Utilities Valuation Multiples and Public Comps

Utilities

See analyst estimates and all valuation multiples for Utilities

Company	EV	EV/LTM Revenue	EV/LTM EBITDA
NextEra Energy	$235B	8.7x	14.6x
Iberdrola	$184B	3.4x	9.6x
Duke Energy	$183B	5.8x	12.3x
Southern Company	$170B	6.1x	13.3x
Enel	$160B	1.7x	6.0x
National Grid	$124B	4.9x	11.9x
TAQA	$121B	7.8x	22.6x
Constellation Energy	$107B	4.4x	20.8x
American Electric Power	$103B	5.0x	11.9x
Dominion Energy	$97.7B	6.4x	13.2x
Engie	$93.9B	1.1x	5.4x
PG&E	$93.6B	3.7x	9.2x
Sempra	$93.3B	6.5x	15.6x
Exelon	$91.3B	3.8x	10.5x
Vistra	$91.0B	4.8x	15.7x
China National Nuclear	$81.1B	7.1x	11.8x
Xcel Energy	$74.5B	5.2x	12.6x
Barito Renewables Energy	$74.3B	n/a	n/a
Entergy	$68.6B	5.5x	12.7x
REC Ltd.	$67.7B	26.5x	28.5x
NTPC	$64.8B	3.0x	10.4x
PSEG	$63.8B	5.9x	14.3x
Saudi Electricity	$63.4B	2.5x	6.7x
Edison International	$62.3B	3.4x	8.3x
Consolidated Edison	$60.1B	3.8x	11.0x
WEC Energy Group	$55.5B	6.0x	13.9x
Huaneng Power	$54.1B	1.6x	6.7x
Eversource Energy	$53.0B	4.2x	10.9x
CGN Power	$51.9B	4.3x	10.0x
DTE Energy	$51.8B	3.9x	12.3x
FirstEnergy	$50.1B	3.6x	11.0x
Fortis	$50.0B	5.6x	12.1x
Ameren	$46.6B	5.7x	13.0x
CenterPoint Energy	$45.4B	5.0x	12.4x
Tokyo Electric Power	$44.8B	1.0x	n/a
Power Grid India	$44.8B	8.5x	10.0x
E.ON	$44.1B	0.4x	4.0x
Dubai Electricity & Water	$44.1B	5.0x	9.9x
Endesa	$43.9B	1.7x	6.9x
EDP-Energias De Portugal	$43.8B	2.4x	7.6x
PPL Corp.	$43.7B	5.2x	12.1x
NRG Energy	$43.4B	1.5x	10.8x
Naturgy Energy Group	$42.9B	1.8x	6.9x
American Water Works Co	$41.6B	8.5x	15.1x
CEZ	$41.3B	2.6x	6.4x
Cheniere Energy Partners	$40.7B	3.9x	11.0x
Snam	$40.5B	9.2x	12.0x
EnBW	$39.0B	n/a	n/a
Kansai Electric Power	$38.6B	1.4x	7.2x
IndianOil	$38.5B	0.4x	7.8x
CMS Energy	$38.4B	4.8x	12.8x
AES	$38.0B	3.1x	13.9x
SSE	$37.5B	2.7x	8.5x
China Resources Power	$37.2B	2.8x	7.1x
RWE	$34.8B	1.3x	5.9x
Tenaga Nasional	$34.8B	2.4x	7.2x
Atmos Energy	$34.5B	7.1x	15.0x
Hydro One	$34.1B	5.4x	14.6x
NiSource	$34.0B	5.7x	12.2x
Terna	$33.7B	7.3x	10.7x
China Power	$32.9B	4.6x	8.9x
KEPCO	$32.6B	0.5x	1.7x
Datang International	$32.3B	1.9x	6.9x
Adani Power	$31.9B	4.8x	12.7x
