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	$241B	8.9x	14.9x
Iberdrola	$184B	3.4x	9.6x
Duke Energy	$184B	5.9x	12.5x
Southern Company	$171B	6.2x	13.4x
Enel	$160B	1.7x	6.0x
National Grid	$122B	4.8x	11.8x
TAQA	$117B	7.6x	21.4x
American Electric Power	$105B	5.1x	12.2x
Constellation Energy	$102B	4.3x	20.3x
Dominion Energy	$97.5B	6.4x	13.2x
PG&E	$94.4B	3.7x	9.3x
Sempra	$93.4B	6.4x	15.6x
Exelon	$91.9B	3.9x	10.6x
Engie	$91.9B	1.1x	5.3x
Vistra	$83.0B	4.4x	14.3x
China National Nuclear	$80.6B	7.1x	11.8x
Xcel Energy	$74.5B	5.2x	12.7x
Barito Renewables Energy	$74.0B	n/a	n/a
Entergy	$68.3B	5.4x	12.6x
REC Ltd.	$67.9B	26.4x	28.4x
NTPC	$65.4B	3.0x	10.4x
PSEG	$64.1B	5.9x	14.5x
Saudi Electricity	$63.5B	2.5x	6.2x
Edison International	$62.5B	3.4x	8.4x
Consolidated Edison	$60.6B	3.8x	11.2x
WEC Energy Group	$54.7B	6.0x	13.8x
Huaneng Power	$53.7B	1.6x	6.7x
Eversource Energy	$53.1B	4.2x	11.0x
CGN Power	$52.2B	4.3x	10.1x
DTE Energy	$52.1B	3.9x	12.4x
FirstEnergy	$50.3B	3.6x	11.1x
Fortis	$50.1B	5.7x	12.2x
Ameren	$46.9B	5.8x	13.2x
CenterPoint Energy	$45.6B	5.1x	12.5x
Tokyo Electric Power	$45.2B	1.0x	n/a
Power Grid India	$45.2B	8.5x	10.0x
Dubai Electricity & Water	$44.5B	5.1x	10.1x
PPL Corp.	$44.4B	5.3x	12.3x
Naturgy Energy Group	$43.9B	1.9x	7.1x
EDP-Energias De Portugal	$43.3B	2.4x	7.6x
Endesa	$42.9B	1.7x	6.8x
American Water Works Co	$42.6B	8.7x	15.5x
E.ON	$41.9B	0.4x	3.8x
CEZ	$41.6B	2.6x	6.6x
Cheniere Energy Partners	$41.1B	3.9x	11.1x
Snam	$40.6B	9.3x	12.1x
NRG Energy	$39.7B	1.3x	10.0x
EnBW	$39.2B	n/a	n/a
CMS Energy	$38.7B	4.9x	12.9x
AES	$38.5B	3.1x	14.1x
IndianOil	$37.9B	0.4x	7.7x
Kansai Electric Power	$37.9B	1.3x	7.1x
SSE	$37.5B	2.7x	8.6x
China Resources Power	$37.0B	2.7x	7.2x
NiSource	$35.2B	5.9x	12.7x
Atmos Energy	$34.9B	7.2x	15.0x
Tenaga Nasional	$34.5B	2.4x	7.1x
Hydro One	$34.5B	5.5x	14.8x
Terna	$33.6B	7.4x	10.8x
RWE	$33.4B	1.3x	5.7x
China Power	$32.5B	4.4x	8.9x
Datang International	$32.2B	1.9x	7.1x
Adani Power	$31.2B	4.7x	12.3x
Evergy	$31.2B	5.3x	11.5x
Emera	$29.4B	5.1x	12.3x
CLP Group	$29.1B	2.6x	9.1x
Chubu Electric Power	$28.4B	1.2x	10.7x
KEPCO	$27.8B	0.4x	1.5x
Alliant Energy	$27.6B	6.8x	14.7x
Eletrobras	$26.7B	3.7x	6.9x
Korea Gas	$26.2B	1.0x	8.2x
Huadian Power	$26.0B	1.6x	8.5x
Kyushu Electric Power	$25.9B	1.7x	9.0x
Elia Group	$25.2B	4.5x	12.2x
Pinnacle West Capital	$24.6B	4.7x	12.4x
Verbund	$24.3B	2.3x	6.9x
EDP Renovaveis	$24.0B	8.1x	11.6x
Orsted	$23.4B	2.0x	5.2x
Towngas	$23.2B	3.2x	14.1x
