Scaling without slippage
Revenue up 81.7% YoY while gross margin expanded +17.9pp YoY to 49.6%
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.
Revenue up 81.7% YoY while gross margin expanded +17.9pp YoY to 49.6%
Revenue up 340.9% YoY while gross margin expanded +10.2pp YoY to 23.6%
Revenue up 26.7% YoY while gross margin expanded +6.1pp YoY to 38.1%
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 125 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
|
227.01B
|
66.2
Composite
|
$862.25
|
Valuation
72.7
|
|
Utilities - Regulated Electric
|
178.33B
|
59.7
Composite
|
$85.03
|
Valuation
72.8
|
|
Utilities - Regulated Electric
|
108.84B
|
51.4
Composite
|
$94.61
|
Valuation
61.4
|
|
Utilities - Regulated Electric
|
100.10B
|
46.8
Composite
|
$128.38
|
Valuation
58.1
|
|
Utilities - Renewable
|
91.15B
|
54.4
Composite
|
$257.25
|
Valuation
68.2
|
|
Utilities - Regulated Electric
|
87.78B
|
58.1
Composite
|
$84.42
|
Profitability
67.6
|
|
Utilities - Regulated Electric
|
70.97B
|
46.1
Composite
|
$130.33
|
Valuation
65.4
|
|
Utilities - Regulated Electric
|
61.56B
|
44.0
Composite
|
$21.80
|
Valuation
59.1
|
|
Utilities - Regulated Electric
|
59.56B
|
44.2
Composite
|
$67.72
|
Efficiency
60.8
|
|
SRE
DBA Sempra
Utilities - Diversified
|
56.22B
|
48.3
Composite
|
$85.97
|
Valuation
69.3
|
|
Utilities - Regulated Electric
|
51.27B
|
47.1
Composite
|
$109.87
|
Valuation
60.6
|
|
XEL
Xcel Energy Inc.
Utilities - Regulated Electric
|
50.92B
|
46.2
Composite
|
$79.33
|
Valuation
63.9
|
|
Utilities - Regulated Electric
|
48.07B
|
42.5
Composite
|
$46.45
|
Efficiency
63.4
|
|
VST
Vistra Corp.
Utilities - Independent Power Producers
|
45.18B
|
55.8
Composite
|
$134.61
|
Valuation
63.0
|
|
Utilities - Regulated Electric
|
43.82B
|
50.7
Composite
|
$118.48
|
Efficiency
81.2
|
|
Utilities - Regulated Electric
|
38.46B
|
48.0
Composite
|
$116.90
|
Efficiency
61.0
|
|
Utilities - Regulated Electric
|
37.07B
|
42.1
Composite
|
$74.38
|
Valuation
64.1
|
|
Utilities - Regulated Electric
|
30.85B
|
44.1
Composite
|
$111.42
|
Valuation
60.3
|
|
FTS
Fortis Inc.
Utilities - Regulated Electric
|
30.29B
|
48.2
Composite
|
$59.29
|
Valuation
65.0
|
|
Utilities - Regulated Gas
|
29.51B
|
55.5
Composite
|
$174.65
|
Valuation
62.7
|
|
Utilities - Regulated Water
|
29.35B
|
53.0
Composite
|
$147.43
|
Valuation
64.9
|
|
Utilities - Regulated Electric
|
29.25B
|
39.4
Composite
|
$13.28
|
Growth
43.8
|
|
Utilities - Regulated Electric
|
28.27B
|
47.1
Composite
|
$42.65
|
Valuation
64.2
|
|
Utilities - Regulated Electric
|
28.27B
|
41.7
Composite
|
$135.85
|
Valuation
55.0
|
|
Utilities - Regulated Electric
|
27.57B
|
43.2
Composite
|
$47.63
|
Efficiency
52.6
|
|
PPL
PPL Corporation
Utilities - Regulated Electric
|
27.20B
|
43.4
Composite
|
$36.14
|
Valuation
56.7
|
|
Utilities - Regulated Electric
|
26.20B
|
50.6
Composite
|
$69.55
|
Efficiency
58.1
|
|
Utilities - Regulated Electric
|
22.98B
|
46.4
Composite
|
$59.71
|
Growth
61.4
|
|
Utilities - Regulated Electric
|
22.19B
|
39.9
Composite
|
$70.76
|
Valuation
60.2
|
|
NI
NiSource Inc
Utilities - Regulated Gas
|
21.52B
|
41.8
Composite
|
$44.86
|
Efficiency
50.9
|
|
Utilities - Renewable
|
20.52B
|
50.7
Composite
|
$30.05
|
Profitability
56.3
|
|
EVRG
Evergy, Inc.
