June 2026
Proprietary AI analyst is now available
Largest Energy Equipment Public Companies
Benchmark revenue and EBITDA valuation multiples for public comps like
GE Vernova, Siemens Energy, SLB, Bloom Energy and Baker Hughes.
 | GE Vernova is a global leader in the electric power industry, with products and services that generate, transfer, convert, and store electricity. The company has three business segments: power, wind, and electrification. Power includes gas, nuclear, hydroelectric, and steam technologies, providing dispatchable power. The wind segment includes wind generation technologies, inclusive of onshore and offshore wind turbines and blades. Electrification includes grid solutions, power conversion, electrification software, and solar and storage solutions technologies required for the transmission, distribution, conversion, and storage of electricity from the point of generation to point of consumption. | $963 | +82% | $259B | $252B | 6.6x | 78.7x | ||
 | Siemens Energy manufactures a wide range of equipment used to generate and transmit energy. The group is a product of the spinout from Siemens AG in 2020, consisting of the power and gas segment and Siemens Gamesa, although its operations go back over 150 years. Approximately one-sixth of global electricity generation is based on its technology. | $186 | +64% | $158B | $147B | 3.2x | 30.2x | ||
| SLB is the world’s premier oilfield-services company as measured by market share. While the industry is largely fragmented, SLB holds the first or second competitive position in many of the differentiated oligopolies in which it operates. Also known as Schlumberger, the company was founded in 1926 by two brothers bearing the same last name. Today, it’s most known as a global industry leader in innovation, while it focuses its strategy on its three growth engines: core, digital, and new energy businesses. Over three-fourths of its revenue base is tied to international markets, while the company boasts nearly $3 billion in digital-related revenue. | $58 | +72% | $87B | $95B | 2.7x | 11.2x | ||
| Bloom Energy designs, manufactures, sells, and installs solid oxide fuel cell systems for on-site power generation. Bloom Energy Servers are fuel-flexible and can use natural gas, biogas, and hydrogen to create 24/7 electricity for stationary applications. Bloom sells its systems in the United States and internationally. | $291 | +1118% | $83B | $83B | 41.2x | 313.0x | ||
| Following a 2022 reorganization, Baker Hughes operates in two segments: oilfield services and equipment, and industrial and energy technology. The firm's oilfield services and equipment segment is one of the Big Three oilfield-services players, along with SLB and Halliburton, and mostly supplies to hydrocarbon developers and producers, including national oil companies, major integrated firms, and independents. Markets outside of North America buy roughly three-fourths of the segment's offerings. Baker Hughes' industrial and energy technology segment manufactures and sells turbines, compressors, pumps, valves, and related testing and monitoring services for various energy and industrial applications. | $66 | +72% | $66B | $67B | 2.4x | 13.9x | ||
 | Sandvik is a manufacturer of specialized tools and mining equipment used predominantly by global mining, engineering, and automotive customers. The group is composed of three segments: mining and rock solutions, rock processing, and machining. Sandvik was founded in 1862 and listed on the Nordic Exchange in Stockholm in 1901. | $41 | +74% | $51B | $55B | 4.0x | 16.8x | ||
 | Doosan Enerbility Co Ltd is engaged in providing integrated energy and industrial solutions, offering equipment and services across power generation, desalination, and related infrastructure. The company operates three reportable segments: the Doosan Bobcat segment, which manufactures and sells compact construction equipment, portable power products, and material-handling machines; the Doosan Energy segment, which focuses on power generation facilities, desalination plants, casting and forging, and construction services; and the Doosan Fuel Cell segment, which supplies fuel-cell systems for power generation along with long-term maintenance services. It generates the majority of its revenue from the Doosan Bobcat segment. | $65 | +41% | $41B | $44B | 3.7x | 49.3x | ||
| Halliburton is North America's largest oilfield-services company as measured by market share. Despite industry fragmentation, it holds a leading position in the hydraulic fracturing and completions market, which makes up nearly half of its revenue. It also holds strong positions in other service offerings like drilling and completions fluids, which leverages its expertise in material science, as well as the directional drilling market. While we consider SLB the global leader in reservoir evaluation, we think Halliburton leads in any activity from the reservoir to the wellbore. Halliburton's innovations have helped multiple producers lower their development costs per barrel of oil equivalent, with techniques that have been honed over a century of operations. | $41 | +102% | $34B | $41B | 1.8x | 9.5x | ||
| First Solar designs and manufactures solar photovoltaic panels, modules, and systems for use in utility-scale development projects. The company's solar modules use cadmium telluride to convert sunlight into electricity. This is commonly called thin-film technology. First Solar is the world’s largest thin-film solar module manufacturer. It has production lines in Vietnam, Malaysia, the United States, and India. | $315 | +90% | $34B | $32B | 6.1x | 13.5x | ||
| Tenaris is one of the largest global producers of oil country tubular goods, which are used primarily in the construction of oil and gas wells. Its production facilities are located primarily in the US, Argentina, Mexico, and Italy. Tenaris’ premium OCTG products are among the most trusted by oil companies for use in the most challenging applications, including deep-water offshore wells and horizontal shale wells. | $32 | +74% | $32B | $30B | 2.5x | 9.4x | ||
 | Vestas is a leading manufacturer of wind turbines with the highest installed capacity under service in the world. The firm operates two business segments: power solutions and services. The power solutions segment designs, manufactures, and installs onshore and offshore wind turbines. The services segment performs operating and maintenance service work on wind turbines. | $27 | +84% | $26B | $26B | 1.2x | 10.0x | ||
 | Yantai Jereh Oilfield Services Group Co Ltd is a China-based company engaged in the manufacturing of oilfield equipment and the provision of oilfield services. It is engaged in drilling equipment and oil & gas field engineering equipment manufacturing, equipment maintenance and accessories sales, oil field engineering technology services, as well as oil & gas field construction services. The company conducts its business within domestic and overseas markets. | $23 | +357% | $24B | $23B | 9.6x | 34.7x | ||
| Hengli Hydraulic is a leading Chinese hydraulic component supplier. It designs, manufactures, and sells hydraulic cylinder, pump, valve, and motor products. Hengli’s products are widely used in heavy machinery. It is the largest supplier of excavator hydraulic cylinders in the world with about 30% global market share. | $17 | +61% | $23B | $21B | 13.1x | 40.3x | ||
