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U.S. Utilities Sector Analysis

UpdatedDec 14, 2025
DataAggregated Company Financials
Companies118
  • 7D-1.2%
  • 3M0.4%
  • 1Y11.4%
  • YTD12.9%

Over the last 7 days, the Utilities industry has dropped 1.2%, and NextEra Energy contributed the most with a 1.8% decline. Over the past 12 months, the industry was up 11%. Earnings are forecast to grow by 9.2% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 14 Dec 2025US$1.5tUS$558.0bUS$68.7b19.5x22.2x2.7x
Tue, 11 Nov 2025US$1.6tUS$559.3bUS$68.0b20.1x23.6x2.9x
Thu, 09 Oct 2025US$1.6tUS$549.9bUS$63.6b21.3x25.3x2.9x
Sat, 06 Sep 2025US$1.5tUS$549.2bUS$63.7b20.4x23.2x2.7x
Mon, 04 Aug 2025US$1.5tUS$545.9bUS$63.5b20.8x23.8x2.8x
Wed, 02 Jul 2025US$1.4tUS$540.3bUS$64.0b20.4x22.4x2.7x
Fri, 30 May 2025US$1.4tUS$540.1bUS$64.0b20.7x22.1x2.6x
Sun, 27 Apr 2025US$1.4tUS$528.6bUS$62.1b20.9x22.2x2.6x
Tue, 25 Mar 2025US$1.4tUS$526.8bUS$63.1b20.8x21.8x2.6x
Thu, 20 Feb 2025US$1.4tUS$525.1bUS$62.8b20.8x21.9x2.6x
Sat, 18 Jan 2025US$1.4tUS$528.1bUS$58.6b19.9x23.4x2.6x
Mon, 16 Dec 2024US$1.4tUS$532.1bUS$61.1b20.1x22.2x2.5x
Wed, 13 Nov 2024US$1.4tUS$533.4bUS$61.3b20.4x22.7x2.6x
Fri, 11 Oct 2024US$1.4tUS$522.9bUS$60.5b19.2x22.6x2.6x
Sun, 08 Sep 2024US$1.3tUS$522.9bUS$60.5b19.4x21.8x2.5x
Tue, 06 Aug 2024US$1.3tUS$521.9bUS$60.6b19.4x21.4x2.5x
Thu, 04 Jul 2024US$1.2tUS$517.6bUS$60.4b17.9x19.8x2.3x
Sat, 01 Jun 2024US$1.2tUS$518.1bUS$60.4b18.3x20.5x2.4x
Mon, 29 Apr 2024US$1.2tUS$525.9bUS$57.8b18.5x20x2.2x
Wed, 27 Mar 2024US$1.1tUS$528.0bUS$57.4b18.1x19.6x2.1x
Fri, 23 Feb 2024US$1.1tUS$536.6bUS$54.3b17.5x20x2x
Sun, 21 Jan 2024US$1.1tUS$543.9bUS$53.5b18.1x20.1x2x
Tue, 19 Dec 2023US$1.1tUS$543.9bUS$53.5b19x20.9x2.1x
Thu, 16 Nov 2023US$1.1tUS$545.0bUS$53.4b18.8x20.2x2x
Sat, 14 Oct 2023US$1.0tUS$554.7bUS$51.7b19x20.3x1.9x
Mon, 11 Sep 2023US$1.1tUS$549.8bUS$50.8b19.9x21.5x2x
Wed, 09 Aug 2023US$1.1tUS$547.7bUS$47.7b21x23.5x2x
Fri, 07 Jul 2023US$1.1tUS$551.7bUS$45.7b20.5x25.1x2.1x
Sun, 04 Jun 2023US$1.1tUS$549.2bUS$46.5b20x24.3x2.1x
Tue, 02 May 2023US$1.2tUS$536.1bUS$46.9b21.7x25.5x2.2x
Thu, 30 Mar 2023US$1.2tUS$532.0bUS$45.0b20.8x25.8x2.2x
Sat, 25 Feb 2023US$1.2tUS$531.2bUS$47.0b20.7x24.6x2.2x
Mon, 23 Jan 2023US$1.2tUS$531.4bUS$50.1b20.9x23.9x2.3x
Wed, 21 Dec 2022US$1.2tUS$531.8bUS$45.8b20.7x26.2x2.3x
Price to Earnings Ratio

26.2x


Total Market Cap: US$1.2tTotal Earnings: US$45.8bTotal Revenue: US$531.8bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Utilities Sector Price to Earnings3Y Average 22.5x202320242025
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 22.5x.
  • 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 14% 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-0.59%
Utilities-1.16%
Water Utilities1.02%
Renewable Energy0.43%
Gas Utilities-0.30%
Other Utilities-0.92%
Electric Utilities-1.63%
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 26.1%, 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 26% over the next 5 years.
  • This is better than its past earnings decline of 3.5% per year.
  • In contrast, the Other Utilities industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
VST VistraUS$170.101.8%
+US$992.8m		17.4%PE60x
D Dominion EnergyUS$59.331.4%
+US$717.3m		9.8%PE19.4x
ES Eversource EnergyUS$68.112.1%
+US$514.0m		14.4%PE19x
AWK American Water Works CompanyUS$131.551.6%
+US$400.0m		1.5%PE23.1x
ED Consolidated EdisonUS$97.531.0%
+US$335.7m		5.2%PE17.3x

