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U.S. Utilities Sector Analysis

UpdatedDec 31, 2025
DataAggregated Company Financials
Companies115
  • 7D0.5%
  • 3M-2.6%
  • 1Y14.4%
  • YTD13.6%

The Utilities industry has stayed flat over the last week. The past year has been better, since the industry has gained 14% in that time. Earnings are forecast to grow by 12% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 01 Jan 2026US$1.5tUS$556.5bUS$68.6b19.5x22.3x2.7x
Sat, 29 Nov 2025US$1.6tUS$558.0bUS$68.7b20.7x23.4x2.9x
Mon, 27 Oct 2025US$1.6tUS$550.7bUS$64.0b21.9x25.5x3x
Wed, 24 Sep 2025US$1.5tUS$549.9bUS$63.6b20.7x23.9x2.8x
Fri, 22 Aug 2025US$1.5tUS$549.2bUS$63.7b20.5x23.8x2.8x
Sun, 20 Jul 2025US$1.5tUS$540.7bUS$63.8b21.2x23.1x2.7x
Tue, 17 Jun 2025US$1.4tUS$540.1bUS$64.0b20.4x22.3x2.6x
Thu, 15 May 2025US$1.4tUS$540.0bUS$63.9b20x21.9x2.6x
Sat, 12 Apr 2025US$1.3tUS$526.8bUS$63.6b20.4x20.9x2.5x
Mon, 10 Mar 2025US$1.3tUS$526.8bUS$63.1b20x21.4x2.6x
Wed, 05 Feb 2025US$1.4tUS$527.1bUS$60.7b19.9x22.5x2.6x
Fri, 03 Jan 2025US$1.3tUS$523.4bUS$60.0b20.1x21.9x2.5x
Sun, 01 Dec 2024US$1.4tUS$533.3bUS$61.2b21.3x23.7x2.7x
Tue, 29 Oct 2024US$1.4tUS$523.6bUS$61.4b19.9x22.8x2.7x
Thu, 26 Sep 2024US$1.4tUS$522.9bUS$60.5b19.9x23x2.7x
Sat, 24 Aug 2024US$1.3tUS$522.9bUS$60.6b19.4x21.6x2.5x
Mon, 22 Jul 2024US$1.2tUS$517.6bUS$60.4b19.1x20.4x2.4x
Wed, 19 Jun 2024US$1.2tUS$517.6bUS$60.4b17.9x19.8x2.3x
Fri, 17 May 2024US$1.3tUS$517.8bUS$60.4b18.7x20.9x2.4x
Sun, 14 Apr 2024US$1.1tUS$528.1bUS$57.4b18.1x19.7x2.1x
Tue, 12 Mar 2024US$1.1tUS$526.3bUS$57.9b18.2x19.3x2.1x
Thu, 08 Feb 2024US$1.1tUS$540.7bUS$53.6b17.9x19.8x2x
Sat, 06 Jan 2024US$1.1tUS$543.9bUS$53.5b19.6x21.1x2.1x
Mon, 04 Dec 2023US$1.1tUS$543.9bUS$53.5b19.1x20.6x2x
Wed, 01 Nov 2023US$1.0tUS$550.1bUS$50.3b19x20.5x1.9x
Fri, 29 Sep 2023US$1.0tUS$554.7bUS$51.7b18.6x19.8x1.8x
Sun, 27 Aug 2023US$1.1tUS$549.7bUS$50.8b19.9x21.7x2x
Tue, 25 Jul 2023US$1.2tUS$551.7bUS$45.7b21.5x26x2.2x
Thu, 22 Jun 2023US$1.2tUS$551.9bUS$45.7b20.6x25.4x2.1x
Sat, 20 May 2023US$1.1tUS$549.1bUS$46.5b20.3x24.6x2.1x
Mon, 17 Apr 2023US$1.2tUS$531.9bUS$45.0b21.5x26.5x2.2x
Wed, 15 Mar 2023US$1.1tUS$532.0bUS$45.0b20.4x25.4x2.1x
Fri, 10 Feb 2023US$1.1tUS$536.7bUS$49.0b20.5x23.4x2.1x
Sun, 08 Jan 2023US$1.2tUS$531.4bUS$50.1b21.5x24.4x2.3x
Price to Earnings Ratio

24.4x


Total Market Cap: US$1.2tTotal Earnings: US$50.1bTotal Revenue: US$531.4bTotal 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 2.7x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have grown 11% 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 sector?