| Hyosung Heavy Industries Co Ltd provides technology solutions in the field of heavy electric power and develops industrial machinery. The company is involved in various construction projects such as housing, redevelopment and reconstruction. The company also offers welding solutions, gear solutions, and system and engineering solutions. | $2,280 | -- | $21B | $21B | 5.1x | 36.9x | ||
| TBEA Co Ltd is a China-based company that offers energy business solutions to service providers. The company distributes electric power transmission and transformation equipment. It provides solutions such as green technology, smart environmental protection, energy equipment for turnkey projects, and system solutions that range from surveying to design, construction, installation, and commissioning, as well as integration of training, operation, and maintenance. It also promotes the construction of green and efficient power grids. The company has a business presence in China and other countries. | $4 | +119% | $19B | $23B | 1.6x | 9.9x | ||
 | Hitachi Energy India Ltd serves utility, industry, and infrastructure customers with solutions and services across the value chain. The company is engaged in the business relating to products, projects, and services for Power technology. It manufactures and supplies systems, equipment, devices, and accessories products such as disconnectors, cable accessories, electric motors, semiconductors, transformers, and others. The company also provides project and service engineering, installation, commissioning, and support services. Geographically, the company generates a majority of its revenue from India and the rest from other countries. | $380 | +76% | $17B | $16B | 19.2x | 109.9x | ||
| China Energy Engineering Corporation Ltd is a comprehensive solutions provider for the power industry in China and internationally. It is mainly engaged in Survey, design, and consulting services; Construction and contracting; Industrial manufacturing; Investment and operation; and other businesses. The company generates the majority of its revenue from construction and contracting services, which mainly comprise the project contracting, engineering and construction, and project operation and maintenance business for domestic and overseas tradition energy, new energy, and comprehensive smart energy, water conservancy, ecological environmental protection, comprehensive transportation, municipal, buildings, and structures. | $0 | +27% | $16B | $52B | 0.8x | 9.7x | ||
| LONGi Green Energy Technology is one of the largest integrated solar company in the world. It produced 106 gigawatts of solar silicon wafers and 70 GW of solar modules in 2024. Solar silicon wafer and solar module contributed 10% and 80% of revenue in 2024, respectively. LONGi’s products are sold in more than 150 countries and regions. | $2 | -10% | $15B | $13B | 1.2x | 51.5x | ||
| Bharat Heavy Electricals Ltd is an integrated power plant equipment manufacturer and engineering company in India. Its products and services serve power, transportation, energy, oil and gas, defense, and other industrial markets. The company has three business segments: Power (which contributes the majority of total revenue), Industry sector and International Operations. Bharat's product portfolio consists of heavy industrial equipment and components, including turbines, valves, pumps, boilers, and insulators. In addition, the company offers aftersales service to customers for maintenance and repairs and can help synchronize power plants. The majority of total revenue is derived from India, but the company has a footprint in many different regions. | $4 | +41% | $14B | $14B | 3.8x | 41.0x | ||
| Siemens Energy India Ltd is engaged in energy sector. The company offers fully integrated products, solutions and services across the energy value chain of oil and gas production, power generation and transmission for various customers such as utilities, independent power producers and engineering, procurement and construction (EPC) companies comprising of the entire part of the business. | $38 | +19% | $14B | $13B | 15.4x | 79.4x | ||
| Goldwind Science & Technology Co Ltd manufactures, and markets wind turbines & other solutions. It has four segments. The wind turbine generator manufacturing & sale segment engages in research & development, manufacture & sale of wind turbine generators & spare parts; the wind power services segment provides wind power construction, post-warranty service & asset management services; the wind farm development segment engages in the development of wind farms, which includes wind power generation service provided by the Group’s wind farms & its sales; & the others segment mainly engages in the operation of water treatment plants under the service concession arrangements. Its key revenue is from Wind turbine generator manufacturing & sales. Geographically, the key revenue is from China. | $3 | +125% | $13B | $17B | 1.6x | 12.6x | ||
| Nordex SE is a German company that develops, manufactures, services, and markets wind power systems. The company manages its activities via Projects and Service segments. The projects segment includes all activities associated with the development, production, assembly and commissioning of wind turbines and project development business. The services segment encompasses services and projects for existing turbines after their handover to customers. In particular, this includes technical services such as maintenance and remote monitoring of wind farms as well as repair and technical enhancements for existing turbines. The majority of the sales are done through the projects segment. | $48 | +145% | $11B | $10B | 1.1x | 12.6x | ||
| Sichuan Chuantou Energy Co Ltd is engaged in the clean energy business. The company operates its businesses through four segments. The Electric Power Business segment focuses on generating electricity through hydropower, wind energy, and photovoltaic sources. The Investment Business segment is involved in equity participation in hydropower facilities, along with activities in asset and investment management. The Manufacturing Industry segment covers production areas such as railway telecontrol systems, construction materials, and automation control equipment for both industrial and power applications. The Service Industry segment encompasses property management offerings and tourism development initiatives. | $2 | -1% | $11B | $14B | 55.4x | 15.9x | ||
| Chart Industries provides a variety of cryogenic equipment for storage, distribution, and other processes within the industrial gas and liquefied natural gas industries. It also provides natural gas processing solutions for the natural gas industry and specialty products that serve a variety of spaces, including hydrogen, biofuels, cannabis, and water treatment. The firm acquired Howden in a significant deal in early 2023, roughly doubling the size of the company. It plans to merge with Flowserve by the end of 2025. | $208 | +26% | $10B | $13B | 3.2x | 13.3x | ||
