Hawaiian Electric Industries, Inc. Financial Ratios — HE

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	15.98	8.75	9.61	9.44	8.48	12.25	7.8	9.27	9.66	8.53	10.3	9.68	7.7	-69.4	8
Return on Assets (%)	1.5	1.42	1.6	1.58	1.41	2.07	1.34	1.59	1.64	1.39	1.61	1.51	1.2	-10.88	1.41
Return on Capital (%)	7.67	5.78	6.12	5.93	5.43	7.59	5.27	6.44	6.41	5.64	6.49	5.88	5.03	- -	4.48
Return on Invested Capital (%)	5.98	5.68	6.06	5.85	5.36	6.09	5.25	6.42	6.28	5.4	6.27	4.25	3.96	- -	3.78
Gross Margin (%)	8.93	8.42	9.8	10.27	12.39	14.95	13.55	11.65	12.11	12.07	13.54	8.17	8.36	-53.01	7.62
EBITDA Margin (%)	14.1	13.11	14.97	15.92	19.91	23.55	22.23	20.59	21.79	23.35	22.36	16.08	16.95	-43.89	17.31
Operating Margin (%)	8.93	8.42	9.8	10.27	12.39	14.95	13.55	11.65	12.11	12.07	13.54	8.17	8.36	-53.01	7.62
Incremental Operating Margin (%)	5.8	-4.15	-24.4	1,407.84	1.58	-14.97	-5.49	-4.22	111.96	12.42	27.56	-18.67	3.42	- -	-1,460.72
Pretax Margin (%)	6.66	6.44	7.71	8.2	9.79	15.7	10.82	8.89	9.44	9.33	10.91	5.9	5.55	-55.64	5.41
Profit Margin (%)	4.32	4.16	5.05	5.25	6.21	10.51	6.54	7.12	7.65	7.74	8.7	7.1	6.12	-44.23	4.09
Net Income to Common Margin (%)	4.26	4.11	4.99	5.19	6.14	10.43	6.47	7.05	7.58	7.67	8.64	7.05	6.06	-44.29	3.99
Effective Tax Rate (%)	35.15	35.35	34.52	35.99	36.51	33.09	39.55	19.96	19.03	17	20.2	19.27	18.94	- -	24.35
Dvd Payout Ratio (%)	77.27	69.38	60.84	75.21	82.42	47.24	81.59	66.9	64.01	72.84	45.42	69.02	50.7	- -	-1.03
Sustainable Growth Rate (%)	3.63	2.68	3.76	2.34	1.49	6.46	1.44	3.07	3.48	2.32	5.62	3	3.8	-69.4	8.08

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	1,642	1,702	1,843	1,916	2,010	1,812	1,993	2,064	2,465	2,499	2,601	3,428	3,244	3,331	2,959
ST Debt	69	84	105	119	103	- -	118	74	186	129	54	173	16	158	125
LT Debt	1,573	1,619	1,737	1,797	1,907	1,812	1,875	1,990	2,279	2,369	2,547	3,255	3,227	3,174	2,834
Total Debt/EBITDA	3.59	3.85	3.8	3.72	3.88	3.23	3.51	3.5	3.94	4.15	4.08	6.23	5.82	-2.36	5.54
Net Debt/EBITDA	3	3.35	3.35	3.38	3.3	2.73	3.05	3.22	3.3	3.32	3.39	5.55	4.66	-1.48	3.57
Total Debt/EBIT	5.67	5.99	5.8	5.76	6.23	5.09	5.76	6.19	7.08	8.02	6.74	12.26	11.8	-1.95	12.57
Net Debt/EBIT	4.74	5.22	5.11	5.23	5.3	4.31	5	5.68	5.94	6.41	5.59	10.92	9.45	-1.23	8.11
EBITDA to Interest Expense	5.74	6	6.62	6.99	6.94	7.72	7.66	7.03	7.24	7.03	6.99	5.5	4.63	-11.61	4.79
EBITDA-CapEx/Interest Expense	5.74	6	6.62	6.99	6.94	7.72	7.66	7.03	7.24	7.03	6.99	5.5	4.63	-11.61	4.79
EBIT to Interest Expense	3.64	3.85	4.34	4.51	4.32	4.9	4.67	3.98	4.03	3.63	4.24	2.8	2.29	-14.02	2.11
Interest Expense	80	74	73	74	75	73	74	84	86	86	91	100	120	122	111
Common Equity/Total Assets	16.13	15.96	16.86	16.25	16.58	16.9	17.07	16.89	16.74	15.59	15.44	15.59	15.28	16.52	17.96
Long-Term Debt/Equity (%)	102.92	101.56	100.6	100.37	98.93	87.66	89.38	92.02	99.95	101.36	106.53	147.81	135.64	209.7	176.46
