At a glance
Hawaiian Electric Industries Inc is worth $1.45B, about 12 times its fiscal 2025 earnings. Revenue fell 4.1% to $3.09B in fiscal 2025, with 4.1% kept as profit; over 3 years it has grown 3.4% a year. It pays no dividend. The stock returned −29.8% over the past year with dividends reinvested and −25.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 35.6% in the 2020 crash (S&P 500: 33.7%) and 23.0% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Hawaiian Electric Industries (HEI) is a holding company whose business is essentially one regulated electric utility in Hawaii. Its utility, Hawaiian Electric, and that company's subsidiaries, Hawaii Electric Light and Maui Electric, provide power to about 95% of the state's population. They run five separate grids serving Oahu, Hawaii Island, Maui, Lanai and Molokai, and those grids are not connected to one another.
The utilities charge rates set by the state's Public Utilities Commission (PUC). Under this kind of regulation, a utility aims to recover its costs and earn an allowed return on the power plants and lines it owns. The utilities also depend heavily on outside suppliers for fuel and purchased power. Revenue for 2025 was about $3.09 billion. Large light and power customers (the biggest business users) made up 35%, residential customers 32% and commercial customers 31.5%.
HEI has been shedding everything else. On December 31, 2024, it sold 90.1% of ASB, a Hawaii community bank, and kept 9.9%. Its Pacific Current unit, which invested in clean energy projects, sold nearly all its holdings in 2025. As of the annual report (10-K) filed February 27, 2026, its last operating business, Mahipapa, was being sold. The holding company funds itself mainly through dividends from the utilities, borrowing and issuing stock.
Price history
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HE -29.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Electric energy sales - large light and power | $1.08B | 35% |
| Electric energy sales - residential | $992.4M | 32.1% |
| Electric energy sales - commercial | $971.8M | 31.5% |
| Electric energy sales - other | $18.0M | 0.6% |
| Other sales | $13.7M | 0.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $939.7M, up 25.9% from a year earlier, and net income was $123.2M (+372.3%).
- For fiscal 2025, revenue was $3.09B (-4.1% year over year; -3.4% a year from FY2022 to FY2025) with a 4.1% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | -3.4% weak |
|---|---|
| Operating margin | 7.6% watch |
| Free cash flow margin | 1.6% watch |
| Return on equity (FY2025) | 7.9% weak |
| Return on assets (FY2025) | 1.4% weak |
| Net cash (cash minus debt) | $-2.03B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.58B | $199.7M | $45.5M |
| FY2021 | $2.85B | $248.1M | $61.1M |
| FY2022 | $3.42B | $243.0M | $115.1M |
| FY2023 | $3.29B | $201.1M | $108.7M |
| FY2024 | $3.22B | $-1.42B | $143.2M |
| FY2025 | $3.09B | $126.3M | $49.9M |
Valuation snapshot
| Market value | $1.45B |
|---|---|
| P/E ratio | 11.8 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Hawaiian Electric Industries’s market value went from $3.59B at the end of 2016 to $1.45B on Oct 28, 2026, down 60%; since the end of 2025 it is down 32%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.45B | -31.7% |
| 2025 | $2.12B | +26.5% |
| 2024 | $1.68B | +7.4% |
| 2023 | $1.56B | -65.9% |
| 2022 | $4.58B | +1.0% |
| 2021 | $4.54B | +17.4% |
| 2020 | $3.86B | -24.3% |
| 2019 | $5.11B | +28.1% |
| 2018 | $3.99B | +1.4% |
| 2017 | $3.93B | +9.6% |
| 2016 | $3.59B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HE price data to Oct 28, 2026 | -31.8% | -29.8% | -13.2% | -25.8% | -9.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -31.8% |
| 2025 | +26.4% |
| 2024 | -31.4% |
| 2023 | -64.4% |
| 2022 | +4.3% |
| 2021 | +21.3% |
| 2020 | -21.9% |
| 2019 | +31.9% |
| 2018 | +5.0% |
| 2017 | +13.4% |
| 2016 | +19.0% |
| 2015 | -10.0% |
| 2014 | +35.0% |
| 2013 | +8.6% |
| 2012 | -0.4% |
| 2011 | +22.2% |
| 2010 | +15.3% |
| 2009 | +1.6% |
| 2008 | +2.1% |
| 2007 | -11.6% |
| 2006 | +9.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 41.4% over that stretch · deepest drop along the way 56.8%, back to its old high 24.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 30.4% over that stretch · deepest drop along the way 35.6%, not recovered by the end of the data |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.2% over that stretch · deepest drop along the way 23%, back to its old high 3.7 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (13 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.7% | Mar 31, 2026 |
| HORIZON KINETICS ASSET MANAGEMENT LLC | 12.5% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.98% | Mar 31, 2026 |
| Vanguard Capital Management | 5.11% | Mar 31, 2026 |
| T. Rowe Price Investment Management, Inc. | 3.9% | Dec 31, 2025 |
| Arena Holdings Management LLC | 3% | Mar 31, 2026 |
| Zimmer Partners, LP | 2.2% | Jun 30, 2025 |
| Citadel Advisors LLC | 0.4% | Dec 31, 2024 |
ETFs with the most weight in HE
| RNWZ TrueShares Eagle Global Renewable Energy Income ETF | 3.06% |
| BCDF Horizon Kinetics Blockchain Development ETF | 2.87% |
| INFL Horizon Kinetics Inflation Beneficiaries ETF | 2.27% |
| NIXT Research Affiliates Deletions ETF | 0.8% |
| IFRA iShares U.S. Infrastructure ETF | 0.68% |
| ZAP Global X U.S. Electrification ETF | 0.31% |
| FNDA Schwab Fundamental U.S. Small Company ETF | 0.23% |
| JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF | 0.22% |
What could go wrong
- Maui wildfire settlement is a heavy bill. HEI and its utility agreed to pay $1.99 billion toward settling claims from the August 2023 Maui wildfires. That is more than HEI's $1.45 billion market value on October 28, 2026. Most is due in four yearly installments.
