HAWAIIAN ELECTRIC INDUSTRIES INC (HE) — payout ratio, three ways
Fiscal year ending 2023-12-31 · sector Utilities · payout ratios computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 59.7% | The basis that applies. A regulated utility earns an allowed return on its rate base, and the dividend is set against that. |
| Operating cash flow | 13.4% | Closer to meaningful than free cash flow, but still before the capital programme the regulator expects the company to run. |
| Free cash flow | 68.0% | What is left after the capital programme. For a regulated utility that programme is growth into the rate base, recovered through rates and funded by debt and equity issuance by design — so this figure swings with the capex cycle and frequently goes negative. It says little about whether the dividend is affordable. |
Spread between highest and lowest: 55 percentage points. Same filings, different denominators.
Coverage rating 71 / 100 — Adequate. ? Peer standing 26/50Direction 25/30Stability 20/20
GAAP earnings payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2023-12-31 | 59.7% |
| 2022-12-31 | 63.6% |
| 2021-12-31 | 60.4% |
| 2020-12-31 | 72.9% |
| 2019-12-31 | 64.3% |
| 2018-12-31 | 67.0% |
Among the 57 utilities companies here, 53% pay out a larger share on this basis.
The arithmetic
- GAAP earnings — dividends declared per share $1.08 ÷ diluted EPS $1.81
- Operating cash flow — dividends paid $74.0m ÷ operating cash flow $551.5m
- Free cash flow — dividends paid $74.0m ÷ (operating cash flow $551.5m − capex $442.7m)
Where the figures came from
- 10-K filed 2026-02-27 · accession
0000354707-26-000008 - 10-K filed 2025-02-24 · accession
0000354707-25-000013 - 10-K filed 2024-02-29 · accession
0000354707-24-000012
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- DPS $1.08 filed as declared, but dividends paid imply $0.67 — one of the two underlying facts is wrong. The filed per-share figure is used.
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.