| Suzhou Maxwell Technologies Co Ltd is engaged in the design, research & development, production, and sales of intelligent manufacturing equipment. The company’s solar cell equipment portfolio includes HJT heterojunction high-efficiency production lines and automated screen printing lines adaptable to multiple cell processes. It also develops core equipment for display panels covering laser cutting, bonding, repair, and hybrid bonding, and provides semiconductor packaging solutions, particularly in pan-cutting processes. | $34 | +232% | $9B | $9B | 7.6x | 50.6x | ||
| Waaree Energies Ltd is a manufacturer of solar PV modules in India. Its solar PV modules are currently manufactured using multicrystalline cell technology, monocrystalline cell technology and emerging technologies such as Tunnel Oxide Passivated Contact (TopCon). Its portfolio of solar energy products consists of the following PV modules: multicrystalline modules, monocrystalline modules, and TopCon modules, comprising flexible modules, which includes bifacial modules (Mono PERC) (framed and unframed), and building integrated photo voltaic (BIPV) modules. The Company operates only in one Business Segment i.e. Manufacturing & Trading of Solar Photovoltaic Modules. | $32 | -4% | $9B | $9B | 3.1x | 13.3x | ||
| Enphase Energy is a global energy technology company. It delivers smart, easy-to-use solutions that manage solar generation, storage, and communication on one platform. The company's microinverter technology primarily serves the rooftop solar market and produces a fully integrated solar-plus-storage solution. Enphase derives a majority of revenue from the United States. | $68 | +72% | $9B | $9B | 5.9x | 18.1x | ||
| Jinko Solar is the largest Chinese solar module manufacturer by global shipment in 2024. Jinko's products are distributed across nearly 200 countries and regions. The company operates a vertically integrated production process, spanning from solar wafer and cell manufacturing to module production. Jinko's N-type cell capacity is industry-leading in scale. | $1 | +9% | $8B | $10B | 1.0x | 26.1x | ||
| Suzlon Energy Ltd provides renewable energy solutions. Its operating segments include: WTG which relates to the sale of WTG, and allied activities including the sale/ sub-lease of land, project execution; Foundry & Forging, that relates to manufacturing of forging rings and casting articles; O&M services, that relates to operation and maintenance of WTG’s and Others that includes power generation. It generates maximum revenue from WTG segment. The company generates almost all its revenue from India, and also has its presence in Europe, the USA, and Others. | $1 | -21% | $8B | $8B | 4.5x | 23.5x | ||
| NOV designs, manufactures, and sells a wide range of equipment and components supplying the oil and gas industry, including rig equipment, downhole tools, drill pipe, and well casing. NOV's customers include major integrated oil companies, national oil companies, independent oil and gas companies, and drilling contractors. Its operations are organized into two reportable segments: energy products and services and energy equipment. NOV operates on a global scale, with international markets contributing nearly two-thirds of its annual revenue. | $21 | +73% | $8B | $9B | 1.0x | 8.5x | ||
| Weatherford provides oilfield services and equipment to national, integrated, public, and private oil and gas operators. It operates across multiple upstream markets, including offshore, the rest of the world onshore, and US onshore, where Weatherford has limited exposure. The Middle East, North Africa, and Asia account for over 25% of sales. Weatherford also offers manufacturing, research, and training services. Performance is reported through three segments: drilling and evaluation, well construction and completions, and production and intervention. | $104 | +106% | $7B | $8B | 1.6x | 7.6x | ||
| X-Energy Inc is a leading developer of advanced SMR and fuel technology for clean energy generation. It is seeking to redefine the nuclear energy industry through its flagship product, the Xe-100, an advanced small modular HTGR designed to generate up to 80 megawatts of electric power and/or up to 200 megawatts of thermal output, depending on the configuration. X-energy’s simple and intrinsically safe advanced SMR designs, like the Xe-100, significantly expand the applications and markets for nuclear technology with enhanced safety, lower cost and faster construction timelines when compared with conventional nuclear energy sources and broader use cases when compared with other SMRs. | Nuclear+1 | $24 | -- | $7B | $6B | 63.7x | (36.3x) | |
 | SBM Offshore NV provides floating production solutions to the offshore energy industry both in hydrocarbon and renewable markets. Its main activities are the design, supply, installation, operation, and life extension of Floating Production Storage and Offloading (FPSO) vessels. The company is also working on floating offshore wind, wave energy, and research and development of products for future energy markets. It has dedicated product lines to provide specific floating equipment and products such as Turret Mooring Systems (TMS) and offshore (off)loading Terminals. The company has two segments: Lease and Operate segment includes all earned day rates on operating lease and operate contracts, and the turnkey segment includes revenues from Turnkey supply contracts and after-sales services. | $39 | +49% | $6B | $15B | 2.5x | 7.1x | ||
| CSI Solar is a leading Chinese solar module producer, ranking seventh by solar module shipments in 2024. The company's products are available in over 160 countries and regions. CSI operates a vertically integrated production process, encompassing solar wafers, cells, and module production. | $2 | +33% | $6B | $7B | 1.2x | 8.9x | ||
 | Singapore-based Seatrium (formerly known as Sembcorp Marine) is a leading global marine and offshore engineering group with a track record of more than 60 years. The company specializes in ship repair, shipbuilding, ship conversion, rig building, and offshore engineering and construction. The company’s global network includes facilities in Singapore, Brazil, China, Indonesia, Japan, Norway, the United Kingdom and the United States. Its Singapore operations include one of the largest integrated yards globally, Sembcorp Marine Tuas Boulevard Yard. | $2 | +0% | $5B | $6B | 0.7x | 8.3x | ||
| Premier Energies Ltd is an integrated manufacturer of solar cells and solar modules. The company mainly engages in the manufacturing and trading of solar modules, solar cells, and solar accessories. The majority of the company's revenue comes from the sale of these products and silicon wafers. Additionally, the company earns revenue from the sale of manufactured solar modules and from construction and project-related activities. Geographically, the company generates almost all of its revenue within India. | $11 | -2% | $5B | $5B | 6.3x | 19.3x | ||
| Plug Power Inc is building an end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation. The company plans to build and operate green hydrogen highways across North America and Europe. Plug will deliver its green hydrogen solutions directly to its customers and through joint venture partners into multiple end markets, including material handling, e-mobility, power generation, and industrial applications. | $4 | +142% | $5B | $6B | 8.2x | (9.6x) | ||
