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	$288B	10.2x	17.8x
Iberdrola	$220B	4.0x	11.3x
Duke Energy	$191B	6.0x	12.6x
Enel	$183B	2.0x	6.7x
Southern Company	$175B	6.1x	13.4x
National Grid	$150B	5.6x	13.8x
American Electric Power	$119B	5.6x	13.5x
Engie	$119B	1.4x	6.9x
KEPCO	$113B	1.7x	5.7x
Constellation Energy	$110B	4.6x	21.1x
Dominion Energy	$105B	6.6x	14.1x
TAQA	$104B	6.7x	19.8x
PG&E	$102B	4.0x	10.0x
Exelon	$98.3B	4.1x	11.2x
Sempra	$94.6B	6.5x	15.9x
China National Nuclear	$83.9B	7.0x	12.0x
Xcel Energy	$82.7B	5.6x	13.8x
Vistra	$77.5B	4.0x	13.2x
Entergy	$76.5B	6.0x	13.5x
Edison International	$68.2B	3.6x	7.8x
Saudi Electricity	$67.8B	2.6x	6.4x
Consolidated Edison	$67.5B	4.1x	12.1x
REC Ltd.	$66.9B	26.8x	28.2x
PSEG	$66.3B	5.6x	14.2x
Barito Renewables Energy	$65.5B	n/a	n/a
NTPC	$63.4B	3.0x	10.4x
WEC Energy Group	$60.0B	6.4x	14.9x
SSE	$57.3B	4.1x	12.7x
Eversource Energy	$57.1B	4.5x	11.4x
Fortis	$55.5B	6.0x	12.8x
DTE Energy	$55.4B	4.0x	12.9x
FirstEnergy	$55.0B	3.9x	12.0x
Huaneng Power	$54.2B	1.6x	6.1x
E.ON	$52.9B	0.5x	4.6x
CGN Power	$51.2B	4.2x	9.7x
Endesa	$50.8B	1.9x	7.7x
Ameren	$50.8B	6.1x	13.7x
CenterPoint Energy	$49.4B	5.4x	13.3x
NRG Energy	$49.2B	1.7x	12.2x
Dubai Electricity & Water	$48.0B	5.3x	10.2x
RWE	$47.8B	1.8x	8.3x
EDP-Energias De Portugal	$46.6B	2.4x	8.1x
Snam	$46.0B	10.1x	13.1x
PPL Corp.	$45.9B	5.2x	12.6x
Naturgy Energy Group	$44.2B	1.8x	7.0x
Cheniere Energy Partners	$43.5B	4.1x	12.0x
Tokyo Electric Power	$42.6B	1.0x	n/a
Power Grid India	$42.4B	8.2x	9.7x
CMS Energy	$42.1B	5.1x	13.7x
IndianOil	$41.8B	0.5x	7.3x
American Water Works Co	$41.3B	8.2x	14.5x
AES	$40.7B	3.4x	14.6x
CEZ	$40.5B	2.5x	6.3x
EnBW	$39.9B	n/a	n/a
Tenaga Nasional	$39.5B	2.4x	7.6x
Kansai Electric Power	$39.4B	1.5x	7.6x
Atmos Energy	$38.9B	7.9x	16.2x
Hydro One	$38.7B	5.9x	15.7x
Terna	$38.0B	7.9x	11.7x
NiSource	$37.6B	6.1x	13.0x
China Resources Power	$36.9B	2.8x	7.0x
Orsted	$34.2B	3.0x	8.9x
Adani Power	$33.8B	5.3x	13.9x
Evergy	$33.7B	5.6x	12.4x
China Power	$33.3B	4.8x	8.9x
CLP Group	$32.9B	2.9x	10.8x
Datang International	$32.2B	1.8x	6.2x
Emera	$31.7B	5.1x	12.2x
Elia Group	$30.3B	4.9x	13.1x
Alliant Energy	$29.5B	7.3x	15.6x
Chubu Electric Power	$29.3B	1.3x	12.3x
EDP Renovaveis	$28.6B	9.2x	12.7x
Korea Gas	$26.7B	1.1x	9.0x
Italgas	$26.4B	8.9x	11.8x
Pinnacle West Capital	$26.1B	4.9x	13.0x
Severn Trent	$25.9B	7.0x	15.0x
United Utilities	$25.6B	7.6x	13.0x
Huadian Power	$25.1B	1.4x	7.2x
Sabesp	$25.0B	5.7x	9.7x
