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Australian (ASX) Utilities Sector Analysis

UpdatedApr 01, 2026
DataAggregated Company Financials
Companies15
  • 7D1.5%
  • 3M7.9%
  • 1Y13.1%
  • YTD8.4%

APA Group is up 1.7%, leading the way for the Utilities industry, which has gained 1.5%. During this same period, the LGI underperformed, falling 6.1%. In the last 12 months, the industry was up 13%. Earnings are forecast to grow by 13% annually.

Sector Valuation and Performance

Has the Australian Utilities Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 01 Apr 2026AU$41.8bAU$34.3bAU$986.2m39.2x42.4x1.2x
Fri, 27 Feb 2026AU$39.7bAU$34.4bAU$998.8m29.1x39.7x1.2x
Sun, 25 Jan 2026AU$39.1bAU$35.2bAU$2.0b31.9x19.7x1.1x
Tue, 23 Dec 2025AU$38.9bAU$35.2bAU$2.0b17.7x19.5x1.1x
Thu, 20 Nov 2025AU$39.9bAU$35.2bAU$2.0b18.3x19.8x1.1x
Sat, 18 Oct 2025AU$40.1bAU$35.2bAU$2.0b18.9x19.9x1.1x
Mon, 15 Sep 2025AU$39.8bAU$35.3bAU$2.0b18.4x19.9x1.1x
Wed, 13 Aug 2025AU$39.8bAU$35.1bAU$942.5m14.8x42.3x1.1x
Fri, 11 Jul 2025AU$38.6bAU$35.1bAU$950.1m15.6x40.6x1.1x
Sun, 08 Jun 2025AU$36.9bAU$35.1bAU$943.3m15.1x39.2x1.1x
Tue, 06 May 2025AU$37.3bAU$35.1bAU$958.7m15.1x38.9x1.1x
Thu, 03 Apr 2025AU$36.9bAU$35.1bAU$940.0m15x39.2x1.1x
Sat, 01 Mar 2025AU$36.2bAU$35.1bAU$1.6b15.9x22.6x1x
Mon, 27 Jan 2025AU$36.9bAU$33.3bAU$3.1b13.8x12x1.1x
Wed, 25 Dec 2024AU$36.4bAU$33.3bAU$3.1b13.2x11.8x1.1x
Fri, 22 Nov 2024AU$35.9bAU$33.2bAU$3.1b12.9x11.7x1.1x
Sun, 20 Oct 2024AU$34.7bAU$33.2bAU$3.1b12.5x11.3x1x
Tue, 17 Sep 2024AU$34.7bAU$33.3bAU$3.0b12.2x11.6x1x
Thu, 15 Aug 2024AU$36.8bAU$32.7bAU$3.5b17.6x10.6x1.1x
Sat, 13 Jul 2024AU$37.1bAU$31.6bAU$3.1b19.4x11.8x1.2x
Mon, 10 Jun 2024AU$37.2bAU$31.5bAU$3.2b19x11.8x1.2x
Wed, 08 May 2024AU$36.3bAU$31.5bAU$3.2b17.6x11.5x1.2x
Fri, 05 Apr 2024AU$34.0bAU$31.5bAU$3.2b17.6x10.7x1.1x
Sun, 03 Mar 2024AU$32.4bAU$31.5bAU$3.2b20.9x10.3x1x
Tue, 30 Jan 2024AU$31.7bAU$34.0b-AU$15,062,482.0020x-2104.9x0.9x
Thu, 28 Dec 2023AU$32.9bAU$34.0b-AU$12,356,857.0020.5x-2660.1x1x
Sat, 25 Nov 2023AU$33.1bAU$34.0b-AU$15,228,817.0020.9x-2176.4x1x
Mon, 23 Oct 2023AU$34.2bAU$34.0b-AU$18,560,114.0021.9x-1841.3x1x
Wed, 20 Sep 2023AU$34.1bAU$34.1bAU$75.1m14.2x453.9x1x
Fri, 18 Aug 2023AU$33.9bAU$34.1bAU$96.6m13.9x350.5x1x
Sun, 16 Jul 2023AU$35.0bAU$35.6b-AU$1,363,325,374.0013.5x-25.7x1x
Tue, 13 Jun 2023AU$34.0bAU$35.6b-AU$1,363,317,574.0014.2x-24.9x1x
Thu, 11 May 2023AU$33.7bAU$35.5b-AU$1,369,689,609.008.2x-24.6x0.9x
Sat, 08 Apr 2023AU$33.1bAU$35.5b-AU$1,369,488,976.008.1x-24.2x0.9x
Price to Earnings Ratio

