Sector Alpha Week of 2026-07-28
20-quarter listed-company comparison

Utilities - Diversified Stocks

Utilities - Diversified: Brookfield Infrastructure Partners L.P. owns the largest revenue base; Unitil Corporation has the fastest current growth.

The industry itself · before any single company

How has Utilities - Diversified moved against S&P 500?

The line below covers 5.2 years. Over the most recent two of them this industry is 33% behind S&P 500. Earnings across its companies fell 4% on average over the last four reported quarters.

TURNING · ahead 1wPrice down, no fundamental support1 of 6 companies ahead of S&P 500 by 5% or more over three months

RS ↑1w · 4/6 >200d (−1) · 1/6 lead (+1) · EPS 4/6↑

200202620252024202320222021 159348 TRAILING 12-MONTH EPS · 100 AT THE START0100117Mar 22Sep 22Mar 23Sep 23Mar 24Sep 24Mar 25Sep 25Mar 26Mar 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 5 reportingJun 2022 · trailing 12-month earnings per share at 98, against 100 at the start · no comparable year yet · 5 reportingSep 2022 · trailing 12-month earnings per share at 85, against 100 at the start · no comparable year yet · 5 reportingDec 2022 · trailing 12-month earnings per share at 99, against 100 at the start · no comparable year yet · 5 reportingMar 2023 · trailing 12-month earnings per share at 87, against 100 at the start · down 13.1% on a year ago · 5 reportingJun 2023 · trailing 12-month earnings per share at 90, against 100 at the start · down 8.1% on a year ago · 5 reportingSep 2023 · trailing 12-month earnings per share at 103, against 100 at the start · up 19.2% on a year ago · 5 reportingDec 2023 · trailing 12-month earnings per share at 104, against 100 at the start · up 7.0% on a year ago · 5 reportingMar 2024 · trailing 12-month earnings per share at 113, against 100 at the start · up 23.0% on a year ago · 5 reportingJun 2024 · trailing 12-month earnings per share at 115, against 100 at the start · up 15.3% on a year ago · 5 reportingSep 2024 · trailing 12-month earnings per share at 117, against 100 at the start · up 5.7% on a year ago · 5 reportingDec 2024 · trailing 12-month earnings per share at 100, against 100 at the start · down 6.0% on a year ago · 5 reportingMar 2025 · trailing 12-month earnings per share at 103, against 100 at the start · down 2.3% on a year ago · 5 reportingJun 2025 · trailing 12-month earnings per share at 97, against 100 at the start · down 11.5% on a year ago · 5 reportingSep 2025 · trailing 12-month earnings per share at 103, against 100 at the start · down 6.7% on a year ago · 5 reportingDec 2025 · trailing 12-month earnings per share at 111, against 100 at the start · up 2.4% on a year ago · 5 reportingMar 2026 · trailing 12-month earnings per share at 117, against 100 at the start · up 1.6% on a year ago · 5 reportingNot reported yet — earnings trail price by a quarter or two117 · Mar 26No earnings on file this far back — the price series reaches further than the filings do
200202620252024202320222021 159348 TRAILING 12-MONTH EPS · 100 AT THE START0100117Mar 22Mar 23Mar 24Mar 25Mar 26Mar 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 5 reportingJun 2022 · trailing 12-month earnings per share at 98, against 100 at the start · no comparable year yet · 5 reportingSep 2022 · trailing 12-month earnings per share at 85, against 100 at the start · no comparable year yet · 5 reportingDec 2022 · trailing 12-month earnings per share at 99, against 100 at the start · no comparable year yet · 5 reportingMar 2023 · trailing 12-month earnings per share at 87, against 100 at the start · down 13.1% on a year ago · 5 reportingJun 2023 · trailing 12-month earnings per share at 90, against 100 at the start · down 8.1% on a year ago · 5 reportingSep 2023 · trailing 12-month earnings per share at 103, against 100 at the start · up 19.2% on a year ago · 5 reportingDec 2023 · trailing 12-month earnings per share at 104, against 100 at the start · up 7.0% on a year ago · 5 reportingMar 2024 · trailing 12-month earnings per share at 113, against 100 at the start · up 23.0% on a year ago · 5 reportingJun 2024 · trailing 12-month earnings per share at 115, against 100 at the start · up 15.3% on a year ago · 5 reportingSep 2024 · trailing 12-month earnings per share at 117, against 100 at the start · up 5.7% on a year ago · 5 reportingDec 2024 · trailing 12-month earnings per share at 100, against 100 at the start · down 6.0% on a year ago · 5 reportingMar 2025 · trailing 12-month earnings per share at 103, against 100 at the start · down 2.3% on a year ago · 5 reportingJun 2025 · trailing 12-month earnings per share at 97, against 100 at the start · down 11.5% on a year ago · 5 reportingSep 2025 · trailing 12-month earnings per share at 103, against 100 at the start · down 6.7% on a year ago · 5 reportingDec 2025 · trailing 12-month earnings per share at 111, against 100 at the start · up 2.4% on a year ago · 5 reportingMar 2026 · trailing 12-month earnings per share at 117, against 100 at the start · up 1.6% on a year ago · 5 reportingNot reported yet — earnings trail price by a quarter or two117No earnings on file this far back — the price series reaches further than the filings do
Utilities - Diversified, equal-weighted, based at 200 S&P 500, same base, same start trailing 12-month earnings per share rising falling
Strength anatomy NarrowHow much of the industry is participating, how recently, and whether the movers score well.
Together1 of 6 stocks moving
Fresh1 crossed in the last 4 weeks
Backed by scoresmovers score +10 vs the industry average
Down the cap ladder — bar is now, tick is four weeks ago
Large 1/2+1
Mid 0/20
Small 0/20

Participation is not spreading downward this month; the larger companies are still carrying most of it.

Both lines start at 200 in the same week, so the distance between them is the whole story: the industry line is an equal-weighted index of its 6 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the industry taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

Sector relative strength · before individual stocks

Is Utilities - Diversified outperforming S&P 500?

Utilities - Diversified has underperformed S&P 500 by 3.8% over the last 52 weeks. Over 13 weeks the gap is a lead of 1%. 2 of 6 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Brookfield Infrastructure Partners L.P. is the strongest against the sector itself at +10%.

+1.0%Sector vs S&P 500 · 13 weeks
-3.8%Sector vs S&P 500 · 52 weeks
2/6Stocks leading S&P 500
2/6Stocks leading sector

Sector metric: — as of latest available · unclassified · direction unavailable.

The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

Utilities - Diversified has underperformed S&P 500 by 3.8% over 52 weeks and 1% over 13 weeks. 2 of 6 covered companies beat the S&P 500 on Mansfield relative strength, while 2 of 6 beat the sector itself. Brookfield Infrastructure Partners L.P. leads with revenue of $24,009 million, based on 6 of 6 comparable companies through Mar 2026.

Is the Utilities - Diversified sector outperforming S&P 500?

