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U.S. Gas Utilities Industry Analysis

UpdatedFeb 18, 2026
DataAggregated Company Financials
Companies15
  • 7D2.8%
  • 3M6.8%
  • 1Y18.0%
  • YTD7.4%

In the last week, the Gas Utilities industry is up 2.8%, with Atmos Energy up 3.5%. This takes the industry's 12 month performance to a gain of 18%. As for the next few years, earnings are expected to grow by 9.5% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 18 Feb 2026US$86.2bUS$37.4bUS$4.0b20x21.6x2.3x
Fri, 16 Jan 2026US$79.6bUS$36.8bUS$3.9b18.3x20.3x2.2x
Sun, 14 Dec 2025US$79.2bUS$36.8bUS$3.9b18.1x20.2x2.2x
Tue, 11 Nov 2025US$80.2bUS$36.8bUS$3.7b19.2x21.7x2.2x
Thu, 09 Oct 2025US$79.1bUS$36.7bUS$2.3b18.2x34.3x2.2x
Sat, 06 Sep 2025US$75.6bUS$36.7bUS$2.3b17.8x32.7x2.1x
Mon, 04 Aug 2025US$73.7bUS$36.4bUS$2.4b17.9x30.7x2x
Wed, 02 Jul 2025US$72.8bUS$36.4bUS$3.2b17.7x23x2x
Fri, 30 May 2025US$72.3bUS$36.4bUS$3.2b18.3x22.8x2x
Sun, 27 Apr 2025US$73.1bUS$35.3bUS$2.5b19.2x29.2x2.1x
Tue, 25 Mar 2025US$71.1bUS$35.3bUS$2.5b19.4x28.4x2x
Thu, 20 Feb 2025US$70.1bUS$35.3bUS$2.5b19x28.4x2x
Sat, 18 Jan 2025US$67.9bUS$38.1bUS$2.3b19x29.2x1.8x
Mon, 16 Dec 2024US$67.6bUS$38.1bUS$2.3b18.4x29.1x1.8x
Wed, 13 Nov 2024US$68.0bUS$38.2bUS$2.7b19.6x25.3x1.8x
Fri, 11 Oct 2024US$61.4bUS$33.5bUS$4.4b17.2x13.9x1.8x
Sun, 08 Sep 2024US$59.6bUS$33.5bUS$4.4b16.9x13.5x1.8x
Tue, 06 Aug 2024US$59.2bUS$33.9bUS$3.7b16.5x16x1.8x
Thu, 04 Jul 2024US$54.0bUS$33.5bUS$3.1b15.7x17.6x1.6x
Sat, 01 Jun 2024US$54.4bUS$33.5bUS$3.1b16x17.7x1.6x
Mon, 29 Apr 2024US$54.9bUS$34.1bUS$2.2b16.9x25.4x1.6x
Wed, 27 Mar 2024US$54.2bUS$34.1bUS$2.2b16.1x25x1.6x
Fri, 23 Feb 2024US$53.4bUS$34.2bUS$1.8b15x29.4x1.6x
Sun, 21 Jan 2024US$56.0bUS$38.4bUS$1.5b15.4x37.8x1.5x
Tue, 19 Dec 2023US$57.7bUS$38.4bUS$1.5b16.2x39.1x1.5x
Thu, 16 Nov 2023US$56.0bUS$39.4bUS$1.6b14.9x35.1x1.4x
Sat, 14 Oct 2023US$50.9bUS$37.5bUS$684.8m17.3x74.3x1.4x
Mon, 11 Sep 2023US$52.2bUS$37.5bUS$684.8m18.2x76.3x1.4x
Wed, 09 Aug 2023US$53.5bUS$37.3bUS$649.4m18.8x82.4x1.4x
Fri, 07 Jul 2023US$53.9bUS$38.4bUS$1.5b18.7x36.3x1.4x
Sun, 04 Jun 2023US$54.8bUS$38.4bUS$1.5b20x37x1.4x
Tue, 02 May 2023US$56.2bUS$38.5bUS$2.4b19.6x23.7x1.5x
Thu, 30 Mar 2023US$56.7bUS$38.5bUS$2.4b19.8x23.9x1.5x
Sat, 25 Feb 2023US$57.7bUS$38.1bUS$2.7b20.8x21.3x1.5x
Price to Earnings Ratio

