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	$242B	9.1x	15.7x
Iberdrola	$181B	3.3x	9.3x
Duke Energy	$179B	5.8x	12.2x
Southern Company	$170B	6.2x	13.7x
Enel	$162B	1.7x	6.0x
National Grid	$127B	4.9x	12.2x
TAQA	$116B	7.6x	21.0x
Constellation Energy	$103B	4.3x	20.8x
American Electric Power	$103B	5.0x	12.2x
Engie	$95.8B	1.1x	5.4x
Dominion Energy	$93.9B	6.1x	12.6x
Exelon	$90.6B	3.8x	10.5x
PG&E	$88.7B	3.5x	8.9x
Sempra	$86.7B	6.1x	14.6x
Vistra	$81.4B	4.3x	14.0x
China National Nuclear	$80.5B	7.2x	11.9x
Xcel Energy	$71.4B	5.0x	12.3x
REC Ltd.	$70.4B	27.1x	29.2x
Entergy	$67.1B	5.4x	12.4x
Barito Renewables Energy	$65.7B	n/a	n/a
NTPC	$64.6B	2.9x	10.2x
PSEG	$63.9B	6.0x	14.8x
Consolidated Edison	$62.1B	3.9x	11.6x
Edison International	$59.6B	3.3x	8.2x
Saudi Electricity	$59.3B	2.4x	5.9x
WEC Energy Group	$54.4B	6.1x	13.9x
Eversource Energy	$53.1B	4.2x	11.3x
Huaneng Power	$52.2B	1.5x	6.7x
DTE Energy	$51.4B	3.9x	12.4x
Fortis	$49.9B	5.6x	12.0x
CGN Power	$48.9B	4.1x	9.6x
FirstEnergy	$48.1B	3.5x	10.7x
Ameren	$46.0B	5.8x	13.1x
Power Grid India	$45.3B	8.4x	9.9x
Naturgy Energy Group	$44.7B	1.9x	7.2x
Dubai Electricity & Water	$44.4B	5.1x	10.1x
CenterPoint Energy	$44.1B	4.9x	12.1x
E.ON	$43.7B	0.5x	4.0x
PPL Corp.	$43.3B	5.0x	11.9x
EDP-Energias De Portugal	$42.8B	2.3x	7.4x
American Water Works Co	$42.1B	8.7x	15.6x
Tokyo Electric Power	$41.9B	0.9x	n/a
IndianOil	$40.9B	0.4x	8.9x
SSE	$40.7B	2.9x	9.1x
Cheniere Energy Partners	$40.3B	3.9x	10.9x
CEZ	$40.2B	2.5x	6.4x
NRG Energy	$39.8B	1.4x	10.2x
Snam	$39.4B	8.7x	11.8x
Endesa	$38.9B	1.5x	6.1x
AES	$38.1B	3.1x	14.0x
CMS Energy	$37.9B	4.9x	12.6x
China Resources Power	$36.9B	2.7x	7.1x
RWE	$36.2B	1.3x	5.9x
EnBW	$35.5B	n/a	n/a
Tenaga Nasional	$35.2B	2.5x	7.4x
Hydro One	$34.1B	5.4x	14.6x
Kansai Electric Power	$33.6B	1.1x	6.2x
NiSource	$33.6B	5.8x	12.3x
Terna	$33.0B	7.3x	10.6x
Atmos Energy	$32.6B	6.9x	14.4x
Datang International	$31.6B	1.8x	7.2x
China Power	$31.5B	4.2x	9.1x
Adani Power	$31.4B	4.6x	12.2x
Orsted	$30.3B	2.6x	6.4x
Evergy	$30.0B	5.0x	11.1x
Korea Gas	$29.7B	1.1x	8.8x
Emera	$29.2B	4.9x	12.4x
CLP Group	$28.9B	2.5x	9.0x
KEPCO	$28.4B	0.4x	1.5x
Elia Group	$28.3B	5.1x	13.9x
Alliant Energy	$26.8B	6.6x	14.4x
Chubu Electric Power	$26.6B	1.1x	9.6x
Verbund	$25.5B	2.7x	7.0x
