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U.S. Utilities Sector Analysis

UpdatedDec 25, 2025
DataAggregated Company Financials
Companies117
  • 7D1.0%
  • 3M0.3%
  • 1Y13.1%
  • YTD13.5%

The Utilities industry is up 1.0% in the last week, with Constellation Energy up 6.7%. In the last 12 months, the industry was up 13%. 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
Thu, 25 Dec 2025US$1.5tUS$556.5bUS$68.5b19.5x22.3x2.7x
Sat, 22 Nov 2025US$1.6tUS$558.0bUS$68.4b20.4x22.8x2.8x
Mon, 20 Oct 2025US$1.6tUS$549.9bUS$63.6b21.4x25.7x3x
Wed, 17 Sep 2025US$1.5tUS$549.9bUS$63.6b20.2x23.8x2.7x
Fri, 15 Aug 2025US$1.5tUS$549.2bUS$63.6b20.7x24x2.8x
Sun, 13 Jul 2025US$1.4tUS$540.7bUS$63.8b20.8x22.7x2.7x
Tue, 10 Jun 2025US$1.4tUS$540.1bUS$64.0b20.5x22.2x2.6x
Thu, 08 May 2025US$1.4tUS$537.8bUS$63.9b21.2x22.1x2.6x
Sat, 05 Apr 2025US$1.4tUS$526.8bUS$63.6b19.9x21.8x2.6x
Mon, 03 Mar 2025US$1.4tUS$527.4bUS$63.2b20.2x21.8x2.6x
Wed, 29 Jan 2025US$1.4tUS$526.7bUS$58.7b20x23x2.6x
Fri, 27 Dec 2024US$1.3tUS$523.4bUS$60.0b20.1x22.1x2.5x
Sun, 24 Nov 2024US$1.4tUS$533.3bUS$61.6b21.5x23.1x2.7x
Tue, 22 Oct 2024US$1.4tUS$522.9bUS$60.5b19.9x23.6x2.7x
Thu, 19 Sep 2024US$1.4tUS$522.9bUS$60.5b20x22.6x2.6x
Sat, 17 Aug 2024US$1.3tUS$522.9bUS$60.6b19.4x21.4x2.5x
Mon, 15 Jul 2024US$1.2tUS$517.6bUS$60.4b18.9x20.6x2.4x
Wed, 12 Jun 2024US$1.2tUS$518.0bUS$60.4b18x20.3x2.4x
Fri, 10 May 2024US$1.2tUS$518.6bUS$60.2b18.8x20.4x2.4x
Sun, 07 Apr 2024US$1.2tUS$561.5bUS$56.9b18.4x20.7x2.1x
Tue, 05 Mar 2024US$1.1tUS$528.4bUS$57.9b17.7x18.9x2.1x
Thu, 01 Feb 2024US$1.1tUS$544.0bUS$53.2b18.2x20.4x2x
Sat, 30 Dec 2023US$1.1tUS$543.9bUS$53.5b19.4x20.9x2.1x
Mon, 27 Nov 2023US$1.1tUS$543.9bUS$53.5b18.8x20.3x2x
Wed, 25 Oct 2023US$1.0tUS$549.7bUS$50.8b18.5x19.7x1.8x
Fri, 22 Sep 2023US$1.1tUS$549.8bUS$50.8b19.8x21.7x2x
Sun, 20 Aug 2023US$1.1tUS$549.3bUS$49.6b20.1x22.2x2x
Tue, 18 Jul 2023US$1.2tUS$551.7bUS$45.7b20.9x25.4x2.1x
Thu, 15 Jun 2023US$1.1tUS$551.3bUS$46.4b20.4x24.7x2.1x
Sat, 13 May 2023US$1.2tUS$549.0bUS$46.6b21.1x25.6x2.2x
Mon, 10 Apr 2023US$1.2tUS$531.9bUS$45.0b21.7x26.9x2.3x
Wed, 08 Mar 2023US$1.1tUS$532.0bUS$45.0b19.9x25.2x2.1x
Fri, 03 Feb 2023US$1.2tUS$533.5bUS$50.6b21.7x23.8x2.3x
Sun, 01 Jan 2023US$1.2tUS$531.4bUS$50.1b21x24.5x2.3x
Price to Earnings Ratio

24.5x


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 Market3.10%
Utilities1.05%
Renewable Energy2.95%
Electric Utilities1.31%
Other Utilities0.43%
Gas Utilities-0.18%
Water Utilities-1.61%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry even though it's trading below its 3-year average PE ratio of 210x.
    • 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 30.4x.
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
CEG Constellation EnergyUS$363.956.7%
+US$7.2b		58.4%PE41.5x
NRG NRG EnergyUS$160.567.4%
+US$2.1b		72.6%PE22.4x
TLN Talen EnergyUS$383.589.0%
+US$1.4b		85.4%PE77.5x
SRE SempraUS$88.842.4%
+US$1.3b		1.0%PE27.5x
OKLO OkloUS$81.317.1%
+US$839.0m		244.4%PB10.5x

