Utilities Valuation Multiples and Public Comps

Utilities

See analyst estimates and all valuation multiples for Utilities

Company	EV	EV/Revenue	EV/EBITDA
NextEra Energy	$216B	8.3x	14.4x
Duke Energy	$178B	5.8x	12.4x
Southern Company	$164B	6.1x	13.3x
Iberdrola	$157B	3.2x	8.9x
Enel	$139B	1.6x	5.7x
National Grid	$113B	4.2x	11.6x
TAQA	$110B	7.2x	19.2x
American Electric Power	$101B	5.0x	12.2x
KEPCO	$99.5B	1.5x	6.3x
PG&E	$96.2B	3.9x	9.9x
Exelon	$92.7B	4.0x	10.9x
Dominion Energy	$87.4B	5.9x	12.1x
Engie	$84.0B	1.1x	5.1x
Sempra	$79.7B	5.7x	13.6x
China National Nuclear	$74.0B	6.9x	11.8x
Constellation Energy	$70.6B	3.0x	14.0x
REC Ltd.	$70.1B	29.0x	29.9x
Xcel Energy	$70.1B	5.0x	12.4x
NTPC	$66.1B	3.1x	10.9x
Consolidated Edison	$66.1B	4.3x	12.7x
Entergy	$63.3B	5.2x	12.2x
PSEG	$62.8B	6.0x	15.4x
Edison International	$60.8B	3.4x	9.1x
Vistra	$56.7B	3.2x	9.9x
Saudi Electricity	$54.9B	2.3x	5.6x
WEC Energy Group	$54.5B	6.2x	14.3x
Huaneng Power	$51.5B	1.5x	7.0x
DTE Energy	$50.2B	3.9x	12.5x
Eversource Energy	$49.8B	4.1x	11.3x
CGN Power	$48.2B	4.0x	9.3x
FirstEnergy	$47.3B	3.5x	10.5x
Fortis	$47.2B	5.7x	12.2x
Power Grid India	$45.3B	8.5x	9.9x
Ameren	$45.1B	5.8x	13.3x
CenterPoint Energy	$44.3B	5.0x	12.5x
Barito Renewables Energy	$43.4B	n/a	n/a
Cheniere Energy Partners	$43.0B	4.7x	11.8x
American Water Works Co	$42.5B	8.9x	16.2x
PPL Corp.	$42.2B	5.1x	12.0x
Dubai Electricity & Water	$40.4B	4.7x	9.2x
IndianOil	$38.8B	0.4x	10.2x
CMS Energy	$38.2B	5.0x	13.2x
Naturgy Energy Group	$38.0B	1.8x	6.7x
Endesa	$37.4B	1.6x	6.5x
Tokyo Electric Power	$37.3B	0.8x	n/a
EDP-Energias De Portugal	$36.9B	2.2x	7.0x
China Resources Power	$36.2B	2.7x	7.1x
CEZ	$35.0B	2.4x	6.1x
AES	$34.7B	2.8x	10.2x
Snam	$34.2B	8.7x	11.4x
SSE	$33.2B	2.7x	7.9x
E.ON	$33.1B	0.4x	3.4x
Kansai Electric Power	$32.5B	1.1x	6.3x
Tenaga Nasional	$32.2B	2.5x	7.1x
Hydro One	$32.2B	8.3x	14.8x
Atmos Energy	$32.0B	7.1x	14.6x
NiSource	$31.9B	5.5x	12.1x
EnBW	$30.7B	n/a	n/a
China Power	$30.5B	4.1x	8.9x
Datang International	$30.3B	1.7x	7.2x
RWE	$30.0B	1.1x	5.1x
NRG Energy	$29.9B	1.0x	7.8x
Evergy	$29.3B	5.0x	11.1x
Korea Gas	$29.0B	1.1x	8.9x
Terna	$28.4B	7.1x	10.2x
CLP Group	$28.1B	2.4x	8.5x
Emera	$27.0B	5.1x	12.8x
Adani Power	$26.8B	4.1x	10.5x
Alliant Energy	$25.9B	6.3x	13.8x
Orsted	$25.8B	2.4x	5.8x
Verbund	$25.2B	2.9x	7.1x
Chubu Electric Power	$24.7B	1.0x	9.0x
Kyushu Electric Power	$24.5B	1.6x	9.2x
Elia Group	$24.2B	5.1x	14.0x
Eletrobras	$23.9B	3.4x	6.1x
Huadian Power	$22.4B	1.4x	8.2x
Towngas	$22.4B	3.1x	13.4x