Kyushu Electric Power	$24.9B	1.6x	8.5x
Eletrobras	$24.4B	3.3x	6.2x
EDP Renovaveis	$23.5B	8.0x	11.5x
Pinnacle West Capital	$23.1B	4.4x	11.6x
Severn Trent	$22.7B	6.6x	14.8x
Tata Power	$22.7B	2.9x	13.9x
Towngas	$22.7B	3.1x	14.0x
United Utilities	$22.7B	7.3x	13.4x
Huadian Power	$22.3B	1.4x	7.4x
Chugoku Electric Power	$20.2B	1.9x	12.0x
Tohoku Electric Power	$20.1B	1.1x	6.1x
Tokyo Gas	$19.5B	1.1x	6.9x
CK Infrastructure Holdings	$18.4B	28.6x	92.9x
Essential Utilities	$18.2B	8.2x	15.1x
Sabesp	$17.8B	4.0x	6.8x
Redeia	$17.8B	9.2x	12.2x
Sembcorp	$17.4B	3.3x	12.1x
Fortum	$17.0B	2.6x	9.9x
Brookfield Infrastructure	$17.0B	n/a	n/a
Canadian Utilities	$16.7B	5.8x	11.5x
Adani Energy Solutions	$16.3B	5.7x	16.6x
GAIL (India)	$16.3B	1.0x	9.4x
Italgas	$16.2B	6.4x	8.6x
Equatorial Energia	$16.1B	2.1x	7.7x
JSW Energy	$16.1B	9.4x	19.2x
Shanghai Electric Power	$15.9B	2.6x	n/a
Osaka Gas	$15.6B	1.1x	7.8x
APA Group	$15.4B	7.2x	11.9x
Origin Energy	$15.4B	1.4x	6.8x
OGE Energy	$14.7B	4.8x	11.0x
Talen Energy	$14.7B	6.7x	15.5x
A2A	$14.7B	0.9x	5.5x
YTL Corp	$14.6B	1.9x	6.5x
NHPC	$14.4B	10.9x	20.1x
UGI	$14.3B	1.9x	7.8x
YTL Power International	$14.1B	2.8x	9.6x
Zheneng Electric	$13.8B	1.2x	5.8x
Enel Americas	$13.8B	1.0x	3.4x
Neoenergia	$13.7B	1.7x	6.2x
Power Assets Holdings	$13.6B	112.2x	32.0x
BKW	$13.4B	2.2x	10.3x
HK Electric	$13.3B	8.5x	12.0x
Electric Power	$13.3B	1.5x	7.9x
Chuantou Energy	$13.0B	54.6x	15.9x
CPFL Energia	$12.9B	1.8x	5.8x
Public Power Corporation	$12.8B	1.2x	5.6x
Atco	$12.4B	3.3x	7.3x
China Gas	$12.1B	1.2x	9.9x
Manila Electric	$12.0B	1.4x	9.6x
Clearway Energy	$11.7B	8.2x	9.8x
Grupo Energía Bogotá	$11.7B	5.8x	13.9x
TXNM Energy	$11.4B	5.5x	12.3x
Uniper	$11.4B	0.1x	5.4x
Algonquin Power	$11.0B	4.5x	10.4x
Metlen Energy & Metals	$11.0B	1.4x	8.5x
ENN Energy	$10.7B	0.7x	6.2x
Edison	$10.7B	n/a	n/a
New Fortress Energy	$10.4B	5.3x	13.7x
Southwest Gas Holdings	$10.2B	2.0x	10.1x
Meridian Energy	$10.1B	3.4x	25.5x
Aboitiz Equity Ventures	$10.0B	2.0x	9.3x
Capital Power	$9.9B	3.8x	9.3x
Oklo	$9.7B	n/a	-145.7x
Parkland	$9.5B	0.5x	7.3x
Aboitiz Power	$9.5B	2.7x	9.3x
Spire	$9.4B	3.7x	11.5x
Portland General Electric	$9.4B	2.7x	8.5x
Grupa PGE	$9.4B	0.5x	2.8x
Northland Power	$9.3B	5.3x	9.8x
Idacorp	$9.2B	4.9x	15.0x
