Utilities Valuation Multiples and Public Comps

Utilities

See analyst estimates and all valuation multiples for Utilities

Company	EV	EV/Revenue	EV/EBITDA
NextEra Energy	$217B	8.4x	14.4x
Duke Energy	$181B	5.9x	12.5x
Southern Company	$166B	6.2x	13.4x
Iberdrola	$162B	3.3x	9.2x
Enel	$143B	1.6x	5.8x
National Grid	$117B	4.4x	12.0x
TAQA	$111B	7.3x	19.4x
American Electric Power	$103B	5.1x	12.4x
KEPCO	$100.0B	1.5x	6.3x
PG&E	$96.8B	3.9x	9.9x
Exelon	$94.0B	4.0x	11.0x
Dominion Energy	$87.7B	5.9x	12.0x
Engie	$85.5B	1.1x	5.2x
Sempra	$81.6B	5.9x	13.9x
China National Nuclear	$74.6B	7.0x	11.8x
REC Ltd.	$70.9B	29.2x	30.1x
Xcel Energy	$70.4B	5.0x	12.4x
Constellation Energy	$70.1B	3.0x	13.9x
Consolidated Edison	$66.9B	4.3x	12.8x
NTPC	$66.6B	3.1x	10.9x
Entergy	$64.0B	5.2x	12.3x
PSEG	$63.4B	6.1x	15.5x
Edison International	$61.3B	3.4x	9.1x
Vistra	$57.9B	3.2x	10.1x
Saudi Electricity	$54.9B	2.2x	5.6x
WEC Energy Group	$54.9B	6.3x	14.4x
Huaneng Power	$52.0B	1.5x	7.0x
DTE Energy	$50.9B	4.0x	12.6x
Eversource Energy	$50.2B	4.1x	11.3x
CGN Power	$48.5B	4.1x	9.4x
FirstEnergy	$48.2B	3.5x	10.7x
Fortis	$48.0B	5.8x	12.4x
Barito Renewables Energy	$47.0B	n/a	n/a
Power Grid India	$45.8B	8.6x	10.0x
Ameren	$45.4B	5.8x	13.3x
CenterPoint Energy	$44.6B	5.0x	12.6x
Cheniere Energy Partners	$44.3B	4.8x	12.2x
American Water Works Co	$43.0B	9.0x	16.3x
PPL Corp.	$42.9B	5.1x	12.2x
Dubai Electricity & Water	$41.8B	4.9x	9.5x
IndianOil	$39.2B	0.4x	10.3x
Naturgy Energy Group	$39.1B	1.9x	6.9x
Endesa	$38.7B	1.6x	6.7x
CMS Energy	$38.5B	5.0x	13.2x
EDP-Energias De Portugal	$37.8B	2.2x	7.2x
Tokyo Electric Power	$37.4B	0.8x	n/a
China Resources Power	$36.5B	2.7x	7.1x
Snam	$35.4B	8.9x	11.8x
CEZ	$35.3B	2.4x	6.2x
E.ON	$35.3B	0.4x	3.6x
AES	$34.7B	2.8x	10.4x
SSE	$34.4B	2.8x	8.2x
Hydro One	$33.3B	8.4x	15.3x
Atmos Energy	$32.9B	7.3x	15.0x
Kansai Electric Power	$32.6B	1.1x	6.4x
Tenaga Nasional	$32.6B	2.5x	7.3x
NiSource	$32.3B	5.6x	12.2x
EnBW	$32.2B	n/a	n/a
RWE	$31.2B	1.2x	5.3x
NRG Energy	$30.6B	1.1x	8.0x
Datang International	$30.6B	1.8x	7.2x
China Power	$30.6B	4.1x	8.8x
Evergy	$29.8B	5.1x	11.2x
Terna	$29.2B	7.3x	10.5x
Korea Gas	$29.1B	1.1x	9.0x
CLP Group	$28.8B	2.5x	8.7x
Adani Power	$28.2B	4.3x	11.1x
Emera	$27.4B	5.1x	13.0x
Verbund	$26.5B	3.1x	7.5x
Orsted	$26.5B	2.5x	5.9x
Alliant Energy	$25.9B	6.4x	13.8x
Chubu Electric Power	$25.0B	1.1x	9.1x
Elia Group	$24.6B	5.2x	14.2x
Kyushu Electric Power	$24.4B	1.6x	9.2x
Eletrobras	$24.1B	3.4x	6.2x
Towngas	$23.1B	3.2x	13.8x
Huadian Power	$22.6B	1.5x	8.2x
