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U.S. Utilities Sector Analysis

UpdatedApr 01, 2026
DataAggregated Company Financials
Companies109
  • 7D1.5%
  • 3M6.4%
  • 1Y16.2%
  • YTD5.0%

The Utilities industry is up 1.5% in the last week, with Entergy up 9.6%. Meanwhile, Constellation Energy actually underperformed within the industry, shrinking 5.3% in the last week. This takes the industry's 12 month performance to a gain of 16%. 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
Wed, 01 Apr 2026US$1.7tUS$567.9bUS$67.5b21.3x24.5x2.9x
Fri, 27 Feb 2026US$1.7tUS$567.3bUS$68.4b22.2x24.9x3x
Sun, 25 Jan 2026US$1.5tUS$556.5bUS$68.6b20.4x22.4x2.8x
Tue, 23 Dec 2025US$1.5tUS$556.5bUS$68.5b19.4x22x2.7x
Thu, 20 Nov 2025US$1.6tUS$558.1bUS$68.5b20.2x23.1x2.8x
Sat, 18 Oct 2025US$1.6tUS$549.9bUS$63.6b21.4x25.8x3x
Mon, 15 Sep 2025US$1.5tUS$549.2bUS$63.7b20.5x23.7x2.7x
Wed, 13 Aug 2025US$1.5tUS$549.0bUS$64.1b20.7x23.7x2.8x
Fri, 11 Jul 2025US$1.4tUS$540.7bUS$63.8b20.8x22.6x2.7x
Sun, 08 Jun 2025US$1.4tUS$540.1bUS$64.0b20.7x22.2x2.6x
Tue, 06 May 2025US$1.4tUS$534.3bUS$64.5b21x21.7x2.6x
Thu, 03 Apr 2025US$1.4tUS$526.8bUS$63.6b21x21.9x2.6x
Sat, 01 Mar 2025US$1.4tUS$527.4bUS$63.2b20.5x21.5x2.6x
Mon, 27 Jan 2025US$1.4tUS$526.6bUS$58.6b19.8x23.6x2.6x
Wed, 25 Dec 2024US$1.3tUS$523.4bUS$60.0b20.1x22.1x2.5x
Fri, 22 Nov 2024US$1.4tUS$533.4bUS$62.0b20.9x22.7x2.6x
Sun, 20 Oct 2024US$1.4tUS$522.9bUS$60.5b20.1x23.5x2.7x
Tue, 17 Sep 2024US$1.4tUS$522.9bUS$60.5b20.2x22.5x2.6x
Thu, 15 Aug 2024US$1.3tUS$522.7bUS$60.7b19.5x21.3x2.5x
Sat, 13 Jul 2024US$1.2tUS$517.6bUS$60.4b18.9x20.5x2.4x
Mon, 10 Jun 2024US$1.2tUS$518.0bUS$60.4b17.9x20.1x2.3x
Wed, 08 May 2024US$1.2tUS$521.7bUS$60.0b18.7x20.3x2.3x
Fri, 05 Apr 2024US$1.2tUS$561.5bUS$56.9b18.3x20.7x2.1x
Sun, 03 Mar 2024US$1.1tUS$528.5bUS$57.9b17.4x18.6x2x
Tue, 30 Jan 2024US$1.1tUS$544.0bUS$53.2b18.3x20.3x2x
Thu, 28 Dec 2023US$1.1tUS$543.9bUS$53.5b19.3x20.8x2x
Sat, 25 Nov 2023US$1.1tUS$543.9bUS$53.5b18.8x20.3x2x
Mon, 23 Oct 2023US$1.0tUS$549.7bUS$50.8b18.5x19.8x1.8x
Wed, 20 Sep 2023US$1.1tUS$549.7bUS$50.8b20.2x21.9x2x
Fri, 18 Aug 2023US$1.1tUS$549.3bUS$49.6b19.9x22.2x2x
Sun, 16 Jul 2023US$1.2tUS$551.7bUS$45.7b20.8x25.4x2.1x
Tue, 13 Jun 2023US$1.1tUS$549.3bUS$46.6b20.4x24.6x2.1x
Thu, 11 May 2023US$1.2tUS$549.0bUS$46.6b21.1x25.7x2.2x
Sat, 08 Apr 2023US$1.2tUS$532.0bUS$45.0b21.7x26.9x2.3x
Price to Earnings Ratio

26.9x


Total Market Cap: US$1.2tTotal Earnings: US$45.0bTotal Revenue: US$532.0bTotal 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 3-year average PS ratio of 2.4x is lower than the industry's current PS ratio of 2.9x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have grown 14% per year over the last three years.
  • Revenues for these companies have grown 2.2% 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-0.61%
Utilities1.53%
Other Utilities2.27%
Water Utilities1.97%
Electric Utilities1.47%
Gas Utilities0.96%
Renewable Energy-0.35%
Industry PE
  • Investors are most optimistic about the Water Utilities industry, which is trading close to its 3-year average PE ratio of 25.0x.
    • Analysts are expecting annual earnings growth of 9.1%, which is higher than its past year's earnings growth of 3.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 28% over the next 5 years.
  • This is better than its past earnings decline of 44% per year.
  • In contrast, the Water Utilities industry is expected to see its earnings grow by 9.1% 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
ETR EntergyUS$112.369.6%
+US$5.0b		31.2%PE29.3x
SO SouthernUS$96.522.7%
+US$2.8b		5.1%PE24.9x
DUK Duke EnergyUS$130.942.8%
+US$2.8b		8.2%PE20.8x
NEE NextEra EnergyUS$92.881.4%
+US$2.6b		31.0%PE28.3x
EXC ExelonUS$49.023.7%
+US$1.8b		6.8%PE18.1x

