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 Jun 15, 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. | $940.66 | $252.77B | 53.2 | 42.7% | 0.1% | ||
| NextEra Energy, Inc. | $85.99 | $179.31B | 26.1 | 10.7% | 2.6% | ||
| The Southern Company | $94.00 | $105.97B | 24.0 | 11.5% | 2.9% | ||
| Duke Energy Corporation | $124.97 | $97.43B | 19.8 | 9.5% | 3.4% | ||
| Constellation Energy Corporation | $253.76 | $91.66B | 34.3 | 16.3% | 0.6% | ||
| National Grid plc | $81.84 | $81.44B | 18.5 | 8.5% | 2.7% | ||
| American Electric Power Company, Inc. | $129.23 | $70.31B | 19.4 | 12.1% | 3% | ||
| Sempra | $92.29 | $60.33B | 33.6 | 4.6% | 2.7% | ||
| Dominion Energy, Inc. | $67.91 | $59.69B | 19.7 | 9.4% | 3.9% | ||
| Entergy Corporation | $111.11 | $50.87B | 28.4 | 10.9% | 2.1% | ||
| Vistra Corp. | $148.02 | $49.91B | 67.0 | 17.7% | 0.6% | ||
| Xcel Energy Inc. | $79.22 | $49.45B | 23.2 | 9.4% | 2.7% | ||
| Exelon Corporation | $46.21 | $47.28B | 16.9 | 9.9% | 3.5% | ||
| Public Service Enterprise Group Incorporated | $79.70 | $39.75B | 18.9 | 12.8% | 3.2% | ||
| Consolidated Edison, Inc. | $107.74 | $39.71B | 19.1 | 8.8% | 3% | ||
| PG&E Corporation | $16.95 | $37.33B | 14.4 | 8.6% | 0.6% | ||
| WEC Energy Group, Inc. | $113.44 | $36.95B | 23.5 | 11.6% | 3.1% | ||
| DTE Energy Company | $147.42 | $30.67B | 20.9 | 12.2% | 2.9% | ||
| Ameren Corporation | $109.00 | $30.16B | 20.4 | 11.3% | 2.6% | ||
| Fortis Inc. | $56.91 | $28.88B | 23.4 | 7% | 1.9% | ||
| Atmos Energy Corporation | $169.96 | $28.37B | 22.8 | 9.3% | 2% | ||
| Edison International | $72.95 | $28.07B | 6.3 | 24.6% | 4.5% | ||
| CenterPoint Energy, Inc. | $42.90 | $28.01B | 26.8 | 9.6% | 2% | ||
| FirstEnergy Corp. | $47.03 | $27.2B | 26.7 | 7.4% | 3.7% | ||
| PPL Corporation | $35.85 | $26.97B | 22.4 | 8.2% | 3% | ||
| NRG Energy, Inc. | $125.47 | $26.47B | 31.3 | 41.5% | 1.6% | ||
| Eversource Energy | $68.69 | $25.82B | 15.1 | 10.7% | 4.3% | ||
| American Water Works Company, Inc. | $126.31 | $24.67B | 22.2 | 10.5% | 2.6% | ||
| AXIA Energia S.A. | $10.28 | $23.12B | 23.1 | 5.5% | 10.3% | ||
| CMS Energy Corporation | $73.57 | $22.73B | 20.8 | 11.6% | 3% |
GEVGE Vernova Inc.
$940.66Price
Mkt Cap$252.77B
P/E53.2
ROE42.7%
Div Yield0.1%
NEENextEra Energy, Inc.
$85.99Price
Mkt Cap$179.31B
P/E26.1
ROE10.7%
Div Yield2.6%
SOThe Southern Company
$94.00Price
Mkt Cap$105.97B
P/E24.0
ROE11.5%
Div Yield2.9%
DUKDuke Energy Corporation
$124.97Price
Mkt Cap$97.43B
P/E19.8
ROE9.5%
Div Yield3.4%
CEGConstellation Energy Corporation
$253.76Price
Mkt Cap$91.66B
P/E34.3
ROE16.3%
Div Yield0.6%
NGGNational Grid plc
$81.84Price
Mkt Cap$81.44B
P/E18.5
ROE8.5%
Div Yield2.7%
AEPAmerican Electric Power Company, Inc.