Pinnacle West Capital	$22.3B	4.3x	11.5x
United Utilities	$21.2B	7.6x	14.6x
Severn Trent	$20.6B	6.6x	15.2x
Tata Power	$20.3B	2.6x	13.2x
Tohoku Electric Power	$19.5B	1.1x	7.4x
Chugoku Electric Power	$19.2B	1.9x	13.5x
Essential Utilities	$18.9B	8.7x	16.2x
Tokyo Gas	$17.5B	1.0x	6.8x
EDP Renovaveis	$17.4B	6.7x	9.8x
CK Infrastructure Holdings	$17.4B	26.3x	75.3x
Redeia	$17.0B	9.7x	12.9x
Sabesp	$16.5B	4.1x	6.5x
Adani Energy Solutions	$16.4B	6.4x	19.4x
Shanghai Electric Power	$16.2B	2.7x	n/a
GAIL (India)	$16.0B	1.0x	9.2x
Canadian Utilities	$15.8B	5.8x	11.9x
Brookfield Infrastructure	$15.3B	n/a	n/a
Equatorial Energia	$14.9B	1.9x	7.7x
Sembcorp	$14.7B	3.0x	11.0x
APA Group	$14.7B	7.4x	11.9x
OGE Energy	$14.6B	4.8x	11.1x
Zheneng Electric	$14.4B	1.1x	5.2x
UGI	$14.1B	1.9x	7.1x
Fortum	$13.8B	2.3x	8.6x
Osaka Gas	$13.7B	1.0x	7.9x
NHPC	$13.5B	10.6x	19.2x
Power Assets Holdings	$13.4B	107.5x	39.8x
Italgas	$13.4B	6.6x	8.8x
Chuantou Energy	$13.2B	58.2x	21.3x
JSW Energy	$13.1B	8.8x	18.3x
Electric Power	$13.0B	1.5x	8.3x
Origin Energy	$13.0B	1.3x	5.8x
Enel Americas	$12.7B	0.9x	3.1x
HK Electric	$12.5B	8.0x	11.4x
CPFL Energia	$12.4B	1.8x	5.9x
Neoenergia	$12.3B	1.6x	6.1x
YTL Corp	$12.2B	1.6x	5.9x
Talen Energy	$11.9B	5.5x	13.8x
Atco	$11.8B	3.3x	7.5x
A2A	$11.5B	0.8x	4.7x
China Gas	$11.4B	1.1x	8.7x
YTL Power International	$11.4B	2.6x	7.5x
Manila Electric	$11.3B	1.4x	9.7x
Public Power Corporation	$11.0B	1.1x	5.5x
Uniper	$11.0B	0.1x	4.7x
Clearway Energy	$10.8B	7.7x	9.2x
TXNM Energy	$10.8B	5.3x	12.3x
Algonquin Power	$10.7B	4.6x	10.3x
Grupo Energía Bogotá	$10.6B	5.5x	16.7x
BKW	$10.6B	2.0x	8.9x
New Fortress Energy	$10.6B	5.6x	11.2x
ENN Energy	$10.4B	0.7x	6.1x
Southwest Gas Holdings	$10.0B	2.0x	10.3x
Torrent Power	$10.0B	2.9x	16.0x
Hera	$9.9B	0.7x	5.8x
Spire	$9.7B	3.7x	12.0x
Portland General Electric	$9.5B	2.7x	8.9x
Edison	$9.4B	n/a	n/a
Shenergy Group	$9.3B	2.2x	6.4x
Metlen Energy & Metals	$9.2B	1.4x	7.8x
Idacorp	$9.1B	4.9x	15.0x
Black Hills	$8.7B	4.0x	10.5x
Aboitiz Equity Ventures	$8.7B	2.4x	10.8x
Baosight	$8.6B	4.4x	20.2x
New Jersey Resources	$8.6B	4.3x	13.1x
Pennon Group	$8.5B	6.3x	18.3x
China Resources Gas	$8.4B	0.6x	5.5x
Parkland	$8.4B	0.4x	6.9x
Energisa	$8.3B	1.6x	6.2x
Northland Power	$8.1B	4.9x	9.0x
Aboitiz Power	$8.0B	2.4x	7.8x
ONE Gas	$7.9B	3.6x	11.2x
Capital Power	$7.9B	3.2x	8.3x
Adani Total Gas	$7.9B	n/a	n/a
Ligga	$7.7B	2.0x	8.0x
Petronas Gas	$7.4B	5.0x	9.5x
Eneva	$7.3B	4.4x	7.8x
CEMIG	$7.3B	1.1x	5.0x
Enel Chile	$7.0B	1.6x	4.9x
NorthWestern Energy	$6.7B	4.3x	11.6x