Long-Term Debt/Capital (%)	49.32	48.72	48.44	48.13	48.11	46.32	45.37	46.53	47.83	48.98	50.49	54.56	54.59	65.55	62.13
Long-Term Debt/Total Assets (%)	16.4	15.95	16.8	16.07	16.19	14.58	14.96	15.18	16.58	15.79	16.1	19.99	18.71	35.53	31.76
Total Debt/Equity (%)	107.42	106.82	106.71	107.01	104.27	87.66	95	95.44	108.09	106.89	108.79	155.64	136.34	220.12	184.25
Total Debt/Capital (%)	51.48	51.24	51.38	51.32	50.71	46.32	48.22	48.26	51.73	51.65	51.56	57.45	54.86	68.81	64.87
Total Debt/Total Assets (%)	17.12	16.77	17.82	17.13	17.06	14.58	15.9	15.75	17.93	16.65	16.44	21.05	18.81	37.3	33.16
Net Debt to Equity	89.74	93.03	93.97	97.21	88.69	74.18	82.52	87.61	90.71	85.42	90.29	138.61	109.21	138.61	118.82
Net Debt/Capital (%)	46.99	47.79	48.2	48.91	46.66	42.2	44.72	46.12	45.28	44.41	45.55	52.94	45.84	51.28	47
EBITDA	457	443	485	516	518	561	568	589	626	602	637	550	557	-1,413	534
EBITDA-CapEx	457	443	485	516	518	561	568	589	626	602	637	550	557	-1,413	534
Operating Income (Loss)	290	284	318	333	323	356	346	333	348	311	386	280	275	-1,707	235

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	2.89	2.76	2.17	2.19	4.19	8.21	4.93	4.91	3.31	6.9	10.31	3.66	0.14	0.57	0.35
Current Ratio	15.78	15.57	15.13	16.44	22.17	37.53	19.42	21.06	15.86	23.48	20.78	18.08	1.1	1.61	1.32
Quick Ratio	15.75	15.48	15.11	16.41	22.16	37.42	19.39	21.05	15.76	23.34	29.93	18.07	0.2	0.91	0.7
CFO/Avg Current Liab	0.1	0.88	1.08	0.96	1.19	2.27	1.66	1.53	1.37	1.12	0.89	1.25	0.11	0.09	0.28
Common Equity/Total Assets	16.13	15.96	16.86	16.25	16.58	16.9	17.07	16.89	16.74	15.59	15.44	15.59	15.28	16.52	17.96
Long-Term Debt/Equity (%)	102.92	101.56	100.6	100.37	98.93	87.66	89.38	92.02	99.95	101.36	106.53	147.81	135.64	209.7	176.46
Long-Term Debt/Capital (%)	49.32	48.72	48.44	48.13	48.11	46.32	45.37	46.53	47.83	48.98	50.49	54.56	54.59	65.55	62.13
Long-Term Debt/Total Assets (%)	16.4	15.95	16.8	16.07	16.19	14.58	14.96	15.18	16.58	15.79	16.1	19.99	18.71	35.53	31.76
Total Debt/Equity (%)	107.42	106.82	106.71	107.01	104.27	87.66	95	95.44	108.09	106.89	108.79	155.64	136.34	220.12	184.25
Total Debt/Capital (%)	51.48	51.24	51.38	51.32	50.71	46.32	48.22	48.26	51.73	51.65	51.56	57.45	54.86	68.81	64.87
Total Debt/Total Assets (%)	17.12	16.77	17.82	17.13	17.06	14.58	15.9	15.75	17.93	16.65	16.44	21.05	18.81	37.3	33.16
CFO/Total Liabilities	3.1	3.26	4.2	3.46	3.62	4.78	4.03	4.56	4.47	3.39	2.03	3.23	3.71	6.57	5.34
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	1.24	1.19	1.2	1.2	1.12	1.14	1.18	1.17	1.19	1.09	0.95	1.1	0.45	-0.19	0.56

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	10.61	9.55	9.13	9.81	9.36	9.9	10.2	9.72	9.18	8.87	9.11	7.99	6.21	6.41	6.51
Days Sales Outstanding	34.41	38.24	39.99	37.21	39.01	36.85	35.79	37.57	39.78	41.17	40.04	45.67	58.77	56.9	56.09
