Top Utilities Stocks by Net Margin
Top utilities companies ranked by net margin, latest annual filings.
What Net Margin Means for Utilities Companies
Net margin in utilities is shaped more by regulatory framework than by market pricing. Regulated electric, gas, and water utilities recover prudent operating and fuel costs through rates set by public commissions and earn an authorized return on the invested rate base. That structure produces net margins that tend to cluster in a relatively narrow and predictable band compared with most sectors, punctuated by occasional items tied to weather, storm costs, or regulatory-lag recoveries.
Why It Matters Less in Utilities
A utility's net margin is a secondary output of a system optimized around rate-base growth and authorized return on equity, not a primary competitive signal. Still, variation across utilities can reflect genuine execution quality or differences in service territory economics. It is worth noting that weather normalization, storm-recovery timing, and allowed-return filings can move utility net margin meaningfully in specific years without reflecting any structural change in the business.
What to Read Alongside
Pair net margin with Revenue to see rate-base scale, Operating Margin for the pre-interest view, and Return on Equity because authorized ROE is the metric the entire regulatory framework is actually designed to deliver.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | NEE | NextEra Energy, Inc. | Utilities | 26.49% | $166.11B |
| 2 | ATO | Atmos Energy Corporation | Utilities | 25.49% | $26.75B |
| 3 | NJR | New Jersey Resources Corporation | Utilities | 24.84% | $5.37B |
| 4 | EIX | Edison International | Utilities | 23.08% | $21.15B |
| 5 | AWK | American Water Works Company, Inc. | Utilities | 21.69% | $26.62B |
| 6 | WTRG | Essential Utilities, Inc. | Utilities | 21.69% | $11.49B |
| 7 | BIPC | Brookfield Infrastructure Corporation | Utilities | 19.08% | $4.45B |
| 8 | LNT | Alliant Energy Corporation | Utilities | 18.57% | $16.85B |
| 9 | IDA | IDACORP, Inc. | Utilities | 18.52% | $7.55B |
| 10 | D | Dominion Energy, Inc. | Utilities | 18.16% | $55.25B |
| 11 | PEG | Public Service Enterprise Group Incorporated | Utilities | 17.35% | $34.55B |
| 12 | AEP | American Electric Power Company, Inc. | Utilities | 16.90% | $65.34B |
| 13 | AEE | Ameren Corporation | Utilities | 16.60% | $28.19B |
| 14 | WEC | WEC Energy Group, Inc. | Utilities | 15.87% | $33.72B |
| 15 | DUK | Duke Energy Corporation | Utilities | 15.65% | $91.02B |
| 16 | SO | The Southern Company | Utilities | 14.69% | $98.31B |
| 17 | OGE | OGE Energy Corp. | Utilities | 14.44% | $9.31B |
| 18 | EVRG | Evergy, Inc. | Utilities | 14.35% | $18.27B |
| 19 | NI | NiSource Inc. | Utilities | 14.25% | $19.43B |
| 20 | ETR | Entergy Corporation | Utilities | 13.70% | $48.53B |
| 21 | SRE | Sempra | Utilities | 13.41% | $53.10B |
| 22 | PPL | PPL Corporation | Utilities | 13.06% | $24.87B |
| 23 | ENIC | Enel Chile S.A. | Utilities | 12.97% | $5.96B |
| 24 | BKH | Black Hills Corporation | Utilities | 12.62% | $5.49B |
| 25 | ES | Eversource Energy | Utilities | 12.55% | $25.20B |
| 26 | CMS | CMS Energy Corporation | Utilities | 12.54% | $20.29B |
| 27 | CWEN | Clearway Energy, Inc. | Utilities | 11.83% | $6.34B |
| 28 | PNW | Pinnacle West Capital Corporation | Utilities | 11.83% | $11.31B |
| 29 | ALE | ALLETE, Inc. | Utilities | 11.72% | $3.94B |
| 30 | EXC | Exelon Corporation | Utilities | 11.41% | $43.25B |
| 31 | CNP | CenterPoint Energy, Inc. | Utilities | 11.24% | $25.02B |
| 32 | NWE | NorthWestern Energy Group, Inc. | Utilities | 11.24% | $4.30B |
| 33 | BEP | Brookfield Renewable Partners L.P. | Utilities | 11.11% | $8.92B |
| 34 | SR | Spire Inc. | Utilities | 10.97% | $4.71B |
| 35 | BIP | Brookfield Infrastructure Partners L.P. | Utilities | 10.96% | $16.49B |
| 36 | MDU | MDU Resources Group, Inc. | Utilities | 10.15% | $3.90B |
| 37 | AVA | Avista Corporation | Utilities | 9.83% | $3.02B |
| 38 | UGI | UGI Corporation | Utilities | 9.30% | $7.99B |
| 39 | CEG | Constellation Energy Corporation | Utilities | 9.08% | $92.87B |
| 40 | NWN | Northwest Natural Holding Company | Utilities | 8.79% | $2.02B |
| 41 | POR | Portland General Electric Company | Utilities | 8.56% | $5.54B |
| 42 | TXNM | TXNM Energy, Inc. | Utilities | 7.84% | $6.45B |
| 43 | AES | The AES Corporation | Utilities | 7.44% | $10.58B |
| 44 | SPH | Suburban Propane Partners, L.P. | Utilities | 7.44% | $1.13B |
| 45 | AQN | Algonquin Power & Utilities Corp. | Utilities | 7.43% | $4.03B |
| 46 | FE | FirstEnergy Corp. | Utilities | 6.76% | $26.19B |
| 47 | VST | Vistra Corp. | Utilities | 5.32% | $47.25B |
| 48 | RNW | ReNew Energy Global Plc | Utilities | 4.75% | $2.49B |
| 49 | HE | Hawaiian Electric Industries, Inc. | Utilities | 3.99% | $1.65B |
| 50 | NRG | NRG Energy, Inc. | Utilities | 2.81% | $21.71B |
| 51 | CTRI | Centuri Holdings, Inc. | Utilities | 0.75% | $2.05B |
| 52 | ED | Consolidated Edison, Inc. | Utilities | 0.01% | $38.41B |
No companies match this search.
How this ranking is built
Companies are ranked by net margin 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 $1 billion in annual revenue or above, so a small filer with a freak ratio cannot top the list.
- Value range: Only figures above 0% and up to 100% qualify.
- 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.