Leverage creeping up
NetDebt/EBITDA up to 208.2x (+146.8), interest coverage low at 0.2x, FCF margin -56.5pp to -93.5%
Read regulated utilities through rate-base growth, FFO quality, and balance-sheet resilience instead of generic FCF screens.
Utilities are contract-like businesses shaped by rate cases, capital intensity, and regulated returns. That means headline free cash flow can look weak even when the underlying economics are stable and dividend capacity is intact. The StatsAlpha(TM) utilities framework focuses on rate-base growth proxies, FFO-style cash generation, leverage tolerance, dividend durability, and monopoly-like moat characteristics. It is intended for informational analysis, not investment advice.
A quick read on where this framework looks strongest today.
Top slices selected from the strongest data already available for this industry.
Recurring storylines, tone distribution, and representative beats pulled from active companies inside this setup.
NetDebt/EBITDA up to 208.2x (+146.8), interest coverage low at 0.2x, FCF margin -56.5pp to -93.5%
NetDebt/EBITDA up to 91.3x (+70.3), interest coverage low at 2.8x, FCF margin -154.5pp to -178.7%
NetDebt/EBITDA at 14.6x, interest coverage down 0.7x to 0.1x, FCF margin -114.9pp to -204.8%
For informational purposes only. Not investment advice.
Metrics that recur most often across stronger operators in this framework.
Regulated Utilities
This framework uses all three Trade-Off Ledger axes with industry-specific weights.
Each axis sets a minimum evidence threshold. Higher coverage means the framework needs more supporting signals before the lens is treated as dependable.
Coverage thresholds and enabled metrics across the core trade-off axes.
Median and interquartile range across 127 companies in this framework.
Interquartile ranges show where the middle half of companies cluster, with the median pin marking the center of gravity for each pillar.
Scan the full company universe mapped into the Regulated Utilities framework using live search across company name, ticker, and industry.
| Company | Market Cap | Score | Price | Strongest Pillar |
|---|---|---|---|---|
|
GEV
GE Vernova Inc.
Utilities - Renewable
|
303.01B
|
65.7
Composite
|
$1,127.59
|
Profitability
75.8
|
|
Utilities - Regulated Electric
|
179.51B
|
52.9
Composite
|
$86.08
|
Valuation
77.7
|
|
Utilities - Regulated Electric
|
105.32B
|
46.8
Composite
|
$93.43
|
Valuation
63.2
|
|
Utilities - Renewable
|
98.39B
|
63.4
Composite
|
$275.53
|
Valuation
78.0
|
|
Utilities - Regulated Electric
|
96.30B
|
56.5
Composite
|
$123.52
|
Valuation
62.8
|
|
Utilities - Regulated Electric
|
80.53B
|
44.2
Composite
|
$80.97
|
Efficiency
65.6
|
|
Utilities - Regulated Electric
|
69.48B
|
42.8
Composite
|
$130.30
|
Growth
55.7
|
|
Utilities - Regulated Electric
|
61.56B
|
54.2
Composite
|
$24.61
|
Profitability
61.3
|
|
SRE
DBA Sempra
Utilities - Diversified
|
59.89B
|
39.5
Composite
|
$91.62
|
Growth
50.4
|
|
Utilities - Regulated Electric
|
59.84B
|
44.6
Composite
|
$68.04
|
Valuation
62.7
|
|
VST
Vistra Corp.
Utilities - Independent Power Producers
|
56.40B
|
53.1
Composite
|
$167.26
|
Efficiency
70.2
|
|
Utilities - Regulated Electric
|
51.37B
|
42.3
Composite
|
$112.20
|
Valuation
64.4
|
|
XEL
Xcel Energy Inc.
