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Australian (ASX) Utilities Sector Analysis

UpdatedJan 14, 2026
DataAggregated Company Financials
Companies15
  • 7D-1.7%
  • 3M-7.2%
  • 1Y1.3%
  • YTD-3.6%

Over the last 7 days, the Utilities industry has dropped 1.7%, driven by declines in Origin Energy and APA Group of 1.3% and 1.9%, respectively. In contrast, Volt Group has gained 26%. As for the longer term, the industry's performance has been flat for the past year. Earnings are forecast to grow by 9.5% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 14 Jan 2026AU$37.4bAU$35.2bAU$2.0b31.8x18.8x1.1x
Fri, 12 Dec 2025AU$39.1bAU$35.2bAU$2.0b17.7x19.6x1.1x
Sun, 09 Nov 2025AU$40.1bAU$35.2bAU$2.0b17.7x19.9x1.1x
Tue, 07 Oct 2025AU$40.3bAU$35.2bAU$2.0b17.7x20.1x1.1x
Thu, 04 Sep 2025AU$39.2bAU$35.3bAU$2.0b14.7x19.5x1.1x
Sat, 02 Aug 2025AU$38.8bAU$35.1bAU$936.1m14.6x41.5x1.1x
Mon, 30 Jun 2025AU$36.7bAU$35.1bAU$946.1m15.1x38.8x1x
Wed, 28 May 2025AU$36.4bAU$35.1bAU$938.0m16.5x38.8x1x
Fri, 25 Apr 2025AU$36.3bAU$35.1bAU$948.8m14.6x38.3x1x
Sun, 23 Mar 2025AU$36.5bAU$35.1bAU$937.1m14.6x38.9x1x
Tue, 18 Feb 2025AU$34.9bAU$35.0bAU$2.6b13x13.3x1x
Thu, 16 Jan 2025AU$36.6bAU$33.3bAU$3.1b13.7x11.9x1.1x
Sat, 14 Dec 2024AU$35.4bAU$33.2bAU$3.1b12.9x11.5x1.1x
Mon, 11 Nov 2024AU$33.9bAU$33.2bAU$3.1b13.3x11x1x
Wed, 09 Oct 2024AU$36.2bAU$33.2bAU$3.1b12.1x11.8x1.1x
Fri, 06 Sep 2024AU$34.3bAU$33.3bAU$3.0b11.5x11.4x1x
Sun, 04 Aug 2024AU$36.4bAU$31.6bAU$3.1b18.4x11.6x1.2x
Tue, 02 Jul 2024AU$37.6bAU$31.5bAU$3.2b19.3x11.9x1.2x
Thu, 30 May 2024AU$36.7bAU$31.5bAU$3.2b19.9x11.6x1.2x
Sat, 27 Apr 2024AU$35.0bAU$31.5bAU$3.2b16.6x11.1x1.1x
Mon, 25 Mar 2024AU$33.1bAU$31.5bAU$3.2b26.5x10.5x1.1x
Wed, 21 Feb 2024AU$32.0bAU$31.6bAU$2.2b20.6x14.4x1x
Fri, 19 Jan 2024AU$31.3bAU$34.0b-AU$15,412,888.0020.3x-2032.9x0.9x
Sun, 17 Dec 2023AU$32.2bAU$34.0b-AU$13,866,570.0020.2x-2325.2x0.9x
Tue, 14 Nov 2023AU$33.5bAU$34.0b-AU$17,777,597.0020.9x-1885.7x1x
Thu, 12 Oct 2023AU$34.8bAU$34.0b-AU$17,246,643.0022.3x-2015.9x1x
Sat, 09 Sep 2023AU$33.8bAU$34.1bAU$73.9m13.9x457.9x1x
Mon, 07 Aug 2023AU$34.5bAU$35.6b-AU$1,363,349,848.0015.4x-25.3x1x
Wed, 05 Jul 2023AU$34.4bAU$35.6b-AU$1,363,321,552.0013.5x-25.3x1x
Fri, 02 Jun 2023AU$33.4bAU$35.6b-AU$1,363,339,773.0013.9x-24.5x0.9x
Sun, 30 Apr 2023AU$33.0bAU$35.5b-AU$1,369,387,313.008x-24.1x0.9x
Tue, 28 Mar 2023AU$32.0bAU$35.5b-AU$1,369,441,610.008x-23.4x0.9x
Thu, 23 Feb 2023AU$31.8bAU$35.4b-AU$1,422,539,589.008.3x-22.3x0.9x
Sat, 21 Jan 2023AU$31.2bAU$31.0b-AU$328,655,052.0010.8x-94.8x1x
Price to Earnings Ratio

