HAWAIIAN ELECTRIC INDUSTRIES INC · Electric Services

HE

Moderate riskNext report: Nov 6 (confirmed)

View price ↗

The short version

A profitable company with growing sales. Institutions are adding.

Going well

Sales up 26% in the latest quarter vs a year ago
Profitable
Brings in more cash than it spends

Watch out for

Share count growing 16.4% a year (dilution)

Money moves

No insider buying or selling in the last 30 days
Institutions added 3.4% to their holdings in the quarter ending June 2026 (171 bought, 133 sold)
Held by Ray Dalio (Bridgewater)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$8.21-2.4% that day

Company value: $1.4B; Share price times all shares
Price vs profit (P/E): 6.3x; You pay about $6 for each $1 of yearly profit
Price vs sales: 0.43x; Company value is 0.43 times a year of sales
Cash vs value: 17%; Cash as a share of company value
Debt vs value: 161%; Owes more than the whole company is worth

From HE's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 12 quarters, from SEC filings

Sales, Jun '26

$939.7M+26% vs a year earlier

Sep '23Tap a barJun '26

Last 12 months: $3.3B, up 5.1% from the 12 months before. Over 5 years, sales grew about 3.7% a year.

What the price assumes

Your guesses, our math

Move the sliders to your own view of HE. Starting points are the company's recent numbers.

Sales growth+5% a yearRecently: +5.1% a yearProfit margin7%Last 12 months: 6.8%P/E at the end8xToday: 6.3x. Many steady companies trade at 12x to 25xShare count change+10% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$4.2B

Profit in 5 years$293M

Price these guesses point to$8.43+2.7% vs $8.21 todayAbout +0.5% a year, before dividends

What today's price needs: with a 7% margin and a 8x P/E, sales would have to grow about 4.4% a year for 5 years just to match today's price.

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

1/6Weak

MissReturn on equity 15%+Earns a lot on the money owners have in the business.8.0%
MissDebt under half of equityNot relying on borrowed money.1.42x equity
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.4.0%
MissProfitable every yearSteady profits, not one good year.9 of 10 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$49.9M
MissShare count not growingNot diluting owners. Falling means buybacks.+57.6% in 3 years

Revenue: $3.1B; -4.1% vs prior year
5-year growth: +3.7%/yr; revenue, per year
Total debt: $2.3B; 1.42x equity
Current ratio: 1.32x; short-term assets / bills due

From annual reports filed with the SEC. Not in this company's SEC data, so not scored: gross margin 40%+. A checklist is a starting point for research, not a verdict.

Latest quarter

Quarter ended Jun 30, 2026

Reported Aug 7

Revenue: $939.7M; +25.9% YoY
EPS: $0.71; vs $0.15
Op. margin: 21.7%; +14.5 pts
Free cash flow: -$550.0M
Share count: +0.3%; vs a year ago

Insider rating

Last 90 days

No open-market insider buys or sells in the last 90 days.

Weekly insider trend

No trades to chart yet.

Filing buzz

Last 7 days vs normal

0/ 100

This week: 0
Normal week: 0.4
vs normal: 0.0x

SEC filings of any kind. 50 means a normal week.

Institutional ownership

Accumulating+3.4%

Institutions added 3.4% to their holdings. 171 bought, 133 sold.

Shares held by institutions143.0M

Sep '24Jun '26

Safety check

From SEC filings

Share count growthYearly rate, last 3 years

+16.1%

Cash runwayAt last year's cash burn

Cash flow positive

Debt to equityLatest balance sheet: debt compared with what owners have

1.3x · $2.3B debt

Shares outstandingLatest reported

173M

Why moderate risk

Share count growing 16.1% a year (dilution)

Earnings reports

Last 12

Next reportNov 6 (confirmed)Announced by the company in a press release ↗

Results filedAug 7
Results filedMay 8
Results filedFeb 27
Results filedNov 7, 2025
Results filedAug 7, 2025

Flags and big holders

Offerings 6 months, flags 12 months, holders 90 days

No offerings, red flags or new big holders. Clean record.

Insider trades

Open-market buys and sells, last 90 days

No open-market buys or sells in 90 days. Grants and option exercises are left out.

"Owns after" is the insider's holding right after the trade. Pre-planned (10b5-1) sales are set up months ahead, a weaker signal.

Latest filings

Straight from SEC EDGAR

Other company newsSep 21 · Form 8-K ↗Investor disclosureSep 8 · Form 8-K ↗Earnings resultsAug 7 · Form 8-K ↗Quarterly reportAug 7 · Form 10-Q ↗Major agreementJul 31 · Form 8-K ↗

Stock awardCeleste Anne ConnorsDirector

9,238 shares

+36% of holdings
Now owns 34,678 shares
Filed 2 days after trade

Jun 30Form 4 ↗

Stock awardMary E KippDirector

9,238 shares

+65% of holdings
Now owns 23,355 shares
Filed 2 days after trade

Jun 30Form 4 ↗

Stock awardJohn C AquilinoDirector

9,238 shares

+107% of holdings
Now owns 17,861 shares
Filed 2 days after trade

Jun 30Form 4 ↗

Stock awardTimothy E JohnsDirector

9,238 shares

+61587% of holdings
Now owns 9,253 shares
Filed 2 days after trade

Jun 30Form 4 ↗

Stock awardW James ScilacciDirector

9,238 shares

+35% of holdings
Now owns 35,723 shares
Filed 2 days after trade

Jun 30Form 4 ↗

Stock awardPeggy Y FowlerDirector

9,238 shares

Now owns 9,238 shares
Filed 2 days after trade

Jun 30Form 4 ↗

Insider tradeJul 2 · Form 4 ↗Insider tradeJul 2 · Form 4 ↗Insider tradeJul 2 · Form 4 ↗Insider tradeJul 2 · Form 4 ↗

Source: SEC EDGAR filings. For informational purposes. Not investment advice.

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