# Utilities - Regulated Gas — company-by-company sector analysis

> Utilities - Regulated Gas: UGI Corporation owns the largest revenue base; Centuri Holdings, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Utilities - Regulated Gas has underperformed S&P 500 by 0.9% over 52 weeks and 5.6% over 13 weeks. 4 of 16 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 16 beat the sector itself. UGI Corporation leads with revenue of $7,359 million, based on 15 of 16 comparable companies through Mar 2026.

### Is the Utilities - Regulated Gas sector outperforming S&P 500?

Utilities - Regulated Gas has underperformed S&P 500 by 0.9% over 52 weeks and 5.6% over 13 weeks. 4 of 16 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 16 beat the sector itself.

### Which Utilities - Regulated Gas company is largest by revenue?

UGI Corporation leads with revenue of $7,359 million, based on 15 of 16 comparable companies through Mar 2026.

### Which Utilities - Regulated Gas company is growing fastest?

Centuri Holdings, Inc. has the fastest current revenue growth at 18.7%, across 15 of 16 comparable companies.

### Which Utilities - Regulated Gas company has the strongest 4-Factor Sector Score?

Southwest Gas Holdings, Inc. ranks first at 62.9/100 with 86.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Utilities - Regulated Gas company reports the most CAPEX?

Atmos Energy Corporation reports the largest latest CAPEX at $1,004 million, with 16 of 16 companies comparable.

### Which Utilities - Regulated Gas company has the least gross debt?

RGC Resources, Inc. has the lowest comparable gross debt at $147 million. NiSource Inc. has the highest at $16,767 million.

### Which Utilities - Regulated Gas company has the lowest comparable PEG?

MDU Resources Group, Inc. has the lowest comparable Guarded PEG at 0.23, among 13 of 16 companies that pass the metric’s comparability rules.

### How much history does this Utilities - Regulated Gas 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.

## Sector relative strength

Utilities - Regulated Gas has underperformed S&P 500 by 0.9% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 5.6%. 4 of 16 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. New Jersey Resources Corporation is the strongest against the sector itself at +11.3%.

13-week sector return versus NIFTY 500: -5.6%
52-week sector return versus NIFTY 500: -0.9%
Stocks leading NIFTY: 4/16
Stocks leading sector: 5/16

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

Companies: 16
Combined market value: ₹1.1 L Cr

## 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.

1. Southwest Gas Holdings, Inc. (SWX): 63/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 22.6/35 | Capital efficiency 12.6/25 | Valuation 11.1/20 | Relative strength 16.6/20
   - Exact sum: 22.6 + 12.6 + 11.1 + 16.6 = 62.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Chesapeake Utilities Corporation (CPK): 60/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 20.6/35 | Capital efficiency 13.6/25 | Valuation 10.3/20 | Relative strength 15.3/20
   - Exact sum: 20.6 + 13.6 + 10.3 + 15.3 = 59.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. UGI Corporation (UGI): 58/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 20.2/35 | Capital efficiency 12.0/25 | Valuation 14.9/20 | Relative strength 11.3/20
   - Exact sum: 20.2 + 12 + 14.9 + 11.3 = 58.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. New Jersey Resources Corporation (NJR): 56/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 11.7/35 | Capital efficiency 12.6/25 | Valuation 12.8/20 | Relative strength 19.0/20
   - Exact sum: 11.7 + 12.6 + 12.8 + 19 = 56.1
   - Decision use: Price leads the evidence: RS versus the benchmark is 8.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. Atmos Energy Corporation (ATO): 55/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 24.1/35 | Capital efficiency 15.6/25 | Valuation 8.1/20 | Relative strength 7.6/20
   - Exact sum: 24.1 + 15.6 + 8.1 + 7.6 = 55.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Northwest Natural Holding Company (NWN): 53/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 16.1/35 | Capital efficiency 10.4/25 | Valuation 11.8/20 | Relative strength 14.6/20
   - Exact sum: 16.1 + 10.4 + 11.8 + 14.6 = 52.9
   - Decision use: Price leads the evidence: RS versus the benchmark is 0.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
7. Black Hills Corporation (BKH): 51/100 — Mixed-positive evidence; evidence 73%
   - Growth & earnings 14.4/35 | Capital efficiency 10.8/25 | Valuation 12.8/20 | Relative strength 13.4/20
   - Exact sum: 14.4 + 10.8 + 12.8 + 13.4 = 51.4
   - Decision use: Price leads the evidence: RS versus the benchmark is 0%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
8. MDU Resources Group, Inc. (MDU): 47/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 14.2/35 | Capital efficiency 11.1/25 | Valuation 14.3/20 | Relative strength 7.7/20
   - Exact sum: 14.2 + 11.1 + 14.3 + 7.7 = 47.3
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
9. Suburban Propane Partners, L.P. (SPH): 46/100 — Mixed-negative evidence; evidence 80%
   - Growth & earnings 14.7/35 | Capital efficiency 10.6/25 | Valuation 16.0/20 | Relative strength 4.8/20
   - Exact sum: 14.7 + 10.6 + 16 + 4.8 = 46.1
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
10. RGC Resources, Inc. (RGCO): 46/100 — Mixed-negative evidence; evidence 80%
   - Growth & earnings 18.4/35 | Capital efficiency 11.9/25 | Valuation 5.6/20 | Relative strength 9.7/20
   - Exact sum: 18.4 + 11.9 + 5.6 + 9.7 = 45.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Brookfield Infrastructure Corporation (BIPC): 45/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 14.4/35 | Capital efficiency 10.7/25 | Valuation 11.5/20 | Relative strength 8.4/20
   - Exact sum: 14.4 + 10.7 + 11.5 + 8.4 = 45
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. Spire Inc. (SR): 44/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 18.6/35 | Capital efficiency 8.8/25 | Valuation 15.0/20 | Relative strength 1.6/20
   - Exact sum: 18.6 + 8.8 + 15 + 1.6 = 44
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Centuri Holdings, Inc. (CTRI): 40/100 — Mixed-negative evidence; evidence 68%
   - Growth & earnings 23.1/35 | Capital efficiency 6.6/25 | Valuation 8.7/20 | Relative strength 1.2/20
   - Exact sum: 23.1 + 6.6 + 8.7 + 1.2 = 39.6
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -6.4% and the one-year return is 23.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
14. NiSource Inc. (NI): 39/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 15.5/35 | Capital efficiency 11.7/25 | Valuation 5.2/20 | Relative strength 6.4/20
   - Exact sum: 15.5 + 11.7 + 5.2 + 6.4 = 38.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. ONE Gas, Inc. (OGS): 39/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 17.4/35 | Capital efficiency 12.1/25 | Valuation 5.5/20 | Relative strength 3.7/20
   - Exact sum: 17.4 + 12.1 + 5.5 + 3.7 = 38.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. OPAL Fuels Inc. (OPAL): 33/100 — Adverse evidence; evidence 70%
   - Growth & earnings 13.7/35 | Capital efficiency 7.9/25 | Valuation 8.5/20 | Relative strength 3.0/20
   - Exact sum: 13.7 + 7.9 + 8.5 + 3 = 33.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: UGI Corporation is the scale leader at $7,359 million, 7.9% ahead of NiSource Inc.. Centuri Holdings, Inc.'s growth is 18.7% from a $3,156 million base, with 12 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: UGI Corporation is the scale benchmark; Centuri Holdings, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: UGI Corporation's growth falls below Centuri Holdings, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: UGI Corporation · $7,359 million | 7.9% versus #2 · NiSource Inc. | 4/8 recent comparable periods | 15/16 companies · 308 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. UGI Corporation (UGI): ₹7.4K Cr
2. NiSource Inc. (NI): ₹6.8K Cr
3. Atmos Energy Corporation (ATO): ₹4.9K Cr
4. Brookfield Infrastructure Corporation (BIPC): ₹3.6K Cr
5. Centuri Holdings, Inc. (CTRI): ₹3.2K Cr

### Revenue growth — fastest growers
1. Centuri Holdings, Inc. (CTRI): 19%
2. RGC Resources, Inc. (RGCO): 18%
3. Chesapeake Utilities Corporation (CPK): 17%
4. NiSource Inc. (NI): 15%
5. Atmos Energy Corporation (ATO): 8.8%

