Utilities in 2026 are shaped by interest rates, grid investment, and power demand from electrification and data centers. These themes support long-term capital programs but raise financing questions.
Sector AnalysisETF: XLUUpdated May 6, 2026
Utilities Sector Stocks
Utilities includes regulated electric, gas, and water companies along with independent power businesses. Investors treat it as a defensive income sector for its stable demand and recurring dividends, but utilities are sensitive to interest rates, regulation, and capital spending needs. XLU is the standard benchmark. Screening helps compare yield, balance sheet risk, and valuation rather than treating every utility alike.
Research ByVCP Scanner Editorial Team
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| Ticker | Company | Price | Mkt Cap | P/E | ROE | Div Yield | |
|---|---|---|---|---|---|---|---|
| GE Vernova Inc. | $1095.21 | $294.3B | 61.9 | 42.7% | 0.1% | ||
| NextEra Energy, Inc. | $96.28 | $200.77B | 29.3 | 10.7% | 2.3% | ||
| The Southern Company | $95.90 | $108.11B | 24.5 | 11.5% | 2.8% | ||
| Constellation Energy Corporation | $320.42 | $100.08B | 43.3 | 16.3% | 0.5% | ||
| Duke Energy Corporation | $127.58 | $99.28B | 20.2 | 9.5% | 3.3% | ||
| National Grid plc | $87.64 | $87.14B | 22.0 | 8.6% | 2.4% | ||
| American Electric Power Company, Inc. | $137.07 | $74.51B | 20.6 | 12.1% | 2.8% | ||
| Sempra | $94.37 | $61.4B | 29.8 | 5.2% | 2.6% | ||
| Dominion Energy, Inc. | $62.99 | $55.37B | 18.3 | 9.4% | 4.2% | ||
| Vistra Corp. | $160.38 | $54.3B | 72.6 | 17.7% | 0.6% | ||
| Entergy Corporation | $117.36 | $53.73B | 30.0 | 10.9% | 2% | ||
| Xcel Energy Inc. | $81.45 | $50.84B | 23.8 | 9.4% | 2.7% | ||
| Exelon Corporation | $46.18 | $46.64B | 16.9 | 9.9% | 3.5% | ||
| Public Service Enterprise Group Incorporated | $79.73 | $39.8B | 18.9 | 12.8% | 3.1% | ||
| WEC Energy Group, Inc. | $115.22 | $37.53B | 23.9 | 11.6% | 3% | ||
| PG&E Corporation | $16.33 | $35.96B | 13.8 | 8.6% | 0.6% | ||
| Atmos Energy Corporation | $187.25 | $30.98B | 25.1 | 9.3% | 1.8% | ||
| Ameren Corporation | $111.64 | $30.89B | 20.9 | 11.3% | 2.5% | ||
| NRG Energy, Inc. | $157.43 | $29.97B | 38.5 | 41.5% | — | ||
| DTE Energy Company | $143.50 | $29.85B | 20.3 | 12.2% | 2.9% | ||
| Fortis Inc. | $57.44 | $29.14B | 23.0 | 7% | 2.1% | ||
| CenterPoint Energy, Inc. | $43.53 | $28.42B | 27.2 | 9.6% | 2% | ||
| PPL Corporation | $37.35 | $27.83B | 23.3 | 6.6% | 2.9% | ||
| FirstEnergy Corp. | $45.88 | $26.54B | 26.1 | 7.4% | 3.8% | ||
| Edison International | $68.87 | $26.5B | 6.0 | 24.6% | 4.8% | ||
| Eversource Energy | $68.90 | $25.85B | 30.4 | 5.5% | 4.1% | ||
| Consolidated Edison, Inc. | $109.15 | $25.7B | 19.4 | 8.8% | 2.9% | ||
| AXIA Energia S.A. | $12.59 | $24.87B | 27.9 | 5.5% | 8.6% | ||
| American Water Works Company, Inc. | $126.05 | $24.62B | 22.1 | 10.5% | 2.6% | ||
| Companhia de Saneamento Básico do Estado de São Paulo - SABESP | $33.50 | $23.46B | 13.8 | 20.9% | 2% |
Market Comparison
Utilities Sector vs S&P 500 in one glance
This should answer the only question that matters here: are you getting something better than the market for the price you are paying?
