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](/financials/top-net-income-stocks/utilities/) for regulated earnings levels after allowed depreciation, [Share Buybacks](/financials/top-share-buyback-stocks/utilities/) for any capital returns beyond the steady dividend, and [Revenue](/financials/top-revenue-stocks/utilities/) for the scale of the regulated customer franchise.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | AEP | American Electric Power Company, Inc. | Utilities | $3.49B | $69.48B |
| 2 | VST | Vistra Corp. | Utilities | $1.32B | $55.21B |
| 3 | CEG | Constellation Energy Corporation | Utilities | $1.29B | $97.87B |
| 4 | ENIC | Enel Chile S.A. | Utilities | $0.86B | $6.32B |
| 5 | NRG | NRG Energy, Inc. | Utilities | $0.77B | $28.50B |
| 6 | TLN | Talen Energy Corporation | Utilities | $0.61B | $20.85B |
| 7 | UGI | UGI Corporation | Utilities | $0.39B | $7.25B |
| 8 | CWEN | Clearway Energy, Inc. | Utilities | $0.37B | $5.83B |
| 9 | KEN | Kenon Holdings Ltd. | Utilities | $0.17B | $3.57B |
| 10 | SPH | Suburban Propane Partners, L.P. | Utilities | $0.11B | $1.10B |
| 11 | ALE | ALLETE, Inc. | Utilities | $0.10B | $3.94B |
| 12 | OGE | OGE Energy Corp. | Utilities | $0.08B | $9.76B |
| 13 | HE | Hawaiian Electric Industries, Inc. | Utilities | $0.05B | $2.25B |
| 14 | PEG | Public Service Enterprise Group Incorporated | Utilities | $0.03B | $39.81B |
| 15 | HNRG | Hallador Energy Company | Utilities | $0.01B | $0.92B |
| 16 | BIPC | Brookfield Infrastructure Corporation | Utilities | $0.00B | $4.87B |
| 17 | AWR | American States Water Company | Utilities | $-0.01B | $3.02B |
| 18 | CTRI | Centuri Holdings, Inc. | Utilities | $-0.01B | $3.00B |
| 19 | IMSR | Terrestrial Energy Inc. | Utilities | $-0.02B | $0.90B |
| 20 | DGXX | Digi Power X Inc. | Utilities | $-0.04B | $0.61B |
| 21 | ES | Eversource Energy | Utilities | $-0.05B | $26.17B |
| 22 | NRGV | Energy Vault Holdings, Inc. | Utilities | $-0.05B | $0.73B |
| 23 | BIP | Brookfield Infrastructure Partners L.P. | Utilities | $-0.05B | $17.28B |
| 24 | UTL | Unitil Corporation | Utilities | $-0.05B | $0.92B |
| 25 | POR | Portland General Electric Company | Utilities | $-0.07B | $5.81B |
| 26 | MGEE | MGE Energy, Inc. | Utilities | $-0.08B | $2.87B |
| 27 | AVA | Avista Corporation | Utilities | $-0.10B | $3.29B |
| 28 | OKLO | Oklo Inc. | Utilities | $-0.12B | $10.64B |
| 29 | OGS | ONE Gas, Inc. | Utilities | $-0.13B | $4.82B |
| 30 | NWE | NorthWestern Energy Group, Inc. | Utilities | $-0.13B | $4.30B |
| 31 | BKH | Black Hills Corporation | Utilities | $-0.15B | $5.54B |
| 32 | FLNC | Fluence Energy, Inc. | Utilities | $-0.16B | $3.29B |
| 33 | AQN | Algonquin Power & Utilities Corp. | Utilities | $-0.18B | $4.53B |
| 34 | NWN | Northwest Natural Holding Company | Utilities | $-0.20B | $2.06B |
| 35 | CPK | Chesapeake Utilities Corporation | Utilities | $-0.21B | $2.89B |
| 36 | XIFR | XPLR Infrastructure, LP | Utilities | $-0.22B | $1.11B |
| 37 | SWX | Southwest Gas Holdings, Inc. | Utilities | $-0.25B | $6.40B |
| 38 | ORA | Ormat Technologies, Inc. | Utilities | $-0.28B | $7.85B |
| 39 | MDU | MDU Resources Group, Inc. | Utilities | $-0.30B | $4.45B |
| 40 | SR | Spire Inc. | Utilities | $-0.34B | $4.55B |
| 41 | NI | NiSource Inc. | Utilities | $-0.42B | $22.66B |
| 42 | IDA | IDACORP, Inc. | Utilities | $-0.58B | $7.89B |
| 43 | TXNM | TXNM Energy, Inc. | Utilities | $-0.61B | $6.32B |
| 44 | BEPC | Brookfield Renewable Corporation | Utilities | $-0.64B | $6.82B |
| 45 | EIX | Edison International | Utilities | $-0.71B | $27.66B |
| 46 | EVRG | Evergy, Inc. | Utilities | $-0.75B | $19.02B |
| 47 | AEE | Ameren Corporation | Utilities | $-0.78B | $30.07B |
| 48 | PNW | Pinnacle West Capital Corporation | Utilities | $-0.82B | $12.40B |
| 49 | FE | FirstEnergy Corp. | Utilities | $-1.00B | $26.87B |
| 50 | AWK | American Water Works Company, Inc. | Utilities | $-1.07B | $24.42B |
| 51 | WTRG | Essential Utilities, Inc. | Utilities | $-1.07B | $10.41B |
| 52 | PPL | PPL Corporation | Utilities | $-1.40B | $26.62B |
| 53 | ATO | Atmos Energy Corporation | Utilities | $-1.51B | $28.39B |
| 54 | ENLT | Enlight Renewable Energy Ltd | Utilities | $-1.53B | $12.08B |
| 55 | AES | The AES Corporation | Utilities | $-1.62B | $10.43B |
| 56 | DUK | Duke Energy Corporation | Utilities | $-1.69B | $96.56B |
| 57 | EXC | Exelon Corporation | Utilities | $-2.27B | $46.87B |
| 58 | CNP | CenterPoint Energy, Inc. | Utilities | $-2.38B | $28.01B |
| 59 | ETR | Entergy Corporation | Utilities | $-2.53B | $50.88B |
| 60 | SO | The Southern Company | Utilities | $-2.94B | $104.94B |
| 61 | PCG | PG&E Corporation | Utilities | $-3.07B | $36.29B |
| 62 | BEP | Brookfield Renewable Partners L.P. | Utilities | $-5.44B | $10.69B |
| 63 | SRE | Sempra | Utilities | $-6.05B | $59.28B |
| 64 | XEL | Xcel Energy Inc. | Utilities | $-6.83B | $48.32B |
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.
- 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.