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	$283B	10.0x	17.5x
Iberdrola	$220B	4.0x	11.3x
Duke Energy	$189B	5.9x	12.4x
Enel	$186B	2.0x	6.8x
Southern Company	$170B	6.0x	13.1x
National Grid	$145B	5.4x	13.3x
Engie	$119B	1.4x	6.9x
KEPCO	$113B	1.7x	5.7x
American Electric Power	$112B	5.2x	12.7x
TAQA	$112B	7.2x	21.2x
Constellation Energy	$105B	4.4x	20.3x
Dominion Energy	$104B	6.5x	13.9x
PG&E	$98.6B	3.9x	9.7x
Exelon	$93.2B	3.9x	10.6x
Sempra	$92.2B	6.4x	15.5x
China National Nuclear	$84.1B	7.0x	12.0x
Xcel Energy	$80.6B	5.5x	13.5x
Entergy	$73.7B	5.7x	13.0x
Vistra	$73.6B	3.8x	12.5x
Barito Renewables Energy	$67.9B	n/a	n/a
Saudi Electricity	$67.8B	2.6x	6.4x
REC Ltd.	$67.1B	26.9x	28.3x
Edison International	$66.5B	3.6x	7.6x
Consolidated Edison	$66.1B	4.0x	11.8x
PSEG	$65.2B	5.5x	14.0x
NTPC	$64.0B	3.0x	10.5x
WEC Energy Group	$59.1B	6.4x	14.7x
Eversource Energy	$55.9B	4.4x	11.2x
SSE	$55.8B	4.0x	12.4x
DTE Energy	$54.3B	3.9x	12.6x
Huaneng Power	$54.1B	1.6x	6.1x
Fortis	$53.9B	5.8x	12.4x
FirstEnergy	$53.8B	3.8x	11.8x
Endesa	$52.0B	2.0x	7.9x
CGN Power	$51.6B	4.2x	9.8x
RWE	$50.8B	1.9x	8.8x
E.ON	$50.7B	0.5x	4.4x
Ameren	$48.8B	5.9x	13.1x
CenterPoint Energy	$48.5B	5.3x	13.1x
Dubai Electricity & Water	$48.4B	5.4x	10.2x
EDP-Energias De Portugal	$46.9B	2.4x	8.1x
NRG Energy	$46.7B	1.6x	11.6x
Snam	$44.8B	9.8x	12.7x
PPL Corp.	$44.5B	5.1x	12.2x
Naturgy Energy Group	$44.5B	1.9x	7.0x
Power Grid India	$43.1B	8.3x	9.9x
Cheniere Energy Partners	$42.6B	4.0x	11.8x
IndianOil	$42.5B	0.5x	7.5x
Tokyo Electric Power	$42.0B	1.0x	n/a
CEZ	$41.8B	2.6x	6.5x
CMS Energy	$41.4B	5.1x	13.5x
AES	$40.8B	3.4x	14.7x
EnBW	$39.9B	n/a	n/a
Tenaga Nasional	$39.5B	2.4x	7.6x
American Water Works Co	$39.3B	7.8x	13.8x
Kansai Electric Power	$38.6B	1.4x	7.5x
Atmos Energy	$38.4B	7.8x	16.0x
Hydro One	$37.8B	5.8x	15.3x
Terna	$37.0B	7.7x	11.4x
NiSource	$36.8B	6.0x	12.7x
China Resources Power	$36.8B	2.7x	7.0x
Adani Power	$36.1B	5.7x	14.9x
Orsted	$35.6B	3.2x	9.2x
China Power	$33.2B	4.8x	8.9x
Evergy	$33.0B	5.4x	12.1x
CLP Group	$32.7B	2.9x	10.7x
Datang International	$32.4B	1.8x	6.3x
Emera	$30.9B	5.0x	11.9x
Elia Group	$29.7B	4.9x	12.9x
Chubu Electric Power	$29.0B	1.3x	12.2x
Alliant Energy	$28.7B	7.1x	15.2x
EDP Renovaveis	$28.5B	9.2x	12.6x
Korea Gas	$26.7B	1.1x	9.0x
Italgas	$25.9B	8.7x	11.6x
Pinnacle West Capital	$25.7B	4.8x	12.8x
Verbund	$25.7B	2.8x	7.7x
Huadian Power	$25.2B	1.4x	7.2x
Severn Trent	$25.1B	6.8x	14.6x
United Utilities	$24.9B	7.4x	12.6x
