RANKINGS

Lowest EV/EBITDA — Utilities

Enterprise Value to EBITDA. Lower ratios may indicate undervaluation.

90 companies with EV/EBITDA data.

Ranked by EV/EBITDA(90)

#	Ticker	Name	Industry	Market Cap	EV/EBITDA
1	EE	Excelerate Energy, Inc TTM · 2026-06-30 Analysis WACC DCF	Gas Utilities	$1.1B	3.8
2	AWX	AVALON HOLDINGS CORPORATION TTM · 2026-06-30 Analysis WACC DCF	Other	$10M	4.9
3	AVA	AVISTA CORP TTM · 2026-06-30 Analysis WACC DCF	Electric Utilities	$3.0B	5.0
4	HE	HAWAIIAN ELECTRIC INDUSTRIES, INC. TTM · 2026-06-30 Analysis WACC DCF	Electric Utilities	$1.5B	5.2
5	EIX	EDISON INTERNATIONAL TTM · 2026-03-31 Analysis WACC DCF	Electric Utilities	$21.4B	6.4
6	NFG	NATIONAL FUEL GAS COMPANY TTM · 2026-06-30 Analysis WACC DCF	Gas Utilities	$7.6B	6.6
7	SMC	Summit Midstream Corporation TTM · 2026-06-30 Analysis WACC DCF	Gas Utilities	$443M	7.9
8	UGI	UGI CORPORATION TTM · 2026-06-30 Analysis WACC DCF	Gas Utilities	$8.1B	8.2
9	AROC	Archrock, Inc. TTM · 2026-06-30 Analysis WACC DCF	Gas Utilities	$5.3B	8.8
10	POR	PORTLAND GENERAL ELECTRIC COMPANY TTM · 2026-06-30 Analysis WACC DCF	Electric Utilities	$5.3B	9.4
11	NWN	NORTHWEST NATURAL HOLDING COMPANY TTM · 2026-06-30 Analysis WACC DCF	Gas Utilities	$2.0B	9.7
12	VG	VENTURE GLOBAL, INC. TTM · 2026-06-30 Analysis WACC DCF	Gas Utilities	$32.8B	9.7
13	ES	EVERSOURCE ENERGY TTM · 2026-06-30 Analysis WACC DCF	Electric Utilities	$24.9B	9.9
14	CQP	Cheniere Energy Partners, L.P. FY · 2025-12-31 Analysis WACC DCF	Gas Utilities	$30.8B	10.2
15	EXC	EXELON CORPORATION TTM · 2026-03-31 Analysis WACC DCF	Electric Utilities	$43.4B	10.2
16	LNG	CHENIERE ENERGY, INC. TTM · 2026-06-30 Analysis WACC DCF	Gas Utilities	$58.3B	10.3
17	PNW	PINNACLE WEST CAPITAL CORPORATION TTM · 2026-06-30 Analysis WACC DCF	Electric Utilities	$12.1B	10.6
18	DUK	DUKE ENERGY CORPORATION TTM · 2026-03-31 Analysis WACC DCF	Electric Utilities	$91.8B	10.6
19	WES	Western Midstream Partners, LP TTM · 2026-03-31 Analysis WACC DCF	Gas Utilities	$18.7B	10.9
20	EPD	ENTERPRISE PRODUCTS PARTNERS L.P. TTM · 2026-06-30 Analysis WACC DCF	Gas Utilities	$77.5B	11.0
21	NJR	NEW JERSEY RESOURCES CORPORATION TTM · 2026-06-30 Analysis WACC DCF	Gas Utilities	$5.3B	11.2
22	NI	NiSource Inc. TTM · 2026-06-30 Analysis WACC DCF	Electric Utilities	$19.8B	11.3
23	SPRU	Spruce Power Holding Corporation TTM · 2026-06-30 Analysis WACC DCF	Electric Utilities	$29M	11.5
24	OGE	OGE ENERGY CORP. TTM · 2026-03-31 Analysis WACC DCF	Electric Utilities	$9.7B	11.6
25	BKH	Black Hills Corporation TTM · 2026-06-30 Analysis WACC DCF	Electric Utilities	$5.8B	11.6
26	SWX	Southwest Gas Holdings, Inc. FY · 2025-12-31 Analysis WACC DCF	Gas Utilities	$6.2B	11.7
27	EVRG	EVERGY, INC. TTM · 2026-03-31 Analysis WACC DCF	Electric Utilities	$18.8B	11.8
28	OKE	ONEOK, Inc. TTM · 2026-06-30 Analysis WACC DCF	Gas Utilities	$58.0B	11.8
