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	$258B	9.1x	16.0x
Iberdrola	$202B	3.7x	10.5x
Duke Energy	$181B	5.7x	11.9x
Enel	$175B	1.9x	6.4x
Southern Company	$166B	5.8x	12.8x
National Grid	$133B	5.0x	12.3x
TAQA	$123B	7.9x	23.3x
Constellation Energy	$118B	4.9x	22.6x
American Electric Power	$108B	5.1x	12.3x
Engie	$106B	1.3x	6.2x
KEPCO	$106B	1.6x	5.5x
Dominion Energy	$99.2B	6.2x	13.2x
PG&E	$95.6B	3.8x	9.4x
Exelon	$92.3B	3.8x	10.5x
Sempra	$90.5B	6.3x	15.3x
China National Nuclear	$83.4B	7.1x	12.1x
Xcel Energy	$78.5B	5.3x	13.1x
Barito Renewables Energy	$76.3B	n/a	n/a
Vistra	$74.2B	3.8x	12.6x
Entergy	$70.4B	5.5x	12.4x
REC Ltd.	$68.2B	26.9x	28.4x
Saudi Electricity	$67.7B	2.6x	6.4x
Edison International	$63.6B	3.4x	7.3x
PSEG	$63.3B	5.4x	13.6x
Consolidated Edison	$62.3B	3.8x	11.2x
NTPC	$60.1B	2.8x	9.7x
Huaneng Power	$55.6B	1.6x	6.4x
WEC Energy Group	$55.5B	6.0x	13.8x
Eversource Energy	$54.8B	4.3x	11.0x
Fortis	$52.1B	5.7x	12.1x
DTE Energy	$52.1B	3.8x	12.1x
FirstEnergy	$52.0B	3.7x	11.4x
CGN Power	$50.5B	4.1x	9.6x
Endesa	$49.0B	1.9x	7.5x
SSE	$48.5B	3.5x	10.9x
Ameren	$47.1B	5.7x	12.7x
CenterPoint Energy	$46.7B	5.1x	12.6x
E.ON	$44.5B	0.5x	3.9x
EDP-Energias De Portugal	$44.1B	2.3x	7.7x
CEZ	$43.9B	2.8x	6.8x
PPL Corp.	$43.8B	5.0x	12.1x
Dubai Electricity & Water	$43.8B	4.9x	9.3x
Naturgy Energy Group	$42.9B	1.8x	6.8x
Snam	$42.9B	9.5x	12.3x
RWE	$42.9B	1.6x	7.5x
NRG Energy	$42.9B	1.4x	10.6x
Tokyo Electric Power	$42.4B	1.0x	n/a
Power Grid India	$40.7B	7.8x	9.2x
American Water Works Co	$40.7B	8.1x	14.3x
Cheniere Energy Partners	$40.5B	3.8x	11.2x
IndianOil	$39.8B	0.5x	6.9x
CMS Energy	$39.2B	4.8x	12.8x
AES	$39.1B	3.2x	14.1x
EnBW	$38.9B	n/a	n/a
Tenaga Nasional	$37.7B	2.4x	7.5x
Orsted	$37.6B	3.4x	9.8x
Kansai Electric Power	$37.3B	1.4x	7.2x
Hydro One	$37.0B	5.7x	15.2x
China Resources Power	$37.0B	2.7x	7.0x
Atmos Energy	$36.3B	7.4x	15.1x
NiSource	$35.4B	5.8x	12.2x
Terna	$35.3B	7.5x	11.0x
Adani Power	$34.7B	5.4x	14.1x
China Power	$33.2B	4.8x	8.9x
Datang International	$32.0B	1.8x	6.3x
Evergy	$31.4B	5.2x	11.6x
Emera	$30.7B	5.0x	12.0x
CLP Group	$30.7B	2.7x	10.0x
Chubu Electric Power	$28.0B	1.2x	11.7x
Alliant Energy	$27.9B	6.9x	14.8x
Elia Group	$27.2B	4.5x	12.0x
EDP Renovaveis	$26.4B	8.6x	11.8x
Korea Gas	$26.3B	1.1x	9.0x
Huadian Power	$25.3B	1.5x	7.3x
Verbund	$25.1B	2.8x	7.6x
Pinnacle West Capital	$24.8B	4.7x	12.4x
Italgas	$24.4B	8.3x	11.0x
Towngas	$23.8B	3.2x	15.0x
Kyushu Electric Power	$23.7B	1.6x	8.5x
Severn Trent	$23.7B	6.5x	14.0x
