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	$269B	9.7x	17.2x
Iberdrola	$195B	3.6x	10.3x
Duke Energy	$188B	6.0x	12.6x
Southern Company	$175B	6.2x	13.6x
Enel	$167B	1.8x	6.2x
National Grid	$131B	5.2x	12.5x
Constellation Energy	$128B	5.3x	24.9x
TAQA	$119B	7.7x	22.4x
American Electric Power	$108B	5.2x	12.4x
Sempra	$99.9B	7.1x	17.0x
Dominion Energy	$99.1B	6.4x	13.4x
Engie	$98.1B	1.2x	5.8x
PG&E	$97.0B	3.8x	9.5x
Exelon	$96.6B	4.0x	11.1x
Vistra	$88.3B	4.6x	15.1x
China National Nuclear	$82.9B	7.2x	11.9x
Xcel Energy	$79.6B	5.5x	13.4x
Barito Renewables Energy	$73.6B	n/a	n/a
Entergy	$72.3B	5.7x	13.0x
REC Ltd.	$69.8B	27.2x	29.0x
NTPC	$65.5B	3.0x	10.5x
Saudi Electricity	$65.0B	2.5x	6.5x
PSEG	$64.7B	5.8x	14.4x
Edison International	$63.3B	3.4x	8.0x
Consolidated Edison	$61.7B	3.8x	11.2x
WEC Energy Group	$57.8B	6.3x	14.5x
Eversource Energy	$57.1B	4.6x	11.6x
CGN Power	$54.7B	4.5x	10.6x
Huaneng Power	$54.6B	1.6x	6.6x
DTE Energy	$53.4B	4.0x	12.6x
FirstEnergy	$52.2B	3.7x	11.4x
Fortis	$51.0B	5.7x	12.3x
Ameren	$48.2B	6.0x	13.4x
Endesa	$47.8B	1.9x	7.5x
CenterPoint Energy	$47.5B	5.2x	13.0x
EDP-Energias De Portugal	$46.3B	2.4x	8.1x
Power Grid India	$45.3B	8.6x	10.1x
E.ON	$45.2B	0.5x	4.1x
PPL Corp.	$45.1B	5.3x	12.4x
Dubai Electricity & Water	$44.9B	5.1x	10.1x
NRG Energy	$44.5B	1.5x	11.2x
Tokyo Electric Power	$44.2B	1.0x	n/a
Naturgy Energy Group	$43.9B	1.9x	7.1x
American Water Works Co	$42.6B	8.6x	15.4x
CEZ	$42.1B	2.6x	6.5x
Snam	$41.4B	9.4x	12.2x
Cheniere Energy Partners	$41.0B	3.9x	11.2x
SSE	$40.9B	3.0x	9.3x
Adani Power	$40.0B	6.1x	15.8x
CMS Energy	$39.8B	5.0x	13.2x
IndianOil	$39.6B	0.4x	7.6x
AES	$39.3B	3.3x	14.3x
RWE	$38.8B	1.5x	6.8x
EnBW	$38.5B	n/a	n/a
Kansai Electric Power	$38.1B	1.4x	7.4x
China Resources Power	$37.5B	2.8x	7.1x
Atmos Energy	$36.5B	7.5x	15.6x
NiSource	$36.0B	6.0x	12.7x
Hydro One	$35.4B	5.7x	15.1x
Terna	$35.1B	7.6x	11.2x
Orsted	$34.8B	3.1x	8.1x
KEPCO	$34.6B	0.5x	1.8x
Tenaga Nasional	$34.6B	2.3x	7.1x
China Power	$32.9B	4.6x	8.8x
Datang International	$32.8B	1.9x	6.8x
Evergy	$32.7B	5.5x	12.0x
Eletrobras	$30.8B	4.2x	7.8x
