Utility stocks with the lowest EV/EBIT

Ranked

63

of 86 utility stocks we cover

Median

22.1×

Lowest

7.8×

EIX

Range

7.8× to 267×

#	Company	EV/EBIT	PE	Operating margin	Market cap
1	EIXEdison International, Regulated Electric	7.8×	5.9×	32.7%	$22.1B
2	AVAAvista, Regulated Electric	9.3×	13.6×	18.8%	$3.2B
3	UGIUGI, Diversified Utilities	12.3×	12.9×	16.2%	$8.3B
4	EDConsolidated Edison, Regulated Electric	13.2×	19.0×	18.0%	$42.8B
5	OTTROtter Tail, Regulated Electric	14.2×	19.5×	17.1%	$3.8B
6	HEHawaiian Electric Industries, Regulated Electric	15.6×	6.5×	11.5%	$1.5B
7	NWNNorthwest Natural, Regulated Gas	15.9×	16.6×	22.8%	$2.1B
8	NJRNew Jersey Resources, Regulated Gas	16.4×	14.7×	24.8%	$5.4B
9	UTLUnitil, Regulated Electric	17.3×	17.5×	18.9%	$1B
10	OGSONE Gas, Regulated Gas	17.3×	16.8×	20.6%	$4.9B
11	PORPortland General Electric, Regulated Electric	17.4×	19.6×	14.1%	$5.2B
12	FEFirstEnergy, Regulated Electric	17.4×	24.5×	14.6%	$26.7B
13	ESEversource Energy, Regulated Electric	17.5×	17.5×	21.5%	$25.4B
14	VSTVistra, Independent Power Producers	17.9×	23.7×	18.5%	$47B
15	ARTNAArtesian Resources, Regulated Water	17.9×	14.9×	25.0%	$352.2M
16	EXCExelon, Regulated Electric	18.3×	16.2×	20.8%	$45.9B
17	AWRAmerican States Water, Regulated Water	18.4×	23.4×	31.8%	$3.4B
18	PCGPG&E, Regulated Electric	18.9×	9.2×	20.0%	$33.8B
19	BKHBlack Hills, Regulated Electric	19.1×	20.1×	23.9%	$6.1B
20	OGEOGE Energy, Regulated Electric	20.2×	21.2×	24.2%	$10B
21	CWCOConsolidated Water, Regulated Water	20.3×	28.1×	12.3%	$445M
22	PPLPPL, Regulated Electric	20.4×	20.7×	24.1%	$26.3B
23	DUKDuke Energy, Regulated Electric	20.6×	18.8×	27.8%	$97.4B
24	PEGPublic Service Enterprise, Regulated Electric	20.8×	17.9×	23.1%	$35.9B
25	EVRGEvergy, Regulated Electric	20.9×	21.4×	26.2%	$19.5B
26	PCYOPure Cycle, Regulated Water	20.9×	17.7×	37.7%	$259.8M
27	NRGNRG Energy, Independent Power Producers	21.1×	24.4×	6.1%	$19.4B
28	MDUMDU Resources, Regulated Gas	21.1×	20.2×	17.0%	$4B
29	PNWPinnacle West Capital, Regulated Electric	21.3×	20.3×	20.5%	$12.8B
30	NINiSource, Regulated Gas	21.7×	22.9×	27.0%	$20.8B
31	MGEEMGE Energy, Diversified Utilities	21.8×	18.1×	22.0%	$2.8B
32	CNPCenterPoint Energy, Regulated Electric	22.1×	24.2×	23.2%	$27.1B
33	AWKAmerican Water Works, Regulated Water	22.6×	24.7×	36.9%	$28.4B
34	WTRGEssential Utilities, Regulated Water	22.7×	22.0×	35.1%	$12.2B
35	YORWYork Water, Regulated Water	23.1×	19.8×	36.6%	$516.4M
36	ORAOrmat Technologies, Regulated Electric	23.4×	42.7×	16.6%	$5.4B
37	SRSpire, Regulated Gas	23.4×	9.5×	19.7%	$5B
38	AEEAmeren, Regulated Electric	23.8×	19.0×	24.9%	$29.9B
39	WECWEC Energy, Regulated Electric	23.9×	21.5×	22.8%	$36.2B
40	AEPAmerican Electric Power, Regulated Electric	23.9×	22.4×	23.0%	$70.6B
41	HTOH2O America, Regulated Water	23.9×	20.8×	21.5%	$2.5B
42	NWENorthWestern Energy, Regulated Electric	23.9×	28.0×	18.8%	$4.8B
43	TXNMTXNM Energy, Regulated Electric	24.0×	32.4×	22.2%	$6B
44	MSEXMiddlesex Water, Regulated Water	24.2×	21.6×	29.2%	$1.1B
45	SOSouthern, Regulated Electric	24.6×	22.4×	24.2%	$106.9B
46	CMSCMS Energy, Regulated Electric	24.7×	20.9×	18.9%	$21.8B
47	CEGConstellation Energy, Independent Power Producers	24.8×	24.7×	14.7%	$89.8B
48	CWTCalifornia Water Service, Regulated Water	24.9×	21.6×	n/m	$3B
49	ETREntergy, Regulated Electric	25.0×	27.5×	22.9%	$50.1B
50	DTEDTE Energy, Regulated Electric	25.1×	20.8×	13.3%	$27.4B
51	SPRUSpruce Power, Regulated Electric	25.5×	n/m	22.4%	$25.6M
52	SRESempra, Diversified Utilities	25.7×	24.4×	20.7%	$55B
53	AESAES, Renewable Utilities	26.3×	5.7×	13.7%	$10.7B
54	IDAIdacorp, Regulated Electric	28.9×	23.3×	22.8%	$8.1B
55	DDominion Energy, Regulated Electric	30.1×	22.7×	21.1%	$57.3B
56	XELXcel Energy, Regulated Electric	31.1×	21.4×	19.1%	$48.8B
57	LNTAlliant Energy, Regulated Electric	31.5×	22.0×	22.1%	$18.1B
58	HNRGHallador Energy, Regulated Electric	31.6×	n/m	3.7%	$520.9M
59	NEENextEra Energy, Regulated Electric	33.6×	14.8×	30.0%	$171.2B
60	GWRSGlobal Water Resources, Regulated Water	43.9×	66.1×	13.6%	$228.3M
61	CWENClearway Energy, Regulated Electric	89.2×	n/m	13.4%	$6.4B
62	OPALOPAL Fuels, Diversified Utilities	96.5×	n/m	0.7%	$263.9M
63	TLNTalen Energy, Regulated Electric	267×	n/m	2.6%	$15.7B

Not ranked: 11 with a loss over the last year, 6 with not a meaningful number, 1 with a value above 300× (too small a base to compare). 5 companies whose data behind this number has a caveat are left out until it is checked.

A ranking of numbers, not a recommendation. A low multiple can be a bargain or a business in trouble: open the company to see which.