Hawaiian Electric Industries, Inc. (HE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-446.6%

-$30.03

vs $8.67 price

Levered DCF

$0.54

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.61

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	17.32×	-0.87×	7.8×	19.02×	18.44×	19.55×	23.43×	19.58×
P/B	1.32×	0.82×	0.65×	2.05×	1.87×	1.63×	2.21×	1.81×
P/S	0.69×	0.38×	0.47×	1.34×	1.59×	1.5×	1.78×	1.39×
EV / EBITDA	7.6×	-2.4×	8.09×	14.09×	10.18×	10.02×	11.78×	9.77×
Gross margin	7.6%	-53.0%	19.1%	18.4%	23.7%	22.0%	21.8%	11.7%
Operating margin	7.6%	-53.0%	8.4%	8.2%	13.5%	12.1%	12.1%	11.7%
Net margin	4.1%	-44.2%	6.1%	7.0%	8.6%	7.7%	7.6%	7.1%
Current ratio	1.32×	1.61×	1.59×	1.61×	2.4×	1.96×	1.23×	1.62×
Debt / equity	1.84×	2.2×	1.36×	1.53×	1.07×	1.05×	1.06×	0.94×
Interest coverage	2.09×	-14.02×	2.29×	2.8×	4.24×	3.63×	4.03×	3.98×
Dividend yield	0.1%	2.3%	4.9%	2.8%	3.3%	3.8%	2.7%	3.4%
Payout ratio	1.5%	-2.0%	38.1%	53.0%	61.2%	73.8%	64.0%	67.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.9%	-94.1%	8.4%	10.8%	10.2%	8.3%	9.4%	9.3%
Return on invested capital	2.3%	-16.2%	1.3%	1.4%	1.9%	1.7%	2.1%	2.0%
Return on assets	1.4%	-15.9%	1.2%	1.4%	1.5%	1.3%	1.6%	1.5%
Free cash flow yield	2.3%	11.0%	7.0%	-0.0%	1.3%	1.2%	1.1%	-1.0%
Earnings yield	5.9%	-115.3%	12.8%	5.3%	5.4%	5.1%	4.3%	5.1%
Enterprise value	$4.1B	$3.3B	$4.5B	$7.8B	$6.8B	$6B	$7.3B	$5.9B
Net debt / EBITDA	3.67×	-1.51×	5.32×	5.82×	3.41×	3.57×	3.59×	3.15×
Cash conversion cycle (days)	30	37	33	22	10	7	2	653