HE
Hawaiian Electric Industries, Inc.
Diversified Utilities
Market Cap$1.96B
5Y Perf.-60.9%
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Stock Comparison
HE vs NWE
Revenue, margins, valuation, and 5-year total return — side by side.
NWE
Northwestern Energy Group Inc
Diversified Utilities
Market Cap$4.45B
5Y Perf.+20.4%
HE vs NWE — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | HE | NWE |
|---|---|---|
| Industry | Diversified Utilities | Diversified Utilities |
| Market Cap | $1.96B | $4.45B |
| Revenue (TTM) | $2.77B | $1.64B |
| Net Income (TTM) | $17M | $168M |
| Gross Margin | 8.3% | 61.9% |
| Operating Margin | 8.3% | 19.2% |
| Forward P/E | 14.4x | 19.3x |
| Total Debt | $3.33B | $3.29B |
| Cash & Equiv. | $1.24B | $9M |
HE vs NWE — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
HE
NWE
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| Hawaiian Electric I… (HE) | 100 | 39.1 | -60.9% |
| Northwestern Energy… (NWE) | 100 | 120.4 | +20.4% |
Price return only. Dividends and distributions are not included.
Quick Verdict: HE vs NWE
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: NWE leads in 5 of 7 categories, making it the strongest pick for growth and revenue expansion and profitability and margin quality. Hawaiian Electric Industries, Inc. is the stronger pick specifically for valuation and capital efficiency and recent price momentum and sentiment. As sector peers, any of these can serve as alternatives in the same allocation.
HE
Hawaiian Electric Industries, Inc.
The Value Play
HE is the clearest fit if your priority is value and momentum.
- Lower P/E (14.4x vs 19.3x)
- +48.3% vs NWE's +30.2%
Best for: value and momentum
NWE
Northwestern Energy Group Inc
The Income Pick
NWE carries the broadest edge in this set and is the clearest fit for income & stability and growth exposure.
- Dividend streak 20 yrs, beta 0.24, yield 3.6%
- Rev growth 6.4%, EPS growth -19.5%, 3Y rev CAGR 2.9%
- 65.7% 10Y total return vs HE's -25.0%
Best for: income & stability and growth exposure
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | NWE | 6.4% revenue growth vs HE's -2.1% |
| Value | HE | Lower P/E (14.4x vs 19.3x) |
| Quality / Margins | NWE | 10.2% margin vs HE's 0.6% |
| Stability / Safety | NWE | Beta 0.24 vs HE's 0.56, lower leverage |
| Dividends | NWE | 3.6% yield, 20-year raise streak, vs HE's 1.3% |
| Momentum (1Y) | HE | +48.3% vs NWE's +30.2% |
| Efficiency (ROA) | NWE | 2.0% ROA vs HE's 0.2%, ROIC 4.0% vs -28.6% |
HE vs NWE — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2024
FY 2025
HE vs NWE — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLNWELAGGINGHE
HEHawaiian Electric Ind…
1leads
NWENorthwestern Energy G…
5leads
6 Total Categories
CATEGORYLEADERvs HEMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
NWE4/6
Valuation MetricsMultiples, price ratios, and targets
HE4/4
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
NWE8/9
Total Returns1Y, 3Y, 5Y total returns with dividends
NWE4/6
Risk & VolatilityBeta, volatility, and downside exposure
NWE2/2
Analyst OutlookRatings, price targets, and dividends
NWE2/2
Income & Cash Flow (Last 12 Months)
NWE leads this category, winning 4 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
HE is the larger business by revenue, generating $2.8B annually — 1.7x NWE's $1.6B. NWE is the more profitable business, keeping 10.2% of every revenue dollar as net income compared to HE's 0.6%. On growth, NWE holds the edge at +6.6% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | HEHawaiian Electric… | NWENorthwestern Ener… |
|---|---|---|
| RevenueTrailing 12 months | $2.8B | $1.6B |
| EBITDAEarnings before interest/tax | $523M | $569M |
| Net IncomeAfter-tax profit | $17M | $168M |
| Free Cash FlowCash after capex | $448M | -$148M |
| Gross MarginGross profit ÷ Revenue | +8.3% | +61.9% |
| Operating MarginEBIT ÷ Revenue | +8.3% | +19.2% |
| Net MarginNet income ÷ Revenue | +0.6% | +10.2% |
| FCF MarginFCF ÷ Revenue | +16.2% | -9.0% |
| Rev. Growth (YoY)Latest quarter vs prior year | -15.7% | +6.6% |
| EPS Growth (YoY)Latest quarter vs prior year | +119.8% | -17.6% |
NWE leads this category, winning 4 of 6 comparable metrics.