Pinnacle West Capital	$22.0B	4.3x	11.3x
United Utilities	$20.8B	7.5x	14.4x
Severn Trent	$20.0B	6.5x	14.9x
Tata Power	$19.7B	2.5x	12.8x
Tohoku Electric Power	$19.6B	1.1x	7.4x
Chugoku Electric Power	$19.2B	1.9x	13.6x
Essential Utilities	$18.6B	8.6x	16.0x
Tokyo Gas	$17.8B	1.0x	6.9x
EDP Renovaveis	$17.2B	6.6x	9.7x
CK Infrastructure Holdings	$17.0B	25.7x	73.8x
Redeia	$16.7B	9.5x	12.6x
Sabesp	$16.3B	4.1x	6.2x
Shanghai Electric Power	$16.2B	2.7x	n/a
Canadian Utilities	$15.5B	5.7x	11.8x
Adani Energy Solutions	$15.4B	6.0x	18.3x
Brookfield Infrastructure	$15.4B	n/a	n/a
GAIL (India)	$14.8B	1.0x	8.5x
Equatorial Energia	$14.8B	1.9x	7.6x
APA Group	$14.6B	7.3x	11.8x
Sembcorp	$14.5B	3.0x	10.9x
OGE Energy	$14.4B	4.8x	10.9x
Zheneng Electric	$14.3B	1.1x	5.2x
UGI	$13.8B	1.9x	7.0x
NHPC	$13.4B	10.6x	19.2x
Osaka Gas	$13.4B	1.0x	7.7x
Chuantou Energy	$13.2B	60.0x	16.1x
Fortum	$13.1B	2.1x	8.1x
Italgas	$13.1B	6.4x	8.6x
Electric Power	$13.0B	1.5x	8.3x
Power Assets Holdings	$12.9B	103.3x	38.5x
JSW Energy	$12.8B	8.6x	18.1x
Origin Energy	$12.8B	1.2x	5.8x
Enel Americas	$12.6B	0.9x	3.1x
CPFL Energia	$12.3B	1.8x	5.8x
HK Electric	$12.3B	7.9x	11.2x
Neoenergia	$12.2B	1.6x	6.1x
YTL Corp	$12.0B	1.6x	5.8x
Atco	$11.7B	3.3x	7.4x
Talen Energy	$11.7B	5.4x	13.6x
China Gas	$11.4B	1.1x	8.7x
Public Power Corporation	$11.0B	1.1x	5.5x
YTL Power International	$11.0B	2.6x	7.3x
A2A	$11.0B	0.8x	4.5x
Uniper	$10.9B	0.1x	4.6x
Manila Electric	$10.7B	1.3x	9.2x
Clearway Energy	$10.6B	7.6x	9.1x
New Fortress Energy	$10.6B	5.6x	11.3x
TXNM Energy	$10.6B	5.2x	12.2x
Grupo Energía Bogotá	$10.6B	5.4x	9.5x
Algonquin Power	$10.5B	4.5x	10.1x
BKW	$10.2B	1.9x	8.6x
ENN Energy	$10.1B	0.7x	5.9x
Torrent Power	$9.8B	2.8x	15.4x
Southwest Gas Holdings	$9.8B	1.9x	10.1x
Hera	$9.6B	0.7x	5.6x
Spire	$9.5B	3.6x	11.8x
Portland General Electric	$9.4B	2.7x	8.8x
Shenergy Group	$9.1B	1.9x	6.2x
Idacorp	$9.0B	4.9x	14.9x
Edison	$9.0B	n/a	n/a
Metlen Energy & Metals	$8.9B	1.3x	7.5x
Baosight	$8.8B	4.6x	20.7x
Black Hills	$8.6B	3.9x	10.3x
New Jersey Resources	$8.4B	4.2x	12.8x
Pennon Group	$8.3B	6.1x	18.0x
China Resources Gas	$8.3B	0.6x	5.4x
Parkland	$8.2B	0.4x	6.7x
Aboitiz Equity Ventures	$8.2B	2.3x	10.3x
Energisa	$8.2B	1.6x	6.1x
Northland Power	$8.1B	4.9x	9.0x
Aboitiz Power	$7.9B	2.4x	7.7x
ONE Gas	$7.8B	3.5x	11.0x
Capital Power	$7.8B	3.2x	8.2x
Adani Total Gas	$7.7B	n/a	n/a
Ligga	$7.6B	2.0x	7.9x
Eneva	$7.3B	4.3x	7.8x
CEMIG	$7.2B	1.1x	4.7x
Petronas Gas	$7.1B	4.8x	9.1x
Enel Chile	$6.8B	1.5x	4.8x
Hokuriku Electric Power	$6.6B	1.2x	6.7x
