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U.S. Utilities Sector Analysis

UpdatedDec 09, 2025
DataAggregated Company Financials
Companies119
  • 7D-3.2%
  • 3M2.8%
  • 1Y9.9%
  • YTD12.7%

Over the last 7 days, the Utilities industry has dropped 3.2%, driven by a pullback from NextEra Energy of 4.8%. In contrast, Oklo has gained 20%. In the past year, the industry has gained 9.9%. Earnings are forecast to grow by 9.0% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 10 Dec 2025US$1.5tUS$558.0bUS$68.7b19.5x22.4x2.8x
Fri, 07 Nov 2025US$1.6tUS$557.7bUS$66.5b20.3x23.9x2.8x
Sun, 05 Oct 2025US$1.6tUS$549.9bUS$63.6b21.2x24.9x2.9x
Tue, 02 Sep 2025US$1.5tUS$549.2bUS$63.7b20.6x23.4x2.7x
Thu, 31 Jul 2025US$1.5tUS$541.9bUS$64.1b21.6x23.3x2.8x
Sat, 28 Jun 2025US$1.4tUS$540.3bUS$64.0b20.2x22.4x2.7x
Mon, 26 May 2025US$1.4tUS$540.1bUS$64.0b20.8x22.2x2.6x
Wed, 23 Apr 2025US$1.3tUS$526.7bUS$63.6b21.1x21x2.5x
Fri, 21 Mar 2025US$1.4tUS$526.8bUS$63.1b20.7x21.8x2.6x
Sun, 16 Feb 2025US$1.4tUS$525.6bUS$62.0b20.3x22.2x2.6x
Tue, 14 Jan 2025US$1.3tUS$503.3bUS$55.8b19.4x23.5x2.6x
Thu, 12 Dec 2024US$1.4tUS$533.3bUS$61.2b20.4x22.3x2.6x
Sat, 09 Nov 2024US$1.4tUS$534.1bUS$62.6b20.6x21.8x2.6x
Mon, 07 Oct 2024US$1.4tUS$522.9bUS$60.5b19.8x23.3x2.7x
Wed, 04 Sep 2024US$1.3tUS$522.9bUS$60.5b19.7x21.9x2.5x
Fri, 02 Aug 2024US$1.3tUS$518.7bUS$59.5b20.2x21.4x2.5x
Sun, 30 Jun 2024US$1.2tUS$517.6bUS$60.4b18x19.7x2.3x
Tue, 28 May 2024US$1.2tUS$518.1bUS$60.4b18.1x20.6x2.4x
Thu, 25 Apr 2024US$1.2tUS$527.1bUS$57.8b19.1x20.1x2.2x
Sat, 23 Mar 2024US$1.1tUS$528.0bUS$57.4b18.2x19.5x2.1x
Mon, 19 Feb 2024US$1.1tUS$537.1bUS$54.3b18.1x19.8x2x
Wed, 17 Jan 2024US$1.1tUS$543.9bUS$53.5b18.9x20.8x2x
Fri, 15 Dec 2023US$1.1tUS$543.9bUS$53.5b19.4x21.4x2.1x
Sun, 12 Nov 2023US$1.0tUS$545.0bUS$53.3b18.4x19.7x1.9x
Tue, 10 Oct 2023US$1.0tUS$554.7bUS$51.7b18.7x19.9x1.9x
Thu, 07 Sep 2023US$1.1tUS$549.7bUS$50.8b19.4x21.1x2x
Sat, 05 Aug 2023US$1.1tUS$548.4bUS$48.6b20.8x23x2x
Mon, 03 Jul 2023US$1.1tUS$551.7bUS$45.7b20.3x25x2.1x
Wed, 31 May 2023US$1.1tUS$549.1bUS$46.5b19.9x24x2x
Fri, 28 Apr 2023US$1.2tUS$536.3bUS$47.2b21.7x25.3x2.2x
Sun, 26 Mar 2023US$1.1tUS$532.0bUS$45.0b20.5x25.3x2.1x
Tue, 21 Feb 2023US$1.2tUS$528.4bUS$47.1b21x25.1x2.2x
Thu, 19 Jan 2023US$1.2tUS$531.4bUS$50.1b21x24x2.3x
Sat, 17 Dec 2022US$1.2tUS$531.8bUS$45.8b20.8x26.3x2.3x
Price to Earnings Ratio

