Hawaiian Electric Industries vs Portland General Electric
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The short version
- Portland General Electric is the larger business, with $3.6B of revenue in fiscal 2025 against $3.1B for Hawaiian Electric Industries.
- Portland General Electric grew revenue faster (4.0%, against −4.1%).
- Portland General Electric kept more of each dollar of sales as operating profit (15.5% operating margin, against 7.6%).
- Hawaiian Electric Industries turned more of its sales into free cash flow (1.6% FCF margin, against −2.0%).
- Investors pay more for each dollar of Portland General Electric’s earnings: a P/E of 19.6x against 6.5x for Hawaiian Electric Industries.
| Latest fiscal year | HE · FY25 | POR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.5B | $5.2B |
| Revenue | $3.1B | $3.6B |
| Free cash flow | $49.9M | −$71.0M |
| Net income | $126M | $306M |
| Growth | ||
| Revenue growth | −4.1% | 4.0% |
| 5-year growth | 3.7% | 10.8% |
| Share count change | 36.3% | 6.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 7.6% | 15.5% |
| Net margin | 4.1% | 8.6% |
| FCF margin | 1.6% | −2.0% |
| Return on capital | 5.2% | 5.4% |
| Return on equity | 8.2% | 7.7% |
| Balance sheet | ||
| Net debt | $1.8B | $4.9B |
| Net debt / EBITDA | 3.3x | 4.3x |
| Dividends and buybacks | $0.0M | $225M |
| Valuation & quality | ||
| P/E | 6.5x | 19.6x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
HE $2.4B
POR $1.9B
FY17
HE $2.6B
POR $2.0B
FY18
HE $2.9B
POR $2.0B
FY19
HE $2.9B
POR $2.1B
FY20
HE $2.6B
POR $2.1B
FY21
HE $2.9B
POR $2.4B
FY22
HE $3.4B
POR $2.6B
FY23
HE $3.3B
POR $2.9B
FY24
HE $3.2B
POR $3.4B
FY25
HE $3.1B
POR $3.6B
HE
POR
Operating margin
FY16
HE 15.0%
POR 17.7%
FY17
HE 13.6%
POR 18.9%
FY18
HE 11.7%
POR 17.4%
FY19
HE 12.1%
POR 16.6%
FY20
HE 12.1%
POR 12.5%
FY21
HE 13.5%
POR 15.8%
FY22
HE 8.2%
POR 15.0%
FY23
HE 8.4%
POR 13.6%
FY24
HE −53.0%
POR 14.9%
FY25
HE 7.6%
POR 15.5%
HE
POR
Free cash flow
FY16
HE $166M
POR −$22.0M
FY17
HE −$74.8M
POR $83.0M
FY18
HE −$38.1M
POR $35.0M
FY19
HE $55.0M
POR −$60.0M
FY20
HE $45.5M
POR −$217M
FY21
HE $61.2M
POR −$104M
FY22
HE $115M
POR −$92.0M
FY23
HE $109M
POR −$938M
FY24
HE $143M
POR −$490M
FY25
HE $49.9M
POR −$71.0M
HE
POR
Return on capital
FY16
HE —
POR 5.9%
FY17
HE 5.9%
POR 5.5%
FY18
HE 7.0%
POR 6.6%
FY19
HE 6.9%
POR 6.2%
FY20
HE 6.1%
POR 4.9%
FY21
HE 7.1%
POR 5.8%
FY22
HE 4.9%
POR 5.3%
FY23
HE 4.4%
POR 4.6%
FY24
HE −30.9%
POR 5.6%
FY25
HE 5.2%
POR 5.4%
HE
POR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.