Hokuriku Electric Power	$6.6B	1.2x	6.8x
Guangdong Investment	$6.6B	2.8x	5.6x
Avista	$6.4B	3.4x	n/a
Marafiq	$6.4B	3.5x	8.9x
TAURON	$6.3B	0.7x	4.0x
TAQA Morocco	$6.2B	5.5x	17.5x
Shikoku Electric Power	$6.2B	1.1x	6.8x
TransAlta	$6.1B	3.2x	7.1x
Centrica	$6.1B	0.2x	2.4x
XPLR Infr	$5.9B	4.6x	3.0x
Enagas	$5.8B	6.0x	7.4x
Global Power Synergy	$5.7B	2.2x	10.0x
ALLETE	$5.5B	3.6x	12.4x
Fujian Funeng Co	$5.4B	2.8x	6.4x
Qatar Electricity & Water	$5.4B	6.5x	17.9x
Empower	$5.4B	5.9x	12.5x
AGL Energy	$5.4B	0.6x	4.0x
EVN	$5.4B	1.6x	6.4x
NEXTracker	$5.3B	1.8x	7.3x
Riyadh Cables	$5.2B	2.1x	17.9x
Grupo Ultra	$5.1B	0.2x	5.1x
Pampa Energia	$5.1B	2.6x	5.8x
Grupa PGE	$5.0B	0.3x	1.9x
Rubis	$4.7B	0.7x	6.1x
Redes Energéticas Nacionais	$4.7B	4.2x	8.6x
Chesapeake Utilities	$4.6B	5.6x	14.3x
Enlight Renewable Energy	$4.6B	n/a	n/a
COELBA	$4.5B	n/a	n/a
Rede Energia	$4.5B	n/a	n/a
Hawaiian Electric Industries	$4.4B	1.3x	-5.1x
Petronet LNG	$4.4B	0.7x	6.9x
California Water Service	$4.4B	4.3x	11.7x
Naturgy Brasil	$4.4B	n/a	n/a
GE Vernova T&D India	$4.3B	8.2x	46.7x
Promigas	$4.3B	n/a	n/a
Colbun	$4.3B	2.5x	6.2x
MGE Energy	$4.1B	5.9x	16.6x
Otter Tail	$4.0B	3.0x	8.2x
American States Water	$4.0B	6.6x	17.0x
Energisa Mato Grosso	$3.9B	n/a	n/a
Ratch Gr	$3.9B	3.6x	11.5x
Electricity Generating	$3.8B	3.1x	10.0x
B.Grimm Power	$3.7B	2.3x	8.8x
SJW Group	$3.7B	4.9x	12.4x
Northwest Natural Holdings	$3.7B	3.1x	10.1x
TAESA	$3.6B	n/a	n/a
Iren Group	$3.6B	0.5x	2.6x
Kurita Water	$3.6B	1.3x	6.6x
Vector	$3.6B	5.7x	11.9x
Reliance Power	$3.6B	n/a	n/a
IndiGrid	$3.5B	8.2x	9.2x
Toho Gas	$3.5B	0.8x	8.1x
Aguas Andinas	$3.5B	4.8x	9.7x
SK Gas	$3.5B	0.7x	9.9x
Gujarat Gas	$3.4B	1.8x	15.2x
Alupar	$3.3B	n/a	n/a
Ignitis	$3.3B	1.3x	5.8x
Engie Energia Chile	$3.3B	1.7x	5.8x
Opc Energy	$3.3B	n/a	n/a
MVV Energie	$3.2B	n/a	n/a
Tabreed	$3.2B	4.8x	10.3x
Equatorial Para Distribuidora de Energia	$3.1B	n/a	n/a
Energa	$3.0B	n/a	n/a
Enerjisa Enerji	$2.9B	0.5x	3.3x
Superior Plus	$2.9B	1.2x	6.2x
Mainova	$2.8B	n/a	n/a
Oklo	$2.8B	n/a	-46.1x
Suburban Propane	$2.8B	2.0x	10.3x
Lechwerke	$2.7B	n/a	n/a
Luz Del Sur	$2.6B	n/a	n/a
Perusahaan Gas Negara	$2.5B	0.7x	2.5x
Centuri Holdings	$2.5B	0.9x	10.1x
Neoenergia Elektro	$2.5B	n/a	n/a
Indraprastha Gas	$2.4B	1.4x	10.6x
Orygen Peru	$2.4B	n/a	n/a
Gelsenwasser	$2.4B	n/a	n/a
SANEPAR	$2.3B	n/a	n/a
COPASA MG	$2.3B	1.7x	4.3x
Genesis Energy New Zealand	$2.2B	1.0x	8.5x
TGS	$2.2B	1.5x	2.4x
Malakoff Corp.	$2.1B	1.1x	5.1x
Nippon Gas	$2.0B	1.5x	10.1x
Central Puerto	$2.0B	n/a	n/a
