Utilities Valuation Multiples and Public Comps

Utilities

See analyst estimates and all valuation multiples for Utilities

Company	EV	EV/Revenue	EV/EBITDA
NextEra Energy	$229B	8.7x	15.3x
Duke Energy	$178B	5.7x	12.2x
Iberdrola	$177B	3.4x	9.6x
Southern Company	$165B	6.1x	13.4x
Enel	$156B	1.7x	6.1x
National Grid	$121B	4.8x	11.9x
TAQA	$116B	7.6x	20.1x
Constellation Energy	$102B	4.3x	20.5x
American Electric Power	$101B	5.0x	12.1x
PG&E	$97.0B	3.9x	9.9x
Dominion Energy	$92.5B	6.1x	12.6x
Exelon	$91.4B	3.9x	10.7x
Engie	$90.1B	1.1x	5.3x
Sempra	$87.7B	6.3x	14.9x
China National Nuclear	$80.8B	7.3x	12.1x
Vistra	$73.8B	4.0x	12.8x
Xcel Energy	$71.3B	5.1x	12.5x
REC Ltd.	$70.7B	27.6x	29.3x
Entergy	$66.2B	5.4x	12.5x
NTPC	$64.3B	3.0x	10.5x
Consolidated Edison	$63.1B	4.0x	12.0x
PSEG	$62.3B	5.9x	14.8x
Edison International	$61.4B	3.4x	8.8x
Saudi Electricity	$58.5B	2.4x	6.0x
Barito Renewables Energy	$55.2B	n/a	n/a
WEC Energy Group	$54.3B	6.1x	14.0x
Eversource Energy	$52.9B	4.3x	11.5x
Huaneng Power	$52.4B	1.5x	7.0x
DTE Energy	$51.7B	4.0x	12.9x
Fortis	$49.7B	5.7x	12.4x
FirstEnergy	$48.7B	3.5x	10.8x
CGN Power	$48.6B	4.1x	9.4x
Ameren	$45.7B	5.8x	13.3x
Power Grid India	$45.0B	8.5x	9.9x
CenterPoint Energy	$44.5B	5.0x	12.4x
Cheniere Energy Partners	$42.5B	4.4x	11.6x
PPL Corp.	$42.4B	4.9x	11.9x
Dubai Electricity & Water	$42.2B	4.9x	9.6x
American Water Works Co	$42.0B	8.7x	15.8x
Naturgy Energy Group	$41.4B	1.9x	7.0x
NRG Energy	$41.1B	1.4x	10.7x
E.ON	$40.3B	0.4x	3.9x
Tokyo Electric Power	$40.2B	0.9x	n/a
IndianOil	$39.7B	0.4x	9.0x
EDP-Energias De Portugal	$39.4B	2.2x	7.1x
SSE	$38.5B	2.8x	8.6x
Endesa	$38.5B	1.6x	6.4x
Snam	$38.4B	9.1x	12.1x
CMS Energy	$37.5B	4.9x	12.7x
China Resources Power	$37.5B	2.8x	7.3x
CEZ	$37.3B	2.4x	6.3x
AES	$35.9B	2.9x	13.0x
Tenaga Nasional	$35.5B	2.6x	7.5x
Hydro One	$34.6B	5.6x	15.3x
EnBW	$33.7B	n/a	n/a
Kansai Electric Power	$33.6B	1.1x	6.5x
NiSource	$33.0B	5.7x	12.2x
Terna	$32.7B	7.6x	11.1x
Atmos Energy	$32.5B	7.0x	14.6x
China Power	$31.6B	4.2x	9.1x
RWE	$31.4B	1.1x	5.2x
Datang International	$31.2B	1.8x	6.9x
Evergy	$29.6B	5.0x	11.0x
Korea Gas	$29.2B	1.1x	8.5x
CLP Group	$29.2B	2.5x	9.0x
Emera	$28.8B	5.1x	12.8x
Adani Power	$28.6B	4.3x	11.2x
KEPCO	$27.8B	0.4x	1.6x
Orsted	$27.4B	2.5x	6.0x
Alliant Energy	$26.5B	6.5x	14.1x