United Utilities	$22.5B	7.2x	13.0x
Severn Trent	$21.9B	6.3x	14.0x
Italgas	$21.8B	8.3x	11.2x
Tata Power	$21.2B	2.7x	13.0x
Tokyo Gas	$21.1B	1.2x	7.5x
Shanghai Electric Power	$20.7B	3.4x	n/a
Talen Energy	$20.1B	8.9x	20.4x
Chugoku Electric Power	$20.0B	2.0x	12.4x
Tohoku Electric Power	$19.9B	1.1x	6.3x
Sabesp	$19.5B	4.3x	7.7x
CK Infrastructure Holdings	$19.0B	28.2x	74.3x
Essential Utilities	$18.7B	8.2x	15.2x
Fortum	$17.0B	2.7x	10.5x
Equatorial Energia	$16.7B	2.2x	8.0x
Redeia	$16.7B	8.6x	11.5x
Origin Energy	$16.7B	1.5x	7.7x
Brookfield Infrastructure	$16.5B	n/a	n/a
Canadian Utilities	$16.4B	5.8x	11.4x
Osaka Gas	$16.0B	1.2x	8.2x
APA Group	$15.9B	7.7x	12.1x
GAIL (India)	$15.7B	1.0x	9.4x
Enel Americas	$15.4B	1.1x	3.8x
JSW Energy	$15.3B	8.4x	17.1x
YTL Corp	$14.9B	2.0x	7.4x
OGE Energy	$14.9B	4.8x	11.0x
Sembcorp	$14.6B	3.0x	11.0x
Adani Energy Solutions	$14.5B	5.0x	15.3x
YTL Power International	$14.3B	2.7x	9.4x
Neoenergia	$14.3B	1.8x	6.6x
Power Assets Holdings	$14.2B	120.1x	56.8x
UGI	$14.0B	1.8x	7.7x
A2A	$13.8B	0.9x	5.3x
NHPC	$13.6B	10.2x	18.4x
Zheneng Electric	$13.5B	1.1x	5.5x
Electric Power	$13.5B	1.6x	8.5x
HK Electric	$13.4B	8.5x	12.3x
Public Power Corporation	$13.3B	1.2x	5.8x
CPFL Energia	$13.2B	1.8x	5.8x
Manila Electric	$12.5B	1.4x	9.9x
Clearway Energy	$12.4B	8.7x	10.4x
Atco	$12.2B	3.3x	7.3x
China Gas	$12.0B	1.2x	9.9x
BKW	$12.0B	2.0x	9.5x
Chuantou Energy	$11.9B	49.7x	15.7x
TXNM Energy	$11.8B	5.7x	12.8x
Edison	$11.6B	n/a	n/a
Grupo Energía Bogotá	$11.3B	5.6x	12.9x
Capital Power	$11.2B	4.6x	10.3x
Interconexion Electrica	$11.2B	2.9x	4.9x
Algonquin Power	$10.7B	4.5x	10.5x
ENN Energy	$10.7B	0.7x	6.3x
Hera	$10.7B	0.7x	5.8x
Uniper	$10.5B	0.1x	5.6x
Oklo	$10.3B	n/a	-147.2x
Southwest Gas Holdings	$10.0B	2.0x	10.8x
Idacorp	$9.9B	5.3x	15.9x
New Fortress Energy	$9.8B	5.2x	14.5x
Energisa	$9.8B	1.8x	6.7x
Meridian Energy	$9.8B	3.4x	24.2x
Aboitiz Power	$9.7B	2.8x	9.8x
Spire	$9.6B	3.8x	11.4x
Portland General Electric	$9.6B	2.7x	8.6x
Iren Group	$9.5B	1.3x	6.1x
Cia Paranaense De Energia	$9.5B	2.4x	9.2x
Ligga	$9.5B	2.4x	9.2x
Nextracker	$9.5B	3.0x	12.0x
Aboitiz Equity Ventures	$9.4B	2.1x	9.7x
Parkland	$9.2B	0.5x	7.1x
Eneva	$8.9B	4.1x	8.4x
Northland Power	$8.8B	5.2x	9.6x
Black Hills	$8.7B	3.9x	9.9x
Petronas Gas	$8.6B	5.6x	10.5x
Shenergy Group	$8.5B	2.1x	6.0x
Pennon Group	$8.5B	5.5x	14.7x
Torrent Power	$8.4B	2.4x	13.2x
New Jersey Resources	$8.3B	4.2x	11.5x
TAQA Morocco	$8.3B	6.8x	21.6x
Grupa PGE	$8.2B	0.5x	2.5x
