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U.S. Utilities Sector Analysis

UpdatedMar 01, 2026
DataAggregated Company Financials
Companies113
  • 7D2.6%
  • 3M6.5%
  • 1Y20.8%
  • YTD9.1%

In the last week, the Utilities industry is up 2.6%, with Constellation Energy up 12%. This takes the industry's 12 month performance to a gain of 21%. As for the next few years, earnings are expected to grow by 12% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 01 Mar 2026US$1.7tUS$568.2bUS$67.5b22.1x25.3x3x
Tue, 27 Jan 2026US$1.5tUS$556.5bUS$68.6b20.5x22.4x2.8x
Thu, 25 Dec 2025US$1.5tUS$556.5bUS$68.5b19.5x22.3x2.7x
Sat, 22 Nov 2025US$1.6tUS$558.0bUS$68.4b20.4x22.8x2.8x
Mon, 20 Oct 2025US$1.6tUS$549.9bUS$63.6b21.4x25.7x3x
Wed, 17 Sep 2025US$1.5tUS$549.9bUS$63.6b20.2x23.8x2.7x
Fri, 15 Aug 2025US$1.5tUS$549.2bUS$63.6b20.7x24x2.8x
Sun, 13 Jul 2025US$1.4tUS$540.7bUS$63.8b20.8x22.7x2.7x
Tue, 10 Jun 2025US$1.4tUS$540.1bUS$64.0b20.5x22.2x2.6x
Thu, 08 May 2025US$1.4tUS$537.8bUS$63.9b21.2x22.1x2.6x
Sat, 05 Apr 2025US$1.4tUS$526.8bUS$63.6b19.9x21.8x2.6x
Mon, 03 Mar 2025US$1.4tUS$527.4bUS$63.2b20.2x21.8x2.6x
Wed, 29 Jan 2025US$1.4tUS$526.7bUS$58.7b20x23x2.6x
Fri, 27 Dec 2024US$1.3tUS$523.4bUS$60.0b20.1x22.1x2.5x
Sun, 24 Nov 2024US$1.4tUS$533.3bUS$61.6b21.5x23.1x2.7x
Tue, 22 Oct 2024US$1.4tUS$522.9bUS$60.5b19.9x23.6x2.7x
Thu, 19 Sep 2024US$1.4tUS$522.9bUS$60.5b20x22.6x2.6x
Sat, 17 Aug 2024US$1.3tUS$522.9bUS$60.6b19.4x21.4x2.5x
Mon, 15 Jul 2024US$1.2tUS$517.6bUS$60.4b18.9x20.6x2.4x
Wed, 12 Jun 2024US$1.2tUS$518.0bUS$60.4b18x20.3x2.4x
Fri, 10 May 2024US$1.2tUS$518.6bUS$60.2b18.8x20.4x2.4x
Sun, 07 Apr 2024US$1.2tUS$561.5bUS$56.9b18.4x20.7x2.1x
Tue, 05 Mar 2024US$1.1tUS$528.4bUS$57.9b17.7x18.9x2.1x
Thu, 01 Feb 2024US$1.1tUS$544.0bUS$53.2b18.2x20.4x2x
Sat, 30 Dec 2023US$1.1tUS$543.9bUS$53.5b19.4x20.9x2.1x
Mon, 27 Nov 2023US$1.1tUS$543.9bUS$53.5b18.8x20.3x2x
Wed, 25 Oct 2023US$1.0tUS$549.7bUS$50.8b18.5x19.7x1.8x
Fri, 22 Sep 2023US$1.1tUS$549.8bUS$50.8b19.8x21.7x2x
Sun, 20 Aug 2023US$1.1tUS$549.3bUS$49.6b20.1x22.2x2x
Tue, 18 Jul 2023US$1.2tUS$551.7bUS$45.7b20.9x25.4x2.1x
Thu, 15 Jun 2023US$1.1tUS$551.3bUS$46.4b20.4x24.7x2.1x
Sat, 13 May 2023US$1.2tUS$549.0bUS$46.6b21.1x25.6x2.2x
Mon, 10 Apr 2023US$1.2tUS$531.9bUS$45.0b21.7x26.9x2.3x
Wed, 08 Mar 2023US$1.1tUS$532.0bUS$45.0b19.9x25.2x2.1x
Price to Earnings Ratio

25.2x


Total Market Cap: US$1.1tTotal Earnings: US$45.0bTotal Revenue: US$532.0bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Utilities Sector Price to Earnings3Y Average 22.4x202420252026
Current Industry PE
  • Investors are optimistic on the American Utilities industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 25.3x which is higher than its 3-year average PE of 22.4x.
  • The 3-year average PS ratio of 2.4x is lower than the industry's current PS ratio of 3.0x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have grown 14% per year over the last three years.
  • Revenues for these companies have grown 2.2% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

