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Hawaiian Electric Industries, Inc. together with its subsidiaries, engages in the electric utility business. The company engages in the production, purchase, transmission, distribution, and sale of electricity in the islands of Oahu; Hawaii; and Maui, Lanai, and Molokai; and renewable energy sources and potential sources include wind, solar, photovoltaic, geothermal, wave, hydroelectric, municipal waste, and other biofuels. It also invests in non-regulated renewable energy and sustainable infrastructure in the State of Hawaii. In addition, the company serves suburban communities, resorts, the United States Armed Forces installations, and agricultural operations. Hawaiian Electric Industries, Inc. was founded in 1891 and is headquartered in Honolulu, Hawaii.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $3.1B | $577M | $126M | $50M | 7.9% | -4.1% | -108.9% |
| 2024 | $3.2B | $-1.4B | $-1.4B | $143M | -96.3% | -2.1% | -808.1% |
| 2023 | $3.3B | $585M | $201M | $109M | 8.6% | -3.9% | -17.2% |
| 2022 | $3.4B | $572M | $243M | $115M | 11.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3,420.92 | 3,287.50 | 3,219.85 | 3,086.90 |
| Cost Of Revenue | - | 3,141.36 | 3,012.51 | 4,926.61 | 2,851.57 |
| Gross Profit | - | 279.56 | 274.99 | -1,706.76 | 235.32 |
| Operating Expense | -9.53 | -10.57 | -15.16 | - | - |
| Operating Income | - | 279.56 | 274.99 | -1,706.76 | 235.32 |
| EBITDA | - | 572.34 | 584.94 | -1,376.32 | 577.29 |
| EBIT | - | 301.94 | 302.63 | -1,669.86 | 278.37 |
| Pretax Income | - | 201.95 | 182.30 | -1,791.60 | 166.93 |
| Tax Provision | - | 38.92 | 34.53 | -470.96 | 40.65 |
| Net Income | - | 243.03 | 201.13 | -1,424.12 | 126.28 |
| Net Income Common Stockholders | - | 241.14 | 199.24 | -1,426.01 | 123.12 |
| Total Expenses | - | 3,141.36 | 3,012.51 | 4,926.61 | 2,851.57 |
| Interest Expense | - | 99.99 | 120.33 | 121.74 | 111.44 |
| Interest Income | - | 0 | 9.10 | 19.36 | 36.93 |
| Selling General And Administration | -5.85 | -4.41 | -4.77 | - | - |
| Normalized EBITDA | - | 561.77 | 569.77 | -1,390.11 | 562.28 |
| Normalized Income | - | 154.58 | 135.47 | -1,330.80 | 114.93 |
| Market Cap | 2,634.19 | 2,634.19 | 2,634.19 | 2,634.19 | 2,634.19 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Hawaiian Electric Industries, Inc.this co. | HE | $2.7B | 20.86 | 1.64 | 7.9% | 8.82 |
| Clearway Energy, Inc. | CWEN-A | $4.7B | 28.29 | 2.49 | 8.8% | 12.91 |
| Clearway Energy, Inc. | CWEN | $4.7B | 28.32 | 2.49 | 8.8% | 12.91 |
| MDU Resources Group, Inc. | MDU | $4.5B | 23.43 | 1.61 | 6.9% | 13.53 |
| Avista Corporation | AVA | $3.3B |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 17.59 |
| 1.25 |
| 7.1% |
| 10.19 |
| Chesapeake Utilities Corporation | CPK | $3.0B | 21.82 | 1.92 | 8.8% | 12.56 |
| MGE Energy, Inc. | MGEE | $2.9B | 21.69 | 2.26 | 10.4% | 12.63 |
| California Water Service Group | CWT | $2.8B | 21.65 | 1.64 | 7.6% | 12.02 |
| Northwest Natural Holding Company | NWN | $2.2B | 19.81 | 1.52 | 7.7% | 10.48 |
| Peer Median | - | 21.75 | 1.78 | 8.2% | 12.60 | |