Hawaiian Electric Industries (HE) Stock Analysis & Winston Score

Hawaiian Electric Industries is a utility holding company based in Honolulu, Hawaii. Its main business, Hawaiian Electric Company, generates and delivers electricity to about 95% of Hawaii's population across the islands of Oahu, Maui, Hawaii, Lanai, and Molokai. It also owns American Savings Bank, a mid-sized retail bank serving Hawaii residents.

The company earns money by charging customers for electricity and through standard banking services like loans and deposits. Because Hawaii is an island state, Hawaiian Electric has a near-monopoly on power delivery with no competition from mainland grids. However, the company faces serious legal and financial risk from the August 2023 Maui wildfires, where downed power lines are alleged to have started the deadliest U.S. wildfire in over a century. Billions of dollars in potential liability from lawsuits and settlements remain a central concern for the business going forward.

Winston Score History

Politician Trades

1 trades / 12mo

0 Congressional buys and 1 sell on HE in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+0.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+20.0% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

0.3%ownership

Relatively low insider ownership

Cash Runway

~3 years

$453M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$453M cash & investments at current burn rate

Growth context

Hawaiian Electric Industries is growing revenue at 0% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

7.2%

Thin — 7.2% gross margin

Operating Margin

7.2%

Modest — 7.2% operating margin

ROCE

2.3%

Weak — 2.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+4.2%

Slow sales growth (4.2% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

311%

Turns 311% of profit into real cash

FCF Margin

1.4%

Thin free cash flow (1.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.41

Conservative — low debt load (0.41)

Interest Cover

2.06x

Tight — interest eats into profit (2.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

18.2x

no trend

Fair value — P/E 18.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+6.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (18.2 → 12.0)

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Dividends

Not applicable for this business.

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