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U.S. Gas Utilities Industry Analysis

UpdatedDec 16, 2025
DataAggregated Company Financials
Companies15
  • 7D1.3%
  • 3M6.1%
  • 1Y17.9%
  • YTD19.8%

The Gas Utilities industry is up 1.3% in the last week, with Atmos Energy up 2.2%. In the last 12 months, the industry was up 18%. Earnings are forecast to grow by 10.0% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 16 Dec 2025US$79.2bUS$36.8bUS$3.9b18.3x20.2x2.2x
Thu, 13 Nov 2025US$81.0bUS$36.8bUS$3.7b19.2x21.9x2.2x
Sat, 11 Oct 2025US$78.8bUS$36.7bUS$2.3b18x34.1x2.1x
Mon, 08 Sep 2025US$76.0bUS$36.7bUS$2.3b17.8x32.9x2.1x
Wed, 06 Aug 2025US$75.1bUS$36.5bUS$2.4b16.4x30.9x2.1x
Fri, 04 Jul 2025US$73.0bUS$36.4bUS$3.2b18x23.1x2x
Sun, 01 Jun 2025US$73.1bUS$36.4bUS$3.2b18.4x23.1x2x
Tue, 29 Apr 2025US$73.1bUS$35.3bUS$2.5b19.3x29.2x2.1x
Thu, 27 Mar 2025US$70.9bUS$35.3bUS$2.5b19.5x28.3x2x
Sat, 22 Feb 2025US$71.5bUS$35.4bUS$2.5b19.3x28.9x2x
Mon, 20 Jan 2025US$68.2bUS$38.1bUS$2.3b19x29.3x1.8x
Wed, 18 Dec 2024US$67.2bUS$38.1bUS$2.3b18.4x28.9x1.8x
Fri, 15 Nov 2024US$67.8bUS$38.2bUS$2.7b19.4x25.2x1.8x
Sun, 13 Oct 2024US$62.1bUS$33.5bUS$4.4b17.3x14x1.9x
Tue, 10 Sep 2024US$60.2bUS$33.5bUS$4.4b17x13.6x1.8x
Thu, 08 Aug 2024US$57.5bUS$33.7bUS$3.7b17x15.7x1.7x
Sat, 06 Jul 2024US$54.0bUS$33.5bUS$3.1b15.6x17.6x1.6x
Mon, 03 Jun 2024US$55.8bUS$33.5bUS$3.1b16x18.2x1.7x
Wed, 01 May 2024US$55.0bUS$34.1bUS$2.2b17x25.4x1.6x
Fri, 29 Mar 2024US$55.1bUS$34.1bUS$2.2b16.7x25.5x1.6x
Sun, 25 Feb 2024US$52.5bUS$34.2bUS$1.8b14.5x28.9x1.5x
Tue, 23 Jan 2024US$56.7bUS$38.4bUS$1.5b15.6x38.3x1.5x
Thu, 21 Dec 2023US$58.2bUS$38.4bUS$1.5b16.2x39.4x1.5x
Sat, 18 Nov 2023US$55.9bUS$39.4bUS$1.6b15.6x35.6x1.4x
Mon, 16 Oct 2023US$50.9bUS$37.5bUS$684.8m17.3x74.3x1.4x
Wed, 13 Sep 2023US$52.3bUS$37.5bUS$684.8m18.1x76.3x1.4x
Fri, 11 Aug 2023US$53.7bUS$37.5bUS$684.8m18.7x78.5x1.4x
Sun, 09 Jul 2023US$53.5bUS$38.4bUS$1.5b18.2x36x1.4x
Tue, 06 Jun 2023US$54.8bUS$38.4bUS$1.5b19.6x37x1.4x
Thu, 04 May 2023US$55.3bUS$38.8bUS$2.4b19.3x23.3x1.4x
Sat, 01 Apr 2023US$57.1bUS$38.5bUS$2.4b19.9x24.1x1.5x
Mon, 27 Feb 2023US$57.7bUS$38.2bUS$2.7b20x21.2x1.5x
Wed, 25 Jan 2023US$57.5bUS$36.7bUS$3.4b19.9x16.7x1.6x
Fri, 23 Dec 2022US$56.4bUS$36.7bUS$3.4b18.8x16.4x1.5x
Price to Earnings Ratio

16.4x


Total Market Cap: US$56.4bTotal 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-0.69%
Utilities0.69%
Gas Utilities1.33%
Gas Utilities1.33%
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$170.752.2%
+US$595.0m		21.6%PE23x
NJR New Jersey ResourcesUS$46.293.8%
+US$171.3m		-2.9%PE13.9x
SWX Southwest Gas HoldingsUS$81.732.2%
+US$124.9m		15.4%PE24.7x
SR SpireUS$83.902.1%
+US$102.1m		22.8%PE19.3x
UGI UGIUS$38.191.2%
+US$94.4m		37.9%PE12.1x

Latest News

UGI
US$38.19
UGI
7D
1.2%
1Y
37.9%
SR
US$83.90
Spire
7D
2.1%
1Y
22.8%

SR: Dividend Increase Will Support Attractive Long Term Shareholder Returns

Analysts have raised their price target on Spire to approximately $93.50 per share, reflecting improved confidence in the company’s long term earnings profile, supported by modestly lower perceived risk and stable growth assumptions. What's in the News The board of directors unanimously approved an increase in Spire's annual common stock dividend to $3.30 per share from $3.14, a 5.1 percent raise.
OGS
US$77.65
ONE Gas
7D
-0.4%
1Y
10.1%

Despite Price Drop, ONE Gas Is Not A Bargain Yet

Dec 13
NFG
US$82.40
National Fuel Gas
7D
1.1%
1Y
35.4%
NJR
US$46.29
New Jersey Resources
7D
3.8%
1Y
-2.9%
NWN
US$46.88
Northwest Natural Holding
7D
1.5%
1Y
13.5%

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.
SWX
US$81.73
Southwest Gas Holdings
7D
2.2%
1Y
15.4%

SWX: Margin Outlook And CFO Transition Will Shape Fairly Valued 2025 Profile

Analysts have nudged their price target on Southwest Gas Holdings slightly lower to about 86.17 dollars from 86.50 dollars, citing modestly weaker revenue growth expectations, partly offset by a better projected profit margin and a marginally cheaper forward earnings multiple. What's in the News Southwest Gas Holdings, Inc.
ATO
US$170.75
Atmos Energy
7D
2.2%
1Y
21.6%
MDU
US$19.56
MDU Resources Group
7D
1.1%
1Y
3.8%

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$45.28
Brookfield Infrastructure
7D
-2.9%
1Y
13.6%