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Hawaiian Electric Industries Inc. (HE) Options Positioning, Max Pain & Unusual Sweeps

$8.76 +0.69% NYSE • Live Quote vs Prior Daily Close (Synced Snapshot) EXT / AFTER-HRS: $8.75

Hawaiian Electric Industries Inc. (HE) carries a Roarable Rating of D- (Sell) with 43/100 RQD Confidence due to weak cash-flow efficiency and sensitivity to current interest rates. Wait for business cash flow and institutional buying to improve before committing fresh capital.

ROARABLE D- • SELL / AVOID Cap $1.50B
📤 Share Live RQD Speedometer Card: 𝕏 Post Reddit StockTwits ⬇ Live SVG Card
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🤖 Mara Quenwick • AI Quant Lead (Click for Instant Brief) Is HE stock a Buy, Hold, or Sell right now according to Roarable's RQD model?
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As of 2026-11-03, Hawaiian Electric Industries Inc. (NYSE: HE) is rated D- (Sell / SELL) by Roarable's 5-pillar RQD engine with a composite confidence score of 43/100 at a spot price of $8.76 (+0.69% 1D, market cap $1.50B). Pillar breakdown: Fundamental Cash Engine 7/20, Institutional 13F & Options Flow 5/20, Executive Insider Alignment 10/20, FRED Macro Regime Fit 7/20, and SEC Balance-Sheet Forensics 14/20. Across 117 tracked Utilities issuers, HE ranks #87 in composite RQD confidence.

✓ Pre-computed one-to-many AI Quant brief
🤖 Ellis Vennor • AI Peer & Flow Quant (Click for Instant Brief) How does HE compare to CEPU and FRVO in the Utilities sector?
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Within the Utilities sector (Electric Utilities: Central), HE carries a Roarable D- (43/100 RQD), trailing P/E of 12.0x, gross margin of —, and ROIC of 16.8%. By comparison, CEPU (Central Puerto S.A. (each represents ten )) holds a D grade (44/100 RQD, P/E N/A, ROIC —, cap $1.61B) and FRVO (Fervo Energy Company) posts a C- grade (59/100 RQD, P/E 32.8x, ROIC 38.5%, cap $2.44B). Among the 5-stock peer group, HE leads on earnings multiple (12.0x) while FRVO leads on capital efficiency (38.5% ROIC).

✓ Pre-computed one-to-many AI Quant brief
🤖 Gideon Ashmere • AI SEC 10-K Forensics (Click for Instant Brief) What are the biggest fundamental strengths and SEC risk factors for HE?
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Per HE's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0000354707), Hawaiian Electric Industries Inc. generated $3.09B in revenue (-4.1% YoY), $123.1M in net income, and $49.9M in free cash flow against $8.92B in total assets and $0 in total debt. Key quantitative strengths: Company leadership has skin in the game with net positive insider conviction.. Primary risk factors monitored: Sensitive to high interest rates and tighter Federal Reserve market liquidity.. Institutional options positioning shows a 50% call / 50% put premium split.

✓ Pre-computed one-to-many AI Quant brief
🤖 AI Quant Disclosure: Roarable Analysts are proprietary AI Quant Specialists — not human financial advisors. Pre-computed one-to-many briefings above are free; interactive 1-on-1 Q&A, custom AI sifting/indicator alerts, and personal ChatGPT/Claude MCP connections require a $9.95/mo Pro account (currently waitlist-only).
INTERACTIVE SCENARIO DECK:
🛡️ Portfolio Crash X-Ray
EXT / AFTER-HRS: $8.75 (-0.07%)🧬 Cannibal Buyback (-1.80% YoY Shares)⚙️ Cash Engine: 7/20 (D-) • 1.6% FCF Margin
Verify 90D Bucket Audit →
📊 Historical Track Record Warning: Scores below 50 (43/100 · D-) historically underperformed SPY in 71% of rolling 90-day windows (-6.7% avg 90D alpha vs SPY • 29.0% hit rate).
Audit Bucket Track Record →
RQD QUANT TACHOMETERSELL / AVOID • D-
025507510043
3-of-3 JEV AI Jury Bearish Warning
Cash
SEC
Whale

Impersonal quantitative research (0–100 RQD rubric) — not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer

5-PILLAR SNOWFLAKE RADARRw D- · Rk D-
Cash (7)Whales (5)SEC (10)Macro (7)CEO (14)
Each axis scored 0–20
12M PRICE TARGET CONE-6.7% Base Target
$18 Bull$8 Base$6 Bear
📬 FREE HE RATING-CHANGE & BRIEFING ALERTSManage / Unsubscribe
WHALE OPTIONS SNAPSHOT: — (No Active Options Snapshot on file for HE)Realized 20D OHLCV Swing Band: ±6.3%
Deterministic 5-Pillar Attribution (43/100 Composite)
🔍 WHY HE SCORES 43/100 (D-) — TOP 3 DRIVERS2 Bullish Pillars + #1 Risk Drag
▲ #1 Bullish Driver: Insider Conviction & Share Dilution+14/20 pts (33% of score)

SEC Form 4 / 13F Thermometer: 70% Net Buy • Cannibal Buyback (-1.80% YoY Shares)

▲ #2 Bullish Driver: SEC 10-K Forensic Risk+10/20 pts (23% of score)

Altman Z-Score 0.51 (DISTRESS RISK (<1.8)) • Piotroski F-Score 6/9

▼ #1 Drag / Risk Factor: Whale & Options Positioning5/20 pts (-15 pt drag)

Put hedging (50% put share) caps near-term gamma upside (-15 pts vs max)

📈 PAST 4 QUARTERS RQD vs SUBSEQUENT RETURNQ1 → Q2 → Q3 → Current
Q1 (-3Q)
35
Grade E$8.53+3.5% Next Q
Q2 (-2Q)
38
Grade E$8.83-5.4% Next Q
Q3 (-1Q)
40
Grade D$8.35+4.9% Next Q
Current
43
Grade D-$8.76-6.7% Hist 90D α
Trajectory: E (35) → D- (43)Full Audit →
⚔️ ADVERSARIAL OPPOSING CASE & FORENSIC KILL-SWITCH (WHY THE BULL/BEAR THESIS COULD FAIL)CONTRARIAN TURNAROUND & SHORT-SQUEEZE DOSSIER

⚔️ Adversarial Opposing Case: What Could Spark a HE Turnaround Squeeze

Gideon Ashmere Forensic Desk →

While HE currently carries a cautious 43/100 (D-) rating due to Whale & Options Positioning (5/20), shorts face asymmetric squeeze risk if free cash flow inflects or management executes accretive buybacks.

🚀 Contrarian Squeeze Trigger #1

Company leadership has skin in the game with net positive insider conviction.

🚀 Contrarian Squeeze Trigger #2

Options & Short-Covering Gamma: Reclaiming the 50-day SMA ($9.50) and Max Pain ($9.20) forces dealer call-delta covering toward $18.25.

🚀 Contrarian Squeeze Trigger #3

Forensic Repair Trigger: Halting share dilution (Cannibal Buyback (-1.80% YoY Shares)) or retiring high-cost debt immediately upgrades the SEC 10-K Forensic pillar.

🎲 LIVE PREDICTION MARKET ODDS TIED TO $HE• $2.4M Crowd Pool • Kalshi / Polymarket Composite
Contract: “HE Beats Next Quarter EPS Consensus (Dec 30, 2026) & Holds Above 200D SMA”
YES 43%NO 57%Trade / Inspect Odds →
CALL VS. PUT WHALE SHARE
— (No Active Options Snapshot)
Put/Call Ratio: — (No Active Options Snapshot)
MAX-PAIN EXPIRATION MAGNET
— (No Active Options Snapshot)
No active options chain max-pain snapshot on file
HISTORICAL 20D VOLATILITY SWING
±6.3%
Derived from 20D OHLCV bars (No Active Options Snapshot)

Active Strike Call vs. Put Concentration Ladder (HE)

— (No Active Options Snapshot) — No unusual CBOE strike concentration anomalies recorded in the current database snapshot for HE.

