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	$260B	9.3x	16.2x
Iberdrola	$195B	3.6x	10.3x
Duke Energy	$179B	5.6x	11.8x
Enel	$172B	1.9x	6.4x
Southern Company	$163B	5.7x	12.6x
National Grid	$130B	5.0x	12.3x
Constellation Energy	$123B	5.2x	23.9x
TAQA	$122B	7.9x	23.2x
American Electric Power	$108B	5.1x	12.3x
Engie	$103B	1.2x	6.1x
Dominion Energy	$98.3B	6.2x	13.2x
PG&E	$94.1B	3.7x	9.2x
Exelon	$91.8B	3.8x	10.5x
Sempra	$90.8B	6.4x	15.6x
China National Nuclear	$82.7B	7.1x	12.1x
Xcel Energy	$78.6B	5.3x	13.1x
Vistra	$78.5B	4.0x	13.4x
Barito Renewables Energy	$77.6B	n/a	n/a
Entergy	$70.6B	5.5x	12.5x
Saudi Electricity	$67.6B	2.6x	6.9x
REC Ltd.	$67.5B	26.8x	28.3x
Edison International	$63.0B	3.4x	7.3x
PSEG	$62.6B	5.5x	13.6x
Consolidated Edison	$60.9B	3.7x	11.0x
NTPC	$59.6B	2.8x	9.7x
Eversource Energy	$55.0B	4.3x	11.1x
WEC Energy Group	$54.9B	5.9x	13.6x
Huaneng Power	$54.8B	1.6x	6.4x
DTE Energy	$52.4B	3.8x	12.2x
FirstEnergy	$51.5B	3.6x	11.3x
Fortis	$51.0B	5.6x	12.0x
CGN Power	$49.7B	4.1x	9.6x
Endesa	$47.9B	1.8x	7.4x
SSE	$46.8B	3.5x	10.7x
Ameren	$46.4B	5.7x	12.7x
CenterPoint Energy	$46.1B	5.1x	12.5x
NRG Energy	$44.7B	1.5x	11.1x
Dubai Electricity & Water	$43.8B	4.9x	9.4x
EDP-Energias De Portugal	$43.1B	2.3x	7.6x
CEZ	$43.0B	2.7x	6.7x
PPL Corp.	$42.6B	4.9x	11.7x
E.ON	$42.5B	0.4x	3.8x
Tokyo Electric Power	$42.5B	1.0x	n/a
Snam	$42.2B	9.5x	12.3x
Naturgy Energy Group	$41.3B	1.8x	6.6x
RWE	$41.3B	1.6x	7.3x
Cheniere Energy Partners	$40.8B	3.9x	11.2x
Orsted	$40.7B	3.7x	10.6x
American Water Works Co	$40.6B	8.1x	14.4x
Power Grid India	$40.4B	7.8x	9.2x
IndianOil	$39.8B	0.5x	7.1x
CMS Energy	$39.2B	4.8x	12.8x
AES	$39.1B	3.2x	14.1x
EnBW	$38.0B	n/a	n/a
Kansai Electric Power	$37.5B	1.4x	7.2x
China Resources Power	$37.0B	2.7x	7.1x
Atmos Energy	$36.1B	7.4x	15.2x
Tenaga Nasional	$35.9B	2.3x	7.3x
KEPCO	$35.9B	0.5x	1.9x
Hydro One	$35.8B	5.6x	14.9x
NiSource	$35.4B	5.8x	12.3x
Terna	$34.5B	7.4x	10.9x
Adani Power	$34.2B	5.4x	13.9x
China Power	$33.1B	4.6x	8.7x
Evergy	$31.6B	5.2x	11.6x
Datang International	$31.3B	1.8x	6.3x
CLP Group	$30.1B	2.6x	9.8x