Evergy	$31.2B	5.3x	11.5x
CLP Group	$29.3B	2.6x	9.2x
Emera	$29.2B	5.0x	12.0x
Chubu Electric Power	$28.5B	1.2x	10.6x
Eletrobras	$28.2B	3.8x	7.2x
Alliant Energy	$27.3B	6.7x	14.5x
Korea Gas	$26.5B	1.0x	8.2x
Huadian Power	$26.1B	1.6x	8.3x
Kyushu Electric Power	$25.9B	1.7x	8.9x
Elia Group	$25.4B	4.4x	12.0x
Verbund	$24.4B	2.3x	6.9x
Pinnacle West Capital	$24.2B	4.6x	12.3x
EDP Renovaveis	$23.8B	7.9x	11.3x
Towngas	$23.5B	3.3x	14.1x
Orsted	$22.9B	1.9x	5.2x
United Utilities	$22.8B	7.2x	12.9x
Severn Trent	$22.1B	6.3x	13.9x
Italgas	$21.8B	8.2x	10.9x
Talen Energy	$21.6B	9.6x	22.5x
Shanghai Electric Power	$21.6B	3.5x	n/a
Tata Power	$21.3B	2.7x	13.2x
Tokyo Gas	$20.9B	1.2x	7.3x
Sabesp	$20.3B	4.4x	8.1x
Chugoku Electric Power	$20.1B	2.0x	12.4x
Tohoku Electric Power	$19.9B	1.1x	6.3x
CK Infrastructure Holdings	$19.3B	28.5x	74.4x
Essential Utilities	$18.2B	7.9x	14.8x
Fortum	$18.1B	2.8x	11.1x
Redeia	$16.9B	8.6x	11.5x
Origin Energy	$16.9B	1.5x	7.7x
Equatorial Energia	$16.8B	2.2x	7.8x
Brookfield Infrastructure	$16.7B	n/a	n/a
Canadian Utilities	$16.4B	5.8x	11.2x
APA Group	$16.3B	7.8x	12.2x
Osaka Gas	$16.0B	1.1x	8.1x
GAIL (India)	$15.7B	1.0x	9.5x
JSW Energy	$15.6B	8.5x	17.1x
Enel Americas	$15.6B	1.1x	3.8x
YTL Corp	$15.5B	2.1x	7.6x
Adani Energy Solutions	$15.2B	5.3x	16.0x
YTL Power International	$15.0B	2.9x	9.8x
Neoenergia	$14.7B	1.8x	6.7x
OGE Energy	$14.7B	4.7x	10.8x
Sembcorp	$14.6B	3.0x	10.9x
NHPC	$14.4B	10.7x	19.3x
Power Assets Holdings	$14.3B	121.5x	58.2x
A2A	$13.9B	0.9x	5.3x
UGI	$13.7B	1.8x	7.6x
Electric Power Dev	$13.6B	1.6x	8.5x
Oklo	$13.5B	n/a	-189.8x
HK Electric	$13.5B	8.6x	12.5x
Zheneng Electric	$13.5B	1.2x	5.6x
Public Power Corporation	$13.5B	1.2x	5.9x
CPFL Energia	$13.2B	1.8x	5.8x
Manila Electric	$12.8B	1.5x	10.2x
Metlen Energy & Metals	$12.6B	1.5x	10.1x
Edison	$12.5B	n/a	n/a
Clearway Energy	$12.3B	8.6x	10.3x
BKW	$12.2B	2.1x	9.6x
China Gas	$12.2B	1.2x	10.0x
Atco	$12.2B	3.2x	7.2x
TXNM Energy	$11.8B	5.7x	12.7x
Capital Power	$11.7B	4.8x	10.6x
Chuantou Energy	$11.5B	47.6x	15.1x
Interconexion Electrica	$11.5B	3.0x	5.1x
Grupo Energía Bogotá	$11.5B	5.6x	12.3x
ENN Energy	$11.2B	0.7x	6.6x