29	KGS	Kodiak Gas Services, Inc. TTM · 2026-06-30 Analysis WACC DCF	Gas Utilities	$5.3B	11.8
30	GNE	Genie Energy Ltd. TTM · 2026-06-30 Analysis WACC DCF	Electric Utilities	$444M	11.8
31	ORA	ORMAT TECHNOLOGIES, INC. TTM · 2026-06-30 Analysis WACC DCF	Electric Utilities	$5.6B	11.9
32	HNRG	HALLADOR ENERGY CO TTM · 2026-06-30 Analysis WACC DCF	Electric Utilities	$686M	12.0
33	ARTNA	ARTESIAN RESOURCES CORPORATION TTM · 2026-06-30 Analysis WACC DCF	Water Utilities	$349M	12.1
34	EMA	EMERA INCORPORATED FY · 2025-12-31 Analysis WACC DCF	Electric Utilities	$14.1B	12.3
35	SO	SOUTHERN CO TTM · 2026-03-31 Analysis WACC DCF	Electric Utilities	$100.1B	12.3
36	PPL	PPL Corp TTM · 2026-03-31 Analysis WACC DCF	Electric Utilities	$25.8B	12.4
37	NRG	NRG Energy, Inc TTM · 2026-06-30 Analysis WACC DCF	Electric Utilities	$22.4B	12.4
38	RGCO	RGC Resources, Inc. TTM · 2026-06-30 Analysis WACC DCF	Gas Utilities	$236M	12.5
39	SRE	SEMPRA TTM · 2026-03-31 Analysis WACC DCF	Gas Utilities	$53.5B	12.5
40	NGL	NGL Energy Partners LP TTM · 2026-06-30 Analysis WACC DCF	Gas Utilities	$1.8B	12.5
41	TXNM	TXNM Energy, Inc. TTM · 2026-03-31 Analysis WACC DCF	Electric Utilities	$6.4B	12.5
42	FTS	FORTIS INC. FY · 2025-12-31 Analysis WACC DCF	Electric Utilities	$27.5B	12.6
43	CWEN	Clearway Energy, Inc. TTM · 2026-06-30 Analysis WACC DCF	Electric Utilities	$3.7B	12.6
44	TRP	TC ENERGY CORPORATION FY · 2025-12-31 Analysis WACC DCF	Gas Utilities	$63.1B	12.7
45	AEE	Ameren Corporation TTM · 2026-06-30 Analysis WACC DCF	Electric Utilities	$28.6B	12.7
46	DTE	DTE ENERGY CO TTM · 2026-03-31 Analysis WACC DCF	Electric Utilities	$26.6B	12.8
47	CNP	CENTERPOINT ENERGY INC TTM · 2026-03-31 Analysis WACC DCF	Electric Utilities	$25.7B	12.8
48	CPK	CHESAPEAKE UTILITIES CORP TTM · 2026-06-30 Analysis WACC DCF	Gas Utilities	$3.3B	13.0
49	CWT	CALIFORNIA WATER SERVICE GROUP TTM · 2026-06-30 Analysis WACC DCF	Water Utilities	$2.8B	13.0
50	CMS	CMS ENERGY CORPORATION TTM · 2026-06-30 Analysis WACC DCF	Electric Utilities	$20.7B	13.1
51	FE	FIRSTENERGY CORP TTM · 2026-03-31 Analysis WACC DCF	Electric Utilities	$26.2B	13.3
52	VST	Vistra Corp. TTM · 2026-06-30 Analysis WACC DCF	Electric Utilities	$53.1B	13.3
53	OPAL	OPAL FUELS INC. FY · 2025-12-31 Analysis WACC DCF	Gas Utilities	$50M	13.3
54	OTTR	OTTER TAIL CORPORATION TTM · 2026-06-30 Analysis WACC DCF	Electric Utilities	$3.7B	13.4
55	AEP	American Electric Power Company, Inc. FY · 2025-12-31 Analysis WACC DCF	Electric Utilities	$67.6B	13.4
56	KNTK	KINETIK HOLDINGS INC. TTM · 2026-06-30 Analysis WACC DCF	Gas Utilities	$4.4B	13.5
57	CTRI	Centuri Holdings, Inc. TTM · 2026-06-28 Analysis WACC DCF	Gas Utilities	$2.1B	13.5
58	AWK	AMERICAN WATER WORKS COMPANY, INC. TTM · 2026-06-30 Analysis WACC DCF	Water Utilities	$25.7B	13.7
59	KMI	KINDER MORGAN, INC. TTM · 2026-06-30 Analysis WACC DCF	Gas Utilities	$73.7B	13.7
