HAWAIIAN ELECTRIC INDUSTRIES INC(HE)Stock Analysis
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Rank #1,577 of 2,879 stocks
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
HE Stock Analysis & AI Quality Score
AI stock analysis and institutional research for HAWAIIAN ELECTRIC INDUSTRIES INC (HE), a Utilities sector company. 13F Pro's AI-powered ranking engine scores HE at 48.0/100 on a 32-signal composite quality model, placing it at rank #1,577 of 2,879 stocks — the bottom half of the AI-ranked universe. Areas of concern include earnings quality (16.7) and revenue growth (23.4), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q1 2026), HAWAIIAN ELECTRIC INDUSTRIES INC reports quarterly revenue of $746.4M, net income of $30.4M, an operating margin of 7.1%. Top institutional holders of HE by reported 13-F value include BlackRock,, HORIZON KINETICS ASSET MANAGEMENT, VANGUARD PORTFOLIO MANAGEMENT, based on the most recent SEC filings. HE trades on the NYSE exchange and files with the SEC under CIK 354707. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate HE daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for HAWAIIAN ELECTRIC INDUSTRIES INC directly from SEC EDGAR. HAWAIIAN ELECTRIC INDUSTRIES INC's 13F Pro composite quality score has ranged between 32 and 58 since 2021, currently 48.0 — a stable long-term trajectory across 28 quarterly and live scoring snapshots.
Revenue
Q1 2026
$746.4M
Net Income
Q1 2026
$30.4M
Free Cash Flow
Q1 2026
$-42.5M
Operating Margin
Q1 2026
7.1%
ROIC
Q1 2026
1.4%
D/E Ratio
Q1 2026
1.47
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
-4.1% YoYNet Income
+108.6% YoYOperating Income
+113.8% YoYEPS (Diluted)
+106.3% YoYTotal Assets
-0.1% YoYTotal Debt
-15.4% YoYOp. Cash Flow
-19.8% YoY| Metric | FY 2025 | FY 2024 | FY 2022 | FY 2020 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|
| Revenue | $3.09B -4.1% | $3.22B -5.9% | $3.42B +32.6% | $2.58B -9.8% | $2.86B +11.9% | $2.56B |
| Net Income | $123.1M +108.6% | $-1.42B -686.0% | $243.0M +21.7% | $199.7M | — | — |
| Operating Income | $235.3M +113.8% | $-1.71B -710.5% | $279.6M -10.3% | $311.5M -6.6% | $333.4M -3.7% | $346.2M |
| EPS (Diluted) | $0.71 +106.3% | $-11.23 -610.5% | $2.20 +21.5% | $1.81 -2.2% | $1.85 +21.7% | $1.52 |
| Total Assets | $8.92B -0.1% | $8.93B -45.2% | $16.28B +8.5% | $15.00B +14.5% | $13.10B +4.5% | $12.53B |
| Total Debt | $2.41B -15.4% | $2.85B +19.4% | $2.38B +12.5% | $2.12B +12.7% | $1.88B +11.6% | $1.68B |
| Operating Cash Flow | $391.1M -19.8% | $487.5M +7.3% | $454.5M +5.8% | $429.4M -14.0% | $499.3M +18.8% | $420.4M |
AI Insight: HE Financial Trends
HE has stabilized post-Maui wildfire crisis, posting five consecutive profitable quarters after catastrophic Q2 2024 losses, while total debt remains elevated near $2.4B.
• Net income recovered from -$1,295M in Q2 2024 to positive $27M–$41M range across Q1 2025 through Q1 2026, signaling operational stabilization.
• Total debt fell from $2,848M in Q4 2024 to $2,405M in Q1 2026, a $443M reduction over five quarters.
• Equity rebuilt from a trough of $1,085M in Q2 2024 to $1,637M in Q1 2026, reflecting retained earnings and likely settlement-related capital infusions.
