Utilities Valuation Multiples and Public Comps

Utilities

See analyst estimates and all valuation multiples for Utilities

Company	EV	EV/Revenue	EV/EBITDA
NextEra Energy	$228B	9.0x	15.5x
Duke Energy	$176B	5.8x	12.3x
Southern Company	$162B	6.1x	13.4x
Enel	$140B	1.5x	5.8x
Iberdrola	$138B	2.7x	8.2x
TAQA	$109B	7.2x	17.9x
National Grid	$106B	4.1x	11.3x
American Electric Power	$102B	5.1x	12.2x
KEPCO	$98.4B	1.5x	6.3x
Constellation Energy	$94.4B	4.0x	19.2x
PG&E	$94.1B	3.8x	9.9x
Dominion Energy	$90.8B	6.2x	12.8x
Exelon	$89.9B	3.9x	10.6x
Sempra	$89.9B	5.8x	14.9x
China National Nuclear	$76.2B	7.1x	11.7x
Engie	$72.2B	0.9x	4.6x
REC Ltd.	$69.5B	29.6x	n/a
Vistra	$68.6B	3.8x	13.0x
Xcel Energy	$68.4B	5.0x	12.4x
Entergy	$64.7B	5.1x	12.6x
PSEG	$63.7B	6.2x	15.0x
NTPC	$61.7B	3.0x	10.4x
Consolidated Edison	$60.6B	4.0x	12.3x
Barito Renewables Energy	$58.3B	n/a	n/a
Edison International	$58.2B	3.3x	8.7x
Saudi Electricity	$56.5B	2.4x	6.6x
WEC Energy Group	$53.4B	6.1x	14.2x
Eversource Energy	$52.3B	4.3x	11.9x
DTE Energy	$50.6B	3.9x	12.8x
CGN Power	$49.8B	4.2x	9.7x
FirstEnergy	$47.6B	3.4x	11.0x
Huaneng Power	$47.0B	1.4x	6.4x
Fortis	$46.6B	5.7x	12.2x
Ameren	$45.3B	5.9x	14.0x
Cheniere Energy Partners	$44.9B	5.0x	12.4x
CenterPoint Energy	$42.7B	4.8x	12.3x
Dubai Electricity & Water	$42.5B	5.0x	10.1x
PPL Corp.	$42.1B	5.0x	12.0x
Power Grid India	$40.4B	7.6x	8.9x
American Water Works	$39.9B	8.5x	15.7x
CMS Energy	$38.0B	5.0x	13.5x
Naturgy Energy Group	$37.7B	1.9x	6.8x
Tokyo Electric Power	$36.9B	0.8x	n/a
IndianOil	$36.8B	0.4x	8.6x
EDP	$35.6B	1.9x	6.9x
AES	$35.0B	2.9x	9.9x
Endesa	$34.9B	1.3x	6.4x
China Resources Power	$34.7B	2.6x	6.8x
Tenaga Nasional	$33.3B	2.7x	7.6x
Kansai Electric Power	$33.0B	1.2x	6.4x
NiSource	$32.6B	5.5x	12.6x
Snam	$32.5B	7.9x	11.2x
NRG Energy	$31.9B	1.0x	8.5x
Atmos Energy	$31.7B	7.1x	14.9x
SSE	$31.3B	2.6x	7.6x
CEZ	$30.8B	2.2x	5.8x
Hydro One	$30.7B	5.1x	14.3x
Evergy	$29.4B	5.1x	11.1x
China Power	$29.0B	4.1x	8.2x
Datang International	$28.9B	1.7x	n/a
CLP Group	$28.5B	2.5x	9.1x
Korea Gas	$27.1B	1.0x	9.0x
Terna	$27.0B	7.2x	10.3x
Orsted	$26.6B	2.5x	6.0x
Alliant Energy	$26.4B	6.6x	14.6x
Emera	$25.9B	5.0x	12.4x
EnBW	$25.6B	n/a	n/a
E.ON	$25.4B	0.3x	2.7x
Verbund	$25.1B	3.6x	7.3x
Adani Power	$24.8B	n/a	n/a
Kyushu Electric Power	$24.4B	1.6x	9.0x
Chubu Electric Power	$24.3B	1.0x	8.6x
Centrais Eletricas	$22.7B	3.3x	5.9x
