Hawaiian Electric Industries vs Alliant Energy
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The short version
- Alliant Energy is the larger business, with $4.4B of revenue in fiscal 2025 against $3.1B for Hawaiian Electric Industries.
- Alliant Energy grew revenue faster (9.6%, against −4.1%).
- Alliant Energy kept more of each dollar of sales as operating profit (23.5% operating margin, against 7.6%).
- Hawaiian Electric Industries turned more of its sales into free cash flow (1.6% FCF margin, against −25.4%).
- Investors pay more for each dollar of Alliant Energy’s earnings: a P/E of 21.8x against 6.5x for Hawaiian Electric Industries.
| Latest fiscal year | HE · FY25 | LNT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.5B | $18.0B |
| Revenue | $3.1B | $4.4B |
| Free cash flow | $49.9M | −$1.1B |
| Net income | $126M | $810M |
| Growth | ||
| Revenue growth | −4.1% | 9.6% |
| 5-year growth | 3.7% | 5.0% |
| Share count change | 36.3% | 0.4% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 7.6% | 23.5% |
| Net margin | 4.1% | 18.6% |
| FCF margin | 1.6% | −25.4% |
| Return on capital | 5.2% | 5.6% |
| Return on equity | 8.2% | 11.3% |
| Balance sheet | ||
| Net debt | $1.8B | $11.8B |
| Net debt / EBITDA | 3.3x | 6.3x |
| Dividends and buybacks | $0.0M | $521M |
| Valuation & quality | ||
| P/E | 6.5x | 21.8x |
| Piotroski F-score | 5 | 6 |
Revenue
FY16
HE $2.4B
LNT $3.3B
FY17
HE $2.6B
LNT $3.4B
FY18
HE $2.9B
LNT $3.5B
FY19
HE $2.9B
LNT $3.6B
FY20
HE $2.6B
LNT $3.4B
FY21
HE $2.9B
LNT $3.7B
FY22
HE $3.4B
LNT $4.2B
FY23
HE $3.3B
LNT $4.0B
FY24
HE $3.2B
LNT $4.0B
FY25
HE $3.1B
LNT $4.4B
HE
LNT
Operating margin
FY16
HE 15.0%
LNT 16.7%
FY17
HE 13.6%
LNT 19.9%
FY18
HE 11.7%
LNT 19.6%
FY19
HE 12.1%
LNT 21.3%
FY20
HE 12.1%
LNT 21.7%
FY21
HE 13.5%
LNT 21.7%
FY22
HE 8.2%
LNT 22.1%
FY23
HE 8.4%
LNT 23.4%
FY24
HE −53.0%
LNT 22.3%
FY25
HE 7.6%
LNT 23.5%
HE
LNT
Free cash flow
FY16
HE $166M
LNT −$804M
FY17
HE −$74.8M
LNT −$945M
FY18
HE −$38.1M
LNT −$1.1B
FY19
HE $55.0M
LNT −$980M
FY20
HE $45.5M
LNT −$865M
FY21
HE $61.2M
LNT −$587M
FY22
HE $115M
LNT −$998M
FY23
HE $109M
LNT −$864M
FY24
HE $143M
LNT −$885M
FY25
HE $49.9M
LNT −$1.1B
HE
LNT
Return on capital
FY16
HE —
LNT 5.8%
FY17
HE 5.9%
LNT 6.5%
FY18
HE 7.0%
LNT 6.3%
FY19
HE 6.9%
LNT 6.1%
FY20
HE 6.1%
LNT 5.9%
FY21
HE 7.1%
LNT 5.9%
FY22
HE 4.9%
LNT 6.2%
FY23
HE 4.4%
LNT 6.0%
FY24
HE −30.9%
LNT 5.2%
FY25
HE 5.2%
LNT 5.6%
HE
LNT
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.