Utilities - Regulated Electric
|
49.20B
|
44.1
Composite
|
$78.81
|
Valuation
56.2
|
|
Utilities - Regulated Electric
|
47.01B
|
44.5
Composite
|
$45.94
|
Valuation
63.7
|
|
Utilities - Regulated Electric
|
40.17B
|
54.3
Composite
|
$80.61
|
Efficiency
68.5
|
|
Utilities - Regulated Electric
|
39.40B
|
46.6
Composite
|
$106.92
|
Efficiency
69.2
|
|
Utilities - Regulated Electric
|
36.82B
|
46.6
Composite
|
$113.04
|
Valuation
61.4
|
|
Utilities - Regulated Electric
|
36.62B
|
38.7
Composite
|
$16.63
|
Growth
52.9
|
|
Utilities - Regulated Electric
|
30.70B
|
48.8
Composite
|
$146.83
|
Growth
61.6
|
|
Utilities - Regulated Electric
|
30.07B
|
49.0
Composite
|
$109.70
|
Valuation
64.3
|
|
NRG
NRG Energy, Inc.
Utilities - Independent Power Producers
|
29.31B
|
52.9
Composite
|
$138.91
|
Growth
64.7
|
|
FTS
Fortis Inc.
Utilities - Regulated Electric
|
28.51B
|
46.7
Composite
|
$56.01
|
Valuation
54.6
|
|
Utilities - Regulated Gas
|
28.31B
|
50.6
Composite
|
$169.59
|
Valuation
61.8
|
|
Utilities - Regulated Electric
|
28.01B
|
43.6
Composite
|
$43.12
|
Valuation
62.8
|
|
Utilities - Regulated Electric
|
27.78B
|
58.0
Composite
|
$72.20
|
Growth
79.2
|
|
Utilities - Regulated Electric
|
27.05B
|
40.3
Composite
|
$46.76
|
Valuation
55.2
|
|
PPL
PPL Corporation
Utilities - Regulated Electric
|
26.78B
|
45.7
Composite
|
$35.59
|
Valuation
59.1
|
|
Utilities - Regulated Electric
|
26.37B
|
44.4
Composite
|
$70.12
|
Valuation
60.6
|
|
Utilities - Regulated Water
|
24.39B
|
49.7
Composite
|
$124.92
|
Valuation
61.3
|
|
Utilities - Renewable
|
24.07B
|
53.3
Composite
|
$35.74
|
Profitability
62.7
|
|
NI
NiSource Inc
Utilities - Regulated Gas
|
22.84B
|
50.4
Composite
|
$47.63
|
Efficiency
68.3
|
|
Utilities - Regulated Electric
|
22.80B
|
43.2
Composite
|
$73.80
|
Valuation
60.6
|
|
Utilities - Independent Power Producers
|
19.89B
|
52.5
Composite
|
$438.12
|
Valuation
80.0
|
|
EVRG
Evergy, Inc.
Utilities - Regulated Electric
|
19.19B
|
38.5
Composite
|
$83.25
|
Valuation
57.3
|
|
Utilities - Regulated Electric
|
18.91B
|
46.9
Composite
|
$73.21
|
Valuation
69.7
|
|
Utilities - Regulated Water
|
18.52B
|
51.0
Composite
|
$5.42
|
Profitability
68.9
|
|
Utilities - Diversified
|
16.69B
|
48.6
Composite
|
$36.25
|
Growth
66.0
|
|
Utilities - Regulated Electric
|
16.25B
|
49.7
Composite
|
$12.66
|
Growth
61.4
|
|
Utilities - Renewable
|
12.98B
|
39.6
Composite
|
$37.94
|
Valuation
46.8
|
|
Utilities - Regulated Electric
|
12.41B
|
40.3
Composite
|
$102.43
|
Valuation
57.8
|
|
Utilities - Renewable
|
11.69B
|
57.7
Composite
|
$85.47
|
Profitability
65.8
|
|
Utilities - Diversified
|
10.45B
|
44.1
Composite
|
$14.65
|
Valuation
59.4
|
|
Utilities - Regulated Water
|
10.40B
|
52.5
Composite
|
$36.68
|
Valuation
62.5
|
|
OKLO
Oklo Inc.
Utilities - Regulated Electric
|
10.16B
|
34.8
Composite
|
$58.40
|
Growth
51.3
|
|
CIG-C
Comp En De Mn Cemig
Utilities - Diversified
|
10.04B
|
45.6
Composite
|
$3.01
|
Profitability
55.8
|
|
OGE
OGE Energy Corp
Utilities - Regulated Electric
|
9.84B
|
48.6
Composite
|
$47.69
|
Efficiency
76.3
|
|
Utilities - Diversified
|
8.49B
|
37.5
Composite
|
$11.63
|
Health
51.8
|
|
CWEN-A
Clearway Energy, Inc.
