Hawaiian Electric Industries vs TXNM Energy
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KIRA’s take AI analyst
I put Hawaiian Electric Industries and TXNM Energy side by side, using each one’s latest annual report. Here is what stands out:
- 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 44.2x against 6.3x for Hawaiian Electric Industries.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Hawaiian Electric Industries
HE
4/10
FCF marginReturn on capitalReturn on equityNet debt / EBITDA
TXNM Energy
TXNM
6/10
Revenue growth5-year growthOperating marginNet marginPiotroski F-scoreShare count change
Side by side
Best in the row
| Latest fiscal year | HE FY25 | TXNM FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.4B | $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 | 6.3x | 44.2x |
| Piotroski F-score | 5 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.