Sabesp	$24.8B	5.6x	9.7x
Towngas	$24.7B	3.3x	15.7x
Kyushu Electric Power	$24.4B	1.7x	8.7x
Fortum	$24.2B	3.8x	15.8x
Tokyo Gas	$23.0B	1.3x	8.3x
CK Infrastructure Holdings	$22.8B	34.8x	122.9x
Shanghai Electric Power	$21.7B	3.5x	n/a
Osaka Gas	$20.1B	1.5x	10.2x
Tata Power	$20.1B	2.6x	12.6x
Tohoku Electric Power	$19.7B	1.2x	6.8x
Equatorial Energia	$19.2B	2.4x	8.1x
Chugoku Electric Power	$19.1B	2.0x	11.9x
Brookfield Infrastructure	$18.9B	n/a	n/a
Talen Energy	$18.7B	7.9x	19.1x
Essential Utilities	$18.5B	7.9x	14.8x
Canadian Utilities	$18.2B	6.1x	11.6x
Adani Energy Solutions	$17.9B	6.3x	18.0x
APA Group	$17.6B	7.7x	11.9x
Nextpower	$17.5B	5.3x	22.0x
Power Assets Holdings	$17.0B	154.0x	267.7x
Neoenergia	$16.7B	2.0x	7.3x
Redeia	$16.6B	8.3x	11.1x
CPFL Energia	$16.4B	2.1x	6.4x
Public Power Corporation	$16.2B	1.4x	6.6x
Origin Energy	$16.2B	1.4x	7.0x
JSW Energy	$16.1B	7.6x	15.0x
A2A	$15.6B	1.0x	5.9x
OGE Energy	$15.2B	4.8x	10.9x
UGI	$15.1B	2.0x	n/a
Sembcorp	$15.1B	3.0x	12.1x
YTL Corp	$14.7B	1.8x	7.0x
Enel Americas	$14.5B	0.9x	3.1x
HK Electric	$14.4B	9.1x	12.8x
Interconexion Electrica	$14.3B	3.5x	6.0x
Zheneng Electric	$14.1B	1.2x	5.3x
GAIL (India)	$14.0B	0.9x	9.2x
Electric Power Dev	$13.9B	1.7x	9.3x
Manila Electric	$13.7B	1.6x	11.4x
Clearway Energy	$13.7B	9.6x	11.1x
YTL Power International	$13.6B	2.5x	8.3x
NHPC	$12.9B	9.9x	17.4x
Edison	$12.7B	n/a	n/a
Grupo Energía Bogotá	$12.4B	5.6x	13.2x
TXNM Energy	$12.2B	5.7x	12.9x
Chuantou Energy	$12.1B	47.5x	14.1x
Enlight Renewable Energy	$12.0B	n/a	n/a
China Gas	$11.9B	1.2x	9.9x
BKW	$11.9B	1.9x	9.4x
Capital Power	$11.7B	4.5x	10.0x
ENN Energy	$11.7B	0.7x	6.8x
Algonquin Power	$11.6B	4.8x	11.6x
Ligga	$11.3B	2.7x	10.5x
Energisa	$11.2B	1.9x	7.2x
Eneva	$11.1B	4.2x	8.9x
Idacorp	$10.8B	5.6x	17.1x
Spire	$10.7B	4.2x	12.5x
Portland General Electric	$10.7B	3.0x	9.2x
GE Vernova T&D India	$10.3B	16.9x	71.2x
Uniper	$10.1B	0.1x	7.7x
Iren Group	$10.1B	1.4x	6.2x
Meridian Energy	$9.9B	3.3x	19.7x
Black Hills	$9.8B	4.2x	10.7x
Shenergy Group	$9.8B	2.4x	6.4x
Pennon Group	$9.6B	5.7x	14.3x
Aboitiz Equity Ventures	$9.6B	2.6x	11.8x
New Fortress Energy	$9.5B	4.7x	120.5x
TAURON	$9.5B	1.0x	4.4x
Aboitiz Power	$9.4B	2.9x	9.4x
Oklo	$9.4B	n/a	-95.2x
New Jersey Resources	$9.3B	4.5x	13.3x
CEMIG	$9.3B	1.2x	6.6x
Opc Energy	$9.3B	n/a	n/a
Petronas Gas	$9.1B	5.5x	10.4x
CSG Digital Power Grid	$9.0B	n/a	n/a
Southwest Gas Holdings	$8.9B	2.4x	10.0x
Northland Power	$8.5B	4.9x	9.4x
Torrent Power	$8.5B	2.5x	13.4x