Utilities - Regulated Electric
|
19.96B
|
45.5
Composite
|
$86.55
|
Valuation
61.6
|
|
NRG
NRG Energy, Inc.
Utilities - Independent Power Producers
|
19.89B
|
53.6
Composite
|
$94.62
|
Growth
69.4
|
|
Utilities - Regulated Electric
|
18.94B
|
49.6
Composite
|
$73.02
|
Valuation
74.2
|
|
Utilities - Diversified
|
17.55B
|
46.3
Composite
|
$38.12
|
Growth
56.4
|
|
Utilities - Independent Power Producers
|
15.95B
|
41.3
Composite
|
$332.99
|
Valuation
55.7
|
|
Utilities - Regulated Water
|
15.52B
|
47.9
Composite
|
$4.52
|
Growth
53.6
|
|
Utilities - Regulated Electric
|
13.28B
|
32.9
Composite
|
$10.57
|
Growth
43.8
|
|
Utilities - Regulated Electric
|
12.84B
|
42.3
Composite
|
$105.95
|
Valuation
55.8
|
|
Utilities - Regulated Water
|
12.61B
|
51.5
Composite
|
$44.44
|
Efficiency
65.7
|
|
Utilities - Diversified
|
10.63B
|
44.8
Composite
|
$14.90
|
Growth
65.4
|
|
Utilities - Renewable
|
10.55B
|
39.9
Composite
|
$30.54
|
Efficiency
53.3
|
|
OGE
OGE Energy Corp
Utilities - Regulated Electric
|
10.38B
|
50.7
Composite
|
$50.21
|
Efficiency
69.8
|
|
Utilities - Renewable
|
9.39B
|
56.6
Composite
|
$66.49
|
Profitability
67.4
|
|
IDA
IDACORP, Inc.
Utilities - Regulated Electric
|
8.66B
|
46.2
Composite
|
$147.01
|
Valuation
67.5
|
|
CWEN-A
Clearway Energy, Inc.
Utilities - Renewable
|
8.31B
|
53.5
Composite
|
$40.43
|
Efficiency
62.8
|
|
UGI
UGI Corporation
Utilities - Regulated Gas
|
8.31B
|
41.1
Composite
|
$38.73
|
Efficiency
55.4
|
|
Utilities - Diversified
|
7.83B
|
51.1
Composite
|
$10.43
|
Growth
66.3
|
|
Utilities - Renewable
|
6.96B
|
61.1
Composite
|
$33.90
|
Profitability
68.6
|
|
Utilities - Regulated Gas
|
6.79B
|
47.3
Composite
|
$93.73
|
Valuation
51.4
|
|
Utilities - Regulated Electric
|
6.65B
|
34.9
Composite
|
$74.00
|
Efficiency
45.5
|
|
TXNM
TXNM Energy, Inc.
Utilities - Regulated Electric
|
6.46B
|
43.6
Composite
|
$58.70
|
Valuation
57.9
|
|
CIG-C
Comp En De Mn Cemig
Utilities - Diversified
|
6.43B
|
43.2
Composite
|
$2.96
|
Health
50.9
|
|
Utilities - Regulated Gas
|
6.29B
|
43.6
Composite
|
$82.51
|
Efficiency
60.9
|
|
ENIC
Enel Chile S.A.
Utilities - Regulated Electric
|
5.87B
|
44.5
Composite
|
$4.24
|
Health
53.5
|
|
Utilities - Renewable
|
5.65B
|
53.4
Composite
|
$91.87
|
Valuation
63.6
|
|
Utilities - Regulated Gas
|
5.50B
|
39.7
Composite
|
$54.18
|
Growth
61.2
|
|
Utilities - Regulated Electric
|
5.42B
|
40.4
Composite
|
$45.52
|
Efficiency
50.6
|
|
SR
Spire Inc.