26.3x


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 2.8x.
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 Market0.49%
Utilities-3.18%
Water Utilities-2.43%
Gas Utilities-2.56%
Electric Utilities-3.18%
Other Utilities-3.25%
Renewable Energy-3.67%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry even though it's trading below its 3-year average PE ratio of 224x.
    • Analysts are expecting annual earnings growth of 25.5%, 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
OKLO OkloUS$104.6119.7%
+US$2.7b		420.7%PB13.6x
HE Hawaiian Electric IndustriesUS$11.905.1%
+US$100.1m		12.8%PE18.2x
HNRG Hallador EnergyUS$21.166.6%
+US$57.4m		62.5%PS2x
ES Eversource EnergyUS$66.700.2%
+US$56.3m		10.7%PE18.6x
CDZI CadizUS$5.8211.3%
+US$49.0m		43.0%PS30.3x

Latest News

HNRG
US$21.16
Hallador Energy
7D
6.6%
1Y
62.5%
AEP
US$115.73
American Electric Power Company
7D
-4.0%
1Y
21.1%

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.
ES
US$66.70
Eversource Energy
7D
0.2%
1Y
10.7%
SRE
US$88.16
Sempra
7D
-3.7%
1Y
-0.7%

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$104.61
Oklo
7D
19.7%
1Y
420.7%
SO
US$85.56
Southern
7D
-3.9%
1Y
1.4%

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$75.73
Xcel Energy
7D
-5.0%
1Y
9.6%

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.
VST
US$166.12
Vistra
7D
-3.7%
1Y
17.4%

VST: Long-Term Power Deals And Buybacks Will Drive Strength Ahead

Analysts have moderately increased their price target for Vistra, raising fair value from $228.26 to $230.71 per share. This change reflects expectations for stable earnings growth and sector tailwinds, despite slightly tempered revenue outlooks.
NEE
US$80.55
NextEra Energy
7D
-4.8%
1Y
7.8%

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.
DUK
US$115.24
Duke Energy
7D
-3.7%
1Y
3.7%

DUK: Expanding Southeast Demand Will Drive Improved Earnings Prospects Ahead

Duke Energy's analyst price target has modestly increased by approximately $0.24 to $137.47. Analysts cite steady portfolio improvements, constructive regulatory developments, and supportive sector fundamentals as factors driving valuation adjustments.
EXC
US$43.33
Exelon
7D
-5.2%
1Y
15.7%

EXC: Future Earnings Will Reflect Regulatory Dynamics And Power Demand Trends

Exelon’s analyst price target has been modestly reduced by $0.13 to $49.75. Analysts note slightly stronger revenue growth, but see near-term valuation constraints following recent sector coverage initiations and recalibrated market positioning.
HE
US$11.90
Hawaiian Electric Industries
7D
5.1%
1Y
12.8%
MNTK
US$1.71
Montauk Renewables
7D
4.9%
1Y
-57.8%

Montauk Renewables, Inc. (NASDAQ:MNTK) Looks Inexpensive After Falling 30% But Perhaps Not Attractive Enough

Nov 07
Montauk Renewables, Inc. (NASDAQ:MNTK) Looks Inexpensive After Falling 30% But Perhaps Not Attractive Enough
OTTR
US$82.28
Otter Tail
7D
1.1%
1Y
4.9%
ALE
US$67.75
ALLETE
7D
0.3%
1Y
4.5%
CDZI
US$5.82
Cadiz
7D
11.3%
1Y
43.0%

Cadiz Inc.'s (NASDAQ:CDZI) P/S Is Still On The Mark Following 38% Share Price Bounce

Oct 11
Cadiz Inc.'s (NASDAQ:CDZI) P/S Is Still On The Mark Following 38% Share Price Bounce