Utilities - Diversified has underperformed S&P 500 by 3.8% over 52 weeks and 1% over 13 weeks. 2 of 6 covered companies beat the S&P 500 on Mansfield relative strength, while 2 of 6 beat the sector itself.

Which Utilities - Diversified company is largest by revenue?

Brookfield Infrastructure Partners L.P. leads with revenue of $24,009 million, based on 6 of 6 comparable companies through Mar 2026.

Which Utilities - Diversified company is growing fastest?

Unitil Corporation has the fastest current revenue growth at 19.5%, across 6 of 6 comparable companies.

Which Utilities - Diversified company has the strongest 4-Factor Sector Score?

Unitil Corporation ranks first at 58.8/100 with 80.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Utilities - Diversified company reports the most CAPEX?

Sempra reports the largest latest CAPEX at $2,461 million, with 6 of 6 companies comparable.

Which Utilities - Diversified company has the least gross debt?

Unitil Corporation has the lowest comparable gross debt at $934 million. Brookfield Infrastructure Partners L.P. has the highest at $67,832 million.

Which Utilities - Diversified company has the lowest comparable PEG?

Avista Corporation has the lowest comparable Guarded PEG at 1.14, among 4 of 6 companies that pass the metric’s comparability rules.

How much history does this Utilities - Diversified comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

Companies
6
complete canonical membership
Combined market value
$98.3B
Sempra
Revenue growing
5/6
positive TTM year-on-year growth
Beating S&P 500
2/6
positive Mansfield relative strength
Global company selection
00 · research priority, made explicit

4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
Unitil Corporation has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 80.2% evidence confidence.
Avista Corporation looks inexpensive relative to peers or its own history, but its earnings trajectory has not yet earned the valuation signal.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.

1. Unitil Corporation · UTL

58.8/100 · Mixed-positive evidence · 80% evidence

Exact sum: 21.8 + 14 + 8.4 + 14.6 = 58.8

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

21.8/35Growth & earnings

Revenue 19.5% · PAT 16.7% · OPM change -1.2 pp

95% evidence

14.0/25Capital efficiency

ROCE 3.4% · debt/equity 1.47×

80% evidence

8.4/20Valuation

P/E 16.5× · PEG 2.11

65% evidence

14.6/20Relative strength

RS sector 3.9% · RS bench 3.3% · 1Y 8.1%

70% evidence

2. Brookfield Infrastructure Partners L.P. · BIP

54.7/100 · Mixed-positive evidence · 80% evidence

Exact sum: 22.6 + 11.6 + 3.5 + 17 = 54.7

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

22.6/35Growth & earnings

Revenue 13% · PAT 54.4% · OPM change 0.5 pp

95% evidence

11.6/25Capital efficiency

ROCE 1.5% · debt/equity 1.98×

80% evidence

3.5/20Valuation

P/E 54.7× · PEG 4.93

65% evidence

17.0/20Relative strength

RS sector 10% · RS bench 9.4% · 1Y 34.6%

70% evidence

3. Avista Corporation · AVA

52.9/100 · Mixed-positive evidence · 86% evidence

Exact sum: 14.2 + 14.7 + 13.7 + 10.3 = 52.9

Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.

14.2/35Growth & earnings

Revenue -1.5% · PAT 10.2% · OPM change 3.2 pp

95% evidence

14.7/25Capital efficiency

ROCE 1.8% · debt/equity 1.15×

80% evidence

13.7/20Valuation

P/E 16× · PEG 1.14

65% evidence

10.3/20Relative strength

RS sector -1.7% · RS bench -2.2% · 1Y 11.6%

100% evidence

4. The AES Corporation · AES

43.7/100 · Mixed-negative evidence · 68% evidence

Exact sum: 20.9 + 5.1 + 11.5 + 6.2 = 43.7

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

20.9/35Growth & earnings

Revenue 3% · PAT 16.9% · OPM change 6 pp

71% evidence

5.1/25Capital efficiency

ROCE 1.4% · debt/equity 2.6×

80% evidence

11.5/20Valuation

P/E 7.5× · PEG —

15% evidence

6.2/20Relative strength

RS sector -3.1% · RS bench -3.7% · 1Y 12.1%

100% evidence

5. Algonquin Power & Utilities Corp. · AQN

31.7/100 · Adverse evidence · 76% evidence

Exact sum: 10.8 + 8.9 + 9.7 + 2.3 = 31.7

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

10.8/35Growth & earnings

Revenue 7.2% · PAT -3.5% · OPM change -3 pp

95% evidence

8.9/25Capital efficiency

ROCE 1.4% · debt/equity 1.33×

80% evidence

9.7/20Valuation

P/E 26.7× · PEG —

15% evidence

2.3/20Relative strength

RS sector -5.9% · RS bench -6.6% · 1Y 3.1%

100% evidence

6. Sempra · SRE

28.9/100 · Adverse evidence · 86% evidence

Exact sum: 12.4 + 12.4 + 4.1 + 0 = 28.9

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

12.4/35Growth & earnings

Revenue 1.6% · PAT -16.7% · OPM change 4.6 pp

95% evidence

12.4/25Capital efficiency

ROCE 1.2% · debt/equity 0.85×

80% evidence

4.1/20Valuation

P/E 32.9× · PEG 3.45

65% evidence

0.0/20Relative strength

RS sector -6.5% · RS bench -7.1% · 1Y 11.8%

100% evidence

01 · compare level, then change

Revenue Scale & Growth Durability

Brookfield Infrastructure Partners L.P. has the highest Revenue among the 6 Utilities - Diversified companies compared here, at $24,009 million. Sempra is next at $13,555 million. Unitil Corporation has the highest Revenue growth at 19.5%, so level and change sit with different companies. 6 of 6 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Brookfield Infrastructure Partners L.P. is the scale leader at $24,009 million, 77.1% ahead of Sempra. Unitil Corporation's growth is 19.5% from a $583 million base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderBrookfield Infrastructure Partners L.P. · $24,009 million
Gap77.1% versus #2 · Sempra
Persistence8/8 recent comparable periods
Coverage6/6 companies · 120 observations

Investor read: Brookfield Infrastructure Partners L.P. is the scale benchmark; Unitil Corporation is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Brookfield Infrastructure Partners L.P.'s growth falls below Unitil Corporation's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
1Brookfield Infrastructure Partners L.P. BIP$24.0B
2Sempra SRE$13.6B
3The AES Corporation AES$12.5B
4Algonquin Power & Utilities Corp. AQN$2.5B
5Avista Corporation AVA$1.9B
Revenue growthfastest growers
1Unitil Corporation UTL20%
2Brookfield Infrastructure Partners L.P. BIP13%
3Algonquin Power & Utilities Corp. AQN7.2%
4The AES Corporation AES3.0%
5Sempra SRE1.6%
Revenue · company comparison
6/6 level · 6/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyRevenueRevenue growthReported
Brookfield Infrastructure Partners L.P. BIP$6.3B17%Mar 2026
Sempra SRE$3.7B-3.9%Mar 2026
The AES Corporation AES$3.2B8.7%Mar 2026
Algonquin Power & Utilities Corp. AQN$792M14%Mar 2026
Avista Corporation AVA$570M-7.6%Mar 2026
Unitil Corporation UTL$217M27%Mar 2026
Full 20-quarter history · every available company