Utilities - Regulated Gas
|
5.25B
|
45.4
Composite
|
$88.87
|
Growth
63.5
|
|
Utilities - Diversified
|
5.24B
|
43.9
Composite
|
$1.82
|
Health
48.9
|
|
OGS
ONE Gas, Inc.
Utilities - Regulated Gas
|
5.02B
|
47.5
Composite
|
$79.94
|
Efficiency
74.8
|
|
Utilities - Regulated Electric
|
4.94B
|
40.5
Composite
|
$80.29
|
Valuation
47.3
|
|
Utilities - Regulated Gas
|
4.70B
|
42.6
Composite
|
$38.25
|
Growth
63.0
|
|
OKLO
Oklo Inc.
Utilities - Regulated Electric
|
4.38B
|
37.2
Composite
|
$23.52
|
Growth
54.1
|
|
Utilities - Diversified
|
4.32B
|
39.3
Composite
|
$5.61
|
Efficiency
61.2
|
|
Utilities - Independent Power Producers
|
4.03B
|
51.3
Composite
|
$12.77
|
Growth
56.4
|
|
Utilities - Independent Power Producers
|
3.95B
|
50.0
Composite
|
$69.78
|
Profitability
62.1
|
|
Utilities - Diversified
|
3.84B
|
36.9
Composite
|
$91.51
|
Valuation
51.2
|
|
Utilities - Regulated Water
|
3.47B
|
53.0
Composite
|
$87.59
|
Valuation
67.4
|
|
Utilities - Independent Power Producers
|
3.39B
|
51.3
Composite
|
$65.10
|
Growth
73.2
|
|
Utilities - Regulated Gas
|
3.36B
|
47.6
Composite
|
$139.29
|
Efficiency
57.3
|
|
Utilities - Diversified
|
3.21B
|
47.8
Composite
|
$38.37
|
Efficiency
55.0
|
|
Utilities - Regulated Water
|
3.11B
|
44.6
Composite
|
$49.48
|
Growth
56.5
|
|
Utilities - Regulated Water
|
3.02B
|
57.3
Composite
|
$14.68
|
Growth
82.7
|
|
MGEE
MGE Energy Inc.
Utilities - Regulated Electric
|
2.85B
|
50.7
Composite
|
$75.33
|
Valuation
61.8
|
|
Utilities - Renewable
|
2.50B
|
54.8
Composite
|
$6.85
|
Profitability
75.1
|
|
Utilities - Regulated Gas
|
2.15B
|
42.0
Composite
|
$21.28
|
Growth
68.9
|
|
Utilities - Regulated Gas
|
2.14B
|
38.3
Composite
|
$50.73
|
Efficiency
50.1
|
|
CEPU
Central Puerto S.A.
Utilities - Regulated Electric
|
1.57B
|
55.8
Composite
|
$10.35
|
Growth
80.7
|
|
Utilities - Regulated Electric
|
1.51B
|
40.0
Composite
|
$8.76
|
Health
51.0
|
|
Utilities - Regulated Gas
|
1.19B
|
42.1
Composite
|
$17.80
|
Efficiency
62.0
|
|
Utilities - Regulated Water
|
1.12B
|
50.1
Composite
|
$58.33
|
Valuation
67.4
|
|
Utilities - Diversified
|
1.03B
|
45.1
Composite
|
$56.44
|
Efficiency
77.8
|
|
Utilities - Renewable
|
909.73M
|
57.4
Composite
|
$9.65
|
Efficiency
72.9
|
|
Utilities - Regulated Electric
|
687.10M
|
41.5
Composite
|
$15.16
|
Growth
64.5
|
|
Utilities - Renewable
|
536.43M
|
34.8
Composite
|
$2.95
|
Efficiency
48.8
|
|
Utilities - Regulated Water
|
520.90M
|
57.2
Composite
|
$32.10
|
Valuation
69.8
|
|
Utilities - Regulated Electric
|
440.30M
|
45.5
Composite
|
$16.73
|
Health
57.0
|
|
Utilities - Regulated Water
|
438.91M
|
52.2
Composite
|
$27.41
|
Efficiency
67.9
|
|
Utilities - Regulated Water
|
351.20M
|
46.5
Composite
|
$34.01
|
Valuation
56.4
|
|
CDZI
Cadiz, Inc.
