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Hawaiian Electric Industries, Inc. (HE) vs TXNM Energy, Inc. (TXNM)

Hawaiian Electric Industries, Inc. and TXNM Energy, Inc. are both Utilities Regulated Electric companies. TXNM Energy, Inc. is the larger, with a market value of $6.4B against $1.5B — 4.4× the size. Hawaiian Electric Industries, Inc. trades at the lower P/E: 6.5× against 27.3×. TXNM Energy, Inc. grew revenue faster over the last twelve months: 9.99% against 5.11%. TXNM Energy, Inc. has the higher net margin (9.85% vs 6.82%) and the lower return on invested capital (3.75% vs 5.49%). Across the 21 metrics below, Hawaiian Electric Industries, Inc. leads on 13 and TXNM Energy, Inc. on 8.

Valuation

Metric HE TXNM Utilities Regulated Electric median
P/E 6.47 27.27 19.45
P/S 0.44 2.66 2.78
P/B 0.82 1.67 1.82
Price to free cash flow n/m n/m 45.34
EV/EBITDA 6.09 11.15 12.40
EV/Sales 1.25 5.13 4.95
Earnings yield 15.46% 3.67% 5.12%
Free cash flow yield (38.95%) (9.77%) (5.93%)

Profitability

Metric HE TXNM Utilities Regulated Electric median
Gross margin 13.15% 64.96% 62.00%
Operating margin 11.48% 24.36% 21.72%
Net margin 6.82% 9.85% 13.45%
Free cash flow margin (17.23%) (25.97%) (11.71%)
Return on equity 13.59% 6.40% 9.94%
Return on assets 2.68% 1.84% 2.85%
Return on invested capital 5.49% 3.75% 3.95%

Growth

Metric HE TXNM Utilities Regulated Electric median
Revenue growth (TTM) 5.11% 9.99% 7.78%
EPS growth (last fiscal year) 106.32% (44.57%) 6.01%
Revenue growth, 5-year CAGR 3.65% 7.29% 6.72%
Net income growth, 5-year CAGR (9.05%) (2.61%) 6.50%

Health

Metric HE TXNM Utilities Regulated Electric median
Debt to equity 1.57 1.56 1.54
Current ratio 0.99 0.81 0.88
Net debt to EBITDA 3.62 5.84 5.27

Dividend

Metric HE TXNM Utilities Regulated Electric median
Dividend yield — 2.90% 3.16%
Payout ratio — 0.81 0.63

Size

Metric HE TXNM Utilities Regulated Electric median
Market cap 1.46b 6.43b 26.54b

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