Valuation Metrics
HE leads this category, winning 4 of 4 comparable metrics.
Valuation Metrics
| Metric | HEHawaiian Electric… | NWENorthwestern Ener… |
|---|---|---|
| Market CapShares × price | $2.0B | $4.5B |
| Enterprise ValueMkt cap + debt − cash | $4.0B | $7.7B |
| Trailing P/EPrice ÷ TTM EPS | -1.37x | 24.63x |
| Forward P/EPrice ÷ next-FY EPS est. | 14.40x | 19.30x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | — | 13.44x |
| Price / SalesMarket cap ÷ Revenue | 0.61x | 2.77x |
| Price / BookPrice ÷ Book value/share | 1.29x | 1.54x |
| Price / FCFMarket cap ÷ FCF | 14.36x | — |
HE leads this category, winning 4 of 4 comparable metrics.
Profitability & Efficiency
NWE leads this category, winning 8 of 9 comparable metrics.
Profitability & Efficiency
NWE delivers a 5.8% return on equity — every $100 of shareholder capital generates $6 in annual profit, vs $1 for HE. NWE carries lower financial leverage with a 1.14x debt-to-equity ratio, signaling a more conservative balance sheet compared to HE's 2.20x. On the Piotroski fundamental quality scale (0–9), NWE scores 5/9 vs HE's 4/9, reflecting solid financial health.
| Metric | HEHawaiian Electric… | NWENorthwestern Ener… |
|---|---|---|
| ROE (TTM)Return on equity | +1.1% | +5.8% |
| ROA (TTM)Return on assets | +0.2% | +2.0% |
| ROICReturn on invested capital | -28.6% | +4.0% |
| ROCEReturn on capital employed | -14.2% | +4.4% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 5 |
| Debt / EquityFinancial leverage | 2.20x | 1.14x |
| Net DebtTotal debt minus cash | $2.1B | $3.3B |
| Cash & Equiv.Liquid assets | $1.2B | $9M |
| Total DebtShort + long-term debt | $3.3B | $3.3B |
| Interest CoverageEBIT ÷ Interest expense | -14.02x | 2.25x |
NWE leads this category, winning 8 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
NWE leads this category, winning 4 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in NWE five years ago would be worth $12,586 today (with dividends reinvested), compared to $4,185 for HE. Over the past 12 months, HE leads with a +48.3% total return vs NWE's +30.2%. The 3-year compound annual growth rate (CAGR) favors NWE at 10.4% vs HE's -25.2% — a key indicator of consistent wealth creation.
| Metric | HEHawaiian Electric… | NWENorthwestern Ener… |
|---|---|---|
| YTD ReturnYear-to-date | +22.0% | +12.9% |
| 1-Year ReturnPast 12 months | +48.3% | +30.2% |
| 3-Year ReturnCumulative with dividends | -58.1% | +34.7% |
| 5-Year ReturnCumulative with dividends | -58.2% | +25.9% |
| 10-Year ReturnCumulative with dividends | -25.0% | +65.7% |
| CAGR (3Y)Annualised 3-year return | -25.2% | +10.4% |
NWE leads this category, winning 4 of 6 comparable metrics.
Risk & Volatility
NWE leads this category, winning 2 of 2 comparable metrics.