Price vs market
Cheaper
23% below S&P 500 trailing P/E
Quality vs market
Lower quality
Net margin 17.0% vs 24.3%; ROE 23.4% vs 44.1%
Income vs market
Higher yield
Sector yield 2.11% vs 0.99%
Comparison table
Winner should register in under three seconds.
| Metric | Utilities Sector | S&P 500 | Delta | Winner |
|---|---|---|---|---|
Trailing P/E Sector is cheaper | 25.8x | 33.6x | -23% | Sector cheaper |
Forward P/E Sector is cheaper | 21.2x | 24.4x | -13% | Sector cheaper |
EV/EBITDA Sector is cheaper | 15.7x | 22.0x | -29% | Sector cheaper |
Net Margin Market is stronger | 17.0% | 24.3% | -30% | S&P 500 stronger |
ROE Market is stronger | 23.4% | 44.1% | -47% | S&P 500 stronger |
Dividend Yield Sector is stronger | 2.1% | 1.0% | +113% | Sector yields more |
History check
Is the current premium normal?
1-year contextAbove normal
68th percentile; range 23.2x to 27.1x
5-year contextCheap vs history
2th percentile; range 10.9x to 792.2x
Internal health
Median revenue growth9.2%
Median gross margin39.1%
Median FCF margin-12.7%
Against the S&P 500, Utilities Sector currently trades at 25.8x trailing earnings versus 33.6x for the broad market. That premium only makes sense if investors keep believing the sector deserves better margins, stronger returns on equity, and more durable growth than the index overall.
Industry Breakdown
Where the real weight sits inside Utilities Sector
These cards are built from the full sector universe, then ranked by market cap so you can see which pockets are leading, rich, resilient, or dangerously concentrated.
Industry Scoreboard
Fast scan of Utilities Sector industry setups
Use this table to spot heavyweights, cheap pockets, leaders, and genuinely beaten-down areas before opening the detailed cards below.
Electric Utilities 55 stocks | 61.5% $1.46T | Neutral +0.8% median 3M | Fair 15.9x median Fwd P/E | Mixed 10.6% median ROE | Average 11.3% rev growth | Mixed Diversified |
Renewable Energy 24 stocks | 20.0% $475.58B | Neutral -1.4% median 3M | Premium 24.8x median Fwd P/E | Mixed 0.6% median ROE | Strong 9.4% rev growth | Mixed One-name heavy |
Diversified Utilities 16 stocks | 5.2% $124.19B | Neutral -0.5% median 3M | Fair 16.0x median Fwd P/E | Mixed 8.0% median ROE | Weak 9.5% rev growth | Mixed One-name heavy |
Independent Power 7 stocks | 4.9% $115.83B | Neutral +10.1% median 3M | Fair 18.1x median Fwd P/E | Mixed 10.9% median ROE | Weak -3.6% rev growth | Mixed One-name heavy |
Gas Utilities 15 stocks | 4.2% $100.32B | Neutral +4.8% median 3M | Fair 17.9x median Fwd P/E | Mixed 8.0% median ROE | Strong 8.5% rev growth | Watchlist Concentrated |
Water Utilities 14 stocks | 3.0% $71.09B | Neutral -0.1% median 3M | Premium 20.2x median Fwd P/E | Mixed 9.0% median ROE | Weak 4.6% rev growth | Mixed One-name heavy |
Utilities 1 stocks | 1.2% $28.42B | Leading +8.2% median 3M | Premium 22.8x median Fwd P/E | Mixed 9.6% median ROE | Average 5.2% rev growth | Expensive Leader One-name heavy |
Showing 7 of 7 industries in Utilities Sector.
Setup is a quick read of value, quality, growth, momentum, and concentration together.
61.5% OF SECTOR
Electric Utilities
Fairly pricedMixed qualityNeutralAverage growthDiversified
Electric Utilities is a core pocket of utilities, moving broadly in line with the rest of the sector; growth is near the sector average, quality signals are mixed, and valuation is close to sector norms.
