Top Utilities Stocks by Return on Equity
Top utilities companies ranked by return on equity, latest annual filings.
What Return on Equity Means for Utilities Companies
Return on Equity divides net income by shareholder equity. In utilities, the ratio takes on a distinctive character because regulators explicitly authorize a target Return on Equity on rate base as part of the rate-setting process. The authorized figure effectively sets a ceiling, and outperformance against it typically reflects operating efficiency gains the firm can retain within an incentive-based rate design.
Why It Matters in Utilities
Because regulators set the authorized Return on Equity, the metric is less about outsized capital efficiency and more about consistency and execution against a known target. A utility earning close to or modestly above authorized Return on Equity signals disciplined operations, while persistent underperformance below authorized levels often signals cost pressure, regulatory disallowances, or weather-related earnings drag that compresses actual returns below the regulated target.
What to Read Alongside
Pair Return on Equity with Net Income to track the earnings trend against the authorized target, Long-term Debt to frame the regulated capital structure, and CapEx to see the rate base investment program driving future earnings.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | NRG | NRG Energy, Inc. | Utilities | 51.40% | $21.60B |
| 2 | BIPC | Brookfield Infrastructure Corporation | Utilities | 34.91% | $4.43B |
| 3 | EIX | Edison International | Utilities | 25.37% | $21.18B |
| 4 | AES | The AES Corporation | Utilities | 22.40% | $10.57B |
| 5 | VST | Vistra Corp. | Utilities | 18.52% | $47.13B |
| 6 | SPH | Suburban Propane Partners, L.P. | Utilities | 17.80% | $1.12B |
| 7 | WTRG | Essential Utilities, Inc. | Utilities | 16.20% | $11.46B |
| 8 | CEG | Constellation Energy Corporation | Utilities | 15.97% | $93.35B |
| 9 | UGI | UGI Corporation | Utilities | 14.19% | $7.90B |
| 10 | NJR | New Jersey Resources Corporation | Utilities | 14.03% | $5.35B |
| 11 | NEE | NextEra Energy, Inc. | Utilities | 12.52% | $165.33B |
| 12 | PEG | Public Service Enterprise Group Incorporated | Utilities | 12.43% | $34.45B |
| 13 | SO | The Southern Company | Utilities | 12.05% | $97.95B |
| 14 | AEP | American Electric Power Company, Inc. | Utilities | 11.87% | $65.47B |
| 15 | CMS | CMS Energy Corporation | Utilities | 11.71% | $20.15B |
| 16 | WEC | WEC Energy Group, Inc. | Utilities | 11.07% | $33.51B |
| 17 | LNT | Alliant Energy Corporation | Utilities | 11.04% | $16.75B |
| 18 | AEE | Ameren Corporation | Utilities | 10.90% | $28.14B |
| 19 | ENIC | Enel Chile S.A. | Utilities | 10.54% | $6.11B |
| 20 | ES | Eversource Energy | Utilities | 10.49% | $25.00B |
| 21 | ETR | Entergy Corporation | Utilities | 10.48% | $48.33B |
| 22 | D | Dominion Energy, Inc. | Utilities | 10.31% | $54.91B |
| 23 | AWK | American Water Works Company, Inc. | Utilities | 10.25% | $26.59B |
| 24 | NI | NiSource Inc. | Utilities | 9.84% | $19.12B |
| 25 | EXC | Exelon Corporation | Utilities | 9.61% | $43.06B |
| 26 | DUK | Duke Energy Corporation | Utilities | 9.58% | $90.69B |
| 27 | OGE | OGE Energy Corp. | Utilities | 9.46% | $9.32B |
| 28 | CNP | CenterPoint Energy, Inc. | Utilities | 9.43% | $24.93B |
| 29 | PNW | Pinnacle West Capital Corporation | Utilities | 8.96% | $11.29B |
| 30 | ATO | Atmos Energy Corporation | Utilities | 8.84% | $26.59B |
| 31 | EVRG | Evergy, Inc. | Utilities | 8.37% | $18.28B |
| 32 | FE | FirstEnergy Corp. | Utilities | 8.15% | $25.88B |
| 33 | SR | Spire Inc. | Utilities | 8.02% | $4.64B |
| 34 | PPL | PPL Corporation | Utilities | 7.94% | $24.74B |
| 35 | NWN | Northwest Natural Holding Company | Utilities | 7.68% | $2.01B |
| 36 | HE | Hawaiian Electric Industries, Inc. | Utilities | 7.67% | $1.67B |
| 37 | BKH | Black Hills Corporation | Utilities | 7.63% | $5.47B |
| 38 | POR | Portland General Electric Company | Utilities | 7.40% | $5.57B |
| 39 | AVA | Avista Corporation | Utilities | 7.12% | $3.02B |
| 40 | BIP | Brookfield Infrastructure Partners L.P. | Utilities | 7.12% | $16.46B |
| 41 | MDU | MDU Resources Group, Inc. | Utilities | 6.87% | $3.90B |
| 42 | ALE | ALLETE, Inc. | Utilities | 6.30% | $3.94B |
| 43 | NWE | NorthWestern Energy Group, Inc. | Utilities | 6.28% | $4.30B |
| 44 | SRE | Sempra | Utilities | 5.81% | $52.95B |
| 45 | TXNM | TXNM Energy, Inc. | Utilities | 4.99% | $6.46B |
| 46 | AQN | Algonquin Power & Utilities Corp. | Utilities | 3.90% | $4.01B |
| 47 | RNW | ReNew Energy Global Plc | Utilities | 3.52% | $2.49B |
| 48 | CWEN | Clearway Energy, Inc. | Utilities | 2.91% | $6.29B |
| 49 | CTRI | Centuri Holdings, Inc. | Utilities | 2.57% | $2.02B |
| 50 | BEP | Brookfield Renewable Partners L.P. | Utilities | 2.04% | $8.94B |
| 51 | ED | Consolidated Edison, Inc. | Utilities | 0.01% | $38.40B |
No companies match this search.
Companies with return on equity above 500%, or shareholder equity below 1% of total assets, are excluded: when equity is near zero the ratio becomes unstable and unrepresentative. Ratio rankings also require at least $1B in annual revenue.
How this ranking is built
Companies are ranked by return on equity 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 500% 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.