Forensic Analysis · Electric Utilities · as of Nov 9, 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.
C · Mixed — selective
Forensic grade
Clean
Earnings quality
5
Forensic signals
8.2%
ROE
-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 (auditor quality, say on pay, board independence, going concern). 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 C (Mixed — selective) forensic quality grade. 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, against 4.5% in FY2023, having run between -22.6% and 4.5% across FY2023–FY2025 with no direction held. After-tax operating profit was $223M in FY2023 and $178M in FY2025, with operating income at 8.4% of revenue in FY2023, -53.0% in FY2024 and 7.6% in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: current liabilities is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged.
+25.4%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +57% over the last 2 years to FY2025 (+25.4%/yr). The count is growing — 110.0M shares in FY2023, 173.0M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~25.4% 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 FY2023 has been diluted ~36%.
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. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 25.4% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
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.
58d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 52 to 58 days FY2024→FY2025 (receivables +8% vs revenue -4%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 61 → 52 → 58 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
Key fundamentals
Latest Revenue$3.09B
Revenue Growth YoY-4.1%
Revenue CAGR (2yr)-3.1%
Net Margin4.1%
Free Cash Flow$49.9M
Return on Equity8.2%
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?