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	$239B	9.0x	15.5x
Iberdrola	$182B	3.4x	9.3x
Duke Energy	$179B	5.8x	12.2x
Southern Company	$169B	6.2x	13.6x
Enel	$165B	1.8x	6.1x
National Grid	$125B	4.8x	12.0x
TAQA	$118B	7.7x	21.3x
Constellation Energy	$106B	4.5x	21.4x
American Electric Power	$102B	5.0x	12.1x
Engie	$96.9B	1.1x	5.5x
Dominion Energy	$93.5B	6.1x	12.6x
Exelon	$90.8B	3.9x	10.5x
PG&E	$89.2B	3.6x	8.9x
Vistra	$86.5B	4.5x	14.9x
Sempra	$85.5B	6.0x	14.6x
China National Nuclear	$80.9B	7.2x	12.0x
Xcel Energy	$70.3B	4.9x	12.1x
REC Ltd.	$70.1B	27.1x	28.9x
Entergy	$65.8B	5.3x	12.2x
NTPC	$64.7B	3.0x	10.3x
PSEG	$63.4B	5.9x	14.7x
Consolidated Edison	$61.9B	3.9x	11.6x
Saudi Electricity	$59.5B	2.4x	5.9x
Edison International	$59.4B	3.3x	8.2x
WEC Energy Group	$53.7B	6.0x	13.8x
Eversource Energy	$53.2B	4.2x	11.4x
Huaneng Power	$53.1B	1.6x	6.8x
Barito Renewables Energy	$51.3B	n/a	n/a
DTE Energy	$50.7B	3.9x	12.3x
Fortis	$49.7B	5.6x	12.0x
CGN Power	$49.0B	4.1x	9.6x
FirstEnergy	$47.8B	3.4x	10.6x
Power Grid India	$45.7B	8.5x	10.0x
Ameren	$45.4B	5.7x	13.1x
Naturgy Energy Group	$45.1B	2.0x	7.2x
Dubai Electricity & Water	$44.4B	5.1x	10.1x
CenterPoint Energy	$43.8B	4.9x	12.0x
E.ON	$42.9B	0.4x	3.9x
EDP-Energias De Portugal	$42.9B	2.3x	7.4x
Tokyo Electric Power	$42.3B	0.9x	n/a
American Water Works Co	$42.0B	8.7x	15.6x
PPL Corp.	$41.9B	4.9x	11.6x
SSE	$41.3B	3.0x	9.2x
Cheniere Energy Partners	$41.3B	4.1x	11.1x
IndianOil	$40.8B	0.4x	8.9x
NRG Energy	$40.3B	1.5x	10.4x
CEZ	$39.9B	2.5x	6.3x
Endesa	$39.8B	1.5x	6.2x
Snam	$39.3B	8.8x	11.7x
AES	$38.2B	3.1x	14.0x
CMS Energy	$37.6B	4.8x	12.6x
China Resources Power	$36.6B	2.7x	7.0x
EnBW	$35.8B	n/a	n/a
Tenaga Nasional	$35.5B	2.5x	7.4x
RWE	$35.3B	1.2x	5.7x
Hydro One	$34.6B	5.5x	14.9x
Kansai Electric Power	$34.2B	1.1x	6.2x
NiSource	$33.1B	5.7x	12.1x
Terna	$33.1B	7.3x	10.6x
Atmos Energy	$32.3B	6.8x	14.2x
Datang International	$32.0B	1.9x	7.3x
Adani Power	$31.6B	4.7x	12.3x
China Power	$31.5B	4.2x	9.1x
Evergy	$30.2B	5.1x	11.2x
Korea Gas	$29.7B	1.1x	8.7x
Orsted	$29.4B	2.6x	6.3x
Emera	$29.2B	5.0x	12.5x
KEPCO	$28.9B	0.4x	1.6x
CLP Group	$28.8B	2.5x	9.0x
Elia Group	$28.0B	5.1x	13.9x
Chubu Electric Power	$26.7B	1.1x	9.6x
Alliant Energy	$26.5B	6.4x	13.9x
Verbund	$25.1B	2.7x	6.8x