US Market-0.48%
Utilities0.47%
Other Utilities0.93%
Electric Utilities0.38%
Renewable Energy0.33%
Water Utilities0.14%
Gas Utilities-0.24%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry even though it's trading below its 3-year average PE ratio of 188x.
    • Analysts are expecting annual earnings growth of 25.4%, which is higher than its past year's earnings decline of 3.5% per year.
  • Investors are most pessimistic about the Gas Utilities industry, which is trading below its 3-year average of 30.4x.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 25% over the next 5 years.
  • This is better than its past earnings decline of 3.5% per year.
  • In contrast, the Water Utilities industry is expected to see its earnings grow by 8.5% 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
PCG PG&EUS$16.071.6%
+US$549.5m		-20.4%PE13.6x
AES AESUS$14.342.7%
+US$270.6m		11.4%PE9.5x
NFG National Fuel GasUS$80.06-1.9%
US$215.6m		31.9%PE14.7x
CNP CenterPoint EnergyUS$38.340.4%
+US$91.4m		20.8%PE24.2x
EXC ExelonUS$43.590.2%
+US$70.7m		15.8%PE15.6x

Latest News

OKLO
US$71.76
Oklo
7D
-11.7%
1Y
238.0%
PCG
US$16.07
PG&E
7D
1.6%
1Y
-20.4%

PCG: Massive Transmission Spend Will Drive Data Center Power Demand Upside

Analysts have nudged their average price target for PG&E up to about $21.20. This reflects a slightly more optimistic view on long term revenue growth from data center driven demand and capital investment opportunities, partially offset by lower allowed returns on equity in California.
RNW
US$5.65
ReNew Energy Global
7D
2.7%
1Y
-17.3%

RNW: New Google Partnership Will Support Stronger Long Term Clean Energy Upside

Analysts have modestly reduced their price target on ReNew Energy Global, citing lower projected fair value to about $8.03 from roughly $9.99 as they factor in slower expected revenue growth, a steeper discount rate, and compressed profit margins that offset a higher anticipated future P/E multiple. What's in the News Signed a long-term agreement with Google to develop a new 150 MW solar project in Rajasthan, with Google procuring the project's energy attributes to support its value chain emissions reduction (company announcement).
NFG
US$80.06
National Fuel Gas
7D
-1.9%
1Y
31.9%
ES
US$67.33
Eversource Energy
7D
0.3%
1Y
17.2%

ES: Higher Earnings Outlook Will Mask Mounting Risk From Richer Multiples

Analysts have raised their price target on Eversource Energy from 50.51 dollars to 60.00 dollars, citing higher expected valuation multiples even as they moderate long term assumptions for revenue growth and profit margins. What's in the News Eversource Energy has scheduled a board meeting for December 3, 2025, with an agenda that includes considering the election of Warren Robert Mudge as a trustee (company filing).
D
US$58.59
Dominion Energy
7D
-0.7%
1Y
8.8%

D: Offshore Wind Progress And Earnings Outlook Will Support Steady Future Returns

Narrative Update on Analyst Price Target Analysts have trimmed their average price target on Dominion Energy by approximately $0.20 per share, reflecting slightly softer revenue growth expectations, partially offset by modestly improved profit margin and valuation assumptions. What's in the News Dominion Energy defended its Coastal Virginia Offshore Wind Project as essential to national security and Virginia grid reliability, warning that any halt could threaten power supplies for military, AI, data center, and shipbuilding operations, increase energy costs, and jeopardize thousands of jobs (Regulatory Authority – Compliance).
BEPC
US$38.34
Brookfield Renewable
7D
-2.0%
1Y
38.6%
EXC
US$43.59
Exelon
7D
0.2%
1Y
15.8%

EXC: Future Earnings Will Reflect Pennsylvania Upside And Defensible Wires Only Positioning