Huadian Power	$22.1B	1.4x	8.5x
Pinnacle West Capital	$21.7B	4.3x	11.3x
Towngas	$21.1B	2.9x	13.3x
Tohoku Electric Power	$19.7B	1.1x	7.1x
United Utilities	$19.5B	7.3x	14.2x
RWE	$19.3B	0.7x	3.4x
Tata Power	$19.2B	2.5x	13.1x
Chugoku Electric Power	$19.2B	1.9x	13.3x
Severn Trent	$18.9B	6.3x	14.7x
CK Infrastructure Holdings	$18.7B	24.1x	24.7x
Tokyo Gas	$17.8B	1.0x	6.8x
EDP Renovaveis	$17.5B	6.9x	9.7x
Essential Utilities	$17.5B	8.1x	14.9x
Brookfield Infrastructure	$16.6B	n/a	n/a
Elia Group	$15.4B	3.2x	9.7x
Sabesp	$15.3B	2.9x	5.8x
Canadian Utilities	$15.1B	5.2x	10.7x
Redeia	$14.8B	7.9x	10.7x
Fortum	$14.7B	2.4x	9.2x
OGE Energy	$14.6B	4.9x	11.2x
Shanghai Electric Power	$14.4B	2.4x	n/a
Zheneng Electric	$14.2B	1.1x	5.4x
UGI	$14.1B	1.9x	7.2x
GAIL (India)	$14.1B	0.9x	8.2x
Equatorial Energia	$14.0B	2.1x	7.3x
Power Assets Holdings	$14.0B	85.0x	17.4x
Osaka Gas	$13.6B	1.0x	7.6x
Sembcorp	$13.5B	2.7x	10.2x
APA Group	$13.2B	6.5x	10.7x
Electric Power	$13.0B	1.5x	8.5x
Adani Energy Solutions	$12.9B	5.2x	15.7x
NHPC	$12.8B	10.3x	18.9x
JSW Energy	$12.7B	8.8x	18.6x
HK Electric	$12.6B	8.2x	11.4x
YTL Corp	$12.4B	1.7x	6.1x
Chuantou Energy	$12.2B	56.5x	14.7x
Neoenergia	$12.0B	1.6x	6.1x
Uniper	$11.9B	0.1x	4.9x
Enel Americas	$11.9B	0.8x	2.9x
CPFL Energia	$11.8B	1.7x	5.6x
Baosight	$11.8B	5.7x	25.1x
Atco	$11.6B	3.2x	7.0x
New Fortress Energy	$11.6B	5.4x	12.9x
Algonquin Power	$11.4B	4.3x	9.7x
YTL Power International	$11.4B	3.0x	7.8x
China Gas	$11.3B	1.1x	9.1x
A2A	$11.1B	0.7x	4.7x
Italgas	$11.1B	5.8x	7.8x
Clearway Energy	$10.6B	7.4x	9.0x
Grupo Energía Bogotá	$10.4B	5.3x	9.4x
TXNM Energy	$10.4B	5.2x	12.9x
Neoen	$10.3B	15.5x	18.9x
BKW	$10.2B	2.1x	9.0x
Southwest Gas Holdings	$10.1B	1.9x	10.5x
China Resources Gas	$9.9B	0.7x	5.6x
Manila Electric	$9.7B	1.2x	8.7x
Portland General Electric	$9.7B	2.8x	9.2x
Public Power Corporation	$9.5B	0.9x	5.0x
Spire	$9.5B	3.6x	12.0x
Meridian Energy	$9.4B	3.5x	19.4x
ENN Energy	$9.3B	0.6x	5.6x
Edison	$8.9B	n/a	n/a
Shenergy Group	$8.9B	2.0x	6.0x
Idacorp	$8.9B	4.8x	15.1x
Guangdong Investment	$8.8B	2.7x	7.3x
Parkland	$8.7B	0.4x	7.1x
Capital Power	$8.7B	3.5x	9.1x
Black Hills	$8.6B	4.0x	10.7x
Aboitiz Power	$8.4B	2.6x	8.5x
New Jersey Resources	$8.3B	4.2x	12.7x
Aboitiz Equity Ventures	$8.3B	2.3x	10.5x
Northland Power	$8.2B	4.9x	9.1x
Torrent Power	$8.1B	2.4x	13.1x
Pennon Group	$8.0B	6.2x	18.2x
