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U.S. Utilities Sector Analysis

UpdatedMar 25, 2026
DataAggregated Company Financials
Companies112
  • 7D-3.5%
  • 3M4.2%
  • 1Y17.4%
  • YTD3.5%

In the last week, the Utilities industry is down 3.5% with Southern down the most at 4.4%. In contrast, AleAnna has gained 138%. In the past year, the industry has gained 17%. 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
Wed, 25 Mar 2026US$1.6tUS$567.9bUS$67.5b20.9x23.9x2.8x
Fri, 20 Feb 2026US$1.6tUS$565.8bUS$69.3b21.6x23.7x2.9x
Sun, 18 Jan 2026US$1.6tUS$556.5bUS$68.6b20.5x22.9x2.8x
Tue, 16 Dec 2025US$1.5tUS$558.0bUS$68.7b19.6x22.2x2.7x
Thu, 13 Nov 2025US$1.6tUS$559.5bUS$68.0b20.4x23.6x2.9x
Sat, 11 Oct 2025US$1.6tUS$549.9bUS$63.6b21.2x25.4x2.9x
Mon, 08 Sep 2025US$1.5tUS$549.2bUS$63.7b20.4x23.2x2.7x
Wed, 06 Aug 2025US$1.5tUS$547.0bUS$63.8b20.9x24.2x2.8x
Fri, 04 Jul 2025US$1.4tUS$540.7bUS$63.8b20.6x22.6x2.7x
Sun, 01 Jun 2025US$1.4tUS$540.1bUS$64.0b20.9x22.4x2.7x
Tue, 29 Apr 2025US$1.4tUS$528.6bUS$62.1b20.8x22.2x2.6x
Thu, 27 Mar 2025US$1.4tUS$526.8bUS$63.5b20.5x21.3x2.6x
Sat, 22 Feb 2025US$1.4tUS$525.9bUS$62.1b20.6x22.5x2.7x
Mon, 20 Jan 2025US$1.4tUS$528.1bUS$58.6b19.9x23.4x2.6x
Wed, 18 Dec 2024US$1.3tUS$532.1bUS$61.1b19.8x22x2.5x
Fri, 15 Nov 2024US$1.4tUS$533.4bUS$61.3b20.2x22.4x2.6x
Sun, 13 Oct 2024US$1.4tUS$522.9bUS$60.5b19.6x22.8x2.6x
Tue, 10 Sep 2024US$1.3tUS$522.9bUS$60.5b19.5x22x2.5x
Thu, 08 Aug 2024US$1.3tUS$522.0bUS$60.8b19.4x20.9x2.4x
Sat, 06 Jul 2024US$1.2tUS$517.6bUS$60.4b18x19.8x2.3x
Mon, 03 Jun 2024US$1.3tUS$518.1bUS$60.4b18.3x20.9x2.4x
Wed, 01 May 2024US$1.2tUS$525.8bUS$57.8b18.9x20.2x2.2x
Fri, 29 Mar 2024US$1.2tUS$528.3bUS$57.3b18.5x20.6x2.2x
Sun, 25 Feb 2024US$1.1tUS$534.3bUS$54.4b17.6x19.9x2x
Tue, 23 Jan 2024US$1.1tUS$543.9bUS$53.5b18x20x2x
Thu, 21 Dec 2023US$1.1tUS$543.9bUS$53.5b18.9x21x2.1x
Sat, 18 Nov 2023US$1.1tUS$545.0bUS$53.3b18.8x20.3x2x
Mon, 16 Oct 2023US$1.0tUS$554.7bUS$51.7b19x20.3x1.9x
Wed, 13 Sep 2023US$1.1tUS$549.8bUS$50.8b20.1x21.7x2x
Fri, 11 Aug 2023US$1.1tUS$548.7bUS$49.5b20.9x22.7x2x
Sun, 09 Jul 2023US$1.1tUS$551.7bUS$45.7b20.4x24.9x2.1x
Tue, 06 Jun 2023US$1.1tUS$549.1bUS$46.5b20x24.3x2.1x
Thu, 04 May 2023US$1.2tUS$539.2bUS$48.3b21.3x24.4x2.2x
Sat, 01 Apr 2023US$1.2tUS$532.0bUS$45.1b20.9x26.1x2.2x
Price to Earnings Ratio