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	14.11	14.42	13.76	14.58	14.04	14.37	13.11	12.37	11.6	11.26	12.71	13.75	13.38	24.49	13.5
Accounts Payable Turnover Days	25.87	25.3	26.54	25.03	26.01	25.4	27.84	29.5	31.46	32.42	28.73	26.55	27.28	14.9	27.04
Cash Conversion Cycle	8.53	12.93	13.45	12.17	13.01	11.45	7.95	8.07	8.32	8.75	11.32	19.12	31.48	42	29.05
Inventory to Cash Days	34.41	38.24	39.99	37.21	39.01	36.85	35.79	37.57	39.78	41.17	40.04	45.67	58.77	56.9	56.09
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	2,529	2,436	2,579	3,414	3,081	3,575	3,931	3,986	5,105	3,862	4,535	4,580	1,557	1,235	2,122
- Cash & Cash Equivalents	270	220	220	176	300	278	262	169	197	341	306	200	244	751	502
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	34	34	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	1,642	1,702	1,843	1,916	2,010	1,812	1,993	2,064	2,465	2,499	2,601	3,428	3,244	3,331	2,959
Enterprise Value	3,277	3,248	3,673	4,604	3,970	4,003	4,261	4,492	6,140	4,049	4,256	6,378	3,455	3,850	4,579
Total Capital	3,190	3,323	3,587	3,734	3,964	3,912	4,132	4,277	4,765	4,837	5,044	5,967	5,912	4,841	4,561
Total Debt/Capital (%)	51.48	51.24	51.38	51.32	50.71	46.32	48.22	48.26	51.73	51.65	51.56	57.45	54.86	68.81	64.87
Total Debt / EV	0.5	0.52	0.5	0.42	0.51	0.45	0.47	0.46	0.4	0.62	0.61	0.54	0.94	0.87	0.65
EV/Sales	1.01	0.96	1.13	1.42	1.53	1.68	1.67	1.57	2.14	1.57	1.49	1.86	1.05	1.2	1.48
EV/EBITDA	7.17	7.34	7.57	8.93	7.66	7.14	7.5	7.63	9.81	6.72	6.68	11.6	6.2	- -	8.57
EV/EBIT	11.31	11.43	11.57	13.84	12.31	11.25	12.31	13.48	17.64	13	11.02	22.82	12.56	- -	19.46
EV/Cash Flow to Firm	10.85	9.94	8.97	12.36	9.82	7.35	9.16	7.93	10.54	8.09	12.31	11.92	5.32	6.67	9.63
EV/Free Cash Flow to Firm	10.85	9.94	8.97	12.36	9.82	7.35	9.16	7.93	10.54	8.09	12.31	11.92	5.32	6.67	9.63
Diluted Market Cap	2,537	2,447	2,596	3,446	3,090	3,582	3,938	3,997	5,127	3,870	4,548	4,594	1,561	1,235	2,128
Diluted Enterprise Value	3,909	3,930	4,219	5,187	4,799	5,115	5,669	5,891	7,395	6,027	6,843	7,822	4,595	3,850	4,585
EV per Share	34.31	33.51	37.11	45.15	37.3	37.03	39.18	41.27	56.36	37.1	38.95	58.28	31.48	30.33	26.54
TTM Sales	3,242	3,375	3,238	3,240	2,603	2,381	2,556	2,861	2,874	2,580	2,850	3,421	3,288	3,220	3,087
TTM EBITDA	457	443	485	516	518	561	568	589	626	602	637	550	557	-1,413	534
TTM Operating Income	290	284	318	333	323	356	346	333	348	311	386	280	275	-1,707	235
TTM Cash Flow to Firm	302	327	410	373	404	544	465	566	582	501	346	535	649	577	475
TTM Free Cash Flow to Firm	302	327	410	373	404	544	465	566	582	501	346	535	649	577	475

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	10.13	8.77	7.18	10.59	8.66	7.23	9.37	8	10	9.01	16.65	10.11	2.83	2.53	5.44
EV/EBIT	11.31	11.43	11.57	13.84	12.31	11.25	12.31	13.48	17.64	13	11.02	22.82	12.56	- -	19.46
Enterprise Value	3,277	3,248	3,673	4,604	3,970	4,003	4,261	4,492	6,140	4,049	4,256	6,378	3,455	3,850	4,579
