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U.S. Gas Utilities Industry Analysis

UpdatedAug 27, 2026
DataAggregated Company Financials
Companies15
  • 7D-0.8%
  • 3M0.8%
  • 1Y5.7%
  • YTD2.3%

The Gas Utilities industry has stayed flat over the last week. The past year has been better, since the industry has gained 5.7% in that time. As for the next few years, earnings are expected to grow by 9.6% per annum.

Industry Valuation and Performance

Has the U.S. Gas Utilities Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 27 Aug 2026US$82.5bUS$34.9bUS$4.3b16.8x19.2x2.4x
Sat, 25 Jul 2026US$84.9bUS$34.7bUS$3.8b17.7x22.5x2.4x
Mon, 22 Jun 2026US$80.3bUS$34.7bUS$3.8b16.8x21.3x2.3x
Wed, 20 May 2026US$84.6bUS$34.7bUS$3.8b17.3x22.3x2.4x
Fri, 17 Apr 2026US$87.5bUS$34.8bUS$4.0b20x21.8x2.5x
Sun, 15 Mar 2026US$88.5bUS$34.8bUS$4.0b19.3x22x2.5x
Tue, 10 Feb 2026US$83.0bUS$37.4bUS$4.0b18.7x20.8x2.2x
Thu, 08 Jan 2026US$78.7bUS$36.8bUS$3.9b18.1x20x2.1x
Sat, 06 Dec 2025US$79.5bUS$36.8bUS$3.9b18.5x20.3x2.2x
Mon, 03 Nov 2025US$78.0bUS$36.7bUS$2.3b18.9x33.8x2.1x
Wed, 01 Oct 2025US$78.3bUS$36.7bUS$2.3b17.8x33.9x2.1x
Fri, 29 Aug 2025US$76.3bUS$36.7bUS$2.3b17.8x33x2.1x
Sun, 27 Jul 2025US$74.5bUS$36.4bUS$3.2b18x23.5x2x
Tue, 24 Jun 2025US$74.0bUS$36.4bUS$3.2b17.9x23.4x2x
Thu, 22 May 2025US$74.0bUS$36.4bUS$3.2b18.4x23.4x2x
Sat, 19 Apr 2025US$73.2bUS$35.3bUS$2.5b19.4x29.2x2.1x
Mon, 17 Mar 2025US$71.2bUS$35.3bUS$2.5b19.1x28.4x2x
Wed, 12 Feb 2025US$68.8bUS$35.3bUS$2.5b18.8x27.9x1.9x
Fri, 10 Jan 2025US$65.5bUS$38.1bUS$2.3b17.9x28.2x1.7x
Sun, 08 Dec 2024US$68.7bUS$38.1bUS$2.3b19x29.6x1.8x
Tue, 05 Nov 2024US$61.0bUS$33.5bUS$4.4b17.1x13.8x1.8x
Thu, 03 Oct 2024US$63.0bUS$33.5bUS$4.4b17.3x14.2x1.9x
Sat, 31 Aug 2024US$60.0bUS$33.5bUS$4.4b17.2x13.5x1.8x
Mon, 29 Jul 2024US$59.2bUS$33.5bUS$3.1b17.6x19.3x1.8x
Wed, 26 Jun 2024US$54.7bUS$33.5bUS$3.1b15.4x17.8x1.6x
Fri, 24 May 2024US$55.9bUS$33.5bUS$3.1b15.5x18.2x1.7x
Sun, 21 Apr 2024US$54.8bUS$34.1bUS$2.2b16.8x25.3x1.6x
Tue, 19 Mar 2024US$53.5bUS$34.1bUS$2.2b16.6x24.7x1.6x
Thu, 15 Feb 2024US$51.0bUS$34.4bUS$1.8b14.7x28.2x1.5x
Sat, 13 Jan 2024US$57.7bUS$38.4bUS$1.5b15.8x39x1.5x
Mon, 11 Dec 2023US$57.0bUS$38.4bUS$1.5b16.5x38.6x1.5x
Wed, 08 Nov 2023US$54.8bUS$39.5bUS$1.5b14.7x36.5x1.4x
Fri, 06 Oct 2023US$49.5bUS$37.5bUS$684.8m16.8x72.3x1.3x
Sun, 03 Sep 2023US$52.9bUS$37.5bUS$684.8m18x77.3x1.4x
Price to Earnings Ratio