• Operating cash flow declined to $61M in Q1 2026 from $106M in Q4 2025, continuing a pattern of volatile and generally modest cash generation.
⚠ Total debt spiked from $2,057M in Q2 2025 back to $2,439M in Q3 2025 — debt trajectory remains inconsistent and warrants close monitoring.
⚠ Operating income has plateaued at $52M–$67M for five straight quarters; revenue has not meaningfully grown above $806M since recovery began.
⚠ Operating CF of $61M in Q1 2026 covers only a fraction of the $2.4B debt load — refinancing risk and interest burden remain key concerns.
AI Insight: HE Ratio Trends
HE has staged a remarkable profitability recovery from the catastrophic Q2 2024 loss, but margins remain thin and leverage elevated relative to utility peers.
• Operating margin recovered from -191.6% in Q2 2024 to a range of 6.6%–8.4% across Q1 2025 through Q1 2026, signaling operational stabilization.
• ROE turned positive in Q1 2025 at 7.2% and peaked at 10.3% in Q4 2025, reversing a streak of deeply negative returns.
• D/E ratio improved from 2.62 in Q2 2024 to 1.47 in Q1 2026, reflecting meaningful deleveraging, though leverage remains above typical utility norms.
• Q1 2026 operating margin of 7.1% and ROIC of 5.3% both dipped sequentially from Q4 2025 levels of 8.3% and 6.7%, respectively.
⚠ ROIC slipped to 5.3% in Q1 2026 from 6.7% in Q4 2025 — first sequential decline after two quarters of improvement.
⚠ D/E ticked up to 1.56 in Q3 2025 before easing to 1.47 in Q1 2026 — watch for sustained deleveraging trend to confirm balance sheet repair.
⚠ Net profit margin remains slim at 4.1% in Q1 2026; any recurrence of large wildfire-related charges could rapidly push margins negative again.
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Available Research
13F Pro tracks comprehensive data for HAWAIIAN ELECTRIC INDUSTRIES INC including:
Top Institutional Holders of HE
BlackRock, Inc.
$382.1M25,747,102 shHORIZON KINETICS ASSET MANAGEMENT LLC
$321.1M21,635,294 shVANGUARD PORTFOLIO MANAGEMENT LLC
$152.3M10,260,660 shVANGUARD CAPITAL MANAGEMENT LLC
$110.6M7,454,352 shSTATE STREET CORP
$101.2M6,816,761 shGEODE CAPITAL MANAGEMENT, LLC
$60.7M4,087,331 shCITADEL ADVISORS LLC
$55.9M3,769,800 shQuantinno Capital Management LP
$52.1M3,512,517 shCHARLES SCHWAB INVESTMENT MANAGEMENT INC
$49.6M3,343,612 shBANK OF AMERICA CORP /DE/
$40.6M2,734,135 sh
| Fund | Value | Shares |
|---|---|---|
| BlackRock, Inc. | $382.1M | 25,747,102 |
| HORIZON KINETICS ASSET MANAGEMENT LLC | $321.1M | 21,635,294 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $152.3M | 10,260,660 |
| VANGUARD CAPITAL MANAGEMENT LLC | $110.6M | 7,454,352 |
| STATE STREET CORP | $101.2M | 6,816,761 |
| GEODE CAPITAL MANAGEMENT, LLC | $60.7M | 4,087,331 |
| CITADEL ADVISORS LLC | $55.9M | 3,769,800 |
| Quantinno Capital Management LP | $52.1M | 3,512,517 |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $49.6M | 3,343,612 |
| BANK OF AMERICA CORP /DE/ | $40.6M | 2,734,135 |
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Popular Research
Is HE a good stock to buy?
13F Pro's AI-powered analysis of HAWAIIAN ELECTRIC INDUSTRIES INC (HE) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Utilities sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for HE are available on the HE stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own HE?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling HE. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of HAWAIIAN ELECTRIC INDUSTRIES INC's investment landscape.