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Hawaiian Electric Industries Balance Sheet 2025-2007 | HE
Brief overview of Hawaiian Electric Industries's balance sheet structure
Balance sheet changes are traced across five available annual reports between 2021 and 2025.
Assets declined from $15.8 billion to $8.9 billion, or -43.6%. The contraction calls for context such as disposals, restructuring or weaker operations.
Assets and liabilities changed at similar rates, -43.6% and -45.4%. The funding mix did not shift sharply.
Internal capital represents 18% of the balance sheet versus 15.1% five periods ago. The cushion is thin.
Each unit of equity supports about 1.19x of net debt. The level is not critical, though flexibility is narrower.
Cash accounts for 5.6% of assets versus 1.9% initially. The change indicates the degree of financial flexibility.
The balance sheet carries negative retained earnings of -$665.6 million. The figure may result from accumulated losses or an active capital return policy.
Overall picture
Taken together, Hawaiian Electric Industries's balance sheet indicators point to elevated risk. Asset growth does not offset weak funding sources.
Annual Balance Sheet Hawaiian Electric Industries
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
1.91 B | 2.05 B | 2.6 B | 2.34 B | 2.02 B | 1.87 B | 2.07 B | 1.89 B | 1.73 B | 2.64 B | 1.72 B | 1.74 B | 1.62 B | 1.48 B | 1.37 B | - | - | - | - |
Long Term Debt |
2.29 B | 2.69 B | 2.83 B | 2.38 B | 2.32 B | 2.21 B | 2.08 B | 1.99 B | 1.87 B | 1.81 B | 1.92 B | 1.8 B | 1.74 B | 1.62 B | 1.34 B | 1.36 B | 1.36 B | - | - |
Long Term Debt Current |
125 M | 109 M | 16.5 M | - | - | - | 63.7 M | - | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
5.89 B | 6.09 B | - | - | - | - | 11 B | 10.6 B | 10.7 B | 10.2 B | 9.59 B | 9.06 B | 8.27 B | 8.23 B | 3.45 B | - | - | - | - |
Total Current Liabilities |
1.43 B | 1.32 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
7.32 B | 7.42 B | 14.9 B | 14 B | 13.4 B | 12.7 B | 11.5 B | 10.9 B | 11 B | 10.4 B | 9.86 B | 9.39 B | 8.61 B | 8.56 B | 8.06 B | 7.57 B | 7.45 B | - | - |
Retained Earnings |
-666 M | -789 M | 927 M | 846 M | 758 M | 660 M | 622 M | 544 M | 477 M | 439 M | 325 M | 298 M | 256 M | 217 M | 202 M | 179 M | 181 M | - | - |
Total Assets |
8.92 B | 8.93 B | 7.68 B | 16.3 B | 15.8 B | 15 B | 13.7 B | 13.1 B | 13.1 B | 12.4 B | 11.8 B | 11.2 B | 10.3 B | 10.1 B | 9.59 B | 9.09 B | 8.93 B | - | - |
Cash and Cash Equivalents |
502 M | 751 M | 244 M | 43.7 M | 306 M | 341 M | 197 M | 169 M | 262 M | - | - | - | - | - | - | - | - | - | - |
Book Value |
1.61 B | 1.51 B | -7.19 B | 2.24 B | 2.43 B | 2.34 B | 2.28 B | 2.16 B | 2.1 B | 2.07 B | 1.93 B | 1.79 B | 1.73 B | 1.59 B | 1.53 B | 1.52 B | 1.48 B | - | - |
Total Shareholders Equity |
1.61 B | 1.48 B | 2.34 B | 2.2 B | 2.39 B | 2.34 B | 2.28 B | 2.16 B | 2.1 B | 2.07 B | 1.93 B | 1.79 B | 1.73 B | 1.59 B | 1.53 B | 1.48 B | 1.44 B | 1.39 B | 1.28 B |
All numbers in USD currency
Quarterly Balance Sheet Hawaiian Electric Industries
| 2026-Q2 | 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q3 | 2010-Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
2.27 B | 2.28 B | 2.3 B | 1.86 B | 2.2 B | 2.69 B | 2.84 B | 2.84 B | - | 2.84 B | 2.94 B | 2.57 B | 2.48 B | 2.38 B | 2.43 B | 2.37 B | 2.32 B | 2.32 B | 2.24 B | 2.26 B | 2.23 B | 2.12 B | 2.12 B | 2.12 B | 2.12 B | 1.96 B | 1.96 B | 1.96 B | 1.96 B | 1.88 B | 1.88 B | 1.88 B | 1.88 B | 1.68 B | 1.68 B | 1.68 B | 1.68 B | 1.62 B | 1.62 B | 1.62 B | 1.62 B | 1.58 B | 1.58 B | 1.58 B | 1.58 B | 1.51 B | 1.51 B | 1.51 B | 1.51 B | 1.49 B | 1.49 B | 1.49 B | 1.49 B | 1.42 B | 1.42 B | 1.42 B | 1.42 B | 1.34 B | 1.34 B | 1.34 B | 1.34 B | 1.36 B | 1.36 B |
