Forensic Analysis · Utilities · as of Aug 11, 2026
Hawaiian Electric Industries Inc (HE)
A forensic read on Hawaiian Electric Industries Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
0.6
Distress distance
Clean
Earnings quality
5
Forensic signals
16.8
P / E (ttm)
7.9%
ROE
$2.0B
Market cap
0.07%
Dividend yield
-4.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Hawaiian Electric Industries Inc earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.6, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
2.5%
FY2025
Return on invested capital.Return on invested capital is 2.5% in the latest fiscal year and slipping from 5% — well below its ~6% cost of capital, so reinvested dollars may be destroying value, not building it.
+16.4%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +58% over the last 3 years to FY2025 (+16.4%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~16.4% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~37%.
0.1% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.1% of revenue and 7% of free cash flow in FY2025 — about $0.02 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 17.3% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
stopped
FY2023→FY2025
Shareholder returns — halted.Capital returns have STOPPED — $74M of buybacks + dividends in FY2023, but ~$0 in FY2025. A halt usually means the company is conserving cash.
suspended
FY2023→FY2025
Dividend — suspended.The dividend has been SUSPENDED — $74M paid in FY2023, then $0 in FY2025. A suspension is a major signal the board is conserving cash; the prior payment history doesn't offset it.
Key fundamentals
Latest Revenue$3.09B
Revenue Growth YoY-4.1%
Revenue CAGR (3yr)-3.4%
Net Margin4.1%
Free Cash Flow$49.9M
Return on Equity7.9%
Debt / Equity1.50x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Hawaiian Electric Industries Inc's actual 10-K/10-Q/8-K filings?