Hawaiian Electric Industries, Inc.

NYSE•HE

CEO: Mr. Scott W. H. Seu

Sector: Utilities

Industry: Diversified Utilities

Listing Date: 1964-07-18

Hawaiian Electric Industries, Inc., together with its subsidiaries, engages in the electric utility businesses in the United States. It operates in three segments: Electric Utility, Bank, and Other. The Electric Utility segment engages in the production, purchase, transmission, distribution, and sale of electricity in the islands of Oahu, Hawaii, Maui, Lanai, and Molokai. Its renewable energy sources and potential sources include wind, solar, photovoltaic, geothermal, wave, hydroelectric, municipal waste, and other biofuels. This segment serves suburban communities, resorts, the United States Armed Forces installations, and agricultural operations. The Bank segment operates a federally chartered savings bank that offers banking and other financial services to consumers and businesses, including savings and checking accounts; and loans comprising residential and commercial real estate, residential mortgage, construction and development, multifamily residential and commercial real estate, consumer, and commercial loans. The Other segment invests in non-regulated renewable energy and sustainable infrastructure in the State of Hawaii. Hawaiian Electric Industries, Inc. was founded in 1891 and is headquartered in Honolulu, Hawaii.

Contact Information

1001 Bishop Street, Suite 2900, Honolulu, HI, 96813, United States

808-543-5662

www.hei.com

Market Cap

$2.62B

P/E (TTM)

20.7

28.2

Dividend Yield

52W High

$17.38

52W Low

$10.03

52W Range

70%

Rank38Top 36.9%

4.3

F-Score

Modified Piotroski Analysis

Based on 10-year fundamentals

Average • 4.3 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2016-2025

Financial Dashboard

Q4 2025 Data

Revenue

$805.82M+0.00%

4-Quarter Trend

EPS

$0.23+0.00%

4-Quarter Trend

FCF

$20.65M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Maui Wildfire Settlement Finalized Settled tort claims for $1.99B total contribution; first installment payment expected early 2026, subject to funding satisfaction.

Net Income Rebounds Strongly HEI net income $123M in 2025 vs. $(1.426)B loss in 2024, driven by 2024 wildfire provision accrual.

Electric Sales Volume Rises Utility MWh sales grew 2.5% to 8.42B in 2025, supported by warmer weather and economic recovery.

RPS Goals Progressing Well Utilities achieved 36.8% RPS in 2025, continuing replacement of fossil fuel generation toward 2045 net-zero goal.

Risk Factors

Credit Downgrades Constrain Capital Below investment grade ratings restrict access to lower-cost capital needed for grid modernization and settlement financing.

Regulatory Framework Review Delays PUC reviewing PBR framework; uncertainty exists regarding timely recovery of capital costs and potential ESM suspension impact.

Extreme Weather Threat Persists Evolving climate dynamics increase risk of equipment damage, service interruptions, and potential wildfire contribution costs.

Corporate Integration Challenges Completing corporate integration post-ASB sale requires moving all HEI employees to Hawaiian Electric structure.

Outlook

Decarbonization Path Continues Utilities expect carbon reduction to lag 2030 target but remain committed to meeting State RPS goals via resource mix.

Grid Modernization Investment Focus Future capital expenditures primarily target grid maintenance, modernization, and integration of increased renewable energy resources.

Future Capital Financing Needed Management is actively working on a financing plan to secure capital for remaining Maui wildfire tort settlement obligations.

Preparing For Next Rate Period Utilities are meeting with PBR working group to develop alternative rate re-basing proposal for MRP2 starting January 2027.

Peer Comparison

Revenue (TTM)

$3.09B

+2.5%

CTRI

$2.89B

+9.4%

EDN

$2.31B

+28.1%

Gross Margin (Latest Quarter)

MGEE

199.4%

-15.2pp

NWN

50.0%

-16.9pp

UTL

40.8%

-19.1pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
OTTR	$3.61B	13.1	15.4%	27.8%
AVA	$3.41B	17.5	7.2%	39.1%
CTRI	$3.34B	139.3	3.5%	13.3%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

2.7%

Moderate Growth

4Q Net Income CAGR

15.1%

Profitability Improved

Cash Flow Stability

100%

Strong Cash Flow

Deep Research

Next earnings:May 7, 2026

EPS:-

Revenue:-

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data