- Settlement depends on unresolved conditions. Payments depend on final court approval of the class settlement and on resolving insurers' claims to recoup their payouts. Courts ruled for the defendants on December 30, 2025, but some insurers appealed.
- Paying for the settlement isn't assured. HEI plans to fund payments with debt, new shares or stock-linked securities, which can dilute owners. Success isn't assured. The 10-K lists asset sales and even bankruptcy protection as possible alternatives.
- Junk credit ratings raise borrowing costs. Fitch, Moody's and S&P cut HEI below investment grade (often called junk) in August 2023. As of February 17, 2026, it was rated B+, Ba3 and B+, which makes borrowing costlier.
- One state, five unconnected island grids. Every operation is in Hawaii. Storms, wildfires or other disasters can knock out an isolated grid with no neighbor to lean on. Equipment found to have contributed to a wildfire can bring huge claims.
- Regulators control rates and dividends. Hawaii's Public Utilities Commission (PUC) sets electricity rates and could grant too little, too late, or order refunds. It can also limit dividends the utilities pay HEI, the holding company's main source of income.
Recent events
- Other company announcement
- Investor presentation or announcement
- Quarterly results released
- Major agreement signed
- Shareholder vote results
- Quarterly results released
- Executive or board change
- Other company announcement
- Investor presentation or announcement
- Other company announcement
For income and retirement investors
Dividends per share rose from $1.32 in 2020 to $1.40 in 2022. They fell to $1.08 in 2023, the year of the Maui wildfires, and then stopped. HEI paid no dividends in 2024 or 2025, and the yield was 0% as of October 28, 2026. It made no share repurchases from 2021 through 2025, while the share count grew 58% between October 2021 and July 2026. Funding the wildfire settlement could mean more new stock. For an income investor, any return would have to come from the share price.
The stock fell about 57% in the 2008 financial crisis and took about 25 months to recover. It dropped 36% in the 2020 COVID crash and had not recovered as of October 28, 2026. It fell 23% in the 2022 bear market and recovered in about four months. The wildfires did more damage: the price fell 64% in 2023 and 31% in 2024. Single stocks carry more risk than diversified funds.
Questions investors ask
Does Hawaiian Electric Industries pay a dividend?
No. HEI paid no dividends in 2024 or 2025, and its dividend yield was 0% as of October 28, 2026. Before the Maui wildfires, dividends per share had risen from $1.32 in 2020 to $1.40 in 2022. They fell to $1.08 in 2023 and then stopped. The holding company relies on dividends from its utilities for funds, and the 10-K notes that Hawaii's Public Utilities Commission could limit those payments.
How does Hawaiian Electric make money?
Almost entirely from electricity sales in Hawaii. Its utilities serve about 95% of the state's population across five separate island grids, and they charge rates set by the state's Public Utilities Commission. Of about $3.09 billion in 2025 revenue, large light and power customers (the biggest business users) provided 35%, residential customers 32% and commercial customers 31.5%. HEI has sold most of its other businesses, including 90.1% of ASB, a Hawaii community bank. The utilities are meant to be its only operating companies.
How much is Hawaiian Electric paying for the Maui wildfires?
HEI and its utility agreed to contribute $1.99 billion toward settling lawsuit claims from the August 8, 2023 Maui wildfires, which killed 102 people in Lahaina. Total contributions from all defendants are about $4.04 billion. HEI's share includes $75 million already given to the One ‘Ohana Initiative. The rest is due in four equal yearly installments of about $479 million. Payments start no sooner than early 2026, and only once conditions such as court approval and resolving insurers' claims are met.
Could Hawaiian Electric go bankrupt?
HEI's own annual report lists bankruptcy as a possible fallback, not its main plan. Management says it believes it can raise the money for the wildfire settlement through debt, new stock or stock-linked securities, but there is no assurance. If financing fails, options include delaying projects, asset sales or relief under the U.S. Bankruptcy Code. The report also warns that future events could raise substantial doubt about its ability to continue as a going concern, meaning to keep operating and meeting its obligations.
Why did Hawaiian Electric stock drop so much?
The August 2023 Maui wildfires and the liabilities that followed are the main reason. The share price fell about 64% in 2023 and 31% in 2024, and the dividend stopped. Fitch, Moody's and S&P also cut the company's debt ratings below investment grade. HEI recorded a net loss of $1.42 billion in 2024, then earned $126 million in 2025. As of October 28, 2026, the stock was down about 32% for 2026 to date and about 77% over five years.