Latest News

AES
US$14.09
AES
7D
-0.3%
1Y
13.9%

AES: Take Private Offer And Data Center Commitments Will Shape Future Upside

The analyst fair value estimate for AES has been revised from $8.50 to $15.00. Analysts are pointing to the $15 per share take-private offer and a cluster of recent downgrades and Neutral ratings that now anchor expectations around the deal price.
ETR
US$112.36
Entergy
7D
9.6%
1Y
31.2%
SRE
US$97.17
Sempra
7D
2.3%
1Y
35.8%
VST
US$150.33
Vistra
7D
-1.6%
1Y
23.0%

VST: Long-Term Data Center Nuclear Contracts Will Shape Future Power Pricing

Analysts have made a modest upward adjustment to the Vistra price target to about $234 from about $233, reflecting fine tuned expectations around revenue growth, margin assumptions, and future P/E multiples following recent research updates that highlight both positive contract wins and more cautious views on gas exposure and sector valuation. Analyst Commentary Recent research on Vistra reflects a mix of enthusiasm around new long term contracts and growth projects, alongside more careful adjustments to gas exposure and valuation multiples.
DUK
US$130.94
Duke Energy
7D
2.8%
1Y
8.2%
UGI
US$36.42
UGI
7D
-0.3%
1Y
8.7%

UGI: Expanded Buybacks And Stable Margins Will Support Future Upside

Analysts have kept their UGI price target steady at about $44.50 per share, citing essentially unchanged assumptions for the discount rate, revenue growth, profit margins and future P/E as the basis for maintaining their view. What's in the News From October 1, 2025 to December 31, 2025, UGI repurchased 300,000 shares for $11.54 million, representing 0.14% of shares under its existing buyback program (Key Developments).
AEP
US$131.08
American Electric Power Company
7D
2.2%
1Y
21.7%

AEP: Data Center Load And Transmission Build Plan Will Shape Outlook

Analyst price targets for American Electric Power Company have been revised modestly higher to reflect updated earnings models, a slightly higher fair value estimate of about $137.47, and continued emphasis on the company's large contracted load backlog and transmission-focused investment plans. Analyst Commentary Recent Street research on American Electric Power Company reflects a generally constructive tone, with several firms adjusting price targets higher and a mix of rating upgrades and one downgrade tied mainly to valuation.
EXC
US$49.02
Exelon
7D
3.7%
1Y
6.8%

EXC: Regulatory Certainty And Large Load Policies Will Shape Grid Investment Outcomes

The analyst price target for Exelon increases by about $0.44 to $50.88, as analysts incorporate refreshed models and updated estimates across the North American utilities group following recent Q4 results, capital spending plans and sector-wide target revisions. Analyst Commentary Recent research updates show a cluster of upward price target revisions for Exelon, with a range of views on how execution, capital spending and regulatory factors could influence the company’s valuation over time.
NEE
US$92.88
NextEra Energy
7D
1.4%
1Y
31.0%
SO
US$96.52
Southern
7D
2.7%
1Y
5.1%
D
US$61.82
Dominion Energy
7D
2.6%
1Y
9.9%

D: Offshore Wind Progress And EPS Guidance Will Support Steady Long-Term Returns

Analysts have inched their price target on Dominion Energy higher to $65.63 from $65.25, citing updated assumptions for revenue growth, profit margin, discount rate and future P/E that slightly adjust the stock's valuation outlook. What's in the News Issued 2026 operating earnings guidance of $3.45 to $3.69 per share, with a midpoint of $3.57 per share that includes $0.07 per share of RNG 45Z income (company guidance).
RNW
US$4.58
ReNew Energy Global
7D
-3.8%
1Y
-21.6%

RNW: New Private Placement Will Support Future Clean Energy Upside

Analysts have raised their price target for ReNew Energy Global from about $8.00 to about $8.98, citing updated expectations for revenue growth, profit margins, and future P/E assumptions. What's in the News ReNew Energy Global Plc announced a private placement of common shares for gross proceeds of US$95,000,000 on March 16, 2026.
NRG
US$146.14
NRG Energy
7D
-3.3%
1Y
48.3%

NRG: Future Cash Returns From LS Power Assets And Dividends Will Matter

Analysts have nudged their fair value estimate for NRG Energy slightly lower to about $202 per share. This reflects updated views on more moderate revenue growth, a somewhat higher profit margin, and a richer future P/E, driven in part by recent research citing the impact of LS Power acquisitions and a more balanced retail and wholesale mix.
CEG
US$279.25
Constellation Energy
7D
-5.3%
1Y
34.9%

Constellation Energy Corp. (CEG): The Nuclear AI Titan – Electrifying the Intelligence Age

Vestra has increased revenue growth from 13.6% to 24.8%.
OKLO
US$49.59
Oklo
7D
-9.8%
1Y
120.1%

Advanced Nuclear Policy And Fuel Progress Will Support Long-Term Clean Power And Isotope Demand

Catalysts About Oklo Oklo develops and deploys advanced nuclear reactors, fuel cycle capabilities and radioisotope facilities through an integrated power, fuel and isotopes platform. What are the underlying business or industry changes driving this perspective?
NFG
US$93.96
National Fuel Gas
7D
-0.9%
1Y
17.7%