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U.S. Utilities Sector Analysis

UpdatedMay 18, 2026
DataAggregated Company Financials
Companies114
  • 7D-3.0%
  • 3M-5.2%
  • 1Y7.1%
  • YTD0.8%

Over the last 7 days, the Utilities industry has dropped 2.2%, driven by a pullback from Constellation Energy of 12%. In the past year, the industry has gained 7.4%. 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
Mon, 18 May 2026US$1.6tUS$597.6bUS$70.2b20.8x22.8x2.7x
Wed, 15 Apr 2026US$1.7tUS$568.0bUS$67.5b21.8x24.8x3x
Fri, 13 Mar 2026US$1.7tUS$567.9bUS$67.3b22x24.6x2.9x
Sun, 08 Feb 2026US$1.6tUS$559.9bUS$67.6b20.3x23.2x2.8x
Tue, 06 Jan 2026US$1.5tUS$556.5bUS$68.6b19.4x22.2x2.7x
Thu, 04 Dec 2025US$1.6tUS$558.0bUS$68.7b20x22.7x2.8x
Sat, 01 Nov 2025US$1.6tUS$554.8bUS$65.0b21.4x24.6x2.9x
Mon, 29 Sep 2025US$1.5tUS$549.9bUS$63.6b20.9x24.3x2.8x
Wed, 27 Aug 2025US$1.5tUS$549.2bUS$63.7b20.5x23.6x2.7x
Fri, 25 Jul 2025US$1.5tUS$541.3bUS$64.2b21.7x23.2x2.8x
Sun, 22 Jun 2025US$1.4tUS$540.2bUS$64.0b20.4x22.1x2.6x
Tue, 20 May 2025US$1.4tUS$540.1bUS$64.0b21.1x22.5x2.7x
Thu, 17 Apr 2025US$1.4tUS$526.8bUS$63.6b20.6x21.5x2.6x
Sat, 15 Mar 2025US$1.3tUS$526.8bUS$63.1b20.5x21.4x2.6x
Mon, 10 Feb 2025US$1.4tUS$523.9bUS$60.8b20.2x22.4x2.6x
Wed, 08 Jan 2025US$1.3tUS$528.1bUS$58.6b19.9x22.9x2.5x
Fri, 06 Dec 2024US$1.4tUS$533.3bUS$61.2b20.9x23x2.6x
Sun, 03 Nov 2024US$1.4tUS$525.1bUS$62.6b19.4x21.8x2.6x
Tue, 01 Oct 2024US$1.4tUS$522.9bUS$60.5b20x23.2x2.7x
Thu, 29 Aug 2024US$1.3tUS$522.9bUS$60.5b19.3x21.7x2.5x
Sat, 27 Jul 2024US$1.2tUS$518.1bUS$59.7b19.4x20.7x2.4x
Mon, 24 Jun 2024US$1.2tUS$517.6bUS$60.4b18x19.9x2.3x
Wed, 22 May 2024US$1.3tUS$518.1bUS$60.4b18.8x20.8x2.4x
Fri, 19 Apr 2024US$1.1tUS$528.1bUS$57.4b18.5x19.6x2.1x
Sun, 17 Mar 2024US$1.1tUS$527.9bUS$57.8b17.9x19.1x2.1x
Tue, 13 Feb 2024US$1.1tUS$539.4bUS$54.2b18x19.7x2x
Thu, 11 Jan 2024US$1.1tUS$543.9bUS$53.5b19.2x21.2x2.1x
Sat, 09 Dec 2023US$1.1tUS$543.9bUS$53.5b19x20.6x2x
Mon, 06 Nov 2023US$1.1tUS$547.1bUS$52.4b19.1x20.6x2x
Wed, 04 Oct 2023US$1.0tUS$554.7bUS$51.7b18x19.4x1.8x
Fri, 01 Sep 2023US$1.1tUS$549.7bUS$50.8b19.8x21.5x2x
Sun, 30 Jul 2023US$1.2tUS$550.6bUS$47.1b21.3x25x2.1x
Tue, 27 Jun 2023US$1.1tUS$551.9bUS$45.7b20.3x25x2.1x
Thu, 25 May 2023US$1.1tUS$549.1bUS$46.5b20.2x24.4x2.1x
Price to Earnings Ratio