Elia Group	$26.4B	5.1x	14.0x
Chubu Electric Power	$26.0B	1.0x	9.3x
Verbund	$25.6B	2.9x	7.1x
Kyushu Electric Power	$24.6B	1.5x	9.2x
Eletrobras	$24.2B	3.4x	6.2x
Towngas	$23.1B	3.2x	14.0x
Pinnacle West Capital	$23.0B	4.5x	11.7x
United Utilities	$22.8B	7.6x	14.5x
Severn Trent	$22.3B	6.7x	15.2x
Huadian Power	$22.3B	1.4x	7.8x
Tata Power	$21.2B	2.7x	13.3x
Chugoku Electric Power	$19.9B	1.9x	13.4x
Tohoku Electric Power	$19.8B	1.1x	7.2x
EDP Renovaveis	$19.5B	7.1x	10.2x
Tokyo Gas	$19.2B	1.1x	6.9x
Essential Utilities	$18.5B	8.5x	15.7x
Sabesp	$17.8B	4.4x	6.9x
CK Infrastructure Holdings	$17.4B	26.4x	77.0x
Redeia	$17.2B	9.3x	12.4x
GAIL (India)	$16.8B	1.0x	9.7x
Brookfield Infrastructure	$16.5B	n/a	n/a
Canadian Utilities	$16.4B	5.8x	11.8x
Adani Energy Solutions	$16.4B	5.8x	17.5x
Equatorial Energia	$15.9B	2.1x	8.0x
Shanghai Electric Power	$15.8B	2.6x	n/a
Fortum	$15.8B	2.5x	9.4x
Sembcorp	$15.7B	3.1x	11.1x
Osaka Gas	$15.3B	1.1x	7.7x
JSW Energy	$15.3B	9.6x	20.2x
APA Group	$15.1B	7.4x	11.8x
OGE Energy	$14.8B	4.9x	11.1x
NHPC	$14.3B	11.2x	20.9x
UGI	$14.3B	1.9x	7.2x
Zheneng Electric	$14.2B	1.2x	6.0x
Italgas	$13.8B	6.0x	8.0x
Talen Energy	$13.8B	6.3x	15.4x
Origin Energy	$13.7B	1.3x	6.2x
Enel Americas	$13.6B	1.0x	3.3x
Chuantou Energy	$13.5B	57.7x	16.8x
Neoenergia	$13.3B	1.7x	6.4x
Power Assets Holdings	$13.3B	108.6x	36.4x
Electric Power	$13.1B	1.5x	7.7x
CPFL Energia	$12.9B	1.9x	6.1x
HK Electric	$12.9B	8.3x	11.8x
YTL Corp	$12.8B	1.7x	5.8x
A2A	$12.5B	0.9x	4.9x
Atco	$12.3B	3.3x	7.4x
BKW	$12.2B	2.2x	9.7x
Manila Electric	$12.2B	1.4x	10.0x
YTL Power International	$12.0B	2.5x	8.2x
Uniper	$11.9B	0.1x	5.3x
Public Power Corporation	$11.8B	1.1x	5.5x
China Gas	$11.6B	1.1x	7.5x
Clearway Energy	$11.4B	8.0x	9.7x
TXNM Energy	$11.4B	5.6x	12.4x
Grupo Energía Bogotá	$10.9B	5.6x	17.2x
ENN Energy	$10.8B	0.7x	6.3x
Algonquin Power	$10.6B	4.4x	10.0x
Aboitiz Equity Ventures	$10.4B	2.8x	12.5x
Metlen Energy & Metals	$10.3B	1.4x	8.2x
Southwest Gas Holdings	$10.0B	2.0x	10.1x
Edison	$9.9B	n/a	n/a
New Fortress Energy	$9.9B	5.0x	12.0x
Portland General Electric	$9.7B	2.8x	8.9x
Meridian Energy	$9.6B	3.3x	23.1x
Parkland	$9.4B	0.5x	7.5x
Spire	$9.4B	3.6x	11.5x
Capital Power	$9.3B	3.6x	9.1x
Idacorp	$9.2B	5.0x	15.1x
Shenergy Group	$9.2B	2.2x	6.4x