| Trina Solar is one of the top four Chinese solar module producers. Trina's products are available in over 170 countries and regions. The company operates a vertically integrated production process, covering everything from solar wafers and cells to complete modules. | $2 | +1% | $5B | $8B | 0.8x | (161.5x) | ||
| GoodWe Technologies Co Ltd is engaged in Research and development, production and sales of new energy power supply equipment such as solar energy and energy storage. | $20 | +215% | $5B | $5B | 3.7x | 100.0x | ||
| SolarEdge Technologies designs, develops, and sells direct current optimized inverter systems for solar photovoltaic installations. The company system consists of power optimizers, inverters, and cloud-based monitoring platform and addresses a broad range of solar market segments, from residential solar installations to commercial and small utility-scale solar installations. The company sells its products directly to solar installers, engineering, procurement, and construction firms and indirectly to solar installers through distributors and electrical equipment wholesalers. | $73 | +259% | $4B | $4B | 3.7x | (34.6x) | ||
 | Modec Inc operates as a general contractor with specialization in engineering, procurement, construction, and installation of floating production systems. It offers floating production storage and offloading vessels, floating storage and offloading vessels, tension leg platforms, semisubmersibles, and mobile offshore production units. The company also offers operation of its production systems and maintenance services across the globe. Although Modec services offshore markets worldwide, the majority of revenue is derived from Brazilian markets. Modec’s vessels are designed to retrieve fluids and gases from reservoirs ranging from subsea to deepwater. | $62 | +58% | $4B | $3B | 0.6x | 4.4x | ||
| NuScale Power Corp is redefining nuclear power through the development of proprietary and SMR technology that will deliver safe, scalable, cost-effective, and reliable carbon-free power. Its products are VOYGR Plants and E2 Centers. | $12 | -70% | $4B | $3B | 103.7x | (4.8x) | ||
| USA Compression Partners LP provides compression services in the United States in terms of total compression fleet horsepower to customers relating to infrastructure applications, including both allowing for the processing and transportation of natural gas through the domestic pipeline system and enhancing crude oil production through artificial lift processes. It engineers, designs, operates, services, and repairs its compression units and maintains related support inventory and equipment. The company provides compression services throughout the U.S., including the Utica, Marcellus, Permian, Denver-Julesburg, Eagle Ford, Mississippi Lime, Granite Wash, Woodford, Barnett, and Haynesville. | $29 | +23% | $4B | $7B | 7.1x | 11.6x | ||
| Cactus Inc is engaged in the designing, manufacturing, and sale of wellheads and pressure control equipment. Its principal products include Cactus SafeDrill wellhead systems, conventional wellheads, and production valves among others. The company also provides mission-critical field services, including service crews to assist with the installation, maintenance, and safe handling of the wellhead and pressure control equipment, as well as repair services for equipment that it sells or rents. It sells or rents its products principally for onshore unconventional oil and gas wells that are utilized during the drilling, completion (including fracturing), and production. The company has two operating segments; Pressure Control, which generates key revenue and Spoolable Technologies. | $59 | +35% | $4B | $4B | 3.6x | 11.1x | ||
 | Solaria Energia y Medio Ambiente SA is a solar photovoltaic (PV) power generation company. It is also engaged in the solar power plant custom operation and maintenance services and development and management of PV projects. The company owns, manages and operates PV plants in Spain, Italy, Uruguay, Greece and Brazil. | $28 | +142% | $4B | $5B | 15.0x | 17.0x | ||
| Laplace Renewable Energy Technology Co Ltd is engaged in research & develoment, production and sales of high-performance thermal processes, coatings and supporting automation equipment required for photovoltaic cell manufacturing. | $9 | +42% | $4B | $3B | 4.2x | 29.4x | ||
| Shanghai Aiko Solar Energy Co Ltd is engaged in research, manufacturing and sales of crystalline silicon solar cells. The company's products include C&I Scenario COMET Series, Residential Scenario NEOSTAR Series, Lightweight module AIR and Utility Scenario STELLAR Series. | $2 | -11% | $4B | $5B | 2.1x | 105.4x | ||
| Itron Inc provides solutions that measure, manage, and analyze energy and water use. The company offers grid edge intelligence, energy and water management, smart city applications, Industrial Internet of Things (IIoT), and critical infrastructure and related services. It operates under the Itron brand and has four reportable segments: Device Solutions, Networked Solutions, Resiliency Solutions, and Outcomes. Key revenue is generated from the Networked Solutions segment, which includes a combination of communicating endpoints (e.g., smart meters, modules, endpoints, and sensors), network infrastructure, network design services, and associated headend management and application software designed and sold as a complete solution for acquiring and transporting robust application-specific data. | $81 | -38% | $4B | $4B | 1.9x | 10.8x | ||
| Sunrun is engaged in the design, development, installation, sale, ownership, and maintenance of residential solar energy systems in the United States. The company acquires customers directly and through relationships with various solar and strategic partners. The solar systems are constructed by Sunrun or by Sunrun’s partners and are owned by the company. Sunrun’s customers typically enter into 20- to 25-year agreements to utilize its solar energy system. The company also sells solar energy systems and products, such as panels and racking, and solar leads generated to customers. | $15 | +81% | $4B | $18B | 6.0x | 27.2x | ||
| Sany Heavy Energy Co Ltd is engaged in the research and development, manufacturing and sales of wind turbines. | $3 | -24% | $3B | $2B | 0.5x | 9.5x | ||
 | Enerflex Ltd engineers, designs, manufactures and provides aftermarket support for equipment, systems, and turnkey facilities to process and move natural gas from the wellhead to the pipeline. The company's focus is gas compression, where it offers a range of applications and gas inlet streams, from low-horsepower/low-pressure applications such as coal seam gas and solution gas vapor recovery units to high-horsepower, centralized field, or processing plant compression. Enerflex operates three operating segments: North America(NAM), Latin America(LATAM), and the Eastern Hemisphere(EH). Each regional business segment has three main product lines: Engineered Systems, Aftermarket Services, and Energy Infrastructure. The North American segment earns the majority of the revenue. | $26 | -- | $3B | $4B | 1.5x | 7.5x | ||
