HE
Hawaiian Electric Industries, Inc.
Diversified Utilities
Market Cap$1.96B
5Y Perf.-60.9%
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Stock Comparison
HE vs MGEE
Revenue, margins, valuation, and 5-year total return — side by side.
MGEE
MGE Energy, Inc.
Diversified Utilities
Market Cap$2.74B
5Y Perf.+10.0%
HE vs MGEE — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | HE | MGEE |
|---|---|---|
| Industry | Diversified Utilities | Diversified Utilities |
| Market Cap | $1.96B | $2.74B |
| Revenue (TTM) | $2.77B | $767M |
| Net Income (TTM) | $17M | $143M |
| Gross Margin | 8.3% | 97.1% |
| Operating Margin | 8.3% | 22.3% |
| Forward P/E | 14.4x | 18.9x |
| Total Debt | $3.33B | $936M |
| Cash & Equiv. | $1.24B | $7M |
HE vs MGEE — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
HE
MGEE
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| Hawaiian Electric I… (HE) | 100 | 39.1 | -60.9% |
| MGE Energy, Inc. (MGEE) | 100 | 110.0 | +10.0% |
Price return only. Dividends and distributions are not included.
Quick Verdict: HE vs MGEE
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: MGEE 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 18.9x)
- +48.3% vs MGEE's -16.9%
Best for: value and momentum
MGEE
MGE Energy, Inc.
The Income Pick
MGEE carries the broadest edge in this set and is the clearest fit for income & stability and growth exposure.
- Dividend streak 30 yrs, beta 0.16, yield 2.5%
- Rev growth 9.9%, EPS growth 11.7%, 3Y rev CAGR 1.3%
- 73.2% 10Y total return vs HE's -25.0%
Best for: income & stability and growth exposure
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | MGEE | 9.9% revenue growth vs HE's -2.1% |
| Value | HE | Lower P/E (14.4x vs 18.9x) |
| Quality / Margins | MGEE | 18.6% margin vs HE's 0.6% |
| Stability / Safety | MGEE | Beta 0.16 vs HE's 0.56, lower leverage |
| Dividends | MGEE | 2.5% yield, 30-year raise streak, vs HE's 1.3% |
| Momentum (1Y) | HE | +48.3% vs MGEE's -16.9% |
| Efficiency (ROA) | MGEE | 4.7% ROA vs HE's 0.2%, ROIC 6.1% vs -28.6% |
HE vs MGEE — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2024
FY 2025
HE vs MGEE — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLMGEELAGGINGHE
HEHawaiian Electric Ind…
1leads
MGEEMGE Energy, Inc.
4leads
6 Total Categories
CATEGORYLEADERvs HEMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
MGEE4/6
Valuation MetricsMultiples, price ratios, and targets
HE4/4
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
MGEE9/9
Total Returns1Y, 3Y, 5Y total returns with dividends
MGEE4/6
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
MGEE2/2
Income & Cash Flow (Last 12 Months)
MGEE 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 — 3.6x MGEE's $767M. MGEE is the more profitable business, keeping 18.6% of every revenue dollar as net income compared to HE's 0.6%. On growth, MGEE holds the edge at +10.8% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | HEHawaiian Electric… | MGEEMGE Energy, Inc. |
|---|---|---|
| RevenueTrailing 12 months | $2.8B | $767M |
| EBITDAEarnings before interest/tax | $523M | $286M |
| Net IncomeAfter-tax profit | $17M | $143M |
| Free Cash FlowCash after capex | $448M | -$131M |
| Gross MarginGross profit ÷ Revenue | +8.3% | +97.1% |
| Operating MarginEBIT ÷ Revenue | +8.3% | +22.3% |
| Net MarginNet income ÷ Revenue | +0.6% | +18.6% |
| FCF MarginFCF ÷ Revenue | +16.2% | -17.0% |
| Rev. Growth (YoY)Latest quarter vs prior year | -15.7% | +10.8% |
| EPS Growth (YoY)Latest quarter vs prior year | +119.8% | +15.8% |
MGEE 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… | MGEEMGE Energy, Inc. |
|---|---|---|
| Market CapShares × price | $2.0B | $2.7B |
| Enterprise ValueMkt cap + debt − cash | $4.0B | $3.7B |
| Trailing P/EPrice ÷ TTM EPS | -1.37x | 20.07x |
| Forward P/EPrice ÷ next-FY EPS est. | 14.40x | 18.95x |
| PEG RatioP/E ÷ EPS growth rate | — | 2.70x |
| EV / EBITDAEnterprise value multiple | — | 12.89x |
| Price / SalesMarket cap ÷ Revenue | 0.61x | 3.69x |
| Price / BookPrice ÷ Book value/share | 1.29x | 2.09x |
| Price / FCFMarket cap ÷ FCF | 14.36x | — |
HE leads this category, winning 4 of 4 comparable metrics.