Aboitiz Power	$9.1B	2.7x	8.9x
Energisa	$9.1B	1.7x	6.6x
Pennon Group	$8.9B	6.2x	17.6x
Adani Total Gas	$8.9B	n/a	n/a
Northland Power	$8.7B	5.1x	9.4x
Torrent Power	$8.7B	2.5x	13.7x
Ligga	$8.6B	2.2x	8.9x
Black Hills	$8.5B	3.9x	10.4x
TAQA Morocco	$8.5B	7.1x	22.3x
CEMIG	$8.5B	1.3x	5.9x
China Resources Gas	$8.5B	0.6x	5.6x
Baosight	$8.3B	4.2x	19.4x
Petronas Gas	$8.2B	5.3x	10.1x
Eneva	$8.1B	4.5x	8.9x
New Jersey Resources	$7.9B	4.2x	11.7x
Nextracker	$7.7B	2.5x	9.9x
ONE Gas	$7.6B	3.4x	10.7x
Grupa PGE	$7.5B	0.4x	2.4x
Enel Chile	$7.4B	1.7x	5.3x
Oklo	$7.2B	n/a	-115.1x
TAURON	$7.0B	0.8x	4.2x
Guangdong Investment	$6.9B	2.9x	5.9x
GE Vernova T&D India	$6.8B	12.8x	66.9x
TransAlta	$6.7B	3.3x	7.7x
Centrica	$6.6B	0.2x	2.6x
Shikoku Electric Power	$6.5B	1.1x	7.4x
NorthWestern Energy	$6.5B	4.2x	10.9x
Hokuriku Electric Power	$6.3B	1.1x	6.4x
Enagas	$6.3B	6.3x	7.7x
Marafiq	$6.2B	3.3x	8.5x
Avista	$6.1B	3.2x	n/a
EVN	$6.0B	1.7x	6.9x
Global Power Synergy	$5.9B	2.2x	10.2x
Qatar Electricity & Water	$5.9B	6.9x	18.9x
XPLR Infr	$5.8B	4.5x	3.0x
Riyadh Cables	$5.7B	2.3x	19.4x
ALLETE	$5.6B	3.6x	12.5x
AGL Energy	$5.4B	0.6x	4.0x
Grupo Ultra	$5.3B	0.2x	5.4x
Fujian Funeng Co	$5.3B	2.6x	6.1x
Enlight Renewable Energy	$5.3B	n/a	n/a
Empower	$5.2B	5.6x	11.9x
Rubis	$5.1B	0.7x	6.2x
Pampa Energia	$5.0B	2.7x	5.9x
Hera	$5.0B	0.3x	2.8x
Redes Energéticas Nacionais	$5.0B	4.3x	8.7x
Rede Energia	$4.7B	n/a	n/a
Petronet LNG	$4.6B	0.8x	7.0x
COELBA	$4.5B	n/a	n/a
Hawaiian Electric Industries	$4.5B	1.3x	-7.0x
Naturgy Brasil	$4.4B	n/a	n/a
Kurita Water	$4.4B	1.5x	8.4x
Chesapeake Utilities	$4.3B	5.2x	13.3x
Promigas	$4.3B	n/a	n/a
Colbun	$4.3B	2.6x	6.3x
California Water Service	$4.2B	4.1x	11.4x
Iren Group	$4.2B	0.6x	2.9x
Reliance Power	$4.1B	n/a	n/a
Energa	$4.1B	n/a	n/a
Ratch Gr	$4.1B	3.5x	11.3x
MGE Energy	$4.0B	5.8x	16.1x
Otter Tail	$4.0B	3.0x	8.3x
Opc Energy	$4.0B	n/a	n/a
Energisa Mato Grosso	$4.0B	n/a	n/a
American States Water	$4.0B	6.4x	16.7x
Northwest Natural Holdings	$3.9B	3.2x	10.6x
TAESA	$3.9B	n/a	n/a
Electricity Generating	$3.8B	3.0x	10.8x
MVV Energie	$3.8B	n/a	n/a
Vector	$3.7B	5.7x	11.8x
B.Grimm Power	$3.7B	2.2x	8.6x
IndiGrid	$3.6B	n/a	n/a
Gujarat Gas	$3.6B	1.8x	15.8x
Ignitis	$3.5B	1.3x	5.9x
SK Gas	$3.4B	0.6x	8.7x
Engie Energia Chile	$3.4B	1.9x	6.2x
Alupar	$3.4B	n/a	n/a