Hera	$10.8B	0.7x	5.9x
Algonquin Power	$10.6B	4.5x	10.5x
Uniper	$10.3B	0.1x	5.6x
Energisa	$10.0B	1.8x	6.8x
Southwest Gas Holdings	$10.0B	2.0x	12.5x
Cia Paranaense De Energia	$9.9B	2.5x	9.6x
Ligga	$9.9B	2.5x	9.6x
Idacorp	$9.9B	5.3x	15.8x
Aboitiz Power	$9.8B	2.8x	9.9x
Nextracker	$9.7B	3.1x	12.4x
Aboitiz Equity Ventures	$9.7B	2.2x	9.9x
Meridian Energy	$9.6B	3.3x	23.0x
Iren Group	$9.6B	1.3x	6.1x
Spire	$9.6B	3.8x	11.3x
Portland General Electric	$9.6B	2.7x	8.5x
New Fortress Energy	$9.4B	5.0x	14.3x
Eneva	$9.2B	4.2x	8.5x
Parkland	$9.2B	0.5x	7.0x
Northland Power	$9.0B	5.3x	9.8x
GE Vernova T&D India	$8.6B	15.1x	73.6x
Black Hills	$8.6B	3.8x	9.8x
Pennon Group	$8.5B	5.4x	14.3x
Shenergy Group	$8.4B	2.1x	5.9x
Petronas Gas	$8.4B	5.5x	10.3x
CEMIG	$8.3B	1.2x	5.7x
New Jersey Resources	$8.2B	4.1x	11.3x
Torrent Power	$8.1B	2.4x	12.8x
TAURON	$8.1B	0.9x	4.1x
China Resources Gas	$7.9B	0.6x	5.6x
TAQA Morocco	$7.8B	6.5x	20.6x
Adani Total Gas	$7.7B	12.0x	51.6x
ONE Gas	$7.7B	3.2x	10.4x
TransAlta	$7.6B	3.9x	8.6x
Enel Chile	$7.5B	1.7x	5.6x
Baosight	$7.5B	4.6x	23.1x
Guangdong Investment	$7.3B	3.1x	6.0x
Enlight Renewable Energy	$7.3B	n/a	n/a
Shikoku Electric Power	$7.1B	1.3x	7.9x
Centrica	$7.0B	0.2x	3.3x
Mercury NZ	$6.9B	3.3x	14.1x
Grupo Ultra	$6.9B	0.3x	5.8x
Global Power Synergy	$6.7B	2.5x	11.1x
XPLR Infr	$6.7B	5.1x	3.4x
NorthWestern Energy	$6.6B	4.2x	10.7x
Hokuriku Electric Power	$6.6B	1.2x	7.1x
Grupa PGE	$6.4B	0.4x	1.9x
Enagas	$6.1B	6.0x	7.5x
Avista	$6.0B	3.1x	n/a
EVN	$5.9B	1.6x	6.1x
Marafiq	$5.9B	3.3x	8.3x
Qatar Electricity & Water	$5.8B	7.0x	20.0x
AGL Energy	$5.8B	0.6x	4.3x
Rubis	$5.7B	0.7x	6.6x
ALLETE	$5.6B	3.5x	12.1x
Empower	$5.4B	5.8x	12.3x
Fujian Funeng Co	$5.4B	2.7x	6.1x
Opc Energy	$5.4B	n/a	n/a
Redes Energéticas Nacionais	$5.1B	4.2x	8.5x
Riyadh Cables	$5.0B	1.9x	15.0x
Rede Energia	$5.0B	n/a	n/a
COELBA	$4.8B	n/a	n/a
Energa	$4.7B	n/a	n/a
Alupar	$4.7B	n/a	n/a
Naturgy Brasil	$4.6B	n/a	n/a
Hawaiian Electric Industries	$4.5B	1.3x	-3.1x
Chesapeake Utilities	$4.4B	5.2x	14.1x
Pampa Energia	$4.4B	2.4x	5.2x
Promigas	$4.4B	n/a	n/a
CIA de Gas de Sao Paulo	$4.3B	n/a	n/a
Ratch Gr	$4.3B	4.3x	12.8x