### 20-quarter Revenue history
- ATO: Jun 2021 ₹606 Cr | Sep 2021 ₹568 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹816 Cr | Sep 2022 ₹723 Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹663 Cr | Sep 2023 ₹588 Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹702 Cr | Sep 2024 ₹658 Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹839 Cr | Sep 2025 ₹737 Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹2.0K Cr
- NI: Jun 2021 ₹986 Cr | Sep 2021 ₹959 Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.4K Cr
- UGI: Jun 2021 ₹1.5K Cr | Sep 2021 ₹1.4K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹3.5K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.7K Cr
- SWX: Jun 2021 ₹821 Cr | Sep 2021 ₹889 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹702 Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹359 Cr | Dec 2024 ₹553 Cr | Mar 2025 ₹746 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹317 Cr | Dec 2025 ₹481 Cr | Mar 2026 ₹585 Cr
- NJR: Jun 2021 ₹368 Cr | Sep 2021 ₹533 Cr | Dec 2021 ₹676 Cr | Mar 2022 ₹912 Cr | Jun 2022 ₹552 Cr | Sep 2022 ₹765 Cr | Dec 2022 ₹724 Cr | Mar 2023 ₹644 Cr | Jun 2023 ₹264 Cr | Sep 2023 ₹331 Cr | Dec 2023 ₹467 Cr | Mar 2024 ₹658 Cr | Jun 2024 ₹276 Cr | Sep 2024 ₹396 Cr | Dec 2024 ₹488 Cr | Mar 2025 ₹913 Cr | Jun 2025 ₹299 Cr | Sep 2025 ₹336 Cr | Dec 2025 ₹605 Cr | Mar 2026 ₹939 Cr
- BKH: Jun 2021 ₹373 Cr | Sep 2021 ₹381 Cr | Dec 2021 ₹563 Cr | Mar 2022 ₹824 Cr | Jun 2022 ₹474 Cr | Sep 2022 ₹463 Cr | Dec 2022 ₹791 Cr | Mar 2023 ₹921 Cr | Jun 2023 ₹411 Cr | Sep 2023 ₹407 Cr | Dec 2023 — | Mar 2024 ₹726 Cr | Jun 2024 ₹403 Cr | Sep 2024 ₹402 Cr | Dec 2024 — | Mar 2025 ₹805 Cr | Jun 2025 ₹439 Cr | Sep 2025 ₹430 Cr | Dec 2025 — | Mar 2026 ₹781 Cr
- BIPC: Jun 2021 ₹416 Cr | Sep 2021 ₹414 Cr | Dec 2021 ₹414 Cr | Mar 2022 ₹461 Cr | Jun 2022 ₹479 Cr | Sep 2022 ₹454 Cr | Dec 2022 ₹492 Cr | Mar 2023 ₹497 Cr | Jun 2023 ₹538 Cr | Sep 2023 ₹551 Cr | Dec 2023 ₹917 Cr | Mar 2024 ₹902 Cr | Jun 2024 ₹908 Cr | Sep 2024 ₹912 Cr | Dec 2024 ₹944 Cr | Mar 2025 ₹929 Cr | Jun 2025 ₹866 Cr | Sep 2025 ₹917 Cr | Dec 2025 ₹956 Cr | Mar 2026 ₹884 Cr
- OGS: Jun 2021 ₹316 Cr | Sep 2021 ₹274 Cr | Dec 2021 ₹594 Cr | Mar 2022 ₹971 Cr | Jun 2022 ₹429 Cr | Sep 2022 ₹359 Cr | Dec 2022 ₹818 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹398 Cr | Sep 2023 ₹336 Cr | Dec 2023 ₹606 Cr | Mar 2024 ₹758 Cr | Jun 2024 ₹354 Cr | Sep 2024 ₹340 Cr | Dec 2024 ₹631 Cr | Mar 2025 ₹935 Cr | Jun 2025 ₹424 Cr | Sep 2025 ₹379 Cr | Dec 2025 ₹689 Cr | Mar 2026 ₹832 Cr
- SR: Jun 2021 ₹328 Cr | Sep 2021 ₹290 Cr | Dec 2021 ₹555 Cr | Mar 2022 ₹881 Cr | Jun 2022 ₹448 Cr | Sep 2022 ₹314 Cr | Dec 2022 ₹814 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹419 Cr | Sep 2023 ₹310 Cr | Dec 2023 ₹757 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹414 Cr | Sep 2024 ₹294 Cr | Dec 2024 ₹669 Cr | Mar 2025 ₹976 Cr | Jun 2025 ₹422 Cr | Sep 2025 ₹334 Cr | Dec 2025 ₹762 Cr | Mar 2026 ₹1.0K Cr
- MDU: Jun 2021 ₹1.4K Cr | Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹588 Cr | Jun 2024 ₹344 Cr | Sep 2024 ₹290 Cr | Dec 2024 ₹536 Cr | Mar 2025 ₹675 Cr | Jun 2025 ₹351 Cr | Sep 2025 ₹315 Cr | Dec 2025 ₹534 Cr | Mar 2026 ₹606 Cr
- CPK: Jun 2021 ₹111 Cr | Sep 2021 ₹107 Cr | Dec 2021 ₹160 Cr | Mar 2022 ₹223 Cr | Jun 2022 ₹139 Cr | Sep 2022 ₹131 Cr | Dec 2022 ₹187 Cr | Mar 2023 ₹218 Cr | Jun 2023 ₹136 Cr | Sep 2023 ₹132 Cr | Dec 2023 ₹185 Cr | Mar 2024 ₹246 Cr | Jun 2024 ₹166 Cr | Sep 2024 ₹160 Cr | Dec 2024 ₹215 Cr | Mar 2025 ₹299 Cr | Jun 2025 ₹193 Cr | Sep 2025 ₹180 Cr | Dec 2025 ₹259 Cr | Mar 2026 ₹353 Cr
- CTRI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹1.3K Cr | Sep 2023 ₹806 Cr | Dec 2023 ₹775 Cr | Mar 2024 ₹528 Cr | Jun 2024 ₹672 Cr | Sep 2024 ₹720 Cr | Dec 2024 ₹717 Cr | Mar 2025 ₹550 Cr | Jun 2025 ₹724 Cr | Sep 2025 ₹850 Cr | Dec 2025 ₹859 Cr | Mar 2026 ₹723 Cr
- NWN: Jun 2021 ₹149 Cr | Sep 2021 ₹101 Cr | Dec 2021 ₹294 Cr | Mar 2022 ₹350 Cr | Jun 2022 ₹195 Cr | Sep 2022 ₹117 Cr | Dec 2022 ₹375 Cr | Mar 2023 ₹462 Cr | Jun 2023 ₹238 Cr | Sep 2023 ₹141 Cr | Dec 2023 ₹356 Cr | Mar 2024 ₹433 Cr | Jun 2024 ₹212 Cr | Sep 2024 ₹137 Cr | Dec 2024 ₹371 Cr | Mar 2025 ₹494 Cr | Jun 2025 ₹236 Cr | Sep 2025 ₹165 Cr | Dec 2025 ₹394 Cr | Mar 2026 ₹490 Cr
- SPH: Jun 2021 ₹238 Cr | Sep 2021 ₹208 Cr | Dec 2021 ₹375 Cr | Mar 2022 ₹588 Cr | Jun 2022 ₹300 Cr | Sep 2022 ₹238 Cr | Dec 2022 ₹397 Cr | Mar 2023 ₹527 Cr | Jun 2023 ₹279 Cr | Sep 2023 ₹227 Cr | Dec 2023 ₹366 Cr | Mar 2024 ₹498 Cr | Jun 2024 ₹255 Cr | Sep 2024 ₹209 Cr | Dec 2024 ₹373 Cr | Mar 2025 ₹588 Cr | Jun 2025 ₹260 Cr | Sep 2025 ₹211 Cr | Dec 2025 ₹370 Cr | Mar 2026 ₹551 Cr
- OPAL: Jun 2021 — | Sep 2021 ₹47 Cr | Dec 2021 ₹61 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹67 Cr | Dec 2022 ₹67 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹71 Cr | Dec 2023 ₹87 Cr | Mar 2024 ₹65 Cr | Jun 2024 ₹71 Cr | Sep 2024 ₹84 Cr | Dec 2024 ₹80 Cr | Mar 2025 ₹85 Cr | Jun 2025 ₹80 Cr | Sep 2025 ₹83 Cr | Dec 2025 ₹100 Cr | Mar 2026 ₹73 Cr
- RGCO: Jun 2021 ₹14 Cr | Sep 2021 ₹13 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹45 Cr

### 20-quarter Revenue growth history
- ATO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 35% | Sep 2022 27% | Dec 2022 47% | Mar 2023 -6.6% | Jun 2023 -19% | Sep 2023 -19% | Dec 2023 -22% | Mar 2024 6.9% | Jun 2024 5.9% | Sep 2024 12% | Dec 2024 1.6% | Mar 2025 18% | Jun 2025 20% | Sep 2025 12% | Dec 2025 14% | Mar 2026 0.6%
- NI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 14% | Dec 2022 21% | Mar 2023 5.0% | Jun 2023 -7.9% | Sep 2023 -5.8% | Dec 2023 -17% | Mar 2024 -13% | Jun 2024 -0.5% | Sep 2024 4.8% | Dec 2024 12% | Mar 2025 28% | Jun 2025 18% | Sep 2025 18% | Dec 2025 20% | Mar 2026 8.3%
- UGI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 34% | Dec 2022 3.2% | Mar 2023 -10% | Jun 2023 -18% | Sep 2023 -27% | Dec 2023 -23% | Mar 2024 -21% | Jun 2024 -17% | Sep 2024 -12% | Dec 2024 -4.3% | Mar 2025 8.1% | Jun 2025 1.0% | Sep 2025 -3.6% | Dec 2025 2.6% | Mar 2026 0.7%
- SWX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 27% | Dec 2022 31% | Mar 2023 27% | Jun 2023 13% | Sep 2023 3.8% | Dec 2023 -51% | Mar 2024 -1.4% | Jun 2024 -8.7% | Sep 2024 -69% | Dec 2024 -21% | Mar 2025 -53% | Jun 2025 -5.3% | Sep 2025 -12% | Dec 2025 -13% | Mar 2026 -22%
- NJR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 50% | Sep 2022 44% | Dec 2022 7.1% | Mar 2023 -29% | Jun 2023 -52% | Sep 2023 -57% | Dec 2023 -36% | Mar 2024 2.2% | Jun 2024 4.6% | Sep 2024 20% | Dec 2024 4.5% | Mar 2025 39% | Jun 2025 8.3% | Sep 2025 -15% | Dec 2025 24% | Mar 2026 2.9%
- BKH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 22% | Dec 2022 41% | Mar 2023 12% | Jun 2023 -13% | Sep 2023 -12% | Dec 2023 — | Mar 2024 -21% | Jun 2024 -2.0% | Sep 2024 -1.2% | Dec 2024 — | Mar 2025 11% | Jun 2025 8.9% | Sep 2025 7.0% | Dec 2025 — | Mar 2026 -3.0%
- BIPC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 9.7% | Dec 2022 19% | Mar 2023 7.8% | Jun 2023 12% | Sep 2023 21% | Dec 2023 86% | Mar 2024 81% | Jun 2024 69% | Sep 2024 66% | Dec 2024 2.9% | Mar 2025 3.0% | Jun 2025 -4.6% | Sep 2025 0.6% | Dec 2025 1.3% | Mar 2026 -4.8%
- OGS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 31% | Dec 2022 38% | Mar 2023 6.3% | Jun 2023 -7.2% | Sep 2023 -6.4% | Dec 2023 -26% | Mar 2024 -27% | Jun 2024 -11% | Sep 2024 1.2% | Dec 2024 4.1% | Mar 2025 23% | Jun 2025 20% | Sep 2025 11% | Dec 2025 9.2% | Mar 2026 -11%
- SR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 37% | Sep 2022 8.3% | Dec 2022 47% | Mar 2023 27% | Jun 2023 -6.5% | Sep 2023 -1.3% | Dec 2023 -7.0% | Mar 2024 0.5% | Jun 2024 -1.2% | Sep 2024 -5.2% | Dec 2024 -12% | Mar 2025 -14% | Jun 2025 1.9% | Sep 2025 14% | Dec 2025 14% | Mar 2026 4.5%
- MDU: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -29% | Sep 2022 -37% | Dec 2022 -8.3% | Mar 2023 0.9% | Jun 2023 8.0% | Sep 2023 -0.1% | Dec 2023 -14% | Mar 2024 -59% | Jun 2024 -68% | Sep 2024 -71% | Dec 2024 -53% | Mar 2025 15% | Jun 2025 2.0% | Sep 2025 8.6% | Dec 2025 -0.4% | Mar 2026 -10%
- CPK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 22% | Dec 2022 17% | Mar 2023 -2.2% | Jun 2023 -2.2% | Sep 2023 0.8% | Dec 2023 -1.1% | Mar 2024 13% | Jun 2024 22% | Sep 2024 21% | Dec 2024 16% | Mar 2025 22% | Jun 2025 16% | Sep 2025 13% | Dec 2025 20% | Mar 2026 18%
- CTRI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -47% | Sep 2024 -11% | Dec 2024 -7.5% | Mar 2025 4.2% | Jun 2025 7.7% | Sep 2025 18% | Dec 2025 20% | Mar 2026 31%
- NWN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 31% | Sep 2022 16% | Dec 2022 28% | Mar 2023 32% | Jun 2023 22% | Sep 2023 21% | Dec 2023 -5.1% | Mar 2024 -6.3% | Jun 2024 -11% | Sep 2024 -2.8% | Dec 2024 4.2% | Mar 2025 14% | Jun 2025 11% | Sep 2025 20% | Dec 2025 6.2% | Mar 2026 -0.8%
- SPH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 14% | Dec 2022 5.9% | Mar 2023 -10% | Jun 2023 -7.0% | Sep 2023 -4.6% | Dec 2023 -7.8% | Mar 2024 -5.5% | Jun 2024 -8.6% | Sep 2024 -7.9% | Dec 2024 1.9% | Mar 2025 18% | Jun 2025 2.0% | Sep 2025 1.0% | Dec 2025 -0.8% | Mar 2026 -6.3%
- OPAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 43% | Dec 2022 9.8% | Mar 2023 -12% | Jun 2023 3.8% | Sep 2023 6.0% | Dec 2023 30% | Mar 2024 51% | Jun 2024 29% | Sep 2024 18% | Dec 2024 -8.1% | Mar 2025 31% | Jun 2025 13% | Sep 2025 -1.2% | Dec 2025 25% | Mar 2026 -14%
- RGCO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 7.7% | Dec 2022 43% | Mar 2023 27% | Jun 2023 -18% | Sep 2023 -14% | Dec 2023 -27% | Mar 2024 -13% | Jun 2024 0.0% | Sep 2024 8.3% | Dec 2024 13% | Mar 2025 9.1% | Jun 2025 21% | Sep 2025 7.7% | Dec 2025 11% | Mar 2026 25%

