HEHAWAIIAN ELECTRIC INDUSTRIES INC
Electric Services
- Revenue
- $3.1B
- 3.3% YoY
- Operating margin
- 7.7%
- 114% YoY
- EBITDA
- $534M
- 138% YoY
- Market cap
- $1.5B
- Employees
- —
- Net debt / EBITDA
- 3.8×
- $2.0B net debt
- AI in 10-K
- 0.3
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersYes3 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$5M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo318% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo97% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AIYes0.3 per 10K words · 15th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo3.8× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.5B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $2.5B | $3.5B | $3.2B | $3.2B | $3.1B | 3.3% |
| Operating income | $386M | $280M | $275M | −$1.7B | $235M | 114% |
| Net income | $246M | $241M | $199M | −$1.4B | $123M | 109% |
| Operating cash flow | $376M | $454M | $551M | $487M | $391M | 20% |
| Capex | $315M | $339M | $443M | $344M | $341M | 0.9% |
| Stock-based comp | $9M | $7M | $7M | $4M | $3M | 4.6% |
| Dividends | $149M | $111M | $74M | $0 | $0 |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Mar 26, 2015 | DEFM14A | NextEra Energy, Inc. | $241.30 | 18.8% |
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $4M | $4M | 39 | 144 |
| FY2024 | $7M | $4M | 31 | 129 |
| FY2023 | $5M | −$88K | 45 | 108 |
| FY2022 | $4M | $4M | 126 | 118 |
| FY2021 | $6M | $8M | 121 | 117 |