Aguas Andinas	$3.4B	4.7x	9.5x
Toho Gas	$3.3B	0.7x	7.1x
Tabreed	$3.2B	4.8x	9.9x
Enea S.A.	$3.2B	0.4x	1.9x
Indraprastha Gas	$3.1B	1.7x	13.0x
Superior Plus	$3.1B	1.2x	6.3x
Equatorial Para Distribuidora de Energia	$3.0B	n/a	n/a
Mainova	$3.0B	n/a	n/a
Lechwerke	$2.8B	n/a	n/a
Centuri Holdings	$2.8B	1.0x	11.3x
Neoenergia Elektro	$2.7B	n/a	n/a
Suburban Propane	$2.6B	1.9x	9.8x
Luz Del Sur	$2.6B	n/a	n/a
COPASA MG	$2.6B	1.9x	4.9x
SANEPAR	$2.6B	n/a	n/a
Enerjisa Enerji	$2.6B	0.5x	3.0x
Orygen Peru	$2.5B	n/a	n/a
Gelsenwasser	$2.5B	n/a	n/a
Perusahaan Gas Negara	$2.5B	0.7x	2.5x
Longshine Technology	$2.4B	3.6x	57.7x
Genesis Energy New Zealand	$2.3B	1.0x	8.4x
Telecom Plus	$2.3B	0.9x	11.7x
TGS	$2.3B	1.5x	2.5x
Organo	$2.2B	2.0x	9.1x
Malakoff Corp.	$2.2B	1.1x	5.2x
Central Puerto	$2.2B	n/a	n/a
Nippon Gas	$2.1B	1.5x	10.2x
Societatea Nationala Nuclearelectrica	$2.1B	1.8x	3.5x
Societatea Energetica	$2.1B	0.9x	4.5x
SNTGN Transgaz	$2.0B	3.8x	9.8x
Kenon Holdings	$2.0B	n/a	n/a
Empresa Eléctrica Pehuenche	$1.9B	n/a	n/a
AKSA Enerji	$1.8B	n/a	n/a
Polenergia	$1.8B	1.7x	11.4x
Enefit Green	$1.8B	7.7x	13.6x
Reliance Infrastructure	$1.7B	n/a	n/a
Unitil	$1.7B	3.2x	n/a
Edenor	$1.7B	n/a	n/a
Banpu Power	$1.6B	2.1x	10.0x
PetroVietnam Power	$1.6B	1.2x	8.5x
Romande Energie	$1.5B	1.5x	11.1x
Alkhorayef Water & Power	$1.5B	2.4x	13.1x
Mahanagar Gas	$1.4B	1.8x	8.2x
Ygsoft	$1.4B	4.2x	20.0x
Ampla Energia E Servicos	$1.4B	n/a	n/a
Middlesex Water	$1.4B	7.3x	n/a
Aker Horizons	$1.4B	n/a	n/a
Petrolimex	$1.4B	0.1x	6.1x
Ahlatcı Doğal Gaz	$1.3B	n/a	n/a
Naturgy Chile Gas Natural	$1.3B	n/a	n/a
Aris Water Solutions	$1.2B	2.7x	5.6x
Gas Malaysia	$1.2B	0.6x	7.6x
Ascopiave	$1.2B	4.8x	8.4x
Audax Renovables	$1.1B	0.5x	8.3x
Grupo Cox	$1.1B	1.0x	4.9x
Naturenergie Holding	$1.1B	0.5x	3.6x
Thai Tap Water	$1.1B	6.8x	9.3x
Electricite De Strasbourg	$1.0B	n/a	n/a
Transener	$908M	n/a	n/a
Transelectrica	$765M	0.5x	3.3x
Gentrack Group	$725M	5.5x	43.7x
Hansen Technologies	$712M	2.8x	11.3x
York Water	$680M	8.9x	n/a
Acinque	$658M	n/a	n/a
Zhejiang Netsun	$653M	n/a	n/a
Aygaz	$610M	n/a	n/a
PSI Software	$564M	1.8x	50.2x
Stem	$557M	3.8x	-34.9x
Artesian Resources	$525M	4.8x	n/a
Cloudberry Clean Energy	$517M	9.2x	18.6x
Litgrid	$503M	n/a	n/a
Dareway Software	$503M	n/a	n/a