| Xinyi Solar Holdings Ltd is an investment holding company. Along with its subsidiaries, it is engaged in the production and sale of solar glass products and the development and operation of solar farms. The company's operating segments include sales of solar glass and solar farm business, which includes solar farm development and solar power generation. A majority of its revenue is generated from the sales of solar glass. Geographically, it derives maximum revenue from Mainland China, followed by other areas in Asia, North America and Europe, and other regions. | $0 | +5% | $3B | $4B | 1.4x | 6.5x | ||
| Babcock & Wilcox Enterprises Inc is a power generation equipment supplier and servicing company that operates in three segments: B&W Renewable, B&W Environmental, and B&W Thermal. B&W Thermal, focuses on steam generation products and solutions for plants in the power generation, oil, and gas, and industrial sectors, generates the majority of the company’s revenue. B&W Renewable focuses on sustainable power and heat generation while B&W Environmental focuses on emissions control. The company’s customer base spans the industrial, electrical utility, and municipal industries located predominantly in the United States, Canada, Denmark, the United Kingdom, and other regions. Business in the U.S. contributes the vast majority of its revenue. | $19 | +1837% | $3B | $3B | 5.1x | 68.4x | ||
| SMA Solar Technology AG produces, develops, and sells systems and solutions for the efficient and sustainable generation, storage and use of solar energy. Its products include PV and battery inverters, monitoring systems for PV systems, charging solutions for electric vehicles as well as energy management systems, and digital services for the future energy supply. The company operates through the following segments; Home Solutions, Commercial & Industrial Solutions, and Large Scale & Project Solutions. The Large Scale & Project Solutions segment, which derives key revenue for the company, offers products, systems and solutions for industrial solar, storage and hydrogen projects as well as for the conversion of utility grids to a higher proportion of renewable energy. | $75 | +204% | $3B | $2B | 1.4x | (32.9x) | ||
| Dongfang Electronics Co Ltd is a China-based company operating in the hi-tech industry. It offers energy management system solutions. The company provides intelligent automation control products and solutions in terms of power generation, power transmission, power transformation, power distribution and power utilization. It is also involved in the research and application of radio frequency identification technology, and high and low-voltage frequency converters. The product portfolio of the company comprises SCADA/EMS/DMS, mini SCADA, RTU/FRUT/BCU/Gateway, Metering products and others. The solutions provided by the company includes power grid engineering, power operation services, SCADA EMS, SCADA DMS, substation control system, substation automation system and others. | $2 | -- | $3B | $2B | 1.6x | 12.0x | ||
| National Energy Services Reunited Corp is a British Virgin Islands-based company engaged in providing products and services to the oil and gas industry in the Middle East and North Africa and the Asia Pacific regions. The company has two reportable segments: Production Services including coil tubing, stimulation, and pumping, nitrogen services, completions, pipelines, cementing, laboratory services and filtration services; and Drilling and Evaluation Services including drilling and workover rigs, rig services, services, and well-testing services among others. Revenues are majorly derived from production services of an oil or natural gas well. It derives maximum revenue from Production services segment. | $25 | +321% | $3B | $3B | 2.1x | 9.9x | ||
| TerraVest Industries Inc manufactures home heating products, propane, anhydrous ammonia, natural gas liquids transport vehicles, storage vessels, energy processing equipment, and fiberglass storage tanks. The company's operating segments include Home Heating and Cooling Products and Containment Equipment (HVAC Equipment), Compressed Gas Storage and Distribution Equipment (Compressed Gas Equipment), Energy Processing Equipment (Processing Equipment), and Service. The majority of its revenue is generated from its HVAC and Cooling Products and Containment Equipment segment which manufactures and distributes products including commercial and residential refined fuel tanks, wastewater treatment systems, grease removal systems, and other custom-built steel storage products. | $114 | -8% | $2B | $3B | 3.3x | 15.5x | ||
| CIMC Enric Holdings Ltd is engaged in the design, development, manufacturing, engineering, and sales of transportation, storage, and processing equipment. It is also involved in the provision of technical maintenance services. The company operates through three segments. The clean energy segment specializes in the manufacture and sale of a wide range of equipment for the storage, transportation, processing, and distribution of natural gas. Chemical and environmental segment specializes in the manufacture and sale of a wide range of equipment, such as tank containers, for the storage and transportation of liquefied or gasified chemicals. The liquid food segment specializes in the engineering, manufacture, and sale of stainless-steel tanks for the storage and processing of liquid food. | $1 | +35% | $2B | $2B | 0.4x | 5.5x | ||
| American Superconductor Corp generates the ideas, technologies, and solutions that meet the world's demand for smarter, cleaner, and energy. Through its Windtec Solutions, the company enables manufacturers to launch wind turbines quickly, effectively, and profitably. Through its Gridtec Solutions, the company provides engineering planning services and grid systems that optimize network reliability, efficiency, and performance. The company's segment includes Grid and Wind. It generates maximum revenue from the Grid segment. | $46 | +26% | $2B | $2B | 6.9x | 86.2x | ||
| Aegis Vopak Terminals Ltd is a third-party owner and operator of tank storage terminals for liquified petroleum gas (LPG) and liquid products. It own and operate a network of storage tank terminals having an aggregate storage capacity of approximately 1.50 million cubic meters for liquid products and nearly 70,800 metric tons (MT) of static capacity for LPG. The company's segments include: Liquid Terminal Division; and Gas Terminal Division, of which Liquid Terminal Division derives maximum revenue. | $2 | -25% | $2B | $3B | 26.6x | 33.9x | ||
| Shoals Technologies Group is a provider of electrical balance of system solutions for solar energy projects, primarily in the United States. EBOS encompasses components that are necessary to carry electric current produced by solar panels to an inverter. The products are sold principally to engineering, procurement, and construction firms that build solar energy projects. | $13 | +201% | $2B | $2B | 5.0x | 23.7x | ||
 | Ceres Power Holdings PLC is a UK- based technology solutions provider. It is one of the developers of clean energy technology, fuel cells for power generation, and electrolysers for green hydrogen. Its SteelCell technology uses the existing infrastructure of mains natural gas & is manufactured using commodity materials, such as steel. It mainly caters to the automotive industry. Among its other markets are transportation, commercial, & light industrial sectors. The group established a technology position in solid oxide fuel cell (SOFC) power systems and developed solid oxide electrolysis (SOEC) to demonstrate it at a megawatt scale. | $11 | +847% | $2B | $2B | 44.5x | (45.7x) | ||