$129.23Price
Mkt Cap$70.31B
P/E19.4
ROE12.1%
Div Yield3%
SRESempra
$92.29Price
Mkt Cap$60.33B
P/E33.6
ROE4.6%
Div Yield2.7%
DDominion Energy, Inc.
$67.91Price
Mkt Cap$59.69B
P/E19.7
ROE9.4%
Div Yield3.9%
ETREntergy Corporation
$111.11Price
Mkt Cap$50.87B
P/E28.4
ROE10.9%
Div Yield2.1%
VSTVistra Corp.
$148.02Price
Mkt Cap$49.91B
P/E67.0
ROE17.7%
Div Yield0.6%
XELXcel Energy Inc.
$79.22Price
Mkt Cap$49.45B
P/E23.2
ROE9.4%
Div Yield2.7%
EXCExelon Corporation
$46.21Price
Mkt Cap$47.28B
P/E16.9
ROE9.9%
Div Yield3.5%
PEGPublic Service Enterprise Group Incorporated
$79.70Price
Mkt Cap$39.75B
P/E18.9
ROE12.8%
Div Yield3.2%
EDConsolidated Edison, Inc.
$107.74Price
Mkt Cap$39.71B
P/E19.1
ROE8.8%
Div Yield3%
PCGPG&E Corporation
$16.95Price
Mkt Cap$37.33B
P/E14.4
ROE8.6%
Div Yield0.6%
WECWEC Energy Group, Inc.
$113.44Price
Mkt Cap$36.95B
P/E23.5
ROE11.6%
Div Yield3.1%
DTEDTE Energy Company
$147.42Price
Mkt Cap$30.67B
P/E20.9
ROE12.2%
Div Yield2.9%
AEEAmeren Corporation
$109.00Price
Mkt Cap$30.16B
P/E20.4
ROE11.3%
Div Yield2.6%
FTSFortis Inc.
$56.91Price
Mkt Cap$28.88B
P/E23.4
ROE7%
Div Yield1.9%
ATOAtmos Energy Corporation
$169.96Price
Mkt Cap$28.37B
P/E22.8
ROE9.3%
Div Yield2%
EIXEdison International
$72.95Price
Mkt Cap$28.07B
P/E6.3
ROE24.6%
Div Yield4.5%
CNPCenterPoint Energy, Inc.
$42.90Price
Mkt Cap$28.01B
P/E26.8
ROE9.6%
Div Yield2%
FEFirstEnergy Corp.
$47.03Price
Mkt Cap$27.2B
P/E26.7
ROE7.4%
Div Yield3.7%
PPLPPL Corporation
$35.85Price
Mkt Cap$26.97B
P/E22.4
ROE8.2%
Div Yield3%
NRGNRG Energy, Inc.
$125.47Price
Mkt Cap$26.47B
P/E31.3
ROE41.5%
Div Yield1.6%
ESEversource Energy
$68.69Price
Mkt Cap$25.82B
P/E15.1
ROE10.7%
Div Yield4.3%
AWKAmerican Water Works Company, Inc.
$126.31Price
Mkt Cap$24.67B
P/E22.2
ROE10.5%
Div Yield2.6%
AXIAAXIA Energia S.A.
$10.28Price
Mkt Cap$23.12B
P/E23.1
ROE5.5%
Div Yield10.3%
CMSCMS Energy Corporation
$73.57Price
Mkt Cap$22.73B
P/E20.8
ROE11.6%
Div Yield3%
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
30% below S&P 500 trailing P/E
Quality vs market
Lower quality
Net margin 17.2% vs 25.5%; ROE 22.5% vs 47.2%
Income vs market
Higher yield
Sector yield 2.27% vs 1.00%
Comparison table
Winner should register in under three seconds.
| Metric | Utilities Sector | S&P 500 | Delta | Winner |
|---|---|---|---|---|
Trailing P/E Sector is cheaper | 24.1x | 34.1x | -30% | Sector cheaper |
Forward P/E Sector is cheaper | 19.7x | 23.5x | -16% | Sector cheaper |
EV/EBITDA Sector is cheaper | 14.9x | 22.8x | -34% | Sector cheaper |
Net Margin Market is stronger | 17.2% | 25.5% | -32% | S&P 500 stronger |
ROE Market is stronger | 22.5% | 47.2% | -52% | S&P 500 stronger |
Dividend Yield Sector is stronger | 2.3% | 1.0% | +126% | Sector yields more |
History check
Is the current premium normal?