Towngas	$24.9B	3.3x	15.8x
Kyushu Electric Power	$24.5B	1.7x	8.7x
Verbund	$24.0B	2.6x	7.2x
Tokyo Gas	$22.9B	1.3x	8.3x
CK Infrastructure Holdings	$22.8B	34.8x	123.0x
Fortum	$22.4B	3.5x	14.7x
Shanghai Electric Power	$21.6B	3.5x	n/a
Osaka Gas	$20.7B	1.6x	10.5x
Tata Power	$20.1B	2.6x	12.6x
Talen Energy	$19.7B	8.3x	20.1x
Tohoku Electric Power	$19.7B	1.2x	6.8x
Essential Utilities	$19.2B	8.2x	15.4x
Chugoku Electric Power	$19.2B	2.0x	12.0x
Equatorial Energia	$19.1B	2.4x	8.0x
Brookfield Infrastructure	$18.8B	n/a	n/a
Canadian Utilities	$18.6B	6.2x	11.8x
APA Group	$17.8B	7.7x	12.1x
Origin Energy	$17.5B	1.5x	7.5x
Adani Energy Solutions	$17.3B	6.0x	17.4x
Power Assets Holdings	$17.1B	154.5x	268.6x
Neoenergia	$17.0B	2.1x	7.4x
Nextpower	$17.0B	5.1x	21.3x
Redeia	$16.9B	8.5x	11.3x
CPFL Energia	$16.6B	2.1x	6.5x
JSW Energy	$16.0B	7.5x	14.8x
Public Power Corporation	$15.9B	1.4x	6.4x
OGE Energy	$15.5B	4.9x	11.2x
A2A	$15.3B	1.0x	5.8x
UGI	$15.3B	2.0x	n/a
Sembcorp	$15.1B	3.0x	12.1x
YTL Corp	$14.6B	1.8x	7.0x
HK Electric	$14.5B	9.1x	12.8x
Enel Americas	$14.3B	0.9x	3.1x
Interconexion Electrica	$14.3B	3.4x	6.0x
Zheneng Electric	$14.0B	1.2x	5.2x
Electric Power Dev	$14.0B	1.8x	9.4x
GAIL (India)	$13.9B	0.9x	9.1x
Clearway Energy	$13.7B	9.7x	11.1x
Manila Electric	$13.7B	1.6x	11.4x
YTL Power International	$13.6B	2.5x	8.3x
NHPC	$12.7B	9.7x	17.1x
Grupo Energía Bogotá	$12.5B	5.6x	13.2x
Edison	$12.5B	n/a	n/a
Enlight Renewable Energy	$12.3B	n/a	n/a
TXNM Energy	$12.1B	5.7x	12.9x
China Gas	$12.0B	1.2x	9.9x
Capital Power	$12.0B	4.6x	10.3x
Chuantou Energy	$11.9B	46.9x	14.0x
Algonquin Power	$11.8B	4.9x	11.8x
Eneva	$11.7B	4.4x	9.4x
ENN Energy	$11.6B	0.7x	6.7x
BKW	$11.6B	1.9x	9.2x
Ligga	$11.3B	2.7x	10.5x
Energisa	$11.2B	1.9x	7.2x
Idacorp	$11.1B	5.8x	17.6x
Spire	$11.0B	4.3x	12.9x
Portland General Electric	$11.0B	3.1x	9.4x
Uniper	$10.2B	0.1x	7.8x
Black Hills	$10.1B	4.3x	11.0x
Iren Group	$10.0B	1.3x	6.2x
Meridian Energy	$10.0B	3.4x	19.9x
GE Vernova T&D India	$9.9B	16.3x	68.9x
Pennon Group	$9.8B	5.8x	14.5x
Shenergy Group	$9.7B	2.4x	6.4x
Aboitiz Equity Ventures	$9.6B	2.6x	11.8x
New Fortress Energy	$9.5B	4.7x	120.3x
CEMIG	$9.5B	1.3x	6.7x
New Jersey Resources	$9.4B	4.5x	13.5x
Opc Energy	$9.4B	n/a	n/a
Aboitiz Power	$9.4B	2.9x	9.4x
TAURON	$9.3B	1.0x	4.4x
Oklo	$9.3B	n/a	-94.3x
CSG Digital Power Grid	$9.3B	n/a	n/a
Petronas Gas	$9.1B	5.5x	10.4x
Southwest Gas Holdings	$9.1B	2.4x	10.2x
Torrent Power	$8.6B	2.6x	13.7x
ONE Gas	$8.6B	3.4x	11.1x