United Utilities	$23.6B	7.1x	12.1x
Shanghai Electric Power	$22.0B	3.6x	n/a
Sabesp	$21.3B	5.1x	8.8x
Fortum	$21.1B	3.4x	13.9x
CK Infrastructure Holdings	$21.0B	31.9x	112.8x
Tata Power	$20.5B	2.7x	12.7x
Tokyo Gas	$20.1B	1.1x	7.3x
Talen Energy	$20.1B	8.5x	20.5x
Tohoku Electric Power	$19.2B	1.2x	6.6x
Chugoku Electric Power	$19.0B	2.0x	11.9x
Essential Utilities	$18.9B	8.0x	15.1x
Brookfield Infrastructure	$18.6B	n/a	n/a
Adani Energy Solutions	$17.9B	6.2x	17.7x
Osaka Gas	$17.8B	1.4x	9.0x
Canadian Utilities	$17.7B	6.0x	11.4x
Equatorial Energia	$17.4B	2.3x	7.8x
APA Group	$17.1B	7.9x	12.2x
Redeia	$16.3B	8.2x	11.0x
JSW Energy	$16.2B	7.6x	14.9x
CPFL Energia	$16.1B	2.2x	6.7x
Origin Energy	$15.6B	1.4x	7.1x
Neoenergia	$15.6B	2.0x	7.2x
Power Assets Holdings	$15.6B	140.4x	239.2x
Public Power Corporation	$15.3B	1.4x	6.2x
UGI	$15.0B	2.0x	n/a
GAIL (India)	$14.8B	1.0x	9.6x
OGE Energy	$14.7B	4.7x	10.5x
Enel Americas	$14.6B	1.0x	3.3x
A2A	$14.5B	1.0x	5.6x
Sembcorp	$14.5B	3.0x	11.8x
YTL Corp	$14.4B	1.8x	7.1x
Zheneng Electric	$14.2B	1.2x	5.4x
YTL Power International	$13.8B	2.6x	8.8x
HK Electric	$13.8B	8.5x	12.0x
Electric Power Dev	$13.3B	1.7x	8.9x
NHPC	$13.2B	10.0x	17.6x
Nextpower	$13.2B	4.0x	16.6x
Manila Electric	$13.1B	1.6x	11.0x
Interconexion Electrica	$13.0B	3.2x	5.5x
Clearway Energy	$12.9B	9.1x	10.4x
BKW	$12.7B	2.1x	10.4x
Edison	$12.4B	n/a	n/a
Grupo Energía Bogotá	$12.2B	5.6x	13.3x
TXNM Energy	$12.1B	5.6x	12.8x
Chuantou Energy	$12.0B	48.1x	14.3x
China Gas	$12.0B	1.2x	9.8x
ENN Energy	$11.9B	0.7x	6.9x
Capital Power	$11.6B	4.5x	10.1x
Algonquin Power	$11.3B	4.7x	11.5x
Oklo	$11.1B	n/a	-112.3x
Eneva	$10.6B	4.0x	8.9x
Spire	$10.3B	4.1x	12.0x
Portland General Electric	$10.2B	2.9x	8.8x
Idacorp	$10.2B	5.3x	16.2x
Energisa	$10.2B	1.9x	6.9x
Enlight Renewable Energy	$9.7B	n/a	n/a
Black Hills	$9.6B	4.1x	10.4x
Iren Group	$9.6B	1.3x	6.0x
New Fortress Energy	$9.5B	4.7x	113.3x
Aboitiz Power	$9.4B	2.9x	9.4x
Shenergy Group	$9.4B	2.3x	6.3x
Meridian Energy	$9.3B	3.3x	19.3x
Pennon Group	$9.3B	5.6x	14.0x
Aboitiz Equity Ventures	$9.0B	2.5x	11.1x
Petronas Gas	$8.9B	5.5x	10.4x
GE Vernova T&D India	$8.7B	14.1x	59.6x
Southwest Gas Holdings	$8.6B	2.3x	9.6x
China Resources Gas	$8.6B	0.7x	6.1x
Uniper	$8.5B	0.1x	6.5x
CEMIG	$8.4B	1.2x	6.4x
New Jersey Resources	$8.4B	4.0x	12.0x
CSG Digital Power Grid	$8.2B	n/a	n/a
Enel Chile	$8.1B	1.7x	5.7x
Northland Power	$8.1B	4.7x	9.1x
TAURON	$8.1B	0.9x	3.8x
ONE Gas	$8.1B	3.2x	10.5x
Torrent Power	$7.9B	2.3x	12.2x