## Operating Economics & Margin Trend

What the numbers say: Atmos Energy Corporation leads opm at 39%; Southwest Gas Holdings, Inc. leads margin change at +8.9 percentage points.

Investor read: Atmos Energy 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 margin change signal.

Evidence: Atmos Energy Corporation · 39% | 4% versus #2 · Southwest Gas Holdings, Inc. | 5/8 recent comparable periods | 15/16 companies · 288 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Atmos Energy Corporation (ATO): 39%
2. Southwest Gas Holdings, Inc. (SWX): 38%
3. NiSource Inc. (NI): 35%
4. Northwest Natural Holding Company (NWN): 33%
5. New Jersey Resources Corporation (NJR): 32%

### Margin change — fastest expanders
1. Southwest Gas Holdings, Inc. (SWX): +8.9 pp
2. Atmos Energy Corporation (ATO): +6.8 pp
3. ONE Gas, Inc. (OGS): +3.5 pp
4. MDU Resources Group, Inc. (MDU): +2.4 pp
5. Northwest Natural Holding Company (NWN): +2.0 pp

### 20-quarter OPM history
- ATO: Jun 2021 22% | Sep 2021 16% | Dec 2021 27% | Mar 2022 23% | Jun 2022 19% | Sep 2022 15% | Dec 2022 22% | Mar 2023 27% | Jun 2023 26% | Sep 2023 26% | Dec 2023 35% | Mar 2024 33% | Jun 2024 31% | Sep 2024 28% | Dec 2024 39% | Mar 2025 32% | Jun 2025 30% | Sep 2025 30% | Dec 2025 38% | Mar 2026 39%
- NI: Jun 2021 14% | Sep 2021 15% | Dec 2021 20% | Mar 2022 32% | Jun 2022 12% | Sep 2022 14% | Dec 2022 21% | Mar 2023 27% | Jun 2023 16% | Sep 2023 23% | Dec 2023 26% | Mar 2024 34% | Jun 2024 22% | Sep 2024 20% | Dec 2024 26% | Mar 2025 35% | Jun 2025 21% | Sep 2025 23% | Dec 2025 27% | Mar 2026 35%
- UGI: Jun 2021 26% | Sep 2021 54% | Dec 2021 -4.2% | Mar 2022 37% | Jun 2022 2.7% | Sep 2022 14% | Dec 2022 -45% | Mar 2023 7.2% | Jun 2023 -47% | Sep 2023 44% | Dec 2023 10% | Mar 2024 28% | Jun 2024 0.7% | Sep 2024 34% | Dec 2024 23% | Mar 2025 25% | Jun 2025 -10% | Sep 2025 38% | Dec 2025 20% | Mar 2026 27%
- SWX: Jun 2021 7.2% | Sep 2021 2.6% | Dec 2021 11% | Mar 2022 13% | Jun 2022 4.0% | Sep 2022 4.4% | Dec 2022 -20% | Mar 2023 8.4% | Jun 2023 6.6% | Sep 2023 5.2% | Dec 2023 20% | Mar 2024 10% | Jun 2024 7.0% | Sep 2024 5.6% | Dec 2024 27% | Mar 2025 29% | Jun 2025 8.5% | Sep 2025 12% | Dec 2025 33% | Mar 2026 38%
- NJR: Jun 2021 -7.5% | Sep 2021 0.6% | Dec 2021 23% | Mar 2022 15% | Jun 2022 5.4% | Sep 2022 11% | Dec 2022 24% | Mar 2023 26% | Jun 2023 1.8% | Sep 2023 19% | Dec 2023 29% | Mar 2024 26% | Jun 2024 2.2% | Sep 2024 37% | Dec 2024 39% | Mar 2025 31% | Jun 2025 -0.4% | Sep 2025 12% | Dec 2025 30% | Mar 2026 32%
- BKH: Jun 2021 18% | Sep 2021 24% | Dec 2021 20% | Mar 2022 21% | Jun 2022 15% | Sep 2022 17% | Dec 2022 16% | Mar 2023 19% | Jun 2023 15% | Sep 2023 24% | Dec 2023 — | Mar 2024 27% | Jun 2024 18% | Sep 2024 19% | Dec 2024 — | Mar 2025 26% | Jun 2025 19% | Sep 2025 18% | Dec 2025 — | Mar 2026 26%
- OGS: Jun 2021 16% | Sep 2021 15% | Dec 2021 15% | Mar 2022 15% | Jun 2022 14% | Sep 2022 13% | Dec 2022 13% | Mar 2023 15% | Jun 2023 16% | Sep 2023 17% | Dec 2023 18% | Mar 2024 19% | Jun 2024 20% | Sep 2024 18% | Dec 2024 20% | Mar 2025 19% | Jun 2025 17% | Sep 2025 17% | Dec 2025 20% | Mar 2026 23%
- SR: Jun 2021 10% | Sep 2021 9.2% | Dec 2021 17% | Mar 2022 28% | Jun 2022 8.5% | Sep 2022 9.5% | Dec 2022 19% | Mar 2023 23% | Jun 2023 2.9% | Sep 2023 -1.3% | Dec 2023 18% | Mar 2024 27% | Jun 2024 7.4% | Sep 2024 6.7% | Dec 2024 22% | Mar 2025 29% | Jun 2025 16% | Sep 2025 -0.1% | Dec 2025 23% | Mar 2026 30%
- MDU: Jun 2021 9.7% | Sep 2021 12% | Dec 2021 8.5% | Mar 2022 4.8% | Jun 2022 6.2% | Sep 2022 6.1% | Dec 2022 11% | Mar 2023 8.3% | Jun 2023 7.5% | Sep 2023 8.5% | Dec 2023 12% | Mar 2024 16% | Jun 2024 12% | Sep 2024 12% | Dec 2024 18% | Mar 2025 17% | Jun 2025 8.6% | Sep 2025 13% | Dec 2025 20% | Mar 2026 19%
- CPK: Jun 2021 20% | Sep 2021 19% | Dec 2021 23% | Mar 2022 25% | Jun 2022 19% | Sep 2022 14% | Dec 2022 23% | Mar 2023 25% | Jun 2023 21% | Sep 2023 15% | Dec 2023 26% | Mar 2024 32% | Jun 2024 25% | Sep 2024 26% | Dec 2024 31% | Mar 2025 29% | Jun 2025 26% | Sep 2025 25% | Dec 2025 29% | Mar 2026 28%
- CTRI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.9% | Sep 2023 6.6% | Dec 2023 6.8% | Mar 2024 -4.2% | Jun 2024 4.9% | Sep 2024 5.8% | Dec 2024 4.7% | Mar 2025 -2.3% | Jun 2025 4.4% | Sep 2025 4.3% | Dec 2025 4.3% | Mar 2026 -0.7%
- NWN: Jun 2021 8.5% | Sep 2021 -14% | Dec 2021 24% | Mar 2022 25% | Jun 2022 6.9% | Sep 2022 -13% | Dec 2022 22% | Mar 2023 25% | Jun 2023 5.8% | Sep 2023 -12% | Dec 2023 21% | Mar 2024 25% | Jun 2024 7.4% | Sep 2024 -14% | Dec 2024 23% | Mar 2025 31% | Jun 2025 12% | Sep 2025 -7.5% | Dec 2025 28% | Mar 2026 33%
- SPH: Jun 2021 3.4% | Sep 2021 0.2% | Dec 2021 9.9% | Mar 2022 33% | Jun 2022 4.9% | Sep 2022 -16% | Dec 2022 16% | Mar 2023 24% | Jun 2023 5.3% | Sep 2023 1.8% | Dec 2023 13% | Mar 2024 28% | Jun 2024 3.2% | Sep 2024 -11% | Dec 2024 16% | Mar 2025 27% | Jun 2025 2.1% | Sep 2025 -7.9% | Dec 2025 18% | Mar 2026 29%
- OPAL: Jun 2021 — | Sep 2021 6.7% | Dec 2021 14% | Mar 2022 -2.0% | Jun 2022 4.3% | Sep 2022 -2.9% | Dec 2022 12% | Mar 2023 -25% | Jun 2023 -13% | Sep 2023 5.1% | Dec 2023 25% | Mar 2024 5.5% | Jun 2024 8.0% | Sep 2024 15% | Dec 2024 -0.4% | Mar 2025 -2.3% | Jun 2025 -1.0% | Sep 2025 4.3% | Dec 2025 6.6% | Mar 2026 -6.6%
- RGCO: Jun 2021 11% | Sep 2021 4.2% | Dec 2021 23% | Mar 2022 25% | Jun 2022 9.5% | Sep 2022 3.2% | Dec 2022 17% | Mar 2023 25% | Jun 2023 13% | Sep 2023 6.0% | Dec 2023 27% | Mar 2024 26% | Jun 2024 11% | Sep 2024 1.8% | Dec 2024 27% | Mar 2025 29% | Jun 2025 6.9% | Sep 2025 -3.3% | Dec 2025 22% | Mar 2026 25%