Energisa	$9.2B	1.6x	6.3x
Torrent Power	$9.1B	2.6x	14.1x
Pennon Group	$8.8B	5.8x	16.0x
TAQA Morocco	$8.8B	7.0x	22.1x
Ligga	$8.8B	2.2x	8.6x
Shenergy Group	$8.7B	2.1x	6.0x
Adani Total Gas	$8.7B	n/a	n/a
Nextracker	$8.5B	2.8x	11.0x
Black Hills	$8.4B	3.9x	10.2x
Eneva	$8.3B	4.4x	8.2x
Petronas Gas	$8.2B	5.3x	10.0x
TAURON	$8.1B	0.9x	4.3x
CEMIG	$8.1B	1.2x	5.4x
New Jersey Resources	$7.9B	4.1x	11.5x
Baosight	$7.8B	4.0x	18.6x
China Resources Gas	$7.8B	0.6x	5.4x
ONE Gas	$7.6B	3.3x	10.4x
TransAlta	$7.5B	3.7x	8.5x
Enel Chile	$7.3B	1.6x	5.2x
Guangdong Investment	$7.2B	3.1x	6.1x
GE Vernova T&D India	$7.2B	12.9x	67.6x
Shikoku Electric Power	$6.6B	1.1x	6.8x
Hokuriku Electric Power	$6.4B	1.1x	6.6x
Centrica	$6.3B	0.2x	2.7x
EVN	$6.3B	1.6x	7.0x
NorthWestern Energy	$6.3B	4.0x	10.5x
Enagas	$6.3B	6.0x	7.5x
Marafiq	$6.3B	3.5x	8.8x
Qatar Electricity & Water	$6.1B	7.0x	19.4x
Avista	$6.1B	3.2x	n/a
Global Power Synergy	$5.9B	2.2x	10.1x
Enlight Renewable Energy	$5.9B	n/a	n/a
XPLR Infr	$5.8B	4.5x	3.0x
ALLETE	$5.6B	3.7x	12.4x
Empower	$5.6B	6.1x	12.8x
Riyadh Cables	$5.5B	2.1x	17.6x
Grupo Ultra	$5.4B	0.2x	5.1x
AGL Energy	$5.3B	0.6x	3.9x
Rubis	$5.2B	0.7x	6.1x
Redes Energéticas Nacionais	$5.2B	4.3x	8.6x
Fujian Funeng Co	$5.2B	2.6x	5.9x
Opc Energy	$5.1B	n/a	n/a
Rede Energia	$4.9B	n/a	n/a
Reliance Power	$4.9B	n/a	n/a
COELBA	$4.7B	n/a	n/a
Naturgy Brasil	$4.6B	n/a	n/a
Hera	$4.5B	0.3x	2.4x
Pampa Energia	$4.5B	2.5x	5.5x
Petronet LNG	$4.5B	0.8x	6.9x
Hawaiian Electric Industries	$4.4B	1.3x	-11.9x
Energa	$4.4B	n/a	n/a
Kurita Water	$4.4B	1.5x	8.1x
Promigas	$4.4B	n/a	n/a
Chesapeake Utilities	$4.3B	5.2x	13.1x
Colbun	$4.3B	2.5x	6.1x
Iren Group	$4.2B	0.6x	2.7x
Ratch Gr	$4.1B	3.4x	12.4x
California Water Service	$4.1B	4.0x	11.4x
Vector	$4.0B	5.7x	12.6x
TAESA	$4.0B	n/a	n/a
Otter Tail	$4.0B	3.0x	8.2x
Northwest Natural Holdings	$4.0B	3.2x	10.4x
SK Gas	$3.9B	0.7x	9.3x
B.Grimm Power	$3.9B	2.2x	9.0x
Electricity Generating	$3.9B	3.1x	11.4x
MVV Energie	$3.9B	n/a	n/a
MGE Energy	$3.9B	5.5x	15.1x
American States Water	$3.8B	6.1x	15.9x
Energisa Mato Grosso	$3.7B	n/a	n/a
Gujarat Gas	$3.7B	1.8x	16.1x
Ignitis	$3.6B	1.3x	5.8x
Enea S.A.	$3.6B	0.4x	2.2x
IndiGrid	$3.6B	n/a	n/a
Alupar	$3.5B	n/a	n/a
Tabreed	$3.5B	5.2x	10.5x
Engie Energia Chile	$3.5B	1.9x	6.0x
