Utilities - Regulated gas

16 companies · $102B combined revenue · $31.0B operating profit

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The typical US-listed utilities - regulated gas company grew revenue 13% and earnings 19% in its latest year, at a 26% operating margin, and 3 of 16 earn a return on capital above 15%. Figures from each company's latest annual filing with the SEC, refreshed daily.

13%Median revenue growth
19%Median earnings growth
2.6%Median revenue growth, 3 yrs
9.5%Median earnings growth, 3 yrs
26%Median operating margin
7.4%Median ROCE
Fastest revenue growthVenture Global VG177%Fastest earnings growthBrookfield Infrastructure BIPC872%Highest ROCECheniere Energy Partners CQP23.6%Biggest margin gainNational Fuel Gas NFG+24.4 pts

Growth engines: the 4 Cylinders

All four working: 0% of companies

A 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 more63%
  • Operating leverage · Operating income growing faster than a growing revenue56%
  • Margin expansion · Operating margin up 1 point or more44%
  • Debt reduction · Debt down 5% or more, or net cash7%

Combined revenue · 15 companies reporting in US dollars

Revenue
$0$50B$100B$150BFY21FY22FY23FY24FY25

Combined operating margin

Operating margin
0%20%40%60%FY21FY22FY23FY24FY25

All 16 companies

Median–13%19%26%7.4%1.05x
LNGCheniere Energy$19.5B26.3%▲63.9%▲46.8%▲20.7%▲2.88x▼
OKEONEOK$33.6B55%▲11.8%▼17.1%▼9.5%▲1.42x▼
VGVenture Global$13.8B177%▲56.5%▲37.4%▲10.5%▲5.07x▼
CQPCheniere Energy Partners$10.8B23.6%▲19%34.4%▲23.6%▲–
ATOAtmos Energy$4.7B12.9%▼14.9%▼33.2%▲5.8%▼0.66x▲
UGPUltraparBRL 142B6.6%▼0.6%▼4.6%▼17.5%▲1.28x▼
NFGNational Fuel Gas$2.2B30%▲569%▲36.7%▲10.4%▲0.87x▲
SWXSouthwest Gas$1.9B-21.6%▼121%▲24.4%▼5%▼0.89x▲
NJRNew Jersey Resources$1.4B9.9%▼15.8%▼37.7%▲7.5%▲1.44x▼
SRSPIRE$2.5B-4.5%▼8.3%▼21.2%▼5.8%▼1.14x▼
BIPCBrookfield Infrastructure$3.7B0.1%▼872%▲61.5%▲13.8%▲–
MDUMDU Resources$1.9B6.3%▼-32.3%▼15.6%▼4.2%▼0.97x▲
EEExcelerate Energy$1.2B44.3%▲19.2%▲21.7%▼7%▼0.42x▲
CPKChesapeake Utilities$930M18.1%▲18.3%▼27.5%▲7.4%▼0.91x▲
NWNNorthwest Natural$1.3B11.8%▼43.7%▲21.8%▼5.3%▼1.65x▼
CTRICenturi$3.0B13.1%▲–3.1%▼4.9%▼0.84x▲

▲ 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).