Latest News

BEPC
US$39.13
Brookfield Renewable
7D
5.1%
1Y
36.5%
D
US$59.01
Dominion Energy
7D
-1.8%
1Y
9.7%
CEG
US$363.95
Constellation Energy
7D
6.7%
1Y
58.4%

CEG Will Balance Nuclear Momentum And Data Center Power Demand Opportunities

Constellation Energy's analyst fair value estimate has been raised sharply from $238.32 to $342.23 as analysts cite strengthening nuclear momentum, improving revenue growth and profit margins, and the company’s positioning to benefit from rising power demand and data center related deals. Analyst Commentary Recent Street research on Constellation Energy shows a notable series of upward price target revisions alongside a shift in stance from some previously neutral voices.
OKLO
US$81.31
Oklo
7D
7.1%
1Y
244.4%
NRG
US$160.56
NRG Energy
7D
7.4%
1Y
72.6%

NRG: Expanding Data Center Power Deals Will Drive Future Free Cash Flow Upside

Analysts have modestly trimmed their blended fair value estimate for NRG Energy to approximately $201.58 from about $208.14 per share, citing improving revenue growth expectations, slightly lower projected profit margins, and a recalibration of valuation multiples amid rising price targets across the independent power producer peer group. Analyst Commentary Recent Street research highlights a broadly constructive stance on NRG Energy, with multiple price target increases and a new positive initiation reinforcing confidence in the company’s valuation and cash flow outlook.
XEL
US$74.09
Xcel Energy
7D
1.3%
1Y
8.6%
SRE
US$88.84
Sempra
7D
2.4%
1Y
1.0%

SRE: Future EPS Guidance Will Drive Strong Long-Term Performance Expectations

Analysts have trimmed their price target on Sempra by approximately $0.60, citing slightly lower fair value and forward valuation assumptions, despite modestly stronger revenue growth expectations. What's in the News Sempra updated its 2025 earnings guidance, setting an EPS range of $3.05 to $3.45 while reaffirming expectations for EPS growth at the high end or above its projected 7% to 9% compound annual growth rate for 2025 through 2029 (company guidance).
POR
US$47.70
Portland General Electric
7D
-3.0%
1Y
9.0%

POR: Future Regulatory Ruling And Sector Tailwinds Will Guide Fairly Valued Shares

Analysts have modestly raised their price target on Portland General Electric to about $48.67 per share, up from roughly $45 to $47 previously, citing a lower perceived cost of capital and steady growth and margin expectations that are now better reflected in valuation. Analyst Commentary Street research on Portland General Electric reflects a balanced mix of optimism on earnings visibility and caution on near term valuation, with most targets now clustered in the mid to high $40s and one outlier at $51.
OTTR
US$82.65
Otter Tail
7D
-3.9%
1Y
10.0%
TLN
US$383.58
Talen Energy
7D
9.0%
1Y
85.4%

TLN: Future Data Center Demand And PJM Pricing Will Drive Balanced Outlook

Analysts have lifted their price target for Talen Energy by $24 to reflect stronger forward power prices in PJM, the expected closing of the Caithness transaction, and growing conviction in the company’s margin resilience and data center driven growth. Analyst Commentary Recent Street research on Talen Energy has been broadly constructive, with multiple price target increases reflecting higher forward power prices in PJM, the anticipated completion of the Caithness transaction, and rising conviction in data center driven growth.
NJR
US$46.34
New Jersey Resources
7D
-2.7%
1Y
-1.0%

NJR: Differentiated Gas And Midstream Model Will Support Strong Future Cash Flows

Analysts have modestly raised their price target on New Jersey Resources, lifting fair value by about $1 to roughly $55 per share. They cite confidence in the company’s differentiated mix of core gas utility, regulated midstream assets, and disciplined capital funding that supports solid FFO-to-debt metrics despite slightly lower projected profit margins.
WTRG
US$38.57
Essential Utilities
7D
-1.1%
1Y
6.0%
VST
US$161.96
Vistra
7D
1.2%
1Y
13.0%

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.
EXC
US$43.52
Exelon
7D
-1.6%
1Y
16.0%

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.
AWK
US$131.28
American Water Works Company
7D
-2.0%
1Y
4.4%
ED
US$99.53
Consolidated Edison
7D
-0.7%
1Y
11.1%