Utilities - Regulated Water
|
345.48M
|
27.9
Composite
|
$4.08
|
Efficiency
51.9
|
|
Utilities - Diversified
|
345.22M
|
39.9
Composite
|
$2.41
|
Growth
57.9
|
|
ELLO
Ellomay Capital Ltd
Utilities - Renewable
|
283.94M
|
47.1
Composite
|
$20.60
|
Growth
55.3
|
|
OPAL
OPAL Fuels Inc.
Utilities - Regulated Gas
|
261.26M
|
40.9
Composite
|
$1.50
|
Efficiency
53.3
|
|
Utilities - Regulated Water
|
256.16M
|
56.3
Composite
|
$10.63
|
Growth
68.0
|
|
RGCO
RGC Resources Inc.
Utilities - Regulated Gas
|
240.10M
|
41.9
Composite
|
$23.04
|
Efficiency
68.0
|
|
Utilities - Regulated Water
|
231.50M
|
47.9
Composite
|
$8.04
|
Valuation
59.5
|
|
Utilities - Regulated Gas
|
61.86M
|
21.8
Composite
|
$4.38
|
Valuation
30.1
|
|
Utilities - Renewable
|
44.50M
|
44.4
Composite
|
$1.00
|
Profitability
61.5
|
|
Utilities - Renewable
|
29.39M
|
37.8
Composite
|
$4.71
|
Efficiency
50.1
|
|
Utilities - Renewable
|
12.48M
|
40.1
Composite
|
$1.66
|
Growth
65.4
|
|
NXXT
NextNRG, Inc.
Utilities - Renewable
|
3.76M
|
31.4
Composite
|
$2.24
|
Growth
55.3
|
|
Utilities - Renewable
|
1.51M
|
31.2
Composite
|
$2.97
|
Efficiency
60.7
|
|
CREG
Smart Powerr Corp.
Utilities - Renewable
|
1,098
|
44.4
Composite
|
$0.00
|
Growth
65.4
|
|
ALE
Allete, Inc.
Utilities - Diversified
|
-
|
33.9
Composite
|
-
|
Efficiency
39.4
|
|
AMPS
Altus Power, Inc.
Utilities - Renewable
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
AGR
Avangrid, Inc.
Utilities - Regulated Electric
|
-
|
64.9
Composite
|
-
|
Valuation
100.0
|
|
Utilities - Diversified
|
-
|
46.8
Composite
|
$15.54
|
Growth
63.1
|
|
Utilities - Diversified
|
-
|
46.8
Composite
|
$15.53
|
Growth
63.1
|
|
Utilities - Renewable
|
-
|
50.6
Composite
|
$17.09
|
Profitability
59.0
|
|
Utilities - Regulated Water
|
-
|
25.2
Composite
|
$19.65
|
Efficiency
51.9
|
|
Utilities - Renewable
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Utilities - Renewable
|
-
|
37.7
Composite
|
-
|
Efficiency
81.7
|
|
Utilities - Regulated Electric
|
-
|
37.4
Composite
|
$15.77
|
Valuation
86.9
|
|
Utilities - Diversified
|
-
|
38.0
Composite
|
-
|
Health
48.5
|
|
Utilities - Regulated Electric
|
-
|
47.5
Composite
|
$20.15
|
Growth
57.6
|
|
HTOOW
Fusion Fuel Green PLC
Utilities - Renewable
|
-
|
45.2
Composite
|
-
|
Valuation
100.0
|
|
Utilities - Renewable
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Utilities - Regulated Electric
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Utilities - Regulated Electric
|
-
|
59.3
Composite
|
$47.68
|
Growth
85.7
|
|
Utilities - Regulated Electric
|
-
|
59.3
Composite
|
$51.56
|
Growth
85.7
|
|
Utilities - Renewable
|
-
|
55.5
Composite
|
$0.00
|
Profitability
73.4
|
|
SJW
SJW Group
Utilities - Regulated Water
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Utilities - Regulated Gas
|
-
|
40.1
Composite
|
$25.00
|
Valuation
80.6
|
|
Utilities - Regulated Electric
|
-
|
46.2
Composite
|
$25.62
|
Health
68.9
|
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.