Sifting through countless of stocks in the Electric Utilities industry can be tedious, and sometimes two stocks are just too similar to judge which is the better investment. If you’re on the fence about investing in Hawaiian Electric Industries, Inc., MGE Energy or Inc. because you’re not sure how they measure up, it’s important to compare them on a few factors before making your decision.

Read on to learn how Hawaiian Electric Industries, Inc., MGE Energy and Inc. compare based on key financial metrics to determine which better meets your investment needs.

About Hawaiian Electric Industries, Inc., MGE Energy and Inc.

Hawaiian Electric Industries, Inc. together with its subsidiaries, engages in the electric utility business. The company engages in the production, purchase, transmission, distribution, and sale of electricity in the islands of Oahu; Hawaii; and Maui, Lanai, and Molokai; and renewable energy sources and potential sources include wind, solar, photovoltaic, geothermal, wave, hydroelectric, municipal waste, and other biofuels. It also invests in non-regulated renewable energy and sustainable infrastructure in the State of Hawaii. In addition, the company serves suburban communities, resorts, the United States Armed Forces installations, and agricultural operations. Hawaiian Electric Industries, Inc. was founded in 1891 and is headquartered in Honolulu, Hawaii.

MGE Energy, Inc., through its subsidiaries, operates as a public utility holding company in the United States. It operates through Regulated Electric Utility Operations; Regulated Gas Utility Operations; Nonregulated Energy Operations; Transmission Investments; and All Other segments. The company generates, purchases, and distributes electricity; purchases and distributes natural gas; owns and leases electric generating capacity; and plans, constructs, operates, maintains, and expands transmission facilities to provide transmission power services. It also generates electricity from coal-fired, gas-fired, and renewable energy sources and provides solar and wind generation, and battery storage services. As of December 31, 2025, the company owned and operated 811 miles of overhead electric distribution lines; 1,386 miles of underground electric distribution cables; 47 substations with an installed capacity of 1.2 million kVA; and gas facilities, including 3,117 miles of distribution mains, as well as supplied electric service to approximately 170,000 customers. MGE Energy, Inc. has a strategic partnership with Realta Fusion Inc. and Madison Gas and Electric Company. MGE Energy, Inc. was incorporated in 2001 and is headquartered in Madison, Wisconsin.

Latest Electric Utilities and Hawaiian Electric Industries, Inc., MGE Energy, Inc. Stock News

As of September 10, 2026, Hawaiian Electric Industries, Inc. had a $1.8 billion market capitalization, compared to the Electric Utilities median of $18.1 million. Hawaiian Electric Industries, Inc.’s stock is NA in 2026, NA in the previous five trading days and down 11.65% in the past year.

Currently, Hawaiian Electric Industries, Inc.’s price-earnings ratio is 8.1. Hawaiian Electric Industries, Inc.’s trailing 12-month revenue is $3.3 billion with a 6.8% net profit margin. Year-over-year quarterly sales growth most recently was 25.9%. Analysts expect adjusted earnings to reach $0.824 per share for the current fiscal year. Hawaiian Electric Industries, Inc. does not currently pay a dividend.

Currently, MGE Energy, Inc.’s price-earnings ratio is 18.8. MGE Energy, Inc.’s trailing 12-month revenue is $752.1 million with a 19.9% net profit margin. Year-over-year quarterly sales growth most recently was 1.1%. Analysts expect adjusted earnings to reach $3.967 per share for the current fiscal year. MGE Energy, Inc. currently has a 2.5% dividend yield.

How We Compare Hawaiian Electric Industries, Inc., MGE Energy and Inc. Stock Grades

Stock evaluation requires access to huge amounts of data and the knowledge and time to sift through it all, make sense of financial ratios, read income statements and analyze recent stock movements. AAII created A+ Investor, a robust data suite that condenses data research in an actionable and customizable way suitable for investors of all knowledge levels, to help investors streamline and work through such data.

AAII’s proprietary stock grades come with A+ Investor. These offer intuitive A‐F grades for each of five key investing factors: value, growth, momentum, earnings estimate revisions and quality. Here, we’ll take a closer look at Hawaiian Electric Industries, Inc., MGE Energy and Inc.’s stock grades to see how they measure up against one another.

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Hawaiian Electric Industries, Inc., MGE Energy and Inc. Growth Grades

Company	Ticker	Growth
Hawaiian Electric Industries, Inc.	HE	C
MGE Energy, Inc.	MGEE	B

The foundation of growth investing is seeking out stocks of companies exhibiting strong, consistent and prolonged growth that is expected to continue into the future.

In order to compute the growth score and assign it a letter grade, the percentile ranks for each of three components‐consistency of annual sales growth, five-year sales growth rankings adjusted for extreme levels, and consistency of positive annual cash from operations‐must be determined. These three rank figures are added together, and the sum is ranked against the entire stock universe to arrive at a company’s Growth Score to create an equal distribution of grades.

The companies in the bottom 20% of the stock universe receive Growth Grades of F, considered to be very weak, while those in the top 20% receive A grades, which are considered very strong.

Hawaiian Electric Industries, Inc. has a Growth Score of 43, which is Average. MGE Energy, Inc. has a Growth Score of 77, which is Strong.

The Growth Grade Winner: MGE Energy, Inc.

As you can clearly see from the Growth Grade breakdown above, MGE Energy, Inc. has a more attractive growth grade than Hawaiian Electric Industries, Inc.. For investors who focus solely on how a company is growing relative to other companies in the same industry, MGE Energy, Inc. could be a good stock to add to their portfolio. However, it’s important for investors to analyze multiple factors based on a wide range of metrics before deciding whether to buy.