Emera	$30.0B	5.0x	12.0x
Alliant Energy	$27.9B	6.8x	14.6x
Chubu Electric Power	$27.6B	1.2x	11.4x
Korea Gas	$26.4B	1.1x	8.9x
Elia Group	$25.9B	4.3x	11.7x
EDP Renovaveis	$25.9B	8.6x	11.9x
Huadian Power	$25.2B	1.4x	7.5x
Verbund	$24.8B	2.7x	7.5x
Pinnacle West Capital	$24.6B	4.6x	12.3x
Italgas	$23.9B	8.3x	11.1x
Towngas	$23.7B	3.2x	15.0x
Kyushu Electric Power	$23.7B	1.6x	8.4x
Severn Trent	$23.3B	6.5x	14.0x
United Utilities	$23.3B	7.1x	12.3x
Sabesp	$21.2B	5.0x	8.5x
Shanghai Electric Power	$21.1B	3.4x	n/a
Fortum	$20.9B	3.4x	13.8x
Tata Power	$20.5B	2.7x	12.8x
Tokyo Gas	$20.2B	1.1x	7.3x
CK Infrastructure Holdings	$19.1B	29.4x	102.1x
Tohoku Electric Power	$19.1B	1.2x	6.5x
Chugoku Electric Power	$19.1B	2.0x	11.9x
Talen Energy	$18.9B	8.1x	19.5x
Brookfield Infrastructure	$18.6B	n/a	n/a
Essential Utilities	$18.6B	7.9x	15.0x
Adani Energy Solutions	$17.6B	6.1x	17.7x
Equatorial Energia	$17.6B	2.3x	7.8x
Osaka Gas	$17.5B	1.3x	9.1x
Canadian Utilities	$17.3B	5.9x	11.3x
APA Group	$16.7B	7.8x	12.1x
Neoenergia	$15.8B	2.0x	7.2x
Redeia	$15.7B	8.1x	10.8x
Origin Energy	$15.7B	1.4x	7.2x
JSW Energy	$15.7B	7.5x	14.9x
CPFL Energia	$15.4B	2.1x	6.4x
Oklo	$15.2B	n/a	-158.4x
Public Power Corporation	$15.0B	1.4x	6.2x
UGI	$15.0B	2.0x	n/a
Enel Americas	$14.7B	1.0x	3.4x
OGE Energy	$14.6B	4.7x	10.6x
GAIL (India)	$14.5B	0.9x	9.4x
Power Assets Holdings	$14.5B	130.5x	190.6x
A2A	$14.3B	1.0x	5.5x
Sembcorp	$14.1B	2.8x	11.3x
YTL Corp	$14.1B	1.8x	7.1x
Zheneng Electric	$14.1B	1.2x	5.6x
HK Electric	$13.7B	8.5x	12.0x
Nextpower	$13.5B	4.1x	17.0x
Manila Electric	$13.4B	1.6x	11.3x
Electric Power Dev	$13.3B	1.7x	8.8x
YTL Power International	$13.3B	2.5x	8.5x
Interconexion Electrica	$13.0B	3.2x	5.6x
NHPC	$12.9B	9.9x	17.5x
Clearway Energy	$12.8B	9.1x	10.4x
Atco	$12.8B	3.4x	7.5x
Grupo Energía Bogotá	$12.3B	5.6x	13.4x
ENN Energy	$12.2B	0.8x	7.1x
BKW	$12.2B	2.1x	10.0x
Edison	$12.2B	n/a	n/a
Chuantou Energy	$12.1B	48.9x	14.5x
TXNM Energy	$12.1B	5.6x	12.8x
China Gas	$12.0B	1.2x	9.9x
Capital Power	$11.8B	4.6x	10.4x
Uniper	$11.6B	0.1x	8.5x
Algonquin Power	$11.0B	4.6x	11.1x
