Most Indebted Utilities Stocks
Top utilities companies ranked by long-term debt, latest annual filings.
Most Indebted Utilities Companies: What Long-Term Debt Tells You
Long-term debt in utilities is a core feature of the business model, not a warning signal. Regulated utilities typically fund their rate base with a mix of debt and equity approved by regulators, and that rate base earns an allowed return on the full capital invested. The largest absolute debt balances in the market often sit with integrated utilities, and those figures reflect decades of regulator-approved capital investment in generation, transmission, and distribution networks.
Why Debt Isn't Always a Red Flag in Utilities
Regulators explicitly assume a target capital structure when setting rates, and investment-grade debt access is essential to the utility model. Still, not all debt is earning a regulated return: holding-company debt at a utility parent sits outside the rate base, and debt-funded acquisitions or non-regulated ventures can sit above or below the regulated utility in structure. Reading debt by subsidiary and regulatory status tells a cleaner story than the consolidated total.
What to Read Alongside
Pair long-term debt with Free Cash Flow to see residual cash after rate base capex, EBITDA for leverage ratios relative to regulated earnings, and Cash & Equivalents for net-debt context after available liquidity.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | NEE | NextEra Energy, Inc. | Utilities | $89.56B | $160.66B |
| 2 | DUK | Duke Energy Corporation | Utilities | $80.11B | $89.02B |
| 3 | SO | The Southern Company | Utilities | $65.65B | $96.02B |
| 4 | PCG | PG&E Corporation | Utilities | $57.39B | $37.26B |
| 5 | EXC | Exelon Corporation | Utilities | $47.41B | $41.92B |
| 6 | AEP | American Electric Power Company, Inc. | Utilities | $44.13B | $64.46B |
| 7 | D | Dominion Energy, Inc. | Utilities | $44.08B | $53.80B |
| 8 | EIX | Edison International | Utilities | $36.07B | $20.59B |
| 9 | XEL | Xcel Energy Inc. | Utilities | $31.83B | $44.14B |
| 10 | SRE | Sempra | Utilities | $28.98B | $51.66B |
| 11 | ETR | Entergy Corporation | Utilities | $27.90B | $47.41B |
| 12 | ES | Eversource Energy | Utilities | $26.87B | $24.45B |
| 13 | ED | Consolidated Edison, Inc. | Utilities | $25.55B | $37.95B |
| 14 | FE | FirstEnergy Corp. | Utilities | $25.51B | $25.26B |
| 15 | DTE | DTE Energy Company | Utilities | $23.79B | $25.57B |
| 16 | PEG | Public Service Enterprise Group Incorporated | Utilities | $21.67B | $33.55B |
| 17 | CNP | CenterPoint Energy, Inc. | Utilities | $20.57B | $24.48B |
| 18 | WEC | WEC Energy Group, Inc. | Utilities | $18.50B | $32.97B |
| 19 | AEE | Ameren Corporation | Utilities | $18.21B | $27.61B |
| 20 | PPL | PPL Corporation | Utilities | $17.99B | $24.27B |
| 21 | CMS | CMS Energy Corporation | Utilities | $17.81B | $19.80B |
| 22 | NRG | NRG Energy, Inc. | Utilities | $16.41B | $21.17B |
| 23 | VST | Vistra Corp. | Utilities | $15.84B | $46.31B |
| 24 | NI | NiSource Inc. | Utilities | $15.46B | $18.82B |
| 25 | EVRG | Evergy, Inc. | Utilities | $13.04B | $18.08B |
| 26 | AWK | American Water Works Company, Inc. | Utilities | $12.78B | $26.44B |
| 27 | LNT | Alliant Energy Corporation | Utilities | $10.95B | $16.51B |
| 28 | PNW | Pinnacle West Capital Corporation | Utilities | $9.21B | $11.16B |
| 29 | ATO | Atmos Energy Corporation | Utilities | $8.91B | $26.40B |
| 30 | WTRG | Essential Utilities, Inc. | Utilities | $8.11B | $11.40B |
| 31 | CWEN | Clearway Energy, Inc. | Utilities | $7.90B | $6.18B |
| 32 | CEG | Constellation Energy Corporation | Utilities | $7.25B | $93.49B |
| 33 | TLN | Talen Energy Corporation | Utilities | $6.78B | $14.39B |
