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U.S. Utilities Sector Analysis

UpdatedSep 18, 2026
DataAggregated Company Financials
Companies115
  • 7D-1.9%
  • 3M-7.3%
  • 1Y-1.8%
  • YTD-4.9%

Over the last 7 days, the Utilities industry has dropped 1.9%, driven by a pullback from Constellation Energy of 8.1%. Meanwhile, Fervo Energy actually outperformed within the industry, gaining 5.9% in the last week. Over the last year, the industry has been flat overall. Looking forward, earnings are forecast to grow by 10% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 18 Sep 2026US$1.5tUS$595.4bUS$72.0b20.3x20.8x2.5x
Sun, 16 Aug 2026US$1.6tUS$595.4bUS$72.0b21.4x22.4x2.7x
Tue, 14 Jul 2026US$1.6tUS$587.1bUS$69.0b22.2x23.9x2.8x
Thu, 11 Jun 2026US$1.6tUS$587.1bUS$69.1b21.2x23.1x2.7x
Sat, 09 May 2026US$1.6tUS$582.7bUS$67.8b21.3x24.2x2.8x
Mon, 06 Apr 2026US$1.7tUS$568.0bUS$67.5b21.8x24.8x2.9x
Wed, 04 Mar 2026US$1.7tUS$567.9bUS$67.3b22.3x25.3x3x
Fri, 30 Jan 2026US$1.6tUS$558.5bUS$69.1b20.5x22.6x2.8x
Sun, 28 Dec 2025US$1.5tUS$556.5bUS$68.5b19.4x22.2x2.7x
Tue, 25 Nov 2025US$1.6tUS$558.0bUS$68.7b20.4x22.8x2.8x
Thu, 23 Oct 2025US$1.6tUS$549.9bUS$63.6b21.8x25.4x2.9x
Sat, 20 Sep 2025US$1.5tUS$549.9bUS$63.6b20.3x23.6x2.7x
Mon, 18 Aug 2025US$1.5tUS$549.2bUS$63.7b20.5x23.7x2.7x
Wed, 16 Jul 2025US$1.5tUS$540.7bUS$63.8b20.8x22.9x2.7x
Fri, 13 Jun 2025US$1.4tUS$540.1bUS$64.0b20.8x22.2x2.6x
Sun, 11 May 2025US$1.4tUS$538.9bUS$63.6b20.7x22.2x2.6x
Tue, 08 Apr 2025US$1.3tUS$526.8bUS$63.6b19.6x20.6x2.5x
Thu, 06 Mar 2025US$1.4tUS$526.8bUS$63.1b19.9x21.6x2.6x
Sat, 01 Feb 2025US$1.4tUS$527.0bUS$60.4b20x22.6x2.6x
Mon, 30 Dec 2024US$1.3tUS$523.4bUS$60.0b20x22x2.5x
Wed, 27 Nov 2024US$1.4tUS$533.3bUS$61.2b21.4x23.3x2.7x
Fri, 25 Oct 2024US$1.4tUS$523.4bUS$61.4b19.8x23.2x2.7x
Sun, 22 Sep 2024US$1.4tUS$522.9bUS$60.5b20x22.9x2.7x
Tue, 20 Aug 2024US$1.3tUS$522.9bUS$60.6b19.4x21.5x2.5x
Thu, 18 Jul 2024US$1.2tUS$517.6bUS$60.4b19.2x20.4x2.4x
Sat, 15 Jun 2024US$1.2tUS$518.0bUS$60.4b18x20.1x2.3x
Mon, 13 May 2024US$1.2tUS$518.4bUS$60.2b18.7x20.7x2.4x
Wed, 10 Apr 2024US$1.2tUS$528.1bUS$57.4b18.7x20.1x2.2x
Fri, 08 Mar 2024US$1.1tUS$526.3bUS$57.9b17.9x19.2x2.1x
Sun, 04 Feb 2024US$1.1tUS$544.3bUS$53.5b18.6x20.2x2x
Tue, 02 Jan 2024US$1.1tUS$543.9bUS$53.5b19.4x20.9x2.1x
Thu, 30 Nov 2023US$1.1tUS$543.9bUS$53.5b18.7x20.4x2x
Sat, 28 Oct 2023US$1.0tUS$549.9bUS$50.2b18.9x20.3x1.9x
Mon, 25 Sep 2023US$1.1tUS$549.8bUS$50.8b19.7x21.7x2x
Price to Earnings Ratio

21.7x


Total Market Cap: US$1.1tTotal Earnings: US$50.8bTotal Revenue: US$549.8bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Utilities Sector Price to Earnings3Y Average 22.2x202420252026
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 22.2x.
  • 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 12% per year over the last three years.
  • Revenues for these companies have grown 2.7% 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 Market0.54%
Utilities-1.94%
Water Utilities-0.94%
Gas Utilities-1.32%
Other Utilities-1.39%
Renewable Energy-2.04%
Electric Utilities-2.26%
Industry PE
  • Investors are most optimistic about the Water Utilities industry, which is trading close to its 3-year average PE ratio of 23.7x.
    • Analysts are expecting annual earnings growth of 9.6%, which is higher than its past year's earnings growth of 4.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 25% over the next 5 years.
  • However this is lower than its past earnings growth rate of 39% per year.
  • In contrast, the Other Utilities industry is expected to see its earnings grow by 5.3% 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
FRVO Fervo EnergyUS$16.665.9%
+US$274.1m		n/aPS15739.6x
ED Consolidated EdisonUS$107.080.3%
+US$129.4m		11.1%PE17.9x
FISN Deep FissionUS$8.1220.3%
+US$80.7m		n/aPB4.8x
TXNM TXNM EnergyUS$58.591.3%
+US$80.4m		3.3%PE32.9x
ORA Ormat TechnologiesUS$97.370.7%
+US$44.3m		3.6%PE47.3x