Eneva	$10.7B	4.0x	9.0x
Energisa	$10.4B	1.9x	7.0x
Portland General Electric	$10.3B	2.9x	8.9x
Spire	$10.3B	4.1x	12.0x
Idacorp	$10.1B	5.3x	16.1x
Black Hills	$9.8B	4.2x	10.7x
New Fortress Energy	$9.6B	4.7x	76.8x
Shenergy Group	$9.4B	2.3x	6.4x
Iren Group	$9.4B	1.3x	6.0x
Aboitiz Power	$9.3B	2.9x	9.4x
Pennon Group	$9.1B	5.6x	14.3x
Enlight Renewable Energy	$9.1B	n/a	n/a
Meridian Energy	$9.1B	3.2x	19.4x
Aboitiz Equity Ventures	$8.8B	2.4x	11.0x
China Resources Gas	$8.7B	0.7x	6.3x
Southwest Gas Holdings	$8.5B	2.4x	10.1x
GE Vernova T&D India	$8.4B	14.0x	59.6x
CEMIG	$8.4B	1.2x	6.2x
New Jersey Resources	$8.3B	4.0x	11.9x
Petronas Gas	$8.3B	5.2x	9.8x
TAURON	$8.0B	0.9x	3.9x
ONE Gas	$8.0B	3.2x	10.4x
TransAlta	$8.0B	4.2x	9.5x
Northland Power	$7.9B	4.6x	8.9x
Enel Chile	$7.9B	1.7x	5.6x
Torrent Power	$7.7B	2.3x	12.1x
NorthWestern Energy	$7.5B	4.7x	11.8x
Adani Total Gas	$7.3B	13.2x	58.2x
Guangdong Investment	$7.0B	2.9x	5.6x
Centrica	$6.9B	0.2x	3.9x
Shikoku Electric Power	$6.9B	1.3x	8.2x
Opc Energy	$6.8B	n/a	n/a
TAQA Morocco	$6.8B	5.7x	19.3x
Grupo Ultra	$6.7B	0.3x	5.6x
EVN	$6.6B	1.8x	6.6x
Baosight	$6.5B	3.9x	21.9x
Mercury NZ	$6.4B	3.1x	12.4x
Hokuriku Electric Power	$6.4B	1.2x	6.9x
Enagas	$6.3B	6.2x	8.1x
Ligga	$6.3B	1.6x	6.2x
Avista	$6.3B	3.2x	n/a
AGL Energy	$6.1B	0.6x	4.5x
ALLETE	$6.1B	3.1x	11.4x
Global Power Synergy	$6.1B	2.2x	9.9x
XPLR Infr	$6.0B	4.5x	3.1x
Pampa Energia	$6.0B	3.1x	6.6x
Marafiq	$5.9B	3.4x	8.4x
Qatar Electricity & Water	$5.9B	6.8x	19.0x
Rubis	$5.8B	0.7x	6.7x
Hera	$5.7B	0.4x	3.1x
Fujian Funeng Co	$5.6B	2.8x	6.1x
Grupa PGE	$5.5B	0.3x	1.5x
Redes Energéticas Nacionais	$5.3B	4.4x	8.9x
Energa	$5.3B	n/a	n/a
Riyadh Cables	$5.2B	2.2x	18.3x
COELBA	$5.2B	n/a	n/a
Rede Energia	$5.1B	n/a	n/a
Empower	$5.0B	5.3x	11.4x
Kurita Water	$4.9B	1.8x	9.1x
Chesapeake Utilities	$4.6B	5.2x	14.5x
Naturgy Brasil	$4.6B	n/a	n/a
Promigas	$4.5B	n/a	n/a
Hawaiian Electric Industries	$4.5B	1.2x	-3.1x
Ratch Group	$4.4B	4.5x	13.8x
Northwest Natural Holdings	$4.4B	3.4x	10.2x
TAESA	$4.3B	n/a	n/a
Transmissora Alianca	$4.3B	n/a	n/a