Utilities - Renewable
|
8.31B
|
57.1
Composite
|
$40.43
|
Profitability
62.1
|
|
Utilities - Renewable
|
7.96B
|
55.7
Composite
|
$129.55
|
Valuation
66.1
|
|
IDA
IDACORP, Inc.
Utilities - Regulated Electric
|
7.91B
|
43.7
Composite
|
$142.72
|
Valuation
56.0
|
|
Utilities - Renewable
|
7.61B
|
57.2
Composite
|
$37.07
|
Valuation
60.2
|
|
UGI
UGI Corporation
Utilities - Regulated Gas
|
7.24B
|
46.8
Composite
|
$33.79
|
Valuation
65.1
|
|
Utilities - Regulated Electric
|
6.65B
|
42.9
Composite
|
$77.92
|
Growth
59.7
|
|
Utilities - Regulated Gas
|
6.41B
|
55.3
Composite
|
$88.55
|
Profitability
64.3
|
|
TXNM
TXNM Energy, Inc.
Utilities - Regulated Electric
|
6.35B
|
40.5
Composite
|
$57.35
|
Efficiency
60.7
|
|
ENIC
Enel Chile S.A.
Utilities - Regulated Electric
|
6.32B
|
53.2
Composite
|
$4.56
|
Efficiency
66.0
|
|
Utilities - Diversified
|
5.95B
|
45.4
Composite
|
$2.08
|
Profitability
53.6
|
|
Utilities - Regulated Electric
|
5.81B
|
43.2
Composite
|
$50.19
|
Efficiency
60.4
|
|
Utilities - Regulated Gas
|
5.55B
|
52.7
Composite
|
$72.92
|
Valuation
63.1
|
|
Utilities - Regulated Gas
|
5.53B
|
46.6
Composite
|
$54.81
|
Valuation
61.3
|
|
OGS
ONE Gas, Inc.
Utilities - Regulated Gas
|
4.80B
|
44.6
Composite
|
$76.43
|
Growth
60.4
|
|
Utilities - Independent Power Producers
|
4.77B
|
44.8
Composite
|
$84.53
|
Profitability
56.3
|
|
Utilities - Regulated Gas
|
4.66B
|
45.4
Composite
|
$37.86
|
Efficiency
54.5
|
|
FLNC
Fluence Energy, Inc.
Utilities - Renewable
|
4.64B
|
37.4
Composite
|
$25.19
|
Growth
42.2
|
|
Utilities - Diversified
|
4.53B
|
43.7
Composite
|
$5.86
|
Growth
52.8
|
|
SR
Spire Inc.
Utilities - Regulated Gas
|
4.49B
|
41.1
Composite
|
$75.94
|
Valuation
61.1
|
|
Utilities - Regulated Electric
|
4.30B
|
41.0
Composite
|
$69.96
|
Valuation
50.3
|
|
Utilities - Independent Power Producers
|
4.12B
|
43.9
Composite
|
$13.85
|
Efficiency
64.6
|
|
Utilities - Diversified
|
3.70B
|
55.9
Composite
|
$88.21
|
Valuation
71.1
|
|
Utilities - Independent Power Producers
|
3.45B
|
56.8
Composite
|
$66.22
|
Growth
70.4
|
|
Utilities - Regulated Water
|
3.39B
|
57.2
Composite
|
$16.44
|
Health
67.7
|
|
Utilities - Diversified
|
3.29B
|
40.8
Composite
|
$39.71
|
Valuation
53.4
|
|
Utilities - Regulated Gas
|
3.11B
|
35.1
Composite
|
$30.85
|
Growth
59.0
|
|
Utilities - Regulated Water
|
3.02B
|
53.8
Composite
|
$77.66
|
Growth
65.0
|
|
Utilities - Regulated Gas
|
2.90B
|
54.4
Composite
|
$118.97
|
Profitability
61.2
|
|
MGEE
MGE Energy Inc.