Opc Energy	$7.7B	n/a	n/a
TransAlta	$7.5B	4.0x	8.9x
NorthWestern Energy	$7.2B	4.5x	11.5x
Adani Total Gas	$7.2B	12.8x	56.5x
Centrica	$7.0B	0.2x	4.1x
Guangdong Investment	$6.9B	2.9x	5.5x
Shikoku Electric Power	$6.9B	1.3x	8.4x
EVN	$6.9B	1.9x	6.5x
Baosight	$6.7B	3.9x	22.7x
Grupo Ultra	$6.7B	0.3x	5.6x
Mercury NZ	$6.5B	3.1x	12.4x
TAQA Morocco	$6.4B	5.5x	18.6x
Hokuriku Electric Power	$6.4B	1.2x	7.2x
Enagas	$6.3B	6.1x	8.0x
Global Power Synergy	$6.3B	2.3x	10.0x
Avista	$6.3B	3.2x	n/a
AGL Energy	$6.2B	0.6x	4.5x
Ligga	$6.2B	1.6x	6.1x
XPLR Infr	$6.0B	4.5x	3.1x
Pampa Energia	$5.9B	3.0x	6.4x
Rubis	$5.8B	0.7x	6.7x
Hera	$5.8B	0.4x	3.2x
Marafiq	$5.7B	3.2x	8.0x
Qatar Electricity & Water	$5.6B	6.7x	18.9x
Rede Energia	$5.5B	n/a	n/a
Grupa PGE	$5.5B	0.3x	1.5x
Energa	$5.5B	n/a	n/a
Riyadh Cables	$5.5B	2.3x	19.3x
Fujian Funeng Co	$5.5B	2.8x	6.0x
Redes Energéticas Nacionais	$5.3B	4.3x	8.8x
COELBA	$5.1B	n/a	n/a
Empower	$5.1B	5.4x	11.6x
Kurita Water	$4.7B	1.8x	8.7x
Hawaiian Electric Industries	$4.6B	1.2x	-3.1x
Ratch Group	$4.6B	4.6x	14.0x
Chesapeake Utilities	$4.6B	5.1x	14.4x
Promigas	$4.5B	n/a	n/a
Naturgy Brasil	$4.5B	n/a	n/a
Northwest Natural Holdings	$4.4B	3.3x	10.1x
Colbun	$4.4B	2.7x	6.5x
B.Grimm Power	$4.3B	2.3x	9.4x
TAESA	$4.3B	n/a	n/a
Transmissora Alianca	$4.3B	n/a	n/a
Electricity Generating	$4.2B	3.7x	14.1x
Otter Tail	$4.1B	3.2x	8.4x
COPASA MG	$4.1B	2.9x	7.4x
Vector	$4.0B	6.3x	11.3x
California Water Service	$4.0B	4.0x	11.7x
Tabreed	$4.0B	5.9x	11.5x
CIA de Gas de Sao Paulo	$4.0B	n/a	n/a
Ignitis	$3.9B	1.3x	6.5x
IndiGrid	$3.8B	n/a	n/a
Alupar	$3.7B	n/a	n/a
American States Water	$3.7B	5.9x	16.3x
MVV Energie	$3.7B	n/a	n/a
Engie Energia Chile	$3.7B	1.9x	5.8x
MGE Energy	$3.7B	5.2x	13.6x
Aguas Andinas	$3.7B	4.7x	9.3x
H2O America	$3.6B	4.5x	11.4x
Petronet LNG	$3.6B	0.7x	6.0x
Organo	$3.6B	3.3x	14.5x
Centuri Holdings	$3.6B	1.3x	14.9x
SNTGN Transgaz	$3.5B	5.5x	15.3x
Kenon Holdings	$3.5B	n/a	n/a
Enerjisa Enerji	$3.4B	0.6x	4.0x
SK Gas	$3.4B	0.6x	6.4x
Energisa Mato Grosso	$3.4B	n/a	n/a
Societatea Nationala Nuclearelectrica	$3.3B	2.7x	5.0x
Toho Gas	$3.3B	0.8x	7.3x
Societatea Energetica	$3.2B	1.3x	7.4x
Reliance Power	$3.2B	n/a	n/a
Equatorial Para Distribuidora de Energia	$3.2B	n/a	n/a
Mainova	$3.1B	n/a	n/a
Lechwerke	$3.0B	n/a	n/a
Central Puerto	$3.0B	4.3x	9.1x
Elektro - Eletricidade	$2.9B	n/a	n/a
Neoenergia Elektro	$2.9B	n/a	n/a
Superior Plus	$2.9B	1.2x	6.4x
AKSA Enerji	$2.9B	n/a	n/a
Luz Del Sur	$2.9B	n/a	n/a
Gujarat Gas	$2.8B	1.5x	13.2x