### 20-quarter Margin change history
- ATO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.1 pp | Sep 2022 −1.4 pp | Dec 2022 −5.6 pp | Mar 2023 +4.1 pp | Jun 2023 +6.6 pp | Sep 2023 +11.6 pp | Dec 2023 +12.9 pp | Mar 2024 +6.0 pp | Jun 2024 +5.9 pp | Sep 2024 +1.9 pp | Dec 2024 +4.6 pp | Mar 2025 −1.2 pp | Jun 2025 −1.3 pp | Sep 2025 +1.7 pp | Dec 2025 −0.8 pp | Mar 2026 +6.8 pp
- NI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.3 pp | Sep 2022 −0.9 pp | Dec 2022 +1.2 pp | Mar 2023 −5.0 pp | Jun 2023 +3.4 pp | Sep 2023 +8.3 pp | Dec 2023 +4.1 pp | Mar 2024 +7.2 pp | Jun 2024 +6.3 pp | Sep 2024 −2.4 pp | Dec 2024 +0.8 pp | Mar 2025 +0.6 pp | Jun 2025 −1.3 pp | Sep 2025 +3.1 pp | Dec 2025 +0.8 pp | Mar 2026 −0.1 pp
- UGI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −22.8 pp | Sep 2022 −39.9 pp | Dec 2022 −40.7 pp | Mar 2023 −30.2 pp | Jun 2023 −50.0 pp | Sep 2023 +29.8 pp | Dec 2023 +55.1 pp | Mar 2024 +21.1 pp | Jun 2024 +48.0 pp | Sep 2024 −9.2 pp | Dec 2024 +12.3 pp | Mar 2025 −3.5 pp | Jun 2025 −11.0 pp | Sep 2025 +3.5 pp | Dec 2025 −2.2 pp | Mar 2026 +2.0 pp
- SWX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.2 pp | Sep 2022 +1.8 pp | Dec 2022 −30.8 pp | Mar 2023 −4.9 pp | Jun 2023 +2.6 pp | Sep 2023 +0.8 pp | Dec 2023 +40.0 pp | Mar 2024 +1.6 pp | Jun 2024 +0.4 pp | Sep 2024 +0.4 pp | Dec 2024 +7.5 pp | Mar 2025 +18.6 pp | Jun 2025 +1.5 pp | Sep 2025 +6.1 pp | Dec 2025 +5.8 pp | Mar 2026 +8.9 pp
- NJR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +12.9 pp | Sep 2022 +10.0 pp | Dec 2022 +0.7 pp | Mar 2023 +10.4 pp | Jun 2023 −3.6 pp | Sep 2023 +8.8 pp | Dec 2023 +5.2 pp | Mar 2024 +0.3 pp | Jun 2024 +0.4 pp | Sep 2024 +17.5 pp | Dec 2024 +9.7 pp | Mar 2025 +4.8 pp | Jun 2025 −2.6 pp | Sep 2025 −24.9 pp | Dec 2025 −9.2 pp | Mar 2026 +1.3 pp
- BKH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.8 pp | Sep 2022 −6.4 pp | Dec 2022 −3.9 pp | Mar 2023 −2.0 pp | Jun 2023 +0.1 pp | Sep 2023 +6.8 pp | Dec 2023 — | Mar 2024 +7.6 pp | Jun 2024 +2.1 pp | Sep 2024 −5.1 pp | Dec 2024 — | Mar 2025 −1.1 pp | Jun 2025 +1.3 pp | Sep 2025 −0.6 pp | Dec 2025 — | Mar 2026 +0.4 pp
- OGS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.5 pp | Sep 2022 −2.2 pp | Dec 2022 −2.0 pp | Mar 2023 0.0 pp | Jun 2023 +2.4 pp | Sep 2023 +3.9 pp | Dec 2023 +5.0 pp | Mar 2024 +4.7 pp | Jun 2024 +3.5 pp | Sep 2024 +0.5 pp | Dec 2024 +2.0 pp | Mar 2025 +0.1 pp | Jun 2025 −2.6 pp | Sep 2025 −0.3 pp | Dec 2025 +0.6 pp | Mar 2026 +3.5 pp
- SR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.6 pp | Sep 2022 +0.3 pp | Dec 2022 +1.3 pp | Mar 2023 −4.6 pp | Jun 2023 −5.6 pp | Sep 2023 −10.8 pp | Dec 2023 −0.1 pp | Mar 2024 +3.3 pp | Jun 2024 +4.5 pp | Sep 2024 +8.0 pp | Dec 2024 +3.8 pp | Mar 2025 +2.0 pp | Jun 2025 +9.0 pp | Sep 2025 −6.8 pp | Dec 2025 +0.6 pp | Mar 2026 +1.3 pp
- MDU: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.5 pp | Sep 2022 −5.8 pp | Dec 2022 +2.0 pp | Mar 2023 +3.5 pp | Jun 2023 +1.3 pp | Sep 2023 +2.4 pp | Dec 2023 +1.9 pp | Mar 2024 +8.1 pp | Jun 2024 +4.0 pp | Sep 2024 +3.5 pp | Dec 2024 +5.3 pp | Mar 2025 +0.3 pp | Jun 2025 −2.9 pp | Sep 2025 +0.6 pp | Dec 2025 +2.4 pp | Mar 2026 +2.4 pp
- CPK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.3 pp | Sep 2022 −4.5 pp | Dec 2022 −0.1 pp | Mar 2023 +0.6 pp | Jun 2023 +1.9 pp | Sep 2023 +1.2 pp | Dec 2023 +2.6 pp | Mar 2024 +7.2 pp | Jun 2024 +3.6 pp | Sep 2024 +10.1 pp | Dec 2024 +5.6 pp | Mar 2025 −3.3 pp | Jun 2025 +1.6 pp | Sep 2025 −0.4 pp | Dec 2025 −2.6 pp | Mar 2026 −0.9 pp
- CTRI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +4.0 pp | Sep 2024 −0.8 pp | Dec 2024 −2.1 pp | Mar 2025 +1.9 pp | Jun 2025 −0.5 pp | Sep 2025 −1.5 pp | Dec 2025 −0.4 pp | Mar 2026 +1.6 pp
- NWN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.6 pp | Sep 2022 +1.4 pp | Dec 2022 −2.3 pp | Mar 2023 −0.5 pp | Jun 2023 −1.1 pp | Sep 2023 +0.4 pp | Dec 2023 −0.5 pp | Mar 2024 +0.8 pp | Jun 2024 +1.6 pp | Sep 2024 −1.7 pp | Dec 2024 +1.8 pp | Mar 2025 +5.9 pp | Jun 2025 +4.1 pp | Sep 2025 +6.6 pp | Dec 2025 +5.5 pp | Mar 2026 +2.0 pp
- SPH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.5 pp | Sep 2022 −16.0 pp | Dec 2022 +5.8 pp | Mar 2023 −8.7 pp | Jun 2023 +0.4 pp | Sep 2023 +17.6 pp | Dec 2023 −2.4 pp | Mar 2024 +3.6 pp | Jun 2024 −2.1 pp | Sep 2024 −12.6 pp | Dec 2024 +2.5 pp | Mar 2025 −0.5 pp | Jun 2025 −1.1 pp | Sep 2025 +2.9 pp | Dec 2025 +2.5 pp | Mar 2026 +1.6 pp
- OPAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.6 pp | Dec 2022 −1.8 pp | Mar 2023 −22.6 pp | Jun 2023 −17.7 pp | Sep 2023 +8.0 pp | Dec 2023 +12.3 pp | Mar 2024 +30.1 pp | Jun 2024 +21.4 pp | Sep 2024 +9.5 pp | Dec 2024 −25.0 pp | Mar 2025 −7.8 pp | Jun 2025 −9.0 pp | Sep 2025 −10.3 pp | Dec 2025 +7.0 pp | Mar 2026 −4.3 pp
- RGCO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.5 pp | Sep 2022 −1.0 pp | Dec 2022 −6.4 pp | Mar 2023 0.0 pp | Jun 2023 +3.7 pp | Sep 2023 +2.8 pp | Dec 2023 +10.5 pp | Mar 2024 +1.2 pp | Jun 2024 −2.4 pp | Sep 2024 −4.2 pp | Dec 2024 −0.3 pp | Mar 2025 +2.1 pp | Jun 2025 −3.9 pp | Sep 2025 −5.1 pp | Dec 2025 −5.3 pp | Mar 2026 −3.7 pp

## Profit Scale & Acceleration

What the numbers say: Atmos Energy Corporation leads with $1,346 million of TTM profit, 29.2% above NiSource Inc.. Southwest Gas Holdings, Inc. shows ≥100% on the scoring scale (105.3% uncapped) growth from a $464 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Atmos Energy 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 profit growth signal.