Revenue · reported quarter history

Algonquin Power & Utilities Corp. · AQN

$528M
$529M
$584M
$733M
$619M
$664M
$748M
$779M
$628M
$565M
$586M
$646M
$515M
$573M
$585M
$692M
$528M
$583M
$631M
$792M

Avista Corporation · AVA

$298M
$296M
$432M
$462M
$379M
$359M
$510M
$475M
$380M
$380M
$518M
$609M
$402M
$394M
$533M
$617M
$411M
$403M
$533M
$570M

Brookfield Infrastructure Partners L.P. · BIP

$2.7B
$2.9B
$3.3B
$3.4B
$3.7B
$3.6B
$3.7B
$4.2B
$4.3B
$4.5B
$5.0B
$5.2B
$5.1B
$5.3B
$5.4B
$5.4B
$5.4B
$6.0B
$6.3B
$6.3B

Sempra · SRE

$2.7B
$3.0B
$3.8B
$3.8B
$3.5B
$3.6B
$3.5B
$6.6B
$3.3B
$3.3B
$3.5B
$3.6B
$3.0B
$2.8B
$3.8B
$3.8B
$3.0B
$3.2B
$3.7B
$3.7B

The AES Corporation · AES

$2.7B
$3.0B
$2.8B
$2.9B
$3.1B
$3.6B
$3.1B
$3.2B
$3.0B
$3.4B
$3.0B
$3.1B
$2.9B
$3.3B
$3.0B
$2.9B
$2.9B
$3.4B
$3.1B
$3.2B

Unitil Corporation · UTL

$97M
$98M
$140M
$193M
$99M
$110M
$162M
$220M
$103M
$104M
$130M
$179M
$96M
$93M
$128M
$171M
$103M
$101M
$162M
$217M

Revenue growth · reported quarter history

Algonquin Power & Utilities Corp. · AQN

17%
26%
28%
6.3%
1.5%
-15%
-22%
-17%
-18%
1.4%
-0.2%
7.1%
2.5%
1.8%
7.9%
14%

Avista Corporation · AVA

27%
21%
18%
2.8%
0.3%
5.9%
1.6%
28%
5.8%
3.7%
2.9%
1.3%
2.2%
2.3%
0.0%
-7.6%

Brookfield Infrastructure Partners L.P. · BIP

38%
23%
14%
24%
16%
24%
34%
23%
21%
17%
9.5%
4.0%
5.7%
13%
16%
17%

Sempra · SRE

29%
20%
-10%
72%
-6.0%
-7.8%
1.0%
-45%
-9.7%
-17%
7.7%
4.5%
-0.4%
14%
-0.2%
-3.9%

The AES Corporation · AES

14%
19%
10%
14%
-1.7%
-5.3%
-3.0%
-4.8%
-2.8%
-4.2%
-0.2%
-5.2%
-3.0%
1.9%
4.7%
8.7%

Unitil Corporation · UTL

2.1%
12%
16%
14%
4.0%
-5.5%
-20%
-19%
-6.8%
-11%
-1.5%
-4.5%
7.3%
8.6%
27%
27%
02 · compare level, then change

Operating Economics & Margin Trend

Sempra has the highest OPM among the 6 Utilities - Diversified companies compared here, at 29.8%. Unitil Corporation is next at 25.8%. The AES Corporation has the highest Margin change at +6 percentage points, so level and change sit with different companies. 6 of 6 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Sempra leads opm at 29.8%; The AES Corporation leads margin change at +6 percentage points.

LeaderSempra · 29.8%
Gap15.5% versus #2 · Unitil Corporation
Persistence4/8 recent comparable periods
Coverage6/6 companies · 120 observations

Investor read: Sempra sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
1Sempra SRE30%
2Unitil Corporation UTL26%
3Brookfield Infrastructure Partners L.P. BIP25%
4Avista Corporation AVA24%
5Algonquin Power & Utilities Corp. AQN23%
Margin changefastest expanders
1The AES Corporation AES+6.0 pp
2Sempra SRE+4.6 pp
3Avista Corporation AVA+3.2 pp
4Brookfield Infrastructure Partners L.P. BIP+0.5 pp
5Unitil Corporation UTL−1.2 pp
Operating margin · company comparison
6/6 level · 6/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyOPMMargin changeReported
Sempra SRE30%+4.6 ppMar 2026
Unitil Corporation UTL26%−1.2 ppMar 2026
Brookfield Infrastructure Partners L.P. BIP25%+0.5 ppMar 2026
Avista Corporation AVA24%+3.2 ppMar 2026
Algonquin Power & Utilities Corp. AQN23%−3.0 ppMar 2026
The AES Corporation AES18%+6.0 ppMar 2026
Full 20-quarter history · every available company

OPM · reported quarter history

Algonquin Power & Utilities Corp. · AQN

16%
22%
22%
19%
17%
20%
3.1%
18%
15%
22%
18%
22%
17%
19%
18%
26%
12%
26%
18%
23%

Avista Corporation · AVA

11%
8.2%
16%
18%
6.4%
5.4%
12%
16%
12%
10%
19%
17%
14%
12%
19%
20%
14%
15%
21%
24%

Brookfield Infrastructure Partners L.P. · BIP

24%
24%
24%
23%
23%
26%
25%
21%
20%
22%
26%
23%
23%
24%
25%
25%
24%
24%
27%
25%

Sempra · SRE

17%
-35%
23%
22%
18%
13%
11%
25%
24%
18%
20%
25%
19%
16%
28%
25%
20%
16%
28%
30%

The AES Corporation · AES

25%
24%
19%
17%
17%
23%
17%
17%
14%
25%
15%
18%
17%
20%
11%
12%
14%
21%
17%
18%

Unitil Corporation · UTL

11%
7.3%
19%
19%
12%
6.5%
16%
18%
11%
7.7%
22%
25%
13%
6.2%
22%
27%
13%
6.9%
22%
26%

Margin change · reported quarter history

Algonquin Power & Utilities Corp. · AQN

+1.1 pp
−1.2 pp
−18.8 pp
−0.4 pp
−2.4 pp
+1.9 pp
+15.0 pp
+3.9 pp
+1.7 pp
−2.8 pp
0.0 pp
+3.6 pp
−4.3 pp
+6.3 pp
−0.5 pp
−3.0 pp

Avista Corporation · AVA

−4.2 pp
−2.8 pp
−3.9 pp
−1.9 pp
+5.1 pp
+4.6 pp
+6.8 pp
+0.5 pp
+2.2 pp
+2.4 pp
−0.1 pp
+3.7 pp
+0.2 pp
+2.5 pp
+1.9 pp
+3.2 pp

Brookfield Infrastructure Partners L.P. · BIP

−0.7 pp
+1.6 pp
+1.1 pp
−2.0 pp
−3.0 pp
−3.2 pp
+1.4 pp
+1.7 pp
+2.4 pp
+1.5 pp
−1.2 pp
+2.0 pp
+1.6 pp
+0.4 pp
+2.0 pp
+0.5 pp

