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Australian (ASX) Utilities Sector Analysis

UpdatedJun 16, 2026
DataAggregated Company Financials
Companies15
  • 7D1.0%
  • 3M0.2%
  • 1Y2.8%
  • YTD2.3%

Over the last 7 days, the Utilities industry has risen 1.0%, driven by gains from APA Group of 3.9%. In the same time, Fluence was down 19%. Overall in the last year, the industry is flat. Earnings are forecast to grow by 14% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 17 Jun 2026AU$39.5bAU$34.3bAU$987.2m34.2x40x1.1x
Fri, 15 May 2026AU$41.2bAU$34.3bAU$987.9m37.7x41.7x1.2x
Sun, 12 Apr 2026AU$41.8bAU$34.3bAU$987.2m37.4x42.3x1.2x
Tue, 10 Mar 2026AU$39.4bAU$34.4bAU$986.9m37.8x39.9x1.1x
Thu, 05 Feb 2026AU$37.9bAU$35.2bAU$2.0b30x19.2x1.1x
Sat, 03 Jan 2026AU$38.8bAU$35.2bAU$2.0b16.5x19.4x1.1x
Mon, 01 Dec 2025AU$39.8bAU$35.2bAU$2.0b17.7x19.8x1.1x
Wed, 29 Oct 2025AU$41.3bAU$35.2bAU$2.0b16.5x20.5x1.2x
Fri, 26 Sep 2025AU$40.8bAU$35.3bAU$2.0b18.4x20.3x1.2x
Sun, 24 Aug 2025AU$40.7bAU$35.3bAU$819.9m15.1x49.6x1.2x
Tue, 22 Jul 2025AU$39.0bAU$35.1bAU$945.0m15.7x41.2x1.1x
Thu, 19 Jun 2025AU$37.8bAU$35.1bAU$942.5m15.2x40.1x1.1x
Sat, 17 May 2025AU$37.5bAU$35.1bAU$952.3m15.3x39.4x1.1x
Mon, 14 Apr 2025AU$35.4bAU$35.1bAU$938.8m14.5x37.7x1x
Wed, 12 Mar 2025AU$35.2bAU$35.1bAU$938.6m14.3x37.5x1x
Fri, 07 Feb 2025AU$35.0bAU$33.3bAU$3.1b12.8x11.4x1.1x
Sun, 05 Jan 2025AU$36.4bAU$33.3bAU$3.1b13x11.8x1.1x
Tue, 03 Dec 2024AU$36.4bAU$33.2bAU$3.1b13.9x11.8x1.1x
Thu, 31 Oct 2024AU$33.9bAU$33.2bAU$3.1b13x11x1x
Sat, 28 Sep 2024AU$36.1bAU$33.3bAU$3.0b12.2x12x1.1x
Mon, 26 Aug 2024AU$35.7bAU$33.1bAU$3.2b17.6x11.1x1.1x
Wed, 24 Jul 2024AU$37.0bAU$31.6bAU$3.1b19.1x11.8x1.2x
Fri, 21 Jun 2024AU$37.1bAU$31.5bAU$3.2b19.3x11.7x1.2x
Sun, 19 May 2024AU$36.4bAU$31.5bAU$3.2b17.9x11.5x1.2x
Tue, 16 Apr 2024AU$34.8bAU$31.5bAU$3.2b17.6x11x1.1x
Thu, 14 Mar 2024AU$32.9bAU$31.5bAU$3.2b25.3x10.4x1x
Sat, 10 Feb 2024AU$31.6bAU$32.3bAU$1.6b20.9x19.4x1x
Mon, 08 Jan 2024AU$32.9bAU$34.0b-AU$13,727,409.0020.2x-2398.9x1x
Wed, 06 Dec 2023AU$31.6bAU$34.0b-AU$15,503,365.0020.7x-2041.1x0.9x
Fri, 03 Nov 2023AU$33.1bAU$34.0b-AU$16,992,317.0020.6x-1948.8x1x
Sun, 01 Oct 2023AU$33.9bAU$34.1bAU$75.1m14.3x451.7x1x
Tue, 29 Aug 2023AU$34.4bAU$34.1bAU$66.0m14.1x521.2x1x
Thu, 27 Jul 2023AU$35.3bAU$35.6b-AU$1,363,328,671.0013.2x-25.9x1x
Sat, 24 Jun 2023AU$34.8bAU$35.6b-AU$1,363,317,604.0013.7x-25.5x1x
Price to Earnings Ratio