Emera	$30.0B	5.1x	12.4x
CLP Group	$29.5B	2.6x	9.2x
Alliant Energy	$28.7B	7.0x	15.1x
Chubu Electric Power	$28.1B	1.2x	11.0x
EDP Renovaveis	$28.0B	9.3x	13.1x
Elia Group	$26.7B	4.6x	12.3x
Verbund	$26.3B	2.6x	7.6x
Huadian Power	$26.1B	1.6x	8.2x
Korea Gas	$26.0B	1.0x	8.4x
Kyushu Electric Power	$25.2B	1.7x	8.9x
Pinnacle West Capital	$25.0B	4.7x	12.7x
Shanghai Electric Power	$24.4B	4.0x	n/a
Towngas	$24.2B	3.3x	14.5x
United Utilities	$23.4B	7.3x	12.8x
Italgas	$23.2B	8.4x	11.3x
Severn Trent	$23.1B	6.5x	14.3x
Talen Energy	$21.6B	9.3x	22.0x
Tata Power	$21.6B	2.7x	13.1x
Sabesp	$21.1B	4.5x	8.2x
Fortum	$20.5B	3.2x	13.0x
Chugoku Electric Power	$19.6B	2.0x	12.5x
Oklo	$19.5B	n/a	-270.2x
Tokyo Gas	$19.4B	1.1x	6.9x
Tohoku Electric Power	$19.4B	1.2x	6.4x
Essential Utilities	$19.3B	8.4x	15.7x
CK Infrastructure Holdings	$18.7B	27.3x	69.8x
JSW Energy	$17.5B	8.8x	17.5x
Adani Energy Solutions	$17.3B	5.8x	17.6x
Brookfield Infrastructure	$17.2B	n/a	n/a
Equatorial Energia	$17.1B	2.2x	7.7x
Redeia	$17.0B	8.7x	11.6x
Canadian Utilities	$16.7B	5.8x	11.4x
Origin Energy	$16.5B	1.5x	7.7x
APA Group	$16.4B	7.8x	12.3x
GAIL (India)	$15.6B	1.0x	9.4x
Osaka Gas	$15.5B	1.1x	8.0x
OGE Energy	$15.2B	4.9x	11.1x
Sembcorp	$15.2B	3.1x	11.5x
YTL Corp	$15.1B	2.0x	7.2x
A2A	$15.0B	1.0x	5.8x
Neoenergia	$14.7B	1.8x	6.7x
Nextracker	$14.2B	4.4x	17.8x
NHPC	$14.1B	10.5x	18.6x
Enel Americas	$14.1B	1.0x	3.4x
YTL Power International	$14.0B	2.6x	8.7x
Power Assets Holdings	$14.0B	124.1x	121.4x
Zheneng Electric	$13.9B	1.2x	5.7x
UGI	$13.9B	1.8x	7.6x
Public Power Corporation	$13.8B	1.2x	6.0x
CPFL Energia	$13.7B	1.9x	6.0x
Edison	$13.6B	n/a	n/a
BKW	$13.5B	2.3x	10.6x
HK Electric	$13.5B	8.5x	12.3x
Electric Power Dev	$13.4B	1.6x	8.8x
Manila Electric	$12.9B	1.5x	10.5x
Clearway Energy	$12.8B	9.0x	10.7x
Capital Power	$12.7B	5.3x	11.6x
Atco	$12.5B	3.3x	7.4x
Interconexion Electrica	$12.4B	3.2x	5.4x
Chuantou Energy	$12.4B	51.2x	16.1x
China Gas	$12.3B	1.2x	10.1x
Grupo Energía Bogotá	$12.1B	5.7x	14.0x
TXNM Energy	$11.8B	5.7x	12.9x
ENN Energy	$11.6B	0.7x	6.9x
Hera	$11.2B	0.7x	6.1x
Algonquin Power	$10.9B	4.5x	10.9x