CEMIG	$8.2B	1.2x	5.6x
GE Vernova T&D India	$8.0B	14.0x	68.8x
ONE Gas	$7.8B	3.3x	10.5x
Baosight	$7.8B	4.7x	24.7x
China Resources Gas	$7.7B	0.6x	5.5x
Adani Total Gas	$7.7B	11.9x	51.3x
TAURON	$7.5B	0.9x	3.9x
TransAlta	$7.3B	3.8x	8.3x
Guangdong Investment	$7.3B	3.0x	5.9x
Enel Chile	$7.2B	1.7x	5.4x
Shikoku Electric Power	$7.1B	1.3x	7.8x
Enlight Renewable Energy	$6.9B	n/a	n/a
Centrica	$6.8B	0.2x	3.1x
Mercury NZ	$6.8B	3.3x	14.1x
XPLR Infr	$6.7B	5.1x	3.4x
NorthWestern Energy	$6.7B	4.3x	11.0x
Global Power Synergy	$6.7B	2.5x	11.4x
Grupo Ultra	$6.6B	0.3x	5.6x
Hokuriku Electric Power	$6.6B	1.2x	7.1x
Avista	$6.1B	3.1x	n/a
Enagas	$6.1B	6.0x	7.5x
Marafiq	$5.9B	3.3x	8.3x
Qatar Electricity & Water	$5.8B	6.9x	19.8x
EVN	$5.7B	1.5x	6.0x
ALLETE	$5.6B	3.6x	12.3x
Empower	$5.5B	5.9x	12.6x
AGL Energy	$5.5B	0.6x	4.2x
Opc Energy	$5.4B	n/a	n/a
Fujian Funeng Co	$5.4B	2.7x	6.1x
Rubis	$5.2B	0.7x	6.1x
Riyadh Cables	$5.2B	1.9x	15.5x
Redes Energéticas Nacionais	$5.1B	4.2x	8.5x
Rede Energia	$4.8B	n/a	n/a
COELBA	$4.8B	n/a	n/a
Hawaiian Electric Industries	$4.6B	1.3x	-3.1x
Naturgy Brasil	$4.6B	n/a	n/a
Energa	$4.6B	n/a	n/a
Alupar	$4.5B	n/a	n/a
Chesapeake Utilities	$4.4B	5.2x	14.2x
Pampa Energia	$4.4B	2.4x	5.2x
Promigas	$4.4B	n/a	n/a
Otter Tail	$4.2B	3.2x	8.4x
California Water Service	$4.2B	4.1x	11.8x
CIA de Gas de Sao Paulo	$4.2B	n/a	n/a
Ratch Gr	$4.1B	4.2x	13.5x
Colbun	$4.1B	2.5x	6.0x
Electricity Generating	$4.1B	3.3x	12.3x
Northwest Natural Holdings	$4.1B	3.2x	10.2x
Kurita Water	$4.0B	1.4x	7.5x
B.Grimm Power	$3.9B	2.3x	9.1x
Petronet LNG	$3.9B	0.7x	6.1x
Transmissora Alianca	$3.9B	n/a	n/a
TAESA	$3.9B	n/a	n/a
Vector	$3.9B	5.9x	11.6x
Reliance Power	$3.9B	n/a	n/a
MGE Energy	$3.9B	5.4x	14.0x
MVV Energie	$3.8B	n/a	n/a
SK Gas	$3.8B	0.7x	8.5x
American States Water	$3.8B	5.9x	15.5x
Toho Gas	$3.7B	0.9x	8.1x
Ignitis	$3.7B	1.3x	5.8x
IndiGrid	$3.6B	n/a	n/a
H2O America	$3.6B	4.6x	11.6x
Longshine Technology	$3.6B	5.3x	69.3x
Tabreed	$3.5B	5.2x	10.5x
Engie Energia Chile	$3.3B	1.8x	5.9x
Gujarat Gas	$3.3B	1.7x	14.8x
Aguas Andinas	$3.3B	4.6x	9.2x
Organo	$3.2B	2.8x	12.9x
Energisa Mato Grosso	$3.1B	n/a	n/a
Equatorial Para Distribuidora de Energia	$3.1B	n/a	n/a
COPASA MG	$3.1B	2.2x	5.6x
Mainova	$3.1B	n/a	n/a
Enea S.A.	$3.1B	0.4x	1.9x
Indraprastha Gas	$3.1B	1.7x	12.6x
Enerjisa Enerji	$3.0B	0.5x	2.6x
Elektro - Eletricidade	$3.0B	n/a	n/a
Neoenergia Elektro	$3.0B	n/a	n/a
Superior Plus	$3.0B	1.2x	6.2x
Lechwerke	$2.9B	n/a	n/a
