Stock fact sheet · data as of
Hawaiian Electric Industries, Inc. (HE): fair value, margin of safety and Wheel Score
Utilities · Regulated Electric · United States · Value
Is HE undervalued?
At 8.49 (close of 16 Oct 2026), HE trades 29% under the GLS average fair value of 12.01. 3 of the 5 models that produced a value land above the price. A discount of this size counts as a positive margin of safety in every GLS screen; whether it is enough depends on the rest of the picture - the health score, the moat and the option premium below.
There is a wide gap between GLS Growth (3.84) and Graham Growth (19.76). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
The nightly engine files HE under Value: positive earnings at a P/E of 18 or less.
Nine valuation models for HE
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | - | - | Present value of the projected free cash flows, discounted at the cost of capital; no value tonight |
| Graham Number | 17.35 | +104% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 19.76 | +133% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 4.53 | -47% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 3.84 | -55% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | - | - | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10%; no value tonight |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | 14.56 | +72% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -31.45 | -470% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 8.00 | -6% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Hawaiian Electric Industries, Inc. scores only 4 of 9 on the Piotroski F-score, which fails the Sunday Scan's "6 or more" rule. A reading this low means several of the basic tests - positive earnings, positive operating cash flow, falling debt, no new share issuance - are not met. A GLS Moat score of 0.7/10 is a weak reading: the ten-year history the score grades (revenue, EPS, book value, margins, cash flow, share count, ROIC) has not been steady, so the Moat part of the Wheel Score contributes little.
Returns on capital are thin or negative - ROIC 2.8%, ROE 7.9%, ROA 1.4% - with debt at 1.84 times equity and negative free cash flow.
Hawaiian Electric Industries, Inc. pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Electric Energy Sales, Large Light And… 36%, Electric Energy Sales, Commercial 31%, Electric Energy Sales, Residential 31% (quarter Q2 FY2026).
Institutional ownership scores 10/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 4 / 9 | ROIC | 2.8% |
|---|---|---|---|
| GLS Moat | 0.7 / 10 | ROE | 7.9% |
| Debt / equity | 1.84 | ROA | 1.4% |
| Free-cash-flow yield | -38.6% | Payout ratio | 0% |
| Institutions | 10 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 71: Good
With a Wheel Score of 71 - the Good band - Hawaiian Electric Industries, Inc. clears the Sunday Scan's "70 or higher" rule. The parts: Value 25/25, Health 9/20, Moat 1/15, Premium 20/20, Stability 17/20; Moat (1/15) scores lowest.
Implied volatility is 42% on the near-the-money contracts 20-60 days out - inside the 35-60% range the Wheel Score pays full marks for: enough premium to be worth selling, not so much that the risk is unpaid. The option chain is deep: 116,322 contracts of open interest across all expiries, which means tight fills at most strikes.
Volume runs at 2.4M shares a day on a market cap of $1.5B, with a beta of 0.50 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 17 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 29% margin of safety | |
| Health | 9 / 20 | Piotroski 4/9 | |
| Moat | 1 / 15 | moat 0.7/10 | |
| Premium | 20 / 20 | implied volatility 42% | |
| Stability | 17 / 20 | 2.4M shares/day, $1.5B cap, beta 0.50 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 6 Nov 2026 (after the close), 21 days away; a 30-45-day put sold today would expire after it, which is worth weighing against the premium.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Regulated Electric
The 12 companies below are the closest to Hawaiian Electric Industries, Inc. by market cap within the Regulated Electric industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| AILIH Ameren Illinois Company | 61.78 | 118.96 | +48% | 39No options | $1.6B |
| AILLO Ameren Illinois Company | 65.25 | 128.02 | +49% | 39No options | $1.7B |
| AILIN Ameren Illinois Company | 70.35 | 49.86 | -41% | 31No options | $1.8B |
| AILIM Ameren Illinois Company | 75.75 | 148.34 | +49% | 39No options | $1.9B |
| CEPU Central Puerto S.A. | 12.97 | 4,922.39 | +100% | 80Prime | $1.9B |
| AILLN Ameren Illinois Company | 76.49 | 133.62 | +43% | 39No options | $1.9B |
| WELPM Wisconsin Electric Power Company | 106.15 | 596.23 | +82% | 39No options | $1.9B |
| AILLM Ameren Illinois Company | 78.60 | 57.56 | -37% | 32No options | $2.0B |
| AILLI Ameren Illinois Company | 79.51 | 58.15 | -37% | 31No options | $2.0B |
| WELPP Wisconsin Electric Power Company PFD 3.60% | 63.00 | 384.83 | +84% | 39No options | $2.1B |
| EDN Empresa Distribuidora y Comercializadora Norte Sociedad Anónima | 20.72 | 860.56 | +98% | 39No options | $1.0B |
| EAI Entergy Arkansas, Inc. 1M BD 4.875%66 | 18.55 | 1,713.15 | +99% | 39No options | $871M |
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A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the same eight-rule screen, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about HE
Is HE undervalued right now?
By the GLS models, moderately: at 8.49 the stock trades 29% below the average fair value of 12.01 (data as of 16 Oct 2026).
What is the Wheel Score of HE and what does it mean?
HE scores 71 out of 100 (Good). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for HE?
12.01 per share as of 16 Oct 2026 - the simple average of the 5 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Hawaiian Electric Industries, Inc. report earnings next?
The next earnings report is due on 6 Nov 2026 (after the close), 21 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does HE have listed options, and how liquid are they?
Yes. The nightly snapshot found 148 listed contracts with 116,322 open interest across all expiries and implied volatility of 42% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.