Colbun	$4.2B	2.6x	6.2x
Otter Tail	$4.2B	3.2x	8.4x
California Water Service	$4.2B	4.1x	11.7x
Electricity Generating	$4.1B	3.5x	12.4x
Northwest Natural Holdings	$4.1B	3.2x	10.1x
B.Grimm Power	$4.1B	2.3x	9.3x
Kurita Water	$4.1B	1.4x	7.6x
Vector	$4.0B	6.0x	11.7x
TAESA	$4.0B	n/a	n/a
Transmissora Alianca	$4.0B	n/a	n/a
Reliance Power	$4.0B	n/a	n/a
Petronet LNG	$3.9B	0.7x	6.2x
MVV Energie	$3.9B	n/a	n/a
MGE Energy	$3.8B	5.5x	14.7x
SK Gas	$3.8B	0.7x	8.3x
American States Water	$3.7B	5.8x	15.1x
Ignitis	$3.7B	1.3x	5.7x
Tabreed	$3.7B	5.4x	10.8x
IndiGrid	$3.6B	n/a	n/a
H2O America	$3.6B	4.6x	11.5x
Organo	$3.6B	3.1x	14.2x
Toho Gas	$3.5B	0.8x	7.5x
Aguas Andinas	$3.5B	4.8x	9.6x
Engie Energia Chile	$3.4B	1.8x	5.9x
COPASA MG	$3.4B	2.3x	6.0x
Gujarat Gas	$3.3B	1.7x	14.9x
Longshine Technology	$3.3B	4.8x	56.1x
Energisa Mato Grosso	$3.2B	n/a	n/a
Equatorial Para Distribuidora de Energia	$3.2B	n/a	n/a
Enerjisa Enerji	$3.1B	0.6x	2.6x
Mainova	$3.1B	n/a	n/a
Elektro - Eletricidade	$3.1B	n/a	n/a
Neoenergia Elektro	$3.1B	n/a	n/a
Centuri Holdings	$3.0B	1.1x	12.0x
SANEPAR	$3.0B	n/a	n/a
Indraprastha Gas	$3.0B	1.7x	12.5x
Superior Plus	$3.0B	1.2x	6.2x
Lechwerke	$2.9B	n/a	n/a
SNTGN Transgaz	$2.8B	4.9x	12.7x
Gelsenwasser	$2.8B	n/a	n/a
Enea S.A.	$2.8B	0.3x	1.7x
Luz Del Sur	$2.8B	n/a	n/a
Societatea Energetica	$2.7B	1.1x	6.3x
Kenon Holdings	$2.7B	n/a	n/a
Societatea Nationala Nuclearelectrica	$2.6B	2.1x	3.8x
Suburban Propane	$2.6B	1.8x	9.2x
Malakoff Corp.	$2.4B	1.2x	5.7x
Genesis Energy New Zealand	$2.4B	1.1x	8.6x
Renewables Infr Group	$2.4B	5.7x	7.0x
Nippon Gas	$2.3B	1.7x	11.1x
Perusahaan Gas Negara	$2.3B	0.6x	2.6x
Orygen Peru	$2.2B	n/a	n/a
Enerya Enerji	$2.2B	n/a	n/a
Telecom Plus	$2.2B	0.8x	10.5x
TGS	$2.1B	1.5x	2.5x
Inversiones Aguas	$2.1B	n/a	n/a
AKSA Enerji	$2.0B	n/a	n/a
Empresa Eléctrica Pehuenche	$1.9B	n/a	n/a
Polenergia	$1.9B	1.7x	11.7x
Ahlatcı Doğal Gaz	$1.9B	n/a	n/a
Light	$1.8B	n/a	n/a
Compania General	$1.8B	n/a	n/a
Banpu Power	$1.8B	2.9x	7.6x
PetroVietnam Power	$1.7B	1.2x	7.7x
Pluz Energia Peru	$1.7B	n/a	n/a
Ampla Energia E Servicos	$1.7B	n/a	n/a
Ygsoft	$1.7B	4.6x	26.1x
