HEHawaiian Electric Industries, Inc.
Is the business good?
The checks split: margins widening, but profits without cash flow and returns that lean on debt.
Reports an operating profit but operating cash flow is negative, a red flag.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
Leverage-amplified, a high assets-to-equity ratio does much of the work. ROE 7% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is HE?
Hawaiian Electric Industries, Inc. earns 7.8% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 1.1 points below what the capital costs: growth destroys value
- Operating margin
- 11%
Operating margin · Utilities - Regulated Electric median 22% · 12 months to Q2 2026
- Cash conversion
- −0.50×
Cash conversion · the operating profit has not turned into cash yet
- Share count, year on year
- +0.33%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 12% |
| FY2021 | 14% |
| FY2022 | 8.2% |
| FY2023 | 8.4% |
| FY2024 | −53% |
| FY2025 | 7.6% |
Details›
- Operating margin12 months to Q2 2026
- 11%
- Net margin12 months to Q2 2026
- 6.9%
- Free cash flow margin
- −17%
- Revenue, trailing twelve months
- $3.28B
- Free cash flow, trailing twelve months
- −$566M
- Net income, trailing twelve months
- $226M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 7.8%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Utilities, Regulated Electric
Ranks #9 of 15 by RyuScore