Latest News

AES
US$14.85
AES
7D
0.3%
1Y
14.7%
PCG
US$13.38
PG&E
7D
-4.6%
1Y
-10.2%
Narrative Update • Sep 17

PCG: Wildfire Reform Stalemate Will Shape Capital Review And Multiple Repricing

Analysts have trimmed their fair value estimate for PG&E from about $20.78 to $19.66, reflecting updated wildfire policy risk, a slightly lower future P/E assumption near 12.0x, and modestly softer long term revenue growth and profit margin inputs after recent research updates and the company's revised capex plans. Analyst Commentary Recent research on PG&E shows a split view among Wall Street firms, with some seeing value after recent price target resets and others focused on wildfire policy risk, the new capex plan, and the extended timing around any potential reform in California.
VST
US$143.56
Vistra
7D
-2.4%
1Y
-31.7%
Narrative Update • Sep 17

VST: AI Power Demand And Fleet Expansion Will Drive Long-Term Earnings Power

Vistra's analyst price target is updated to $217.42. Analysts point to slightly lower modeled revenue growth, a higher profit margin outlook, ongoing support from data center driven power demand, and recent fleet expansion.
NEE
US$81.28
NextEra Energy
7D
-1.4%
1Y
14.8%
Seeking Alpha • Sep 16

NextEra Energy: A Premium Worth Paying For

Summary NextEra Energy blends a robust Florida regulated utility with a national energy infrastructure developer, capitalizing on rising electricity demand and data center growth. NEE's Q2 adjusted EPS grew 9.5%, supported by infrastructure investment, a 35.1 GW renewables backlog, and a 20.44x FWD P/E premium justified by sector-leading margins. Management maintains FY2026 adjusted EPS guidance of $3.92-$4.02 and targets ~6% annual dividend growth from 2026 through 2028, underpinned by disciplined reinvestment. Risks include heavy capital spending, negative levered FCF, regulatory uncertainties, and execution on large-load contracts and the Dominion Energy merger. Read the full article on Seeking Alpha
TXNM
US$58.59
TXNM Energy
7D
1.3%
1Y
3.3%
ED
US$107.08
Consolidated Edison
7D
0.3%
1Y
11.1%
FISN
US$8.12
Deep Fission
7D
20.3%
1Y
n/a
ORA
US$97.37
Ormat Technologies
7D
0.7%
1Y
3.6%
SRE
US$82.18
Sempra
7D
-2.2%
1Y
-0.4%
CEG
US$262.80
Constellation Energy
7D
-8.1%
1Y
-18.6%
Seeking Alpha • Sep 14

Constellation Energy Has More Upside Than The Market Reflects

Summary Constellation Energy is rated Buy, driven by its unmatched nuclear fleet, robust cash flow, and government-backed incentives supporting double-digit base earnings growth into the 2030s. CEG’s premium valuation is justified by its fleet scarcity, long-duration contracts, and policy-backed Production Tax Credits (PTCs) that provide a strong earnings floor through at least 2032. Recent Calpine acquisition, accelerated buybacks, and the Crane Clean Energy Center restart—anchored by a 20-year Microsoft contract—enhance contracted revenue visibility and earnings per share. Key risks are policy changes to PTCs or execution failures on major projects, but CEG’s asset base and capital return plan offer meaningful downside protection. Read the full article on Seeking Alpha
ETR
US$103.31
Entergy
7D
-2.3%
1Y
17.6%
Seeking Alpha • Sep 12

Entergy's Next Growth Engine Is Already Connected

Summary Entergy is well-positioned to convert new industrial demand into regulated earnings growth, supporting a bullish investment thesis. ETR’s premium valuation is justified by robust capital investment plans, visible customer commitments, and regulatory approvals, though execution risk remains. Industrial sales growth, capital recovery, and EPS must rise in tandem; delays or regulatory setbacks could undermine the investment case. I target $136/share by 2030 (22x EPS), recommending ETR as a buy for patient investors seeking long-term compounding over immediate upside. Read the full article on Seeking Alpha
SO
US$86.76
Southern
7D
-1.1%
1Y
-5.1%
NRG
US$106.23
NRG Energy
7D
-4.9%
1Y
-35.3%
Seeking Alpha • Sep 10

NRG Energy: Customer Relationship Is Worth More Than Another AI Headline

Summary NRG Energy is a buy at $119.02, with a valuation target of $154, reflecting disciplined execution and incremental earnings growth from existing assets and customers. NRG's dual retail and generation model, enhanced by the CPower acquisition, provides flexibility and customer stickiness, but profitability hinges on prudent capital allocation and operational discipline. Near-term earnings growth is forecasted at $8.80 per share this year and $10.25 next year, with management prioritizing debt repayment over aggressive share repurchases. NRG trades at a discount to peers on EV/EBITDA and P/E, but execution risks around new developments, Texas demand, and cost overruns must be closely monitored. Read the full article on Seeking Alpha
UGI
US$38.16
UGI
7D
0.4%
1Y
15.6%
CPK
US$130.84
Chesapeake Utilities
7D
1.0%
1Y
3.6%
FRVO
US$16.66
Fervo Energy
7D
5.9%
1Y
n/a
Narrative Update • Sep 03

FRVO: Google Agreement And Contracted Backlog Will Drive Future Repricing

Fervo Energy's analyst fair value estimate has been reset from $34.00 to about $27.30 as analysts factor in lower modeled revenue growth, improved profit margin assumptions, and updated price targets across the Street following new power purchase agreements and recent earnings updates. Analyst Commentary Street research on Fervo Energy is broadly constructive, with many firms highlighting the company’s position in enhanced geothermal systems and its contracted backlog.