Enea S.A.	$2.8B	0.4x	1.7x
Gelsenwasser	$2.7B	n/a	n/a
Perusahaan Gas Negara	$2.6B	0.7x	2.9x
Suburban Propane	$2.6B	1.8x	9.2x
Indraprastha Gas	$2.5B	1.4x	10.8x
SANEPAR	$2.5B	n/a	n/a
TGS	$2.4B	1.6x	2.7x
Orygen Peru	$2.4B	n/a	n/a
Genesis Energy New Zealand	$2.4B	1.1x	8.5x
Malakoff Corp.	$2.3B	1.2x	5.8x
Inversiones Aguas	$2.3B	n/a	n/a
Longshine Technology	$2.3B	3.3x	30.9x
Nippon Gas	$2.2B	1.7x	11.0x
Renewables Infr Group	$2.2B	3982.0x	32.9x
Banpu Power	$2.1B	2.8x	9.9x
Enerya Enerji	$1.9B	n/a	n/a
Empresa Eléctrica Pehuenche	$1.9B	n/a	n/a
Compania General	$1.8B	n/a	n/a
Polenergia	$1.8B	1.7x	12.4x
Pluz Energia Peru	$1.8B	n/a	n/a
Ampla Energia E Servicos	$1.7B	n/a	n/a
Light	$1.7B	n/a	n/a
Edenor	$1.7B	0.6x	4.0x
Telecom Plus	$1.7B	0.6x	8.0x
Unitil	$1.7B	3.2x	n/a
Romande Energie	$1.6B	1.6x	10.5x
Ygsoft	$1.6B	4.2x	22.6x
PetroVietnam Power	$1.6B	1.2x	5.7x
Centrais Eletricas	$1.6B	n/a	n/a
CIA Energetica	$1.6B	n/a	n/a
Ascopiave	$1.6B	5.4x	9.3x
Equatorial	$1.5B	n/a	n/a
Naturgy Chile Gas Natural	$1.5B	n/a	n/a
Petrolimex	$1.5B	0.2x	8.0x
Zorlu Enerji Elektrik	$1.5B	n/a	n/a
Esval	$1.4B	n/a	n/a
Transportadora de Gas del	$1.4B	n/a	n/a
Grupo Cox	$1.4B	1.1x	5.3x
Alkhorayef Water & Power	$1.4B	1.8x	8.4x
Gas Malaysia	$1.4B	0.7x	8.7x
Middlesex Water	$1.4B	6.9x	n/a
Thai Tap Water	$1.3B	7.6x	11.0x
Naturenergie Holding	$1.3B	0.6x	3.5x
Transener	$1.2B	n/a	n/a
Transelectrica	$1.2B	0.7x	5.1x
Companhia Estadual	$1.1B	n/a	n/a
Electricite De Strasbourg	$1.1B	n/a	n/a
Mahanagar Gas	$1.1B	1.3x	6.5x
Ahlatcı Doğal Gaz	$1.1B	n/a	n/a
Premier Energy	$1.1B	0.6x	7.3x
MetroGas	$1.0B	n/a	n/a
Audax Renovables	$1.0B	0.4x	8.0x
Reliance Infrastructure	$1.0B	n/a	n/a
Aygaz	$1000M	n/a	n/a
Essbio	$977M	n/a	n/a
CGE Transmision	$924M	n/a	n/a
PSI Software	$897M	2.6x	130.4x
Miahona	$877M	n/a	n/a
Sociedad	$764M	n/a	n/a
Rio Paranapanema Energia	$757M	n/a	n/a
Hansen Technologies	$748M	2.8x	9.6x
Camuzzi Gas Pampeana	$738M	n/a	n/a
Acinque	$734M	n/a	n/a
York Water	$696M	8.9x	n/a
RPMGlobal	$687M	10.4x	165.3x
Akenrji Elektrik Uretim	$678M	n/a	n/a
Izdemir Enerji Elektrik	$661M	n/a	n/a
Cloudberry Clean Energy	$657M	11.9x	24.7x
Athens Water Supply	$649M	n/a	n/a
Enel Distribucion Chile	$625M	n/a	n/a
Chrysos Corp.	$586M	11.1x	39.5x
Empresas Gasco	$584M	n/a	n/a
Dareway Software	$568M	n/a	n/a
Zhejiang Netsun	$567M	n/a	n/a
Cadiz	$560M	37.7x	-36.6x
Litgrid	$530M	n/a	n/a
Gentrack Group	$510M	3.7x	29.4x
Elmera Group	$509M	2.9x	6.8x
Artesian Resources	$506M	4.5x	n/a
