Hawaiian Electric Industries vs Idacorp
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The short version
- Hawaiian Electric Industries is the larger business, with $3.1B of revenue in fiscal 2025 against $1.7B for Idacorp, about 1.8 times as much.
- Idacorp grew revenue faster (−1.2%, against −4.1%).
- Idacorp kept more of each dollar of sales as operating profit (20.3% operating margin, against 7.6%).
- Hawaiian Electric Industries turned more of its sales into free cash flow (1.6% FCF margin, against −33.1%).
| Latest fiscal year | HE · FY25 | IDA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.5B | $7.7B |
| Revenue | $3.1B | $1.7B |
| Free cash flow | $49.9M | −$577M |
| Net income | $126M | $324M |
| Growth | ||
| Revenue growth | −4.1% | −1.2% |
| 5-year growth | 3.7% | 6.3% |
| Share count change | 36.3% | 4.2% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 7.6% | 20.3% |
| Net margin | 4.1% | 18.5% |
| FCF margin | 1.6% | −33.1% |
| Return on capital | 5.2% | 5.5% |
| Return on equity | 8.2% | 9.4% |
| Balance sheet | ||
| Net debt | $1.8B | $3.3B |
| Net debt / EBITDA | 3.3x | 5.5x |
| Dividends and buybacks | $0.0M | $192M |
| Valuation & quality | ||
| P/E | 6.5x | — |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
HE $2.4B
IDA $1.2B
FY17
HE $2.6B
IDA $1.3B
FY18
HE $2.9B
IDA $1.3B
FY19
HE $2.9B
IDA $1.3B
FY20
HE $2.6B
IDA $1.3B
FY21
HE $2.9B
IDA $1.4B
FY22
HE $3.4B
IDA $1.6B
FY23
HE $3.3B
IDA $1.6B
FY24
HE $3.2B
IDA $1.8B
FY25
HE $3.1B
IDA $1.7B
HE
IDA
Operating margin
FY16
HE 15.0%
IDA 23.3%
FY17
HE 13.6%
IDA 23.9%
FY18
HE 11.7%
IDA 22.6%
FY19
HE 12.1%
IDA 23.2%
FY20
HE 12.1%
IDA 24.1%
FY21
HE 13.5%
IDA 23.8%
FY22
HE 8.2%
IDA 21.0%
FY23
HE 8.4%
IDA 19.1%
FY24
HE −53.0%
IDA 18.5%
FY25
HE 7.6%
IDA 20.3%
HE
IDA
Free cash flow
FY16
HE $166M
IDA $47.3M
FY17
HE −$74.8M
IDA $150M
FY18
HE −$38.1M
IDA $214M
FY19
HE $55.0M
IDA $87.9M
FY20
HE $45.5M
IDA $77.2M
FY21
HE $61.2M
IDA $63.3M
FY22
HE $115M
IDA −$81.3M
FY23
HE $109M
IDA −$344M
FY24
HE $143M
IDA −$415M
FY25
HE $49.9M
IDA −$577M
HE
IDA
Return on capital
FY16
HE —
IDA 6.3%
FY17
HE 5.9%
IDA 6.6%
FY18
HE 7.0%
IDA 7.0%
FY19
HE 6.9%
IDA 6.7%
FY20
HE 6.1%
IDA 6.6%
FY21
HE 7.1%
IDA 6.6%
FY22
HE 4.9%
IDA 6.2%
FY23
HE 4.4%
IDA 5.6%
FY24
HE −30.9%
IDA 5.5%
FY25
HE 5.2%
IDA 5.5%
HE
IDA
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.