Kyushu Electric Power	$25.0B	1.6x	8.5x
Eletrobras	$24.6B	3.4x	6.2x
EDP Renovaveis	$23.7B	8.1x	11.6x
Pinnacle West Capital	$22.9B	4.4x	11.5x
Severn Trent	$22.8B	6.6x	14.9x
United Utilities	$22.7B	7.3x	13.6x
Huadian Power	$22.6B	1.4x	7.7x
Towngas	$22.3B	3.1x	13.8x
Tata Power	$22.2B	2.8x	13.6x
Chugoku Electric Power	$20.2B	1.9x	12.0x
Tohoku Electric Power	$20.2B	1.1x	6.1x
Tokyo Gas	$19.1B	1.0x	6.8x
Essential Utilities	$18.2B	8.2x	15.2x
Sabesp	$18.0B	4.1x	6.8x
CK Infrastructure Holdings	$17.9B	27.9x	90.3x
Redeia	$17.7B	9.2x	12.2x
Sembcorp	$17.0B	3.3x	11.7x
Brookfield Infrastructure	$16.9B	n/a	n/a
Fortum	$16.8B	2.6x	9.7x
Canadian Utilities	$16.6B	5.8x	11.5x
Adani Energy Solutions	$16.6B	5.8x	17.0x
GAIL (India)	$16.3B	1.0x	9.4x
Equatorial Energia	$16.1B	2.1x	7.7x
Italgas	$16.1B	6.4x	8.5x
Shanghai Electric Power	$15.9B	2.6x	n/a
JSW Energy	$15.7B	9.3x	19.2x
Osaka Gas	$15.5B	1.1x	7.7x
APA Group	$15.5B	7.3x	12.0x
Origin Energy	$15.2B	1.4x	6.7x
Talen Energy	$15.1B	6.8x	16.0x
A2A	$14.8B	0.9x	5.5x
OGE Energy	$14.8B	4.8x	11.0x
YTL Corp	$14.7B	1.9x	6.6x
NHPC	$14.4B	11.1x	20.4x
UGI	$14.2B	1.9x	7.8x
YTL Power International	$14.2B	2.8x	9.7x
Zheneng Electric	$14.0B	1.2x	5.9x
Neoenergia	$13.9B	1.7x	6.4x
Enel Americas	$13.8B	1.0x	3.4x
Power Assets Holdings	$13.6B	111.9x	32.0x
Electric Power	$13.4B	1.5x	7.9x
HK Electric	$13.1B	8.4x	11.8x
BKW	$13.1B	2.2x	10.1x
CPFL Energia	$13.0B	1.8x	5.8x
Chuantou Energy	$13.0B	54.8x	15.9x
Public Power Corporation	$12.9B	1.2x	5.7x
Atco	$12.4B	3.3x	7.3x
Manila Electric	$12.2B	1.4x	9.8x
China Gas	$11.9B	1.2x	9.7x
Clearway Energy	$11.7B	8.2x	9.8x
Uniper	$11.7B	0.1x	5.4x
Grupo Energía Bogotá	$11.6B	5.7x	13.9x
TXNM Energy	$11.3B	5.5x	12.2x
Metlen Energy & Metals	$11.1B	1.4x	8.6x
Algonquin Power	$10.9B	4.5x	10.3x
Edison	$10.8B	n/a	n/a
ENN Energy	$10.8B	0.7x	6.3x
Meridian Energy	$10.2B	3.5x	25.7x
New Fortress Energy	$10.2B	5.1x	13.1x
Southwest Gas Holdings	$10.1B	2.0x	10.1x
Aboitiz Equity Ventures	$10.1B	2.1x	9.5x
Parkland	$9.5B	0.5x	7.4x
Portland General Electric	$9.5B	2.7x	8.5x
Capital Power	$9.5B	3.6x	8.9x
Aboitiz Power	$9.4B	2.7x	9.3x
Spire	$9.4B	3.6x	11.4x
Northland Power	$9.3B	5.3x	9.8x
Energisa	$9.2B	1.6x	6.4x
Shenergy Group	$9.2B	2.2x	6.3x
Grupa PGE	$9.2B	0.5x	2.8x