Centrica	$8.4B	0.3x	4.9x
Enel Chile	$8.4B	1.7x	5.6x
ONE Gas	$8.4B	3.3x	10.9x
China Resources Gas	$8.4B	0.6x	6.0x
Grupo Ultra	$8.3B	0.3x	6.6x
TransAlta	$7.7B	4.1x	9.1x
Baosight	$7.7B	4.4x	25.6x
Guangdong Investment	$7.6B	3.2x	6.0x
EVN	$7.6B	2.1x	7.0x
NorthWestern Energy	$7.5B	4.7x	11.9x
Shikoku Electric Power	$7.2B	1.4x	8.7x
Enagas	$6.9B	6.7x	8.7x
AGL Energy	$6.8B	0.7x	4.7x
Mercury NZ	$6.8B	3.1x	12.5x
Adani Total Gas	$6.7B	12.2x	53.8x
Grupa PGE	$6.6B	0.4x	1.7x
Global Power Synergy	$6.6B	2.4x	10.4x
Hokuriku Electric Power	$6.5B	1.3x	7.4x
Avista	$6.5B	3.3x	10.0x
XPLR Infr	$6.3B	4.7x	3.2x
Rubis	$6.3B	0.8x	7.1x
Hera	$6.2B	0.4x	3.3x
Empower	$6.0B	6.4x	13.8x
Qatar Electricity & Water	$5.9B	7.0x	19.8x
Rede Energia	$5.9B	n/a	n/a
Kurita Water	$5.9B	2.2x	10.8x
Pampa Energia	$5.8B	2.9x	6.1x
TAQA Morocco	$5.8B	5.0x	16.9x
Redes Energéticas Nacionais	$5.7B	4.6x	9.3x
COELBA	$5.7B	n/a	n/a
Energa	$5.7B	n/a	n/a
Marafiq	$5.4B	3.1x	7.6x
Hawaiian Electric Industries	$5.3B	1.4x	n/a
Fujian Funeng Co	$5.3B	2.6x	5.6x
COPASA MG	$5.2B	3.5x	9.0x
Riyadh Cables	$5.0B	n/a	n/a
Promigas	$4.7B	n/a	n/a
Ratch Group	$4.7B	4.7x	14.1x
Chesapeake Utilities	$4.7B	5.3x	14.7x
Colbun	$4.6B	2.6x	6.4x
TAESA	$4.6B	n/a	n/a
Transmissora Alianca	$4.6B	n/a	n/a
Northwest Natural Holdings	$4.5B	3.4x	10.2x
CIA de Gas de Sao Paulo	$4.5B	n/a	n/a
Electricity Generating	$4.4B	3.8x	14.5x
Vector	$4.3B	6.4x	11.5x
Otter Tail	$4.3B	3.3x	8.7x
Engie Energia Chile	$4.2B	2.1x	6.2x
Societatea Nationala Nuclearelectrica	$4.2B	3.4x	6.3x
B.Grimm Power	$4.2B	2.3x	9.3x
SNTGN Transgaz	$4.2B	6.5x	18.2x
Centuri Holdings	$4.2B	1.5x	17.1x
Organo	$4.1B	3.7x	16.5x
Alupar	$4.1B	n/a	n/a
Kenon Holdings	$4.1B	n/a	n/a
California Water Service	$4.1B	4.0x	11.8x
Ignitis	$4.0B	1.4x	6.7x
Tabreed	$4.0B	5.9x	11.5x
Aguas Andinas	$4.0B	4.8x	9.5x
Enerjisa Enerji	$4.0B	0.7x	4.7x
Petronet LNG	$3.9B	0.7x	6.6x
IndiGrid	$3.9B	n/a	n/a
Toho Gas	$3.9B	1.0x	8.8x
MVV Energie	$3.8B	n/a	n/a
H2O America	$3.8B	4.6x	11.7x
MGE Energy	$3.8B	5.2x	13.8x
American States Water	$3.6B	5.8x	n/a
Societatea Energetica	$3.6B	n/a	n/a
Equatorial Para Distribuidora de Energia	$3.5B	n/a	n/a
Energisa Mato Grosso	$3.4B	n/a	n/a
SK Gas	$3.4B	0.6x	6.4x
Enea S.A.	$3.3B	0.4x	2.0x
Mainova	$3.2B	n/a	n/a
Luz Del Sur	$3.1B	n/a	n/a
Perusahaan Gas Negara	$3.1B	0.8x	3.5x
Elektro - Eletricidade	$3.1B	n/a	n/a
Neoenergia Elektro	$3.1B	n/a	n/a
SANEPAR	$3.1B	n/a	n/a
Superior Plus	$3.0B	1.2x	6.5x
Gujarat Gas	$3.0B	1.7x	14.5x