Centuri Holdings	$2.9B	1.0x	11.3x
SANEPAR	$2.8B	n/a	n/a
Gelsenwasser	$2.8B	n/a	n/a
Luz Del Sur	$2.8B	n/a	n/a
SNTGN Transgaz	$2.7B	4.8x	12.4x
Kenon Holdings	$2.6B	n/a	n/a
Societatea Nationala Nuclearelectrica	$2.6B	2.1x	3.7x
Societatea Energetica	$2.6B	1.1x	6.1x
Suburban Propane	$2.6B	1.8x	9.2x
Enerya Enerji	$2.4B	n/a	n/a
Malakoff Corp.	$2.4B	1.2x	5.7x
Genesis Energy New Zealand	$2.3B	1.1x	8.6x
Nippon Gas	$2.3B	1.7x	11.2x
Perusahaan Gas Negara	$2.3B	0.6x	2.4x
TGS	$2.2B	1.5x	2.6x
Orygen Peru	$2.2B	n/a	n/a
Telecom Plus	$2.1B	0.8x	10.2x
AKSA Enerji	$2.0B	n/a	n/a
Inversiones Aguas	$2.0B	n/a	n/a
Ahlatcı Doğal Gaz	$2.0B	n/a	n/a
PetroVietnam Power	$1.8B	1.3x	8.7x
Polenergia	$1.8B	1.6x	11.4x
Compania General	$1.8B	n/a	n/a
Empresa Eléctrica Pehuenche	$1.8B	n/a	n/a
Light	$1.8B	n/a	n/a
Banpu Power	$1.8B	2.9x	7.8x
Central Puerto	$1.7B	2.6x	5.0x
Pluz Energia Peru	$1.7B	n/a	n/a
Reliance Infrastructure	$1.7B	n/a	n/a
Ampla Energia E Servicos	$1.7B	n/a	n/a
Ygsoft	$1.6B	4.6x	25.9x
Unitil	$1.6B	3.2x	n/a
CIA Energetica	$1.5B	n/a	n/a
Romande Energie	$1.5B	1.5x	9.8x
Equatorial	$1.5B	n/a	n/a
Ascopiave	$1.5B	5.6x	9.8x
Grupo Cox	$1.4B	1.1x	5.7x
Centrais Eletricas	$1.4B	n/a	n/a
Alkhorayef Water & Power	$1.4B	2.0x	11.2x
Middlesex Water	$1.4B	6.9x	n/a
Petrolimex	$1.3B	0.1x	7.2x
Gas Malaysia	$1.3B	0.7x	8.6x
Esval	$1.3B	n/a	n/a
Mahanagar Gas	$1.3B	1.6x	7.4x
Naturenergie Holding	$1.3B	0.6x	3.7x
Aris Water Solutions	$1.2B	2.6x	5.6x
Naturgy Chile Gas Natural	$1.2B	n/a	n/a
Thai Tap Water	$1.1B	7.2x	9.9x
Companhia Estadual	$1.1B	n/a	n/a
Edenor	$1.1B	0.5x	6.0x
Audax Renovables	$1.1B	0.4x	7.4x
Essbio	$1.0B	n/a	n/a
Transportadora de Gas del	$958M	n/a	n/a
Transelectrica	$929M	0.5x	4.0x
Electricite De Strasbourg	$882M	n/a	n/a
Aygaz	$816M	n/a	n/a
Premier Energy	$792M	0.5x	5.2x
Hansen Technologies	$787M	3.1x	10.8x
CGE Transmision	$782M	n/a	n/a
Sociedad	$713M	n/a	n/a
Transener	$681M	n/a	n/a
Zhejiang Netsun	$676M	n/a	n/a
Acinque	$659M	n/a	n/a
York Water	$656M	8.5x	n/a
Dareway Software	$652M	n/a	n/a
MetroGas	$644M	n/a	n/a
Rio Paranapanema Energia	$628M	n/a	n/a
RPMGlobal	$613M	9.9x	101.5x
Gentrack Group	$595M	4.4x	36.4x
Enel Distribucion Chile	$582M	n/a	n/a
Cloudberry Clean Energy	$559M	9.7x	20.1x
Camuzzi Gas Pampeana	$546M	n/a	n/a
PSI Software	$532M	1.6x	33.3x
Artesian Resources	$519M	4.7x	n/a
Litgrid	$506M	n/a	n/a
Athens Water Supply	$498M	n/a	n/a
Chrysos Corp.	$496M	11.0x	43.4x
Empresas Gasco	$484M	n/a	n/a
Elmera Group	$479M	2.7x	6.1x