Idacorp	$9.2B	4.9x	14.9x
Nextracker	$9.0B	2.9x	11.7x
Ligga	$8.8B	2.2x	8.6x
Pennon Group	$8.8B	5.8x	16.2x
Torrent Power	$8.8B	2.5x	13.7x
TAQA Morocco	$8.6B	6.9x	21.7x
Adani Total Gas	$8.6B	n/a	n/a
Black Hills	$8.4B	3.9x	10.1x
Petronas Gas	$8.3B	5.4x	10.1x
Eneva	$8.2B	4.4x	8.2x
CEMIG	$8.2B	1.2x	5.4x
TAURON	$8.0B	0.9x	4.3x
China Resources Gas	$7.9B	0.6x	5.4x
New Jersey Resources	$7.9B	4.1x	11.5x
Oklo	$7.7B	n/a	-123.2x
Baosight	$7.6B	3.8x	17.6x
ONE Gas	$7.6B	3.3x	10.4x
Enel Chile	$7.4B	1.7x	5.3x
GE Vernova T&D India	$7.1B	12.8x	67.3x
TransAlta	$7.1B	3.5x	8.0x
Guangdong Investment	$7.0B	2.9x	5.9x
Shikoku Electric Power	$6.6B	1.1x	6.8x
Centrica	$6.6B	0.2x	2.7x
Hokuriku Electric Power	$6.4B	1.1x	6.5x
Marafiq	$6.4B	3.5x	8.9x
Enagas	$6.3B	6.1x	7.5x
NorthWestern Energy	$6.3B	4.1x	10.6x
EVN	$6.1B	1.6x	6.8x
Avista	$6.1B	3.2x	n/a
Qatar Electricity & Water	$6.0B	6.9x	19.2x
Enlight Renewable Energy	$6.0B	n/a	n/a
XPLR Infr	$5.9B	4.5x	3.0x
Global Power Synergy	$5.8B	2.1x	9.8x
Grupo Ultra	$5.7B	0.2x	5.4x
Empower	$5.7B	6.1x	13.1x
Riyadh Cables	$5.6B	2.1x	17.9x
ALLETE	$5.6B	3.6x	12.3x
AGL Energy	$5.4B	0.6x	4.0x
Fujian Funeng Co	$5.4B	2.7x	6.1x
Rubis	$5.3B	0.7x	6.2x
Redes Energéticas Nacionais	$5.1B	4.2x	8.5x
Opc Energy	$5.1B	n/a	n/a
Rede Energia	$4.9B	n/a	n/a
Reliance Power	$4.7B	n/a	n/a
COELBA	$4.7B	n/a	n/a
Pampa Energia	$4.7B	2.6x	5.7x
Naturgy Brasil	$4.6B	n/a	n/a
Hera	$4.5B	0.3x	2.4x
Kurita Water	$4.5B	1.6x	8.4x
Hawaiian Electric Industries	$4.4B	1.3x	-10.6x
Petronet LNG	$4.4B	0.7x	6.8x
Promigas	$4.4B	n/a	n/a
Chesapeake Utilities	$4.4B	5.2x	13.2x
Energa	$4.4B	n/a	n/a
Colbun	$4.3B	2.6x	6.2x
California Water Service	$4.2B	4.1x	11.5x
Otter Tail	$4.1B	3.1x	8.5x
Iren Group	$4.1B	0.6x	2.6x
Ratch Gr	$4.1B	3.2x	11.7x
TAESA	$4.0B	n/a	n/a
Vector	$4.0B	5.7x	12.6x
MGE Energy	$4.0B	5.7x	15.6x
Northwest Natural Holdings	$4.0B	3.2x	10.4x
SK Gas	$3.9B	0.7x	9.4x
American States Water	$3.9B	6.3x	16.3x
MVV Energie	$3.9B	n/a	n/a
B.Grimm Power	$3.8B	2.2x	8.8x
Electricity Generating	$3.8B	3.0x	10.9x
Gujarat Gas	$3.7B	1.8x	16.2x
Enea S.A.	$3.7B	0.4x	2.2x
Energisa Mato Grosso	$3.6B	n/a	n/a
Ignitis	$3.6B	1.3x	5.8x
IndiGrid	$3.6B	n/a	n/a
Alupar	$3.6B	n/a	n/a
Tabreed	$3.4B	5.1x	10.2x
Engie Energia Chile	$3.4B	1.8x	6.0x