Cia Paranaense De Energia	$10.5B	2.7x	10.1x
Ligga	$10.5B	2.7x	10.1x
Idacorp	$10.5B	5.5x	16.8x
Spire	$10.4B	4.1x	12.3x
Southwest Gas Holdings	$10.2B	2.8x	12.0x
Energisa	$10.1B	1.8x	6.8x
Portland General Electric	$10.0B	2.8x	8.7x
Eneva	$9.8B	4.2x	8.6x
Iren Group	$9.8B	1.3x	6.2x
Meridian Energy	$9.7B	3.4x	22.2x
Parkland	$9.4B	0.5x	7.1x
New Fortress Energy	$9.3B	5.6x	31.9x
Northland Power	$9.3B	5.5x	10.4x
Aboitiz Equity Ventures	$9.3B	2.5x	11.4x
Black Hills	$9.2B	4.0x	10.2x
Aboitiz Power	$9.1B	2.7x	9.3x
Pennon Group	$8.9B	5.6x	14.5x
TransAlta	$8.8B	4.7x	10.4x
TAURON	$8.8B	1.0x	4.4x
Shenergy Group	$8.8B	2.2x	6.0x
Petronas Gas	$8.5B	5.6x	10.4x
Torrent Power	$8.4B	2.4x	13.1x
ONE Gas	$8.2B	3.3x	10.9x
GE Vernova T&D India	$8.2B	13.9x	65.6x
New Jersey Resources	$8.2B	4.1x	11.2x
Enlight Renewable Energy	$8.2B	n/a	n/a
China Resources Gas	$8.1B	0.6x	5.7x
Adani Total Gas	$7.9B	13.9x	61.4x
Centrica	$7.8B	0.3x	4.0x
Uniper	$7.6B	0.1x	4.7x
Enel Chile	$7.4B	1.7x	5.5x
Baosight	$7.3B	4.3x	23.6x
Guangdong Investment	$7.2B	3.0x	5.8x
TAQA Morocco	$7.1B	5.9x	20.1x
Shikoku Electric Power	$7.0B	1.3x	7.9x
NorthWestern Energy	$7.0B	4.4x	11.4x
Grupo Ultra	$6.9B	0.3x	5.7x
Global Power Synergy	$6.8B	2.5x	11.5x
XPLR Infr	$6.7B	5.1x	3.4x
Grupa PGE	$6.6B	0.4x	1.9x
Mercury NZ	$6.5B	3.2x	13.2x
Enagas	$6.5B	6.3x	8.1x
Hokuriku Electric Power	$6.4B	1.2x	7.2x
Avista	$6.3B	3.3x	n/a
CEMIG	$6.2B	0.9x	4.3x
EVN	$6.2B	1.7x	6.3x
Marafiq	$6.2B	3.5x	8.7x
Opc Energy	$6.1B	n/a	n/a
AGL Energy	$5.9B	0.6x	4.5x
Qatar Electricity & Water	$5.9B	6.8x	19.7x
ALLETE	$5.9B	3.4x	11.9x
Riyadh Cables	$5.8B	2.1x	16.1x
Rubis	$5.8B	0.7x	6.7x
Fujian Funeng Co	$5.5B	2.8x	6.2x
Empower	$5.3B	5.6x	11.8x
Redes Energéticas Nacionais	$5.2B	4.3x	8.7x
Rede Energia	$4.9B	n/a	n/a
Alupar	$4.8B	n/a	n/a
Energa	$4.8B	n/a	n/a
COELBA	$4.8B	n/a	n/a
Chesapeake Utilities	$4.6B	5.4x	14.8x
Naturgy Brasil	$4.6B	n/a	n/a
Kurita Water	$4.6B	1.7x	8.6x
Hawaiian Electric Industries	$4.5B	1.2x	-3.1x
California Water Service	$4.4B	4.3x	12.6x
Promigas	$4.4B	n/a	n/a
Pampa Energia	$4.4B	2.4x	5.3x
Northwest Natural Holdings	$4.3B	3.3x	10.3x
