Top Utilities Stocks by Free Cash Flow
Top utilities companies ranked by free cash flow, latest annual filings.
What Free Cash Flow Means for Utilities Companies
Free cash flow in utilities is shaped by the regulated rate base and the capex programs that expand it. Operating cash flow tends to be unusually predictable because revenues are set by regulators to cover allowed costs plus a return on invested capital. That same regulation, however, pushes capital expenditure high and relatively fixed, which means reported free cash flow is often negative or modest even when the underlying business is performing exactly as expected.
Why It Matters Less in Utilities
For utilities, negative free cash flow is not by itself a warning sign: heavy capex builds the rate base that future earnings are calculated from. The more useful lens is funds from operations against capex, plus the regulatory allowed return. What matters for investors is usually the stability of operating cash generation and the size and approved status of the capex pipeline, both of which shape future earnings and dividend capacity over many years.
What to Read Alongside
Pair free cash flow with Net Income for regulated earnings levels after allowed depreciation, Share Buybacks for any capital returns beyond the steady dividend, and Revenue for the scale of the regulated customer franchise.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | KEP | Korea Electric Power Corporation | Utilities | $3.49B | $14.38B |
| 2 | AEP | American Electric Power Company, Inc. | Utilities | $3.49B | $68.90B |
| 3 | VST | Vistra Corp. | Utilities | $1.32B | $42.51B |
| 4 | CEG | Constellation Energy Corporation | Utilities | $1.29B | $88.56B |
| 5 | ENIC | Enel Chile S.A. | Utilities | $857.39M | $6.00B |
| 6 | NRG | NRG Energy, Inc. | Utilities | $766.00M | $18.56B |
| 7 | CIG | Companhia Energética de Minas Gerais - CEMIG | Utilities | $616.76M | $5.32B |
| 8 | TLN | Talen Energy Corporation | Utilities | $606.00M | $14.73B |
| 9 | UGI | UGI Corporation | Utilities | $390.00M | $7.94B |
| 10 | CWEN | Clearway Energy, Inc. | Utilities | $369.00M | $7.00B |
| 11 | TAC | TransAlta Corporation | Utilities | $289.53M | $4.12B |
| 12 | KEN | Kenon Holdings Ltd. | Utilities | $167.39M | $2.99B |
| 13 | SPH | Suburban Propane Partners, L.P. | Utilities | $114.30M | $1.15B |
| 14 | OGE | OGE Energy Corp. | Utilities | $82.70M | $10.47B |
| 15 | CEPU | Central Puerto S.A. | Utilities | $79.34M | $1.49B |
| 16 | HE | Hawaiian Electric Industries, Inc. | Utilities | $49.87M | $1.46B |
| 17 | PEG | Public Service Enterprise Group Incorporated | Utilities | $26.00M | $36.20B |
| 18 | BIPC | Brookfield Infrastructure Corporation | Utilities | $2.00M | $4.88B |
No companies match this search.
How this ranking is built
Companies are ranked by free cash flow 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.
- Market cap: stated at each company's latest close, which is newer than the annual figure ranked here.
- 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.
Frequently asked questions
Why do many utilities show low or negative free cash flow?
Regulated utilities invest heavily in generation, transmission, and distribution infrastructure that becomes part of the rate base on which regulators allow a return. Those capital expenditures typically exceed operating cash flow during major build-out phases, producing negative free cash flow that is financed through debt issuance and sometimes equity. In this sector, the negative figure is a sign of active investment in the earnings base rather than weakness. Regulators approve the spending as prudent, and the utility recovers it through future rates.
How do regulators shape utility cash flow?
Regulators set the rates utilities can charge customers, based on allowed operating costs, depreciation, and a return on rate base capital. This structure produces relatively predictable operating cash flow but also limits upside when demand or commodity costs move favorably. Fuel and purchased power costs are typically passed through to customers, which insulates operating cash from commodity swings. The trade-off is a cash flow profile that is steadier than most sectors but has less room to outperform when conditions are favorable.