Toho Gas	$3.4B	0.8x	7.2x
Aguas Andinas	$3.4B	4.6x	9.2x
Indraprastha Gas	$3.2B	1.8x	13.3x
Superior Plus	$3.2B	1.2x	6.4x
Longshine Technology	$3.1B	4.7x	78.1x
Mainova	$3.1B	n/a	n/a
Equatorial Para Distribuidora de Energia	$3.1B	n/a	n/a
Gelsenwasser	$3.0B	n/a	n/a
SANEPAR	$2.9B	n/a	n/a
Lechwerke	$2.9B	n/a	n/a
Centuri Holdings	$2.9B	1.1x	11.6x
COPASA MG	$2.9B	2.0x	5.1x
Luz Del Sur	$2.9B	n/a	n/a
Neoenergia Elektro	$2.8B	n/a	n/a
Enerjisa Enerji	$2.8B	0.5x	3.5x
Organo	$2.7B	2.4x	11.0x
Suburban Propane	$2.6B	1.8x	9.5x
Kenon Holdings	$2.5B	n/a	n/a
Genesis Energy New Zealand	$2.4B	0.9x	8.3x
Telecom Plus	$2.4B	0.9x	11.5x
Malakoff Corp.	$2.3B	1.1x	5.3x
TGS	$2.2B	1.5x	2.5x
Societatea Energetica	$2.2B	0.9x	4.5x
Nippon Gas	$2.2B	1.6x	10.5x
Orygen Peru	$2.2B	n/a	n/a
SNTGN Transgaz	$2.1B	3.8x	9.8x
Societatea Nationala Nuclearelectrica	$2.1B	1.7x	3.3x
Perusahaan Gas Negara	$2.1B	0.5x	2.2x
Reliance Infrastructure	$2.0B	n/a	n/a
Central Puerto	$1.9B	2.7x	5.2x
Enefit Green	$1.9B	8.6x	14.2x
Empresa Eléctrica Pehuenche	$1.9B	n/a	n/a
AKSA Enerji	$1.8B	n/a	n/a
Polenergia	$1.7B	1.5x	10.2x
Unitil	$1.7B	3.2x	n/a
Banpu Power	$1.6B	2.5x	8.2x
Mahanagar Gas	$1.6B	1.9x	8.8x
PetroVietnam Power	$1.6B	1.2x	8.0x
Ahlatcı Doğal Gaz	$1.5B	n/a	n/a
Ygsoft	$1.5B	4.3x	20.8x
Ampla Energia E Servicos	$1.5B	n/a	n/a
Romande Energie	$1.5B	1.5x	9.7x
Alkhorayef Water & Power	$1.5B	2.3x	12.8x
Aker Horizons	$1.4B	n/a	n/a
Petrolimex	$1.4B	0.1x	7.0x
Middlesex Water	$1.4B	7.1x	n/a
Edenor	$1.3B	0.6x	4.8x
Naturgy Chile Gas Natural	$1.3B	n/a	n/a
Aris Water Solutions	$1.3B	2.7x	5.7x
Gas Malaysia	$1.3B	0.7x	8.1x
Grupo Cox	$1.2B	1.0x	4.9x
Ascopiave	$1.2B	4.6x	8.3x
Audax Renovables	$1.2B	0.4x	8.2x
Naturenergie Holding	$1.1B	0.5x	3.2x
Thai Tap Water	$1.1B	6.8x	9.6x
Transelectrica	$1.1B	0.7x	4.2x
Electricite De Strasbourg	$935M	n/a	n/a
Gentrack Group	$804M	6.0x	46.6x
Premier Energy	$788M	0.5x	4.9x
Zhejiang Netsun	$716M	n/a	n/a
Hansen Technologies	$689M	2.6x	10.4x
Transener	$686M	n/a	n/a
Aygaz	$682M	n/a	n/a
Acinque	$680M	n/a	n/a
York Water	$678M	8.9x	n/a
Dareway Software	$625M	n/a	n/a
PSI Software	$562M	1.7x	37.0x
Stem	$553M	3.8x	-36.3x
Cloudberry Clean Energy	$546M	9.5x	19.5x
Genie Energy	$524M	1.2x	34.6x
Litgrid	$522M	n/a	n/a
Artesian Resources	$522M	4.7x	n/a