26.1x


Total Market Cap: US$1.2tTotal Earnings: US$45.1bTotal 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 relatively neutral on the American 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 22.4x.
  • The 3-year average PS ratio of 2.4x is lower than the industry's current PS ratio of 2.8x.
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-2.29%
Utilities-3.51%
Gas Utilities-1.93%
Water Utilities-2.77%
Electric Utilities-3.53%
Other Utilities-3.63%
Renewable Energy-4.50%
Industry PE
  • Investors are most optimistic about the Water Utilities industry even though it's trading below its 3-year average PE ratio of 25.1x.
    • Analysts are expecting annual earnings growth of 9.1%, which is higher than its past year's earnings growth of 3.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 29% over the next 5 years.
  • This is better than its past earnings decline of 44% per year.
  • In contrast, the Water Utilities industry is expected to see its earnings grow by 9.1% 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
ANNA AleAnnaUS$7.68137.8%
+US$180.9m		-0.1%PS18.7x
NFG National Fuel GasUS$94.781.4%
+US$126.4m		21.0%PE13.7x
ORA Ormat TechnologiesUS$109.841.7%
+US$112.0m		54.2%PE53.9x
MGEE MGE EnergyUS$76.753.1%
+US$85.6m		-15.1%PE20.7x
UGI UGIUS$36.540.6%
+US$45.1m		11.3%PE13.1x

Latest News

SO
US$93.98
Southern
7D
-4.4%
1Y
7.1%
D
US$60.27
Dominion Energy
7D
-4.4%
1Y
14.0%

D: Offshore Wind Progress And EPS Guidance Will Support Steady Long-Term Returns

Analysts have inched their price target on Dominion Energy higher to $65.63 from $65.25, citing updated assumptions for revenue growth, profit margin, discount rate and future P/E that slightly adjust the stock's valuation outlook. What's in the News Issued 2026 operating earnings guidance of $3.45 to $3.69 per share, with a midpoint of $3.57 per share that includes $0.07 per share of RNG 45Z income (company guidance).
CWCO
US$32.46
Consolidated Water
7D
3.5%
1Y
33.9%

CWCO: Higher Future P/E Assumptions Will Support Further Upside Potential

Analysts have maintained their $43.00 price target for Consolidated Water, weighing lower projected revenue growth of 20.55% and a slightly softer profit margin of 12.52% against a higher assumed future P/E of 29.08x. Valuation Changes Fair Value: $43.0 is unchanged, with the target price maintained at the prior level.
DUK
US$127.38
Duke Energy
7D
-4.2%
1Y
9.7%

DUK: Battery Storage Buildout And Data Center Demand Will Guide Balanced Outlook

Narrative Update The analyst price target embedded in the fair value framework edges higher to about $138. Analysts cite steady regulated growth expectations, an active load growth and data center pipeline, and recent target resets across firms after Duke Energy's roughly 15% share price move since early December.
CEG
US$294.85
Constellation Energy
7D
-4.2%
1Y
30.0%

Constellation Energy Corp. (CEG): The Nuclear AI Titan – Electrifying the Intelligence Age

Vestra has increased revenue growth from 13.6% to 24.8%.
AEP
US$128.80
American Electric Power Company
7D
-3.6%
1Y
25.7%
ORA
US$109.84
Ormat Technologies
7D
1.7%
1Y
54.2%

ORA: Long Term Geothermal PPAs And Storage Projects Will Support Stronger Outlook

Analysts are keeping Ormat Technologies' fair value unchanged at $128. This reflects only very small tweaks to assumptions around discount rate, revenue growth, profit margin, and future P/E that do not materially shift their overall view.
EXC
US$47.29
Exelon
7D
-5.5%
1Y
10.6%
VST
US$152.72
Vistra
7D
-7.1%
1Y
15.9%
MDU
US$20.44
MDU Resources Group
7D
0.2%
1Y
21.6%

MDU: Mixed Research Views And 2026 Guidance Will Shape Risk Reward Balance

Analysts have adjusted the MDU Resources Group price target to $22.00, a change of $1.20. This reflects updated views on fair value, discount rate, revenue growth, profit margin, and future P/E following recent research that includes both a $1 cut at BofA and a $4 increase at Citi.
NFG
US$94.78
National Fuel Gas
7D
1.4%
1Y
21.0%
MGEE
US$76.75
MGE Energy
7D
3.1%
1Y
-15.1%
HE
US$14.58
Hawaiian Electric Industries
7D
0.6%
1Y
34.6%

HE: Index Inclusion Will Mask Future Risk From Lower Earnings Multiple

Analysts have raised their price target on Hawaiian Electric Industries by $2.00 to $12.50, citing updated assumptions around discount rates, revenue growth, profit margins, and a lower future P/E multiple as key factors in the revised view. What's in the News Hawaiian Electric Industries, Inc.
UGI
US$36.54
UGI
7D
0.6%
1Y
11.3%

UGI: Expanded Buybacks And Stable Margins Will Support Future Upside

Analysts have maintained their UGI fair value estimate at $44.50. Only minor adjustments to the discount rate, revenue growth, profit margin and future P/E assumptions were made, resulting in an unchanged price target outlook.
PEG
US$80.19
Public Service Enterprise Group
7D
-5.4%
1Y
-1.5%
ANNA
US$7.68
AleAnna
7D
137.8%
1Y
-0.1%