Reliance Infrastructure	$1.7B	n/a	n/a
Unitil	$1.6B	3.1x	n/a
Romande Energie	$1.6B	1.6x	10.1x
CIA Energetica	$1.6B	n/a	n/a
Zorlu Enerji Elektrik	$1.6B	n/a	n/a
Equatorial	$1.5B	n/a	n/a
Central Puerto	$1.5B	2.5x	4.6x
Ascopiave	$1.5B	5.5x	9.6x
Alkhorayef Water & Power	$1.4B	2.0x	9.8x
Grupo Cox	$1.4B	1.0x	5.6x
Centrais Eletricas	$1.4B	n/a	n/a
Mahanagar Gas	$1.4B	1.7x	7.9x
Middlesex Water	$1.4B	7.0x	n/a
Petrolimex	$1.3B	0.1x	7.0x
Esval	$1.3B	n/a	n/a
Gas Malaysia	$1.3B	0.7x	8.4x
Naturenergie Holding	$1.2B	0.6x	3.5x
Aris Water Solutions	$1.2B	2.6x	5.6x
Naturgy Chile Gas Natural	$1.2B	n/a	n/a
Thai Tap Water	$1.1B	7.1x	9.9x
Miahona	$1.1B	n/a	n/a
Companhia Estadual	$1.1B	n/a	n/a
Audax Renovables	$1.1B	0.4x	7.5x
Essbio	$995M	n/a	n/a
Edenor	$932M	0.5x	5.4x
Electricite De Strasbourg	$907M	n/a	n/a
Aygaz	$905M	n/a	n/a
Transelectrica	$880M	0.5x	3.8x
CGE Transmision	$821M	n/a	n/a
Hansen Technologies	$812M	3.1x	10.9x
Premier Energy	$790M	0.5x	5.2x
Transportadora de Gas del	$782M	n/a	n/a
Sociedad	$718M	n/a	n/a
Acinque	$692M	n/a	n/a
Zhejiang Netsun	$685M	n/a	n/a
York Water	$653M	8.5x	n/a
Dareway Software	$651M	n/a	n/a
Akenrji Elektrik Uretim	$639M	n/a	n/a
Gentrack Group	$634M	4.7x	38.1x
Rio Paranapanema Energia	$628M	n/a	n/a
RPMGlobal	$620M	9.8x	94.5x
Enel Distribucion Chile	$585M	n/a	n/a
Izdemir Enerji Elektrik	$580M	n/a	n/a
Cloudberry Clean Energy	$559M	9.6x	19.9x
Chrysos Corp.	$546M	11.7x	45.9x
Artesian Resources	$515M	4.6x	n/a
PSI Software	$513M	1.6x	29.9x
Litgrid	$510M	n/a	n/a
Athens Water Supply	$507M	n/a	n/a
Elmera Group	$505M	2.8x	6.4x
Empresas Gasco	$498M	n/a	n/a
MetroGas	$497M	n/a	n/a
Transener	$478M	n/a	n/a
Enel Generacion Piura	$467M	n/a	n/a
Camuzzi Gas Pampeana	$467M	n/a	n/a
Consolidated Water Co	$423M	3.2x	17.1x
Stem	$419M	2.8x	-54.8x
Tallinna Vesi	$408M	n/a	n/a
ALTEO Energy Services	$406M	n/a	n/a
Cadiz	$405M	30.5x	-27.5x
Amber Grid	$387M	n/a	n/a
Computer Modelling Group	$382M	4.1x	13.1x
Global Water Resources	$381M	6.9x	14.1x
RGC Resources	$370M	3.8x	n/a
OPAL Fuels	$365M	1.1x	4.3x
Edisun Power	$361M	n/a	n/a
Kogeneracja	$351M	n/a	n/a
Energy One	$347M	8.3x	31.2x
Montauk Renewables	$333M	1.9x	8.7x
