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U.S. Utilities Sector Analysis

UpdatedDec 19, 2025
DataAggregated Company Financials
Companies117
  • 7D-0.03%
  • 3M1.3%
  • 1Y15.6%
  • YTD13.4%

The Utilities is pretty flat in the last 7 days, but Southern has stood out, gaining 3.5%. As for the the longer term, the industry is up 15% over the past 12 months. Looking forward, 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
Fri, 19 Dec 2025US$1.5tUS$556.5bUS$68.5b19.6x22.1x2.7x
Sun, 16 Nov 2025US$1.6tUS$559.6bUS$68.1b20.5x23.3x2.8x
Tue, 14 Oct 2025US$1.6tUS$549.9bUS$63.6b21.3x25.3x2.9x
Thu, 11 Sep 2025US$1.5tUS$549.2bUS$63.7b20.2x23.1x2.7x
Sat, 09 Aug 2025US$1.5tUS$548.2bUS$63.6b20.9x24x2.8x
Mon, 07 Jul 2025US$1.4tUS$540.7bUS$63.8b20.6x22.6x2.7x
Wed, 04 Jun 2025US$1.4tUS$540.1bUS$64.0b20.7x22.5x2.7x
Fri, 02 May 2025US$1.4tUS$529.6bUS$64.4b21.1x21.6x2.6x
Sun, 30 Mar 2025US$1.4tUS$526.8bUS$63.5b20.9x21.6x2.6x
Tue, 25 Feb 2025US$1.4tUS$525.5bUS$62.1b20.6x22.5x2.7x
Thu, 23 Jan 2025US$1.4tUS$528.1bUS$58.6b19.7x23.8x2.6x
Sat, 21 Dec 2024US$1.3tUS$532.1bUS$61.1b19.8x21.4x2.5x
Mon, 18 Nov 2024US$1.4tUS$533.4bUS$61.6b20.5x22.5x2.6x
Wed, 16 Oct 2024US$1.4tUS$522.9bUS$60.5b20x23.2x2.7x
Fri, 13 Sep 2024US$1.3tUS$522.9bUS$60.5b19.7x22.1x2.6x
Sun, 11 Aug 2024US$1.3tUS$522.9bUS$60.7b19.4x21.2x2.5x
Tue, 09 Jul 2024US$1.2tUS$517.6bUS$60.4b17.9x19.8x2.3x
Thu, 06 Jun 2024US$1.2tUS$518.1bUS$60.4b18.1x20.6x2.4x
Sat, 04 May 2024US$1.2tUS$524.8bUS$58.2b18.8x20.4x2.3x
Mon, 01 Apr 2024US$1.2tUS$561.5bUS$56.9b18.5x20.9x2.1x
Wed, 28 Feb 2024US$1.1tUS$532.1bUS$55.9b17.6x19x2x
Fri, 26 Jan 2024US$1.1tUS$544.0bUS$53.2b18.2x19.9x1.9x
Sun, 24 Dec 2023US$1.1tUS$543.9bUS$53.5b19.2x20.7x2x
Tue, 21 Nov 2023US$1.1tUS$544.3bUS$53.4b18.8x20.3x2x
Thu, 19 Oct 2023US$1.0tUS$549.7bUS$50.8b18.9x20.2x1.9x
Sat, 16 Sep 2023US$1.1tUS$549.8bUS$50.8b20.3x21.9x2x
Mon, 14 Aug 2023US$1.1tUS$549.3bUS$49.6b20.9x22.7x2.1x
Wed, 12 Jul 2023US$1.1tUS$551.7bUS$45.7b20.5x25.1x2.1x
Fri, 09 Jun 2023US$1.2tUS$549.4bUS$46.6b20.5x24.8x2.1x
Sun, 07 May 2023US$1.2tUS$546.9bUS$45.5b20.9x26.2x2.2x
Tue, 04 Apr 2023US$1.2tUS$532.0bUS$45.1b20.8x25.9x2.2x
Thu, 02 Mar 2023US$1.1tUS$532.0bUS$45.2b19.8x24.5x2.1x
Sat, 28 Jan 2023US$1.2tUS$533.3bUS$50.5b21.2x23.6x2.2x
Mon, 26 Dec 2022US$1.2tUS$531.4bUS$50.1b21.2x24.4x2.3x
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 22.4x202320242025
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-2.05%
Utilities-0.03%
Water Utilities2.08%
Other Utilities1.12%
Gas Utilities0.98%
Electric Utilities-0.18%
Renewable Energy-3.99%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry even though it's trading below its 3-year average PE ratio of 225x.
    • 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 30.3x.
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 8.6% 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$87.222.9%
+US$2.7b		6.7%PE21.5x
DUK Duke EnergyUS$117.552.0%
+US$1.7b		8.6%PE18.6x
ED Consolidated EdisonUS$99.994.5%
+US$1.6b		12.3%PE17.7x
PCG PG&EUS$15.824.4%
+US$1.5b		-20.2%PE13.4x
PPL PPLUS$34.753.9%
+US$954.3m		8.5%PE23.6x