Guangdong Investment	$6.6B	2.8x	5.4x
NorthWestern Energy	$6.5B	4.2x	11.4x
Marafiq	$6.5B	3.5x	9.0x
Avista	$6.3B	3.4x	n/a
TAURON	$6.2B	0.7x	4.2x
Shikoku Electric Power	$6.1B	1.1x	6.8x
TransAlta	$6.1B	3.2x	7.1x
Mercury NZ	$5.9B	2.9x	12.4x
XPLR Infr	$5.9B	4.6x	3.0x
Enagas	$5.6B	5.9x	7.1x
Centrica	$5.6B	0.2x	2.2x
ALLETE	$5.5B	3.6x	12.4x
Empower	$5.4B	5.9x	12.6x
Global Power Synergy	$5.4B	2.0x	9.4x
Qatar Electricity & Water	$5.4B	6.4x	17.8x
Fujian Funeng Co	$5.4B	2.7x	6.2x
AGL Energy	$5.4B	0.6x	4.0x
Riyadh Cables	$5.3B	2.1x	18.2x
Grupa PGE	$5.2B	0.3x	2.0x
TAQA Morocco	$5.2B	4.6x	14.6x
NEXTracker	$5.2B	1.8x	7.1x
Pampa Energia	$5.2B	2.6x	5.9x
EVN	$5.1B	1.5x	6.1x
Grupo Ultra	$5.1B	0.2x	5.1x
Redes Energéticas Nacionais	$4.6B	4.2x	8.5x
Enlight Renewable Energy	$4.6B	n/a	n/a
COELBA	$4.5B	n/a	n/a
Chesapeake Utilities	$4.5B	5.5x	14.0x
Rede Energia	$4.5B	n/a	n/a
Rubis	$4.4B	0.6x	5.7x
Naturgy Brasil	$4.4B	n/a	n/a
California Water Service	$4.3B	4.2x	11.6x
Hawaiian Electric Industries	$4.3B	1.3x	-4.8x
Colbun	$4.1B	2.4x	6.0x
Petronet LNG	$4.1B	0.7x	6.4x
MGE Energy	$4.0B	5.9x	16.4x
Otter Tail	$4.0B	3.0x	8.2x
Promigas	$4.0B	2.3x	6.4x
GE Vernova T&D India	$4.0B	7.6x	43.3x
Energisa Mato Grosso	$3.9B	n/a	n/a
American States Water	$3.9B	6.5x	16.7x
Ratch Gr	$3.9B	3.6x	11.4x
Electricity Generating	$3.7B	3.1x	9.9x
SJW Group	$3.6B	4.8x	12.2x
B.Grimm Power	$3.6B	2.2x	8.5x
Vector	$3.6B	5.7x	12.0x
TAESA	$3.6B	n/a	n/a
Northwest Natural Holdings	$3.6B	3.0x	10.0x
IndiGrid	$3.5B	8.2x	9.1x
Reliance Power	$3.5B	n/a	n/a
Kurita Water	$3.5B	1.3x	6.4x
SK Gas	$3.5B	0.7x	10.0x
Toho Gas	$3.4B	0.8x	7.9x
Iren Group	$3.4B	0.5x	2.5x
Ignitis	$3.3B	1.3x	5.9x
Aguas Andinas	$3.3B	4.6x	9.2x
Engie Energia Chile	$3.3B	1.7x	5.8x
MVV Energie	$3.3B	n/a	n/a
Alupar	$3.3B	n/a	n/a
Tabreed	$3.3B	4.9x	10.5x
Gujarat Gas	$3.2B	1.7x	14.6x
Opc Energy	$3.2B	n/a	n/a
Equatorial Para Distribuidora de Energia	$3.1B	n/a	n/a
Energa	$3.0B	n/a	n/a
Enerjisa Enerji	$3.0B	0.6x	3.7x
Superior Plus	$2.9B	1.2x	6.3x
Oklo	$2.9B	n/a	-47.4x
Lechwerke	$2.9B	n/a	n/a
Mainova	$2.8B	n/a	n/a
Suburban Propane	$2.7B	2.0x	10.1x
Luz Del Sur	$2.5B	n/a	n/a
Centuri Holdings	$2.5B	0.9x	10.3x
Neoenergia Elektro	$2.5B	n/a	n/a
Indraprastha Gas	$2.4B	1.4x	10.5x
Orygen Peru	$2.4B	n/a	n/a
Perusahaan Gas Negara	$2.4B	0.6x	2.4x
Gelsenwasser	$2.3B	n/a	n/a
SANEPAR	$2.3B	n/a	n/a
COPASA MG	$2.2B	1.7x	4.3x
Genesis Energy New Zealand	$2.2B	1.0x	8.4x
TGS	$2.2B	1.4x	2.4x
Central Puerto	$2.1B	n/a	n/a
Malakoff Corp.	$2.1B	1.1x	5.1x
Nippon Gas	$2.0B	1.5x	10.0x
