Utilities

Electric, gas, and water utilities

Sector classifications follow the GICS industry standard.

Companies Analyzed20 / 20in this sector

Avg FCF Margin-14.6%

Top PerformerNEE11.7%

Avg Debt/FCF582.9xacross 3 companies

FCF Margin Rankings

Companies ranked by free cash flow margin

Health grades across the sector

F20 (100%)

#	Symbol	Grade	FCF Margin	Cash Conv.	Trend	Debt/FCF	Revenue	FCF
1	NEE	F	11.7%	182.7%	declining	29.8x	$27.4B	$3.2B
2	PEG	F	0.2%	156.2%	improving	930.8x	$12.2B	$26.0M
3	ED	F	0.2%	237.3%	declining	788.2x	$16.9B	$36.0M
4	ES	F	-0.3%	243.1%	improving	N/A	$13.5B	-$45.1M
5	EIX	F	-3.7%	123.4%	improving	N/A	$19.3B	-$715.0M
6	DUK	F	-5.3%	248.2%	declining	N/A	$32.2B	-$1.7B
7	DTE	F	-6.4%	233.2%	declining	N/A	$15.8B	-$1.0B
8	FE	F	-6.7%	—	declining	N/A	$15.1B	-$1.0B
9	AEP	F	-7.5%	194.0%	declining	N/A	$21.9B	-$1.6B
10	EXC	F	-9.4%	225.9%	improving	N/A	$24.3B	-$2.3B
11	SO	F	-10.4%	225.8%	declining	N/A	$29.6B	-$2.9B
12	WEC	F	-10.4%	216.8%	declining	N/A	$9.8B	-$1.0B
13	PPL	F	-16.0%	222.6%	declining	N/A	$9.0B	-$1.4B
14	CMS	F	-21.1%	208.7%	declining	N/A	$8.5B	-$1.8B
15	ETR	F	-21.6%	290.5%	declining	N/A	$12.9B	-$2.8B
16	AWK	F	-24.2%	185.3%	declining	N/A	$5.1B	-$1.2B
17	CNP	F	-25.5%	236.3%	declining	N/A	$9.4B	-$2.4B
18	D	F	-44.1%	178.8%	stable	N/A	$16.5B	-$7.3B
19	SRE	F	-44.6%	248.5%	improving	N/A	$13.7B	-$6.0B
20	XEL	F	-46.8%	202.3%	declining	N/A	$14.7B	-$6.8B

When we last checked utilities a month ago, all twenty companies earned F-grades. Nothing has improved. Fourteen are now declining.

Every utility we grade gets an F. Median FCF margin is negative, debt averages 583x FCF, and 14 companies are declining.

The utilities sector is broken. Nineteen F-grades, a -9.7% median margin, and 582x average debt-to-FCF ratio tell the full story.