-24.2x


Total Market Cap: AU$33.1bTotal Earnings: -AU$1,369,488,976.00Total Revenue: AU$35.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Utilities Sector Price to Earnings3Y Average -210.9x202420252026
Current Industry PE
  • Investors are optimistic on the Australian Utilities industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 42.4x which is higher than its 3-year average PE of -211x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.2x.
Past Earnings Growth
  • Total earnings for the Utilities industry have gone up over the last three years, and the industry is now profitable.
  • Revenues have remained mostly flat. This means that the industry has become more efficient since profits are increasing while sales have been flat.

Industry Trends

Which industries have driven the changes within the Australian Utilities sector?

AU Market1.07%
Utilities1.54%
Gas Utilities4.30%
Other Utilities4.12%
Renewable Energy0.35%
Water Utilities-0.13%
Electric Utilities-0.80%
Industry PE
  • Investors are most optimistic about the Gas Utilities industry which is trading above its 3-year average PE ratio of 0.98x.
    • Analysts are expecting annual earnings growth of 21.0% and investors are willing to pay a premium for that growth.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 104% over the next 5 years.
  • This is better than its past earnings decline of 66% per year.
  • In contrast, the Water Utilities industry is expected to see its earnings decline by 31% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
APA APA GroupAU$9.801.7%
+AU$211.8m		23.3%PE80.1x
ORG Origin EnergyAU$12.420.9%
+AU$189.4m		14.7%PE20.9x
AGL AGL EnergyAU$9.922.3%
+AU$148.0m		-6.4%PS0.5x
FHE Frontier EnergyAU$0.2317.5%
+AU$19.7m		62.1%PB1.5x
FLC FluenceAU$0.08812.8%
+AU$11.4m		79.6%PS0.9x

Latest News

APA
AU$9.80
APA Group
7D
1.7%
1Y
23.3%

APA: Future Interim Distribution Mix And Earnings Assumptions Will Support A Measured Outlook

Analysts have kept their A$8.95 price target for APA Group unchanged, pointing to only minor tweaks in assumptions such as a slightly lower discount rate and refined long term P/E and margin inputs. What's in the News The Board has resolved to pay an interim distribution of A$0.275 per security for the half year ended 31 December 2025, compared with A$0.27 per security for the first half 2025 interim distribution, which the company describes as a 1.9% increase (Key Developments).
VPR
AU$0.16
Volt Group
7D
14.3%
1Y
6.7%
ORG
AU$12.42
Origin Energy
7D
0.9%
1Y
14.7%

ORG: Updated Production Guidance And Margin Assumptions Will Support Fair Value Outlook

Analysts have nudged their Origin Energy price target up slightly, from A$12.05 to A$12.15, reflecting updated assumptions around revenue growth, profit margins and future P/E expectations. What's in the News Origin Energy updated production guidance for fiscal 2026 to a range of 645 PJ to 680 PJ, compared with the previous range of 635 PJ to 680 PJ, giving a clearer view of expected output for the period (Key Developments).
CCE
AU$0.06
Carnegie Clean Energy
7D
-6.3%
1Y
71.4%
FHE
AU$0.23
Frontier Energy
7D
17.5%
1Y
62.1%
LGI
AU$3.40
LGI
7D
-6.1%
1Y
15.3%
AGL
AU$9.92
AGL Energy
7D
2.3%
1Y
-6.4%
DEM
AU$0.09
De.mem
7D
-5.3%
1Y
-21.7%
JNS
AU$0.17
Janus Electric Holdings
7D
43.5%
1Y
n/a
FLC
AU$0.088
Fluence
7D
12.8%
1Y
79.6%
TPC
AU$4.08
TPC Consolidated
7D
4.1%
1Y
-54.6%
EWC
AU$0.032
Energy World
7D
-11.1%
1Y
88.2%
KPO
AU$0.012
Kalina Power
7D
-4.0%
1Y
71.4%