HE
UtilitiesHawaiian Electric Industries, Inc. · Diversified Utilities · $2B
What is Hawaiian Electric Industries, Inc.?
Hawaiian Electric Industries is a Hawaii-based holding company operating across electric utility, community banking, and renewable infrastructure. It has served the Hawaiian Islands since its incorporation in 1891 and remains one of the state's most essential service providers.
The company generates, transmits, and distributes electricity across Oahu, Maui, Hawaii, Lanai, and Molokai, serving residential communities, resorts, military installations, and agricultural operations. Its renewable energy portfolio draws on wind, solar, geothermal, and other sources. Through its banking subsidiary, it operates a community bank with dozens of branches across the islands. A smaller segment invests in non-regulated renewable energy and sustainable infrastructure within Hawaii.
Hawaiian Electric Industries was incorporated in 1891 and is headquartered in Honolulu, Hawaii.
- Electric utility service across five Hawaiian islands
- Community banking with savings, checking, and loan products
- Renewable energy generation including solar and wind
- Sustainable infrastructure investment in Hawaii
- Service to military installations and resort communities
Is HE a Good Stock to Buy?
UQS Score rates HE as Below Average overall.
The Valuation pillar stands out as the relative bright spot, suggesting the stock may be priced more attractively than many utility peers. The Moat and Growth pillars both register as Neutral, reflecting the company's regulated utility status, which provides a degree of revenue predictability even in challenging conditions.
Both the Quality and Risk pillars are rated Weak, pointing to meaningful concerns around financial health and the elevated risk profile the company currently carries — factors that weigh heavily on the overall score.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does HE pay dividends?
No — Hawaiian Electric Industries, Inc. does not currently pay a dividend.
Hawaiian Electric Industries does not currently pay a dividend. For a utility holding company, this is notable — many peers distribute regular income to shareholders. The suspension of dividends likely reflects the company's focus on preserving capital given its elevated risk profile and the financial pressures it faces. Investors seeking income from the utilities sector may want to weigh this carefully.
When does HE report earnings?
Hawaiian Electric Industries reports earnings on a quarterly cadence, typical for US-listed equities.
The company's recent reporting periods have reflected the pressures captured in its Weak Quality and Risk pillar ratings. Revenue from regulated utility operations provides some baseline stability, but financial challenges have weighed on results. The banking segment adds a layer of diversification but also introduces separate risk dynamics.
For the most recent quarter's results and upcoming reporting dates, visit Hawaiian Electric Industries' investor relations page directly.
HE Price History
-60.6% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Hawaiian Electric Industries, Inc.?
Based on Hawaiian Electric Industries, Inc.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
HE Long-term Outlook
The fundamental outlook for HE is shaped by its Neutral Growth profile and Weak Risk rating. The regulated utility model provides a floor for revenue, but the company faces significant headwinds that limit near-term upside. The renewable energy transition in Hawaii creates a long-term structural opportunity, though execution risk remains elevated. The relatively Good Valuation rating suggests the market has already priced in much of the uncertainty.
Growth drivers
- Hawaii's mandated shift toward renewable energy generation
- Potential recovery in regulated utility rate base over time
- Community banking growth tied to Hawaii's local economy
Key risks
- Elevated legal and financial liability exposure
- Weak Quality pillar signals potential balance sheet stress
- Regulatory and operational challenges in the utility segment
HE vs Peers
Within the regulated utilities space, HE operates in a uniquely island-bound market — a contrast to most mainland peers.
MGE Energy serves a Midwest US market with a strong track record of financial stability, contrasting with HE's more pressured risk profile.
ELPC operates in Brazil's Paraná state with a heavy focus on hydroelectric generation, giving it a different geographic and regulatory exposure than HE.
Avista serves the Pacific Northwest with a diversified utility model, operating in a regulatory environment that differs meaningfully from Hawaii's island-specific dynamics.
Frequently Asked Questions
What does Hawaiian Electric Industries do?
Hawaiian Electric Industries operates as a holding company with three main businesses: an electric utility serving five Hawaiian islands, a community bank with branches across Hawaii, and a segment investing in non-regulated renewable and sustainable infrastructure. It is one of Hawaii's most essential service providers, serving homes, resorts, military bases, and farms.
Does HE pay dividends?
Hawaiian Electric Industries does not currently pay a dividend. This is a departure from the income-oriented profile many utility investors expect. The company appears to be prioritizing capital preservation given its current financial pressures. Income-focused investors should factor this into their assessment.
When does HE report earnings?
HE reports on a quarterly cadence, as is standard for US-listed companies. For exact upcoming dates, check the investor relations section of the Hawaiian Electric Industries website, as our data source does not cover specific future earnings dates.
Is HE a good stock to buy?