1-year contextCheap vs history
22th percentile; range 23.2x to 27.1x
5-year contextCheap vs history
2th percentile; range 10.9x to 792.2x
Internal health
Median revenue growth9.1%
Median gross margin31.8%
Median FCF margin-14.7%
Against the S&P 500, Utilities Sector currently trades at 24.1x trailing earnings versus 34.1x 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 | 62.7% $1.44T | Neutral -3.4% median 3M | Cheap 16.7x median Fwd P/E | Mixed 10.6% median ROE | Average 10.6% rev growth | Mixed Diversified |
Renewable Energy 24 stocks | 18.6% $426.57B | Neutral -5.2% median 3M | Premium 21.6x median Fwd P/E | Mixed 0.0% median ROE | Strong 10.2% rev growth | Mixed One-name heavy |
Diversified Utilities 16 stocks | 5.8% $133.01B | Neutral +4.1% median 3M | Fair 15.9x median Fwd P/E | Weak 8.7% median ROE | Weak 3.9% rev growth | Mixed One-name heavy |
Independent Power 7 stocks | 4.6% $106.52B | Neutral +4.9% median 3M | Premium 16.1x median Fwd P/E | Weak 2.7% median ROE | Weak 9.1% rev growth | Mixed One-name heavy |
Gas Utilities 15 stocks | 4.1% $94.7B | Neutral -4.9% median 3M | Fair 18.1x median Fwd P/E | Mixed 8.9% median ROE | Average 4.5% rev growth | Mixed Concentrated |
Water Utilities 14 stocks | 2.9% $66.9B | Neutral -0.5% median 3M | Premium 20.8x median Fwd P/E | Mixed 8.5% median ROE | Weak 4.6% rev growth | Mixed One-name heavy |
Utilities 1 stocks | 1.2% $28.01B | Neutral -1.2% median 3M | Premium 22.5x median Fwd P/E | Mixed 9.6% median ROE | Average 5.2% rev growth | Mixed One-name heavy |
Showing 7 of 7 industries in Utilities Sector.
Setup is a quick read of value, quality, growth, momentum, and concentration together.
62.7% OF SECTOR
Electric Utilities
Cheap vs sectorMixed 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 sits below sector norms.
Median 3M return
-3.4%
Forward P/E
16.7x
Top 3 weight
26.6%
Market cap
$1.44T
Coverage
55 stocks
Breadth
19% pos. in 3M
Open filtered screener
18.6% 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
-5.2%
Forward P/E
21.6x
Top 3 weight
86.2%
Market cap
$426.57B
Coverage
24 stocks
Breadth
42% pos. in 3M
Open filtered screener
5.8% OF SECTOR
Diversified Utilities
Fairly pricedWeak 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 metrics trail the sector median, and valuation is close to sector norms. Leadership is extremely concentrated in one or two names.
Median 3M return
+4.1%
Forward P/E
15.9x
Top 3 weight
66.5%
Market cap
$133.01B
Coverage
16 stocks
Breadth
71% pos. in 3M
Open filtered screener
4.6% OF SECTOR
Independent Power
Premium vs sectorWeak 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 metrics trail the sector median, and valuation still carries a premium. Leadership is extremely concentrated in one or two names.
Median 3M return
+4.9%
Forward P/E
16.1x
Top 3 weight
87.2%
Market cap
$106.52B
Coverage
7 stocks
Breadth
57% pos. in 3M
Open filtered screener
4.1% OF SECTOR
Gas Utilities
Fairly pricedMixed qualityNeutralAverage growthConcentrated
Gas Utilities is a smaller 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. Leadership is concentrated in a few names.
Median 3M return
-4.9%
Forward P/E
18.1x
Top 3 weight
61.8%
Market cap
$94.7B
Coverage
15 stocks
Breadth
33% pos. in 3M
Open filtered screener
2.9% 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
-0.5%
Forward P/E
20.8x
Top 3 weight
80.7%
Market cap
$66.9B
Coverage
14 stocks
Breadth
43% pos. in 3M
Open filtered screener
1.2% OF SECTOR
Utilities
Premium vs sectorMixed qualityNeutralAverage growthOne-name heavy
Utilities is a smaller 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 still carries a premium. Leadership is extremely concentrated in one or two names.
Median 3M return
-1.2%
Forward P/E
22.5x
Top 3 weight
100.0%
Market cap
$28.01B
Coverage
1 stocks
Breadth
0% 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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