21.3x


Total Market Cap: US$57.7bTotal Earnings: US$2.7bTotal Revenue: US$38.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Gas Utilities Industry Price to Earnings3Y Average 30.5x202420252026
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 21.6x which is lower than its 3-year average PE of 30.5x.
  • The 3-year average PS ratio of 1.8x is lower than the industry's current PS ratio of 2.3x.
Past Earnings Growth
  • The earnings for companies in the Gas Utilities industry have grown 14% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

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

US Market-1.58%
Utilities4.46%
Gas Utilities2.81%
Gas Utilities2.81%
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
ATO Atmos EnergyUS$180.243.5%
+US$1.0b		21.7%PE23.9x
SWX Southwest Gas HoldingsUS$88.245.7%
+US$342.2m		13.2%PE26.7x
SR SpireUS$91.405.4%
+US$276.0m		22.3%PE20x
NFG National Fuel GasUS$87.172.7%
+US$217.6m		19.2%PE12.6x
UGI UGIUS$38.592.5%
+US$199.6m		16.8%PE13.8x

Latest News

CPK
US$134.71
Chesapeake Utilities
7D
3.4%
1Y
7.9%
MDU
US$20.27
MDU Resources Group
7D
-0.2%
1Y
20.0%

MDU: Equity Raise And EPS Guidance Will Shape Balanced P E Expectations

Narrative Update on MDU Resources Group The analyst price target for MDU Resources Group has shifted by a few dollars as analysts reassessed their models using updated views on revenue growth, profit margins and future P/E expectations cited in recent research from firms including BofA and Citi, which moved their targets by $1 and $4 respectively. Analyst Commentary Recent Street research on MDU Resources Group reflects a mixed setup, with some bearish analysts trimming expectations while others see room for improved valuation.
OGS
US$85.74
ONE Gas
7D
3.2%
1Y
17.6%
SR
US$91.40
Spire
7D
5.4%
1Y
22.3%
UGI
US$38.59
UGI
7D
2.5%
1Y
16.8%

UGI (NYSE:UGI) Has Affirmed Its Dividend Of $0.375

Feb 12
UGI (NYSE:UGI) Has Affirmed Its Dividend Of $0.375
SWX
US$88.24
Southwest Gas Holdings
7D
5.7%
1Y
13.2%

Southwest Gas Holdings (NYSE:SWX) Is Due To Pay A Dividend Of $0.62

Feb 11
Southwest Gas Holdings (NYSE:SWX) Is Due To Pay A Dividend Of $0.62
ATO
US$180.24
Atmos Energy
7D
3.5%
1Y
21.7%

ATO: Future Share Authorization And Governance Changes Will Shape Steady Earnings Outlook

Analysts have slightly trimmed their price target on Atmos Energy to about US$176.82 from roughly US$177.55, reflecting updated assumptions around revenue growth, profit margins and future P/E expectations. What's in the News Affirmed fiscal 2026 earnings guidance in a range of US$8.15 to US$8.35 per diluted share, giving investors a reference point for the company’s medium term earnings plans (Corporate Guidance).
BIPC
US$49.26
Brookfield Infrastructure
7D
-2.6%
1Y
15.3%

Valuation Update

The valuation has been updated based on the latest financial results.
NJR
US$54.16
New Jersey Resources
7D
3.2%
1Y
17.0%

NJR: Gas Mix And Strong Balance Sheet Will Support Steady Future Returns

Analysts have inched their fair value estimate for New Jersey Resources lower to about $54.33 from $54.71, citing slightly more conservative revenue growth assumptions and a modestly lower future P/E multiple. They continue to point to the company's mix of gas utility, regulated midstream and unregulated businesses, along with its peer leading 18% to 20% FFO to debt ratio and consistent capex funding without material dilution, as key supports for their updated price target.
NFG
US$87.17
National Fuel Gas
7D
2.7%
1Y
19.2%