Toho Gas	$3.4B	0.8x	7.3x
Aguas Andinas	$3.3B	4.5x	9.0x
Indraprastha Gas	$3.2B	1.7x	13.0x
Equatorial Para Distribuidora de Energia	$3.1B	n/a	n/a
Mainova	$3.1B	n/a	n/a
Superior Plus	$3.1B	1.2x	6.2x
Lechwerke	$3.0B	n/a	n/a
Longshine Technology	$3.0B	4.5x	70.9x
SANEPAR	$2.9B	n/a	n/a
Enerjisa Enerji	$2.9B	0.5x	3.0x
Luz Del Sur	$2.9B	n/a	n/a
Centuri Holdings	$2.8B	1.0x	11.3x
Gelsenwasser	$2.8B	n/a	n/a
COPASA MG	$2.8B	2.0x	5.0x
Organo	$2.8B	2.4x	11.3x
Neoenergia Elektro	$2.7B	n/a	n/a
Suburban Propane	$2.6B	1.8x	9.5x
Kenon Holdings	$2.6B	n/a	n/a
Genesis Energy New Zealand	$2.4B	0.9x	8.4x
Societatea Energetica	$2.4B	1.0x	5.5x
Malakoff Corp.	$2.3B	1.1x	5.4x
Telecom Plus	$2.3B	0.9x	11.4x
Reliance Infrastructure	$2.3B	n/a	n/a
Societatea Nationala Nuclearelectrica	$2.3B	1.9x	3.6x
SNTGN Transgaz	$2.3B	4.0x	10.3x
Nippon Gas	$2.3B	1.6x	10.9x
Orygen Peru	$2.2B	n/a	n/a
TGS	$2.1B	1.4x	2.4x
Perusahaan Gas Negara	$2.1B	0.6x	2.2x
Central Puerto	$1.9B	2.6x	5.1x
AKSA Enerji	$1.9B	n/a	n/a
Empresa Eléctrica Pehuenche	$1.9B	n/a	n/a
Polenergia	$1.7B	1.5x	10.2x
Unitil	$1.6B	3.1x	n/a
Banpu Power	$1.6B	2.6x	8.3x
Mahanagar Gas	$1.6B	1.9x	9.0x
PetroVietnam Power	$1.6B	1.2x	8.2x
Ygsoft	$1.6B	4.6x	21.9x
Enefit Green	$1.5B	7.1x	11.7x
Romande Energie	$1.5B	1.5x	10.0x
Ampla Energia E Servicos	$1.5B	n/a	n/a
Ahlatcı Doğal Gaz	$1.5B	n/a	n/a
Alkhorayef Water & Power	$1.5B	2.3x	12.5x
Petrolimex	$1.4B	0.1x	7.4x
Middlesex Water	$1.4B	6.9x	n/a
Grupo Cox	$1.3B	1.0x	5.4x
Naturgy Chile Gas Natural	$1.3B	n/a	n/a
Naturenergie Holding	$1.2B	0.6x	3.5x
Gas Malaysia	$1.2B	0.6x	7.9x
Ascopiave	$1.2B	4.7x	8.4x
Aris Water Solutions	$1.2B	2.6x	5.5x
Edenor	$1.2B	0.5x	4.3x
Audax Renovables	$1.1B	0.4x	8.0x
Thai Tap Water	$1.1B	7.0x	9.9x
Transelectrica	$979M	0.6x	4.0x
Electricite De Strasbourg	$914M	n/a	n/a
Premier Energy	$822M	0.5x	5.1x
Hansen Technologies	$803M	3.1x	12.6x
Transener	$787M	n/a	n/a
Zhejiang Netsun	$733M	n/a	n/a
Gentrack Group	$731M	5.4x	42.1x
Aygaz	$704M	n/a	n/a
Acinque	$680M	n/a	n/a
York Water	$662M	8.6x	n/a
Dareway Software	$622M	n/a	n/a
Cloudberry Clean Energy	$563M	9.8x	20.2x
PSI Software	$561M	1.7x	35.2x
Stem	$558M	3.8x	-38.5x
Artesian Resources	$520M	4.7x	n/a
Litgrid	$520M	n/a	n/a
RPMGlobal	$466M	7.1x	50.0x
Computer Modelling Group	$460M	4.9x	14.3x