Northland Power	$8.5B	4.9x	9.4x
Centrica	$8.5B	0.3x	5.0x
Grupo Ultra	$8.3B	0.3x	6.6x
Enel Chile	$8.3B	1.6x	5.5x
China Resources Gas	$8.2B	0.6x	5.9x
Baosight	$7.9B	4.5x	26.2x
TransAlta	$7.8B	4.1x	9.2x
NorthWestern Energy	$7.7B	4.8x	12.2x
Guangdong Investment	$7.6B	3.2x	6.0x
AGL Energy	$7.4B	0.7x	5.1x
EVN	$7.4B	2.0x	6.8x
Shikoku Electric Power	$7.2B	1.4x	8.7x
Enagas	$7.0B	6.7x	8.7x
Global Power Synergy	$7.0B	2.5x	11.0x
Mercury NZ	$6.7B	3.1x	12.3x
Avista	$6.7B	3.4x	10.1x
Hokuriku Electric Power	$6.6B	1.3x	7.4x
Grupa PGE	$6.5B	0.4x	1.7x
Adani Total Gas	$6.5B	11.7x	51.7x
Hera	$6.4B	0.4x	3.5x
XPLR Infr	$6.3B	4.7x	3.2x
Rubis	$6.2B	0.8x	7.1x
COELBA	$6.0B	n/a	n/a
Rede Energia	$5.9B	n/a	n/a
Kurita Water	$5.9B	2.2x	10.9x
Qatar Electricity & Water	$5.9B	7.0x	19.8x
Redes Energéticas Nacionais	$5.8B	4.7x	9.5x
Empower	$5.8B	6.2x	13.3x
TAQA Morocco	$5.7B	4.9x	16.8x
Energa	$5.6B	n/a	n/a
Pampa Energia	$5.5B	2.7x	5.8x
Marafiq	$5.4B	3.1x	7.7x
Hawaiian Electric Industries	$5.4B	1.4x	n/a
Fujian Funeng Co	$5.3B	2.6x	5.6x
COPASA MG	$5.2B	3.5x	9.0x
Riyadh Cables	$5.2B	n/a	n/a
Chesapeake Utilities	$4.8B	5.4x	15.1x
Promigas	$4.7B	n/a	n/a
TAESA	$4.7B	n/a	n/a
Transmissora Alianca	$4.7B	n/a	n/a
Ratch Group	$4.7B	4.7x	14.1x
Colbun	$4.6B	2.6x	6.4x
Northwest Natural Holdings	$4.6B	3.5x	10.4x
Organo	$4.5B	4.0x	17.8x
CIA de Gas de Sao Paulo	$4.4B	n/a	n/a
Electricity Generating	$4.4B	3.8x	14.6x
Otter Tail	$4.4B	3.3x	8.9x
B.Grimm Power	$4.3B	2.4x	9.5x
Kenon Holdings	$4.2B	n/a	n/a
California Water Service	$4.2B	4.2x	12.2x
Engie Energia Chile	$4.2B	2.1x	6.2x
SNTGN Transgaz	$4.2B	6.5x	18.2x
Alupar	$4.2B	n/a	n/a
Vector	$4.2B	6.3x	11.3x
Societatea Nationala Nuclearelectrica	$4.1B	3.3x	6.2x
Centuri Holdings	$4.1B	1.4x	16.9x
Ignitis	$4.0B	1.4x	6.7x
Toho Gas	$4.0B	1.0x	9.0x
Enerjisa Enerji	$4.0B	0.7x	4.7x
Tabreed	$4.0B	5.9x	11.4x
Aguas Andinas	$4.0B	4.8x	9.4x
IndiGrid	$3.9B	n/a	n/a
MGE Energy	$3.9B	5.4x	14.2x
H2O America	$3.9B	4.7x	12.1x
MVV Energie	$3.8B	n/a	n/a
American States Water	$3.8B	6.0x	n/a
Petronet LNG	$3.7B	0.7x	6.2x
Societatea Energetica	$3.6B	n/a	n/a
Equatorial Para Distribuidora de Energia	$3.5B	n/a	n/a
SK Gas	$3.4B	0.6x	6.5x
Energisa Mato Grosso	$3.4B	n/a	n/a
Enea S.A.	$3.3B	0.4x	2.0x
Elektro - Eletricidade	$3.3B	n/a	n/a
Neoenergia Elektro	$3.3B	n/a	n/a
Mainova	$3.2B	n/a	n/a
Luz Del Sur	$3.1B	n/a	n/a
Superior Plus	$3.1B	1.2x	6.6x
SANEPAR	$3.1B	n/a	n/a
Perusahaan Gas Negara	$3.0B	0.8x	3.3x
Lechwerke	$3.0B	n/a	n/a