Median 3M return
+0.8%
Forward P/E
15.9x
Top 3 weight
27.9%
Market cap
$1.46T
Coverage
55 stocks
Breadth
59% pos. in 3M
Open filtered screener
20.0% OF SECTOR
Renewable Energy
Premium vs sectorMixed qualityNeutralStrong growthOne-name heavy
Renewable Energy is a major pocket of utilities, moving broadly in line with the rest of the sector; growth is running above sector norms, quality signals are mixed, and valuation still carries a premium. Leadership is extremely concentrated in one or two names.
Median 3M return
-1.4%
Forward P/E
24.8x
Top 3 weight
88.2%
Market cap
$475.58B
Coverage
24 stocks
Breadth
46% pos. in 3M
Open filtered screener
5.2% OF SECTOR
Diversified Utilities
Fairly pricedMixed qualityNeutralWeak growthOne-name heavy
Diversified Utilities is a meaningful pocket of utilities, moving broadly in line with the rest of the sector; growth is softer than the sector average, quality signals are mixed, and valuation is close to sector norms. Leadership is extremely concentrated in one or two names.
Median 3M return
-0.5%
Forward P/E
16.0x
Top 3 weight
71.2%
Market cap
$124.19B
Coverage
16 stocks
Breadth
43% pos. in 3M
Open filtered screener
4.9% OF SECTOR
Independent Power
Fairly pricedMixed qualityNeutralWeak growthOne-name heavy
Independent Power is a smaller pocket of utilities, moving broadly in line with the rest of the sector; growth is softer than the sector average, quality signals are mixed, and valuation is close to sector norms. Leadership is extremely concentrated in one or two names.
Median 3M return
+10.1%
Forward P/E
18.1x
Top 3 weight
87.9%
Market cap
$115.83B
Coverage
7 stocks
Breadth
86% pos. in 3M
Open filtered screener
4.2% OF SECTOR
Gas Utilities
Fairly pricedMixed qualityNeutralStrong growthConcentrated
Gas Utilities is a smaller pocket of utilities, moving broadly in line with the rest of the sector; growth is running above sector norms, quality signals are mixed, and valuation is close to sector norms. Leadership is concentrated in a few names.
Median 3M return
+4.8%
Forward P/E
17.9x
Top 3 weight
61.3%
Market cap
$100.32B
Coverage
15 stocks
Breadth
67% pos. in 3M
Open filtered screener
3.0% OF SECTOR
Water Utilities
Premium vs sectorMixed qualityNeutralWeak growthOne-name heavy
Water Utilities is a smaller pocket of utilities, moving broadly in line with the rest of the sector; growth is softer than the sector average, quality signals are mixed, and valuation still carries a premium. Leadership is extremely concentrated in one or two names.
Median 3M return
-0.1%
Forward P/E
20.2x
Top 3 weight
82.6%
Market cap
$71.09B
Coverage
14 stocks
Breadth
50% pos. in 3M
Open filtered screener
1.2% OF SECTOR
Utilities
Premium vs sectorMixed qualityLeadingAverage growthOne-name heavy
Utilities is a smaller pocket of utilities, still leading on price action; growth is near the sector average, quality signals are mixed, and valuation still carries a premium. Leadership is extremely concentrated in one or two names.
Median 3M return
+8.2%
Forward P/E
22.8x
Top 3 weight
100.0%
Market cap
$28.42B
Coverage
1 stocks
Breadth
100% pos. in 3M
Open filtered screener
Sector Outlook
Utilities Sector Outlook - Q1 2026
Updated Q1 2026
Rate-case outcomes and balance sheet discipline remain central. The sector regains favor quickly in risk-off environments, but quality utilities stand out by combining income with credible growth.
Look for earnings progression underneath the dividend story, not just a static yield trade.
Earnings Calendar
Upcoming Earnings in Utilities Sector
Earnings reports are the biggest near-term catalysts for sector moves. Track which names report in the next 60 days and size your positions accordingly.
No earnings in the next 60 days
Check individual stock pages for the latest earnings dates and estimated EPS.
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