Colbun	$4.3B	2.6x	6.4x
B.Grimm Power	$4.2B	2.3x	9.4x
Otter Tail	$4.2B	3.2x	8.5x
Electricity Generating	$4.1B	3.7x	13.9x
COPASA MG	$4.1B	2.9x	7.4x
CIA de Gas de Sao Paulo	$4.1B	n/a	n/a
California Water Service	$4.0B	4.0x	11.6x
Tabreed	$4.0B	5.9x	11.5x
MVV Energie	$3.9B	n/a	n/a
Vector	$3.9B	6.0x	11.5x
Ignitis	$3.8B	1.3x	6.5x
IndiGrid	$3.8B	n/a	n/a
Centuri Holdings	$3.8B	1.3x	15.5x
Alupar	$3.8B	n/a	n/a
MGE Energy	$3.7B	5.2x	13.8x
American States Water	$3.7B	5.9x	16.3x
Organo	$3.7B	3.3x	14.8x
Engie Energia Chile	$3.7B	1.9x	5.8x
H2O America	$3.6B	4.5x	11.5x
Aguas Andinas	$3.6B	4.7x	9.4x
SK Gas	$3.5B	0.7x	6.7x
SNTGN Transgaz	$3.5B	6.0x	15.4x
Petronet LNG	$3.4B	0.6x	5.7x
Energisa Mato Grosso	$3.4B	n/a	n/a
Enerjisa Enerji	$3.4B	0.6x	3.9x
Kenon Holdings	$3.3B	n/a	n/a
Toho Gas	$3.3B	0.8x	7.4x
Societatea Nationala Nuclearelectrica	$3.2B	2.6x	4.9x
Equatorial Para Distribuidora de Energia	$3.1B	n/a	n/a
Societatea Energetica	$3.1B	1.3x	7.3x
Mainova	$3.1B	n/a	n/a
Reliance Power	$3.0B	n/a	n/a
Superior Plus	$2.9B	1.2x	6.4x
Luz Del Sur	$2.9B	n/a	n/a
Lechwerke	$2.9B	n/a	n/a
Elektro - Eletricidade	$2.9B	n/a	n/a
Neoenergia Elektro	$2.9B	n/a	n/a
Central Puerto	$2.8B	4.0x	8.6x
AKSA Enerji	$2.8B	n/a	n/a
Gujarat Gas	$2.7B	1.5x	13.1x
Enea S.A.	$2.7B	0.3x	1.7x
Gelsenwasser	$2.7B	n/a	n/a
Suburban Propane	$2.6B	1.8x	9.2x
Perusahaan Gas Negara	$2.6B	0.7x	2.8x
TGS	$2.4B	1.6x	2.7x
Indraprastha Gas	$2.3B	1.3x	10.2x
Malakoff Corp.	$2.3B	1.2x	5.9x
Genesis Energy New Zealand	$2.3B	1.1x	8.5x
SANEPAR	$2.3B	n/a	n/a
Inversiones Aguas	$2.3B	n/a	n/a
Nippon Gas	$2.2B	1.7x	11.0x
Banpu Power	$2.2B	3.0x	10.8x
Orygen Peru	$2.2B	n/a	n/a
Longshine Technology	$2.2B	3.2x	28.1x
Renewables Infr Group	$2.2B	131.2x	28.9x
Enerya Enerji	$2.1B	n/a	n/a
Empresa Eléctrica Pehuenche	$1.9B	n/a	n/a
Compania General	$1.8B	n/a	n/a
Polenergia	$1.8B	1.7x	12.7x
Pluz Energia Peru	$1.8B	n/a	n/a
Light	$1.8B	n/a	n/a
Edenor	$1.7B	0.7x	4.1x
Telecom Plus	$1.7B	0.6x	8.1x
Unitil	$1.7B	3.2x	n/a
Romande Energie	$1.6B	1.5x	10.6x
Ygsoft	$1.6B	4.2x	22.5x
Ampla Energia E Servicos	$1.6B	n/a	n/a