-94.8x


Total Market Cap: AU$31.2bTotal Earnings: -AU$328,655,052.00Total Revenue: AU$31.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Utilities Sector Price to Earnings3Y Average -216.4x202420252026
Current Industry PE
  • Investors are pessimistic on the Australian Utilities industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 18.8x which is higher than its 3-year average PE of -216x.
  • The industry is trading close to its 3-year average PS ratio of 1.0x.
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 grown 4.3% per year.
  • This means that more sales are being generated by the industry overall, and subsequently profits are increasing too.

Industry Trends

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

AU Market1.64%
Utilities-1.68%
Renewable Energy-0.076%
Water Utilities-0.58%
Electric Utilities-1.33%
Gas Utilities-1.94%
Other Utilities-2.56%
Industry PE
  • Investors are most optimistic about the Gas Utilities industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 24.2%, which is higher than its past year's earnings decline of 89.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 43% over the next 5 years.
  • This is better than its past earnings decline of 0.5% per year.
  • In contrast, the Water Utilities industry is expected to see its earnings decline by 41% 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
VPR Volt GroupAU$0.1725.9%
+AU$5.7m		13.3%PE31.8x
TPC TPC ConsolidatedAU$6.342.3%
+AU$1.6m		-29.5%PE237.1x
JNS Janus Electric HoldingsAU$0.07319.7%
+AU$1.4m		n/aPS5x

Latest News

VPR
AU$0.17
Volt Group
7D
25.9%
1Y
13.3%

There's Reason For Concern Over Volt Group Limited's (ASX:VPR) Massive 26% Price Jump

Jan 13
There's Reason For Concern Over Volt Group Limited's (ASX:VPR) Massive 26% Price Jump
EWC
AU$0.041
Energy World
7D
-14.6%
1Y
105.0%
ORG
AU$11.06
Origin Energy
7D
-1.4%
1Y
-1.2%

ORG: LNG Output Guidance And Margin Assumptions Will Steady Future Expectations

Analysts have kept their fair value estimate for Origin Energy steady at A$12.15 per share, with only small tweaks in profit margin assumptions and a slightly higher future P/E ratio cited as the main drivers of the updated price target view. What's in the News Origin Energy issued production guidance for fiscal 2026, with Australia Pacific LNG output expected in the range of 635 to 680 PJ.
TPC
AU$6.34
TPC Consolidated
7D
2.3%
1Y
-29.5%
FHE
AU$0.23
Frontier Energy
7D
-2.1%
1Y
100.0%
APA
AU$8.71
APA Group
7D
-1.2%
1Y
27.0%

APA Group's (ASX:APA) Dividend Will Be A$0.275

Dec 19
APA Group's (ASX:APA) Dividend Will Be A$0.275
AGL
AU$8.71
AGL Energy
7D
-4.5%
1Y
-23.7%

AGL Will Benefit From Rising Long Term Power Demand Despite Higher Discount Rates

Analysts have modestly reduced their price target on AGL Energy to approximately A$11.48 from about A$11.91 as they factor in higher discount rates, a richer future earnings multiple and slightly lower margin expectations, partly offset by a more optimistic long term revenue growth outlook. Analyst Commentary Analyst sentiment on AGL Energy remains balanced, with recent target moves reflecting a more nuanced view of the company’s risk reward profile in light of sector wide revisions and changing macro assumptions.
JNS
AU$0.073
Janus Electric Holdings
7D
19.7%
1Y
n/a
LGI
AU$4.01
LGI
7D
-2.2%
1Y
47.4%
FLC
AU$0.096
Fluence
7D
-3.0%
1Y
33.3%
RIV
AU$1.45
Rivco Australia
7D
-2.0%
1Y
10.7%