Sector · Electric & Other Services Combined

What diversified utilities are worth

12 listed diversified utilities, compared on the measures that survive a look at the balance sheet. Every figure is built from filed accounts.

01

Where the sector trades

The median diversified utilitie trades on 12.9× EBITDA, across the 10 of 12 companies where EBITDA could be computed from filings. Median operating margin is 23.0%.

Median valuation measures for Diversified utilities
MeasureSector medianCompanies measured
EV / EBITDA*12.9×10 of 12
EV / Sales*5.6×12 of 12
Net debt / EBITDA5.6×10 of 12
Return on capital6.0%12 of 12
Operating margin23.0%12 of 12
Free cash flow margin−6.8%12 of 12
02

All diversified utilities we cover

12 diversified utilities compared on valuation measures
CompanyEV / EBITDAEV / SalesOperating marginFree cash flow marginReturn on capital
AEEAMEREN CORP13.8×5.7×23.0%−8.8%5.9%
CMSCMS ENERGY CORP13.3×4.9×20.8%−1.7%6.0%
DUKDuke Energy CORP11.0×5.7×27.2%−5.3%6.1%
EDCONSOLIDATED EDISON INC12.5×3.9×17.2%2.0%5.7%
EVRGEvergy, Inc.12.0×5.7×26.9%−13.2%6.5%
EXCEXELON CORP10.7×3.9×21.2%−9.4%6.5%
LNTALLIANT ENERGY CORP15.3×6.6×23.5%−7.2%5.6%
NINISOURCE INC.12.2×5.6×28.1%−6.4%7.0%
PCGPG&E Corp—4.1×19.0%−12.3%4.9%
PEGPUBLIC SERVICE ENTERPRISE GROUP INC—5.0×24.5%0.2%7.1%
WECWEC ENERGY GROUP, INC.14.9×5.7×22.9%7.0%6.4%
XELXCEL ENERGY INC14.9×7.2×22.4%−59.2%4.2%

* EV/EBITDA and EV/Sales move with share prices; these are a snapshot taken 2026-09-09. Margins and return on capital come from filed accounts and hold until the next reporting season. A dash means the measure could not be computed — most often because EBITDA was negative, or because enterprise value is not a meaningful concept for the company. Each company page says which.

03

Head to head

27 pairs from this sector compared side by side, with the sector median beside them.

DUK vs XELDUK vs EXCDUK vs EDDUK vs PCGEXC vs XELED vs XELPCG vs XELED vs EXCEXC vs PCGED vs PCGED vs PEGPCG vs PEGPCG vs WECPEG vs WECAEE vs PEGAEE vs WECCMS vs WECAEE vs CMSAEE vs NICMS vs NICMS vs EVRGEVRG vs NILNT vs NIEVRG vs LNTAEE vs EVRGCMS vs LNTAEE vs LNT
04

How to read these

EV/EBITDA compares the whole cost of the business — equity plus debt, less cash — to its operating cash earnings. It is the multiple an acquirer thinks in, and unlike a P/E it is not distorted by how much debt a company carries.

Operating and free cash flow margins need no share price at all, so they are the fairest way to compare companies within a sector on the same day. A wide gap between the two usually means heavy capital spending.

Return on capital is operating income over debt plus equity. It says how much the business earns on the money tied up in it, which is a different question from whether the shares are cheap.

None of these is a recommendation, and a low multiple is not the same thing as a bargain — see the disclaimer. The company pages show the arithmetic and link to the filing behind every term.