Sempra · SRE

+1.0 pp
+48.4 pp
−12.8 pp
+2.7 pp
+6.2 pp
+5.4 pp
+9.0 pp
−0.1 pp
−4.7 pp
−2.3 pp
+8.3 pp
+0.5 pp
+0.5 pp
−0.3 pp
−0.1 pp
+4.6 pp

The AES Corporation · AES

−8.5 pp
−0.5 pp
−2.4 pp
−0.2 pp
−2.7 pp
+1.7 pp
−2.0 pp
+1.0 pp
+2.5 pp
−4.7 pp
−3.4 pp
−5.2 pp
−2.4 pp
+0.4 pp
+5.4 pp
+6.0 pp

Unitil Corporation · UTL

+0.8 pp
−0.8 pp
−3.0 pp
−0.7 pp
−0.6 pp
+1.2 pp
+5.6 pp
+6.8 pp
+1.6 pp
−1.5 pp
+0.6 pp
+2.3 pp
0.0 pp
+0.7 pp
−0.6 pp
−1.2 pp
03 · compare level, then change

Profit Scale & Acceleration

Sempra has the highest Net profit among the 6 Utilities - Diversified companies compared here, at $2,886 million. Brookfield Infrastructure Partners L.P. is next at $2,154 million. Brookfield Infrastructure Partners L.P. has the highest Profit growth at 54.4%, so level and change sit with different companies. 6 of 6 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Sempra leads with $2,886 million of TTM profit, 34% above Brookfield Infrastructure Partners L.P.. Brookfield Infrastructure Partners L.P. shows 54.4% growth from a $2,154 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderSempra · $2,886 million
Gap34% versus #2 · Brookfield Infrastructure Partners L.P.
Persistence5/8 recent comparable periods
Coverage6/6 companies · 120 observations

Investor read: Sempra sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.
Net profitlargest
1Sempra SRE$2.9B
2Brookfield Infrastructure Partners L.P. BIP$2.2B
3The AES Corporation AES$395M
4Avista Corporation AVA$206M
5Algonquin Power & Utilities Corp. AQN$136M
Profit growthfastest growers
1Brookfield Infrastructure Partners L.P. BIP54%
2Unitil Corporation UTL17%
3Avista Corporation AVA10%
4Algonquin Power & Utilities Corp. AQN-3.6%
5Sempra SRE-17%
Net profit · company comparison
6/6 level · 5/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyNet profitProfit growthReported
Sempra SRE$1.2B25%Mar 2026
Brookfield Infrastructure Partners L.P. BIP$148M-72%Mar 2026
Avista Corporation AVA$92M16%Mar 2026
Algonquin Power & Utilities Corp. AQN$68M-13%Mar 2026
Unitil Corporation UTL$33M18%Mar 2026
The AES Corporation AES$-8M-183%Mar 2026
Full 20-quarter history · every available company

Net profit · reported quarter history

Algonquin Power & Utilities Corp. · AQN

$85M
$-39M
$144M
$53M
$-62M
$-207M
$-91M
$250M
$-262M
$-174M
$162M
$-73M
$157M
$33M
$-127M
$78M
$-1M
$59M
$10M
$68M

Avista Corporation · AVA

$14M
$14M
$51M
$72M
$11M
$-6M
$78M
$55M
$17M
$15M
$84M
$71M
$23M
$18M
$67M
$79M
$14M
$29M
$71M
$92M

Brookfield Infrastructure Partners L.P. · BIP

$1.3B
$536M
$380M
$294M
$425M
$361M
$295M
$143M
$773M
$256M
$276M
$814M
$184M
$234M
$451M
$526M
$252M
$750M
$1.0B
$148M

Sempra · SRE

$455M
$-632M
$820M
$657M
$659M
$561M
$529M
$1.2B
$736M
$854M
$847M
$881M
$871M
$629M
$1.0B
$919M
$519M
$52M
$1.2B
$1.2B

The AES Corporation · AES

$-91M
$510M
$-513M
$-33M
$5M
$-26M
$-17M
$-4M
$-25M
$277M
$-639M
$-15M
$3M
$213M
$156M
$-34M
$-22M
$555M
$-130M
$-8M

Unitil Corporation · UTL

$3M
$0M
$15M
$22M
$5M
$1M
$15M
$24M
$4M
$1M
$16M
$27M
$4M
$0M
$16M
$28M
$4M
$0M
$19M
$33M

Profit growth · reported quarter history

Algonquin Power & Utilities Corp. · AQN

-173%
-163%
372%
-129%
-178%
-101%
79%
-13%

Avista Corporation · AVA

-21%
-143%
53%
-24%
55%
7.7%
29%
35%
20%
-20%
11%
-39%
61%
6.0%
16%

Brookfield Infrastructure Partners L.P. · BIP

-67%
-33%
-22%
-51%
82%
-29%
-6.4%
469%
-76%
-8.6%
63%
-35%
37%
221%
123%
-72%

Sempra · SRE

45%
-35%
78%
12%
52%
60%
-25%
18%
-26%
24%
4.3%
-40%
-92%
11%
25%

The AES Corporation · AES

-105%
-600%
-23%
-833%
161%
-183%

Unitil Corporation · UTL

67%
0.0%
9.1%
-20%
0.0%
6.7%
13%
0.0%
-100%
0.0%
3.7%
0.0%
19%
18%
04 · compare level, then change

Capacity Spending & Returns On It

Sempra has the highest CAPEX among the 6 Utilities - Diversified companies compared here, at $2,461 million. Brookfield Infrastructure Partners L.P. is next at $2,113 million. The same company also holds the highest CAPEX intensity, at 67.3%. 6 of 6 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Sempra reports $2,461 million of CAPEX; Sempra has the highest covered intensity at 67.3%. Coverage is only 6 of 6 companies and 120 reported observations, so this is partial evidence—not a complete sector rank.

