Top Utilities Stocks by EBITDA
Top utilities companies ranked by EBITDA, latest annual filings.
What EBITDA Means for Utilities Companies
EBITDA captures earnings before interest, taxes, depreciation, and amortization, isolating operating profit from financing and accounting allocations. In utilities the metric sits alongside regulated concepts like rate base and authorized return, because utility earnings are designed around recovering large invested capital over long depreciation schedules. EBITDA strips that schedule out to expose the cash operating profile of generation, transmission, distribution, gas, and water assets across the regulated and independent-power corners of the sector.
Why It Matters Less in Utilities
Utilities are defined by recovering capital over decades through regulated rates, and the depreciation EBITDA ignores is specifically what those rates are designed to compensate. Ignoring it can paint an incomplete picture of the business model. EBITDA is less meaningful than for unregulated peers because utility economics revolve around capex programs, allowed returns, and tightly managed debt levels, all of which the metric understates or sets aside by construction.
What to Read Alongside
Pair EBITDA with Capex to see the scale of rate-base investment, Free Cash Flow for what remains after that spending, and Debt since utility balance sheets typically carry substantial leverage by design.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | DUK | Duke Energy Corporation | Utilities | $16.33B | $90.69B |
| 2 | NEE | NextEra Energy, Inc. | Utilities | $14.86B | $165.33B |
| 3 | SO | The Southern Company | Utilities | $13.31B | $97.95B |
| 4 | EIX | Edison International | Utilities | $10.33B | $21.18B |
| 5 | EXC | Exelon Corporation | Utilities | $8.79B | $43.06B |
| 6 | AEP | American Electric Power Company, Inc. | Utilities | $8.64B | $65.47B |
| 7 | D | Dominion Energy, Inc. | Utilities | $6.80B | $54.91B |
| 8 | CEG | Constellation Energy Corporation | Utilities | $5.69B | $93.35B |
| 9 | XEL | Xcel Energy Inc. | Utilities | $5.55B | $45.01B |
| 10 | ETR | Entergy Corporation | Utilities | $5.51B | $48.33B |
| 11 | ES | Eversource Energy | Utilities | $5.39B | $25.00B |
| 12 | ED | Consolidated Edison, Inc. | Utilities | $5.26B | $38.40B |
| 13 | DTE | DTE Energy Company | Utilities | $4.21B | $26.10B |
| 14 | VST | Vistra Corp. | Utilities | $3.89B | $47.13B |
| 15 | FE | FirstEnergy Corp. | Utilities | $3.87B | $25.88B |
| 16 | WEC | WEC Energy Group, Inc. | Utilities | $3.72B | $33.51B |
| 17 | CNP | CenterPoint Energy, Inc. | Utilities | $3.64B | $24.93B |
| 18 | AEE | Ameren Corporation | Utilities | $3.64B | $28.14B |
| 19 | PPL | PPL Corporation | Utilities | $3.44B | $24.74B |
| 20 | NRG | NRG Energy, Inc. | Utilities | $3.25B | $21.60B |
| 21 | CMS | CMS Energy Corporation | Utilities | $3.03B | $20.15B |
| 22 | NI | NiSource Inc. | Utilities | $3.00B | $19.12B |
| 23 | AWK | American Water Works Company, Inc. | Utilities | $2.77B | $26.59B |
| 24 | WTRG | Essential Utilities, Inc. | Utilities | $2.77B | $11.46B |
| 25 | EVRG | Evergy, Inc. | Utilities | $2.70B | $18.28B |
| 26 | ATO | Atmos Energy Corporation | Utilities | $2.29B | $26.59B |
| 27 | PNW | Pinnacle West Capital Corporation | Utilities | $2.04B | $11.29B |
| 28 | LNT | Alliant Energy Corporation | Utilities | $1.87B | $16.75B |
| 29 | UGI | UGI Corporation | Utilities | $1.67B | $7.90B |
| 30 | OGE | OGE Energy Corp. | Utilities | $1.36B | $9.32B |
| 31 | POR | Portland General Electric Company | Utilities | $1.13B | $5.57B |
| 32 | TXNM | TXNM Energy, Inc. | Utilities | $0.92B | $6.46B |
| 33 | AQN | Algonquin Power & Utilities Corp. | Utilities | $0.91B | $4.01B |
| 34 | CWEN | Clearway Energy, Inc. | Utilities | $0.84B | $6.29B |
| 35 | SR | Spire Inc. | Utilities | $0.82B | $4.64B |
| 36 | BKH | Black Hills Corporation | Utilities | $0.82B | $5.47B |
| 37 | SWX | Southwest Gas Holdings, Inc. | Utilities | $0.80B | $6.05B |
| 38 | NJR | New Jersey Resources Corporation | Utilities | $0.70B | $5.35B |
| 39 | AVA | Avista Corporation | Utilities | $0.64B | $3.02B |
| 40 | IDA | IDACORP, Inc. | Utilities | $0.61B | $7.54B |
| 41 | NWE | NorthWestern Energy Group, Inc. | Utilities | $0.58B | $4.30B |
| 42 | HE | Hawaiian Electric Industries, Inc. | Utilities | $0.53B | $1.67B |
| 43 | MDU | MDU Resources Group, Inc. | Utilities | $0.50B | $3.90B |
| 44 | ORA | Ormat Technologies, Inc. | Utilities | $0.46B | $5.98B |
| 45 | NWN | Northwest Natural Holding Company | Utilities | $0.45B | $2.01B |
| 46 | XIFR | XPLR Infrastructure, LP | Utilities | $0.44B | $1.02B |
| 47 | ALE | ALLETE, Inc. | Utilities | $0.43B | $3.94B |
| 48 | CPK | Chesapeake Utilities Corporation | Utilities | $0.35B | $3.18B |
| 49 | CWT | California Water Service Group | Utilities | $0.32B | $2.92B |
| 50 | HTO | H2O America | Utilities | $0.30B | $2.63B |
| 51 | SPH | Suburban Propane Partners, L.P. | Utilities | $0.28B | $1.12B |
| 52 | AWR | American States Water Company | Utilities | $0.25B | $3.34B |
| 53 | CTRI | Centuri Holdings, Inc. | Utilities | $0.24B | $2.02B |
| 54 | TLN | Talen Energy Corporation | Utilities | $0.19B | $14.11B |
| 55 | HNRG | Hallador Energy Company | Utilities | $0.10B | $0.71B |
| 56 | MSEX | Middlesex Water Company | Utilities | $0.09B | $1.03B |
| 57 | YORW | The York Water Company | Utilities | $0.04B | $0.51B |
No companies match this search.
How this ranking is built
Companies are ranked by EBITDA 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.