Hawaiian Electric Industries vs TXNM Energy
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The short version
- Hawaiian Electric Industries is the larger business, with $3.1B of revenue in fiscal 2025 against $2.2B for TXNM Energy.
- TXNM Energy grew revenue faster (9.9%, against −4.1%).
- TXNM Energy kept more of each dollar of sales as operating profit (20.4% operating margin, against 7.6%).
- Hawaiian Electric Industries turned more of its sales into free cash flow (1.6% FCF margin, against −28.2%).
- Investors pay more for each dollar of TXNM Energy’s earnings: a P/E of 44.1x against 6.5x for Hawaiian Electric Industries.
| Latest fiscal year | HE · FY25 | TXNM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.5B | $6.6B |
| Revenue | $3.1B | $2.2B |
| Free cash flow | $49.9M | −$611M |
| Net income | $126M | $170M |
| Growth | ||
| Revenue growth | −4.1% | 9.9% |
| 5-year growth | 3.7% | 7.3% |
| Share count change | 36.3% | 13.0% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 7.6% | 20.4% |
| Net margin | 4.1% | 7.8% |
| FCF margin | 1.6% | −28.2% |
| Return on capital | 5.2% | 4.8% |
| Return on equity | 8.2% | 5.7% |
| Balance sheet | ||
| Net debt | $1.8B | $5.6B |
| Net debt / EBITDA | 3.3x | 6.1x |
| Dividends and buybacks | $0.0M | $175M |
| Valuation & quality | ||
| P/E | 6.5x | 44.1x |
| Piotroski F-score | 5 | 6 |
Revenue
FY16
HE $2.4B
TXNM $1.4B
FY17
HE $2.6B
TXNM $1.4B
FY18
HE $2.9B
TXNM $1.4B
FY19
HE $2.9B
TXNM $1.5B
FY20
HE $2.6B
TXNM $1.5B
FY21
HE $2.9B
TXNM $1.8B
FY22
HE $3.4B
TXNM $2.2B
FY23
HE $3.3B
TXNM $1.9B
FY24
HE $3.2B
TXNM $2.0B
FY25
HE $3.1B
TXNM $2.2B
HE
TXNM
Operating margin
FY16
HE 15.0%
TXNM 20.9%
FY17
HE 13.6%
TXNM 21.8%
FY18
HE 11.7%
TXNM 16.4%
FY19
HE 12.1%
TXNM 9.9%
FY20
HE 12.1%
TXNM 18.7%
FY21
HE 13.5%
TXNM 17.3%
FY22
HE 8.2%
TXNM 17.5%
FY23
HE 8.4%
TXNM 11.9%
FY24
HE −53.0%
TXNM 23.0%
FY25
HE 7.6%
TXNM 20.4%
HE
TXNM
Free cash flow
FY16
HE $166M
TXNM −$192M
FY17
HE −$74.8M
TXNM $23.0M
FY18
HE −$38.1M
TXNM −$73.0M
FY19
HE $55.0M
TXNM −$113M
FY20
HE $45.5M
TXNM −$193M
FY21
HE $61.2M
TXNM −$387M
FY22
HE $115M
TXNM −$345M
FY23
HE $109M
TXNM −$525M
FY24
HE $143M
TXNM −$739M
FY25
HE $49.9M
TXNM −$611M
HE
TXNM
Return on capital
FY16
HE —
TXNM 4.6%
FY17
HE 5.9%
TXNM 3.5%
FY18
HE 7.0%
TXNM 4.8%
FY19
HE 6.9%
TXNM 3.0%
FY20
HE 6.1%
TXNM 5.0%
FY21
HE 7.1%
TXNM 4.7%
FY22
HE 4.9%
TXNM 5.5%
FY23
HE 4.4%
TXNM 3.4%
FY24
HE −30.9%
TXNM 5.5%
FY25
HE 5.2%
TXNM 4.8%
HE
TXNM
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.