Utilities - Regulated Electric
|
2.79B
|
49.2
Composite
|
$76.01
|
Growth
57.6
|
|
Utilities - Regulated Water
|
2.71B
|
43.5
Composite
|
$45.20
|
Efficiency
54.5
|
|
CEPU
Central Puerto S.A.
Utilities - Regulated Electric
|
2.35B
|
62.7
Composite
|
$15.55
|
Profitability
76.5
|
|
Utilities - Renewable
|
2.34B
|
50.6
Composite
|
$6.43
|
Profitability
61.5
|
|
Utilities - Regulated Electric
|
2.22B
|
43.1
Composite
|
$12.88
|
Health
56.3
|
|
Utilities - Regulated Gas
|
2.05B
|
43.4
Composite
|
$48.70
|
Valuation
63.6
|
|
Utilities - Regulated Electric
|
1.21B
|
49.2
Composite
|
$26.63
|
Growth
92.0
|
|
Utilities - Renewable
|
1.10B
|
45.0
Composite
|
$11.69
|
Profitability
54.6
|
|
Utilities - Regulated Gas
|
1.10B
|
47.6
Composite
|
$16.99
|
Growth
59.0
|
|
Utilities - Regulated Water
|
969.60M
|
45.3
Composite
|
$51.78
|
Valuation
64.1
|
|
Utilities - Diversified
|
917.90M
|
44.0
Composite
|
$51.02
|
Growth
70.0
|
|
Utilities - Renewable
|
787.85M
|
36.2
Composite
|
$4.42
|
Efficiency
61.3
|
|
Utilities - Regulated Water
|
478.20M
|
48.0
Composite
|
$29.50
|
Valuation
70.8
|
|
Utilities - Regulated Water
|
464.30M
|
53.8
Composite
|
$29.02
|
Valuation
76.4
|
|
Utilities - Regulated Electric
|
369.70M
|
50.3
Composite
|
$14.00
|
Health
58.3
|
|
CDZI
Cadiz, Inc.
Utilities - Regulated Water
|
336.30M
|
31.2
Composite
|
$4.00
|
Health
48.1
|
|
Utilities - Regulated Water
|
331.80M
|
51.7
Composite
|
$32.14
|
Valuation
58.0
|
|
OPAL
OPAL Fuels Inc.
Utilities - Regulated Gas
|
311.10M
|
45.2
Composite
|
$1.78
|
Valuation
62.3
|
|
Utilities - Regulated Water
|
269.20M
|
58.1
Composite
|
$11.17
|
Growth
76.4
|
|
ELLO
Ellomay Capital Ltd
Utilities - Renewable
|
267.60M
|
46.9
Composite
|
$19.42
|
Valuation
55.0
|
|
RGCO
RGC Resources Inc.
Utilities - Regulated Gas
|
250.60M
|
46.8
Composite
|
$24.08
|
Valuation
72.6
|
|
Utilities - Diversified
|
216.36M
|
35.5
Composite
|
$1.52
|
Efficiency
53.7
|
|
Utilities - Regulated Water
|
198.50M
|
43.1
Composite
|
$6.90
|
Efficiency
75.3
|
|
Utilities - Regulated Gas
|
114.40M
|
17.6
Composite
|
$0.40
|
Valuation
31.7
|
|
NXXT
NextNRG, Inc.
Utilities - Renewable
|
80.56M
|
26.2
Composite
|
$0.48
|
Efficiency
51.5
|
|
STEM
Stem, Inc.
Utilities - Renewable
|
72.19M
|
44.9
Composite
|
$8.06
|
Efficiency
65.8
|
|
Utilities - Renewable
|
65.50M
|
41.9
Composite
|
$1.47
|
Growth
53.4
|
|
Utilities - Renewable
|
47.53M
|
33.4
Composite
|
$8.83
|
Efficiency
57.1
|
|
Utilities - Renewable
|
9.43M
|
34.5
Composite
|
$2.72
|
Growth
55.7
|
|
CREG
Smart Powerr Corp.
