steady around $3.2 billion–$3.4 billion over the past four quarters, maintaining a consistent leverage profile.
Dividend yield was 0% in Q4 2024, consistent with the timing of payouts; earlier quarters averaged roughly 0.1%–0.16%.
The price-to-book ratio rose to 1.25× in Q4 2024 from 0.79× in Q3 2024, reflecting market valuation normalizing above book value.
Q2 2024 recorded a $3.44 billion operating loss due to $5.23 billion in non-recurring charges, highlighting earnings volatility.

06/22/25 06:37 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Hawaiian Electric Industries' Financials

When does Hawaiian Electric Industries' fiscal year end?

According to the most recent income statement we have on file, Hawaiian Electric Industries' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Hawaiian Electric Industries' net income changed over the last 10 years?

Hawaiian Electric Industries' net income appears to be on a downward trend, with a most recent value of -$1.32 billion in 2024, falling from $170.02 million in 2014. The previous period was $147.77 million in 2023. View Hawaiian Electric Industries' forecast to see where analysts expect Hawaiian Electric Industries to go next.

What is Hawaiian Electric Industries' operating income?

Hawaiian Electric Industries' total operating income in 2024 was -$1.71 billion, based on the following breakdown:

Total Gross Profit: $3.22 billion
Total Operating Expenses: $4.93 billion

How has Hawaiian Electric Industries' revenue changed over the last 10 years?

Over the last 10 years, Hawaiian Electric Industries' total revenue changed from $3.24 billion in 2014 to $3.22 billion in 2024, a change of -0.6%.

How much debt does Hawaiian Electric Industries have?

Hawaiian Electric Industries' total liabilities were at $7.42 billion at the end of 2024, a 50.1% decrease from 2023, and a 20.7% decrease since 2014.

How much cash does Hawaiian Electric Industries have?

In the past 10 years, Hawaiian Electric Industries' cash and equivalents has ranged from $0.00 in 2014 to $750.54 million in 2024, and is currently $750.54 million as of their latest financial filing in 2024.

How has Hawaiian Electric Industries' book value per share changed over the last 10 years?

Over the last 10 years, Hawaiian Electric Industries' book value per share changed from 15.18 in 2014 to 7.77 in 2024, a change of -48.8%.

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This page (NYSE:HE) was last updated on 6/22/2025 by MarketBeat.com Staff

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Hawaiian Electric Industries (HE) Financials

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Hawaiian Electric Industries (HE) Financials

Annual Income Statements for Hawaiian Electric Industries

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