F
Hawaiian Electric Industries, I — Earnings Quality Grade F
HE · Utilities
Major red flags
Revenue
$3.1B
2025
Net Income
$126M
2025
Gross Margin
7.6%
Free Cash Flow
$50M
01
Screening Summary
11
Passed
3
Watch
1
Failed
—
M-Score
管理层信号
最近 SEC 8-K 文件中未发现 CEO、CFO、董事会或审计负责人变动信号。
02
Financial Trends
Revenue & Net Income ($B)
Margins (%)
03
18-Point Screening
01
Revenue Quality
✓
A1DSO Change
DSO 58 days, change +6 days YoY
✓
A2AR vs Revenue Growth
AR growth 7.5% vs revenue growth -4.1%
✓
A3Revenue vs CFFO
Revenue -4.1%, CFFO -19.8%. Cash follows revenue
02
Expense Quality
✓
B1Inventory vs COGS
No material inventory
✓
B2CapEx vs Revenue
CapEx growth -0.9% vs revenue -4.1%. Normal
—
B3SG&A Ratio
Insufficient data
!
B4Gross Margin
Gross margin swung +60.6pp (-53.0% → 7.6%)
03
Cash Flow Quality
✓
C1CFFO vs Net Income
CFFO/NI = 3.10. Profits backed by cash
✓
C2Free Cash Flow
FCF $0.0B, FCF/NI = 0.39
✓
C3Accruals Ratio
Accruals ratio = -3.0%. Low accruals
✗
C4Cash vs Debt
Cash $0.5B covers only 17% of debt $3.0B
04
Balance Sheet Health
✓
D1Goodwill + Intangibles
No goodwill. Clean balance sheet
!
D2Leverage
Debt/EBITDA = 5.1x (>4x). Financial stress
!
D3Soft Asset Growth
Other assets grew 20.9% vs revenue -4.1%
—
D4Asset Impairment
No write-off data
05
Acquisition Risk
✓
E1Serial Acquirer FCF
FCF after acquisitions positive
✓
E2Goodwill Surge
No goodwill
06
Manipulation Score
—
F1Beneish M-Score
Insufficient data
05
Altman Z-Score
0.53
Distress Zone0 Distress1.102.605.0+ Safe
0.0512
Liquidity
-0.0746
Cumulative profit
0.0312
Operating efficiency
0.2195
Leverage
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25