Stock fact sheet · data as of
Hawaiian Electric Industries, Inc. (HE): fair value, margin of safety and Wheel Score
Ticker symbol HE · Utilities · Regulated Electric · United States · Value
Is HE undervalued?
At 8.50 (close of 5 Nov 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 scan; 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.
Ranked against every other company we cover, HE is clearly cheaper than it is fast-growing, so the nightly engine files it under Value (value score 77, growth score 16, out of 100).
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 | +132% | 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 | +71% | 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 "Piotroski 6 or more" Wheel Trade Filter. 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 2.4/10 is a weak reading: the accounts do not show returns and margins that competitors have been unable to wear down, 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 | 2.4 / 10 | ROE | 7.9% |
| Debt / equity | 1.84 | ROA | 1.4% |
| Free-cash-flow yield | -38.5% | Payout ratio | 0% |
| Institutions | 10 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 41: Weak
With a Wheel Score of 41 Hawaiian Electric Industries, Inc. sits in the Weak band. It fails filter 4, financially healthy - Piotroski 4/9 (under 6); Red Flags (weak) is its weakest part.
Implied volatility is 44% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is 30,505 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 5.1M shares a day on a market cap of $1.5B, with a beta of 0.51 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Fails | Piotroski 4/9 (under 6) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 29% below fair value | |
| Premium | Strong | implied volatility 44% | |
| Moat | Weak | moat 2.4/10 | |
| Health | Fair | Piotroski 4/9 | |
| Red Flags | Weak | Red Flags score 60/100 | |
| Option trading | Weak | 176 contracts a day, 30,505 open interest | |
| Stability | Fair | beta 0.51, $1.5B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
Hawaiian Electric Industries, Inc. reports earnings on 6 Nov 2026 (after the close) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
No analyst upgrades or downgrades were recorded in the last 30 days.
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 |
|---|---|---|---|---|---|
| CEPU Central Puerto S.A. | 10.13 | 44.04 | +77% | 46Weak | $1.5B |
| ELPC Companhia Paranaense de Energia | 10.67 | 18.32 | +42% | 34No options | $2.0B |
| WELPP Wisconsin Electric Power Company PFD 3.60% | 62.00 | 391.26 | +84% | 28No options | $2.1B |
| WELPM Wisconsin Electric Power Company | 103.90 | 616.45 | +83% | 32No options | $2.1B |
| EAI Entergy Arkansas, Inc. 1M BD 4.875%66 | 18.51 | 1,715.61 | +99% | 25No options | $870M |
| MGEE MGE Energy, Inc. | 77.59 | 45.16 | -72% | 34Weak | $2.9B |
| EDN Empresa Distribuidora y Comercializadora Norte Sociedad Anónima | 14.90 | 114.13 | +87% | 31No options | $720M |
| DTB DTE Energy Company 2020 Series | 15.16 | 32.27 | +53% | 34No options | $3.2B |
| DTG DTE Energy Company 2021 Series | 15.36 | 32.35 | +53% | 33No options | $3.2B |
| PAM Pampa Energía S.A. | 64.84 | 137.06 | +53% | 49Weak | $3.5B |
| SOJF Southern Company 6.5 % Notes 2025-15.03.85 | 23.02 | 34.97 | +34% | 26No options | $520M |
| GNE Genie Energy Ltd. | 17.13 | 19.48 | +12% | 44Weak | $451M |
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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 top 10 stocks that pass all 9 Wheel Trade Filters, 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 8.50 the stock trades 29% below the average fair value of 12.01 (data as of 5 Nov 2026).
What is the Wheel Score of HE and what does it mean?
HE scores 41 out of 100 (Weak) - it fails Wheel Trade Filter 4. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for HE?
12.01 per share as of 5 Nov 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), 1 days from the data date of 5 Nov 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 30 listed contracts with 30,505 open interest across all expiries and implied volatility of 44% 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.