UQS Score rates HE as Below Average, driven primarily by Weak Quality and Risk pillar scores. The Valuation pillar is rated Good, which may attract contrarian interest, but the underlying risk profile is elevated. Investors should review the full pillar breakdown available to UQS Pro members before drawing conclusions.
Is HE overvalued?
The UQS Valuation pillar for HE is rated Good, suggesting the stock is not considered overvalued relative to its fundamentals at current levels. However, a low valuation can reflect genuine risk rather than hidden opportunity — the Weak Risk and Quality pillars are important context when interpreting the valuation signal.
How does HE compare to its competitors?
Compared to peers like MGE Energy, Avista, and ELPC, Hawaiian Electric Industries faces a more complex risk environment tied to its island geography, legal exposure, and financial pressures. Most comparable utilities maintain stronger Quality and Risk profiles. HE's unique market position in Hawaii does not easily translate to a direct apples-to-apples comparison.
What is HE's market cap bracket?
Hawaiian Electric Industries is classified as a mid-cap company. This places it in a range that is smaller than major national utilities but still significant within the Hawaiian market context. Mid-cap utilities can carry both growth potential and heightened volatility relative to large-cap peers.
Who founded Hawaiian Electric Industries?
Hawaiian Electric Industries traces its origins to 1891, when it was incorporated to serve Hawaii's growing electricity needs. The company's long operating history reflects its deep roots in the Hawaiian Islands. For detailed founding history, the company's official website and public filings provide further context.
Is HE a long-term quality investment?
As a long-term quality indicator, HE's UQS profile raises caution. The Weak Quality and Risk pillars suggest the company's financial foundation and risk management need improvement before it would rank among higher-quality long-term holdings. The regulated utility model provides some structural durability, but current challenges weigh on the long-term picture.
What is the main competitive advantage of Hawaiian Electric Industries?
HE's primary competitive advantage is its regulated monopoly status as the sole electric utility across most of Hawaii. This geographic exclusivity creates a natural barrier to competition. However, the Moat pillar is rated only Neutral, reflecting that regulatory and legal risks can erode the practical benefits of that monopoly position.
What sector does HE belong to?
Hawaiian Electric Industries belongs to the Utilities sector. It operates primarily as a regulated electric utility, supplemented by community banking and renewable infrastructure investment. Utilities are generally considered defensive investments, though HE's specific risk profile diverges from the sector's typical stability characteristics.
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Pro Analysis
HE — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 10, 2026 | 43.8 | 10.2 | 48.0 | 51.4 | 38.7 | 87.9 | +0.2 |
| May 8, 2026 | 43.6 | 10.2 | 48.0 | 51.4 | 38.7 | 86.3 | +2.1 |
| May 3, 2026 | 41.5 | 23.7 | 48.0 | 51.4 | 19.8 | 69.0 | 0.0 |
| Apr 26, 2026 | 41.5 | 23.7 | 48.0 | 51.4 | 19.8 | 69.2 | +0.2 |
| Apr 19, 2026 | 41.3 | 23.7 | 48.0 | 51.4 | 19.8 | 67.6 | -0.3 |
| Apr 18, 2026 | 41.6 | 23.7 | 48.0 | 51.4 | 19.8 | 69.5 | +0.7 |
| Apr 14, 2026 | 40.9 | 23.8 | 48.0 | 51.4 | 19.8 | 64.5 | +0.3 |
| Apr 12, 2026 | 40.6 | 23.7 | 48.0 | 51.4 | 19.8 | 62.5 | -0.2 |
| Apr 10, 2026 | 40.8 | 23.7 | 48.0 | 51.4 | 19.8 | 64.1 | -3.6 |
| Apr 5, 2026 | 44.4 | 23.8 | 48.0 | 69.3 | 19.8 | 64.3 | 0.0 |
HE — Pillar Breakdown
Quality
— 23.7/100 (25%)Hawaiian Electric Industries, Inc. currently shows below-average quality metrics, suggesting challenges with profitability.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 51.4/100 (20%)Hawaiian Electric Industries, Inc. shows steady but unspectacular growth, typical for mature companies.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 57.3/100 (15%)Hawaiian Electric Industries, Inc. maintains a reasonable risk profile with manageable debt levels.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 76.2/100 (15%)Hawaiian Electric Industries, Inc. appears attractively valued relative to its earnings, cash flows, and sector peers.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 48/100 (25%)Hawaiian Electric Industries, Inc. possesses some competitive advantages but faces meaningful competition. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for HE.
Score Composition
Financial Data
More Stock Analysis
How is the HE UQS Score Calculated?
The UQS (Unified Quality Score) for Hawaiian Electric Industries, Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Hawaiian Electric Industries, Inc.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Hawaiian Electric Industries, Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.