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Australian (ASX) Utilities Sector Analysis

UpdatedMar 24, 2026
DataAggregated Company Financials
Companies15
  • 7D3.8%
  • 3M4.5%
  • 1Y11.2%
  • YTD5.5%

In the last week, the Utilities industry is up 3.8%, with Origin Energy up 6.7%. In the same time, Energy World was down 12%. In the last 12 months, the industry was up 11%. 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
Tue, 24 Mar 2026AU$40.7bAU$34.3bAU$986.8m34.5x41.2x1.2x
Thu, 19 Feb 2026AU$40.8bAU$34.4bAU$1.4b29.1x28.3x1.2x
Sat, 17 Jan 2026AU$37.2bAU$35.2bAU$2.0b30.9x18.6x1.1x
Mon, 15 Dec 2025AU$39.5bAU$35.2bAU$2.0b16.5x19.7x1.1x
Wed, 12 Nov 2025AU$40.8bAU$35.2bAU$2.0b17.7x20.3x1.2x
Fri, 10 Oct 2025AU$40.0bAU$35.2bAU$2.0b19x20x1.1x
Sun, 07 Sep 2025AU$39.5bAU$35.3bAU$2.0b16.6x19.6x1.1x
Tue, 05 Aug 2025AU$39.0bAU$35.1bAU$941.5m14.7x41.5x1.1x
Thu, 03 Jul 2025AU$37.5bAU$35.1bAU$950.1m15.2x39.5x1.1x
Sat, 31 May 2025AU$37.1bAU$35.1bAU$935.5m15.2x39.7x1.1x
Mon, 28 Apr 2025AU$36.3bAU$35.1bAU$950.2m14.6x38.2x1x
Wed, 26 Mar 2025AU$36.3bAU$35.1bAU$941.6m14.7x38.6x1x
Fri, 21 Feb 2025AU$34.6bAU$35.0bAU$2.6b15.5x13.2x1x
Sun, 19 Jan 2025AU$36.9bAU$33.3bAU$3.1b13.4x12x1.1x
Tue, 17 Dec 2024AU$35.4bAU$33.2bAU$3.1b12.9x11.5x1.1x
Thu, 14 Nov 2024AU$34.0bAU$33.2bAU$3.1b12.5x11.1x1x
Sat, 12 Oct 2024AU$36.3bAU$33.2bAU$3.1b12.1x11.8x1.1x
Mon, 09 Sep 2024AU$34.5bAU$33.3bAU$3.0b11.5x11.5x1x
Wed, 07 Aug 2024AU$35.7bAU$31.6bAU$3.1b18.2x11.4x1.1x
Fri, 05 Jul 2024AU$37.1bAU$31.6bAU$3.1b19.5x11.8x1.2x
Sun, 02 Jun 2024AU$36.3bAU$31.5bAU$3.2b17.8x11.5x1.2x
Tue, 30 Apr 2024AU$35.2bAU$31.5bAU$3.2b16.7x11.1x1.1x
Thu, 28 Mar 2024AU$33.1bAU$31.5bAU$3.2b17.6x10.5x1x
Sat, 24 Feb 2024AU$32.7bAU$31.6bAU$3.1b12x10.6x1x
Mon, 22 Jan 2024AU$31.2bAU$34.0b-AU$15,077,544.0020x-2068.1x0.9x
Wed, 20 Dec 2023AU$32.5bAU$34.0b-AU$13,529,183.0020.4x-2405.7x1x
Fri, 17 Nov 2023AU$33.7bAU$34.0b-AU$16,160,571.0021.7x-2083.5x1x
Sun, 15 Oct 2023AU$35.0bAU$34.0b-AU$18,742,623.0022.1x-1865x1x
Tue, 12 Sep 2023AU$33.9bAU$34.1bAU$73.9m14x459.3x1x
Thu, 10 Aug 2023AU$34.5bAU$35.6b-AU$1,363,346,990.0015.2x-25.3x1x
Sat, 08 Jul 2023AU$34.3bAU$35.6b-AU$1,363,318,791.0013.3x-25.2x1x
Mon, 05 Jun 2023AU$33.6bAU$35.6b-AU$1,363,340,730.0013.8x-24.6x0.9x
Wed, 03 May 2023AU$33.4bAU$35.5b-AU$1,369,412,055.008x-24.4x0.9x
Fri, 31 Mar 2023AU$32.5bAU$35.5b-AU$1,369,511,909.008.1x-23.7x0.9x
Price to Earnings Ratio

-23.7x


Total Market Cap: AU$32.5bTotal Earnings: -AU$1,369,511,909.00Total Revenue: AU$35.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Utilities Sector Price to Earnings3Y Average -211.4x202420252026
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 41.2x 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 Market-2.75%
Utilities3.76%
Electric Utilities4.09%
Gas Utilities3.80%
Other Utilities3.61%
Water Utilities-4.74%
Renewable Energy-6.05%
Industry PE
  • Investors are most optimistic about the Gas Utilities industry which is trading above its 3-year average PE ratio of 0.72x.
    • 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 103% 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
ORG Origin EnergyAU$12.486.7%
+AU$1.3b		18.0%PE21x
APA APA GroupAU$9.542.3%
+AU$278.0m		21.5%PE78x
AGL AGL EnergyAU$9.473.2%
+AU$195.1m		-10.8%PS0.4x

Latest News

VPR
AU$0.14
Volt Group
7D
-3.4%
1Y
-6.7%
CCE
AU$0.059
Carnegie Clean Energy
7D
-9.2%
1Y
68.6%
FHE
AU$0.21
Frontier Energy
7D
-4.5%
1Y
55.6%
RIV
AU$1.43
Rivco Australia
7D
-1.4%
1Y
-1.4%
LGI
AU$3.62
LGI
7D
-3.2%
1Y
23.1%
AGL
AU$9.47
AGL Energy
7D
3.2%
1Y
-10.8%
APA
AU$9.54
APA Group
7D
2.3%
1Y
21.5%

APA: Future Distributions And Earnings Assumptions Will Support A Measured Outlook

Analysts have trimmed their price target for APA Group to A$8.95 from A$9.00. This reflects slightly lower assumed revenue growth and a modestly reduced discount rate, partly offset by a small uplift in projected profit margins and a marginally lower future P/E multiple.
ORG
AU$12.48
Origin Energy
7D
6.7%
1Y
18.0%

ORG: Updated Production Guidance And Stable Margins Will Support Fair Value Outlook

Analysts have nudged their Origin Energy price target slightly higher to A$12.05 from A$12.03, reflecting updated assumptions around revenue growth, profit margins, and a modestly lower future P/E multiple. What's in the News Origin Energy updated its production guidance for fiscal 2026 to 645 PJ to 680 PJ, compared with the previous range of 635 PJ to 680 PJ.
JNS
AU$0.12
Janus Electric Holdings
7D
-4.0%
1Y
n/a
FLC
AU$0.076
Fluence
7D
-1.3%
1Y
33.3%
EWC
AU$0.036
Energy World
7D
-12.2%
1Y
100.0%