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

Investors are relatively neutral on the American Multi-Utilities industry at the moment, indicating that they anticipate long term growth rates to remain steady. The industry is trading close to its 3-year average PE ratio of 20.4x. The industry is trading close to its 3-year average PS ratio of 2.5x.

How does U.S. Multi-Utilities compare with similar industries?

There are no additional sub-industries under this industry.

U.S. Multi-Utilities Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Wed, 02 Sep 2026	US$378.1b	US$153.8b	US$17.6b	21x	21.4x	2.5x
Fri, 31 Jul 2026	US$403.9b	US$151.9b	US$17.9b	21.2x	22.5x	2.7x
Sun, 28 Jun 2026	US$418.2b	US$151.6b	US$17.8b	22.2x	23.4x	2.8x
Tue, 26 May 2026	US$404.5b	US$151.6b	US$17.8b	21x	22.7x	2.7x
Thu, 23 Apr 2026	US$395.3b	US$147.4b	US$17.5b	20.8x	22.5x	2.7x
Sat, 21 Mar 2026	US$400.9b	US$147.4b	US$17.5b	20.2x	22.9x	2.7x
Mon, 16 Feb 2026	US$407.1b	US$145.1b	US$17.4b	21.8x	23.4x	2.8x
Wed, 14 Jan 2026	US$366.9b	US$143.1b	US$17.4b	19.4x	21.1x	2.6x
Fri, 12 Dec 2025	US$364.1b	US$143.1b	US$17.4b	19.2x	21x	2.5x
Sun, 09 Nov 2025	US$383.0b	US$143.1b	US$17.3b	20.1x	22.1x	2.7x
Tue, 07 Oct 2025	US$377.7b	US$138.4b	US$17.1b	20.6x	22.1x	2.7x
Thu, 04 Sep 2025	US$361.9b	US$138.4b	US$17.1b	20.1x	21.2x	2.6x
Sat, 02 Aug 2025	US$369.8b	US$137.1b	US$16.8b	21.3x	22.1x	2.7x
Mon, 30 Jun 2025	US$349.6b	US$135.1b	US$16.8b	20.2x	20.8x	2.6x
Wed, 28 May 2025	US$354.5b	US$135.1b	US$16.8b	20.7x	21.1x	2.6x
Fri, 25 Apr 2025	US$354.7b	US$130.3b	US$15.9b	22.3x	22.3x	2.7x
Sun, 23 Mar 2025	US$348.5b	US$130.3b	US$15.9b	22.1x	21.9x	2.7x
Tue, 18 Feb 2025	US$348.1b	US$130.1b	US$16.3b	20.5x	21.4x	2.7x
Thu, 16 Jan 2025	US$329.6b	US$128.9b	US$16.3b	18.9x	20.2x	2.6x
Sat, 14 Dec 2024	US$339.9b	US$128.9b	US$16.3b	19.6x	20.8x	2.6x
Mon, 11 Nov 2024	US$346.8b	US$128.9b	US$16.3b	20.3x	21.3x	2.7x
Wed, 09 Oct 2024	US$341.0b	US$128.0b	US$15.7b	19.5x	21.7x	2.7x
Fri, 06 Sep 2024	US$335.7b	US$128.0b	US$15.7b	19.4x	21.4x	2.6x
Sun, 04 Aug 2024	US$326.4b	US$128.3b	US$15.6b	19.3x	21x	2.5x
Tue, 02 Jul 2024	US$297.3b	US$126.7b	US$15.7b	17.4x	18.9x	2.3x
Thu, 30 May 2024	US$303.1b	US$126.7b	US$15.7b	17.6x	19.3x	2.4x
Sat, 27 Apr 2024	US$292.8b	US$130.9b	US$17.2b	17.9x	17x	2.2x
Mon, 25 Mar 2024	US$285.6b	US$131.6b	US$17.2b	16.6x	16.6x	2.2x
Wed, 21 Feb 2024	US$277.8b	US$136.2b	US$17.6b	15.9x	15.8x	2x
Fri, 19 Jan 2024	US$277.8b	US$138.1b	US$17.2b	16.4x	16.2x	2x
Sun, 17 Dec 2023	US$287.7b	US$138.1b	US$17.2b	17.3x	16.7x	2.1x
Tue, 14 Nov 2023	US$272.0b	US$138.1b	US$17.2b	16.2x	15.8x	2x
Thu, 12 Oct 2023	US$274.5b	US$141.3b	US$16.6b	17.3x	16.5x	1.9x
Sat, 09 Sep 2023	US$281.2b	US$141.3b	US$16.6b	17.5x	16.9x	2x


US Market	-0.92%
Utilities	-1.67%
Other Utilities	-0.29%
Multi-Utilities	-0.29%

Company	Last Price	7D	1Y	Valuation
CNP CenterPoint Energy	US$39.47	1.4% +US$355.7m	4.0%	PE23.3x
ED Consolidated Edison	US$107.70	0.6% +US$225.6m	10.8%	PE18x
SRE Sempra	US$84.26	0.3% +US$150.4m	1.7%	PE24.4x
NI NiSource	US$40.96	0.8% +US$148.7m	-2.7%	PE21.7x
PEG Public Service Enterprise Group	US$73.48	0.3% +US$99.7m	-10.2%	PE18.2x

Announcement • 4h

Avista Corporation Submits Documents to Federal Energy Regulatory Commission on Open Access Transmission Tariff Amendments