Energisa	$7.8B	1.5x	5.7x
CEMIG	$7.8B	1.2x	4.8x
Metlen Energy & Metals	$7.7B	1.3x	6.8x
ONE Gas	$7.6B	3.6x	10.9x
Petronas Gas	$7.6B	5.3x	9.7x
Eneva	$7.5B	4.4x	8.8x
Adani Total Gas	$7.5B	14.5x	58.8x
Enel Chile	$6.9B	1.4x	4.9x
TransAlta	$6.9B	3.5x	7.9x
Hokuriku Electric Power	$6.6B	1.2x	7.5x
Ligga	$6.6B	1.7x	6.8x
NorthWestern Energy	$6.4B	4.2x	11.0x
Mercury NZ	$6.2B	3.1x	12.6x
Shikoku Electric Power	$6.2B	1.1x	7.2x
NEXTracker	$6.2B	2.2x	8.9x
Riyadh Cables	$6.1B	2.5x	21.2x
Avista	$6.0B	3.2x	10.4x
XPLR Infrastructure	$5.9B	4.7x	3.0x
TAURON	$5.8B	0.7x	4.2x
GPSC	$5.8B	2.2x	9.7x
Marafiq	$5.7B	3.2x	10.1x
Emirates Central Cooling	$5.7B	6.3x	13.3x
Centrica	$5.6B	0.2x	2.1x
Pampa Energia	$5.6B	3.0x	6.9x
ALLETE	$5.6B	3.6x	12.6x
Qatar Electricity & Water	$5.5B	6.6x	18.2x
EVN	$5.3B	1.6x	6.5x
Enagas	$5.3B	5.7x	6.8x
Fujian Funeng Co	$5.2B	2.6x	6.1x
Oklo	$5.1B	n/a	-101.0x
Grupo Ultra	$5.0B	0.2x	5.1x
Enlight Renewable Energy	$4.9B	n/a	n/a
Taqa Morocco	$4.7B	3.9x	n/a
Grupa PGE	$4.7B	0.3x	1.8x
COELBA	$4.6B	n/a	n/a
Rubis	$4.5B	0.6x	6.1x
Hera	$4.4B	0.3x	2.7x
Rede Energia	$4.3B	n/a	n/a
Redes Energéticas Nacionais	$4.3B	4.3x	8.2x
Petronet LNG	$4.3B	0.7x	7.0x
Chesapeake Utilities	$4.2B	5.0x	13.4x
GE Vernova T&D India	$4.2B	8.5x	49.7x
Ratch Group	$4.2B	2.7x	11.0x
Promigas	$4.1B	2.4x	6.6x
Otter Tail	$4.1B	3.1x	8.4x
Energisa Mato Grosso	$4.1B	n/a	n/a
MGE Energy	$4.1B	6.0x	16.9x
Colbun	$4.1B	2.5x	6.1x
California Water Service	$4.0B	3.9x	11.2x
Electricity Generating	$4.0B	2.7x	11.1x
Kurita Water	$3.8B	1.4x	7.2x
American States Water	$3.8B	6.3x	16.2x
B.Grimm Power	$3.8B	2.3x	9.1x
Opc Energy	$3.7B	n/a	n/a
TAESA	$3.5B	n/a	n/a
SJW Group	$3.5B	4.8x	12.1x
Tabreed	$3.5B	5.1x	10.7x
Toho Gas	$3.5B	0.8x	8.1x
Hawaiian Electric Industries	$3.5B	1.1x	-3.1x
IndiGrid Infrastructure	$3.5B	n/a	n/a
Northwest Natural Holdings	$3.4B	2.9x	9.8x
Vector	$3.4B	5.7x	12.1x
Reliance Power	$3.3B	n/a	n/a
MVV Energie	$3.2B	n/a	n/a
Energa	$3.2B	n/a	n/a
Aguas Andinas	$3.2B	4.6x	9.3x
SK Gas	$3.2B	0.6x	9.6x
Alupar	$3.1B	n/a	n/a
Ignitis	$3.1B	1.3x	5.7x
Engie Energia Chile	$3.1B	1.7x	5.9x
Gujarat Gas	$3.0B	1.6x	13.7x
Iren Group	$3.0B	0.4x	2.3x
Superior Plus	$2.9B	1.1x	6.1x
Suburban Propane	$2.8B	2.2x	10.6x
Indraprastha Gas	$2.8B	1.7x	12.1x
Mainova	$2.8B	n/a	n/a
Enerjisa Enerji	$2.7B	0.5x	3.5x
TGS	$2.7B	1.7x	3.1x
Luz Del Sur	$2.7B	n/a	n/a