Low Price	20.59	23.65	23.84	22.71	27.02	27.3	31.71	31.72	35.06	31.83	32.96	33.18	9.06	7.61	8.14
EV/Sales	1.01	0.96	1.13	1.42	1.53	1.68	1.67	1.57	2.14	1.57	1.49	1.86	1.05	1.2	1.48
EV/EBITDA	7.17	7.34	7.57	8.93	7.66	7.14	7.5	7.63	9.81	6.72	6.68	11.6	6.2	- -	8.57
Price/Earnings	18.3	17.57	15.95	20.31	19.27	14.4	23.78	19.76	23.43	19.52	18.42	18.99	7.82	- -	17.24
Price/Earnings Average	17	18.46	16.06	15.75	20.38	13.52	22.32	18.89	21.18	21.4	18.16	18.44	15.86	-1.01	15.27
Price/Earnings High	18.51	20.44	17.32	21.23	23.2	15.23	25.47	21.23	23.82	30.43	20.41	20.29	24.08	-1.62	18.79
Price/Earnings Low	14.23	16.53	14.59	13.77	17.99	11.89	20.86	17.11	17.53	17.56	14.63	15.06	4.99	-0.68	11.41
Price/Book Value	1.63	1.5	1.48	1.88	1.58	1.7	1.84	1.8	2.22	1.65	1.86	1.8	0.59	0.84	1.32
Price/Book Value Average	1.52	1.58	1.49	1.46	1.67	1.6	1.72	1.72	2.01	1.81	1.83	1.75	1.2	0.98	1.17
Price/Book Value High	1.65	1.75	1.61	1.96	1.9	1.8	1.97	1.94	2.26	2.57	2.06	1.93	1.82	1.56	1.44
Price/Book Value Low	1.27	1.41	1.35	1.27	1.47	1.41	1.61	1.56	1.66	1.49	1.47	1.43	0.38	0.65	0.88
Price/Tangible Book Value	1.75	1.61	1.57	2	1.67	1.8	1.95	1.92	2.32	1.71	1.96	2.16	0.69	0.83	1.32
Price/Tangible Book Value Average	1.62	1.69	1.58	1.55	1.77	1.69	1.83	1.83	2.1	1.88	1.94	2.1	1.4	0.98	1.17
Price/Tangible Book Value High	1.77	1.87	1.7	2.09	2.01	1.91	2.09	2.06	2.36	2.67	2.18	2.31	2.12	1.56	1.44
Price/Tangible Book Value Low	1.36	1.52	1.43	1.36	1.56	1.49	1.71	1.66	1.74	1.54	1.56	1.71	0.44	0.65	0.87
Price/Sales	0.78	0.72	0.8	1.05	1.18	1.5	1.54	1.39	1.78	1.5	1.59	1.34	0.47	0.38	0.69
Price/Sales Average	0.72	0.76	0.8	0.82	1.25	1.41	1.44	1.33	1.61	1.64	1.57	1.3	0.96	0.45	0.61
Price/Sales High	0.79	0.84	0.86	1.1	1.43	1.59	1.65	1.5	1.81	2.33	1.76	1.43	1.46	0.72	0.75
Price/Sales Low	0.61	0.68	0.73	0.71	1.1	1.24	1.35	1.21	1.33	1.35	1.26	1.06	0.3	0.3	0.46
Price/Cash Flow	10.1	8.73	7.13	10.49	8.63	7.21	9.35	7.98	9.96	8.99	16.6	10.08	2.82	2.53	5.43
Price/Cash Flow Average	9.38	9.18	7.18	8.14	9.13	6.77	8.78	7.63	9	9.86	16.37	9.78	5.73	2.97	4.81
Price/Cash Flow High	10.22	10.16	7.75	10.97	10.4	7.63	10.02	8.58	10.13	14.02	18.39	10.77	8.7	4.74	5.92
Price/Cash Flow Low	7.85	8.22	6.53	7.12	8.06	5.95	8.2	6.92	7.45	8.09	13.19	7.99	1.8	1.98	3.59
Price/Free Cash Flow Average	9.41	9.22	7.23	8.22	9.15	6.78	8.79	7.65	9.04	9.88	16.41	9.81	5.75	2.97	4.82
Price/Free Cash Flow High	10.25	10.2	7.8	11.07	10.43	7.64	10.03	8.6	10.17	14.04	18.44	10.8	8.72	4.74	5.93
Price/Free Cash Flow Low	7.88	8.25	6.57	7.18	8.08	5.97	8.22	6.93	7.48	8.11	13.22	8.01	1.81	1.98	3.6
EV/Sales Average	1.15	1.2	1.3	1.35	1.91	2.05	2.12	1.99	2.39	2.48	2.37	2.24	1.88	1.26	1.41
EV/Sales High	1.21	1.28	1.37	1.64	2.08	2.23	2.32	2.16	2.6	3.17	2.57	2.37	2.38	1.53	1.55
EV/Sales Low	1.03	1.12	1.23	1.25	1.76	1.88	2.03	1.87	2.12	2.18	2.07	2.01	1.23	1.11	1.25