Latest News

NWE
US$67.84
NorthWestern Energy Group
7D
3.5%
1Y
33.2%

NWE Q3 Momentum And Merger Progress Will Shape Moderate Outlook

Analysts have modestly raised their price target on NorthWestern Energy Group to approximately $62 from about $59. They cite the company’s better than expected recent results, slightly improved margin outlook, and reaffirmed earnings and capital investment plans as key supports for a higher fair value, despite a marginally higher discount rate and somewhat slower projected revenue growth.
VST
US$170.10
Vistra
7D
1.8%
1Y
17.4%
DUK
US$115.30
Duke Energy
7D
-1.0%
1Y
6.0%
ES
US$68.11
Eversource Energy
7D
2.1%
1Y
14.4%

ES: Earnings Outlook And Multiples Will Likely Support A Stable Profile

Analysts have raised their price target on Eversource Energy by approximately 0.3 percent to about 73 dollars, citing a slightly lower discount rate and modestly higher long term valuation multiples that support a marginally higher fair value estimate. 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 filings).
D
US$59.33
Dominion Energy
7D
1.4%
1Y
9.8%

D: Earnings Guidance And Modest Buybacks Will Support Steady Future Returns

Analysts have made a slight downward revision to their price target on Dominion Energy, trimming it by approximately $0.07 per share as they fine tune assumptions around long term revenue growth, profit margins and valuation multiples. What's in the News Dominion Energy reported that from July 1 to September 30, 2025, it repurchased no additional shares, but has completed a total buyback of 2,476,657 shares for $191.75 million under its November 6, 2020 authorization (Key Developments).
BKH
US$72.63
Black Hills
7D
3.8%
1Y
19.1%

BKH: Future Multiples Will Likely Edge Higher While Fundamentals Stay Balanced

Analysts have modestly raised their price target on Black Hills to approximately $75.00 from about $73.50, reflecting slightly higher assumed future valuation multiples while keeping growth and margin expectations effectively unchanged. Valuation Changes Fair Value: increased slightly from approximately $73.50 to about $75.00 per share.
UGI
US$38.21
UGI
7D
1.9%
1Y
33.8%

UGI: Ongoing Share Repurchases Will Support Future Cash Flow Stability

Analysts have nudged their price target for UGI slightly higher to approximately $43.00 per share, reflecting modestly lower discount rate assumptions and stable long term forecasts for revenue growth, profit margins, and future valuation multiples. What's in the News Completed a multi year share repurchase program originally announced on May 8, 2018, totaling 4,650,000 shares, or 2.33% of outstanding shares, for $194.64 million (company filing) In the most recent tranche from July 1, 2025 to September 30, 2025, repurchased 500,000 shares, representing 0.23% of shares outstanding, for $16.53 million (company filing) Ongoing capital returns via buybacks signal management confidence in long term cash flow stability and balance sheet capacity (company commentary/market interpretation) Valuation Changes Fair Value Estimate maintained at approximately $43.00 per share, indicating no material change to the central valuation outcome.
CEG
US$351.98
Constellation Energy
7D
-2.2%
1Y
47.2%

CEG: Data Center Power Deals Will Drive Nuclear Cash Flows Higher

Analysts have raised their average price target on Constellation Energy by roughly $30 to $400, citing accelerating commercial momentum, growing nuclear and thermal cash flows, and the scarcity value of its generation assets in an environment of robust electricity demand and expanding data center power needs. Analyst Commentary Recent research updates reflect a broadly constructive stance toward Constellation Energy, with several firms lifting price targets in response to strengthening fundamentals and a more supportive power market backdrop.
AWK
US$131.55
American Water Works Company
7D
1.6%
1Y
1.5%
AEP
US$114.13
American Electric Power Company
7D
-2.9%
1Y
23.1%

AEP: Data Center Demand And Execution On Massive Grid Buildout Will Drive Outcomes

The analyst price target for American Electric Power Company has risen by approximately $4 to the low $120s range, as analysts highlight the company's solid balance sheet, sizable $70B-plus capital plan, and growing exposure to data center driven demand, even as they flag valuation and regulatory execution as key swing factors. Analyst Commentary Recent Street research reflects a constructive but selective stance on American Electric Power, with many bullish analysts raising price targets into the low to mid $120s and a few more cautious voices emphasizing execution and valuation risk.
SRE
US$88.49
Sempra
7D
-2.4%
1Y
-0.8%

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$87.42
Oklo
7D
-16.5%
1Y
371.8%
SO
US$84.44
Southern
7D
-2.1%
1Y
1.5%

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).
XEL
US$75.15
Xcel Energy
7D
-2.6%
1Y
10.3%

XEL: Marshall Fire Settlement Will Clear Overhang And Restore Premium Multiple

Analysts have modestly trimmed their blended price target for Xcel Energy by less than $1, to the mid $80s per share, as they balance recent target hikes tied to above consensus long term earnings growth and renewed premium valuation potential against selective downward revisions reflecting sector underperformance and updated utilities coverage. Analyst Commentary Recent Street research reflects a constructive but selective stance on Xcel Energy, with most updates highlighting improving fundamentals, clearer legal visibility and the potential for the shares to regain a premium valuation multiple despite pockets of caution around sector performance and valuation.
NEE
US$81.65
NextEra Energy
7D
-1.8%
1Y
10.9%

NEE: Duane Arnold Restart And Data Center Demand Will Shape Sector Prospects Amid Policy Changes

NextEra Energy's analyst price target shifted from $91.05 to $91.00, reflecting modest adjustments based on recent analyst updates that highlight sector-wide performance and evolving expectations for regulated utility growth. Analyst Commentary Recent research coverage provides insight into how market watchers are calibrating expectations for NextEra Energy as sector fundamentals shift and utility valuations adjust.
ED
US$97.53
Consolidated Edison
7D
1.0%
1Y
5.2%