Is the business good?
How good a business is HE?
Hawaiian Electric Industries, Inc. earns 5.2% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
5.2%
Return on invested capital · cost of capital 9.0% · 3.8 points below what the capital costs: growth destroys value
- Operating margin
- 7.3%
Operating margin · Utilities - Regulated Electric median 22% · 12 months to Q1 2026
- Cash conversion
- 0.34×
Cash conversion · some of the reported profit has not turned into cash yet
- Share count, year on year
- +0.30%
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 Q1 2026
- 7.3%
- Net margin12 months to Q1 2026
- 4.2%
- Free cash flow margin
- 1.4%
- Revenue, trailing twelve months
- $3.09B
- Free cash flow, trailing twelve months
- $44M
- Net income, trailing twelve months
- $129M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 5.2%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Utilities - Regulated Electric
Ranks #15 of 37 by Smart Score