Hawaiian Electric IndustriesHE +1.42%64 ROC (Joel Greenblatt) % is 4.27% as of Mar. 2026, which is 34% below its 10-year median of 6.45. GuruFocus rates HE with a GF Score™ of 64/100 and a GF Value™ of $8.04 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 504 Utilities - Regulated companies, Hawaiian Electric Industries ranks worse than 81.75% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Hawaiian Electric Industries's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 4.27%.
The historical rank and industry rank for Hawaiian Electric Industries's ROC (Joel Greenblatt) % or its related term are showing as below:
HE'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -25.28 Med: 6.45 Max: 9.76
Current: 4.41
During the past 13 years, Hawaiian Electric Industries's highest ROC (Joel Greenblatt) % was 9.76%. The lowest was -25.28%. And the median was 6.45%.
HE's ROC (Joel Greenblatt) % is ranked worse than 81.75% of 504
companies
in the Utilities - Regulated industry
Industry Median: 10.81
vs HE: 4.41
Hawaiian Electric Industries (NYSE:HE) ROC (Joel Greenblatt) % Explanation
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Hawaiian Electric Industries ROC (Joel Greenblatt) % Chart
HE vs MGEE, IMSR, NKLR: ROC (Joel Greenblatt) % Comparison
For the Utilities - Regulated Electric subindustry, Hawaiian Electric Industries's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Hawaiian Electric Industries ROC (Joel Greenblatt) % vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Hawaiian Electric Industries's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Hawaiian Electric Industries's ROC (Joel Greenblatt) % falls into.
Hawaiian Electric Industries ROC (Joel Greenblatt) % Calculation
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a ROC (Joel Greenblatt) % of 4.27% mean?
Hawaiian Electric Industries (HE) has a ROC (Joel Greenblatt) % of 4.27% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Hawaiian Electric Industries and its competitors. This is 34% below median its historical median of 6.45. According to the industry distribution chart, Hawaiian Electric Industries ranks #412 out of 504 companies in the Utilities - Regulated industry, placing it in the top 81.7%.
Is Hawaiian Electric Industries' ROC (Joel Greenblatt) % too high?
Hawaiian Electric Industries' current ROC (Joel Greenblatt) % of 4.27% is 34% below median its 10-year median of 6.45. The Utilities - Regulated industry median ROC (Joel Greenblatt) % is 10.81. Hawaiian Electric Industries' value of 4.27% is 60.5% below this industry median. Based on the distribution chart, Hawaiian Electric Industries ranks #412 out of 504 companies in the Utilities - Regulated industry, which is in the bottom quartile relative to peers. Overall, Hawaiian Electric Industries has a GF Score™ of 64/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Hawaiian Electric Industries' ROC (Joel Greenblatt) % compare to MGEE and IMSR?
According to the Utilities - Regulated industry distribution chart, Hawaiian Electric Industries ranks #412 out of 504 companies for ROC (Joel Greenblatt) %. This places Hawaiian Electric Industries in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 10.81. Hawaiian Electric Industries' value of 4.27% is 60.5% below this benchmark. While the company's 10-year median is 6.45 vs. the industry median of 10.81, Hawaiian Electric Industries has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROC (Joel Greenblatt) % for an Utilities - Regulated company?
The median ROC (Joel Greenblatt) % among Utilities - Regulated companies is 10.81, based on 504 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Hawaiian Electric Industries's current ROC (Joel Greenblatt) % of 4.27% is 60.5% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Hawaiian Electric Industries and its competitors. For the Utilities - Regulated industry, the median ROC (Joel Greenblatt) % is 10.81 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Hawaiian Electric Industries's current ROC (Joel Greenblatt) % is 4.27%, which is 34% below median its own 10-year median of 6.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hawaiian Electric Industries stock overvalued right now?
Based on GuruFocus' analysis, Hawaiian Electric Industries (HE) is currently considered Significantly Overvalued. The stock's GF Value™ is $8.04, compared to a current price of $13.54 — trading 68.4% above its estimated fair value. The current ROC (Joel Greenblatt) % is 4.27%, which is 34% below median its 10-year median of 6.45 and 60.5% below the Utilities - Regulated industry median of 10.81. Hawaiian Electric Industries' overall GF Score™ is 64/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Hawaiian Electric Industries (HE), the current ROC (Joel Greenblatt) % is 4.27% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Hawaiian Electric Industries (HE) Overvalued in 2026?
Based on GuruFocus' analysis, Hawaiian Electric Industries stock appears to be overvalued.
The current stock price of $13.54 is trading 68.4% above its estimated GF Value™ of $8.04.
GuruFocus considers Hawaiian Electric Industries to be Significantly Overvalued.
Key valuation signals for HE:
ROC (Joel Greenblatt) %: 4.27% (34% below median its 10-year median of 6.45)
GF Value™: $8.04 vs. price of $13.54 (68.4% above fair value)
Industry Position: 60.5% below the Utilities - Regulated median (#412 of 504)
No single metric tells the full story. See the HE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hawaiian Electric Industries is the parent company of three Hawaii-based regulated utilities and owns a 10% minority interest in Hawaii's American Savings Bank. The utilities provide electricity on the five islands of Oahu, Hawaii, Maui, Molokai, and Lanai.
64GF Score
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