Latest News

PPL
US$34.75
PPL
7D
3.9%
1Y
8.5%

PPL: Future Returns Will Be Driven By Expanding Data Center Interconnection Demand

The Analyst Price Target for PPL has been trimmed slightly, with our fair value estimate easing about $0.60 to $39.87 as analysts factor in modestly higher long term revenue growth and still solid, though slightly softer, margin and valuation assumptions. Analyst Commentary Street research on PPL over the past several months reflects an overall constructive stance, with the stock consistently rated favorably even as price targets have moved within a relatively narrow band.
XEL
US$73.61
Xcel Energy
7D
-1.4%
1Y
10.4%
RNW
US$5.57
ReNew Energy Global
7D
-26.6%
1Y
-20.1%
PCG
US$15.82
PG&E
7D
4.4%
1Y
-20.2%
CEG
US$361.05
Constellation Energy
7D
-4.6%
1Y
60.3%
PEG
US$80.66
Public Service Enterprise Group
7D
2.2%
1Y
-5.2%

PEG: Data Center Demand And Regulation Will Drive Future Upside

Our updated fair value estimate for Public Service Enterprise Group edges down by approximately $1 to $89.50 per share, as analysts temper margin assumptions and valuation multiples, while still highlighting supportive sector tailwinds, constructive regulation and improving growth prospects relative to peers. Analyst Commentary Recent Street commentary on Public Service Enterprise Group reflects a generally constructive stance on the company within a utilities sector that many see as structurally undervalued, but with some caution around near term regulatory and political noise.
EIX
US$60.17
Edison International
7D
3.2%
1Y
-24.3%

Edison International's (NYSE:EIX) Dividend Will Be Increased To $0.8775

Dec 15
Edison International's (NYSE:EIX) Dividend Will Be Increased To $0.8775
VST
US$166.17
Vistra
7D
-2.3%
1Y
18.7%

VST: Data Center Power Demand Will Drive Long-Term Cash Flow Upside

Analysts have raised their fair value estimate for Vistra to $288 from $232 per share. This reflects higher projected revenue growth and profit margins driven by accelerating data center power demand, robust pricing for thermal IPPs, and a series of supportive Overweight and Buy initiations and price target increases across the Street.
NEE
US$80.85
NextEra Energy
7D
-1.0%
1Y
12.8%

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.
DUK
US$117.55
Duke Energy
7D
2.0%
1Y
8.6%

DUK: Southeast Data Center Demand Will Drive Long Term Earnings Upside

Analysts modestly trimmed their fair value estimate for Duke Energy to approximately $136 per share from about $137, citing slightly lower long term profitability assumptions. At the same time, sector wide enthusiasm around regulated utilities and data center driven load growth supports a higher range of Street price targets clustered around $135 to $143.
NRG
US$154.64
NRG Energy
7D
-4.2%
1Y
71.0%

NRG: Power Price Optimism Will Likely Overstate Long Term Data Center Upside

The updated analyst price target for NRG Energy has increased to $145, up from a prior fair value of about $106. Analysts attribute this change to stronger expected profitability, improved cash flow visibility from rising power and capacity prices, and growing upside from data center driven demand and portfolio optionality.
EXC
US$44.28
Exelon
7D
1.6%
1Y
19.6%

EXC: Future Earnings Will Reflect Pennsylvania Regulatory Upside And Defensive Power Demand Trends

Analysts have nudged their average price target on Exelon modestly higher, reflecting increased conviction that its favorable regulatory jurisdictions, expected PECO step up in Pennsylvania, and stable earnings profile support upside, even as views diverge on how quickly the current valuation discount should close. Analyst Commentary Street research on Exelon remains mixed, with a growing cohort of bullish analysts highlighting improving fundamentals and valuation upside, while more cautious voices question how durable the current defensive premium and regulatory tailwinds will be as risk appetite normalizes.
SRE
US$87.25
Sempra
7D
-1.9%
1Y
1.6%

SRE: Future Earnings Guidance Will Support Stronger Long-Term Performance

Analysts have nudged their price target on Sempra higher, lifting fair value by about $1.67 per share as they factor in slightly faster expected revenue growth, a marginally lower discount rate, and a modestly richer future P/E multiple, despite largely unchanged profit margin assumptions. What's in the News Sempra updated its 2025 earnings guidance, setting an EPS range of $3.05 to $3.45 and reaffirming expectations to deliver at or above its projected long term EPS compound annual growth rate of 7% to 9% through 2029 (company guidance).
OKLO
US$77.72
Oklo
7D
-11.1%
1Y
261.2%
SO
US$87.22
Southern
7D
2.9%
1Y
6.7%

SO: Composite Equity Units Offering Will Support Future Shareholder Value Upside

Analysts have modestly lowered their price target on Southern by approximately $0.10 to reflect a slightly higher discount rate and marginally less favorable long term valuation assumptions, while leaving core growth and profitability expectations essentially unchanged. What's in the News Southern has completed a $1.75 billion composite equity units offering, issuing 35 million equity derivative units priced at $50 per unit, with a $0.875 discount per security (Key Developments).
ED
US$99.99
Consolidated Edison
7D
4.5%
1Y
12.3%