-25.5x


Total Market Cap: AU$34.8bTotal Earnings: -AU$1,363,317,604.00Total Revenue: AU$35.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Utilities Sector Price to Earnings3Y Average -206.5x202420252026
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 40.0x which is higher than its 3-year average PE of -206x.
  • The industry is trading close to its 3-year average PS ratio of 1.1x.
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 Market3.00%
Utilities1.02%
Gas Utilities4.14%
Other Utilities1.67%
Renewable Energy1.57%
Water Utilities0.69%
Electric Utilities-1.48%
Industry PE
  • Investors are most optimistic about the Gas Utilities industry which is trading above its 3-year average PE ratio of 3.7x.
    • Analysts are expecting annual earnings growth of 21.3% 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 128% 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$10.743.9%
+AU$529.5m		28.0%PE87.8x
AGL AGL EnergyAU$8.682.1%
+AU$121.1m		-16.5%PS0.4x
ORG Origin EnergyAU$10.940.2%
+AU$34.4m		-2.8%PE18.4x
FHE Frontier EnergyAU$0.228.5%
+AU$9.8m		17.1%PB1.5x
CCE Carnegie Clean EnergyAU$0.2011.4%
+AU$8.2m		261.1%PS190.6x

Latest News

JNS
AU$0.14
Janus Electric Holdings
7D
-9.7%
1Y
-30.0%
APA
AU$10.74
APA Group
7D
3.9%
1Y
28.0%
Analysis Article • 19h

APA Group (ASX:APA) Shares Could Be 18.4% Overvalued After Capital Allocation Reset

APA Group (ASX:APA) has shifted its capital allocation priorities toward gas infrastructure and grid reliability projects, reducing emphasis on some renewable developments while keeping long term climate commitments and dividend-focused earnings in view for investors. See our latest analysis for APA Group. The recent capital allocation update comes after a strong run in APA Group shares, with a 90 day share price return of 15.97% and a 1 year total shareholder return of 37.57%. This suggests...
FHE
AU$0.22
Frontier Energy
7D
8.5%
1Y
17.1%
CCE
AU$0.20
Carnegie Clean Energy
7D
11.4%
1Y
261.1%
LPE
AU$0.07
Locality Planning Energy Holdings
7D
-5.4%
1Y
-39.1%
VPR
AU$0.15
Volt Group
7D
-4.8%
1Y
9.3%
FLC
AU$0.077
Fluence
7D
-18.9%
1Y
113.9%
Narrative Update • Jun 07

FLC: Higher Future P/E Assumptions Will Constrain Returns Despite 2026 Guidance

Analysts have nudged their price target on Fluence slightly higher, reflecting small adjustments to fair value estimates, the discount rate and long term P/E assumptions rather than a major shift in the story. What's in the News Fluence issued revenue guidance for 2026, indicating expectations for double-digit revenue growth, driven by SPS and recurring revenue segments across its core markets.
ORG
AU$10.94
Origin Energy
7D
0.2%
1Y
-2.8%
Narrative Update • Jun 05

ORG: Smart Gas Upgrade And Stable Margins Will Support Re Rating Potential

Analysts have nudged their fair value estimate for Origin Energy slightly higher to A$12.19, reflecting modest updates to revenue growth, profit margin and future P/E assumptions in their price target work. What's in the News Origin Energy is working with technology firm Landis+Gyr on a large-scale smart gas upgrade across its Australian gas network over the next 18 months.
AGL
AU$8.68
AGL Energy
7D
2.1%
1Y
-16.5%
EWC
AU$0.058
Energy World
7D
1.8%
1Y
190.0%
TPC
AU$3.20
TPC Consolidated
7D
6.7%
1Y
n/a
RIV
AU$1.45
Rivco Australia
7D
0.7%
1Y
-4.3%
LGI
AU$3.25
LGI
7D
-1.5%
1Y
8.3%
KPO
AU$0.012
Kalina Power
7D
-14.3%
1Y
140.0%