LeaderSempra · $2,461 million
Gap16.5% versus #2 · Brookfield Infrastructure Partners L.P.
Persistence8/8 recent comparable periods
Coverage6/6 companies · 120 observations

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.
CAPEXlargest spenders
1Sempra SRE$2.5B
2Brookfield Infrastructure Partners L.P. BIP$2.1B
3The AES Corporation AES$1.8B
4Avista Corporation AVA$150M
5Algonquin Power & Utilities Corp. AQN$129M
CAPEX intensityhighest reinvestment intensity
1Sempra SRE67%
2The AES Corporation AES56%
3Brookfield Infrastructure Partners L.P. BIP34%
4Avista Corporation AVA26%
5Algonquin Power & Utilities Corp. AQN16%
Capital expenditure · company comparison
6/6 level · 6/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyCAPEXCAPEX intensityReported
Sempra SRE$2.5B67%Mar 2026
Brookfield Infrastructure Partners L.P. BIP$2.1B34%Mar 2026
The AES Corporation AES$1.8B56%Mar 2026
Avista Corporation AVA$150M26%Mar 2026
Algonquin Power & Utilities Corp. AQN$129M16%Mar 2026
Unitil Corporation UTL$32M15%Mar 2026
Full 20-quarter history · every available company

CAPEX · reported quarter history

Algonquin Power & Utilities Corp. · AQN

$408M
$348M
$294M
$328M
$248M
$322M
$192M
$170M
$245M
$279M
$332M
$213M
$204M
$182M
$273M
$223M
$186M
$151M
$220M
$129M

Avista Corporation · AVA

$117M
$109M
$117M
$96M
$115M
$121M
$121M
$100M
$126M
$133M
$140M
$119M
$132M
$154M
$128M
$103M
$143M
$133M
$191M
$150M

Brookfield Infrastructure Partners L.P. · BIP

$414M
$588M
$733M
$599M
$735M
$769M
$672M
$498M
$572M
$1.2B
$1.2B
$1.6B
$991M
$2.1B
$980M
$870M
$1.0B
$2.1B
$2.0B
$2.1B

Sempra · SRE

$1.2B
$1.2B
$1.4B
$1.2B
$1.2B
$1.2B
$1.8B
$1.8B
$2.5B
$1.8B
$2.3B
$1.9B
$1.9B
$1.9B
$2.5B
$2.3B
$2.3B
$2.6B
$3.4B
$2.5B

The AES Corporation · AES

$567M
$535M
$582M
$766M
$893M
$1.1B
$1.8B
$1.6B
$1.8B
$1.9B
$2.4B
$2.1B
$1.7B
$1.8B
$1.7B
$1.3B
$1.3B
$1.8B
$1.5B
$1.8B

Unitil Corporation · UTL

$28M
$39M
$34M
$15M
$30M
$37M
$40M
$22M
$35M
$36M
$48M
$20M
$37M
$57M
$56M
$33M
$40M
$55M
$58M
$32M

CAPEX intensity · reported quarter history

Algonquin Power & Utilities Corp. · AQN

77%
66%
50%
45%
40%
49%
26%
22%
39%
49%
57%
33%
40%
32%
47%
32%
35%
26%
35%
16%

Avista Corporation · AVA

39%
37%
27%
21%
30%
34%
24%
21%
33%
35%
27%
20%
33%
39%
24%
17%
35%
33%
36%
26%

Brookfield Infrastructure Partners L.P. · BIP

16%
20%
23%
18%
20%
21%
18%
12%
13%
26%
25%
30%
19%
40%
18%
16%
19%
35%
32%
34%

Sempra · SRE

45%
39%
37%
32%
33%
33%
53%
28%
74%
54%
67%
53%
63%
70%
65%
61%
77%
81%
91%
67%

The AES Corporation · AES

21%
18%
21%
27%
29%
29%
60%
48%
61%
55%
82%
70%
57%
56%
58%
43%
47%
54%
50%
56%

Unitil Corporation · UTL

29%
40%
24%
7.8%
30%
34%
25%
10%
34%
35%
37%
11%
39%
61%
44%
19%
39%
55%
36%
15%
Annual capital allocation · 5-year view
6/6 capacity base · 6/6 OCF · 6/6 CAPEX · 6/6 FCF

Capacity base is net fixed assets plus capital work in progress, straight off the reported balance sheet. It is not cash spent, so it answers a narrower question than CAPEX — but it is reported for companies whose cash-flow CAPEX is not published, which is why it leads here. Missing years remain blank; annual values are never relabelled as quarters.

Full annual capacity base, operating cash flow, CAPEX and free cash flow history

Capacity base · net fixed assets + CWIP · fiscal-year history

Avista Corporation · AVA

$5.2B
$5.4B
$5.7B
$6.0B
$6.3B

Sempra · SRE

$43.9B
$47.8B
$55.0B
$61.4B
$49.0B

The AES Corporation · AES

$19.9B
$23.0B
$30.0B
$33.2B
$37.8B

Unitil Corporation · UTL

$1.3B
$1.3B
$1.4B
$1.5B
$1.8B

Operating cash flow · fiscal-year history

Avista Corporation · AVA

$267M
$124M
$447M
$534M
$469M

Sempra · SRE

$3.8B
$1.1B
$6.2B
$4.9B
$4.6B

CAPEX · reported cash flow · fiscal-year history

Avista Corporation · AVA

$440M
$452M
$499M
$533M
$570M

Sempra · SRE

$5.0B
$5.4B
$8.4B
$8.2B
$10.6B

Unitil Corporation · UTL

$115M
$122M
$141M
$170M
$185M

Free cash flow · fiscal-year history

Avista Corporation · AVA

$-173M
$-328M
$-52M
$1M
$-101M

Sempra · SRE

$-1.2B
$-4.2B
$-2.2B
$-3.3B
$-6.0B

The AES Corporation · AES

$-214M
$-1.8B
$-4.7B
$-4.6B
$-1.6B
05 · compare level, then change

Debt Load & Balance-Sheet Headroom

Unitil Corporation has the lowest Gross debt among the 6 Utilities - Diversified companies compared here, at $934 million. Avista Corporation is next at $3,191 million. The same company also holds the lowest Net debt, at $917 million. 6 of 6 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Unitil Corporation has the clearest covered balance-sheet capacity with $917 million and gross debt of $934 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

LeaderUnitil Corporation · $934 million
Gap70.7% versus #2 · Avista Corporation
Persistence0/8 recent comparable periods
Coverage6/6 companies · 120 observations

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.
Gross debtlowest gross debt
1Unitil Corporation UTL$934M
2Avista Corporation AVA$3.2B
3Algonquin Power & Utilities Corp. AQN$6.7B
4The AES Corporation AES$31.8B
5Sempra SRE$36.4B
Net debtlowest net debt
1Unitil Corporation UTL$917M
2Avista Corporation AVA$3.2B
3Algonquin Power & Utilities Corp. AQN$6.6B
4The AES Corporation AES$29.6B
5Sempra SRE$35.6B
Debt and balance-sheet capacity · company comparison
6/6 level · 6/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGross debtNet debtReported
Brookfield Infrastructure Partners L.P. BIP$67.8B$65.4BMar 2026
Sempra SRE$36.4B$35.6BMar 2026
The AES Corporation AES$31.8B$29.6BMar 2026
Algonquin Power & Utilities Corp. AQN$6.7B$6.6BMar 2026
Avista Corporation AVA$3.2B$3.2BMar 2026
Unitil Corporation UTL$934M$917MMar 2026
Full 20-quarter history · every available company

