Hawaiian Electric Industries, Inc. (HE) Balance Sheet

NYSE: HEAssets, liabilities, debt and equity over 10 years.

HE balance sheet, 2025

December 31, 2025 · U.S. dollars

$8.92B assets = $7.32B liabilities + $1.61B equity

Both columns are drawn to the same scale: what HE owns equals what it owes plus shareholders’ equity. Hover a block for its value.

HE financial health

Current ratio1.32

Adequate · current assets cover current liabilities 1.32×

Debt / equity1.84

High leverage · $1.84 of debt for each $1 of equity

Equity / assets18.0%

Thin equity · of assets funded by shareholders

Cash / debt33.1%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles0.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

HE balance sheet trends, 2016–2025

Hawaiian Electric Industries, Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$12.50B2016	$8.92B2025	−3.7%/yr
Total liabilities	$10.40B2016	$7.32B2025	−3.8%/yr
Shareholders’ equity	$2.10B2016	$1.61B2025	−2.9%/yr
Cash & short-term investments	$288.5M2016	$980.7M2025	+14.6%/yr
Total debt	$1.81B2016	$2.96B2025	+5.6%/yr
Net cash (debt)	−$1.52B2016	−$1.98B2025	−$454.9M
Working capital	$357.9M2016	$456.8M2025	+$98.9M
Book value per share	$19.402016	$9.282025	−7.9%/yr
Current ratio	3.122016	1.322025	−1.80
Debt / equity	0.862016	1.842025	+0.98
Shares outstanding	108.3M2016	173.0M2025	+5.3%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

HE assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

HE liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

HE debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

HE balance sheet

Hawaiian Electric Industries, Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$980.7M	$1.24B	$259.1M	$206.1M	$326.8M	$376.1M	$227.7M	$189.2M	$261.9M	$288.5M
Cash & equivalents	$980.7M	$1.24B	$259.1M	$204.9M	$311.5M	$359.0M	$227.7M	$169.2M	$261.9M	$278.5M
Short-term investments	—	−$186.4M	$1.14B	$1.2M	$15.3M	$17.1M	$1.23B	$20.0M	$1.40B	$10.0M
Receivables	$491.5M	$457.2M	$546.7M	$511.9M	$344.2M	$281.2M	$300.8M	$5.12B	$4.88B	$4.92B
Inventory	$0	$0	−$86,000	−$824,000	−$638,000	−$307.2M	−$297,000	−$1.8M	−$11.2M	−$445,000
Other current assets	$412.3M	$434.3M	$400.2M	$824,000	$638,000	$307.2M	$297,000	$0	$0	$0
Total current assets	$1.88B	$2.13B	$1.21B	$718.0M	$671.0M	$657.3M	$528.5M	$514.8M	$525.1M	$526.4M
Property, plant & equipment (net)	$6.24B	$6.20B	$6.04B	$5.80B	$5.51B	$5.42B	$5.31B	$4.83B	$4.46B	$4.60B
Goodwill & intangible assets	$0	$0	$82.2M	$164.4M	$164.4M	$164.4M	$164.4M	$82.2M	$164.4M	$164.4M
Long-term investments	$0	$0	$1.22B	$2.71B	$10.4M	$2.23B	$6.45B	$6.32B	$4.67B	$4.70B
Other non-current assets	$793.3M	$596.2M	$8.70B	$7.26B	$9.71B	$6.77B	$1.29B	$1.52B	$2.86B	$2.50B
Total assets	$8.92B	$8.93B	$17.24B	$16.65B	$16.07B	$15.24B	$13.75B	$13.27B	$12.68B	$12.50B
Liabilities
Accounts payable	$219.1M	$203.5M	$198.9M	$251.5M	$205.5M	$182.3M	$220.6M	$214.8M	$193.7M	$143.3M
Short-term debt	$125.0M	$157.8M	$16.5M	$172.6M	$54.0M	$129.4M	$185.7M	$74.0M	$117.9M	$92.6M
Deferred revenue	—	—	−$442.9M	—	—	—	—	—	—	−$92.6M
Total current liabilities	$1.43B	$1.32B	$758.7M	$445.4M	$279.4M	$335.3M	$431.3M	$317.0M	$337.5M	$168.5M
Long-term debt	$2.79B	$3.12B	$3.16B	$2.26B	$2.32B	$2.12B	$1.96B	$1.88B	$1.68B	$1.62B
Lease obligations	$548.9M	$483.1M	$442.9M	$175.3M	$136.8M	$160.4M	$199.6M	—	—	—
Other long-term liabilities	$3.10B	$2.98B	$10.94B	$11.71B	$11.04B	$10.41B	$9.04B	$8.88B	$8.53B	$8.61B
Total liabilities	$7.32B	$7.42B	$14.86B	$14.42B	$13.64B	$12.87B	$11.43B	$11.07B	$10.55B	$10.40B
Shareholders' equity
Common stock & paid-in capital	$2.27B	$2.26B	$1.71B	$1.69B	$1.69B	$1.68B	$1.68B	$1.67B	$1.66B	$1.66B
Retained earnings (deficit)	−$665.6M	−$788.9M	$926.7M	$845.8M	$757.9M	$660.4M	$622.0M	$543.6M	$476.8M	$439.0M
Treasury stock	—	—	—	—	—	—	—	—	$0	$0
Accumulated other comprehensive income	$3.3M	$3.5M	−$289.4M	−$336.0M	−$52.5M	−$1.3M	−$20.0M	−$50.6M	−$41.9M	−$33.1M
Minority interest	—	—	—	—	—	—	—	—	$0	$0
Total shareholders' equity	$1.61B	$1.51B	$2.38B	$2.24B	$2.43B	$2.37B	$2.31B	$2.20B	$2.13B	$2.10B
Key figures
Total debt	$2.96B	$3.33B	$3.24B	$3.43B	$2.60B	$2.50B	$2.46B	$2.06B	$1.99B	$1.81B
Net cash (debt)	−$1.98B	−$2.09B	−$2.98B	−$3.22B	−$2.27B	−$2.12B	−$2.24B	−$1.87B	−$1.73B	−$1.52B
Working capital	$456.8M	$809.7M	$447.2M	$272.6M	$391.5M	$322.0M	$97.2M	$197.8M	$187.6M	$357.9M
Tangible book value	$1.61B	$1.51B	$2.30B	$2.07B	$2.26B	$2.21B	$2.15B	$2.11B	$1.97B	$1.94B
Book value per share	$9.28	$11.92	$21.62	$20.38	$22.13	$21.69	$21.16	$20.13	$19.57	$19.40
Shares outstanding	173.0M	126.9M	110.0M	109.8M	109.6M	109.4M	109.4M	109.1M	108.9M	108.3M
Current ratio	1.32	1.61	1.59	1.61	2.40	1.96	1.23	1.62	1.56	3.12
Quick ratio	1.03	1.28	1.06	1.61	2.40	1.96	1.23	16.74	15.24	30.92
Debt / equity	1.84	2.20	1.36	1.53	1.07	1.05	1.06	0.94	0.93	0.86
Equity / assets	18.0%	16.9%	13.8%	13.4%	15.1%	15.6%	16.8%	16.6%	16.8%	16.8%

