# HAWAIIAN ELECTRIC INDUSTRIES, INC. (HE) · Edgar & Edgarette company card

> Hawaiian Electric Industries, Inc. (HE) saw revenue fall 4.1% in FY2025 to $3.1 billion, operating margin 7.6% against a 20.3% median for electric services, equity 18.0% of assets, and its dividend per share fell in the latest year on record. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 354707 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/HE) · [JSON](https://www.pops4.com/boards/company/HE.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $3.1B |
| Revenue growth, 1 year | -4.1% |
| Revenue growth per year | 2.0% |
| Operating margin | 7.6% (prior year -53.0%) |
| Net margin | 4.1% |
| Operating cash flow | $391M |
| Capital spending | $341M |
| Free cash flow | $50M |
| Cash | $502M |
| Long-term debt | $2.3B |
| Total assets | $8.9B |
| Total equity | $1.6B |
| Equity ÷ assets | 18.0% |
| Return on equity | 7.9% |
| Dividend per share | $1.08 |
| Dividend years rising | 0 |

## Readings, computed from those figures

- Piotroski F: 5 of 9 (middling)
- Health Harbor boat: Sound ship · one warning sign · slow and jumpy: growing slower than its size class, with revenue that swings more
- Cash Compass: Fading · slow and jumpy, lagging its peers

## Edgarette's reading

Exposure: revenue $3.1B (FY2025), total debt $2.3B. Experience: revenue down 4.1% on the year, up 2.0% a year over 4 years; operating margin 7.6%, up from -53.0%. Soundness: equity 18.0% of assets, return on equity 7.9%, payout 0.0% of profit, the dividend per share fell in the latest year on record. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $2.5B and $3.4B next year (method v4.1: its own 4-year record of growth weighed at 50% against $1B–10B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $2.2B to $3.8B. A statistical range, not company guidance. Against peers (40 filers, $50M+ revenue, electric services): operating margin 7.6% against a 20.3% median; growth -4.1% against 9.4%.

Range logged 2026-09-28, receipt a608db1edcbaef55, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 1, latest 2026-04-10 ([filing](https://www.sec.gov/Archives/edgar/data/354707/000035470726000029/0000354707-26-000029-index.htm))

## Recent filings

- 8-K · filed 2026-09-21 · 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/354707/000035470726000066/0000354707-26-000066-index.htm)
- 8-K · filed 2026-09-08 · 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/354707/000035470726000061/0000354707-26-000061-index.htm)
- 10-Q · filed 2026-08-07 · [filing](https://www.sec.gov/Archives/edgar/data/354707/000035470726000054/0000354707-26-000054-index.htm)
- 8-K · filed 2026-08-07 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/354707/000035470726000053/0000354707-26-000053-index.htm)
- 8-K · filed 2026-07-31 · 1.01 Entry into a Material Definitive Agreement · [filing](https://www.sec.gov/Archives/edgar/data/354707/000035470726000044/0000354707-26-000044-index.htm)
- 8-K · filed 2026-06-15 · 5.07 Submission of Matters to a Vote of Security Holders · [filing](https://www.sec.gov/Archives/edgar/data/354707/000035470726000041/0000354707-26-000041-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0000354707.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=354707

## Cite

POPS4, Edgar & Edgarette: HAWAIIAN ELECTRIC INDUSTRIES, INC. (HE) company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/HE. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.