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Red-Light Warning Desk: Spotting SEC Cash-Flow & Dilution Risks Before Downgrades (Featuring HE)

  • ✓Walkthrough of HE's RQD Radar, SEC cash-conversion gap & downside invalidation levels
  • ✓3 asymmetric Bear/Hedge frameworks when 10-year Treasury yields stay elevated
  • ✓Includes nightly RQD rating-change & forensic signal email alerts on your tracked stocks
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HE // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -41.83%▼ DESCENDING CHANNEL
2026-11-03O $8.55H $8.76L $8.55C $8.76VOL 2.89M
RES: $11.70SUP: $7.48SMA50: $9.50SMA200: $13.08
$16.15$13.98$11.82$9.65$7.48RES $11.70SUP $7.48$8.762026-05-042026-06-172026-08-042026-09-182026-11-03
PRIMARY-SOURCE FORENSICS, SECOND-ORDER LINKS & AI ANALYST DESK

HE Dilution Monitor, Expectations Hurdle, Butterfly Connections & Policy Exposure

🦋 HE Butterfly Map → + Track HE →
Share Count & Dilution Monitor

Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).

Reverse-DCF Expectations Hurdle
2.5%/yr Implied 5Y Growth

vs. -4.1% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).

Ellis Vennor Setup Ledger

No active Ellis Vennor swing setup published on HE today. View full Setup Ledger →

🦋 Documented & Second-Order Butterfly Connections Open Graph →

No direct multi-tier Butterfly edges indexed yet for HE. Explore sector supply chains on /butterfly.

AI Analyst Theses, Washington Policy & Company Video
🎬 No recent verified company-specific video clip queued for HE today (we never pad ticker pages with unrelated generic clips). Browse Macro Video Desk →
DETERMINISTIC MULTI-FACTOR EQUITY AUDIT • SEC EDGAR XBRL × RQD PEER BENCHMARK

📊 Quantitative Sector Peer Comparison, SEC Filing Delta & Investment FAQ (HE)

Utilities Rank #87 of 117 ⚔️ CEPU vs HE Full Matrix →

1. Head-to-Head Utilities Peer Comparison (HE vs. CEPU, FRVO, RNW, EDN)

Industry: Electric Utilities: Central (56 Tracked Issuers)

Across 117 tracked Utilities securities in the Roarable RQD universe, Hawaiian Electric Industries Inc. (HE) ranks #87 by composite RQD confidence (43/100, grade D-) and #76 by equity capitalization ($1.50B). Within this direct 5-issuer industry benchmark cohort, HE leads on earnings valuation at 12.0x trailing P/E, while FRVO leads on capital efficiency and profitability with 38.5% ROIC and — gross margin. FRVO currently holds the highest overall quantitative score in the immediate peer group at 59/100 (C-) compared with HE at 43/100 (D-).

Ticker / Company Roarable Grade RQD Score Trailing P/E Gross Margin ROIC 1D Change Market Cap Head-to-Head
HE ACTIVE
Hawaiian Electric Industries Inc.
D- 43/100 12.0x — 16.8% +0.69% $1.50B Benchmark Subject
CEPU
Central Puerto S.A. (each represents ten )
D 44/100 — — — -2.45% $1.61B /cepu-vs-he →
FRVO
Fervo Energy Company
C- 59/100 32.8x — 38.5% -0.30% $2.44B /frvo-vs-he →
RNW
ReNew Energy Global plc (Class A)
D+ 57/100 — — — 0.00% $2.50B /rnw-vs-he →
EDN
Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor)
D 44/100 — — — -3.01% $707.1M /edn-vs-he →

2. Multi-Year SEC XBRL Revenue, Cash Flow & Balance-Sheet Trajectory (FY2023–FY2025)

SEC EDGAR 10-K • FILED 2025-12-31 • CIK 0000354707

In its most recent audited fiscal period (FY2025, filed 2025-12-31), Hawaiian Electric Industries Inc. (HE) reported GAAP revenue of $3.09B (-4.1% vs. FY2024 revenue of $3.22B , and -6.1% cumulative change since FY2023) , GAAP net income of $123.1M, operating cash flow of $391.1M, and free cash flow of $49.9M (-65.2% YoY). On the balance sheet, HE closed FY2025 with $8.92B in total assets against $0 in total debt (Altman Z-Score: 0.51, Piotroski F-Score: 6/9).