Ratch Gr	$4.3B	4.4x	13.9x
Electricity Generating	$4.2B	3.6x	13.6x
CIA de Gas de Sao Paulo	$4.2B	n/a	n/a
B.Grimm Power	$4.2B	2.4x	9.7x
Colbun	$4.2B	2.6x	6.2x
TAESA	$4.1B	n/a	n/a
Transmissora Alianca	$4.1B	n/a	n/a
Vector	$4.1B	6.3x	12.1x
Otter Tail	$4.0B	3.1x	7.9x
MGE Energy	$3.9B	5.5x	14.8x
Petronet LNG	$3.9B	0.7x	6.2x
MVV Energie	$3.9B	n/a	n/a
American States Water	$3.9B	6.0x	15.7x
Reliance Power	$3.8B	n/a	n/a
Organo	$3.7B	3.3x	15.0x
COPASA MG	$3.7B	2.6x	6.6x
Tabreed	$3.7B	5.3x	10.6x
SK Gas	$3.7B	0.7x	7.6x
IndiGrid	$3.7B	n/a	n/a
Ignitis	$3.6B	1.3x	5.7x
H2O America	$3.6B	4.6x	11.6x
SNTGN Transgaz	$3.5B	6.1x	15.7x
Toho Gas	$3.5B	0.8x	7.7x
Engie Energia Chile	$3.4B	1.8x	5.9x
Aguas Andinas	$3.4B	4.7x	9.3x
Enea S.A.	$3.4B	0.4x	2.1x
Energisa Mato Grosso	$3.3B	n/a	n/a
Enerjisa Enerji	$3.2B	0.6x	3.7x
Equatorial Para Distribuidora de Energia	$3.1B	n/a	n/a
Mainova	$3.1B	n/a	n/a
Gujarat Gas	$3.1B	1.6x	13.9x
Superior Plus	$3.0B	1.2x	6.3x
Indraprastha Gas	$3.0B	1.7x	12.4x
Societatea Energetica	$3.0B	1.2x	7.0x
Kenon Holdings	$2.9B	n/a	n/a
Lechwerke	$2.9B	n/a	n/a
Luz Del Sur	$2.9B	n/a	n/a
Centuri Holdings	$2.9B	1.1x	11.5x
SANEPAR	$2.9B	n/a	n/a
Elektro - Eletricidade	$2.8B	n/a	n/a
Neoenergia Elektro	$2.8B	n/a	n/a
Gelsenwasser	$2.7B	n/a	n/a
Societatea Nationala Nuclearelectrica	$2.7B	2.1x	3.7x
Longshine Technology	$2.6B	3.8x	38.3x
Suburban Propane	$2.6B	1.8x	9.2x
Renewables Infr Group	$2.5B	6.0x	7.3x
Malakoff Corp.	$2.5B	1.3x	6.1x
Genesis Energy New Zealand	$2.4B	1.1x	8.9x
TGS	$2.4B	1.6x	2.7x
AKSA Enerji	$2.3B	n/a	n/a
Orygen Peru	$2.2B	n/a	n/a
Nippon Gas	$2.2B	1.7x	10.7x
Perusahaan Gas Negara	$2.2B	0.6x	2.5x
Telecom Plus	$2.2B	0.8x	10.5x
Inversiones Aguas	$2.1B	n/a	n/a
Enerya Enerji	$2.0B	n/a	n/a
Banpu Power	$2.0B	3.4x	8.0x
Empresa Eléctrica Pehuenche	$1.9B	n/a	n/a
Polenergia	$1.9B	1.7x	12.1x
Pluz Energia Peru	$1.8B	n/a	n/a
Compania General	$1.8B	n/a	n/a
Light	$1.7B	n/a	n/a
Ygsoft	$1.7B	4.6x	27.4x
Unitil	$1.7B	3.3x	n/a
Central Puerto	$1.7B	2.9x	5.3x
Romande Energie	$1.6B	1.6x	10.3x
PetroVietnam Power	$1.6B	1.2x	6.3x