| Innovex International Inc designs, manufactures, sells, and rents mission-critical engineered products to the oil and natural gas industry. Its products are Subsea, Surface Wellheads, Well Construction, Well Completion, Production Solutions, Fishing & Intervention. Its products support upstream onshore and offshore activities. The group's geographic regions are North America, Latin America, Middle East & Asia Pacific, and Europe & Africa. | $28 | +81% | $2B | $2B | 1.9x | 8.9x | ||
 | Landis+Gyr Group AG is a provider of integrated energy management products tailored to an energy company. It offers electricity meters, heat and cooling meters, software services and custom solutions, grid management, and communication networks. Its geographical segment includes the Americas, EMEA, and the Asia Pacific. The Americas segment designs, manufactures, markets, and sells the company's Smart Metering, Grid Edge Intelligence, and Smart Infrastructure technology. The EMEA segment sells the company's prepayment electricity meters, gas meters, and other services, and the Asia Pacific segment sells the company's load control devices, system deployment services, and related services. It generates a majority of its revenue from the Americas & EMEA segments. | $65 | -9% | $2B | $2B | 1.8x | 13.4x | ||
| Ballard Power Systems Inc is engaged in design, development, manufacture, sale and service of proton exchange membrane ("PEM") fuel cell products for a variety of applications, focusing on power products for bus, truck, rail, marine, stationary and emerging market (material handling, off-road and other) applications, as well as the delivery of services, including technology solutions, after sales services and training. A fuel cell is an environmentally clean electrochemical device that combines hydrogen fuel with oxygen (from the air) to produce electricity. Key geographical revenue is derived from Poland followed by United States, United Kingdom, and other countries. | $6 | +282% | $2B | $1B | 13.4x | (15.7x) | ||
| Hoymiles Power Electronics Inc is engaged in the research and development, manufacturing, and sales of photovoltaic inverters and other power conversion equipment and electrical complete sets of equipment and related products. | $14 | -6% | $2B | $1B | 4.6x | (70.4x) | ||
| ITM Power PLC designs and manufactures integrated hydrogen energy systems for energy storage and clean fuel production. The company is also involved in the research and development of scientific and engineering projects; the development and manufacture of prototype products; and the sale of electrolyzer products such as HGas, HFuel, HPac. It offers a range of services including construction, consulting, and other services. Its primary geographic markets are the United Kingdom, the Rest of Europe, Germany, and with maximum revenue from the United Kingdom. | $2 | +121% | $2B | $1B | 39.1x | (30.8x) | ||
| 2G Energy AG is a manufacturer and provider of decentralized energy supply systems. The group through development, production, and technical installation, as well as digital grid integration, combined heat and power systems (CHP), offers comprehensive solutions for combined heat and power generation. The product range of the company includes CHP modules for operation deploying natural gas, biogas, other lean gases, and hydrogen. The company's products have applications in sectors like Chemical and pharmaceutical industries, Horticultural, shopping centers, landfills, hotels, heating networks, swimming pools, and others. The group has business operations in Germany and internationally, of which the majority of the revenue is derived from the operations in Germany. | $86 | +140% | $2B | $2B | 3.5x | 31.8x | ||
| Inox Wind Ltd is engaged in the business of manufacturing Wind Turbine Generators. The group provides related erection, procurement & commissioning (EPC) services, operations & maintenance (O&M), and common infrastructure facility services for WTGs, and development of projects for wind farms. It conducts its business and provides services to various states in India. The company also offers turnkey solutions for the development of wind power projects which include wind studies, energy assessment, land acquisition, site infrastructure development, power evacuation, and others. | $1 | -52% | $2B | $2B | 3.5x | 14.7x | ||
| Array Technologies Inc manufacturer of ground-mounting systems used in solar energy projects. The company's segments include: the Array legacy operating segment (Array Legacy Operations) and the STI Operations operating segment (STI Operations). It derives maximum revenue from the Array legacy operating segment. Its product is an integrated system of steel supports, electric motors, gearboxes, and electronic controllers referred to as a single-axis tracker that moves solar panels throughout the day to maintain an optimal orientation to the sun, which increases their energy production. Geographically, the company's operations are in the United States, Australia, Spain, Brazil, and the rest of the world, with the United States deriving the majority of the revenue. | $9 | +54% | $1B | $2B | 1.9x | 13.0x | ||
| Nano Nuclear Energy Inc is a nuclear energy and technology company developing smaller, simpler, and safer clean energy solutions using proprietary reactor designs, intellectual property, and research methods, and is currently in the pre-revenue stage. The Company development focuses on four business lines: the Nuclear Reactor Business, involving nuclear microreactors including KRONOS MMR, ZEUS, and LOKI MMR; the Fuel Processing Business, aimed at developing a domestic LEU and HALEU fuel supply chain in coordination with the Department of Energy; the Fuel Transportation Business, focused on developing high-capacity HALEU transportation products; and Nuclear Consultation Services, providing nuclear service support and consultation services domestically and internationally. | $26 | -24% | $1B | $797M | - | (32.6x) | ||
| Friedrich Vorwerk Group SE is a driver of the European energy transition. It has four segments Natural Gas segment, which is the key revenue driver, comprises the transport and conversion of raw natural gas into treated natural gas, the electricity segment provides infrastructure for the underground transport and conversion of electricity, which is generated from non-fossil energy sources such as wind, solar, hydro, and regenerative resources, Clean Hydrogen segment comprises the conversion of energy from energy sources into clean hydrogen and its transportation to consumers, Adjacent Opportunities segment concentrates on the related turnkey technologies, and the majority of its revenue comes from Adjacent Opportunities. | $67 | -1% | $1B | $1B | 1.9x | 11.8x | ||
| Canadian Solar Inc is a Canadian solar technology and renewable energy company. It is a manufacturer of solar photovoltaic modules, a provider of battery energy storage solutions, and a developer of utility-scale solar power and battery energy storage projects.. It operates through two business segments CSI Solar and Recurrent Energy segment. The CSI Solar segment focused on solar modules and battery energy storage manufacturing and products. Its Recurrent segment focused on utility-scale solar power and battery energy storage project development and operation. Key revenue is generated from CSI Solar segment. | $19 | +76% | $1B | $8B | 1.4x | 12.9x | ||