77.3x


Total Market Cap: US$52.9bTotal Earnings: US$684.8mTotal Revenue: US$37.5bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Gas Utilities Industry Price to Earnings3Y Average 27.8x202420252026
Current Industry PE
  • Investors are pessimistic on the American Gas 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 19.2x which is lower than its 3-year average PE of 27.8x.
  • The 3-year average PS ratio of 1.9x is lower than the industry's current PS ratio of 2.4x.
Past Earnings Growth
  • The earnings for companies in the Gas Utilities industry have grown 84% per year over the last three years.
  • Meanwhile revenues for these companies have declined 2.3% per year.
  • This means that less sales are being generated overall, but since cost of doing business is lower, profits have been increasing.

Industry Trends

Which industries have driven the changes within the U.S. Utilities industry?

US Market-0.42%
Utilities-1.25%
Gas Utilities-0.81%
Gas Utilities-0.81%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
UGI UGIUS$38.230.9%
+US$72.9m		10.5%PE12.2x

Latest News

UGI
US$38.23
UGI
7D
0.9%
1Y
10.5%
Seeking Alpha • Aug 25

UGI: A KKR Buyout Is Needed To Save The Bull Case After Disappointing Results

Summary Previously, I believed UGI Corporation would re-rate back to $50/share, but with the recent earnings miss, I believe the timeline to that recovery will be longer. I no longer believe that the turnaround at AmeriGas is imminent and believe they could continue losing customers. Longer term, I still believe the company is undervalued, and a potential buyout in the $40s could realize this sooner. UGI CEO Bob Flexon has previously overseen business sales, and I believe the rumored offer from KKR is credible. Read the full article on Seeking Alpha
NFG
US$82.87
National Fuel Gas
7D
-1.3%
1Y
-4.7%
Narrative Update • Aug 16

NFG: Ohio Acquisition And Dividend Growth Will Support Higher Future P/E

Analysts have trimmed their price target on National Fuel Gas from $98.50 to $92.00, citing updated assumptions for fair value, discount rate, revenue growth, profit margins, and future P/E that align with the recent reduction in the Street target from $99 to $93. What’s in the News for National Fuel Gas National Fuel Gas reported Q3 2026 adjusted EPS of $1.54, which was slightly below the prior year, and discussed ongoing progress on its Ohio utility acquisition, according to the Q3 2026 earnings call transcript.
ATO
US$167.22
Atmos Energy
7D
-1.9%
1Y
1.1%
OGS
US$79.61
ONE Gas
7D
-2.2%
1Y
4.4%
Seeking Alpha • Aug 11

Based On Its Current Valuation And Outlook, ONE Gas Looks More Compelling (Rating Upgrade)

Summary ONE Gas is upgraded to Buy following a strong Q2 2026, with earnings and revenue beating expectations and guidance raised for the full year. ONE Gas benefits from recent rate increases across all three states, driving operating income growth despite lower revenues. ONE Gas trades at a 16.4x PE, below peers, with continued regulatory wins and constructive rate environments supporting its growth outlook. Natural gas continues to trade at a relatively low price compared to electricity, making it a more appealing option for cost-conscious consumers and businesses. Read the full article on Seeking Alpha
CPK
US$133.30
Chesapeake Utilities
7D
-3.1%
1Y
8.0%
SWX
US$89.42
Southwest Gas Holdings
7D
-2.1%
1Y
14.9%
NWN
US$49.56
Northwest Natural Holding
7D
-2.0%
1Y
20.0%
Analysis Article • Aug 08

Northwest Natural Holding Company Beat Analyst Profit Forecasts, And Analysts Have New Estimates

Investors in Northwest Natural Holding Company ( NYSE:NWN ) had a good week, as its shares rose 3.2% to close at...
SR
US$82.54
Spire
7D
-0.9%
1Y
8.1%
Analysis Article • Aug 08

Earnings Beat: Spire Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models

It's been a good week for Spire Inc. ( NYSE:SR ) shareholders, because the company has just released its latest...
NJR
US$53.78
New Jersey Resources
7D
-1.9%
1Y
14.2%