Evidence: Atmos Energy Corporation · $1,346 million | 29.2% versus #2 · NiSource Inc. | 8/8 recent comparable periods | 16/16 companies · 312 observations

Definition: 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 profit — largest
1. Atmos Energy Corporation (ATO): ₹1.3K Cr
2. NiSource Inc. (NI): ₹1.0K Cr
3. UGI Corporation (UGI): ₹641 Cr
4. Southwest Gas Holdings, Inc. (SWX): ₹464 Cr
5. New Jersey Resources Corporation (NJR): ₹341 Cr

### Profit growth — fastest growers
1. Southwest Gas Holdings, Inc. (SWX): 100%
2. OPAL Fuels Inc. (OPAL): 93%
3. Suburban Propane Partners, L.P. (SPH): 43%
4. Spire Inc. (SR): 27%
5. UGI Corporation (UGI): 20%

### 20-quarter Net profit history
- ATO: Jun 2021 ₹102 Cr | Sep 2021 ₹49 Cr | Dec 2021 ₹249 Cr | Mar 2022 ₹325 Cr | Jun 2022 ₹129 Cr | Sep 2022 ₹72 Cr | Dec 2022 ₹272 Cr | Mar 2023 ₹358 Cr | Jun 2023 ₹138 Cr | Sep 2023 ₹119 Cr | Dec 2023 ₹311 Cr | Mar 2024 ₹432 Cr | Jun 2024 ₹166 Cr | Sep 2024 ₹134 Cr | Dec 2024 ₹352 Cr | Mar 2025 ₹486 Cr | Jun 2025 ₹186 Cr | Sep 2025 ₹175 Cr | Dec 2025 ₹403 Cr | Mar 2026 ₹582 Cr
- NI: Jun 2021 ₹57 Cr | Sep 2021 ₹62 Cr | Dec 2021 ₹173 Cr | Mar 2022 ₹431 Cr | Jun 2022 ₹56 Cr | Sep 2022 ₹64 Cr | Dec 2022 ₹241 Cr | Mar 2023 ₹338 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹98 Cr | Dec 2023 ₹192 Cr | Mar 2024 ₹400 Cr | Jun 2024 ₹103 Cr | Sep 2024 ₹97 Cr | Dec 2024 ₹244 Cr | Mar 2025 ₹527 Cr | Jun 2025 ₹101 Cr | Sep 2025 ₹107 Cr | Dec 2025 ₹278 Cr | Mar 2026 ₹556 Cr
- UGI: Jun 2021 ₹150 Cr | Sep 2021 ₹525 Cr | Dec 2021 ₹-96 Cr | Mar 2022 ₹934 Cr | Jun 2022 ₹-7 Cr | Sep 2022 ₹243 Cr | Dec 2022 ₹-954 Cr | Mar 2023 ₹110 Cr | Jun 2023 ₹-789 Cr | Sep 2023 ₹131 Cr | Dec 2023 ₹94 Cr | Mar 2024 ₹496 Cr | Jun 2024 ₹-48 Cr | Sep 2024 ₹-273 Cr | Dec 2024 ₹375 Cr | Mar 2025 ₹479 Cr | Jun 2025 ₹-163 Cr | Sep 2025 ₹-13 Cr | Dec 2025 ₹297 Cr | Mar 2026 ₹520 Cr
- SWX: Jun 2021 ₹26 Cr | Sep 2021 ₹-9 Cr | Dec 2021 ₹71 Cr | Mar 2022 ₹97 Cr | Jun 2022 ₹-6 Cr | Sep 2022 ₹-11 Cr | Dec 2022 ₹-278 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹74 Cr | Mar 2024 ₹88 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹94 Cr | Mar 2025 ₹109 Cr | Jun 2025 ₹-10 Cr | Sep 2025 ₹268 Cr | Dec 2025 ₹68 Cr | Mar 2026 ₹138 Cr
- NJR: Jun 2021 ₹-112 Cr | Sep 2021 ₹-1 Cr | Dec 2021 ₹111 Cr | Mar 2022 ₹96 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹55 Cr | Dec 2022 ₹116 Cr | Mar 2023 ₹110 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹89 Cr | Mar 2024 ₹121 Cr | Jun 2024 ₹-12 Cr | Sep 2024 ₹91 Cr | Dec 2024 ₹131 Cr | Mar 2025 ₹204 Cr | Jun 2025 ₹-15 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹122 Cr | Mar 2026 ₹219 Cr
- BKH: Jun 2021 ₹28 Cr | Sep 2021 ₹48 Cr | Dec 2021 ₹74 Cr | Mar 2022 ₹121 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹76 Cr | Mar 2023 ₹117 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹49 Cr | Dec 2023 ₹83 Cr | Mar 2024 ₹132 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹101 Cr | Mar 2025 ₹136 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹109 Cr | Mar 2026 ₹133 Cr
- BIPC: Jun 2021 ₹-43 Cr | Sep 2021 ₹122 Cr | Dec 2021 ₹-269 Cr | Mar 2022 ₹-373 Cr | Jun 2022 ₹673 Cr | Sep 2022 ₹229 Cr | Dec 2022 ₹565 Cr | Mar 2023 ₹-301 Cr | Jun 2023 ₹-274 Cr | Sep 2023 ₹913 Cr | Dec 2023 ₹-227 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹491 Cr | Sep 2024 ₹-977 Cr | Dec 2024 ₹-150 Cr | Mar 2025 ₹389 Cr | Jun 2025 ₹-477 Cr | Sep 2025 ₹82 Cr | Dec 2025 ₹-235 Cr | Mar 2026 ₹-112 Cr
- OGS: Jun 2021 ₹30 Cr | Sep 2021 ₹20 Cr | Dec 2021 ₹61 Cr | Mar 2022 ₹99 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹67 Cr | Mar 2023 ₹103 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹71 Cr | Mar 2024 ₹99 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹77 Cr | Mar 2025 ₹119 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹86 Cr | Mar 2026 ₹129 Cr
- SR: Jun 2021 ₹5 Cr | Sep 2021 ₹-10 Cr | Dec 2021 ₹56 Cr | Mar 2022 ₹174 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹-7 Cr | Dec 2022 ₹91 Cr | Mar 2023 ₹179 Cr | Jun 2023 ₹-22 Cr | Sep 2023 ₹-31 Cr | Dec 2023 ₹85 Cr | Mar 2024 ₹204 Cr | Jun 2024 ₹-13 Cr | Sep 2024 ₹-26 Cr | Dec 2024 ₹81 Cr | Mar 2025 ₹189 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹-40 Cr | Dec 2025 ₹95 Cr | Mar 2026 ₹218 Cr
- MDU: Jun 2021 ₹100 Cr | Sep 2021 ₹139 Cr | Dec 2021 ₹86 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹42 Cr | Dec 2022 ₹104 Cr | Mar 2023 ₹84 Cr | Jun 2023 ₹148 Cr | Sep 2023 ₹78 Cr | Dec 2023 ₹171 Cr | Mar 2024 ₹75 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹70 Cr | Mar 2025 ₹82 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹81 Cr
- CPK: Jun 2021 ₹14 Cr | Sep 2021 ₹12 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹46 Cr | Mar 2026 ₹59 Cr
- CTRI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-7 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹-25 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹-4 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹-18 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹-9 Cr
- NWN: Jun 2021 ₹-1 Cr | Sep 2021 ₹-21 Cr | Dec 2021 ₹41 Cr | Mar 2022 ₹56 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹-20 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹72 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹-24 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹64 Cr | Jun 2024 ₹-3 Cr | Sep 2024 ₹-27 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹88 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹-30 Cr | Dec 2025 ₹58 Cr | Mar 2026 ₹97 Cr
- SPH: Jun 2021 ₹-26 Cr | Sep 2021 ₹-16 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹175 Cr | Jun 2022 ₹-3 Cr | Sep 2022 ₹-54 Cr | Dec 2022 ₹45 Cr | Mar 2023 ₹104 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹-21 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹112 Cr | Jun 2024 ₹-17 Cr | Sep 2024 ₹-45 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹137 Cr | Jun 2025 ₹-15 Cr | Sep 2025 ₹-35 Cr | Dec 2025 ₹46 Cr | Mar 2026 ₹138 Cr
- OPAL: Jun 2021 ₹-12 Cr | Sep 2021 ₹1 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹-4 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹-7 Cr | Jun 2023 ₹114 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹-5 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹-6 Cr
- RGCO: Jun 2021 ₹1 Cr | Sep 2021 ₹0 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹-24 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹-11 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹9 Cr