EV/EBITDA Average	8.14	9.13	8.7	8.51	9.59	8.72	9.54	9.69	10.99	10.61	10.62	13.95	11.11	-2.87	8.12
EV/EBITDA High	8.6	9.75	9.12	10.3	10.46	9.48	10.46	10.49	11.91	13.58	11.49	14.77	14.05	-3.48	8.93
EV/EBITDA Low	7.3	8.53	8.21	7.87	8.85	8	9.11	9.08	9.72	9.35	9.25	12.47	7.23	-2.53	7.23
EV/EBIT Average	12.85	14.22	13.29	13.2	15.4	13.74	15.66	17.12	19.77	20.52	17.52	27.45	22.52	-2.38	18.43
EV/EBIT High	13.57	15.19	13.93	15.96	16.8	14.94	17.16	18.53	21.43	26.25	18.96	29.05	28.48	-2.88	20.27
EV/EBIT Low	11.52	13.28	12.54	12.2	14.21	12.6	14.96	16.04	17.49	18.08	15.28	24.54	14.65	-2.1	16.41
Last Price	26.48	25.14	26.06	33.48	28.95	33.07	36.15	36.62	46.86	35.39	41.5	41.85	14.19	9.73	12.3
High Price	26.79	29.24	28.3	35	34.86	34.98	38.72	39.35	47.64	55.15	45.97	44.72	43.71	18.19	13.41
Enterprise Value Average	3,721	4,042	4,221	4,389	4,967	4,889	5,421	5,706	6,882	6,392	6,766	7,674	6,194	4,061	4,337
Enterprise Value High	3,931	4,316	4,424	5,310	5,419	5,315	5,941	6,178	7,458	8,176	7,319	8,122	7,831	4,924	4,771
Enterprise Value Low	3,338	3,775	3,982	4,056	4,585	4,484	5,179	5,347	6,088	5,631	5,897	6,859	4,028	3,581	3,862

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	96	98	101	103	107	109	109	109	109	109	109	109	110	172	173
Diluted Weighted Avg Shares	96	97	100	103	107	108	109	109	109	109	110	110	110	127	173
Basic Weighted Avg Shares	96	97	99	102	106	108	109	109	109	109	109	109	110	127	173
Revenue per Share	33.95	34.83	32.72	31.77	24.46	22.02	23.5	26.28	26.38	23.64	26.08	31.26	29.96	25.37	17.89
EBITDA per Share	4.79	4.57	4.9	5.06	4.87	5.19	5.23	5.41	5.75	5.52	5.83	5.03	5.08	-11.13	3.1
Operating Income per Share	3.03	2.93	3.21	3.26	3.03	3.29	3.18	3.06	3.19	2.85	3.53	2.55	2.51	-13.45	1.36
Basic EPS, GAAP	1.45	1.43	1.63	1.65	1.5	2.3	1.52	1.85	2	1.81	2.25	2.2	1.82	-11.23	0.71
Basic EPS from Cont Ops	1.47	1.45	1.65	1.67	1.52	2.31	1.54	1.87	2.02	1.83	2.27	1.49	1.35	-10.4	0.73
Diluted EPS, GAAP	1.44	1.42	1.62	1.63	1.5	2.29	1.52	1.85	1.99	1.81	2.25	2.2	1.81	-11.23	0.71
Diluted EPS from Cont Ops	1.46	1.44	1.64	1.65	1.52	2.31	1.53	1.87	2.01	1.83	2.26	1.49	1.34	-10.4	0.73
Dividend per Share	1.14	1.01	1.01	1.26	1.26	1.1	1.26	1.26	1.3	1.34	1.04	1.03	0.69	0.01	0.01
Cash Flow per Share	2.62	2.88	3.65	3.19	3.35	4.59	3.87	4.59	4.7	3.93	2.5	4.15	5.03	3.84	2.27
Free Cash Flow per Basic Share	2.62	2.88	3.65	3.19	3.35	4.59	3.87	4.59	4.7	3.93	2.5	4.15	5.03	3.84	2.27
Cash & Equivalents per Share	9.37	9.19	7.57	7.12	10.54	12.8	15.29	14.31	13.12	21.18	26.36	14.89	12.58	5.91	2.91
Book Value per Share	16.21	16.72	17.62	17.83	18.36	19.43	19.67	20.33	21.11	21.43	22.36	23.2	24	11.63	9.29
Tangible Book Value per Share	15.15	15.6	16.62	16.75	17.34	18.36	18.53	19.11	20.18	20.66	21.13	19.38	20.62	11.65	9.31

Hawaiian Electric Industries, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)