Utilities - Regulated electric
36 companies · $300B combined revenue · $60.4B operating profit
The typical US-listed utilities - regulated electric company grew revenue 9.1% and earnings 4.2% in its latest year, at a 21.4% operating margin, and 0 of 34 earn a return on capital above 15%. Figures from each company's latest annual filing with the SEC, refreshed daily.
Growth engines: the 4 Cylinders
All four working: 0% of companiesA company's earnings per share can grow in only four ways: more sales, profits growing faster than sales (operating leverage), wider margins, and less debt. Each bar is the share of companies where that engine worked in their latest year.
- Sales growth · Revenue up 10% or more36%
- Operating leverage · Operating income growing faster than a growing revenue48%
- Margin expansion · Operating margin up 1 point or more41%
- Debt reduction · Debt down 5% or more, or net cash9%
Combined revenue · 29 companies reporting in US dollars
Combined operating margin
All 36 companies
| Median | – | 9.1% | 4.2% | 21.4% | 5.2% | 1.50x |
| NEENextera Energy | $25.8B | 9.8%▲ | -1.6%▼ | 32.1%▲ | 4.4%▼ | 1.70x▼ |
| SOSouthern | $29.6B | 10.6%▲ | -1.4%▼ | 24.7%▲ | 5.2%▲ | 1.84x▼ |
| CEGConstellation Energy | $22.7B | 19.5%▲ | -38.1%▼ | 13.6%▼ | 6.3%▲ | 0.51x▲ |
| AEPAmerican Electric Power | $21.7B | 8.7%▼ | 24.2%▲ | 24.5%▲ | 5.3%▲ | 1.52x▼ |
| DDominion Energy | $16.5B | 16.5%▲ | 47.4%▲ | 26.7%▲ | 4.2%▼ | 1.68x▼ |
| VSTVistra | $17.6B | 19.1%▲ | -64.5%▼ | 10.8%▼ | 6.4%▲ | 3.70x▼ |
| ETREntergy | $12.9B | 9%▼ | 67.1%▲ | 24.7%▲ | 5%▼ | 1.79x▼ |
| FTSFortis | CAD 11.9B | 5.8%▼ | 7.3%▲ | 29.3%▲ | 5.2%▲ | 1.42x▲ |
| DTEDTE Energy | $15.8B | 26.9%▲ | 4.1%▼ | 15%▼ | 4.9%▼ | 2.13x▼ |
| CNPCenterpoint Energy | $9.3B | 9.2%▲ | 3.2%▼ | 22.6%▲ | 5.2%▲ | 2.06x▼ |
| FEFirstenergy | $15.1B | 12%▲ | 4.3%▲ | 14.6%▼ | 4.4%▼ | 2.10x▼ |
| PPLPPL | $9.2B | 8.6%▼ | 33%▲ | 23.2%▲ | 5.2%▲ | 1.27x▲ |
| ESEversource Energy | $13.5B | 13.8%▲ | 108%▲ | 22.1%▲ | 5.3%▲ | 1.75x▼ |
| EIXEdison International | $19.3B | 9.8%▲ | 247%▲ | 36.7%▲ | 8.5%▲ | 2.16x▼ |
| NRGNRG Energy | $30.3B | 9.4%▲ | -23.2%▼ | 6.1%▼ | 8.7%▲ | 9.78x▼ |
| TLNTalen Energy | $2.5B | 60%▲ | -122%▼ | -3.6%▼ | -0.9%▼ | 6.23x▼ |
| EMAEMERA | CAD 8.8B | 21.9%▲ | 91.9%▲ | 22.5%▲ | 5.2%▼ | 1.47x▲ |
| BEPBrookfield Renewable Partners | $6.4B | 9%▼ | – | – | – | 0.93x▲ |
| KEPKorea Electric Power | KRW 96.57T | 4.3%▼ | 139%▲ | 14.5%▼ | 7.5%▲ | 0.46x▲ |
| PNWPinnacle West Capital | $5.3B | 4.2%▼ | 0.9%▼ | 20%▼ | 4%▼ | 1.39x▲ |
| ELPCEnergy CO of Parana | BRL 26.1B | 15.3%▲ | -4%▼ | -2.4%▼ | -1.2%▼ | – |
| OGEOGE Energy | $3.2B | 9.4%▲ | 6.6%▲ | 25.1%▲ | 6%▲ | 1.08x▲ |
| ENLTEnlight Renewable Energy | $489M | 29.3%▲ | 142%▲ | 68%▲ | 4.7%▼ | – |
| IDAIdacorp | $1.7B | -1.2%▼ | 11.9%▲ | 20.3%▼ | 3.8%▼ | 0.97x▲ |
| CWENClearway Energy | $1.4B | 4.2%▼ | 92%▲ | 11.2%▼ | 1%▼ | 1.48x▲ |
| CIGEnergy CO of Minas Gerais | BRL 42.8B | 7.4%▼ | -31.2%▼ | 18.1%▼ | 14.7%▲ | 0.68x▲ |
| TXNMTXNM Energy | $2.1B | 9%▼ | -34.4%▼ | 20.6%▼ | 4%▼ | 1.59x▼ |
| ENICEnel Chile | $4.5B | 9%▼ | 189%▲ | 22.4%▲ | 9.7%▲ | – |
| BKHBlack Hills | $2.3B | 9%▼ | 6.8%▲ | 23.5%▲ | 5.3%▲ | 1.23x▲ |
| ORAOrmat Technologies | $990M | 12.5%▲ | 0.1%▼ | 17.1%▼ | 3.1%▼ | 1.09x▲ |
| BEPCBrookfield Renewable | $3.7B | -10%▼ | -641%▼ | – | – | – |
| PAMPampa Energy | $2.0B | 6.5%▼ | -38.9%▼ | 25.2%▲ | 8.4%▲ | 0.53x▲ |
| TACTransalta | CAD 2.4B | -15.5%▼ | -166%▼ | 5.8%▼ | 2%▼ | 2.57x▼ |
| AQNAlgonquin Power & Utilities | $2.4B | 4.9%▼ | – | 20.7%▼ | 3.9%▼ | 1.41x▲ |
| OTTROtter Tail | $1.3B | -2%▼ | -8.5%▼ | 26.5%▲ | 9.6%▲ | 0.56x▲ |
| RNWReNew Energy Global | INR 132B | 36.2%▲ | 126%▲ | 10.6%▼ | 1.9%▼ | 6.10x▼ |
▲ better than the median, ▼ worse. n/a: the ratio doesn't apply to that kind of business (e.g. a bank's operating margin). Sort by any column. Figures from each company's latest 10-K (or 20-F/40-F).