Gross debt · reported quarter history

Algonquin Power & Utilities Corp. · AQN

$6.6B
$6.9B
$6.2B
$7.2B
$7.5B
$7.7B
$7.5B
$7.8B
$8.1B
$8.4B
$7.5B
$9.1B
$8.3B
$7.5B
$6.7B
$6.3B
$6.3B
$6.4B
$6.5B
$6.7B

Avista Corporation · AVA

$2.4B
$2.4B
$2.5B
$2.6B
$2.5B
$2.6B
$2.8B
$2.8B
$2.8B
$2.8B
$2.9B
$2.9B
$2.9B
$3.0B
$3.0B
$3.0B
$3.1B
$3.1B
$3.2B
$3.2B

Brookfield Infrastructure Partners L.P. · BIP

$25.7B
$32.7B
$32.5B
$34.1B
$32.5B
$31.1B
$32.3B
$36.9B
$37.7B
$46.7B
$48.7B
$51.8B
$52.5B
$56.0B
$53.9B
$53.6B
$55.8B
$65.4B
$67.9B
$67.8B

Sempra · SRE

$24.9B
$26.1B
$24.6B
$26.9B
$25.9B
$26.6B
$28.9B
$29.5B
$31.0B
$30.7B
$31.1B
$31.8B
$32.9B
$34.4B
$35.8B
$37.7B
$38.6B
$32.7B
$35.0B
$36.4B

The AES Corporation · AES

$20.0B
$20.0B
$18.7B
$20.3B
$21.4B
$22.2B
$24.2B
$24.8B
$26.5B
$22.5B
$27.9B
$30.5B
$29.1B
$30.2B
$29.9B
$31.2B
$30.9B
$31.9B
$30.5B
$31.8B

Unitil Corporation · UTL

$554M
$542M
$570M
$569M
$550M
$573M
$616M
$635M
$625M
$646M
$682M
$688M
$674M
$712M
$756M
$821M
$818M
$795M
$933M
$934M

Net debt · reported quarter history

Algonquin Power & Utilities Corp. · AQN

$6.4B
$6.7B
$6.1B
$7.1B
$7.4B
$7.6B
$7.4B
$7.8B
$8.0B
$8.3B
$7.5B
$9.0B
$8.1B
$7.4B
$6.7B
$6.2B
$6.3B
$6.4B
$6.5B
$6.6B

Avista Corporation · AVA

$2.3B
$2.4B
$2.5B
$2.4B
$2.5B
$2.6B
$2.8B
$2.8B
$2.8B
$2.8B
$2.9B
$2.9B
$2.9B
$2.9B
$3.0B
$2.9B
$3.1B
$3.0B
$3.2B
$3.2B

Brookfield Infrastructure Partners L.P. · BIP

$23.3B
$29.9B
$30.3B
$31.4B
$30.4B
$29.0B
$29.6B
$34.3B
$35.4B
$44.4B
$45.9B
$49.1B
$50.3B
$53.9B
$51.1B
$51.9B
$53.2B
$62.1B
$64.2B
$65.4B

Sempra · SRE

$24.5B
$25.2B
$24.1B
$24.4B
$23.9B
$25.9B
$28.5B
$28.8B
$29.8B
$29.3B
$30.8B
$31.0B
$32.6B
$33.8B
$34.3B
$36.0B
$38.4B
$32.7B
$35.0B
$35.6B

The AES Corporation · AES

$18.1B
$18.2B
$17.5B
$18.4B
$19.3B
$19.7B
$21.5B
$22.1B
$24.0B
$19.9B
$25.7B
$27.7B
$27.0B
$27.6B
$27.9B
$28.6B
$28.8B
$29.4B
$28.3B
$29.6B

Unitil Corporation · UTL

$549M
$533M
$563M
$562M
$545M
$565M
$607M
$628M
$618M
$640M
$675M
$682M
$671M
$706M
$750M
$811M
$809M
$780M
$917M
$917M
06 · compare level, then change

Return On Capital Employed

Unitil Corporation has the highest ROCE among the 6 Utilities - Diversified companies compared here, at 3.4%. Avista Corporation is next at 1.8%. The AES Corporation has the highest ROCE change at +0.5 percentage points, so level and change sit with different companies. 6 of 6 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Unitil Corporation leads ROCE at 3.4%, 1.6 percentage points above Avista Corporation. The AES Corporation has the strongest latest improvement at +0.5 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

LeaderUnitil Corporation · 3.4%
Gap88.9% versus #2 · Avista Corporation
Persistence2/8 recent comparable periods
Coverage6/6 companies · 114 observations

Investor read: Unitil Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.
ROCEhighest
1Unitil Corporation UTL3.4%
2Avista Corporation AVA1.8%
3Brookfield Infrastructure Partners L.P. BIP1.5%
4The AES Corporation AES1.4%
5Algonquin Power & Utilities Corp. AQN1.4%
ROCE changefastest improvers
1The AES Corporation AES+0.5 pp
2Unitil Corporation UTL+0.3 pp
3Algonquin Power & Utilities Corp. AQN+0.2 pp
4Avista Corporation AVA+0.1 pp
5Brookfield Infrastructure Partners L.P. BIP+0.1 pp
Return on capital · company comparison
6/6 level · 6/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyROCEROCE changeReported
Unitil Corporation UTL3.4%+0.3 ppMar 2026
Avista Corporation AVA1.8%+0.1 ppMar 2026
Brookfield Infrastructure Partners L.P. BIP1.5%+0.1 ppMar 2026
The AES Corporation AES1.4%+0.5 ppMar 2026
Algonquin Power & Utilities Corp. AQN1.4%+0.2 ppMar 2026
Sempra SRE1.2%+0.1 ppMar 2026
Full 20-quarter history · every available company

ROCE · reported quarter history

Algonquin Power & Utilities Corp. · AQN

0.9%
0.9%
0.9%
0.7%
0.9%
0.1%
0.9%
0.6%
0.8%
0.6%
0.9%
0.5%
0.7%
0.7%
1.2%
0.4%
1.0%
0.8%
1.4%

Avista Corporation · AVA

0.4%
1.2%
1.3%
0.4%
0.3%
1.0%
1.2%
0.7%
0.6%
1.5%
1.5%
0.8%
0.7%
1.4%
1.7%
0.8%
0.8%
1.5%
1.8%

Brookfield Infrastructure Partners L.P. · BIP

1.2%
1.3%
1.3%
1.5%
1.5%
1.4%
1.3%
1.3%
1.3%
1.7%
1.4%
1.4%
1.4%
1.5%
1.4%
1.4%
1.4%
1.6%
1.5%

Sempra · SRE

-1.8%
1.5%
1.3%
1.0%
0.7%
0.6%
2.4%
1.1%
0.8%
0.9%
1.2%
0.7%
0.6%
1.3%
1.1%
0.7%
0.6%
1.2%
1.2%

The AES Corporation · AES

2.4%
1.8%
1.6%
1.7%
2.7%
1.7%
1.8%
1.3%
2.6%
1.3%
1.5%
1.4%
1.8%
0.9%
0.9%
1.0%
1.7%
1.2%
1.4%

Unitil Corporation · UTL

0.5%
1.9%
2.6%
0.9%
0.5%
1.9%
2.9%
0.9%
0.6%
2.0%
3.2%
0.9%
0.4%
1.9%
3.1%
0.9%
0.4%
2.1%
3.4%