### 20-quarter Profit growth history
- ATO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 47% | Dec 2022 9.2% | Mar 2023 10% | Jun 2023 7.0% | Sep 2023 65% | Dec 2023 14% | Mar 2024 21% | Jun 2024 20% | Sep 2024 13% | Dec 2024 13% | Mar 2025 13% | Jun 2025 12% | Sep 2025 31% | Dec 2025 14% | Mar 2026 20%
- NI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.8% | Sep 2022 3.2% | Dec 2022 39% | Mar 2023 -22% | Jun 2023 -18% | Sep 2023 53% | Dec 2023 -20% | Mar 2024 18% | Jun 2024 124% | Sep 2024 -1.0% | Dec 2024 27% | Mar 2025 32% | Jun 2025 -1.9% | Sep 2025 10% | Dec 2025 14% | Mar 2026 5.5%
- UGI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -105% | Sep 2022 -54% | Dec 2022 — | Mar 2023 -88% | Jun 2023 — | Sep 2023 -46% | Dec 2023 — | Mar 2024 351% | Jun 2024 — | Sep 2024 -308% | Dec 2024 299% | Mar 2025 -3.4% | Jun 2025 — | Sep 2025 — | Dec 2025 -21% | Mar 2026 8.6%
- SWX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -123% | Sep 2022 — | Dec 2022 -492% | Mar 2023 -51% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 83% | Jun 2024 -33% | Sep 2024 -25% | Dec 2024 27% | Mar 2025 24% | Jun 2025 -150% | Sep 2025 8,833% | Dec 2025 -28% | Mar 2026 27%
- NJR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 4.5% | Mar 2023 15% | Jun 2023 -85% | Sep 2023 -33% | Dec 2023 -23% | Mar 2024 10% | Jun 2024 -700% | Sep 2024 146% | Dec 2024 47% | Mar 2025 69% | Jun 2025 — | Sep 2025 -84% | Dec 2025 -6.9% | Mar 2026 7.4%
- BKH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 -21% | Dec 2022 2.7% | Mar 2023 -3.3% | Jun 2023 -25% | Sep 2023 29% | Dec 2023 9.2% | Mar 2024 13% | Jun 2024 -7.4% | Sep 2024 -47% | Dec 2024 22% | Mar 2025 3.0% | Jun 2025 16% | Sep 2025 0.0% | Dec 2025 7.9% | Mar 2026 -2.2%
- BIPC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 88% | Dec 2022 — | Mar 2023 — | Jun 2023 -141% | Sep 2023 299% | Dec 2023 -140% | Mar 2024 — | Jun 2024 — | Sep 2024 -207% | Dec 2024 — | Mar 2025 1,289% | Jun 2025 -197% | Sep 2025 — | Dec 2025 — | Mar 2026 -129%
- OGS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.7% | Sep 2022 20% | Dec 2022 9.8% | Mar 2023 4.0% | Jun 2023 3.1% | Sep 2023 4.2% | Dec 2023 6.0% | Mar 2024 -3.9% | Jun 2024 -18% | Sep 2024 -24% | Dec 2024 8.5% | Mar 2025 20% | Jun 2025 19% | Sep 2025 37% | Dec 2025 12% | Mar 2026 8.4%
- SR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -120% | Sep 2022 — | Dec 2022 63% | Mar 2023 2.9% | Jun 2023 — | Sep 2023 — | Dec 2023 -6.6% | Mar 2024 14% | Jun 2024 — | Sep 2024 — | Dec 2024 -4.7% | Mar 2025 -7.4% | Jun 2025 — | Sep 2025 — | Dec 2025 17% | Mar 2026 15%
- MDU: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -64% | Sep 2022 -70% | Dec 2022 21% | Mar 2023 163% | Jun 2023 311% | Sep 2023 86% | Dec 2023 64% | Mar 2024 -11% | Jun 2024 -86% | Sep 2024 -79% | Dec 2024 -59% | Mar 2025 9.3% | Jun 2025 -30% | Sep 2025 13% | Dec 2025 8.6% | Mar 2026 -1.2%
- CPK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 -17% | Dec 2022 13% | Mar 2023 -2.7% | Jun 2023 -5.9% | Sep 2023 -10% | Dec 2023 -3.9% | Mar 2024 28% | Jun 2024 13% | Sep 2024 100% | Dec 2024 48% | Mar 2025 11% | Jun 2025 33% | Sep 2025 5.6% | Dec 2025 24% | Mar 2026 16%
- CTRI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -121% | Dec 2024 -41% | Mar 2025 — | Jun 2025 -33% | Sep 2025 — | Dec 2025 200% | Mar 2026 —
- NWN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 17% | Mar 2023 29% | Jun 2023 -50% | Sep 2023 — | Dec 2023 -6.3% | Mar 2024 -11% | Jun 2024 -400% | Sep 2024 — | Dec 2024 0.0% | Mar 2025 38% | Jun 2025 — | Sep 2025 — | Dec 2025 29% | Mar 2026 10%
- SPH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 114% | Mar 2023 -41% | Jun 2023 — | Sep 2023 — | Dec 2023 -47% | Mar 2024 7.7% | Jun 2024 — | Sep 2024 — | Dec 2024 -21% | Mar 2025 22% | Jun 2025 — | Sep 2025 — | Dec 2025 142% | Mar 2026 0.7%
- OPAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 400% | Dec 2022 45% | Mar 2023 — | Jun 2023 — | Sep 2023 -100% | Dec 2023 -38% | Mar 2024 — | Jun 2024 -98% | Sep 2024 — | Dec 2024 -125% | Mar 2025 0.0% | Jun 2025 300% | Sep 2025 -35% | Dec 2025 — | Mar 2026 -700%
- RGCO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 — | Dec 2022 -25% | Mar 2023 — | Jun 2023 0.0% | Sep 2023 — | Dec 2023 67% | Mar 2024 0.0% | Jun 2024 -100% | Sep 2024 -100% | Dec 2024 0.0% | Mar 2025 33% | Jun 2025 — | Sep 2025 — | Dec 2025 0.0% | Mar 2026 13%

## Capacity Spending & Returns On It

What the numbers say: Atmos Energy Corporation reports $1,004 million of CAPEX; Atmos Energy Corporation has the highest covered intensity at 51.2%. Coverage is only 16 of 16 companies and 312 reported observations, so this is partial evidence—not a complete sector rank.

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.

Evidence: Atmos Energy Corporation · $1,004 million | 24.7% versus #2 · NiSource Inc. | 8/8 recent comparable periods | 16/16 companies · 312 observations

Definition: 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.

### CAPEX — largest spenders
1. Atmos Energy Corporation (ATO): ₹1.0K Cr
2. NiSource Inc. (NI): ₹805 Cr
3. Black Hills Corporation (BKH): ₹267 Cr
4. Southwest Gas Holdings, Inc. (SWX): ₹209 Cr
5. Brookfield Infrastructure Corporation (BIPC): ₹201 Cr

### CAPEX intensity — highest reinvestment intensity
1. Atmos Energy Corporation (ATO): 51%
2. Chesapeake Utilities Corporation (CPK): 40%
3. Southwest Gas Holdings, Inc. (SWX): 36%
4. Black Hills Corporation (BKH): 34%
5. NiSource Inc. (NI): 34%

### 20-quarter CAPEX history
- ATO: Jun 2021 ₹512 Cr | Sep 2021 ₹612 Cr | Dec 2021 ₹684 Cr | Mar 2022 ₹506 Cr | Jun 2022 ₹536 Cr | Sep 2022 ₹718 Cr | Dec 2022 ₹796 Cr | Mar 2023 ₹620 Cr | Jun 2023 ₹57 Cr | Sep 2023 ₹722 Cr | Dec 2023 ₹770 Cr | Mar 2024 ₹646 Cr | Jun 2024 ₹714 Cr | Sep 2024 ₹808 Cr | Dec 2024 ₹891 Cr | Mar 2025 ₹840 Cr | Jun 2025 ₹867 Cr | Sep 2025 ₹964 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.0K Cr
- NI: Jun 2021 ₹431 Cr | Sep 2021 ₹495 Cr | Dec 2021 ₹545 Cr | Mar 2022 ₹450 Cr | Jun 2022 ₹467 Cr | Sep 2022 ₹606 Cr | Dec 2022 ₹680 Cr | Mar 2023 ₹557 Cr | Jun 2023 ₹605 Cr | Sep 2023 ₹724 Cr | Dec 2023 ₹760 Cr | Mar 2024 ₹590 Cr | Jun 2024 ₹630 Cr | Sep 2024 ₹635 Cr | Dec 2024 ₹760 Cr | Mar 2025 ₹637 Cr | Jun 2025 ₹658 Cr | Sep 2025 ₹641 Cr | Dec 2025 ₹846 Cr | Mar 2026 ₹805 Cr
- UGI: Jun 2021 ₹156 Cr | Sep 2021 ₹230 Cr | Dec 2021 ₹186 Cr | Mar 2022 ₹169 Cr | Jun 2022 ₹196 Cr | Sep 2022 ₹253 Cr | Dec 2022 ₹210 Cr | Mar 2023 ₹204 Cr | Jun 2023 ₹256 Cr | Sep 2023 ₹304 Cr | Dec 2023 ₹156 Cr | Mar 2024 ₹169 Cr | Jun 2024 ₹205 Cr | Sep 2024 ₹266 Cr | Dec 2024 ₹211 Cr | Mar 2025 ₹146 Cr | Jun 2025 ₹222 Cr | Sep 2025 ₹258 Cr | Dec 2025 ₹221 Cr | Mar 2026 ₹170 Cr
- SWX: Jun 2021 ₹185 Cr | Sep 2021 ₹169 Cr | Dec 2021 ₹209 Cr | Mar 2022 ₹163 Cr | Jun 2022 ₹205 Cr | Sep 2022 ₹245 Cr | Dec 2022 ₹247 Cr | Mar 2023 ₹219 Cr | Jun 2023 ₹220 Cr | Sep 2023 ₹226 Cr | Dec 2023 ₹208 Cr | Mar 2024 ₹221 Cr | Jun 2024 ₹223 Cr | Sep 2024 ₹251 Cr | Dec 2024 ₹251 Cr | Mar 2025 ₹163 Cr | Jun 2025 ₹220 Cr | Sep 2025 ₹200 Cr | Dec 2025 ₹200 Cr | Mar 2026 ₹209 Cr
- NJR: Jun 2021 ₹184 Cr | Sep 2021 ₹195 Cr | Dec 2021 ₹164 Cr | Mar 2022 ₹137 Cr | Jun 2022 ₹140 Cr | Sep 2022 ₹157 Cr | Dec 2022 ₹146 Cr | Mar 2023 ₹117 Cr | Jun 2023 ₹117 Cr | Sep 2023 ₹161 Cr | Dec 2023 ₹115 Cr | Mar 2024 ₹123 Cr | Jun 2024 ₹158 Cr | Sep 2024 ₹176 Cr | Dec 2024 ₹152 Cr | Mar 2025 ₹135 Cr | Jun 2025 ₹157 Cr | Sep 2025 ₹263 Cr | Dec 2025 ₹180 Cr | Mar 2026 ₹196 Cr
- BKH: Jun 2021 ₹173 Cr | Sep 2021 ₹178 Cr | Dec 2021 ₹180 Cr | Mar 2022 ₹137 Cr | Jun 2022 ₹157 Cr | Sep 2022 ₹172 Cr | Dec 2022 ₹138 Cr | Mar 2023 ₹119 Cr | Jun 2023 ₹143 Cr | Sep 2023 ₹160 Cr | Dec 2023 ₹134 Cr | Mar 2024 ₹176 Cr | Jun 2024 ₹166 Cr | Sep 2024 ₹188 Cr | Dec 2024 ₹214 Cr | Mar 2025 ₹153 Cr | Jun 2025 ₹219 Cr | Sep 2025 ₹178 Cr | Dec 2025 ₹270 Cr | Mar 2026 ₹267 Cr
- BIPC: Jun 2021 ₹101 Cr | Sep 2021 ₹109 Cr | Dec 2021 ₹112 Cr | Mar 2022 ₹113 Cr | Jun 2022 ₹140 Cr | Sep 2022 ₹122 Cr | Dec 2022 ₹150 Cr | Mar 2023 ₹126 Cr | Jun 2023 ₹135 Cr | Sep 2023 ₹123 Cr | Dec 2023 ₹210 Cr | Mar 2024 ₹173 Cr | Jun 2024 ₹403 Cr | Sep 2024 ₹425 Cr | Dec 2024 ₹402 Cr | Mar 2025 ₹135 Cr | Jun 2025 ₹209 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹208 Cr | Mar 2026 ₹201 Cr
- OGS: Jun 2021 ₹118 Cr | Sep 2021 ₹131 Cr | Dec 2021 ₹148 Cr | Mar 2022 ₹113 Cr | Jun 2022 ₹138 Cr | Sep 2022 ₹161 Cr | Dec 2022 ₹197 Cr | Mar 2023 ₹151 Cr | Jun 2023 ₹171 Cr | Sep 2023 ₹168 Cr | Dec 2023 ₹176 Cr | Mar 2024 ₹167 Cr | Jun 2024 ₹176 Cr | Sep 2024 ₹181 Cr | Dec 2024 ₹180 Cr | Mar 2025 ₹167 Cr | Jun 2025 ₹180 Cr | Sep 2025 ₹192 Cr | Dec 2025 ₹168 Cr | Mar 2026 ₹157 Cr
- SR: Jun 2021 ₹160 Cr | Sep 2021 ₹162 Cr | Dec 2021 ₹138 Cr | Mar 2022 ₹138 Cr | Jun 2022 ₹127 Cr | Sep 2022 ₹150 Cr | Dec 2022 ₹154 Cr | Mar 2023 ₹154 Cr | Jun 2023 ₹176 Cr | Sep 2023 ₹179 Cr | Dec 2023 ₹227 Cr | Mar 2024 ₹205 Cr | Jun 2024 ₹222 Cr | Sep 2024 ₹230 Cr | Dec 2024 ₹240 Cr | Mar 2025 ₹240 Cr | Jun 2025 ₹221 Cr | Sep 2025 ₹223 Cr | Dec 2025 ₹198 Cr | Mar 2026 ₹198 Cr
- MDU: Jun 2021 ₹151 Cr | Sep 2021 ₹166 Cr | Dec 2021 ₹231 Cr | Mar 2022 ₹150 Cr | Jun 2022 ₹140 Cr | Sep 2022 ₹131 Cr | Dec 2022 ₹101 Cr | Mar 2023 ₹112 Cr | Jun 2023 ₹120 Cr | Sep 2023 ₹138 Cr | Dec 2023 ₹149 Cr | Mar 2024 ₹117 Cr | Jun 2024 ₹110 Cr | Sep 2024 ₹140 Cr | Dec 2024 ₹156 Cr | Mar 2025 ₹93 Cr | Jun 2025 ₹81 Cr | Sep 2025 ₹180 Cr | Dec 2025 ₹417 Cr | Mar 2026 ₹92 Cr
- CPK: Jun 2021 ₹53 Cr | Sep 2021 ₹44 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹42 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹51 Cr | Mar 2024 ₹76 Cr | Jun 2024 ₹83 Cr | Sep 2024 ₹102 Cr | Dec 2024 ₹96 Cr | Mar 2025 ₹114 Cr | Jun 2025 ₹100 Cr | Sep 2025 ₹108 Cr | Dec 2025 ₹126 Cr | Mar 2026 ₹142 Cr
- CTRI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹23 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹20 Cr
- NWN: Jun 2021 ₹64 Cr | Sep 2021 ₹82 Cr | Dec 2021 ₹82 Cr | Mar 2022 ₹69 Cr | Jun 2022 ₹99 Cr | Sep 2022 ₹84 Cr | Dec 2022 ₹87 Cr | Mar 2023 ₹71 Cr | Jun 2023 ₹74 Cr | Sep 2023 ₹98 Cr | Dec 2023 ₹85 Cr | Mar 2024 ₹82 Cr | Jun 2024 ₹117 Cr | Sep 2024 ₹95 Cr | Dec 2024 ₹100 Cr | Mar 2025 ₹102 Cr | Jun 2025 ₹120 Cr | Sep 2025 ₹110 Cr | Dec 2025 ₹134 Cr | Mar 2026 ₹114 Cr
- SPH: Jun 2021 ₹7 Cr | Sep 2021 ₹8 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹25 Cr
- OPAL: Jun 2021 ₹0 Cr | Sep 2021 ₹63 Cr | Dec 2021 ₹26 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹46 Cr | Mar 2023 ₹39 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹54 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹24 Cr
- RGCO: Jun 2021 ₹6 Cr | Sep 2021 ₹5 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹4 Cr