Naturgy Ban	$490M	n/a	n/a
Consolidated Water Co	$450M	3.3x	16.7x
Enel Generacion Piura	$446M	n/a	n/a
Tallinna Vesi	$421M	n/a	n/a
Stem	$413M	2.8x	535.4x
OPAL Fuels	$402M	1.2x	4.9x
Amber Grid	$392M	n/a	n/a
ALTEO Energy Services	$392M	n/a	n/a
Seri Industrial	$388M	1.1x	12.2x
Kogeneracja	$376M	n/a	n/a
Edisun Power	$374M	n/a	n/a
RGC Resources	$373M	3.9x	n/a
Energy One	$367M	8.2x	28.1x
Global Water Resources	$363M	6.5x	13.8x
Montauk Renewables	$328M	1.9x	8.9x
Computer Modelling Group	$317M	3.4x	11.5x
Ze Pak	$292M	0.6x	9.4x
Distribuidora De Gas	$277M	n/a	n/a
Genie Energy	$267M	0.5x	8.1x
Enel Generacion Costanera	$263M	n/a	n/a
Burgenland Holding	$258M	n/a	n/a
Pure Cycle	$252M	n/a	n/a
Companhia Energetica	$241M	n/a	n/a
NextNRG	$240M	2.9x	n/a
Arise	$238M	4.1x	10.2x
Ekopak	$200M	3.3x	-59.3x
Yu Group	$195M	0.2x	2.9x
Iniziative Bresciane	$188M	5.8x	8.2x
Jersey Electricity	$185M	0.9x	n/a
eVISO	$177M	0.4x	12.9x
Aker Horizons	$177M	n/a	n/a
Celg de Participacoes	$171M	n/a	n/a
Kauno Energija	$155M	n/a	n/a
Energoaqua	$132M	n/a	n/a
Enda Enerji	$114M	n/a	n/a
Magnora	$104M	5.5x	12.2x
Thessaloniki Water Supply	$97.2M	n/a	n/a
Columbus Energy	$95.6M	n/a	n/a
MPC Energy Solutions	$91.1M	8.5x	18.9x
Energy Solar Tech	$89.0M	n/a	n/a
Distribuzione Elettrica	$78.3M	1.8x	4.4x
NAP	$65.8M	n/a	n/a
Holaluz	$62.4M	n/a	n/a
Enechange	$55.0M	1.7x	n/a
Fernheizwerk Neukoelln	$53.7M	n/a	n/a
Maps	$49.7M	1.3x	5.7x
Eqva	$46.3M	n/a	n/a
Ecosuntek	$42.9M	0.0x	1.7x
Razor Labs	$38.1M	n/a	n/a
Przedsiebiorstwo	$35.1M	n/a	n/a
Innovatec	$28.5M	n/a	n/a
Groupe Okwind	$24.7M	0.4x	41.8x
Charwood Energy	$18.9M	1.9x	-15.9x
Skandia GreenPower	$18.5M	n/a	n/a
Minesto	$16.1M	n/a	n/a
Hydrogen De	$15.6M	1.1x	-0.8x
Agripower France	$15.2M	n/a	n/a
Climeon	$11.8M	n/a	n/a
Informetis	$11.7M	1.8x	n/a
Wodkan Przedsiebiorstwo	$11.2M	n/a	n/a
Frendy Energy	$9.8M	n/a	n/a
Raen	$9.2M	n/a	n/a
Acceleware	$9.1M	n/a	n/a
Cogefeed	$9.1M	n/a	n/a
BRAS	$8.1M	n/a	n/a
E-Pango	$8.1M	2.6x	-34.5x
Vergnet	$7.3M	n/a	n/a
Vas	$7.0M	n/a	n/a
Ocean Sun	$7.0M	n/a	n/a
Haffner Energy	$6.7M	1.6x	-0.9x
Tesgas	$6.6M	n/a	n/a
New Sources Energy	$6.3M	n/a	n/a
Cortus Energy	$6.2M	n/a	n/a
EAM Solar	$4.8M	n/a	n/a
Dlaboratory Sweden	$4.2M	n/a	n/a
SENS	$3.3M	n/a	n/a
MDI Energia	$3.2M	n/a	n/a
EEMS Italia	$3.1M	n/a	n/a
Zeneris Projekty	$2.0M	n/a	n/a
OZE Capital	$1.5M	n/a	n/a
Global Bioenergies	$1.3M	3.8x	-0.1x
Cavendish Hydrogen	$0.4M	0.0x	-0.0x
Etrion	-$1.5M	n/a	n/a
ENEFI Asset Management	-$2.2M	n/a	n/a