Enel Generacion Piura	$468M	n/a	n/a
Consolidated Water Co	$410M	3.1x	16.6x
Stem	$405M	2.7x	-47.4x
Tallinna Vesi	$404M	n/a	n/a
ALTEO Energy Services	$394M	n/a	n/a
Amber Grid	$383M	n/a	n/a
OPAL Fuels	$371M	1.1x	4.3x
Global Water Resources	$370M	6.8x	13.7x
Cadiz	$369M	28.3x	-24.8x
RGC Resources	$369M	3.8x	n/a
Computer Modelling Group	$364M	4.0x	12.5x
Edisun Power	$364M	n/a	n/a
Kogeneracja	$352M	n/a	n/a
Naturgy Ban	$346M	n/a	n/a
Montauk Renewables	$345M	2.0x	9.0x
Genie Energy	$308M	0.7x	9.3x
Energy One	$292M	7.2x	27.0x
Aker Horizons	$290M	n/a	n/a
Celg de Participacoes	$290M	n/a	n/a
Seri Industrial	$265M	0.8x	14.2x
Columbus Energy	$264M	n/a	n/a
Burgenland Holding	$261M	n/a	n/a
eVISO	$251M	0.7x	16.0x
NextNRG	$247M	3.9x	n/a
Pure Cycle	$237M	n/a	n/a
Ekopak	$232M	3.1x	42.7x
Companhia Energetica	$218M	n/a	n/a
Arise	$211M	3.7x	8.1x
Iniziative Bresciane	$196M	5.9x	8.4x
Ze Pak	$195M	0.4x	4.3x
Distribuidora De Gas	$190M	n/a	n/a
Enel Generacion Costanera	$184M	n/a	n/a
Enda Enerji	$145M	n/a	n/a
Kauno Energija	$142M	n/a	n/a
Magnora	$118M	3.1x	4.3x
Innovatec	$102M	n/a	n/a
Thessaloniki Water Supply	$98.9M	n/a	n/a
Energoaqua	$89.5M	n/a	n/a
Enechange	$86.8M	2.5x	n/a
MPC Energy Solutions	$84.7M	7.3x	18.3x
Energy Solar Tech	$78.2M	n/a	n/a
Dala Energi	$75.1M	4.7x	0.8x
Distribuzione Elettrica	$74.1M	1.9x	4.6x
Minesto	$68.8M	n/a	n/a
Holaluz	$67.4M	n/a	n/a
Ecosuntek	$65.7M	0.1x	2.8x
Eqva	$58.4M	n/a	n/a
NAP	$57.2M	n/a	n/a
Informetis	$57.2M	8.5x	n/a
Maps	$49.3M	1.4x	5.8x
Razor Labs	$40.1M	n/a	n/a
Fernheizwerk Neukoelln	$37.2M	n/a	n/a
Przedsiebiorstwo	$37.1M	n/a	n/a
Hydrogen De	$36.8M	2.9x	-2.0x
Haffner Energy	$23.6M	3.0x	-3.2x
Charwood Energy	$18.9M	3.2x	-6.0x
Groupe Okwind	$18.7M	0.4x	-3.6x
Climeon	$15.4M	n/a	n/a
Skandia GreenPower	$14.5M	n/a	n/a
Vas	$13.9M	n/a	n/a
Wodkan Przedsiebiorstwo	$12.2M	n/a	n/a
Raen	$11.7M	n/a	n/a
MDI Energia	$10.7M	n/a	n/a
Frendy Energy	$10.0M	n/a	n/a
Acceleware	$9.7M	n/a	n/a
E-Pango	$7.5M	2.4x	-32.1x
BRAS	$7.3M	n/a	n/a
Vergnet	$7.0M	n/a	n/a
Cogefeed	$6.8M	n/a	n/a
Ocean Sun	$6.2M	n/a	n/a
Cortus Energy	$5.9M	n/a	n/a
EAM Solar	$4.6M	n/a	n/a
OZE Capital	$4.2M	n/a	n/a
New Sources Energy	$4.1M	n/a	n/a
SENS	$3.2M	n/a	n/a
Dlaboratory Sweden	$3.1M	n/a	n/a
Tesgas	$2.7M	n/a	n/a
Agripower France	$2.5M	n/a	n/a
Zeneris Projekty	$2.3M	n/a	n/a
EEMS Italia	$1.7M	n/a	n/a
Global Bioenergies	$1.6M	4.5x	-0.1x
ENEFI Asset Management	$1.4M	n/a	n/a
Etrion	-$1.8M	n/a	n/a
Cavendish Hydrogen	-$5.0M	-0.1x	0.2x