Utilities - Renewable
|
5.30M
|
48.9
Composite
|
$2.32
|
Efficiency
100.0
|
|
Utilities - Renewable
|
2.34M
|
26.8
Composite
|
$1.16
|
Efficiency
51.5
|
|
ALE
Allete, Inc.
Utilities - Diversified
|
-
|
30.2
Composite
|
-
|
Efficiency
40.8
|
|
AMPS
Altus Power, Inc.
Utilities - Renewable
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
AGR
Avangrid, Inc.
Utilities - Regulated Electric
|
-
|
56.8
Composite
|
-
|
Valuation
100.0
|
|
Utilities - Diversified
|
-
|
46.1
Composite
|
$16.81
|
Growth
57.8
|
|
Utilities - Diversified
|
-
|
46.1
Composite
|
$16.09
|
Growth
57.8
|
|
Utilities - Renewable
|
-
|
52.1
Composite
|
$17.30
|
Profitability
62.8
|
|
Utilities - Regulated Water
|
-
|
29.0
Composite
|
$23.40
|
Health
48.1
|
|
Utilities - Renewable
|
-
|
41.6
Composite
|
-
|
Efficiency
85.1
|
|
Utilities - Renewable
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Utilities - Regulated Electric
|
-
|
45.0
Composite
|
$17.00
|
Valuation
96.8
|
|
Utilities - Diversified
|
-
|
35.9
Composite
|
-
|
Health
51.0
|
|
Utilities - Regulated Electric
|
-
|
48.9
Composite
|
$24.20
|
Growth
55.7
|
|
HTOOW
Fusion Fuel Green PLC
Utilities - Renewable
|
-
|
37.5
Composite
|
-
|
Growth
65.1
|
|
Utilities - Renewable
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Utilities - Regulated Electric
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Utilities - Regulated Electric
|
-
|
52.4
Composite
|
$49.41
|
Valuation
78.8
|
|
Utilities - Regulated Electric
|
-
|
57.2
Composite
|
$52.88
|
Valuation
78.8
|
|
Utilities - Renewable
|
-
|
49.5
Composite
|
$0.00
|
Profitability
58.7
|
|
SJW
SJW Group
Utilities - Regulated Water
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Utilities - Regulated Gas
|
-
|
38.2
Composite
|
$25.00
|
Valuation
100.0
|
|
Utilities - Regulated Electric
|
-
|
62.0
Composite
|
$25.54
|
Health
72.3
|
Try a broader company name, ticker, sector, or industry keyword.
This framework combines industry-specific diagnostics, moat context, and peer benchmarks so each signal stays grounded in how this business model actually compounds.
We group regulated electric, gas, water, diversified utility, renewable, and independent power businesses into a separate framework because their economics are defined by regulated returns on capital rather than competitive volume growth. The money-flow engine rebuilds the story around revenue stability, EBITDA, net income, and especially FFO-style cash generation, debt service, and dividend support.
The trade-off and moat layers mirror that logic. Asset growth stands in as a rate-base proxy, ROE and cash conversion are treated as profitability anchors, and safety tolerates more leverage than a generic industrial framework as long as debt service remains strong. The StatsAlpha(TM) moat model emphasizes regulatory franchise, rate-base return quality, dividend sustainability, capital-structure discipline, operating efficiency, and essential-service resilience.
On valuation, the current defaults still sit in the broader corporate DCF family, but with lower discount rates, slower growth, and regulated-margin assumptions. So this profile should be read as a utility-native operating and risk framework paired with conservative DCF-style valuation defaults. This framework is for informational purposes only, not investment advice.
Each layer answers a different question: where value is created, what protects it, and how execution compares with the rest of the coverage set.
Benchmarks and narrative cues are meant to clarify what the framework is seeing in the data. They are not investment advice.
Coverage starts with the companies that actually operate inside this business model, so peer comparisons stay relevant instead of generic.
The Regulated Utilities layer isolates the cash-flow mechanics, capital demands, and operating risk that matter most for this industry.
We then layer in Regulated Utilities, pillar ranges, and peer leaders to show what strong execution looks like relative to the broader cohort.