Lechwerke	$3.0B	n/a	n/a
Orygen Peru	$2.9B	n/a	n/a
AKSA Enerji	$2.9B	3.1x	10.5x
Naturgy Brasil	$2.8B	n/a	n/a
TGS	$2.8B	1.8x	3.0x
Suburban Propane	$2.8B	1.9x	9.8x
Longshine Technology	$2.8B	4.0x	36.4x
Reliance Power	$2.7B	n/a	n/a
Central Puerto	$2.7B	3.8x	8.1x
Gelsenwasser	$2.6B	n/a	n/a
Inversiones Aguas	$2.5B	n/a	n/a
Genesis Energy New Zealand	$2.5B	1.1x	8.7x
Petrolimex	$2.4B	0.2x	12.6x
Malakoff Corp.	$2.4B	1.2x	5.7x
Renewables Infr Group	$2.3B	-1680.8x	34.3x
Nippon Gas	$2.2B	1.7x	10.9x
Indraprastha Gas	$2.2B	1.2x	9.6x
Banpu Power	$2.1B	2.8x	10.0x
Naturgy Chile Gas Natural	$2.1B	n/a	n/a
Pluz Energia Peru	$2.0B	n/a	n/a
Compania General	$1.9B	n/a	n/a
Empresa Eléctrica Pehuenche	$1.9B	n/a	n/a
Enerya Enerji	$1.9B	n/a	n/a
Ampla Energia E Servicos	$1.9B	n/a	n/a
Light	$1.9B	n/a	n/a
Unitil	$1.8B	3.5x	9.8x
Ygsoft	$1.8B	4.7x	n/a
Centrais Eletricas	$1.8B	n/a	n/a
Polenergia	$1.8B	1.7x	12.3x
PetroVietnam Power	$1.8B	1.3x	6.2x
Romande Energie	$1.7B	n/a	n/a
Telecom Plus	$1.7B	0.6x	8.0x
CIA Energetica	$1.6B	n/a	n/a
Ascopiave	$1.6B	5.5x	9.5x
Edenor	$1.6B	0.6x	3.7x
Equatorial	$1.6B	n/a	n/a
Gas Malaysia	$1.5B	0.8x	9.3x
Esval	$1.5B	n/a	n/a
Zorlu Enerji Elektrik	$1.5B	n/a	n/a
Electricite De Strasbourg	$1.5B	n/a	n/a
Transelectrica	$1.4B	n/a	n/a
Grupo Cox	$1.4B	1.0x	5.3x
Middlesex Water	$1.4B	7.0x	17.3x
Alkhorayef Water & Power	$1.3B	1.7x	8.1x
Premier Energy	$1.3B	0.7x	8.9x
Naturenergie Holding	$1.3B	n/a	n/a
Thai Tap Water	$1.3B	7.7x	11.3x
Transportadora de Gas del	$1.3B	n/a	n/a
Transener	$1.2B	n/a	n/a
Ahlatcı Doğal Gaz	$1.2B	n/a	n/a
Companhia Estadual	$1.2B	n/a	n/a
Mahanagar Gas	$1.2B	1.3x	6.8x
Aygaz	$1.1B	0.5x	16.5x
Audax Renovables	$1.0B	0.4x	8.0x
Essbio	$1.0B	n/a	n/a
CGE Transmision	$1.0B	n/a	n/a
Sociedad	$948M	n/a	n/a
MetroGas	$939M	n/a	n/a
PSI Software	$912M	2.7x	130.7x
Miahona	$829M	4.4x	16.6x
Rio Paranapanema Energia	$802M	n/a	n/a
Acinque	$755M	n/a	n/a
Reliance Infrastructure	$749M	n/a	n/a
RPMGlobal	$732M	10.5x	166.7x
Hansen Technologies	$705M	2.5x	8.5x
York Water	$692M	8.9x	n/a
Enel Distribucion Chile	$665M	n/a	n/a
Empresas Gasco	$657M	n/a	n/a
Chrysos Corp.	$657M	11.7x	41.7x
Akenrji Elektrik Uretim	$654M	n/a	n/a
Camuzzi Gas Pampeana	$653M	n/a	n/a
Dareway Software	$651M	n/a	n/a
Cloudberry Clean Energy	$650M	11.3x	23.4x
Zhejiang Netsun	$605M	n/a	n/a
Athens Water Supply	$591M	n/a	n/a
Elmera Group	$572M	3.2x	7.3x
Litgrid	$558M	n/a	n/a
Izdemir Enerji Elektrik	$555M	n/a	n/a