Total Non Current Liabilities |
5.37 B | 5.91 B | 5.79 B | 5.32 B | 5.67 B | 6.09 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
6.64 B | 7.28 B | 7.22 B | 6.76 B | 7.23 B | 7.42 B | 16.1 B | 15.9 B | - | 14.9 B | 14.7 B | 14.2 B | 14.2 B | 14 B | 14.1 B | 13.7 B | 13.6 B | 13.4 B | 13.3 B | 13.2 B | 13 B | 12.6 B | 12.6 B | 12.6 B | 12.6 B | 11.4 B | 11.4 B | 11.4 B | 11.4 B | 10.9 B | 10.9 B | 10.9 B | 10.9 B | 10.4 B | 10.4 B | 10.4 B | 10.4 B | 10.3 B | 10.3 B | 10.3 B | 10.3 B | 9.82 B | 9.82 B | 9.82 B | 9.82 B | 9.36 B | 9.36 B | 9.36 B | 9.36 B | 8.58 B | 8.58 B | 8.58 B | 8.58 B | 8.52 B | 8.52 B | 8.52 B | 8.52 B | 8.03 B | 8.03 B | 8.03 B | 8.03 B | 7.38 B | 7.38 B |
Retained Earnings |
-512 M | -635 M | -705 M | -736 M | -762 M | -789 M | -431 M | -327 M | - | 927 M | 878 M | 876 M | 861 M | 846 M | 827 M | 803 M | 789 M | 758 M | 741 M | 714 M | 688 M | 660 M | 660 M | 660 M | 660 M | 622 M | 622 M | 622 M | 622 M | 544 M | 544 M | 544 M | 544 M | 477 M | 477 M | 477 M | 477 M | 439 M | 439 M | 439 M | 439 M | 325 M | 325 M | 325 M | 325 M | 297 M | 297 M | 297 M | 297 M | 255 M | 256 M | 256 M | 256 M | 216 M | 217 M | 217 M | 217 M | 198 M | 198 M | 198 M | 202 M | 186 M | 183 M |
Total Assets |
8.4 B | 8.91 B | 8.81 B | 8.32 B | 8.77 B | 8.93 B | 17.7 B | 17.1 B | - | 17.2 B | 17 B | 16.5 B | 16.4 B | 16.3 B | 16.3 B | 16 B | 15.9 B | 15.8 B | 15.8 B | 15.6 B | 15.4 B | 15 B | 15 B | 15 B | 15 B | 13.7 B | 13.7 B | 13.7 B | 13.7 B | 13.1 B | 13.1 B | 13.1 B | 13.1 B | 12.5 B | 12.5 B | 12.5 B | 12.5 B | 11.9 B | 12.4 B | 12.4 B | 12.4 B | 11.8 B | 11.8 B | 11.8 B | 11.8 B | 11.2 B | 11.2 B | 11.2 B | 11.2 B | 10.3 B | 10.3 B | 10.3 B | 10.3 B | 10.1 B | 10.1 B | 10.1 B | 10.1 B | 9.59 B | 9.59 B | 9.59 B | 9.59 B | 8.9 B | 8.88 B |
Cash and Cash Equivalents |
239 M | 453 M | 548 M | 154 M | 629 M | 751 M | 827 M | 216 M | 258 M | 680 M | 667 M | 314 M | 315 M | 200 M | 175 M | 160 M | 302 M | 306 M | 228 M | 247 M | 278 M | 359 M | 341 M | 341 M | 341 M | 197 M | 197 M | 197 M | 197 M | 169 M | 169 M | 169 M | 169 M | 262 M | 262 M | 262 M | 262 M | 278 M | 278 M | 278 M | 278 M | 300 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
1.76 B | 1.64 B | 1.6 B | 1.57 B | 1.54 B | 1.51 B | 1.61 B | 1.12 B | - | 2.38 B | 2.26 B | 2.28 B | 2.27 B | 2.24 B | 2.2 B | 2.27 B | 2.34 B | 2.43 B | 2.42 B | 2.4 B | 2.36 B | 2.37 B | 2.37 B | 2.37 B | 2.37 B | 2.31 B | 2.31 B | 2.31 B | 2.31 B | 2.2 B | 2.2 B | 2.2 B | 2.2 B | 2.13 B | 2.13 B | 2.13 B | 2.13 B | 1.56 B | 2.1 B | 2.1 B | 2.1 B | 1.96 B | 1.96 B | 1.96 B | 1.96 B | 1.82 B | 1.82 B | 1.82 B | 1.82 B | 1.76 B | 1.76 B | 1.76 B | 1.76 B | 1.63 B | 1.63 B | 1.63 B | 1.63 B | 1.56 B | 1.56 B | 1.56 B | 1.57 B | 1.51 B | 1.5 B |
Total Shareholders Equity |
1.76 B | 1.64 B | 1.56 B | 1.53 B | 1.51 B | 1.48 B | 1.58 B | 1.09 B | 2.38 B | 2.34 B | 2.22 B | 2.25 B | 2.24 B | 2.2 B | 2.16 B | 2.23 B | 2.3 B | 2.39 B | 2.38 B | 2.37 B | 2.32 B | 2.34 B | 2.34 B | 2.34 B | 2.34 B | 2.28 B | 2.28 B | 2.28 B | 2.28 B | 2.16 B | 2.16 B | 2.16 B | 2.16 B | 2.1 B | 2.1 B | 2.1 B | 2.1 B | 2.07 B | 2.07 B | 2.07 B | 2.07 B | 1.93 B | 1.93 B | 1.93 B | 1.93 B | 1.79 B | 1.79 B | 1.79 B | 1.79 B | 1.73 B | 1.73 B | 1.73 B | 1.73 B | 1.59 B | 1.59 B | 1.59 B | 1.59 B | 1.53 B | 1.53 B | 1.53 B | 1.53 B | 1.48 B | 1.47 B |
All numbers in USD currency
Balance Sheet is a fundamental financial report of Hawaiian Electric Industries, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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