ROCE change · reported quarter history

Algonquin Power & Utilities Corp. · AQN

0.0 pp
−0.8 pp
0.0 pp
−0.1 pp
−0.1 pp
+0.5 pp
0.0 pp
−0.1 pp
−0.1 pp
+0.1 pp
+0.3 pp
−0.1 pp
+0.3 pp
+0.1 pp
+0.2 pp

Avista Corporation · AVA

−0.1 pp
−0.2 pp
−0.1 pp
+0.3 pp
+0.3 pp
+0.5 pp
+0.3 pp
+0.1 pp
+0.1 pp
−0.1 pp
+0.2 pp
0.0 pp
+0.1 pp
+0.1 pp
+0.1 pp

Brookfield Infrastructure Partners L.P. · BIP

+0.3 pp
+0.1 pp
0.0 pp
−0.2 pp
−0.2 pp
+0.3 pp
+0.1 pp
+0.1 pp
+0.1 pp
−0.2 pp
0.0 pp
0.0 pp
0.0 pp
+0.1 pp
+0.1 pp

Sempra · SRE

+2.5 pp
−0.9 pp
+1.1 pp
+0.1 pp
+0.1 pp
+0.3 pp
−1.2 pp
−0.4 pp
−0.2 pp
+0.4 pp
−0.1 pp
0.0 pp
0.0 pp
−0.1 pp
+0.1 pp

The AES Corporation · AES

+0.3 pp
−0.1 pp
+0.2 pp
−0.4 pp
−0.1 pp
−0.4 pp
−0.3 pp
+0.1 pp
−0.8 pp
−0.4 pp
−0.6 pp
−0.4 pp
−0.1 pp
+0.3 pp
+0.5 pp

Unitil Corporation · UTL

0.0 pp
0.0 pp
+0.3 pp
0.0 pp
+0.1 pp
+0.1 pp
+0.3 pp
0.0 pp
−0.2 pp
−0.1 pp
−0.1 pp
0.0 pp
0.0 pp
+0.2 pp
+0.3 pp
07 · compare level, then change

Valuation Against Growth & Quality

Avista Corporation has the lowest Guarded PEG among the 6 Utilities - Diversified companies compared here, at 1.14×. Unitil Corporation is next at 2.11×. The AES Corporation has the lowest P/E at 7.53×, so level and change sit with different companies. 4 of 6 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Avista Corporation has the lowest comparable Guarded PEG at 1.14×, 46% below Unitil Corporation. Only 4 of 6 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderAvista Corporation · 1.14×
Gap46% versus #2 · Unitil Corporation
Persistence0/8 recent comparable periods
Coverage4/6 companies · 19 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.
Guarded PEGlowest PEG
1Avista Corporation AVA1.1
2Unitil Corporation UTL2.1
3Sempra SRE3.5
4Brookfield Infrastructure Partners L.P. BIP4.9
P/Elowest P/E
1The AES Corporation AES7.5
2Avista Corporation AVA16.0
3Unitil Corporation UTL16.5
4Algonquin Power & Utilities Corp. AQN26.7
5Sempra SRE32.9
Valuation · company comparison
4/6 level · 6/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGuarded PEGP/EReported
Brookfield Infrastructure Partners L.P. BIP4.954.7Mar 2026
Sempra SRE3.532.9Mar 2026
Unitil Corporation UTL2.116.5Mar 2026
Avista Corporation AVA1.116.0Mar 2026
The AES Corporation AES7.5Mar 2026
Algonquin Power & Utilities Corp. AQN26.7Mar 2026
Full 20-quarter history · every available company

Guarded PEG · reported quarter history

Avista Corporation · AVA

0.7
3.1
0.5
0.5
1.1
1.4
1.1

Brookfield Infrastructure Partners L.P. · BIP

4.9

Sempra · SRE

0.8
0.4
1.0
0.9
3.5

Unitil Corporation · UTL

1.8
2.7
2.1
1.9
1.5
2.1

P/E · reported quarter history

Algonquin Power & Utilities Corp. · AQN

15.1
35.3
30.4
44.8
181.8
210.1
39.1
89.5
28.0
26.7

Avista Corporation · AVA

18.7
20.2
21.1
20.7
20.4
20.9
22.8
20.4
14.7
16.0
14.5
14.0
15.4
16.0
19.0
18.3
17.1
16.2
16.0

Brookfield Infrastructure Partners L.P. · BIP

25.7
35.0
45.5
55.4
138.1
221.4
422.1
110.6
94.8
224.9
100.7
794.8
670.0
49.1
38.6
54.7

Sempra · SRE

34.8
32.9
53.0
42.1
21.0
23.3
19.5
18.5
15.8
15.6
15.9
16.3
18.4
19.9
15.7
18.3
27.6
32.1
32.9

The AES Corporation · AES

29.3
55.0
24.9
15.0
12.9
5.5
6.3
7.4
8.2
11.4
7.5

Unitil Corporation · UTL

18.3
19.6
20.3
22.8
17.8
19.8
20.7
18.8
15.5
18.6
17.5
17.2
20.7
18.5
19.7
17.9
16.6
16.3
16.5
08 · compare level, then change

Enterprise Value & Book Value

Unitil Corporation has the lowest EV/EBITDA among the 6 Utilities - Diversified companies compared here, at 9.23×. Avista Corporation is next at 10×. Algonquin Power & Utilities Corp. has the lowest P/BV at 1.01×, so level and change sit with different companies. 6 of 6 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Unitil Corporation leads ev/ebitda at 9.23×; Algonquin Power & Utilities Corp. leads p/bv at 1.01×.

LeaderUnitil Corporation · 9.23×
Gap7.7% versus #2 · Avista Corporation
Persistence0/8 recent comparable periods
Coverage6/6 companies · 114 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.
EV/EBITDAlowest EV/EBITDA
1Unitil Corporation UTL9.2
2Avista Corporation AVA10.0
3Brookfield Infrastructure Partners L.P. BIP10.9
4The AES Corporation AES12.7
5Algonquin Power & Utilities Corp. AQN13.0
P/BVlowest P/BV
1Algonquin Power & Utilities Corp. AQN1.0
2Avista Corporation AVA1.2
3Unitil Corporation UTL1.5
4Sempra SRE2.0
5The AES Corporation AES2.3
Enterprise and book valuation · company comparison
6/6 level · 6/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyEV/EBITDAP/BVReported
Sempra SRE19.12.0Mar 2026
Algonquin Power & Utilities Corp. AQN13.01.0Mar 2026
The AES Corporation AES12.72.3Mar 2026
Brookfield Infrastructure Partners L.P. BIP11.03.1Mar 2026
Avista Corporation AVA10.01.2Mar 2026
Unitil Corporation UTL9.21.5Mar 2026
Full 20-quarter history · every available company

EV/EBITDA · reported quarter history

Algonquin Power & Utilities Corp. · AQN

21.1
20.0
20.3
18.3
16.2
14.5
16.3
16.5
15.2
13.2
14.4
13.5
12.5
12.7
11.2
12.4
11.9
13.1
13.0