Empresa Eléctrica Pehuenche	$2.0B	n/a	n/a
Kenon Holdings	$1.9B	n/a	n/a
Societatea Energetica	$1.9B	0.8x	4.5x
Telecom Plus	$1.9B	0.8x	9.9x
Enea S.A.	$1.8B	0.2x	1.2x
Societatea Nationala Nuclearelectrica	$1.8B	1.6x	3.1x
AKSA Enerji	$1.8B	2.3x	7.9x
Enefit Green	$1.7B	7.8x	13.7x
Unitil	$1.7B	3.2x	n/a
Organo	$1.7B	1.5x	7.5x
Longshine Technology	$1.7B	2.3x	16.5x
Edenor	$1.7B	0.8x	8.8x
Alkhorayef Water & Power	$1.6B	2.7x	15.7x
Banpu Power	$1.5B	2.1x	10.2x
Middlesex Water	$1.5B	7.7x	n/a
Romande Energie	$1.4B	1.5x	11.3x
Polenergia	$1.4B	1.3x	9.1x
Ahlatcı Doğal Gaz	$1.4B	n/a	n/a
Ygsoft	$1.4B	4.1x	19.5x
Ampla Energia E Servicos	$1.4B	n/a	n/a
PetroVietnam Power	$1.3B	1.0x	6.8x
Mahanagar Gas	$1.3B	1.6x	7.4x
Petrolimex	$1.3B	0.1x	5.9x
Aris Water Solutions	$1.2B	2.8x	5.7x
Reliance Infrastructure	$1.2B	n/a	n/a
Naturgy Chile Gas Natural	$1.2B	n/a	n/a
Naturenergie Holding	$1.1B	0.6x	3.8x
Gas Malaysia	$1.1B	0.6x	7.4x
Thai Tap Water	$1.1B	7.0x	8.5x
Grupo Cox	$1.0B	1.0x	4.9x
Audax Renovables	$991M	0.4x	7.8x
Electricite De Strasbourg	$803M	n/a	n/a
Aygaz	$727M	0.3x	15.0x
York Water	$699M	9.2x	n/a
Hansen Technologies	$694M	2.8x	11.4x
Transelectrica	$657M	n/a	n/a
Gentrack Group	$619M	4.7x	36.0x
Transener	$583M	n/a	n/a
Stem	$544M	3.7x	-23.3x
Artesian Resources	$522M	4.8x	n/a
Zhejiang Netsun	$506M	n/a	n/a
Dareway Software	$482M	n/a	n/a
Computer Modelling Group	$413M	4.5x	13.0x
PSI Software	$394M	1.4x	56.6x
RGC Resources	$382M	4.4x	n/a
NextNRG	$354M	n/a	n/a
Tallinna Vesi	$349M	n/a	n/a
RPMGlobal	$343M	5.1x	33.7x
OPAL Fuels	$325M	1.0x	3.5x
Edisun Power	$321M	n/a	n/a
Montauk Renewables	$315M	1.8x	7.1x
Columbus Energy	$313M	n/a	n/a
Genie Energy	$306M	n/a	n/a
Chrysos Corp.	$264M	7.1x	35.2x
Pure Cycle	$234M	n/a	n/a
Energy One	$225M	6.2x	23.3x
eVISO	$221M	0.6x	14.3x
Burgenland Holding	$219M	n/a	n/a
Enda Enerji	$155M	n/a	n/a
Ekopak	$152M	2.3x	112.6x
Enechange	$70.8M	2.1x	n/a
EnviroSuite	$67.2M	1.7x	64.9x
Holaluz	$64.0M	n/a	n/a
MPC Energy Solutions	$63.0M	5.1x	12.9x
Maps	$43.9M	1.3x	5.4x
Razor Labs	$43.4M	n/a	n/a
ConnectM	$41.2M	1.3x	n/a
Groupe Okwind	$27.9M	0.4x	19.8x
Fernheizwerk Neukoelln	$26.4M	n/a	n/a
ABO Kraft & Warme	$24.7M	1.5x	135.5x
Haffner Energy	$21.2M	17.7x	-3.6x
Global Bioenergies	$21.1M	51.0x	-1.8x
Informetis	$20.3M	3.0x	n/a
Charwood Energy	$16.1M	2.4x	-16.6x
Vas	$12.9M	n/a	n/a
Hydrogen De	$12.0M	1.0x	-0.7x
Acceleware	$10.1M	n/a	n/a
E-Pango	$8.8M	3.0x	-40.9x
Vergnet	$7.4M	n/a	n/a
New Sources Energy	$1.5M	n/a	n/a
Agripower France	$1.2M	n/a	n/a
Etrion	-$6.2M	n/a	n/a