Exelon’s analyst price target has edged down by $0.50 to $49.25, as analysts balance improving long term rate base driven earnings prospects and favorable regulatory jurisdictions with mixed sentiment on valuation, relative defensiveness, and the timing of Pennsylvania upside. Analyst Commentary Analyst views on Exelon remain divided, with recent target changes and initiations reflecting both confidence in the company’s long term growth profile and concern over valuation and near term positioning.
CEG
US$353.27
Constellation Energy
7D
-2.9%
1Y
57.9%

CEG Will Balance Nuclear Momentum And Data Center Power Demand Opportunities

Constellation Energy's analyst fair value estimate has been raised sharply from $238.32 to $342.23 as analysts cite strengthening nuclear momentum, improving revenue growth and profit margins, and the company’s positioning to benefit from rising power demand and data center related deals. Analyst Commentary Recent Street research on Constellation Energy shows a notable series of upward price target revisions alongside a shift in stance from some previously neutral voices.
NRG
US$159.24
NRG Energy
7D
-0.8%
1Y
76.5%

NRG: Expanding Data Center Power Deals Will Drive Future Free Cash Flow Upside

Analysts have modestly trimmed their blended fair value estimate for NRG Energy to approximately $201.58 from about $208.14 per share, citing improving revenue growth expectations, slightly lower projected profit margins, and a recalibration of valuation multiples amid rising price targets across the independent power producer peer group. Analyst Commentary Recent Street research highlights a broadly constructive stance on NRG Energy, with multiple price target increases and a new positive initiation reinforcing confidence in the company’s valuation and cash flow outlook.
HE
US$12.30
Hawaiian Electric Industries
7D
3.3%
1Y
26.4%
SRE
US$88.29
Sempra
7D
-0.6%
1Y
0.6%

SRE: Future EPS Guidance Will Drive Strong Long-Term Performance Expectations

Analysts have trimmed their price target on Sempra by approximately $0.60, citing slightly lower fair value and forward valuation assumptions, despite modestly stronger revenue growth expectations. What's in the News Sempra updated its 2025 earnings guidance, setting an EPS range of $3.05 to $3.45 while reaffirming expectations for EPS growth at the high end or above its projected 7% to 9% compound annual growth rate for 2025 through 2029 (company guidance).
AES
US$14.34
AES
7D
2.7%
1Y
11.4%

AES: Data Center Power Demand Will Drive Upside Under Pending GIP Deal

Analysts have nudged their price target for AES higher to $24 from $23, reflecting a modest increase in fair value estimates supported by expectations for improved profit margins and growing opportunities tied to data center driven demand for utilities. Analyst Commentary Bullish analysts are pointing to a more constructive outlook for AES as they incorporate improving fundamentals and a clearer growth runway into their valuation models.
TLN
US$374.84
Talen Energy
7D
-2.3%
1Y
86.1%

TLN: Future Data Center Demand And PJM Pricing Will Drive Balanced Outlook

Analysts have lifted their price target for Talen Energy by $24 to reflect stronger forward power prices in PJM, the expected closing of the Caithness transaction, and growing conviction in the company’s margin resilience and data center driven growth. Analyst Commentary Recent Street research on Talen Energy has been broadly constructive, with multiple price target increases reflecting higher forward power prices in PJM, the anticipated completion of the Caithness transaction, and rising conviction in data center driven growth.
CNP
US$38.34
CenterPoint Energy
7D
0.4%
1Y
20.8%

CenterPoint Energy's (NYSE:CNP) Upcoming Dividend Will Be Larger Than Last Year's

Dec 18
CenterPoint Energy's (NYSE:CNP) Upcoming Dividend Will Be Larger Than Last Year's
NEE
US$80.28
NextEra Energy
7D
-0.2%
1Y
12.0%

NEE: Duane Arnold Nuclear Restart Will Drive Long Term AI Power Demand

Analysts have nudged their average price target on NextEra Energy slightly higher to approximately $91.14, reflecting continued confidence in the company’s above market revenue growth and resilient margins, despite mixed individual target revisions across the Street. Analyst Commentary Recent research updates on NextEra Energy highlight a generally constructive backdrop, with multiple upward price target revisions offset by a few modest trims.