Risk & Volatility
NWE is the less volatile stock with a 0.24 beta — it tends to amplify market swings less than HE's 0.56 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. NWE currently trades 96.3% from its 52-week high vs HE's 88.7% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | HEHawaiian Electric… | NWENorthwestern Ener… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.56x | 0.24x |
| 52-Week HighHighest price in past year | $17.38 | $75.18 |
| 52-Week LowLowest price in past year | $10.14 | $50.46 |
| % of 52W HighCurrent price vs 52-week peak | +88.7% | +96.3% |
| RSI (14)Momentum oscillator 0–100 | 50.6 | 51.8 |
| Avg Volume (50D)Average daily shares traded | 1.9M | 462K |
NWE leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
NWE leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
Wall Street rates HE as "Hold" and NWE as "Hold". Consensus price targets imply -8.4% upside for NWE (target: $66) vs -17.3% for HE (target: $13). For income investors, NWE offers the higher dividend yield at 3.63% vs HE's 1.33%.
| Metric | HEHawaiian Electric… | NWENorthwestern Ener… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold |
| Price TargetConsensus 12-month target | $12.75 | $66.33 |
| # AnalystsCovering analysts | 13 | 18 |
| Dividend YieldAnnual dividend ÷ price | +1.3% | +3.6% |
| Dividend StreakConsecutive years of raises | 0 | 20 |
| Dividend / ShareAnnual DPS | $0.20 | $2.63 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
NWE leads this category, winning 2 of 2 comparable metrics.
Key Takeaway
NWE leads in 5 of 6 categories (Income & Cash Flow, Profitability & Efficiency). HE leads in 1 (Valuation Metrics).
Best OverallNorthwestern Energy Group I… (NWE)Leads 5 of 6 categories
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HE vs NWE: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is HE or NWE a better buy right now?
For growth investors, Northwestern Energy Group Inc (NWE) is the stronger pick with 6.
4% revenue growth year-over-year, versus -2. 1% for Hawaiian Electric Industries, Inc. (HE). Northwestern Energy Group Inc (NWE) offers the better valuation at 24. 6x trailing P/E (19. 3x forward), making it the more compelling value choice. Analysts rate Hawaiian Electric Industries, Inc. (HE) a "Hold" — based on 13 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — HE or NWE?
On forward P/E, Hawaiian Electric Industries, Inc.
is actually cheaper at 14. 4x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — HE or NWE?
Over the past 5 years, Northwestern Energy Group Inc (NWE) delivered a total return of +25.
9%, compared to -58. 2% for Hawaiian Electric Industries, Inc. (HE). Over 10 years, the gap is even starker: NWE returned +65. 7% versus HE's -25. 0%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — HE or NWE?
By beta (market sensitivity over 5 years), Northwestern Energy Group Inc (NWE) is the lower-risk stock at 0.
24β versus Hawaiian Electric Industries, Inc. 's 0. 56β — meaning HE is approximately 136% more volatile than NWE relative to the S&P 500. On balance sheet safety, Northwestern Energy Group Inc (NWE) carries a lower debt/equity ratio of 114% versus 2% for Hawaiian Electric Industries, Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — HE or NWE?
By revenue growth (latest reported year), Northwestern Energy Group Inc (NWE) is pulling ahead at 6.
4% versus -2. 1% for Hawaiian Electric Industries, Inc. (HE). On earnings-per-share growth, the picture is similar: Northwestern Energy Group Inc grew EPS -19. 5% year-over-year, compared to -720. 4% for Hawaiian Electric Industries, Inc.. Over a 3-year CAGR, HE leads at 4. 1% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — HE or NWE?
Northwestern Energy Group Inc (NWE) is the more profitable company, earning 11.
2% net margin versus -44. 2% for Hawaiian Electric Industries, Inc. — meaning it keeps 11. 2% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: NWE leads at 20. 2% versus -53. 0% for HE. At the gross margin level — before operating expenses — NWE leads at 82. 3%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is HE or NWE more undervalued right now?
On forward earnings alone, Hawaiian Electric Industries, Inc.
(HE) trades at 14. 4x forward P/E versus 19. 3x for Northwestern Energy Group Inc — 4. 9x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for NWE: -8. 4% to $66. 33.
08Which pays a better dividend — HE or NWE?
All stocks in this comparison pay dividends.
Northwestern Energy Group Inc (NWE) offers the highest yield at 3. 6%, versus 1. 3% for Hawaiian Electric Industries, Inc. (HE).
09Is HE or NWE better for a retirement portfolio?
For long-horizon retirement investors, Northwestern Energy Group Inc (NWE) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.
24), 3. 6% yield). Both have compounded well over 10 years (NWE: +65. 7%, HE: -25. 0%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between HE and NWE?
Both stocks operate in the Utilities sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: HE is a small-cap quality compounder stock; NWE is a small-cap income-oriented stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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