Telecom Plus	$2.0B	0.8x	10.4x
Societatea Energetica	$1.9B	0.8x	4.4x
Empresa Eléctrica Pehuenche	$1.9B	n/a	n/a
Enea S.A.	$1.8B	0.2x	1.2x
Societatea Nationala Nuclearelectrica	$1.8B	1.6x	3.2x
Organo	$1.8B	1.6x	8.2x
AKSA Enerji	$1.8B	2.2x	7.6x
Longshine Technology	$1.8B	2.4x	17.4x
Edenor	$1.7B	n/a	n/a
Unitil	$1.7B	3.3x	n/a
Enefit Green	$1.7B	7.8x	13.7x
Kenon Holdings	$1.6B	n/a	n/a
Alkhorayef Water & Power	$1.6B	n/a	n/a
Banpu Power	$1.6B	2.1x	10.4x
Middlesex Water	$1.5B	7.7x	n/a
Ahlatcı Doğal Gaz	$1.4B	n/a	n/a
Polenergia	$1.4B	1.3x	9.1x
Romande Energie	$1.4B	1.5x	10.8x
Ygsoft	$1.4B	4.1x	19.5x
PetroVietnam Power	$1.4B	1.0x	7.1x
Ampla Energia E Servicos	$1.4B	n/a	n/a
Reliance Infrastructure	$1.3B	n/a	n/a
Aris Water Solutions	$1.3B	2.8x	5.9x
Mahanagar Gas	$1.3B	1.6x	7.2x
Petrolimex	$1.2B	0.1x	5.5x
Naturgy Chile Gas Natural	$1.2B	n/a	n/a
Gas Malaysia	$1.1B	0.6x	7.4x
Naturenergie Holding	$1.1B	0.6x	3.7x
Thai Tap Water	$1.1B	7.0x	8.5x
Audax Renovables	$1.0B	0.4x	8.0x
Grupo Cox	$1.0B	1.0x	4.8x
Electricite De Strasbourg	$814M	n/a	n/a
York Water	$718M	9.4x	n/a
Aygaz	$695M	n/a	n/a
Hansen Technologies	$684M	2.8x	11.2x
Transener	$672M	n/a	n/a
Transelectrica	$663M	n/a	n/a
Gentrack Group	$624M	4.8x	36.1x
Stem	$547M	3.7x	-26.0x
Artesian Resources	$534M	4.9x	n/a
Zhejiang Netsun	$517M	n/a	n/a
Dareway Software	$470M	n/a	n/a
Computer Modelling Group	$431M	4.6x	14.0x
PSI Software	$424M	1.5x	57.2x
NextNRG	$380M	n/a	n/a
RGC Resources	$372M	4.3x	n/a
Tallinna Vesi	$349M	n/a	n/a
RPMGlobal	$348M	5.2x	34.1x
OPAL Fuels	$326M	1.0x	3.5x
Edisun Power	$325M	n/a	n/a
Columbus Energy	$311M	n/a	n/a
Montauk Renewables	$311M	1.8x	7.1x
Genie Energy	$311M	n/a	n/a
Chrysos Corp.	$271M	7.3x	35.9x
Energy One	$233M	6.4x	24.0x
Pure Cycle	$230M	n/a	n/a
eVISO	$220M	0.6x	14.2x
Burgenland Holding	$219M	n/a	n/a
Ekopak	$165M	2.5x	103.1x
Enda Enerji	$160M	n/a	n/a
Enechange	$77.6M	2.3x	n/a
EnviroSuite	$67.2M	1.7x	64.5x
Holaluz	$63.8M	n/a	n/a
MPC Energy Solutions	$62.3M	5.1x	13.9x
Maps	$44.4M	1.3x	5.5x
Razor Labs	$44.1M	n/a	n/a
ConnectM	$39.6M	1.2x	n/a
Groupe Okwind	$25.5M	0.4x	17.3x
Fernheizwerk Neukoelln	$25.4M	n/a	n/a
ABO Kraft & Warme	$24.7M	1.5x	113.6x
Informetis	$20.8M	3.1x	n/a
Global Bioenergies	$20.5M	48.9x	-1.8x
Haffner Energy	$20.1M	13.6x	-3.4x
Hydrogen De	$18.9M	1.5x	-1.1x
Charwood Energy	$16.5M	2.4x	-17.5x
Vas	$12.9M	n/a	n/a
E-Pango	$8.5M	2.9x	-39.8x
Acceleware	$8.4M	n/a	n/a
Vergnet	$7.4M	n/a	n/a
New Sources Energy	$1.6M	n/a	n/a
Agripower France	$1.0M	n/a	n/a
Etrion	-$6.2M	n/a	n/a