24.4x


Total Market Cap: US$1.1tTotal Earnings: US$46.5bTotal Revenue: US$549.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Utilities Sector Price to Earnings3Y Average 22.3x202420252026
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 22.3x.
  • The industry is trading close to its 3-year average PS ratio of 2.5x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have grown 15% per year over the last three years.
  • Revenues for these companies have grown 2.9% 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-0.26%
Utilities-3.00%
Gas Utilities-0.94%
Other Utilities-1.67%
Water Utilities-1.84%
Electric Utilities-3.43%
Renewable Energy-5.87%
Industry PE
  • Investors are most optimistic about the Gas Utilities industry even though it's trading below its 3-year average PE ratio of 30.2x.
    • Analysts are expecting annual earnings growth of 9.5%, which is lower than the prior year's growth of 19.4% per year.
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 3.3% per year.
  • In contrast, the Gas Utilities industry is expected to see its earnings grow by 9.5% 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
SO SouthernUS$92.550.8%
+US$845.5m		4.3%PE23.9x
ORA Ormat TechnologiesUS$131.528.1%
+US$605.3m		75.4%PE63.3x
NEE NextEra EnergyUS$93.360.3%
+US$542.2m		24.5%PE23.8x
UGI UGIUS$33.995.2%
+US$358.0m		-4.2%PE11.4x
ES Eversource EnergyUS$67.171.0%
+US$248.2m		6.3%PE14.4x

Latest News

VIVO
US$4.54
VivoPower
7D
41.0%
1Y
-7.2%
ORA
US$131.52
Ormat Technologies
7D
8.1%
1Y
75.4%
VST
US$139.68
Vistra
7D
-8.1%
1Y
-11.2%
NFG
US$81.23
National Fuel Gas
7D
2.3%
1Y
-0.2%
Narrative Update • May 16

NFG: Refined Production Outlook Will Support Future Multiple Expansion Potential

National Fuel Gas' updated analyst price target edges to $101.50 from $102.00, as analysts factor in slightly lower revenue growth and profit margin assumptions, along with a higher discount rate, partially offset by a higher future P/E multiple. Analyst Commentary Bullish Takeaways Bullish analysts focusing on National Fuel Gas highlight recent price target increases as support for the updated valuation framework that relies on a higher future P/E multiple.
TLN
US$334.24
Talen Energy
7D
-12.8%
1Y
39.1%
AEP
US$125.15
American Electric Power Company
7D
-3.8%
1Y
21.5%
ETR
US$109.03
Entergy
7D
-3.5%
1Y
31.3%
AES
US$14.47
AES
7D
1.0%
1Y
18.5%
CEG
US$267.20
Constellation Energy
7D
-12.0%
1Y
-8.2%
Narrative Update • May 14

CEG: PJM Reforms And 2026 Contracting Acceleration Will Support Future Upside

Analysts have trimmed the fair value estimate for Constellation Energy to $441 from $465.80, citing more cautious assumptions on revenue growth, profit margins and a slightly higher discount rate, even though longer term P/E expectations remain broadly in line with prior views. Analyst Commentary Recent Street research on Constellation Energy has centered on recalibrated price targets, with most adjustments reflecting more conservative modeling rather than a wholesale shift in long term views.
DUK
US$120.95
Duke Energy
7D
-3.2%
1Y
3.4%
NRG
US$127.81
NRG Energy
7D
-7.5%
1Y
-19.7%
UGI
US$33.99
UGI
7D
4.7%
1Y
-5.4%
NJR
US$57.33
New Jersey Resources
7D
2.7%
1Y
21.8%
NEE
US$93.36
NextEra Energy
7D
-1.6%
1Y
26.4%
MGEE
US$74.39
MGE Energy
7D
1.0%
1Y
-19.7%
PCG
US$16.13
PG&E
7D
0.4%
1Y
-9.7%
Narrative Update • Apr 29

PCG: Wildfire Policy Reform And Liability Reduction Will Drive Future Repricing

Narrative Update The analyst price target for PG&E is nudged higher to $22.84 from $22.63, as analysts factor in updated assumptions around revenue growth, profitability, and future P/E multiples, along with a series of recent target raises and a new bullish initiation. Analyst Commentary Recent research on PG&E shows a mix of optimism around risk reduction and earnings potential, alongside ongoing caution about regulatory outcomes and valuation.