Alkhorayef Water & Power	$1.6B	2.4x	16.5x
Ahlatcı Doğal Gaz	$1.5B	n/a	n/a
CIA Energetica	$1.5B	n/a	n/a
Ampla Energia E Servicos	$1.5B	n/a	n/a
Zorlu Enerji Elektrik	$1.5B	n/a	n/a
Ascopiave	$1.5B	5.6x	9.6x
Middlesex Water	$1.5B	7.6x	n/a
Equatorial	$1.5B	n/a	n/a
Reliance Infrastructure	$1.5B	n/a	n/a
Grupo Cox	$1.4B	1.1x	5.6x
Centrais Eletricas	$1.4B	n/a	n/a
Gas Malaysia	$1.3B	0.7x	8.7x
Esval	$1.3B	n/a	n/a
Mahanagar Gas	$1.3B	1.5x	7.3x
Naturenergie Holding	$1.3B	0.6x	3.6x
Petrolimex	$1.2B	0.1x	6.1x
Naturgy Chile Gas Natural	$1.2B	n/a	n/a
Miahona	$1.1B	n/a	n/a
Thai Tap Water	$1.1B	7.0x	9.6x
Companhia Estadual	$1.1B	n/a	n/a
Transelectrica	$1.1B	0.6x	4.7x
Audax Renovables	$1.1B	0.4x	8.2x
Electricite De Strasbourg	$1.0B	n/a	n/a
Edenor	$1.0B	0.6x	6.1x
Essbio	$998M	n/a	n/a
Aygaz	$976M	n/a	n/a
CGE Transmision	$866M	n/a	n/a
Sociedad	$840M	n/a	n/a
PSI Software	$828M	2.5x	45.1x
Premier Energy	$792M	0.5x	5.7x
Hansen Technologies	$788M	3.0x	10.6x
Transportadora de Gas del	$705M	n/a	n/a
Acinque	$702M	n/a	n/a
York Water	$680M	8.8x	n/a
RPMGlobal	$655M	10.6x	84.5x
Akenrji Elektrik Uretim	$651M	n/a	n/a
Zhejiang Netsun	$642M	n/a	n/a
Rio Paranapanema Energia	$618M	n/a	n/a
Chrysos Corp.	$616M	12.9x	49.4x
Dareway Software	$613M	n/a	n/a
Enel Distribucion Chile	$588M	n/a	n/a
MetroGas	$575M	n/a	n/a
Athens Water Supply	$562M	n/a	n/a
Izdemir Enerji Elektrik	$545M	n/a	n/a
Cloudberry Clean Energy	$540M	9.4x	20.4x
Artesian Resources	$524M	4.7x	n/a
Gentrack Group	$520M	3.9x	31.2x
Litgrid	$512M	n/a	n/a
Empresas Gasco	$506M	n/a	n/a
Cadiz	$506M	36.2x	-32.3x
Enel Generacion Piura	$495M	n/a	n/a
Elmera Group	$489M	2.8x	6.2x
Stem	$481M	3.2x	-103.3x
Transener	$471M	n/a	n/a
Consolidated Water Co	$456M	3.4x	18.3x
Camuzzi Gas Pampeana	$442M	n/a	n/a
Energy One	$412M	9.8x	36.4x
ALTEO Energy Services	$410M	n/a	n/a
Tallinna Vesi	$406M	n/a	n/a
Global Water Resources	$403M	7.3x	14.9x
Seri Industrial	$399M	1.5x	55.8x
Amber Grid	$385M	n/a	n/a
OPAL Fuels	$382M	1.1x	4.5x
Montauk Renewables	$379M	2.1x	10.2x
Edisun Power	$377M	n/a	n/a
RGC Resources	$362M	3.7x	11.8x
Kogeneracja	$360M	n/a	n/a