Elmera Group	$451M	2.6x	5.7x
Genie Energy	$442M	1.0x	28.9x
Tallinna Vesi	$389M	n/a	n/a
Kogeneracja	$383M	n/a	n/a
Edisun Power	$373M	n/a	n/a
Chrysos Corp.	$370M	8.8x	41.6x
RGC Resources	$365M	4.0x	n/a
ALTEO Energy Services	$361M	n/a	n/a
Athens Water Supply	$351M	n/a	n/a
Amber Grid	$346M	n/a	n/a
OPAL Fuels	$341M	1.0x	3.7x
Montauk Renewables	$340M	1.9x	8.0x
Columbus Energy	$278M	n/a	n/a
Energy One	$266M	n/a	n/a
Aker Horizons	$251M	n/a	n/a
NextNRG	$251M	4.5x	n/a
eVISO	$248M	0.6x	13.8x
Seri Industrial	$245M	0.8x	14.6x
Burgenland Holding	$244M	n/a	n/a
Ekopak	$237M	3.0x	56.6x
Pure Cycle	$234M	n/a	n/a
Ze Pak	$233M	n/a	n/a
Arise	$204M	3.7x	7.6x
Iniziative Bresciane	$198M	5.8x	8.1x
Enda Enerji	$164M	n/a	n/a
Kauno Energija	$146M	n/a	n/a
Magnora	$123M	3.7x	5.8x
Innovatec	$103M	n/a	n/a
MPC Energy Solutions	$86.1M	6.2x	14.7x
Energoaqua	$85.1M	n/a	n/a
EnviroSuite	$84.5M	n/a	n/a
Dala Energi	$82.3M	3.9x	0.6x
Energy Solar Tech	$79.1M	n/a	n/a
Minesto	$74.6M	n/a	n/a
Distribuzione Elettrica	$71.9M	1.9x	4.4x
Holaluz	$68.5M	n/a	n/a
Enechange	$66.7M	1.9x	n/a
Thessaloniki Water Supply	$64.4M	n/a	n/a
Eqva	$60.3M	n/a	n/a
NAP	$57.5M	n/a	n/a
Ecosuntek	$56.4M	0.1x	2.4x
Maps	$52.4M	1.4x	5.6x
Informetis	$48.6M	7.0x	n/a
Przedsiebiorstwo	$43.2M	n/a	n/a
Hydrogen De	$40.8M	3.1x	-2.2x
Fernheizwerk Neukoelln	$40.5M	n/a	n/a
Razor Labs	$39.5M	n/a	n/a
ABO Kraft & Warme	$30.1M	1.7x	-41.2x
Groupe Okwind	$27.8M	0.4x	53.0x
Charwood Energy	$20.1M	2.2x	-13.9x
Haffner Energy	$20.1M	3.5x	-2.4x
Skandia GreenPower	$16.7M	n/a	n/a
Vas	$14.1M	n/a	n/a
Climeon	$12.8M	n/a	n/a
Wodkan Przedsiebiorstwo	$12.4M	n/a	n/a
MDI Energia	$11.6M	n/a	n/a
Frendy Energy	$10.7M	n/a	n/a
Acceleware	$10.3M	n/a	n/a
Vergnet	$8.1M	n/a	n/a
E-Pango	$7.7M	2.4x	-32.9x
Cogefeed	$6.8M	n/a	n/a
BRAS	$6.8M	n/a	n/a
Ocean Sun	$6.7M	n/a	n/a
Raen	$6.2M	n/a	n/a
Cortus Energy	$5.9M	n/a	n/a
OZE Capital	$5.1M	n/a	n/a
EAM Solar	$4.1M	n/a	n/a
SENS	$3.9M	n/a	n/a
Dlaboratory Sweden	$3.9M	n/a	n/a
New Sources Energy	$3.4M	n/a	n/a
Agripower France	$3.1M	n/a	n/a
Tesgas	$2.7M	n/a	n/a
Zeneris Projekty	$2.3M	n/a	n/a
EEMS Italia	$2.0M	n/a	n/a
Global Bioenergies	$1.7M	4.9x	-0.1x
ENEFI Asset Management	-$0.5M	n/a	n/a
Cavendish Hydrogen	-$5.7M	-0.1x	0.2x
Etrion	-$6.1M	n/a	n/a