Hawaiian Electric Industries, I — Earnings Quality Grade F
HE · Utilities
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 58 days, change +6 days YoY
AR growth 7.5% vs revenue growth -4.1%
Revenue -4.1%, CFFO -19.8%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -0.9% vs revenue -4.1%. Normal
Insufficient data
Gross margin swung +60.6pp (-53.0% → 7.6%)
Cash Flow Quality
CFFO/NI = 3.10. Profits backed by cash
FCF $0.0B, FCF/NI = 0.39
Accruals ratio = -3.0%. Low accruals
Cash $0.5B covers only 17% of debt $3.0B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 5.1x (>4x). Financial stress
Other assets grew 20.9% vs revenue -4.1%
No write-off data
Acquisition Risk
FCF after acquisitions positive
No goodwill
Manipulation Score
Insufficient data
Portfolio monitoring
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Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25