Centrais Eletricas	$1.6B	n/a	n/a
CIA Energetica	$1.6B	n/a	n/a
PetroVietnam Power	$1.6B	1.2x	5.6x
Ascopiave	$1.5B	5.3x	9.3x
Equatorial	$1.5B	n/a	n/a
Zorlu Enerji Elektrik	$1.5B	n/a	n/a
Petrolimex	$1.5B	0.1x	7.8x
Naturgy Chile Gas Natural	$1.4B	n/a	n/a
Alkhorayef Water & Power	$1.4B	1.9x	8.9x
Transportadora de Gas del	$1.4B	n/a	n/a
Grupo Cox	$1.4B	1.1x	5.5x
Esval	$1.4B	n/a	n/a
Middlesex Water	$1.4B	7.0x	n/a
Gas Malaysia	$1.3B	0.7x	8.4x
Naturenergie Holding	$1.3B	0.6x	3.6x
Thai Tap Water	$1.2B	7.6x	11.0x
Ahlatcı Doğal Gaz	$1.2B	n/a	n/a
Transelectrica	$1.2B	0.7x	5.0x
Transener	$1.2B	n/a	n/a
Companhia Estadual	$1.2B	n/a	n/a
Mahanagar Gas	$1.1B	1.3x	6.5x
Electricite De Strasbourg	$1.1B	n/a	n/a
Essbio	$1.0B	n/a	n/a
Audax Renovables	$1.0B	0.4x	8.1x
MetroGas	$1.0B	n/a	n/a
Aygaz	$1.0B	n/a	n/a
Premier Energy	$1.0B	0.6x	8.7x
Miahona	$957M	n/a	n/a
CGE Transmision	$910M	n/a	n/a
PSI Software	$887M	2.7x	137.8x
Reliance Infrastructure	$822M	n/a	n/a
Rio Paranapanema Energia	$784M	n/a	n/a
Hansen Technologies	$755M	2.8x	9.8x
Sociedad	$751M	n/a	n/a
Camuzzi Gas Pampeana	$729M	n/a	n/a
Acinque	$720M	n/a	n/a
York Water	$708M	9.1x	n/a
RPMGlobal	$676M	11.0x	71.0x
Akenrji Elektrik Uretim	$671M	n/a	n/a
Izdemir Enerji Elektrik	$656M	n/a	n/a
Cloudberry Clean Energy	$637M	11.6x	24.3x
Enel Distribucion Chile	$615M	n/a	n/a
Athens Water Supply	$615M	n/a	n/a
Chrysos Corp.	$570M	11.1x	39.8x
Cadiz	$568M	38.8x	-36.8x
Empresas Gasco	$564M	n/a	n/a
Dareway Software	$556M	n/a	n/a
Zhejiang Netsun	$544M	n/a	n/a
Gentrack Group	$535M	3.9x	31.6x
Litgrid	$518M	n/a	n/a
Artesian Resources	$507M	4.5x	n/a
Elmera Group	$503M	2.9x	6.8x
Naturgy Ban	$494M	n/a	n/a
Stem	$462M	3.1x	-1381.4x
Enel Generacion Piura	$455M	n/a	n/a
Consolidated Water Co	$441M	3.2x	16.4x
Tallinna Vesi	$414M	n/a	n/a
OPAL Fuels	$397M	1.2x	4.8x
ALTEO Energy Services	$387M	n/a	n/a
Seri Industrial	$385M	1.4x	53.9x
Amber Grid	$385M	n/a	n/a
RGC Resources	$378M	3.9x	n/a
Kogeneracja	$375M	n/a	n/a
Energy One	$375M	8.5x	29.4x
Global Water Resources	$366M	6.6x	13.9x
Edisun Power	$365M	n/a	n/a
