HE Historical PE Ratio Notes

— Hawaiian Electric Industries (HE) is the parent company of the largest electric utility in Hawaii, providing power to approximately 95% of the state's residents through subsidiaries like Hawaiian Electric Company, Maui Electric, & Hawaii Electric Light. Additionally, until recently, HE owned American Savings Bank, though its primary business focus remains regulated electric utility operations. Utilities such as HE typically have stable, predictable cash flows and earnings due to their monopoly-like market positions & state oversight, often resulting in lower risk profiles compared to other sectors. However, because their earnings growth tends to be modest and tied closely to regulatory approval, the stock market historically assigns utilities like HE relatively moderate price-to-earnings (P/E) ratios. When you review PE ratios across time, you'll notice periods when the ratio may spike or dip, often in response to shifts in Hawai‘i's energy policy, fuel costs, regulatory decisions, or recent events such as wildfires that may introduce legal and financial uncertainty. These factors all influence investor sentiment regarding future earnings stability, which is reflected in HE's historical P/E ratio trends. As you explore historical charts and tables, keep in mind that context around earnings changes and investor risk perception is key to interpreting past valuation levels for HE.

On this page we presented the HE Historical PE Ratio information for Hawaiian Electric Indus' stock. The average HE historical PE based on using the annualized quarterly earnings result at each measurement period (for the "E" in the PE calculation; and the closing price on earnings date as the "P") is 18.3. Meanwhile, using the trailing twelve month (TTM) quarterly earnings result as our method of calculation the "E" value at each measurement period, the average HE historical PE based on this TTM earnings result method is 18.1.

Let's now compare this HE historical PE result, against the recent PE: when this page was posted on 8/7/2026, the most recent closing price for HE had been 12.40, and the most recent quarterly earnings result, annualized, was 0.52. Meanwhile, the most recent TTM earnings summed to 0.74. From these numbers, we calculate the recent HE PE on 8/7/2026 based on annualized quarterly EPS was 23.8. Based on HE's history, that recent PE is elevated relative to the historical average, with the recent PE 30.1% higher than the historical average PE across our data set for Hawaiian Electric Indus. Looking at the recent HE PE on 8/7/2026 based on TTM EPS, we calculate the ratio at 16.8. Based on HE's history, that recent PE is low relative to the historical average, with the recent PE 7.2% lower than the average PE across our Hawaiian Electric Indus data set with TTM EPS used in the calculation at each period.

Another interesting HE historical PE Ratio calculation we look at is to take the median earnings per share of the last four quarters for HE, and then annualize the resulting value... with that annualized number then being used in the PE calculation. To walk through this math for HE, we start with the past four EPS numbers and we first sort them from lowest to highest: 0.13, 0.18, 0.19, and 0.24. We then toss out the highest and lowest result, and then take the average of those two middle numbers — 0.18 and 0.19 — which gives us the median of 0.18. Basically the way to think about this 0.18 number is this: for the trailing four earnings reports, 0.18 marks the "middle ground" number where HE has reported a value higher than 0.18 half the time, and has reported a value lower than 0.18 half the time. Annualizing that median value then gets us to 0.72/share, which we use as the denominator in our next PE calculation. With 12.40 as the numerator (as of 8/7/2026), the calculation is then 12.40 / 0.72 = 17.2 as the HE PE ratio as of 8/7/2026, based on that annualized median value we calculated.

For self directed investors doing their due diligence on HE or any other given stock, valuation analysis for HE can greatly benefit from studying the past earnings and resulting PE calculations. This exercise can help inform an analysis as to whether the past earnings trajectory and current versus historical PE ratios justify the current stock value.

That's why we bring you HistoricalPERatio.com to make it easy for investors to investigate Hawaiian Electric Indus PE history or the past PE information for any stock in our coverage universe. And in your continued research we hope you will be sure to check out the further links included for earnings surprises history (beat/miss data) as well as next earnings dates for HE. Thanks for visiting, and the next time you need to research HE Historical PE Ratio or the ratio for another stock, we hope you'll think of our site, as your go-to historical PE ratio research resource of choice.