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Hawaiian Electric Industries Inc (HE)



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Upturn Advisory Summary
09/15/2025: HE (1-star) has a low Upturn Star Rating. Not recommended to BUY.
1 Year Target Price $11.56
1 Year Target Price $11.56
1 | Strong Buy |
0 | Buy |
4 | Hold |
0 | Sell |
0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit -25.7% | Avg. Invested days 31 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 2.10B USD | Price to earnings Ratio 11.71 | 1Y Target Price 11.56 |
Price to earnings Ratio 11.71 | 1Y Target Price 11.56 | ||
Volume (30-day avg) 5 | Beta 0.7 | 52 Weeks Range 8.14 - 13.41 | Updated Date 09/15/2025 |
52 Weeks Range 8.14 - 13.41 | Updated Date 09/15/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) 1.04 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin -3.84% | Operating Margin (TTM) 7.32% |
Management Effectiveness
Return on Assets (TTM) 1.09% | Return on Equity (TTM) -3.07% |
Valuation
Trailing PE 11.71 | Forward PE 13.3 | Enterprise Value 4537504421 | Price to Sales(TTM) 0.67 |
Enterprise Value 4537504421 | Price to Sales(TTM) 0.67 | ||
Enterprise Value to Revenue 1.45 | Enterprise Value to EBITDA 13.07 | Shares Outstanding 172612000 | Shares Floating 172066400 |
Shares Outstanding 172612000 | Shares Floating 172066400 | ||
Percent Insiders 0.21 | Percent Institutions 76.31 |
Upturn AI SWOT
Hawaiian Electric Industries Inc

Company Overview
History and Background
Hawaiian Electric Industries Inc. (HEI) was founded in 1891 as Hawaiian Electric Company. It has evolved from a single electric utility to a diversified holding company with businesses in banking, renewable energy, and other ventures. Significant milestones include expansion across Hawaiian islands, diversification into financial services, and increasing focus on renewable energy integration.
Core Business Areas
- Electric Utility: Hawaiian Electric provides electricity to approximately 95% of the state's population across five islands: Ou02bbahu, Hawaiu02bbi, Maui, Lu0101nau02bbi, and Molokau02bbi. It generates, purchases, transmits, distributes, and sells electric energy.
- Banking: American Savings Bank (ASB), a subsidiary of HEI, offers a range of financial services including deposit accounts, loans, and investment products to individuals and businesses in Hawaiu02bbi.
- Renewable Energy: HEI is focused on transitioning to renewable energy sources to meet state mandates for 100% renewable energy by 2045. This includes investments in solar, wind, and geothermal energy projects.
Leadership and Structure
Scott Seu is the President and CEO of Hawaiian Electric Industries Inc. The organizational structure comprises Hawaiian Electric Company, American Savings Bank, and other subsidiaries managed under the HEI corporate umbrella.
Top Products and Market Share
Key Offerings
- Electricity Generation and Distribution: Provides electricity to residential, commercial, and governmental customers across five Hawaiian islands. Market share is approximately 95% in its service territories. Competitors include independent power producers selling electricity to Hawaiian Electric. Competitors: Independent Power Producers (IPP's).
- Banking Services (American Savings Bank): Offers deposit accounts, loans, and investment products to individuals and businesses in Hawaiu02bbi. Market share is significant within the Hawaiian banking sector, but smaller than Bank of Hawaii. Competitors: Bank of Hawaii (BOH), First Hawaiian Bank (FHB).
Market Dynamics
Industry Overview
The utility industry is undergoing a major transformation with increasing adoption of renewable energy sources, distributed generation, and smart grid technologies. The banking sector in Hawaiu02bbi is competitive with established regional players.
Positioning
HEI is a dominant player in the Hawaiian electric utility market. Its competitive advantages include established infrastructure, regulatory relationships, and integration of renewable energy technologies.
Total Addressable Market (TAM)
The total addressable market for electric utilities in Hawaii is estimated at $3 billion annually. The TAM for banking services in Hawaii is estimated at $2 billion annually. HEI is positioned to capture a significant portion of these markets through its existing infrastructure and strategic initiatives.
Upturn SWOT Analysis
Strengths
- Established infrastructure and customer base
- Strong regulatory relationships
- Commitment to renewable energy transition
- Diversified business model with banking subsidiary
Weaknesses
- High dependence on imported fossil fuels (decreasing, but still significant)
- Exposure to regulatory and political risks
- Infrastructure vulnerabilities to natural disasters
- High debt levels
Opportunities
- Expansion of renewable energy generation capacity
- Development of smart grid technologies
- Growth in electric vehicle adoption
- Expansion of banking services in underserved markets
Threats
- Rising fuel prices and supply chain disruptions
- Increased competition from alternative energy providers
- Regulatory changes impacting renewable energy policies
- Climate change and sea-level rise impacting infrastructure
Competitors and Market Share
Key Competitors
- AES (AES)
- NextEra Energy (NEE)
- First Hawaiian Bank (FHB)
Competitive Landscape
HEI faces competition from independent power producers and other utilities in the renewable energy sector. ASB competes with other banks in Hawaii. HEI's advantages include its established infrastructure and regulatory relationships.
Growth Trajectory and Initiatives
Historical Growth: HEI has experienced moderate revenue growth in recent years, driven by increased electricity demand and expansion of banking services. Significant growth hampered by Maui fires in August 2023 and resulting lawsuits.
Future Projections: Analysts project continued revenue growth driven by renewable energy investments and increasing electricity demand. EPS is projected to grow at an average rate of 3-5% over the next five years. Projections dependent upon legal outcomes.
Recent Initiatives: HEI is investing heavily in renewable energy projects, including solar, wind, and geothermal energy. It is also deploying smart grid technologies to improve grid efficiency and reliability.
Summary
Hawaiian Electric Industries faces unique challenges and opportunities. While committed to renewable energy and having a strong market position, recent events have drastically impacted their financial health. Legal challenges post-Maui fires and its heavy reliance on fossil fuels continue to weigh on its performance. The company's strengths are mitigated by its current financial and public relations difficulties.
Peer Comparison
Sources and Disclaimers
Data Sources:
- Company Filings (10-K, 10-Q)
- Investor Presentations
- Analyst Reports
- News Articles
- Company Website
Disclaimers:
The information provided is for informational purposes only and should not be considered financial advice. Investment decisions should be made based on individual circumstances and consultation with a qualified financial advisor. Market share data is based on publicly available information and may not be precise. Forward-looking statements are subject to risks and uncertainties.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Hawaiian Electric Industries Inc
Exchange NYSE | Headquaters Honolulu, HI, United States | ||
IPO Launch date 1987-11-05 | President, CEO & Director Mr. Scott W. H. Seu | ||
Sector Utilities | Industry Utilities - Regulated Electric | Full time employees 2587 | Website https://www.hei.com |
Full time employees 2587 | Website https://www.hei.com |
Hawaiian Electric Industries, Inc., together with its subsidiaries, engages in the electric utility business in the United States. It operates through Electric Utility and Other segments. The Electric Utility segment engages in the production, purchase, transmission, distribution, and sale of electricity in the islands of Oahu; Hawaii; and Maui, Lanai, and Molokai. This segment's renewable energy sources and potential sources include wind, solar, photovoltaic, geothermal, wave, hydroelectric, municipal waste, and other biofuels. This segment serves suburban communities, resorts, the United States Armed Forces installations, and agricultural operations. The Other segment invests in non-regulated renewable energy and sustainable infrastructure in the State of Hawaii. Hawaiian Electric Industries, Inc. was founded in 1891 and is headquartered in Honolulu, Hawaii.

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