 | Al-Babtain Power & Telecommunication Co provides solutions for power and telecommunications infrastructure. The company's activity involves establishing and repairing stations and towers of wired and wireless communication and radars. Its operating segment involves the Towers and metal structures sector which includes the production of power transmission towers, galvanized communication towers and their tests, and galvanized steel structures; Poles and lighting which include the production and galvanization of electricity and lighting poles, masts, and their accessories; Design, supply, and installation sector which includes the work of supplying, installing, and maintaining communication systems; Solar energy sector and Headquarters. | $20 | +35% | $1B | $1B | 1.9x | 8.5x | ||
| thyssenkrupp nucera AG & Co is a high-tech company providing electrolysis solutions that support industrial decarbonization and sustainable production. It offers green hydrogen solutions through large-scale water electrolysis, as well as chlor-alkali and hydrochloric acid solutions for the chemical industry and technologies for emerging industrial ecosystems. The business operates through two main segments: Green Hydrogen, which delivers technologies for producing chlorine, caustic soda, and renewable hydrogen at an industrial scale. Both segments are supported by services including engineering, commissioning, maintenance, modernization, spare parts supply, and digital solutions to ensure reliable plant operation throughout the lifecycle. | $10 | -14% | $1B | $474M | 0.5x | 12.6x | ||
| CS Wind Corp is involved in the business of developing wind farms and wind power generation. It has divided its business into Onshore, Offshore, Others and Plant equipment departments. The firm's products and services include wind tower, transition piece, internal tower and plant equipment. It has production bases in Vietnam, China, Canada, and the UK. | $29 | -7% | $1B | $2B | 0.9x | 5.2x | ||
 | SP New Energy Corp is a renewable energy power generation company. The primary purpose is to construct, erect, assemble, commission, operate, and maintain power-generating plants, warehouses, terminals, and related facilities for the conversion of renewable energy into a usable form fit for electricity generation and distribution. | $0 | +15% | $1B | $1B | 111.9x | 11.2x | ||
| Energy Vault Holdings Inc is a grid-scale energy storage company that is driving a faster transition to renewable power by solving the intermittence issues that are inherent to the prevalent sources of renewable energy, solar and wind. Geographical presence in United States, China and Other. Majority of its revenue comes from U.S. | $6 | +805% | $1B | $1B | 6.3x | (58.4x) | ||
| JinkoSolar Holding Co Ltd is engaged in the photovoltaic industry. The firm has built a vertically integrated solar power product value chain, manufacturing from silicon wafers to solar modules. It sells solar modules under the JinkoSolar brand. The company's products include Silicon wafers, Solar cells, and Solar modules. Its geographical segments are China (including Hong Kong and Taiwan), North America, Europe, Asia Pacific, and the Rest of the world. | $22 | +4% | $1B | $6B | 0.6x | 184.6x | ||
| Henan Yicheng New Energy Co Ltd is engaged in the production of solar crustal wafer cutting blade, recycling of waste mortar, solar power station construction, production and sales of negative electrode materials, and production and sales of monocrystalline silicon cells. | $1 | -- | $1B | $2B | 3.2x | (61.0x) | ||
 | Gunkul Engineering PCL is involved in the manufacturing and distribution of equipments for electrical systems, construction and investing in the generating and selling electricity business. The company operates in four segments which are; Manufacturing and selling of equipments for electrical system, Generating and selling electricity, Construction service, Maintenance service, rental service and others. Generating & selling electricity derives key revenue for the company. Geographically, the majority of company's revenue comes from Thailand and rest from Japan, Vietnam and other markets. | $0 | +171% | $1B | $1B | 5.7x | 12.8x | ||
| Changgao Electric Group Co Ltd is engaged in power equipment manufacturing, engineering services, new energy vehicle operation, and power trading operations. The products of the company include gas insulated metal enclosed switchgear, tank circuit breaker, and combined substation. | $2 | -- | $1B | $811M | 3.2x | 11.6x | ||
| HMH Holding Inc is a provider of highly engineered, mission-critical equipment solutions, providing customers with a comprehensive portfolio of drilling equipment, services and systems utilized in oil and gas drilling operations, both offshore and onshore. | $22 | -- | $968M | $1B | 1.5x | 8.0x | ||
 | Viridien is a international providers of geophysics services and products intended for oil and gas companies. The Group continues to present its financial information under two reporting segments: Data, Digital & Energy Transition (DDE), including Geoscience (Subsurface Imaging, Geoscience Beyond The core (Low Carbon and HPC-Digital), and company's Technology Function), and Earth Data (EDA) including it's multi-disciplines earth data library; Sensing & Monitoring (SMO), which includes the following business equipment activities: Land, Marine, Ocean Bottom, Borehole and Beyond the Core (infrastructure monitoring solutions and Defense) under the brands of Sercel, Metrolog, GRC, DeRegt and Geocomp. | $134 | +92% | $963M | $2B | 1.6x | 3.4x | ||
| Power Solutions International Inc is an America-based company that manufactures, distributes, and services power systems that run on nondiesel fuels, including natural gas, propane, and gasoline. The company's products are designed to meet emission standards imposed by environmental regulatory bodies like the Environmental Protection Agency. Its products are distributed to a wide range of industrial original equipment manufacturers that supply equipment to sectors including power generation, oil and gas, material handling, airport ground support, agricultural, turf, construction and irrigation. The company generates majority of its sales from United States. | $40 | -38% | $927M | $1B | 1.5x | 8.7x | ||
| Hunting PLC manufactures and distributes products that enable the extraction of oil and gas. The company has a client base that includes many of the world's international oil and gas companies. Primary product lines include well construction, well completion, and well intervention. It operates through five geographic segments: Hunting Titan; North America; Subsea Technologies; Europe, Middle East, and Africa; and Asia Pacific. | $6 | +54% | $904M | $876M | 0.9x | 6.5x | ||
 | BW Offshore Ltd is a holding company. It is engaged in developing, owning, and operating oil and gas Floating Production, Storage, and Offloading vessels (FPSO) and Floating, Storage and Offloading (FSO) vessels. The company’s main activities are engineering, procurement, construction, and installation, as well as lease and operation services for FPSOs. The operating segment of the company is FPSO and Floating Wind in the majority of its revenue is from the FPSO segment. | $5 | +57% | $896M | $2B | 4.2x | 7.8x | ||