Avista Corporation; PacifiCorp; NorthWestern Corporation; Portland General Electric Company; Puget Sound Energy Inc.; Idaho Power Company; Nevada Power Company and Sierra Pacific Power Company; and MATL LLP (collectively, the “Enrolled Parties”) hereby move for leave to answer and respectfully provide the following response addressing concerns raised in the above-referenced dockets. These dockets involve the identical regional and interregional filings submitted by NorthernGrid’s Enrolled Parties in compliance with Order No. 1920. The comments filed by the Clean Energy Organizations and RSEs urge the Commission to replace the Enrolled Parties’ proposed ex ante long-term regional cost allocation methodology with the RSE alternative cost allocation methodology (“RSE Proposal”), contending that the RSE Proposal better aligns costs with benefits through a combination of capacity subscriptions, benefits-based cost allocation, solution-based distribution factor (“DFAX”) analyses, and a de minimis exemption. The commenters further argue that the RSE Proposal both meets the requirements of Order No. 1920 and constitutes a just and reasonable mechanism for allocating transmission costs. The Enrolled Parties are responding to the Motion to Intervene and Comments of Renewable Northwest, Advanced Energy United, Interwest Energy Alliance, Montana Environmental Information Center, Natural Resources Defense Council, NW Energy Coalition, and Sustainable FERC Project. Comments of the CREPC 1920 Ad Hoc Committee on behalf of the Northern Grid Relevant State Entities. These dockets involve the identical regional and interregional filings submitted by NorthernGrid’s Enrolled Parties in compliance with Order No. 1920. The Enrolled Parties appreciate the RSEs’ robust engagement, have provided the RSEs with a meaningful opportunity to participate in the Enrolled Parties’ Order No. 1920 compliance filings, and have favorably addressed most of the RSE concerns by adopting significant recommendations of the RSEs. As explained in the NorthernGrid compliance filings of each respective Enrolled Party, the Enrolled Parties worked closely with the RSEs to successfully revise the RSE State Agreement Process to be workable for the Enrolled Parties. However, the Enrolled Parties disagree that the RSE Proposal is a workable cost allocation methodology for Long-Term Regional Transmission Facilities in NorthernGrid. The deficiencies in the RSE Proposal led to the Enrolled Parties’ ultimate decision as the transmission providers to not adopt said alternative and to instead provide their own ex ante methodology, which the RSEs agree is just and reasonable. The Enrolled Parties do not dispute the importance of state engagement, and indeed adopted significant RSE input, but state support cannot substitute for a complete tariffed methodology that satisfies the ex ante, cost-causation, and just-and-reasonable requirements of the Federal Power Act and to which NorthernGrid Enrolled Party customers will be subject. To replace the Enrolled Parties’ proposed methodology, the Commission must find that the RSE Proposal meets both the requirements of Order No. 1920 and the just and reasonable standard. As discussed in more detail below, the RSE Proposal meets neither. On April 28, 2026, the RSEs provided proposed tariff language to the Enrolled Parties containing the RSE Proposal for the Enrolled Parties to consider for inclusion in their respective Attachment Ks. The Enrolled Parties evaluated the RSE Proposal and identified and communicated several issues to the RSEs, which are repeated herein. The Enrolled Parties did not include the RSE Proposal in their tariffs because of certain fundamental issues; primarily with the RSEs’ use of a solution-based distribution factor (“DFAX”) methodology, which should be rejected for substantive and practical reasons. As noted by the commenters, the Commission could choose between the Enrolled Parties’ proposal and the RSE Proposal if the alternative complies with Order No. 1920, is just and reasonable, and is adequately supported in the record. Both CREPC and the Clean Energy Organizations largely assume the RSE Proposal satisfies these standards and then proceed to advocate for its adoption. As discussed below, however, the deficiencies in the RSE Proposal require its rejection and the adoption of the Enrolled Parties’ proposal, which the RSEs agree is just and reasonable. The Enrolled Parties’ Proposed Ex Ante Cost Allocation Methodology is Just and Reasonable and Should be Accepted by the Commission. According to CREPC, “[t]he RSEs do not contest that the Enrolled Parties’ ex ante cost allocation methodology qualifies as just and reasonable under the Federal Power Act.” The Clean Energy Organizations also do not contest that the Enrolled Parties’ cost allocation proposal is just and reasonable. The Clean Energy Organizations focus their Comments on why the RSE Proposal is preferred, disagreeing with the Enrolled Parties’ opinion that the solution-based DFAX, a key element of the RSE Proposal, is not just and reasonable. The Enrolled Parties reaffirm that their cost allocation proposal is just and reasonable, not unduly discriminatory or preferential, and allocates costs of Long-Term Regional Transmission Facilities in a manner that is “at least roughly commensurate with the estimated benefits.” The RSE Proposal’s Reliance on DFAX Renders the RSE Proposal Incomplete and Unworkable in NorthernGrid. As the Enrolled Parties explained in their transmittal letters, the RSE Proposal is not a Commission-ready replacement for the Enrolled Parties’ filed ex ante cost allocation methodology. The incompleteness of the RSE Proposal is particularly evident in the use of a DFAX methodology for a portion of the cost allocation. For facilities above 300 kV, 25% of the post-subscription costs, and for facilities between 200 kV and 300 kV, 10% of post-subscription costs, would be “distributed to transmission zones (as designated by NorthernGrid…” The RSE Proposal does not, however, in its tariff language, identify any transmission zones, establish any criteria for creating such zones, explain when or how such zones would be designated, or specify whether and how those zones could change over time. Without these details, there is no ability to analyze or evaluate whether the RSE Proposal is just and reasonable. An alternative that leaves out critical inputs is not a complete cost allocation methodology capable of replacing the Enrolled Parties’ compliant proposal. Further, the RSE Proposal does not include an adequate description of the DFAX methodology.

U.S. Multi-Utilities Industry Analysis

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