Profitability & Efficiency
MGEE leads this category, winning 9 of 9 comparable metrics.
Profitability & Efficiency
MGEE delivers a 10.9% return on equity — every $100 of shareholder capital generates $11 in annual profit, vs $1 for HE. MGEE carries lower financial leverage with a 0.72x debt-to-equity ratio, signaling a more conservative balance sheet compared to HE's 2.20x. On the Piotroski fundamental quality scale (0–9), MGEE scores 5/9 vs HE's 4/9, reflecting solid financial health.
| Metric | HEHawaiian Electric… | MGEEMGE Energy, Inc. |
|---|---|---|
| ROE (TTM)Return on equity | +1.1% | +10.9% |
| ROA (TTM)Return on assets | +0.2% | +4.7% |
| ROICReturn on invested capital | -28.6% | +6.1% |
| ROCEReturn on capital employed | -14.2% | +6.1% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 5 |
| Debt / EquityFinancial leverage | 2.20x | 0.72x |
| Net DebtTotal debt minus cash | $2.1B | $929M |
| Cash & Equiv.Liquid assets | $1.2B | $7M |
| Total DebtShort + long-term debt | $3.3B | $936M |
| Interest CoverageEBIT ÷ Interest expense | -14.02x | 5.63x |
MGEE leads this category, winning 9 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
MGEE leads this category, winning 4 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in MGEE five years ago would be worth $11,116 today (with dividends reinvested), compared to $4,185 for HE. Over the past 12 months, HE leads with a +48.3% total return vs MGEE's -16.9%. The 3-year compound annual growth rate (CAGR) favors MGEE at 1.0% vs HE's -25.2% — a key indicator of consistent wealth creation.
| Metric | HEHawaiian Electric… | MGEEMGE Energy, Inc. |
|---|---|---|
| YTD ReturnYear-to-date | +22.0% | -4.2% |
| 1-Year ReturnPast 12 months | +48.3% | -16.9% |
| 3-Year ReturnCumulative with dividends | -58.1% | +3.0% |
| 5-Year ReturnCumulative with dividends | -58.2% | +11.2% |
| 10-Year ReturnCumulative with dividends | -25.0% | +73.2% |
| CAGR (3Y)Annualised 3-year return | -25.2% | +1.0% |
MGEE leads this category, winning 4 of 6 comparable metrics.
Risk & Volatility
Evenly matched — HE and MGEE each lead in 1 of 2 comparable metrics.
Risk & Volatility
MGEE is the less volatile stock with a 0.16 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. HE currently trades 88.7% from its 52-week high vs MGEE's 79.4% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | HEHawaiian Electric… | MGEEMGE Energy, Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.56x | 0.16x |
| 52-Week HighHighest price in past year | $17.38 | $94.00 |
| 52-Week LowLowest price in past year | $10.14 | $72.16 |
| % of 52W HighCurrent price vs 52-week peak | +88.7% | +79.4% |
| RSI (14)Momentum oscillator 0–100 | 50.6 | 57.1 |
| Avg Volume (50D)Average daily shares traded | 1.9M | 231K |
Evenly matched — HE and MGEE each lead in 1 of 2 comparable metrics.