| 34 | UGI | UGI Corporation | Utilities | $6.53B | $7.85B |
| 35 | AQN | Algonquin Power & Utilities Corp. | Utilities | $6.17B | $3.90B |
| 36 | XIFR | XPLR Infrastructure, LP | Utilities | $5.44B | $1.01B |
| 37 | OGE | OGE Energy Corp. | Utilities | $5.37B | $9.24B |
| 38 | TXNM | TXNM Energy, Inc. | Utilities | $5.12B | $6.42B |
| 39 | BKH | Black Hills Corporation | Utilities | $4.70B | $5.38B |
| 40 | POR | Portland General Electric Company | Utilities | $4.66B | $5.52B |
| 41 | BIP | Brookfield Infrastructure Partners L.P. | Utilities | $3.97B | $16.21B |
| 42 | SWX | Southwest Gas Holdings, Inc. | Utilities | $3.43B | $5.97B |
| 43 | SR | Spire Inc. | Utilities | $3.37B | $4.57B |
| 44 | IDA | IDACORP, Inc. | Utilities | $3.33B | $7.44B |
| 45 | NJR | New Jersey Resources Corporation | Utilities | $3.25B | $5.30B |
| 46 | NWE | NorthWestern Energy Group, Inc. | Utilities | $3.18B | $4.23B |
| 47 | ORA | Ormat Technologies, Inc. | Utilities | $2.66B | $5.89B |
| 48 | MDU | MDU Resources Group, Inc. | Utilities | $2.53B | $3.87B |
| 49 | OGS | ONE Gas, Inc. | Utilities | $2.36B | $4.54B |
| 50 | HE | Hawaiian Electric Industries, Inc. | Utilities | $2.29B | $1.60B |
| 51 | NWN | Northwest Natural Holding Company | Utilities | $2.27B | $1.99B |
| 52 | HTO | H2O America | Utilities | $1.87B | $2.60B |
| 53 | ALE | ALLETE, Inc. | Utilities | $1.70B | $3.94B |
| 54 | CWT | California Water Service Group | Utilities | $1.47B | $2.85B |
| 55 | CPK | Chesapeake Utilities Corporation | Utilities | $1.33B | $3.13B |
| 56 | SPH | Suburban Propane Partners, L.P. | Utilities | $1.21B | $1.11B |
| 57 | MGEE | MGE Energy, Inc. | Utilities | $0.79B | $2.68B |
| 58 | AWR | American States Water Company | Utilities | $0.78B | $3.30B |
| 59 | CTRI | Centuri Holdings, Inc. | Utilities | $0.71B | $2.04B |
| 60 | UTL | Unitil Corporation | Utilities | $0.63B | $0.93B |
| 61 | MWH | SOLV Energy, Inc. | Utilities | $0.39B | $5.15B |
| 62 | MSEX | Middlesex Water Company | Utilities | $0.38B | $1.01B |
| 63 | ENIC | Enel Chile S.A. | Utilities | $0.37B | $6.00B |
| 64 | ENLT | Enlight Renewable Energy Ltd | Utilities | $0.23B | $10.14B |
| 65 | YORW | The York Water Company | Utilities | $0.22B | $0.50B |
| 66 | RNW | ReNew Energy Global Plc | Utilities | $0.10B | $2.49B |
| 67 | NRGV | Energy Vault Holdings, Inc. | Utilities | $0.04B | $0.81B |
| 68 | HNRG | Hallador Energy Company | Utilities | $0.03B | $0.68B |
| 69 | KEN | Kenon Holdings Ltd. | Utilities | $0.01B | $3.42B |
No companies match this search.
How this ranking is built
Companies are ranked by long-term debt as reported in their most recent annual filing with the SEC. Figures shown are in US dollars (or percent, as noted), rounded to two decimals.
- Source: annual 10-K / 20-F filings from companies trading on US exchanges (NYSE, Nasdaq, AMEX).
- Fiscal year: whichever annual period the company has most recently filed. Fiscal years don't always align with the calendar year, so the "as of FY" stamp above reflects the most common year across the table.
- Filtered out: warrants, preferred shares, and duplicate listings that share a parent company's financials.
- Size floor: A company qualifies at $500 million in market cap or above. Below that, one mis-stated figure outranks the companies the list is about.
- Currency check: A company whose annual revenue runs above 15 times its market cap is left out, because at that gap the two figures are not in the same currency.
- Currency check: A company whose balance sheet runs above 150 times its market cap is left out for the same reason.
- Update cadence: refreshed as companies file new annual reports (typically within 60–90 days of fiscal year end).
Not financial advice. This is a research tool, not a recommendation.