60	HTO	H2O AMERICA TTM · 2026-03-31 Analysis WACC DCF	Water Utilities	$2.5B	13.8
61	MNTK	MONTAUK RENEWABLES, INC. TTM · 2026-06-30 Analysis WACC DCF	Gas Utilities	$342M	14.0
62	XEL	Xcel Energy Inc. TTM · 2026-06-30 Analysis WACC DCF	Electric Utilities	$46.3B	14.0
63	NWE	NORTHWESTERN ENERGY GROUP, INC. TTM · 2026-06-30 Analysis WACC DCF	Electric Utilities	$4.6B	14.1
64	D	DOMINION ENERGY, INC TTM · 2026-03-31 Analysis WACC DCF	Electric Utilities	$54.9B	14.2
65	ATO	Atmos Energy Corp TTM · 2026-06-30 Analysis WACC DCF	Gas Utilities	$27.4B	14.3
66	WEC	WEC ENERGY GROUP, INC. TTM · 2026-06-30 Analysis WACC DCF	Electric Utilities	$34.2B	14.4
67	ETR	ENTERGY CORP /DE/ TTM · 2026-03-31 Analysis WACC DCF	Electric Utilities	$49.7B	14.5
68	GWRS	Global Water Resources, Inc. TTM · 2026-06-30 Analysis WACC DCF	Water Utilities	$236M	14.5
69	WM	Waste Management, Inc TTM · 2026-03-31 Analysis WACC DCF	Other	$84.4B	14.6
70	WTRG	Essential Utilities, Inc. TTM · 2026-06-30 Analysis WACC DCF	Water Utilities	$11.1B	14.6
71	TRGP	TARGA RESOURCES CORP. TTM · 2026-06-30 Analysis WACC DCF	Gas Utilities	$62.3B	14.8
72	CEG	CONSTELLATION ENERGY CORPORATION TTM · 2026-06-30 Analysis WACC DCF	Electric Utilities	$104.1B	14.8
73	AWR	AMERICAN STATES WATER CO TTM · 2026-06-30 Analysis WACC DCF	Water Utilities	$3.3B	14.9
74	SR	Spire Inc. FY · 2025-09-30 Analysis WACC DCF	Gas Utilities	$4.7B	15.0
75	LNT	ALLIANT ENERGY CORP TTM · 2026-03-31 Analysis WACC DCF	Electric Utilities	$17.2B	15.2
76	MSEX	MIDDLESEX WATER COMPANY TTM · 2026-06-30 Analysis WACC DCF	Water Utilities	$1.0B	15.3
77	YORW	YORK WATER COMPANY TTM · 2026-06-30 Analysis WACC DCF	Water Utilities	$509M	15.5
78	RSG	REPUBLIC SERVICES, INC. TTM · 2026-06-30 Analysis WACC DCF	Other	$67.3B	15.5
79	CWCO	CONSOLIDATED WATER CO. LTD. TTM · 2026-06-30 Analysis WACC DCF	Water Utilities	$492M	15.8
80	WCN	WASTE CONNECTIONS, INC. TTM · 2026-06-30 Analysis WACC DCF	Other	$38.7B	16.3
81	CLH	CLEAN HARBORS, INC TTM · 2026-03-31 Analysis WACC DCF	Other	$16.8B	16.9
82	WMB	Williams Companies, Inc. TTM · 2026-06-30 Analysis WACC DCF	Gas Utilities	$90.7B	17.0
83	NEE	NEXTERA ENERGY INC TTM · 2026-03-31 Analysis WACC DCF	Electric Utilities	$163.8B	17.2
84	AM	ANTERO MIDSTREAM CORPORATION FY · 2025-12-31 Analysis WACC DCF	Gas Utilities	$10.0B	17.2
85	CWST	CASELLA WASTE SYSTEMS, INC. TTM · 2026-06-30 Analysis WACC DCF	Other	$5.4B	17.3
86	XIFR	XPLR INFRASTRUCTURE, LP FY · 2025-12-31 Analysis WACC DCF	Electric Utilities	$972M	17.8
87	IDA	IDACORP INC FY · 2025-12-31 Analysis WACC DCF	Electric Utilities	$7.9B	18.2
88	PCYO	PURE CYCLE CORPORATION TTM · 2026-05-31 Analysis WACC DCF	Water Utilities	$271M	18.4
89	CLNE	CLEAN ENERGY FUELS CORP. TTM · 2026-06-30 Analysis WACC DCF	Gas Utilities	$311M	30.7
90	TLN	Talen Energy Corporation TTM · 2026-06-30 Analysis WACC DCF	Electric Utilities	$18.0B	65.3