Artesian Resources	$518M	4.6x	n/a
Cadiz	$492M	33.0x	-32.1x
Consolidated Water Co	$472M	3.4x	17.5x
Gentrack Group	$455M	3.2x	25.3x
Kogeneracja	$448M	n/a	n/a
Tallinna Vesi	$446M	n/a	n/a
Enel Generacion Piura	$435M	n/a	n/a
Naturgy Ban	$427M	n/a	n/a
ALTEO Energy Services	$423M	n/a	n/a
Amber Grid	$413M	n/a	n/a
Edisun Power	$401M	n/a	n/a
OPAL Fuels	$392M	1.1x	4.8x
Seri Industrial	$383M	1.1x	11.9x
Global Water Resources	$379M	6.8x	14.4x
RGC Resources	$377M	3.9x	n/a
Stem	$375M	2.5x	416.1x
Energy One	$346M	7.3x	25.0x
Montauk Renewables	$314M	1.8x	8.5x
Ze Pak	$310M	0.6x	9.9x
Burgenland Holding	$298M	n/a	n/a
Yu Group	$297M	0.3x	4.4x
Companhia Energetica	$292M	n/a	n/a
Genie Energy	$268M	0.5x	8.1x
Distribuidora De Gas	$256M	n/a	n/a
Enel Generacion Costanera	$252M	n/a	n/a
Pure Cycle	$246M	n/a	n/a
Computer Modelling Group	$241M	2.6x	8.7x
Celg de Participacoes	$216M	n/a	n/a
Ekopak	$212M	n/a	n/a
eVISO	$209M	0.5x	15.0x
Jersey Electricity	$195M	1.0x	n/a
Iniziative Bresciane	$194M	5.9x	8.4x
Kauno Energija	$164M	n/a	n/a
Aker Horizons	$161M	n/a	n/a
NextNRG	$145M	1.8x	n/a
Magnora	$121M	6.1x	13.8x
Enda Enerji	$121M	n/a	n/a
Energoaqua	$109M	n/a	n/a
Columbus Energy	$96.9M	n/a	n/a
MPC Energy Solutions	$92.6M	8.2x	18.2x
Distribuzione Elettrica	$86.1M	1.9x	4.8x
Thessaloniki Water Supply	$83.0M	n/a	n/a
Energy Solar Tech	$77.6M	n/a	n/a
Razor Labs	$71.6M	n/a	n/a
NAP	$70.0M	n/a	n/a
Holaluz	$63.9M	0.4x	-89.5x
Fernheizwerk Neukoelln	$51.5M	n/a	n/a
Enechange	$50.6M	1.5x	n/a
Maps	$47.6M	1.2x	5.4x
Ecosuntek	$46.5M	0.0x	1.9x
Eqva	$45.0M	n/a	n/a
Przedsiebiorstwo	$28.6M	n/a	n/a
Innovatec	$27.0M	0.7x	45.4x
Groupe Okwind	$24.7M	n/a	n/a
Charwood Energy	$20.3M	2.0x	-17.1x
Agripower France	$16.1M	n/a	n/a
Skandia GreenPower	$15.7M	n/a	n/a
Raen	$15.7M	n/a	n/a
Hydrogen De	$14.0M	n/a	n/a
Minesto	$12.7M	n/a	n/a
Climeon	$11.8M	n/a	n/a
Wodkan Przedsiebiorstwo	$11.0M	n/a	n/a
Frendy Energy	$10.6M	n/a	n/a
Informetis	$10.6M	n/a	n/a
Cogefeed	$10.3M	n/a	n/a
Acceleware	$9.7M	n/a	n/a
BRAS	$9.3M	n/a	n/a
E-Pango	$8.6M	n/a	n/a
EAM Solar	$7.7M	n/a	n/a
Haffner Energy	$7.1M	1.6x	-1.0x
Vas	$7.1M	n/a	n/a
Tesgas	$6.9M	n/a	n/a
Vergnet	$6.4M	n/a	n/a
Cortus Energy	$6.3M	n/a	n/a
Ocean Sun	$6.3M	n/a	n/a
New Sources Energy	$5.6M	n/a	n/a
Dlaboratory Sweden	$4.8M	n/a	n/a
SENS	$3.1M	n/a	n/a
MDI Energia	$2.8M	n/a	n/a
Zeneris Projekty	$1.9M	n/a	n/a
OZE Capital	$1.8M	n/a	n/a
Cavendish Hydrogen	$28K	0.0x	-0.0x
Etrion	-$1.4M	n/a	n/a
ENEFI Asset Management	-$1.7M	n/a	n/a