 | Girisim Elektrik Sanayi Taahhut Ve Ticaret AS is an EPC contracting, engineering, sales, and marketing company in the Turkish and regional electricity and energy industry. | $2 | +95% | $821M | $921M | 2.1x | 19.2x | ||
| XP Power Ltd is a developer and manufacturer of critical power control components. The company provides power solutions, including alternating current (AC)-direct current (DC) power supplies, and DC-DC converters. Its products serve markets in multiple sectors and across market regions such as Semiconductor Manufacturing Equipment, Industrial Technology, Custom Power, and Healthcare. Its product categories include AC to DC power supplies, DC-DC converters, High-voltage power supplies, Radio Frequency (RF) power systems, and EMI Filters among others. The geographical segments of the company are North America which generates key revenue, Europe, and Asia. | $25 | +104% | $704M | $831M | 2.7x | 18.3x | ||
 | Terra Innovatum Global NV is a micro modular nuclear solutions company that aims to deliver reliable, low-cost and zero-carbon power wherever energy demand is present through its first-of-a-kind reactor SOLO. SOLO is compact yet extremely powerful with one unit generating 1MWe of power, while designed with the strictest safety characteristics and the ability to run 24/7 without the need to refuel for 15 years. Its modular design aims to achieve maximum energy efficiency while significantly reducing the levelized cost of energy (LCOE). SOLO is built using off-the-shelf components and widely available fuel, low-enriched uranium (LEU), which de-risks its regulatory and commercial pathway. | Nuclear+1 | $6 | -- | $670M | $671M | - | (4408.1x) | |
 | SBO AG is a leader in the manufacture of high-alloy, non-magnetic steel and high-precision components and equipment for the energy sector and beyond. It delivers cutting-edge, high-performance solutions backed by a inventive product portfolio, protected through strong intellectual property. The company stays close to customers, providing fast and high-quality services. | $41 | +19% | $650M | $766M | 1.4x | 8.3x | ||
| Core Laboratories Inc provides reservoir description and production enhancement services for oil and gas exploration and production. It provides data and analytics to aid well operators in determining optimal methods for recovering, processing, and refining hydrocarbons from a well. It also manufactures the associated lab equipment for its services. | $14 | +19% | $630M | $775M | 1.5x | 10.5x | ||
| NEL ASA is a hydrogen company delivering optimal solutions to produce, store and distribute hydrogen from renewable energy. It serves industries, energy, and gas companies with hydrogen technology. The company's hydrogen solutions cover the entire value chain from hydrogen production technologies to the manufacturing of hydrogen fueling stations, providing all fuel cell electric vehicles with the same fast fueling and long range as conventional vehicles. The company's segments include Nel Alkaline Electrolyser and Nel PEM Electrolyser. It generates maximum revenue from the Nel Alkaline Electrolyser. Nel Alkaline Electrolyser segment a supplier of hydrogen production equipment based on alkaline water electrolysis technology. | $0 | +29% | $621M | $490M | 4.5x | (24.1x) | ||
| Forum Energy Technologies Inc is a products company, serving the oil, natural gas, industrial and renewable energy industries. The company designs, manufactures, and distributes products and engages in aftermarket parts supply and services that complement its product offering. Its products include engineered capital equipment, as well as products that are consumed in the drilling, well construction, production, and transportation of oil and natural gas. It operates in two reporting segments, namely Drilling and Completions and Artificial Lift and Downhole. Revenue largely comes from Artificial Lift and Downhole segment. | $54 | +176% | $606M | $809M | 1.0x | 9.4x | ||
| West Holdings Corp is engaged in the solar power generation. The company generates solar power for municipalities, residential and industrial use. Its business activities are divided into different divisions including Stadtberg business, Solar power generation for municipalities, special high-pressure solar power generation, Industrial solar power generation, Residential solar power generation, O & M (operation and management), Sales of electricity and Esco Business. Stadtberg division provides consulting and operation support for infrastructure services centered on renewable energy. O & M division monitors the photovoltaic power plant and maintains the maximum amount of power generation. Its Esco division provides various energy-saving measures. | $15 | +45% | $604M | $927M | 3.0x | 12.8x | ||
| Kalyon Gunes Teknolojileri Uretim AS is engaged in the production and sale of solar panels. In addition, it also produces ingots, wafers and cells. | $1 | -6% | $563M | $563M | - | - | ||
| Oil States International Inc is a provider of manufactured products and services to the energy, industrial and military sectors. Manufactured products include engineered capital equipment as well as products consumed in the drilling, well construction and production of oil and natural gas. The company sells its products and services to national oil and natural gas companies, oil and natural gas companies, onshore and offshore drilling companies and other oilfield services, defense and industrial companies. The company operates through three business segments, Offshore Manufactured Products, Completion and Production Services and Downhole Technologies. It gains maximum revenue from Offshore Manufactured Products. | $9 | +62% | $523M | $538M | 0.8x | 6.4x | ||
| Natural Gas Services Group Inc provides natural gas compression equipment and services to the energy industry. The company manufactures, fabricates, rents, sells, and maintains natural gas compressors and flare systems for oil and natural gas production and plant facilities. Its operating units include Rental, Sales, and Aftermarket services. The company generates the majority of its revenue by renting out low- to medium-horsepower compression equipment to natural gas production companies in unconventional oil and gas regions of the United States. | $41 | +60% | $521M | $745M | 4.3x | 9.2x | ||
| Smart Gunes Enerjisi Tek Arastirma Gelistirme Uretim San ve Tic AS, formerly Smart Gunes Teknolojileri is an integrated solar energy company operating in the area of turnkey installation services and PV module production offers a wide range of solar energy solutions to commercial and retail users. The company provides photovoltaic solar panels based on crystal silicon cells for use in the field and rooftop solar plants. | $0 | +30% | $488M | $717M | 3.1x | 10.6x | ||
| Alfa Solar Enerji Sanayi Ve Ticaret AS engages in the manufacturing of photovoltaic (PV) panels in an ultra-modern facility. Its product portfolio comprises Polycrystalline Panels, Monocrystalline Panels, and half-cut panels. | $1 | +36% | $467M | $512M | 2.9x | 38.6x | ||
| Median | $20 | +54% | $3B | $4B | 3.1x | 11.6x |
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