Avista Corporation · AVA

11.0
12.0
12.6
12.6
11.9
13.8
13.7
12.5
10.9
10.9
10.2
10.0
10.5
10.2
10.4
10.0
9.7
9.9
10.0

Brookfield Infrastructure Partners L.P. · BIP

14.2
16.7
16.3
14.4
13.1
13.1
14.3
14.7
14.6
13.1
14.2
12.0
12.1
10.6
11.6
11.3
11.8
11.3
11.0

Sempra · SRE

24.5
21.7
26.3
22.9
15.8
18.6
15.0
14.5
14.0
14.1
15.7
17.2
18.8
18.3
16.3
17.1
17.7
18.3
19.1

The AES Corporation · AES

9.6
10.4
11.4
11.3
11.4
12.6
12.2
12.4
10.1
12.0
13.2
12.5
12.7
12.8
13.6
13.9
14.4
13.5
12.7

Unitil Corporation · UTL

9.0
9.5
9.7
10.5
9.2
10.0
10.5
9.6
8.8
9.9
9.5
9.3
10.4
9.8
10.1
9.4
9.0
9.4
9.2

P/BV · reported quarter history

Algonquin Power & Utilities Corp. · AQN

1.8
1.7
1.8
1.6
1.4
0.9
1.1
1.1
0.8
0.9
0.9
0.7
0.9
0.7
0.8
0.9
0.9
1.0
1.0

Avista Corporation · AVA

1.3
1.4
1.5
1.4
1.2
1.4
1.4
1.3
1.0
1.1
1.1
1.1
1.2
1.1
1.3
1.2
1.2
1.2
1.2

Brookfield Infrastructure Partners L.P. · BIP

3.9
4.6
4.3
3.9
3.8
3.8
4.3
4.6
3.0
2.3
3.3
2.2
2.9
2.6
4.3
4.1
2.9
2.9
3.1

Sempra · SRE

1.6
1.6
2.0
1.8
1.7
1.8
1.7
1.7
1.5
1.7
1.6
1.6
1.8
1.8
1.5
1.6
1.9
1.8
2.0

The AES Corporation · AES

4.4
5.8
5.7
4.7
4.4
7.9
6.8
5.6
3.7
5.2
4.4
4.0
4.3
2.5
2.6
2.2
2.4
2.5
2.3

Unitil Corporation · UTL

1.6
1.6
1.7
2.0
1.6
1.8
1.9
1.7
1.4
1.7
1.7
1.7
2.0
1.7
1.8
1.6
1.4
1.4
1.5
09 · let price answer last

Market action

Brookfield Infrastructure Partners L.P. has the strongest one-year price move in Utilities - Diversified at +34.6%. It also leads on Mansfield relative strength against the S&P 500 at +9.4%. 2 of 6 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.
Price and relative strength

Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.

Before the conclusion · check the blind spots

What can make this comparison misleading?

This Utilities - Diversified comparison names 4 specific ways its own evidence can mislead, all listed below. All 6 companies here report on comparable dates, so no rank carries a stale marker. A high growth rate can still be a low-base artefact.

Keep these limits visible

  • A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
  • A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
  • The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
  • An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
10 · the complete set

Which companies are included?

All 6 companies in the canonical Utilities - Diversified membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.

AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.

CompanyMarket valuePricePriced toLatest fundamentals
Sempra SRE$59.2B$90.62026-07-28Mar 2026
Brookfield Infrastructure Partners L.P. BIPAHEAD$19.4B$41.92026-07-28Mar 2026
The AES Corporation AES$10.6B$14.82026-07-28Mar 2026
Algonquin Power & Utilities Corp. AQN$4.7B$6.12026-07-28Mar 2026
Avista Corporation AVA$3.5B$41.92026-07-28Mar 2026
Unitil Corporation UTL$1.0B$56.02026-07-28Mar 2026
Evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 6 Utilities - Diversified companies, normalized to a common $ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Mar 2026 and market data through 2026-07-28. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Mar 2026 · up to 20 quarters per company
Market dataThrough 2026-07-28 · weekly price and relative-strength history
Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Questions investors ask · short, speakable answers

Utilities - Diversified company comparison FAQs

These 18 answers restate the Utilities - Diversified comparison above in question form. Every one is computed from the same 6 companies and the same reported filings as the rankings and charts, current through Mar 2026. Price and relative-strength answers run through 2026-07-28. Nothing here is estimated, and none of it is a recommendation.

Which Utilities - Diversified company is the biggest?

Brookfield Infrastructure Partners L.P. is the largest, with trailing-twelve-month revenue of $24,009 million, ahead of Sempra at $13,555 million. That covers 6 of 6 companies with comparable reporting through Mar 2026.

Which Utilities - Diversified company is growing fastest?

Unitil Corporation has the fastest revenue growth at 19.5% year on year, across 6 of 6 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

Which Utilities - Diversified company has the best profit margins?

Sempra has the highest operating margin at 29.8%, from 6 of 6 comparable companies. The AES Corporation shows the biggest recent improvement, at +6 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Utilities - Diversified company makes the most profit?

Sempra earns the most, at $2,886 million of trailing-twelve-month net profit, from 6 of 6 comparable companies. Brookfield Infrastructure Partners L.P. has the fastest profit growth at 54.4%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Utilities - Diversified company earns the highest return on capital?

Unitil Corporation leads on return on capital employed at 3.4%, across 6 of 6 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

Which Utilities - Diversified stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Avista Corporation screens cheapest at 1.14×. Only 4 of 6 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

Which Utilities - Diversified company has the strongest balance sheet?

Unitil Corporation carries the lowest comparable gross debt at $934 million, from 6 of 6 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

Which Utilities - Diversified company is investing most in new capacity?

Sempra reports the largest capital spending at $2,461 million, across 6 of 6 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

Is the Utilities - Diversified sector beating the market?

Utilities - Diversified has underperformed S&P 500 by 3.8% over the last 52 weeks and 1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 6 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

Which Utilities - Diversified stock has the strongest price momentum?

Brookfield Infrastructure Partners L.P. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

Which Utilities - Diversified company scores highest for research priority?

Unitil Corporation scores 58.8 out of 100 with 80.2% evidence confidence, from 21.8 points on growth and earnings, 14 on capital efficiency, 8.4 on valuation and 14.6 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

How many Utilities - Diversified companies does this comparison cover, and over what period?

It compares 6 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

What is the total market cap of the Utilities - Diversified sector?

The 6 Utilities - Diversified companies on this page carry $98,343 million of combined market value. Sempra is the largest at $59,200 million, about 60% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

What is the Utilities - Diversified sector's P/E ratio?

The median price-to-earnings ratio across the 6 Utilities - Diversified companies on this page is 26.7×, measured on the 6 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

How is the Utilities - Diversified sector performing?

2 of the 6 covered Utilities - Diversified companies are beating S&P 500 on Mansfield relative strength. The sector itself is 3.8% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

How many Utilities - Diversified stocks are listed in the US?

This comparison covers 6 listed Utilities - Diversified companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Mar 2026. Membership is the full industry list — nothing is dropped for having thin data.

Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

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