AKSA Enerji	$3.0B	3.1x	10.7x
Gujarat Gas	$3.0B	1.7x	14.3x
TGS	$2.9B	1.8x	3.1x
Orygen Peru	$2.9B	n/a	n/a
Naturgy Brasil	$2.8B	n/a	n/a
Suburban Propane	$2.8B	1.9x	9.9x
Reliance Power	$2.7B	n/a	n/a
Longshine Technology	$2.6B	3.8x	34.8x
Gelsenwasser	$2.6B	n/a	n/a
Central Puerto	$2.6B	3.6x	7.8x
Inversiones Aguas	$2.5B	n/a	n/a
Genesis Energy New Zealand	$2.5B	1.1x	8.7x
Malakoff Corp.	$2.4B	1.2x	5.7x
Petrolimex	$2.4B	0.2x	12.3x
Nippon Gas	$2.3B	1.8x	11.1x
Renewables Infr Group	$2.3B	-1654.4x	33.8x
Banpu Power	$2.2B	2.9x	10.2x
Naturgy Chile Gas Natural	$2.1B	n/a	n/a
Indraprastha Gas	$2.1B	1.2x	9.0x
Pluz Energia Peru	$2.0B	n/a	n/a
PetroVietnam Power	$2.0B	1.5x	6.8x
Ampla Energia E Servicos	$2.0B	n/a	n/a
Compania General	$1.9B	n/a	n/a
Empresa Eléctrica Pehuenche	$1.9B	n/a	n/a
Enerya Enerji	$1.9B	n/a	n/a
Unitil	$1.9B	3.6x	10.0x
Light	$1.9B	n/a	n/a
Ygsoft	$1.8B	4.7x	n/a
Centrais Eletricas	$1.8B	n/a	n/a
Polenergia	$1.8B	1.7x	12.3x
Romande Energie	$1.7B	n/a	n/a
Ascopiave	$1.7B	5.8x	10.0x
Telecom Plus	$1.7B	0.6x	8.1x
CIA Energetica	$1.6B	n/a	n/a
Equatorial	$1.6B	n/a	n/a
Gas Malaysia	$1.5B	0.8x	9.4x
Edenor	$1.5B	0.6x	3.5x
Zorlu Enerji Elektrik	$1.5B	n/a	n/a
Esval	$1.5B	n/a	n/a
Electricite De Strasbourg	$1.5B	n/a	n/a
Middlesex Water	$1.4B	7.3x	18.2x
Transelectrica	$1.4B	n/a	n/a
Grupo Cox	$1.4B	1.0x	5.3x
Alkhorayef Water & Power	$1.3B	1.7x	8.1x
Naturenergie Holding	$1.3B	n/a	n/a
Thai Tap Water	$1.3B	7.8x	11.4x
Premier Energy	$1.3B	0.7x	8.6x
Transportadora de Gas del	$1.3B	n/a	n/a
Companhia Estadual	$1.2B	n/a	n/a
Transener	$1.2B	n/a	n/a
Ahlatcı Doğal Gaz	$1.2B	n/a	n/a
Aygaz	$1.1B	0.5x	16.9x
Mahanagar Gas	$1.1B	1.2x	6.3x
Audax Renovables	$1.0B	0.4x	8.0x
Essbio	$1.0B	n/a	n/a
CGE Transmision	$1.0B	n/a	n/a
Sociedad	$948M	n/a	n/a
PSI Software	$907M	2.6x	129.9x
MetroGas	$867M	n/a	n/a
Miahona	$843M	4.5x	16.9x
Rio Paranapanema Energia	$799M	n/a	n/a
Acinque	$746M	n/a	n/a
RPMGlobal	$732M	10.5x	166.7x
York Water	$711M	9.1x	n/a
Dareway Software	$701M	n/a	n/a
Reliance Infrastructure	$700M	n/a	n/a
Enel Distribucion Chile	$665M	n/a	n/a
Hansen Technologies	$664M	2.3x	8.0x
Akenrji Elektrik Uretim	$656M	n/a	n/a
Athens Water Supply	$653M	n/a	n/a
Empresas Gasco	$651M	n/a	n/a
Cloudberry Clean Energy	$649M	11.3x	23.4x
Chrysos Corp.	$634M	11.3x	40.3x
Camuzzi Gas Pampeana	$612M	n/a	n/a
Elmera Group	$593M	3.3x	7.6x
Zhejiang Netsun	$592M	n/a	n/a
Litgrid	$557M	n/a	n/a
Izdemir Enerji Elektrik	$552M	n/a	n/a