### 20-quarter CAPEX intensity history
- ATO: Jun 2021 85% | Sep 2021 108% | Dec 2021 68% | Mar 2022 31% | Jun 2022 66% | Sep 2022 99% | Dec 2022 54% | Mar 2023 40% | Jun 2023 8.6% | Sep 2023 123% | Dec 2023 67% | Mar 2024 39% | Jun 2024 102% | Sep 2024 123% | Dec 2024 76% | Mar 2025 43% | Jun 2025 103% | Sep 2025 131% | Dec 2025 77% | Mar 2026 51%
- NI: Jun 2021 44% | Sep 2021 52% | Dec 2021 39% | Mar 2022 24% | Jun 2022 40% | Sep 2022 56% | Dec 2022 40% | Mar 2023 28% | Jun 2023 56% | Sep 2023 71% | Dec 2023 53% | Mar 2024 35% | Jun 2024 58% | Sep 2024 59% | Dec 2024 48% | Mar 2025 29% | Jun 2025 51% | Sep 2025 50% | Dec 2025 45% | Mar 2026 34%
- UGI: Jun 2021 10% | Sep 2021 16% | Dec 2021 7.0% | Mar 2022 4.9% | Jun 2022 9.6% | Sep 2022 13% | Dec 2022 7.6% | Mar 2023 6.6% | Jun 2023 15% | Sep 2023 22% | Dec 2023 7.4% | Mar 2024 6.9% | Jun 2024 15% | Sep 2024 21% | Dec 2024 10% | Mar 2025 5.5% | Jun 2025 16% | Sep 2025 22% | Dec 2025 11% | Mar 2026 6.3%
- SWX: Jun 2021 23% | Sep 2021 19% | Dec 2021 19% | Mar 2022 13% | Jun 2022 18% | Sep 2022 22% | Dec 2022 17% | Mar 2023 14% | Jun 2023 17% | Sep 2023 19% | Dec 2023 30% | Mar 2024 14% | Jun 2024 19% | Sep 2024 70% | Dec 2024 45% | Mar 2025 22% | Jun 2025 20% | Sep 2025 63% | Dec 2025 42% | Mar 2026 36%
- NJR: Jun 2021 50% | Sep 2021 37% | Dec 2021 24% | Mar 2022 15% | Jun 2022 25% | Sep 2022 21% | Dec 2022 20% | Mar 2023 18% | Jun 2023 44% | Sep 2023 49% | Dec 2023 25% | Mar 2024 19% | Jun 2024 57% | Sep 2024 44% | Dec 2024 31% | Mar 2025 15% | Jun 2025 53% | Sep 2025 78% | Dec 2025 30% | Mar 2026 21%
- BKH: Jun 2021 46% | Sep 2021 47% | Dec 2021 32% | Mar 2022 17% | Jun 2022 33% | Sep 2022 37% | Dec 2022 17% | Mar 2023 13% | Jun 2023 35% | Sep 2023 39% | Dec 2023 — | Mar 2024 24% | Jun 2024 41% | Sep 2024 47% | Dec 2024 — | Mar 2025 19% | Jun 2025 50% | Sep 2025 41% | Dec 2025 — | Mar 2026 34%
- BIPC: Jun 2021 24% | Sep 2021 26% | Dec 2021 27% | Mar 2022 25% | Jun 2022 29% | Sep 2022 27% | Dec 2022 31% | Mar 2023 25% | Jun 2023 25% | Sep 2023 22% | Dec 2023 23% | Mar 2024 19% | Jun 2024 44% | Sep 2024 47% | Dec 2024 43% | Mar 2025 15% | Jun 2025 24% | Sep 2025 115% | Dec 2025 22% | Mar 2026 23%
- OGS: Jun 2021 37% | Sep 2021 48% | Dec 2021 25% | Mar 2022 12% | Jun 2022 32% | Sep 2022 45% | Dec 2022 24% | Mar 2023 15% | Jun 2023 43% | Sep 2023 50% | Dec 2023 29% | Mar 2024 22% | Jun 2024 50% | Sep 2024 53% | Dec 2024 29% | Mar 2025 18% | Jun 2025 43% | Sep 2025 51% | Dec 2025 24% | Mar 2026 19%
- SR: Jun 2021 49% | Sep 2021 56% | Dec 2021 25% | Mar 2022 16% | Jun 2022 28% | Sep 2022 48% | Dec 2022 19% | Mar 2023 14% | Jun 2023 42% | Sep 2023 58% | Dec 2023 30% | Mar 2024 18% | Jun 2024 54% | Sep 2024 78% | Dec 2024 36% | Mar 2025 25% | Jun 2025 52% | Sep 2025 67% | Dec 2025 26% | Mar 2026 19%
- MDU: Jun 2021 11% | Sep 2021 11% | Dec 2021 16% | Mar 2022 11% | Jun 2022 14% | Sep 2022 13% | Dec 2022 7.6% | Mar 2023 7.8% | Jun 2023 11% | Sep 2023 14% | Dec 2023 13% | Mar 2024 20% | Jun 2024 32% | Sep 2024 48% | Dec 2024 29% | Mar 2025 14% | Jun 2025 23% | Sep 2025 57% | Dec 2025 78% | Mar 2026 15%
- CPK: Jun 2021 48% | Sep 2021 41% | Dec 2021 24% | Mar 2022 14% | Jun 2022 25% | Sep 2022 25% | Dec 2022 16% | Mar 2023 19% | Jun 2023 35% | Sep 2023 36% | Dec 2023 28% | Mar 2024 31% | Jun 2024 50% | Sep 2024 64% | Dec 2024 45% | Mar 2025 38% | Jun 2025 52% | Sep 2025 60% | Dec 2025 49% | Mar 2026 40%
- CTRI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.8% | Sep 2023 3.8% | Dec 2023 3.4% | Mar 2024 4.9% | Jun 2024 3.0% | Sep 2024 2.8% | Dec 2024 4.6% | Mar 2025 4.4% | Jun 2025 2.9% | Sep 2025 2.8% | Dec 2025 2.1% | Mar 2026 2.8%
- NWN: Jun 2021 43% | Sep 2021 81% | Dec 2021 28% | Mar 2022 20% | Jun 2022 51% | Sep 2022 72% | Dec 2022 23% | Mar 2023 15% | Jun 2023 31% | Sep 2023 70% | Dec 2023 24% | Mar 2024 19% | Jun 2024 55% | Sep 2024 69% | Dec 2024 27% | Mar 2025 21% | Jun 2025 51% | Sep 2025 67% | Dec 2025 34% | Mar 2026 23%
- SPH: Jun 2021 2.9% | Sep 2021 3.8% | Dec 2021 2.9% | Mar 2022 2.0% | Jun 2022 3.7% | Sep 2022 4.6% | Dec 2022 2.8% | Mar 2023 2.5% | Jun 2023 3.2% | Sep 2023 5.3% | Dec 2023 3.0% | Mar 2024 3.0% | Jun 2024 5.9% | Sep 2024 9.1% | Dec 2024 6.4% | Mar 2025 3.2% | Jun 2025 5.8% | Sep 2025 6.6% | Dec 2025 5.4% | Mar 2026 4.5%
- OPAL: Jun 2021 — | Sep 2021 134% | Dec 2021 43% | Mar 2022 47% | Jun 2022 60% | Sep 2022 46% | Dec 2022 69% | Mar 2023 91% | Jun 2023 60% | Sep 2023 28% | Dec 2023 25% | Mar 2024 42% | Jun 2024 32% | Sep 2024 27% | Dec 2024 68% | Mar 2025 14% | Jun 2025 28% | Sep 2025 33% | Dec 2025 10% | Mar 2026 33%
- RGCO: Jun 2021 43% | Sep 2021 39% | Dec 2021 26% | Mar 2022 17% | Jun 2022 41% | Sep 2022 57% | Dec 2022 24% | Mar 2023 13% | Jun 2023 50% | Sep 2023 50% | Dec 2023 21% | Mar 2024 18% | Jun 2024 36% | Sep 2024 46% | Dec 2024 22% | Mar 2025 14% | Jun 2025 29% | Sep 2025 36% | Dec 2025 20% | Mar 2026 8.9%