Montauk Renewables	$332M	1.9x	8.9x
Computer Modelling Group	$299M	3.2x	10.8x
Ze Pak	$286M	0.6x	8.7x
Distribuidora De Gas	$283M	n/a	n/a
Pure Cycle	$269M	n/a	n/a
Genie Energy	$268M	0.5x	8.4x
Enel Generacion Costanera	$268M	n/a	n/a
Burgenland Holding	$257M	n/a	n/a
NextNRG	$257M	3.2x	n/a
Companhia Energetica	$247M	n/a	n/a
Arise	$232M	4.1x	10.2x
Iniziative Bresciane	$186M	5.8x	8.2x
Jersey Electricity	$186M	n/a	n/a
Yu Group	$182M	0.2x	2.8x
eVISO	$181M	0.5x	13.4x
Aker Horizons	$178M	n/a	n/a
Celg de Participacoes	$173M	n/a	n/a
Ekopak	$172M	3.3x	-78.6x
Kauno Energija	$149M	n/a	n/a
Energoaqua	$132M	n/a	n/a
Enda Enerji	$111M	n/a	n/a
Columbus Energy	$105M	n/a	n/a
Magnora	$101M	4.6x	11.0x
Thessaloniki Water Supply	$91.3M	n/a	n/a
MPC Energy Solutions	$89.5M	8.6x	20.8x
Energy Solar Tech	$79.4M	n/a	n/a
Distribuzione Elettrica	$78.2M	1.8x	4.5x
NAP	$67.3M	n/a	n/a
Holaluz	$62.5M	n/a	n/a
Fernheizwerk Neukoelln	$53.6M	n/a	n/a
Enechange	$51.2M	1.5x	n/a
Maps	$50.9M	1.3x	5.9x
Eqva	$45.5M	n/a	n/a
Ecosuntek	$42.3M	0.0x	1.8x
Razor Labs	$39.7M	n/a	n/a
Przedsiebiorstwo	$34.6M	n/a	n/a
Innovatec	$26.5M	n/a	n/a
Groupe Okwind	$24.4M	0.4x	41.9x
Hydrogen De	$20.6M	1.4x	-1.1x
Charwood Energy	$18.7M	1.9x	-14.7x
Minesto	$16.5M	n/a	n/a
Skandia GreenPower	$15.5M	n/a	n/a
Agripower France	$15.3M	n/a	n/a
Informetis	$12.8M	2.0x	n/a
Climeon	$11.2M	n/a	n/a
Wodkan Przedsiebiorstwo	$11.0M	n/a	n/a
Raen	$10.5M	n/a	n/a
Acceleware	$10.4M	n/a	n/a
Frendy Energy	$10.0M	n/a	n/a
E-Pango	$9.4M	3.0x	-40.5x
Haffner Energy	$9.3M	1.3x	-1.6x
Cogefeed	$8.9M	n/a	n/a
BRAS	$8.5M	n/a	n/a
Ocean Sun	$7.7M	n/a	n/a
Tesgas	$7.7M	n/a	n/a
Vas	$7.6M	n/a	n/a
Vergnet	$7.2M	n/a	n/a
Cortus Energy	$6.0M	n/a	n/a
New Sources Energy	$5.8M	n/a	n/a
EAM Solar	$4.6M	n/a	n/a
Dlaboratory Sweden	$4.3M	n/a	n/a
MDI Energia	$3.6M	n/a	n/a
SENS	$3.3M	n/a	n/a
EEMS Italia	$3.1M	n/a	n/a
Zeneris Projekty	$2.1M	n/a	n/a
OZE Capital	$1.7M	n/a	n/a
Cavendish Hydrogen	$1.5M	0.1x	-0.1x
Global Bioenergies	$1.3M	3.8x	-0.1x
Etrion	-$1.5M	n/a	n/a
ENEFI Asset Management	-$1.9M	n/a	n/a
Dala Energi	-$31.8M	-6.0x	-2.0x