Lechwerke	$2.7B	n/a	n/a
Centuri Holdings	$2.6B	1.0x	10.8x
Equatorial Para Distribuidora de Energia	$2.6B	n/a	n/a
CEG Rio de Janeiro	$2.6B	n/a	n/a
Perusahaan Gas Negara	$2.5B	0.7x	2.5x
Neoenergia Elektro	$2.5B	n/a	n/a
Kenon Holdings	$2.5B	n/a	n/a
COPASA MG	$2.4B	1.9x	4.7x
Central Puerto	$2.4B	3.6x	7.5x
Orygen Peru	$2.4B	n/a	n/a
Gelsenwasser	$2.3B	n/a	n/a
SANEPAR	$2.3B	n/a	n/a
Malakoff Corp.	$2.2B	1.1x	5.1x
Genesis Energy New Zealand	$2.1B	1.0x	8.5x
Societatea Energetica	$2.1B	1.0x	4.9x
Organo	$2.1B	1.9x	9.6x
Edenor	$2.0B	1.0x	11.3x
Longshine Technology	$2.0B	2.7x	22.0x
Societatea Nationala Nuclearelectrica	$1.9B	1.9x	3.8x
Enea S.A.	$1.9B	0.2x	1.3x
Ygsoft	$1.9B	5.4x	27.8x
AKSA Enerji	$1.9B	2.4x	8.6x
Nippon Gas	$1.8B	1.4x	9.1x
Telecom Plus	$1.8B	0.8x	10.0x
Empresa Eléctrica Pehuenche	$1.8B	n/a	n/a
Banpu Power	$1.7B	1.9x	10.9x
Petrolimex	$1.7B	0.1x	7.7x
Unitil	$1.7B	3.3x	n/a
Ampla Energia E Servicos	$1.6B	n/a	n/a
Alkhorayef Water & Power	$1.5B	2.6x	15.2x
Polenergia	$1.4B	1.4x	7.8x
Enefit Green	$1.4B	7.0x	12.6x
Romande Energie	$1.4B	1.5x	11.0x
PetroVietnam Power	$1.4B	1.1x	7.1x
Ahlatcı Doğal Gaz	$1.3B	n/a	n/a
Mahanagar Gas	$1.3B	1.7x	7.6x
Middlesex Water	$1.3B	6.8x	16.2x
Aris Water Solutions	$1.3B	2.9x	5.9x
Naturenergie Holding	$1.2B	0.6x	4.1x
Reliance Infrastructure	$1.2B	n/a	n/a
Naturgy Chile Gas Natural	$1.1B	n/a	n/a
TTW	$1.1B	7.5x	9.4x
Gas Malaysia	$1.1B	0.6x	7.4x
Grupo Cox	$1.1B	1.2x	5.9x
Audax Renovables	$1.0B	0.5x	8.5x
Transener	$976M	n/a	n/a
Aygaz	$826M	0.4x	17.8x
Gentrack Group	$715M	5.6x	43.5x
Zhejiang Netsun	$695M	n/a	n/a
York Water	$674M	8.9x	n/a
Transelectrica	$672M	0.5x	3.1x
Montauk Renewables	$611M	2.9x	9.3x
Dareway Software	$581M	n/a	n/a
Stem	$555M	3.5x	-15.2x
Artesian Resources	$504M	4.7x	n/a
Computer Modelling Group	$484M	5.3x	15.4x
PSI Software	$427M	1.6x	76.2x
RGC Resources	$363M	4.2x	n/a
RPMGlobal	$350M	4.9x	30.9x
Tallinna Vesi	$340M	n/a	n/a
Chrysos Corp.	$339M	9.5x	46.5x
Edisun Power	$315M	n/a	n/a
OPAL Fuels	$308M	0.9x	3.2x
Columbus Energy	$287M	n/a	n/a
Ekopak	$271M	4.3x	82.4x
Pure Cycle	$263M	n/a	n/a
Genie Energy	$249M	n/a	n/a
Energy One	$197M	5.6x	20.9x
Eviso	$186M	0.6x	12.7x
Enechange	$76.5M	2.2x	n/a
Holaluz	$63.0M	n/a	n/a
Maps	$50.2M	1.5x	6.8x
Razor Labs	$48.0M	n/a	n/a
EnviroSuite	$44.6M	1.1x	46.9x
ConnectM	$44.5M	n/a	n/a
Informetis	$30.6M	4.6x	n/a
Acceleware	$8.9M	n/a	n/a