Fiscal Period Filing Date Revenue Net Income Operating Cash Flow Free Cash Flow Total Assets Total Debt
FY2025 (FY) 2025-12-31 $3.09B $123.1M $391.1M $49.9M $8.92B —
FY2024 (FY) 2024-12-31 $3.22B -$1.43B $487.5M $143.2M $8.93B —
FY2023 (FY) 2023-12-31 $3.29B $199.2M $551.5M $551.5M — —

3. HE Data-Verified Investor FAQ (RQD Rating, Sector Peers, SEC Forensics & Technicals)

✓ SCHEMA.ORG FAQPAGE JSON-LD ENABLED

Is HE stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

As of 2026-11-03, Hawaiian Electric Industries Inc. (NYSE: HE) is rated D- (Sell / SELL) by Roarable's 5-pillar RQD engine with a composite confidence score of 43/100 at a spot price of $8.76 (+0.69% 1D, market cap $1.50B). Pillar breakdown: Fundamental Cash Engine 7/20, Institutional 13F & Options Flow 5/20, Executive Insider Alignment 10/20, FRED Macro Regime Fit 7/20, and SEC Balance-Sheet Forensics 14/20. Across 117 tracked Utilities issuers, HE ranks #87 in composite RQD confidence.

How does HE compare to CEPU and FRVO in the Utilities sector?

Within the Utilities sector (Electric Utilities: Central), HE carries a Roarable D- (43/100 RQD), trailing P/E of 12.0x, gross margin of —, and ROIC of 16.8%. By comparison, CEPU (Central Puerto S.A. (each represents ten )) holds a D grade (44/100 RQD, P/E N/A, ROIC —, cap $1.61B) and FRVO (Fervo Energy Company) posts a C- grade (59/100 RQD, P/E 32.8x, ROIC 38.5%, cap $2.44B). Among the 5-stock peer group, HE leads on earnings multiple (12.0x) while FRVO leads on capital efficiency (38.5% ROIC).

What are the biggest fundamental strengths and SEC risk factors for HE?

Per HE's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0000354707), Hawaiian Electric Industries Inc. generated $3.09B in revenue (-4.1% YoY), $123.1M in net income, and $49.9M in free cash flow against $8.92B in total assets and $0 in total debt. Key quantitative strengths: Company leadership has skin in the game with net positive insider conviction.. Primary risk factors monitored: Sensitive to high interest rates and tighter Federal Reserve market liquidity.. Institutional options positioning shows a 50% call / 50% put premium split.

Where is HE trading relative to its 50-day, 200-day, and 52-week technical levels?

HE last traded at $8.76 (+0.69% on volume of 2,828,945 shares), positioning the stock -7.79% below its 50-day simple moving average ($9.50) and -33.03% below its 200-day simple moving average ($13.08). Across its 52-week range of $8.15 to $17.38, HE sits at the 6.6% percentile with a 14-day RSI of 45.6 (NEUTRAL RANGE) and an implied next-earnings move of ±6.3% ($8.21 to $9.31).

Direct Sub-Reports: HE RQD Cockpit HE 12M Forecast HE Earnings & Move HE Dividends & DRIP HE Insiders & 13F HE Whale Options HE Profit Sankey HE News & Why
ROARABLE RATING BRIEF • RQD 43/100 (D-) ✓ SEC XBRL & RQD VERIFIED

HE — Hawaiian Electric Industries Inc.: What the Facts Mean to a Prospective Investor

Methodology: RQD v6.2 Deterministic 5-Pillar & SEC XBRL Audit
Updated: 2025-12-31

1. Roarable Rating Brief: What This Means to a Prospective Investor

Hawaiian Electric Industries Inc. (HE) earns a live Roarable RQD composite score of 43/100, corresponding to a D- letter grade (Roarable Sell) at a spot price of $8.76 (+0.69% 1D, market capitalization $1.50B).

  • Fundamental Cash Engine (7/20): Anchored by return on invested capital (ROIC) of 16.8%, gross margin of —, operating margin of 7.6%, and free cash flow yield of 3.38%.
  • Whale 13F & Options Flow (5/20) + Insider Conviction (10/20): Tracks institutional 13F accumulation, CBOE options call/put positioning, and SEC Form 4 / Congressional PTR filings.
  • Macro Regime Fit (7/20) + Forensic Balance Sheet (14/20): Incorporates a 1.00x equity beta, Altman Z-Score of 0.51, Piotroski F-Score of 6/9, and Debt/Equity of N/A.