Genie Energy	$298M	0.6x	8.7x
Naturgy Ban	$289M	n/a	n/a
Pure Cycle	$268M	n/a	n/a
Columbus Energy	$266M	n/a	n/a
Seri Industrial	$264M	0.8x	13.4x
Burgenland Holding	$264M	n/a	n/a
Inspired	$263M	2.1x	8.5x
Yu Group	$253M	0.3x	3.9x
NextNRG	$241M	3.7x	n/a
eVISO	$241M	0.6x	15.4x
Ze Pak	$236M	0.5x	5.4x
Downing Renewables Infr	$235M	n/a	n/a
Ekopak	$211M	3.1x	105.1x
Arise	$207M	3.5x	7.7x
Iniziative Bresciane	$195M	5.8x	8.2x
Aker Horizons	$189M	n/a	n/a
Jersey Electricity	$189M	1.0x	n/a
Companhia Energetica	$186M	n/a	n/a
Celg de Participacoes	$177M	n/a	n/a
Enel Generacion Costanera	$170M	n/a	n/a
Distribuidora De Gas	$159M	n/a	n/a
Enda Enerji	$148M	n/a	n/a
Kauno Energija	$146M	n/a	n/a
Magnora	$121M	3.1x	4.3x
Innovatec	$101M	n/a	n/a
Thessaloniki Water Supply	$94.3M	n/a	n/a
Energoaqua	$91.1M	n/a	n/a
Enechange	$84.8M	2.4x	n/a
MPC Energy Solutions	$83.2M	7.2x	17.8x
Energy Solar Tech	$78.3M	n/a	n/a
Distribuzione Elettrica	$76.2M	2.0x	4.6x
Holaluz	$68.0M	n/a	n/a
Ecosuntek	$64.0M	0.1x	3.0x
NAP	$61.8M	n/a	n/a
Eqva	$59.9M	n/a	n/a
Informetis	$51.0M	7.5x	n/a
Maps	$50.7M	1.3x	5.4x
Razor Labs	$39.7M	n/a	n/a
Fernheizwerk Neukoelln	$38.7M	n/a	n/a
Minesto	$38.4M	n/a	n/a
Przedsiebiorstwo	$35.7M	n/a	n/a
Hydrogen De	$33.7M	2.6x	-1.8x
Haffner Energy	$23.2M	2.7x	-3.2x
Charwood Energy	$18.0M	3.0x	-5.7x
Groupe Okwind	$17.2M	0.4x	-3.1x
Skandia GreenPower	$17.0M	n/a	n/a
Climeon	$15.8M	n/a	n/a
Vas	$14.0M	n/a	n/a
Wodkan Przedsiebiorstwo	$13.6M	n/a	n/a
Raen	$11.1M	n/a	n/a
Frendy Energy	$11.0M	n/a	n/a
MDI Energia	$9.8M	n/a	n/a
Acceleware	$9.1M	n/a	n/a
E-Pango	$7.6M	2.4x	-32.5x
Vergnet	$7.0M	n/a	n/a
Cogefeed	$6.8M	n/a	n/a
BRAS	$6.7M	n/a	n/a
Cortus Energy	$6.0M	n/a	n/a
Ocean Sun	$4.6M	n/a	n/a
EAM Solar	$3.9M	n/a	n/a
New Sources Energy	$3.8M	n/a	n/a
OZE Capital	$3.6M	n/a	n/a
Dlaboratory Sweden	$3.6M	n/a	n/a
SENS	$3.6M	n/a	n/a
Tesgas	$2.5M	n/a	n/a
Zeneris Projekty	$2.4M	n/a	n/a
Agripower France	$2.2M	n/a	n/a
EEMS Italia	$1.8M	n/a	n/a
Global Bioenergies	$1.5M	4.3x	-0.1x
ENEFI Asset Management	$1.3M	n/a	n/a
Etrion	-$1.8M	n/a	n/a
Cavendish Hydrogen	-$5.4M	-0.1x	0.2x
Dala Energi	-$36.5M	-2.5x	-0.4x