Elmera Group	$471M	2.7x	5.9x
RPMGlobal	$462M	7.0x	50.0x
Computer Modelling Group	$447M	4.7x	13.9x
Tallinna Vesi	$389M	n/a	n/a
Chrysos Corp.	$377M	9.1x	43.3x
RGC Resources	$376M	4.2x	n/a
Edisun Power	$374M	n/a	n/a
Kogeneracja	$366M	n/a	n/a
ALTEO Energy Services	$363M	n/a	n/a
Athens Water Supply	$356M	n/a	n/a
Amber Grid	$346M	n/a	n/a
OPAL Fuels	$343M	1.0x	3.6x
Montauk Renewables	$340M	1.9x	7.8x
NextNRG	$305M	5.5x	n/a
Energy One	$291M	n/a	n/a
Columbus Energy	$282M	n/a	n/a
eVISO	$263M	0.6x	14.8x
Burgenland Holding	$251M	n/a	n/a
Seri Industrial	$250M	0.7x	14.7x
Pure Cycle	$246M	n/a	n/a
Ze Pak	$242M	n/a	n/a
Ekopak	$234M	3.1x	49.9x
Arise	$202M	3.7x	7.6x
Iniziative Bresciane	$198M	5.8x	8.1x
Enda Enerji	$150M	n/a	n/a
Kauno Energija	$134M	n/a	n/a
Magnora	$128M	3.8x	5.2x
Dala Energi	$121M	5.5x	0.9x
Innovatec	$103M	n/a	n/a
MPC Energy Solutions	$85.8M	6.3x	15.1x
Energoaqua	$85.1M	n/a	n/a
EnviroSuite	$84.3M	n/a	n/a
Minesto	$80.3M	n/a	n/a
Energy Solar Tech	$74.6M	n/a	n/a
Distribuzione Elettrica	$71.0M	1.7x	4.2x
Enechange	$69.7M	1.9x	n/a
Holaluz	$69.0M	n/a	n/a
Thessaloniki Water Supply	$66.1M	n/a	n/a
Eqva	$59.8M	n/a	n/a
NAP	$57.5M	n/a	n/a
Ecosuntek	$55.8M	0.1x	2.4x
Maps	$51.8M	1.4x	5.7x
Razor Labs	$43.2M	n/a	n/a
Przedsiebiorstwo	$43.2M	n/a	n/a
Fernheizwerk Neukoelln	$42.6M	n/a	n/a
Hydrogen De	$38.7M	3.0x	-2.1x
Informetis	$33.2M	4.8x	n/a
ABO Kraft & Warme	$31.3M	1.8x	-40.4x
Groupe Okwind	$28.4M	0.5x	53.9x
Haffner Energy	$22.9M	4.3x	-2.7x
Charwood Energy	$19.7M	2.2x	-13.0x
Vas	$14.1M	n/a	n/a
Climeon	$13.9M	n/a	n/a
Skandia GreenPower	$13.9M	n/a	n/a
Wodkan Przedsiebiorstwo	$12.9M	n/a	n/a
Frendy Energy	$11.6M	n/a	n/a
MDI Energia	$11.6M	n/a	n/a
Acceleware	$10.3M	n/a	n/a
Vergnet	$8.1M	n/a	n/a
E-Pango	$7.7M	2.4x	-32.9x
Cogefeed	$6.8M	n/a	n/a
BRAS	$6.8M	n/a	n/a
Raen	$6.3M	n/a	n/a
Cortus Energy	$5.9M	n/a	n/a
Ocean Sun	$5.2M	n/a	n/a
EAM Solar	$4.6M	n/a	n/a
SENS	$3.7M	n/a	n/a
New Sources Energy	$3.7M	n/a	n/a
Dlaboratory Sweden	$3.6M	n/a	n/a
OZE Capital	$3.5M	n/a	n/a
Agripower France	$3.1M	n/a	n/a
Global Bioenergies	$2.9M	8.1x	-0.2x
Tesgas	$2.8M	n/a	n/a
Zeneris Projekty	$2.4M	n/a	n/a
EEMS Italia	$2.0M	n/a	n/a
ENEFI Asset Management	-$0.5M	n/a	n/a
Cavendish Hydrogen	-$5.3M	-0.1x	0.2x
Etrion	-$6.1M	n/a	n/a