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U.S. Gas Utilities Industry Analysis

UpdatedDec 18, 2025
DataAggregated Company Financials
Companies15
  • 7D1.0%
  • 3M5.2%
  • 1Y22.4%
  • YTD19.6%

In the last week, the Gas Utilities industry is flat overall, with Brookfield Infrastructure standing out by going down 4.4%. The past year has been better, since the industry has gained 22% in that time. Looking forward, earnings are forecast to grow by 10% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 18 Dec 2025US$79.2bUS$36.8bUS$3.9b18.5x20.2x2.2x
Sat, 15 Nov 2025US$80.9bUS$36.8bUS$3.7b19x21.9x2.2x
Mon, 13 Oct 2025US$78.9bUS$36.7bUS$2.3b18x34.2x2.2x
Wed, 10 Sep 2025US$75.2bUS$36.7bUS$2.3b17.6x32.5x2.1x
Fri, 08 Aug 2025US$74.7bUS$36.7bUS$2.3b17.7x32.3x2x
Sun, 06 Jul 2025US$73.0bUS$36.4bUS$3.2b18x23.1x2x
Tue, 03 Jun 2025US$73.1bUS$36.4bUS$3.2b18.4x23.1x2x
Thu, 01 May 2025US$73.5bUS$35.3bUS$2.5b19.3x29.3x2.1x
Sat, 29 Mar 2025US$71.5bUS$35.3bUS$2.5b19.7x28.5x2x
Mon, 24 Feb 2025US$71.5bUS$35.4bUS$2.5b19.3x28.9x2x
Wed, 22 Jan 2025US$68.2bUS$38.1bUS$2.3b18.9x29.3x1.8x
Fri, 20 Dec 2024US$64.1bUS$38.1bUS$2.3b17.8x27.6x1.7x
Sun, 17 Nov 2024US$67.9bUS$38.2bUS$2.7b19.7x25.3x1.8x
Tue, 15 Oct 2024US$62.1bUS$33.5bUS$4.4b17.3x14x1.9x
Thu, 12 Sep 2024US$60.6bUS$33.5bUS$4.4b17.3x13.7x1.8x
Sat, 10 Aug 2024US$58.2bUS$33.5bUS$4.4b17x13.1x1.7x
Mon, 08 Jul 2024US$53.6bUS$33.5bUS$3.1b15.6x17.5x1.6x
Wed, 05 Jun 2024US$55.7bUS$33.5bUS$3.1b16x18.2x1.7x
Fri, 03 May 2024US$55.4bUS$33.7bUS$2.9b16.1x18.8x1.6x
Sun, 31 Mar 2024US$55.8bUS$34.1bUS$2.2b16.7x25.8x1.6x
Tue, 27 Feb 2024US$51.7bUS$34.1bUS$1.8b14.5x28.6x1.5x
Thu, 25 Jan 2024US$56.9bUS$38.4bUS$1.5b15.4x38.5x1.5x
Sat, 23 Dec 2023US$58.8bUS$38.4bUS$1.5b16.6x39.8x1.5x
Mon, 20 Nov 2023US$56.2bUS$38.9bUS$1.5b15.6x38.5x1.4x
Wed, 18 Oct 2023US$51.6bUS$37.5bUS$684.8m17.4x75.3x1.4x
Fri, 15 Sep 2023US$52.9bUS$37.5bUS$684.8m18.7x77.2x1.4x
Sun, 13 Aug 2023US$53.9bUS$37.5bUS$684.8m18.5x78.7x1.4x
Tue, 11 Jul 2023US$53.6bUS$38.4bUS$1.5b18.5x36.1x1.4x
Thu, 08 Jun 2023US$55.0bUS$38.4bUS$1.5b20.4x37.1x1.4x
Sat, 06 May 2023US$56.0bUS$38.1bUS$1.5b19.8x37x1.5x
Mon, 03 Apr 2023US$57.1bUS$38.5bUS$2.4b19.9x24.1x1.5x
Wed, 01 Mar 2023US$57.0bUS$38.2bUS$2.7b20x21x1.5x
Fri, 27 Jan 2023US$57.6bUS$36.7bUS$3.4b20.1x16.8x1.6x
Sun, 25 Dec 2022US$56.9bUS$36.7bUS$3.4b19x16.6x1.6x
Price to Earnings Ratio

16.6x


Total Market Cap: US$56.9bTotal Earnings: US$3.4bTotal Revenue: US$36.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Gas Utilities Industry Price to Earnings3Y Average 30.3x202320242025
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 20.2x which is lower than its 3-year average PE of 30.3x.
  • The 3-year average PS ratio of 1.7x is lower than the industry's current PS ratio of 2.2x.
Past Earnings Growth
  • The earnings for companies in the Gas Utilities industry have grown 4.5% 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-2.83%
Utilities-0.67%
Gas Utilities0.99%
Gas Utilities0.99%
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$169.171.4%
+US$383.2m		24.0%PE22.8x
NJR New Jersey ResourcesUS$47.613.7%
+US$171.3m		3.4%PE14.3x
UGI UGIUS$38.311.9%
+US$156.6m		43.3%PE12.1x
SWX Southwest Gas HoldingsUS$81.592.0%
+US$114.8m		17.3%PE24.7x
SR SpireUS$83.922.2%
+US$105.7m		28.0%PE19.3x

Latest News

SR
US$83.92
Spire
7D
2.2%
1Y
28.0%
CPK
US$128.42
Chesapeake Utilities
7D
1.0%
1Y
7.8%
SWX
US$81.59
Southwest Gas Holdings
7D
2.0%
1Y
17.3%

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

Dec 16
Southwest Gas Holdings (NYSE:SWX) Is Due To Pay A Dividend Of $0.62
UGI
US$38.31
UGI
7D
1.9%
1Y
43.3%
OGS
US$78.62
ONE Gas
7D
2.0%
1Y
15.5%

Despite Price Drop, ONE Gas Is Not A Bargain Yet

Dec 13
NJR
US$47.61
New Jersey Resources
7D
3.7%
1Y
3.4%
NWN
US$47.40
Northwest Natural Holding
7D
2.7%
1Y
20.9%

NWN: Dividend Increase Will Support Earnings Outlook And Undervalued Share Price

Analysts have modestly reaffirmed their view on Northwest Natural Holding, keeping the price target effectively unchanged at approximately $52.75. This reflects stable expectations for revenue growth, profit margins, and future valuation multiples.
ATO
US$169.17
Atmos Energy
7D
1.4%
1Y
24.0%
MDU
US$19.39
MDU Resources Group
7D
-1.3%
1Y
7.8%

MDU: Pipeline Projects And Equity Raise Will Shape Future Utility Profile

Analysts nudged their price target on MDU Resources slightly higher to $22 from $20, reflecting modestly lower perceived cost of capital and steady expectations for mid single digit earnings growth, supported by visible pipeline upside and a favorable utilities capex backdrop. Analyst Commentary Recent Street research presents a generally constructive but balanced view on MDU Resources, with bullish analysts highlighting re-rated upside tied to capital deployment and pipeline projects, while more cautious voices point to relative value constraints versus higher growth peers in the utilities space.
BIPC
US$44.71
Brookfield Infrastructure
7D
-4.4%
1Y
21.9%