Computer Modelling Group	$337M	3.7x	11.9x
Genie Energy	$318M	0.7x	8.4x
Ze Pak	$304M	0.6x	7.9x
Naturgy Ban	$287M	n/a	n/a
NextNRG	$284M	4.1x	n/a
Pure Cycle	$258M	n/a	n/a
Burgenland Holding	$252M	n/a	n/a
Downing Renewables Infr	$234M	n/a	n/a
Yu Group	$233M	0.2x	3.5x
eVISO	$212M	0.5x	15.3x
Arise	$200M	3.4x	7.6x
Distribuidora De Gas	$192M	n/a	n/a
Iniziative Bresciane	$192M	6.0x	8.4x
Aker Horizons	$191M	n/a	n/a
Jersey Electricity	$190M	n/a	n/a
Ekopak	$189M	2.7x	67.3x
Enel Generacion Costanera	$187M	n/a	n/a
Companhia Energetica	$182M	n/a	n/a
Celg de Participacoes	$177M	n/a	n/a
Kauno Energija	$143M	n/a	n/a
Enda Enerji	$132M	n/a	n/a
Columbus Energy	$116M	n/a	n/a
Energoaqua	$103M	n/a	n/a
Magnora	$102M	4.2x	9.1x
MPC Energy Solutions	$84.2M	7.2x	16.9x
Thessaloniki Water Supply	$82.5M	n/a	n/a
Distribuzione Elettrica	$76.9M	1.8x	4.5x
Energy Solar Tech	$76.0M	n/a	n/a
Enechange	$72.9M	2.1x	n/a
Holaluz	$65.0M	n/a	n/a
NAP	$63.5M	n/a	n/a
Eqva	$56.8M	n/a	n/a
Fernheizwerk Neukoelln	$54.7M	n/a	n/a
Maps	$51.8M	1.4x	6.0x
Ecosuntek	$40.0M	0.0x	1.7x
Razor Labs	$35.4M	n/a	n/a
Minesto	$34.0M	n/a	n/a
Przedsiebiorstwo	$33.1M	n/a	n/a
Hydrogen De	$29.1M	2.0x	-1.5x
Innovatec	$28.1M	n/a	n/a
Haffner Energy	$22.8M	48.9x	-2.2x
Informetis	$22.2M	3.4x	n/a
Charwood Energy	$20.4M	2.2x	-13.5x
Skandia GreenPower	$17.2M	n/a	n/a
Agripower France	$15.8M	n/a	n/a
Climeon	$15.4M	n/a	n/a
Vas	$14.0M	n/a	n/a
Groupe Okwind	$12.7M	0.2x	21.8x
Wodkan Przedsiebiorstwo	$11.5M	n/a	n/a
Raen	$11.4M	n/a	n/a
Frendy Energy	$11.2M	n/a	n/a
MDI Energia	$9.1M	n/a	n/a
Acceleware	$9.0M	n/a	n/a
Cogefeed	$9.0M	n/a	n/a
E-Pango	$8.4M	2.7x	-36.1x
BRAS	$7.3M	n/a	n/a
Tesgas	$6.5M	n/a	n/a
Cortus Energy	$6.0M	n/a	n/a
Vergnet	$5.2M	n/a	n/a
New Sources Energy	$4.3M	n/a	n/a
EAM Solar	$4.0M	n/a	n/a
Ocean Sun	$3.8M	n/a	n/a
Dlaboratory Sweden	$3.6M	n/a	n/a
SENS	$3.4M	n/a	n/a
OZE Capital	$3.1M	n/a	n/a
Zeneris Projekty	$2.4M	n/a	n/a
EEMS Italia	$2.2M	n/a	n/a
Global Bioenergies	$1.4M	4.0x	-0.1x
Cavendish Hydrogen	-$0.8M	-0.0x	0.0x
ENEFI Asset Management	-$1.1M	n/a	n/a
Etrion	-$1.8M	n/a	n/a
Dala Energi	-$36.9M	-3.8x	-0.7x