Hawaiian Electric Industries, Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$238.7M	$452.8M	$980.7M	$1.03B	$636.9M	$1.11B	$1.24B	$1.17B	$567.4M	$503.5M	$259.1M	$684.1M
Cash & equivalents	$238.7M	$452.8M	$980.7M	$1.03B	$636.9M	$1.11B	$1.24B	$1.17B	$566.8M	$502.7M	$259.1M	$682.3M
Short-term investments	—	—	—	—	—	—	—	$364,000	$614,000	$759,000	$1.4M	$1.8M
Receivables	$520.4M	$452.2M	$491.5M	$498.2M	$435.8M	$444.0M	$457.2M	$526.7M	$476.1M	$469.3M	$546.7M	$540.1M
Inventory	$330.3M	$0	$0	$0	$0	$0	$0	$0	−$30.3M	−$136,000	−$86,000	−$54,000
Other current assets	$163.5M	$924.9M	$412.3M	$388.3M	$467.5M	$390.5M	$434.3M	$0	$30.3M	$136,000	$400.2M	$54,000
Total current assets	$1.25B	$1.83B	$1.88B	$1.91B	$1.54B	$1.95B	$2.13B	$1.70B	$1.04B	$972.8M	$1.21B	$1.22B
Property, plant & equipment (net)	$6.40B	$6.29B	$6.24B	$6.21B	$6.12B	$6.20B	$6.20B	$6.38B	$6.39B	$6.27B	$6.04B	$6.02B
Goodwill & intangible assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$82.2M	$82.2M	$164.4M
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$1.19B	$1.21B	$1.22B	$1.22B	$2.50B
Other non-current assets	$753.4M	$794.7M	$793.3M	$686.4M	$662.5M	$615.9M	$596.2M	$8.46B	$8.42B	$8.37B	$8.70B	$7.09B
Total assets	$8.40B	$8.91B	$8.92B	$8.81B	$8.32B	$8.77B	$8.93B	$17.73B	$17.06B	$16.92B	$17.24B	$16.99B
Liabilities
Accounts payable	$305.7M	$220.1M	$219.1M	$217.3M	$232.9M	$207.1M	$203.5M	$255.6M	$248.7M	$248.8M	$198.9M	$256.3M
Short-term debt	$16.2M	$125.0M	$125.0M	$143.5M	$192.8M	$463.6M	$157.8M	$532.9M	$520.0M	$593.0M	$16.5M	$750.0M
Deferred revenue	—	—	—	—	—	—	—	—	−$537.9M	−$449.9M	−$59.0M	—
Total current liabilities	$1.27B	$1.37B	$1.43B	$1.42B	$1.44B	$1.56B	$1.32B	$305.7M	$283.2M	$310.3M	$758.7M	$314.2M
Long-term debt	$2.27B	$2.28B	$2.79B	$2.80B	$2.33B	$2.67B	$3.12B	$3.28B	$3.36B	$3.43B	$3.59B	$3.69B
Lease obligations	$535.0M	$541.1M	$548.9M	$555.4M	$512.2M	$520.4M	$483.1M	$532.9M	$537.9M	$449.9M	$442.9M	$231.0M
Other long-term liabilities	$3.10B	$3.63B	$3.10B	$2.99B	$2.99B	$3.00B	$2.98B	$12.54B	$12.29B	$10.77B	$10.51B	$10.72B
Total liabilities	$6.64B	$7.28B	$7.32B	$7.22B	$6.76B	$7.23B	$7.42B	$16.12B	$15.94B	$14.51B	$14.86B	$14.73B
Shareholders' equity
Common stock & paid-in capital	$2.27B	$2.27B	$2.27B	$2.27B	$2.27B	$2.27B	$2.26B	$2.27B	$1.71B	$1.71B	$1.71B	$1.70B
Retained earnings (deficit)	−$512.0M	−$635.2M	−$665.6M	−$705.4M	−$736.2M	−$762.2M	−$788.9M	−$431.0M	−$326.6M	$968.8M	$926.7M	$877.9M
Accumulated other comprehensive income	$3.2M	$3.3M	$3.3M	$2.0M	$2.7M	$3.0M	$3.5M	−$258.2M	−$297.6M	−$299.2M	−$289.4M	−$358.0M
Total shareholders' equity	$1.76B	$1.64B	$1.61B	$1.60B	$1.57B	$1.54B	$1.51B	$1.61B	$1.12B	$2.41B	$2.38B	$2.26B
Key figures
Total debt	$2.82B	$2.95B	$2.96B	$2.99B	$2.57B	$3.19B	$3.33B	$3.89B	$3.90B	$3.88B	$3.24B	$3.93B
Net cash (debt)	−$2.58B	−$2.49B	−$1.98B	−$1.97B	−$1.93B	−$2.08B	−$2.09B	−$2.72B	−$3.33B	−$3.38B	−$2.98B	−$3.24B
Working capital	−$17.2M	$462.0M	$456.8M	$493.0M	$101.2M	$387.4M	$809.7M	$1.39B	$760.4M	$662.5M	$447.2M	$909.9M
Tangible book value	$1.76B	$1.64B	$1.61B	$1.60B	$1.57B	$1.54B	$1.51B	$1.61B	$1.12B	$2.33B	$2.30B	$2.09B
Book value per share	$10.18	$9.45	$9.30	$9.24	$9.09	$8.91	$12.54	$14.09	$10.15	$21.83	$21.57	$20.55
Shares outstanding	173.2M	173.3M	172.6M	172.9M	172.7M	172.8M	120.6M	114.4M	110.3M	110.5M	110.3M	109.9M
Current ratio	0.99	1.34	1.32	1.35	1.07	1.25	1.61	5.56	3.69	3.14	1.59	3.90
Quick ratio	0.60	0.66	1.03	1.07	0.75	1.00	1.28	5.56	3.69	3.14	1.06	3.90
Debt / equity	1.60	1.80	1.84	1.87	1.64	2.07	2.20	2.41	3.48	1.61	1.36	1.74
Equity / assets	21.0%	18.4%	18.0%	18.1%	18.8%	17.6%	16.9%	9.1%	6.6%	14.3%	13.8%	13.3%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.