Artesian Resources	$524M	4.6x	n/a
Cadiz	$495M	33.2x	-32.3x
Consolidated Water Co	$472M	3.4x	17.5x
Tallinna Vesi	$446M	n/a	n/a
Kogeneracja	$445M	n/a	n/a
Naturgy Ban	$439M	n/a	n/a
Enel Generacion Piura	$435M	n/a	n/a
ALTEO Energy Services	$421M	n/a	n/a
Gentrack Group	$420M	2.9x	23.3x
Amber Grid	$413M	n/a	n/a
Edisun Power	$397M	n/a	n/a
OPAL Fuels	$390M	1.1x	4.8x
Seri Industrial	$382M	1.1x	11.9x
RGC Resources	$381M	4.0x	n/a
Global Water Resources	$380M	6.8x	14.5x
Stem	$373M	2.5x	414.2x
Energy One	$322M	6.8x	23.2x
Ze Pak	$312M	0.6x	10.0x
Montauk Renewables	$309M	1.7x	8.4x
Burgenland Holding	$304M	n/a	n/a
Yu Group	$292M	0.3x	4.3x
Companhia Energetica	$292M	n/a	n/a
Genie Energy	$286M	0.6x	8.7x
Pure Cycle	$260M	n/a	n/a
Computer Modelling Group	$251M	2.7x	9.0x
Distribuidora De Gas	$235M	n/a	n/a
Enel Generacion Costanera	$230M	n/a	n/a
Ekopak	$211M	n/a	n/a
eVISO	$207M	0.5x	14.9x
Celg de Participacoes	$196M	n/a	n/a
Jersey Electricity	$195M	1.0x	n/a
Iniziative Bresciane	$194M	5.9x	8.4x
Kauno Energija	$167M	n/a	n/a
Aker Horizons	$161M	n/a	n/a
NextNRG	$134M	1.6x	n/a
Enda Enerji	$127M	n/a	n/a
Magnora	$121M	6.1x	13.7x
Energoaqua	$109M	n/a	n/a
Columbus Energy	$96.6M	n/a	n/a
Thessaloniki Water Supply	$92.9M	n/a	n/a
MPC Energy Solutions	$92.3M	8.2x	18.1x
Distribuzione Elettrica	$89.9M	2.0x	5.0x
Energy Solar Tech	$77.0M	n/a	n/a
Razor Labs	$72.6M	n/a	n/a
NAP	$70.0M	n/a	n/a
Holaluz	$64.2M	0.4x	-89.9x
Fernheizwerk Neukoelln	$53.1M	n/a	n/a
Enechange	$47.9M	1.4x	n/a
Maps	$46.2M	1.2x	5.3x
Eqva	$44.8M	n/a	n/a
Ecosuntek	$44.5M	0.0x	1.8x
Przedsiebiorstwo	$28.6M	n/a	n/a
Innovatec	$26.5M	0.7x	44.6x
Groupe Okwind	$24.9M	n/a	n/a
Charwood Energy	$20.8M	2.1x	-17.5x
Raen	$16.3M	n/a	n/a
Agripower France	$16.2M	n/a	n/a
Skandia GreenPower	$15.1M	n/a	n/a
Minesto	$13.6M	n/a	n/a
Wodkan Przedsiebiorstwo	$11.0M	n/a	n/a
Hydrogen De	$10.9M	n/a	n/a
Climeon	$10.6M	n/a	n/a
Frendy Energy	$10.5M	n/a	n/a
Cogefeed	$10.3M	n/a	n/a
Informetis	$10.1M	n/a	n/a
Acceleware	$9.7M	n/a	n/a
BRAS	$9.0M	n/a	n/a
E-Pango	$8.2M	n/a	n/a
Vas	$7.1M	n/a	n/a
Tesgas	$6.9M	n/a	n/a
Haffner Energy	$6.7M	1.5x	-0.9x
Vergnet	$6.4M	n/a	n/a
Cortus Energy	$6.3M	n/a	n/a
EAM Solar	$6.0M	n/a	n/a
Ocean Sun	$5.9M	n/a	n/a
New Sources Energy	$5.6M	n/a	n/a
Dlaboratory Sweden	$4.8M	n/a	n/a
SENS	$3.3M	n/a	n/a
MDI Energia	$2.6M	n/a	n/a
Zeneris Projekty	$1.9M	n/a	n/a
OZE Capital	$1.9M	n/a	n/a
Cavendish Hydrogen	-$0.4M	-0.0x	0.0x
Etrion	-$1.4M	n/a	n/a
ENEFI Asset Management	-$1.7M	n/a	n/a