Hawaiian Electric Industries, Inc., MGE Energy and Inc.’s Quality Grades

Company	Ticker	Quality
Hawaiian Electric Industries, Inc.	HE	D
MGE Energy, Inc.	MGEE	D

Like the Value Grade, AAII’s A+ Investor Quality Grade comes from the percentile rank of key metrics. Specifically, the Quality Score is the percentile rank of the average of the percentile ranks of return on assets (ROA), return on invested capital (ROIC), gross profit relative to assets, buyback yield, change in total liabilities to assets, accruals, Z double prime bankruptcy risk (Z) score and the F-Score.

The score is variable, meaning it can consider all eight measures or, should any of the eight measures not be valid, the remaining measures that are valid. To be assigned a Quality Score, stocks must have a valid (non-null) measure and corresponding ranking for at least four of the eight quality measures.

The Quality Score is used to assess the underlying “quality” of a particular stock. A higher-quality stock possesses traits associated with upside potential and reduced downside risk. Backtesting of the Quality Grade shows that stocks with higher grades, on average, outperformed stocks with lower grades over the period of 1998 through 2019.

Stocks receive better grades (higher scores) for having higher scores for the quality subcomponents and worse grades (lower scores) for lower scores for the subcomponents.

Hawaiian Electric Industries, Inc. has a Quality Score of 29, which is Weak. MGE Energy, Inc. has a Quality Score of 37, which is Weak.

The Quality Stock Winner: No Clear Winner

Neither Hawaiian Electric Industries, Inc., MGE Energy or Inc. has a high enough Quality Grade to be considered a “winner.” Investors who are considering these companies should do additional due diligence and research to see if either could be a good addition to their portfolios. It’s important to look at a wide range of financial metrics in order to determine if Hawaiian Electric Industries, Inc., MGE Energy or Inc. is the better investment when it comes to quality.

Hawaiian Electric Industries, Inc., MGE Energy and Inc.’s Momentum Grades

Company	Ticker	Momentum
Hawaiian Electric Industries, Inc.	HE	D
MGE Energy, Inc.	MGEE	D

Momentum grades help to uncover stocks experiencing anomalously high rates of return; research finds that stocks with high relative levels of momentum tend to outperform, whereas those with low levels of momentum tend to continue underperforming. Momentum is based on the price change of a stock over a specified period relative to all other stocks.

Typically, AAII looks at the weighted relative strength over the trailing four quarters. The weighted four-quarter relative strength rank is the relative price change for each of the past four quarters. The most recent quarterly price change is given a weight of 40% and each of the three previous quarters are given a weighting of 20%.

Hawaiian Electric Industries, Inc. has a Momentum Score of 27, which is Weak. MGE Energy, Inc. has a Momentum Score of 36, which is Weak.

The Momentum Stock Winner: No Clear Winner

Neither Hawaiian Electric Industries, Inc., MGE Energy or Inc. has a strong enough Momentum Grade to be considered a “winner.” Investors considering these companies should do additional due diligence and research to see if either could be a good addition to their portfolios. It’s important to look at a wide range of financial metrics in order to determine if Hawaiian Electric Industries, Inc., MGE Energy or Inc. is the better investment when it comes to momentum.

Other Hawaiian Electric Industries, Inc., MGE Energy and Inc. Grades

In addition to Growth, Momentum and Quality, A+ Investor also provides grades for Value and Estimate Revisions.

Earnings estimate revisions scores take into account the magnitude of a company’s earnings surprise in its last two reported fiscal quarters. Often, surprises beget further surprises‐or at least continued sales growth (the exact opposite is generally true, too).

Successful stock investing involves buying low and selling high, so stock valuation is an important consideration for stock selection. Buying stocks that are going to go up typically means buying stocks that are undervalued in the first place, although momentum investors may argue that point.

These 2 key factors, when combined with the above, provide a holistic view into a particular stock. Further, by joining A+ Investor you can see whether Hawaiian Electric Industries, Inc., MGE Energy and Inc. pass any of our 60+ stock screens that have outperformed the market since their creation.

So, Which Is the Better Investment, Hawaiian Electric Industries, Inc., MGE Energy or Inc. Stock?

Overall, Hawaiian Electric Industries, Inc. stock has a Growth Score of 43, Momentum Score of 27 and Quality Score of 29.

MGE Energy, Inc. stock has a Growth Score of 77, Momentum Score of 36 and Quality Score of 37.

Comparing Hawaiian Electric Industries, Inc., MGE Energy and Inc.’s grades, scores and metrics can act as a solid basis to determine whether they may be a good investment or not. You’ll also want to look at your portfolio’s asset allocation as well as your risk tolerance and financial goals to see if either of these stocks would make a good fit for you. AAII can help you figure out which investments align with your individual needs and preferences.

Investors are encouraged to do their own due diligence and research. In this way, individuals can effectively become managers of their own assets‐without having to rely on others for financial independence. You can count on AAII for timeless articles on financial planning and stock-picking, unbiased research and actionable analysis.

A+ Investor adds to our qualitative teaching with a powerful data suite to help you whittle down investment choices to find stocks, exchange-traded funds (ETFs) or mutual funds that meet your needs.

AAII Disclaimer

We make no representations or warranties that any investor will, or is likely to, achieve profits similar to those shown, because past, hypothetical or simulated performance is not necessarily indicative of future results. Before making an investment decision, you should consider your circumstances and whether the information on our content is applicable to your situation. This information was prepared in good faith, and we accept no liability for any errors or omissions. The full disclaimer can be read here.