HE financial position

At the end of fiscal 2025 (December 31, 2025), Hawaiian Electric Industries had total assets of $8.9 billion (down 0.1% from a year earlier), total liabilities of $7.3 billion and shareholders' equity of $1.6 billion. It held $980.7 million in cash and short-term investments against $3.0 billion of debt, net debt of $2.0 billion. Its current ratio was 1.32. In the latest quarter (ended June 30, 2026) total assets were $8.4 billion and equity $1.8 billion.

Related: HE income statement, HE cash flow statement, HE key metrics. See the HE stock overview for the latest quote and news.

HE balance sheet FAQ

What are Hawaiian Electric Industries's total assets?

Hawaiian Electric Industries reported total assets of $8.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $8.9 billion a year earlier.

How much debt does Hawaiian Electric Industries have?

Hawaiian Electric Industries had $3.0 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.84.

How much cash does Hawaiian Electric Industries have?

Hawaiian Electric Industries held $980.7 million in cash and short-term investments at the end of fiscal 2025; with $3.0 billion of debt that is net debt of $2.0 billion.

What is Hawaiian Electric Industries's book value?

Hawaiian Electric Industries's shareholders' equity (book value) was $1.6 billion at the end of fiscal 2025, or $9.28 per share.

What is Hawaiian Electric Industries's current ratio?

Hawaiian Electric Industries had current assets of $1.9 billion and current liabilities of $1.4 billion, a current ratio of 1.32 (it can cover its short-term obligations).