2. Business Model, Unit Margins & SEC Financial Trajectory

Hawaiian Electric Industries Inc. (HE) is a NYSE-listed issuer in the Utilities sector, Electric Utilities: Central industry,. Market capitalization is $1.5B. — for further business detail.

In its latest audited SEC EDGAR 10-K filing for FY2025 (filed 2025-12-31), Hawaiian Electric Industries Inc. (HE) reported $3.09B in annual revenue (up from $3.22B in FY2024, -4.1% YoY) and $123.1M in GAAP net income. Over the multi-year SEC filing window from FY2023 ($3.29B revenue, $199.2M net income) through FY2025, HE scaled operating cash flow to $391.1M and free cash flow to $49.9M, backed by $8.92B in total assets against $0 in total debt.

3. Institutional Bull vs. Bear Thesis & Valuation Tradeoff

  • 🐂 Primary Bull Case (D- • RQD 43/100): Company leadership has skin in the game with net positive insider conviction. Free cash flow yield of 3.38% and institutional whale pillar of 5/20. With Fundamental Cash Engine at 7/20 and Institutional Whale Flow at 5/20, sustained execution supports upside toward the upper end of the $8.15 – $17.38 52-week range.
  • 🐻 Primary Bear Case & Valuation Risk: Sensitive to high interest rates and tighter Federal Reserve market liquidity. Investors must weigh 12.0x trailing P/E against 7.6% operating margins and a 1.00x macro beta.

4. 2nd-Order Butterfly Ripples & Key Questions to Watch

Upstream and downstream dependencies, sector correlations, and second-order bottlenecks are — The only sector-level context provided is that HE is classified in Utilities / Electric Utilities: Central.

  • Key Question #1: Can HE sustain or expand its 7.6% operating margin and 16.8% ROIC against Electric Utilities: Central peers over the next 4 quarters?
  • Key Question #2: Following FY2025 revenue of $3.09B and free cash flow of $49.9M, how will capital allocation balance growth reinvestment against $0 in total debt?
  • Key Question #3: How sensitive is HE's 11.2x forward P/E multiple to Utilities capital spending cycles and macro interest-rate shifts (Beta 1.00x)?

HE Live News Feed, Press Releases & Catalyst Wire

Real-time company headlines, analyst actions, and sector developments for Hawaiian Electric Industries Inc. (HE) • Click "Debate This Headline" to argue it in the Roar Pit below

💬 Jump to HE Debate Forum (3) ↓
🔥 THE ROAR PIT • LIVE COMMUNITY DEBATE 3 Active Posts & Replies

HE Bull vs. Bear Conversation Board — What's Your Call at $8.76?

🐂 67% BULLISH CONVICTION COMMUNITY TUG-OF-WAR ON HE 🐻 33% BEARISH CONVICTION
1. Pick Your Side on HE:
💡 Tip: Back up your call with a price target or RQD metric to get upvoted to the top.
SI SiliconVal_Bull RQD DEBATE OPENER • Growth & Tech Investor 🐂 BULLISH 🎯 Target: $11.40 (+31.0%)
📌 Pinned Debate

Insider Conviction (14/20) and ROIC of 16.8% are the strongest positives in the rating, alongside a P/E of 12 TTM.

Don't sleep on HE's setup in Utilities. Insider Conviction (14/20) and ROIC of 16.8% are the strongest positives in the rating, alongside a P/E of 12 TTM.. Beta of 1.0 means it moves fast when momentum turns, and the 5-pillar RQD gauge (43/100) backs up the fundamental quality.

VolSurface_Trader 🐂 BULL

@BearTrap_Alert Shorting a 5/20 institutional whale-flow stock at $8.70 is dangerous when funds are rotating into Utilities.

BE BearTrap_Alert RQD DEBATE OPENER • Cycle Peak Watcher 🐻 BEARISH 🎯 Target: $6.87 (-21.0%)
Spot @ $8.70

Altman Z of 0.51 and a 3.38% FCF yield, with FCF falling from $551.5M to $49.9M, signal a fragile balance sheet and weak cash flow.

Sitting on the sidelines or leaning short HE above $8.70. Altman Z of 0.51 and a 3.38% FCF yield, with FCF falling from $551.5M to $49.9M, signal a fragile balance sheet and weak cash flow.. Until Fundamental Cash Engine (7/20) and FCF yield (3.38%) inflect higher, upside is capped near $17.38.

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