Genie Energy	$455M	n/a	n/a
Elmera Group	$437M	2.5x	5.6x
RPMGlobal	$433M	6.3x	44.5x
Computer Modelling Group	$392M	4.2x	12.4x
Tallinna Vesi	$390M	n/a	n/a
Kogeneracja	$382M	n/a	n/a
NextNRG	$378M	n/a	n/a
OPAL Fuels	$376M	1.2x	4.0x
RGC Resources	$356M	4.0x	n/a
Chrysos Corp.	$354M	9.0x	44.4x
Edisun Power	$350M	n/a	n/a
ALTEO Energy Services	$346M	n/a	n/a
Athens Water Supply	$338M	n/a	n/a
Amber Grid	$330M	n/a	n/a
Energy One	$311M	8.2x	30.5x
Columbus Energy	$298M	n/a	n/a
Montauk Renewables	$298M	1.7x	6.9x
eVISO	$256M	0.7x	15.6x
Pure Cycle	$245M	n/a	n/a
Burgenland Holding	$229M	n/a	n/a
Ekopak	$216M	3.0x	62.8x
Seri Industrial	$215M	n/a	n/a
Ze Pak	$200M	n/a	n/a
Arise	$195M	3.6x	7.5x
Iniziative Bresciane	$192M	6.0x	8.3x
Enda Enerji	$185M	n/a	n/a
Kauno Energija	$144M	n/a	n/a
Magnora	$130M	4.2x	5.4x
Enechange	$93.8M	2.6x	n/a
Energy Solar Tech	$92.6M	n/a	n/a
Dala Energi	$91.9M	3.5x	0.6x
Innovatec	$88.7M	n/a	n/a
MPC Energy Solutions	$81.8M	6.2x	16.1x
EnviroSuite	$80.8M	2.0x	72.4x
Energoaqua	$80.2M	n/a	n/a
Distribuzione Elettrica	$73.7M	1.9x	4.6x
Minesto	$72.6M	n/a	n/a
Holaluz	$69.0M	n/a	n/a
Thessaloniki Water Supply	$62.0M	n/a	n/a
Ecosuntek	$58.9M	n/a	n/a
Eqva	$50.9M	n/a	n/a
Maps	$50.7M	1.4x	5.9x
NAP	$48.3M	n/a	n/a
Razor Labs	$45.5M	n/a	n/a
Hydrogen De	$38.9M	3.0x	-2.2x
Przedsiebiorstwo	$37.6M	n/a	n/a
ABO Kraft & Warme	$29.3M	1.8x	-30.3x
Fernheizwerk Neukoelln	$29.1M	n/a	n/a
Haffner Energy	$23.3M	6.6x	-4.1x
Groupe Okwind	$22.9M	0.4x	44.5x
EAM Solar	$22.8M	n/a	n/a
Global Bioenergies	$20.8M	43.8x	-1.7x
Informetis	$20.6M	3.0x	n/a
Charwood Energy	$20.0M	2.5x	-11.2x
MDI Energia	$13.5M	n/a	n/a
Vas	$13.5M	n/a	n/a
Skandia GreenPower	$12.5M	n/a	n/a
Climeon	$12.3M	n/a	n/a
Wodkan Przedsiebiorstwo	$11.1M	n/a	n/a
Acceleware	$10.4M	n/a	n/a
Frendy Energy	$9.6M	n/a	n/a
Vergnet	$7.8M	n/a	n/a
E-Pango	$7.3M	2.4x	-32.3x
BRAS	$7.1M	n/a	n/a
Cogefeed	$6.8M	n/a	n/a
Cortus Energy	$5.8M	n/a	n/a
Raen	$5.3M	n/a	n/a
Ocean Sun	$4.8M	n/a	n/a
Dlaboratory Sweden	$3.6M	n/a	n/a
SENS	$3.3M	n/a	n/a
Tesgas	$2.7M	n/a	n/a
Agripower France	$2.5M	n/a	n/a
OZE Capital	$2.4M	n/a	n/a
Zeneris Projekty	$2.3M	n/a	n/a
EEMS Italia	$2.0M	n/a	n/a
New Sources Energy	$1.8M	n/a	n/a
Cavendish Hydrogen	$1.4M	0.0x	-0.0x
ENEFI Asset Management	-$0.6M	n/a	n/a
Etrion	-$6.1M	n/a	n/a