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

US Market-0.57%
Utilities2.62%
Electric Utilities3.53%
Water Utilities3.49%
Gas Utilities2.06%
Other Utilities1.13%
Renewable Energy0.006%
Industry PE
  • Investors are most optimistic about the Electric Utilities industry, which is trading close to its 3-year average PE ratio of 21.8x.
    • Analysts are expecting annual earnings growth of 10.9%, which is higher than its past year's earnings growth of 6.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 33% over the next 5 years.
  • This is better than its past earnings decline of 1.7% per year.
  • In contrast, the Water Utilities industry is expected to see its earnings grow by 9.2% per year over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
CEG Constellation EnergyUS$329.8811.9%
+US$12.6b		31.7%PE51.5x
XEL Xcel EnergyUS$83.362.2%
+US$3.8b		15.6%PE25.8x
SO SouthernUS$97.383.3%
+US$3.4b		8.5%PE25.1x
NEE NextEra EnergyUS$93.771.7%
+US$3.3b		33.6%PE28.6x
DUK Duke EnergyUS$130.853.2%
+US$3.2b		11.4%PE20.7x

Latest News

XEL
US$83.36
Xcel Energy
7D
2.2%
1Y
15.6%
ORA
US$103.70
Ormat Technologies
7D
-10.5%
1Y
48.5%
SRE
US$96.27
Sempra
7D
2.9%
1Y
34.5%
TLN
US$370.97
Talen Energy
7D
-3.0%
1Y
78.4%
NEE
US$93.77
NextEra Energy
7D
1.7%
1Y
33.6%
CEG
US$329.88
Constellation Energy
7D
11.9%
1Y
31.7%
AVA
US$40.62
Avista
7D
-4.0%
1Y
1.6%

AVA: Resource Plan And Storage Additions Will Support Balanced Dividend Outlook

Analysts have maintained their $40.60 price target on Avista, citing updated assumptions for slightly higher revenue growth, a marginally stronger profit margin, and a modestly higher future P/E as the main factors supporting their reaffirmed view. What's in the News The board has declared a quarterly dividend of $0.4925 per share on common stock, implying an annualized dividend of $1.97.
CWEN.A
US$36.02
Clearway Energy
7D
-2.6%
1Y
36.1%
DUK
US$130.85
Duke Energy
7D
3.2%
1Y
11.4%
HE
US$15.49
Hawaiian Electric Industries
7D
-2.3%
1Y
41.5%

HE: Index Inclusion Will Contrast With Pressure From Lower Profitability

Analysts have maintained their $10.50 price target for Hawaiian Electric Industries, indicating that only minor adjustments were made to assumptions around discount rate, revenue growth, profit margin, and future P/E, which largely offset each other in their updated models. What's in the News Hawaiian Electric Industries, Inc.
AEP
US$133.82
American Electric Power Company
7D
3.4%
1Y
26.2%

AEP: Data Center Load And Fuel Project Will Shape Premium Valuation Potential

Analysts have lifted their price expectations for American Electric Power, with the updated fair value estimate moving from $128.75 to $133.03. They cite a larger contracted load pipeline, ongoing capital investment plans in supply and transmission, and continued execution that supports premium P/E assumptions, despite slightly lower revenue growth and profit margin inputs in recent models.
EXC
US$49.47
Exelon
7D
3.5%
1Y
11.9%

EXC: Regulatory Visibility Through 2027 Will Balance Affordability And Grid Investment Risks

Analysts have nudged our Exelon fair value estimate to $49.94 from $48.75, reflecting modestly higher modeled revenue growth, a slightly stronger profit margin profile, and a small uptick in the assumed future P/E multiple following a series of upward price target revisions across the Street. Analyst Commentary Recent Street research around Exelon has been active, with several price target revisions and rating changes clustering over the past few months.
D
US$63.14
Dominion Energy
7D
-4.3%
1Y
11.5%
UGI
US$37.41
UGI
7D
-2.3%
1Y
9.5%

UGI: Expanded Buybacks And Stable Margins Will Support Future Upside

Analysts have maintained their price target for UGI at around $44.50, making only minor adjustments to assumptions such as the discount rate and forward P/E to refine their assessment rather than indicate a significant change in outlook. What's in the News From October 1, 2025 to December 31, 2025, UGI repurchased 300,000 shares, representing 0.14% of its shares, for $11.54 million under its existing buyback program.
SO
US$97.38
Southern
7D
3.3%
1Y
8.5%

SO: Fair Value Outlook Will Balance Higher Profitability And Slightly Lower Future P/E

Analysts have reduced their price target for Southern by about $1, reflecting updated assumptions about fair value, discount rate, revenue growth, profit margin, and future P/E expectations. Valuation Changes Fair Value was reduced slightly from $99.23 to $98.13, reflecting updated model inputs.
OKLO
US$62.95
Oklo
7D
-1.4%
1Y
88.5%