Analyst Outlook
MGEE leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
Wall Street rates HE as "Hold" and MGEE as "Hold". Consensus price targets imply -2.2% upside for MGEE (target: $73) vs -17.3% for HE (target: $13). For income investors, MGEE offers the higher dividend yield at 2.48% vs HE's 1.33%.
| Metric | HEHawaiian Electric… | MGEEMGE Energy, Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold |
| Price TargetConsensus 12-month target | $12.75 | $73.00 |
| # AnalystsCovering analysts | 13 | 4 |
| Dividend YieldAnnual dividend ÷ price | +1.3% | +2.5% |
| Dividend StreakConsecutive years of raises | 0 | 30 |
| Dividend / ShareAnnual DPS | $0.20 | $1.85 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
MGEE leads this category, winning 2 of 2 comparable metrics.
Key Takeaway
MGEE leads in 4 of 6 categories (Income & Cash Flow, Profitability & Efficiency). HE leads in 1 (Valuation Metrics). 1 tied.
Best OverallMGE Energy, Inc. (MGEE)Leads 4 of 6 categories
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HE vs MGEE: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is HE or MGEE a better buy right now?
For growth investors, MGE Energy, Inc.
(MGEE) is the stronger pick with 9. 9% revenue growth year-over-year, versus -2. 1% for Hawaiian Electric Industries, Inc. (HE). MGE Energy, Inc. (MGEE) offers the better valuation at 20. 1x trailing P/E (18. 9x 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 MGEE?
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 MGEE?
Over the past 5 years, MGE Energy, Inc.
(MGEE) delivered a total return of +11. 2%, compared to -58. 2% for Hawaiian Electric Industries, Inc. (HE). Over 10 years, the gap is even starker: MGEE returned +73. 2% 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 MGEE?
By beta (market sensitivity over 5 years), MGE Energy, Inc.
(MGEE) is the lower-risk stock at 0. 16β versus Hawaiian Electric Industries, Inc. 's 0. 56β — meaning HE is approximately 256% more volatile than MGEE relative to the S&P 500. On balance sheet safety, MGE Energy, Inc. (MGEE) carries a lower debt/equity ratio of 72% versus 2% for Hawaiian Electric Industries, Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — HE or MGEE?
By revenue growth (latest reported year), MGE Energy, Inc.
(MGEE) is pulling ahead at 9. 9% versus -2. 1% for Hawaiian Electric Industries, Inc. (HE). On earnings-per-share growth, the picture is similar: MGE Energy, Inc. grew EPS 11. 7% 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 MGEE?
MGE Energy, Inc.
(MGEE) is the more profitable company, earning 18. 3% net margin versus -44. 2% for Hawaiian Electric Industries, Inc. — meaning it keeps 18. 3% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: MGEE leads at 22. 9% versus -53. 0% for HE. At the gross margin level — before operating expenses — MGEE leads at 97. 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 MGEE more undervalued right now?
On forward earnings alone, Hawaiian Electric Industries, Inc.
(HE) trades at 14. 4x forward P/E versus 18. 9x for MGE Energy, Inc. — 4. 5x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for MGEE: -2. 2% to $73. 00.
08Which pays a better dividend — HE or MGEE?
All stocks in this comparison pay dividends.
MGE Energy, Inc. (MGEE) offers the highest yield at 2. 5%, versus 1. 3% for Hawaiian Electric Industries, Inc. (HE).
09Is HE or MGEE better for a retirement portfolio?
For long-horizon retirement investors, MGE Energy, Inc.
(MGEE) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 16), 2. 5% yield). Both have compounded well over 10 years (MGEE: +73. 2%, 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 MGEE?
Both stocks operate in the Utilities sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
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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