Capital investment and capacitynegative · 5 filings
“The increase in net cash used in investing activities was primarily driven by an increase in capital expenditures related to construction activities.”10-Q · Aug 7, 2026 ↗
Hawaiian Electric Industries, Inc.
HE
Market read
Hawaiian Electric Industries, Inc.'s current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 11 directly disclosed connections are confirming.
Company-3.4% todayVolume comparison unavailable
Market group0 of 1 activeRegulated Electric Utilities · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- HE's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if HE's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 11 directly disclosed connections are confirming.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- HE's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations326
Usable filing statements130
Verified relationships11
Evidence supporting the case
- Operating margin changed +60.6 percentage points in the latest annual period.
- Net margin changed +48.3 percentage points in the latest annual period.
- Operating cash flow covered net income at 3.10x in the latest annual period.
Evidence challenging the case
- Latest annual revenue changed -4.1% year over year.
- Diluted shares increased 36.3% in the latest annual period.
- Capital investment and capacity has repeated adverse evidence across 5 filings.
- Credit and interest rates has repeated adverse evidence across 5 filings.
- Demand and volume has repeated adverse evidence across 5 filings.
- Energy and commodity prices has repeated adverse evidence across 5 filings.
Questions before a position
- P/E is 34% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 78% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 9, 2026
10.336m-30.1%12m-13.0%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$2.9B+10.5%$2.25+0.2%
2022-12-31$3.4B+20.0%$2.20+0.2%
2023-12-31$3.3B-3.9%$1.81+0.2%
2024-12-31$3.2B-2.1%$-11.23+15.3%
2025-12-31$3.1B-4.1%$0.71+36.3%
What management says matters
Persistent and emerging business drivers
Credit and interest ratesnegative · 5 filings
“Net loss (19,551) (34,210) 14,659 Lower net loss related to lower impairment loss on assets held for sale and loss on the sale of subsidiary in the prior period and lower interest expense due to lower average debt balances, partially offset by lower interest…”10-Q · Aug 7, 2026 ↗
Demand and volumenegative · 5 filings
“Net increase largely due to: $ 133 higher fuel oil prices and higher kWh generated 1 51 higher purchased power energy cost and higher PPAC revenues, partially offset by lower kWh purchased 2 15 higher revenue from ARA 2 higher MPIR/EPRM revenue 1 higher Deman…”10-Q · Aug 7, 2026 ↗
Energy and commodity pricesnegative · 5 filings
“The decrease in net cash provided by operating activities was primarily driven by higher cash paid for fuel oil stock, and higher customer bills due to higher fuel oil prices.”10-Q · Aug 7, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 0.6× · EV/sales 1.2×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
10.54-3.4% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 14:20 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for HE. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for HE. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind HE
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
JPMJPMorgan Chase & Co.lenderFeb 27, 2026 ▾
“10-K 1-8503 10.20 2/29/24 10.20*** Fourth Amended and Restated Credit Agreement, dated as of September 5, 2025, by and among Hawaiian Electric Industries, Inc., the lenders from time to time party thereto, Wells Fargo Bank, National Association, as an issuing…”
INTRInter & Co, Inc.partnerFeb 27, 2026 ▾
“On March 21, 2024, Hawaiian Electric formed HE AR INTER LLC and its direct subsidiary, HE BRWR LLC, which were established to pursue financing through a secured asset-based (accounts receivable) credit facility.”
Depended on by
INSWInternational Seaways, Inc.customerFeb 26, 2026 ▾
“More stringent long-term standards for newly built engines that applied beginning in 2016 and required the use of high efficiency emission control technology such as selective catalytic reduction to achieve NOx reductions 80 percent below the pre-2016 levels.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 8 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
HE is currently a Leader in the organic co-movement group Regulated Electric Utilities. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for HE; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.