HE (Hawaiian Electric Industries) Scaled Net Operating Assets: 0.46 (As of Mar. 2026)


HE Hawaiian Electric Industries Inc HE
65 GF Score
Price $13.57
GF Value $8.02
Valuation Significantly Overvalued
! 3 Warning Signs
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What is Hawaiian Electric Industries Scaled Net Operating Assets?

Hawaiian Electric Industries HE +2.26% 65 Scaled Net Operating Assets is 0.46 as of Mar. 2026. GuruFocus rates HE with a GF Score™ of 65/100 and a GF Value™ of $8.02 (Significantly Overvalued). The stock has 3 warning signs investors should review.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Hawaiian Electric Industries's operating assets for the quarter that ended in Mar. 2026 was $8,461 Mil. Hawaiian Electric Industries's operating liabilities for the quarter that ended in Mar. 2026 was $4,330 Mil. Hawaiian Electric Industries's Total Assets for the quarter that ended in Dec. 2025 was $8,923 Mil. Therefore, Hawaiian Electric Industries's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.46.


Hawaiian Electric Industries Scaled Net Operating Assets Historical Data

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The historical data trend for Hawaiian Electric Industries's Scaled Net Operating Assets can be seen below:

* 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 Scaled Net Operating Assets Chart

Hawaiian Electric Industries Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Scaled Net Operating Assets
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.31 0.25 0.33 0.24 0.46

Hawaiian Electric Industries Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Scaled Net Operating Assets Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.46 0.45 0.49 0.46 0.46

HE vs MGEE, IMSR, NKLR: Scaled Net Operating Assets Comparison

For the Utilities - Regulated Electric subindustry, Hawaiian Electric Industries's Scaled Net Operating Assets, along with its competitors' market caps and Scaled Net Operating Assets 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 Scaled Net Operating Assets vs Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Hawaiian Electric Industries's Scaled Net Operating Assets distribution charts can be found below:

* The bar in red indicates where Hawaiian Electric Industries's Scaled Net Operating Assets falls into.


HE
65GF Score
Hawaiian Electric Industries Inc HE
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Hawaiian Electric Industries Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Hawaiian Electric Industries's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(8421.101-4358.117)/8931.416
=0.45

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=8922.879 - 501.778
=8421.101

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=7316.96 - 2833.884 - 124.959
=4358.117

Hawaiian Electric Industries's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(8461.363-4330.311)/8922.879
=0.46

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=8914.203 - 452.84
=8461.363

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=7276.834 - 2821.533 - 124.99
=4330.311

* 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 Scaled Net Operating Assets of 0.46 mean?
Hawaiian Electric Industries (HE) has a Scaled Net Operating Assets of 0.46 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Hawaiian Electric Industries and its competitors.
Is Hawaiian Electric Industries' Scaled Net Operating Assets too high?
Hawaiian Electric Industries' current Scaled Net Operating Assets is 0.46. Overall, Hawaiian Electric Industries has a GF Score™ of 65/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Hawaiian Electric Industries' Scaled Net Operating Assets compare to MGEE and IMSR?
Hawaiian Electric Industries' Scaled Net Operating Assets of 0.46 can be compared against companies in the Utilities - Regulated industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for an Utilities - Regulated company?
A good Scaled Net Operating Assets depends on the Utilities - Regulated industry context. However, Scaled Net Operating Assets should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Hawaiian Electric Industries and its competitors. Hawaiian Electric Industries's current Scaled Net Operating Assets is 0.46. 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 $8.02, compared to a current price of $13.57 — trading 69.2% above its estimated fair value. The current Scaled Net Operating Assets is 0.46. Hawaiian Electric Industries' overall GF Score™ is 65/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For Hawaiian Electric Industries (HE), the current Scaled Net Operating Assets is 0.46 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 $13.57 is trading 69.2% above its estimated GF Value™ of $8.02. GuruFocus considers Hawaiian Electric Industries to be Significantly Overvalued.

Key valuation signals for HE:

  • Scaled Net Operating Assets: 0.46
  • GF Value™: $8.02 vs. price of $13.57 (69.2% above fair value)
  • GF Score™: 65/100 with 3 warning signs

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 Business Description

Other Exchanges HWI:Germany
Address 1001 Bishop Street, Suite 2900, Honolulu, HI, USA, 96813
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.
65GF Score

Get the complete analysis for HE

Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$13.57
Price
$8.02
GF Value