## Debt Load & Balance-Sheet Headroom

What the numbers say: RGC Resources, Inc. has the clearest covered balance-sheet capacity with $144 million and gross debt of $147 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

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.

Evidence: RGC Resources, Inc. · $147 million | 67.1% versus #2 · OPAL Fuels Inc. | 0/8 recent comparable periods | 16/16 companies · 311 observations

Definition: 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 debt — lowest gross debt
1. RGC Resources, Inc. (RGCO): ₹147 Cr
2. OPAL Fuels Inc. (OPAL): ₹447 Cr
3. Centuri Holdings, Inc. (CTRI): ₹930 Cr
4. Suburban Propane Partners, L.P. (SPH): ₹1.4K Cr
5. Chesapeake Utilities Corporation (CPK): ₹1.7K Cr

### Net debt — lowest net debt
1. RGC Resources, Inc. (RGCO): ₹144 Cr
2. OPAL Fuels Inc. (OPAL): ₹314 Cr
3. Centuri Holdings, Inc. (CTRI): ₹870 Cr
4. Suburban Propane Partners, L.P. (SPH): ₹1.4K Cr
5. Chesapeake Utilities Corporation (CPK): ₹1.7K Cr

### 20-quarter Gross debt history
- ATO: Jun 2021 ₹7.3K Cr | Sep 2021 ₹7.3K Cr | Dec 2021 ₹8.0K Cr | Mar 2022 ₹8.0K Cr | Jun 2022 ₹8.0K Cr | Sep 2022 ₹8.1K Cr | Dec 2022 ₹8.8K Cr | Mar 2023 ₹6.6K Cr | Jun 2023 ₹6.7K Cr | Sep 2023 ₹6.9K Cr | Dec 2023 ₹7.5K Cr | Mar 2024 ₹7.5K Cr | Jun 2024 ₹7.9K Cr | Sep 2024 ₹7.9K Cr | Dec 2024 ₹8.5K Cr | Mar 2025 ₹8.5K Cr | Jun 2025 ₹9.0K Cr | Sep 2025 ₹9.0K Cr | Dec 2025 ₹9.6K Cr | Mar 2026 ₹9.6K Cr
- NI: Jun 2021 ₹9.2K Cr | Sep 2021 ₹9.8K Cr | Dec 2021 ₹9.8K Cr | Mar 2022 ₹9.8K Cr | Jun 2022 ₹10.1K Cr | Sep 2022 ₹10.8K Cr | Dec 2022 ₹11.3K Cr | Mar 2023 ₹11.6K Cr | Jun 2023 ₹12.6K Cr | Sep 2023 ₹13.3K Cr | Dec 2023 ₹14.1K Cr | Mar 2024 ₹13.0K Cr | Jun 2024 ₹13.5K Cr | Sep 2024 ₹13.6K Cr | Dec 2024 ₹14.0K Cr | Mar 2025 ₹14.9K Cr | Jun 2025 ₹15.8K Cr | Sep 2025 ₹15.8K Cr | Dec 2025 ₹16.2K Cr | Mar 2026 ₹16.8K Cr
- UGI: Jun 2021 ₹6.1K Cr | Sep 2021 ₹6.8K Cr | Dec 2021 ₹7.1K Cr | Mar 2022 ₹7.0K Cr | Jun 2022 ₹6.7K Cr | Sep 2022 ₹7.0K Cr | Dec 2022 ₹7.7K Cr | Mar 2023 ₹7.2K Cr | Jun 2023 ₹7.1K Cr | Sep 2023 ₹7.2K Cr | Dec 2023 ₹7.4K Cr | Mar 2024 ₹7.1K Cr | Jun 2024 ₹6.9K Cr | Sep 2024 ₹7.1K Cr | Dec 2024 ₹7.3K Cr | Mar 2025 ₹7.0K Cr | Jun 2025 ₹7.0K Cr | Sep 2025 ₹7.1K Cr | Dec 2025 ₹7.2K Cr | Mar 2026 ₹7.0K Cr
- SWX: Jun 2021 ₹3.1K Cr | Sep 2021 ₹4.1K Cr | Dec 2021 ₹6.3K Cr | Mar 2022 ₹6.3K Cr | Jun 2022 ₹6.1K Cr | Sep 2022 ₹6.3K Cr | Dec 2022 ₹6.0K Cr | Mar 2023 ₹5.1K Cr | Jun 2023 ₹5.3K Cr | Sep 2023 ₹5.3K Cr | Dec 2023 ₹5.3K Cr | Mar 2024 ₹5.3K Cr | Jun 2024 ₹5.2K Cr | Sep 2024 ₹5.1K Cr | Dec 2024 ₹4.2K Cr | Mar 2025 ₹5.0K Cr | Jun 2025 ₹4.7K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.5K Cr
- NJR: Jun 2021 ₹2.5K Cr | Sep 2021 ₹2.8K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.3K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.6K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹4.0K Cr | Mar 2026 ₹3.8K Cr
- BKH: Jun 2021 ₹4.4K Cr | Sep 2021 ₹4.5K Cr | Dec 2021 ₹4.5K Cr | Mar 2022 ₹4.5K Cr | Jun 2022 ₹4.5K Cr | Sep 2022 ₹4.6K Cr | Dec 2022 ₹4.7K Cr | Mar 2023 ₹4.5K Cr | Jun 2023 ₹4.5K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹4.4K Cr | Mar 2024 ₹4.4K Cr | Jun 2024 ₹4.8K Cr | Sep 2024 ₹4.3K Cr | Dec 2024 ₹4.4K Cr | Mar 2025 ₹4.3K Cr | Jun 2025 ₹4.4K Cr | Sep 2025 ₹4.4K Cr | Dec 2025 ₹4.7K Cr | Mar 2026 ₹4.7K Cr
- BIPC: Jun 2021 ₹4.6K Cr | Sep 2021 ₹3.8K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹4.5K Cr | Jun 2022 ₹4.6K Cr | Sep 2022 ₹4.3K Cr | Dec 2022 ₹4.7K Cr | Mar 2023 ₹5.0K Cr | Jun 2023 ₹5.1K Cr | Sep 2023 ₹12.1K Cr | Dec 2023 ₹12.1K Cr | Mar 2024 ₹13.6K Cr | Jun 2024 ₹13.2K Cr | Sep 2024 ₹13.5K Cr | Dec 2024 ₹12.3K Cr | Mar 2025 ₹12.2K Cr | Jun 2025 ₹13.3K Cr | Sep 2025 ₹13.5K Cr | Dec 2025 ₹13.3K Cr | Mar 2026 ₹13.5K Cr
- OGS: Jun 2021 ₹0 Cr | Sep 2021 ₹336 Cr | Dec 2021 ₹4.2K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹673 Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.4K Cr
- SR: Jun 2021 ₹3.5K Cr | Sep 2021 ₹3.7K Cr | Dec 2021 ₹4.1K Cr | Mar 2022 ₹3.8K Cr | Jun 2022 ₹3.9K Cr | Sep 2022 ₹4.3K Cr | Dec 2022 ₹4.6K Cr | Mar 2023 ₹4.5K Cr | Jun 2023 ₹4.5K Cr | Sep 2023 ₹4.7K Cr | Dec 2023 ₹4.8K Cr | Mar 2024 ₹4.5K Cr | Jun 2024 ₹4.5K Cr | Sep 2024 ₹4.7K Cr | Dec 2024 ₹4.9K Cr | Mar 2025 ₹4.8K Cr | Jun 2025 ₹4.9K Cr | Sep 2025 ₹5.2K Cr | Dec 2025 ₹5.4K Cr | Mar 2026 ₹8.0K Cr
- MDU: Jun 2021 ₹2.5K Cr | Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.6K Cr
- CPK: Jun 2021 ₹690 Cr | Sep 2021 ₹722 Cr | Dec 2021 ₹798 Cr | Mar 2022 ₹773 Cr | Jun 2022 ₹758 Cr | Sep 2022 ₹786 Cr | Dec 2022 ₹814 Cr | Mar 2023 ₹784 Cr | Jun 2023 ₹773 Cr | Sep 2023 ₹793 Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.7K Cr
- CTRI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹987 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹938 Cr | Mar 2026 ₹930 Cr
- NWN: Jun 2021 ₹1.3K Cr | Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.7K Cr
- SPH: Jun 2021 ₹1.3K Cr | Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr
- OPAL: Jun 2021 — | Sep 2021 ₹81 Cr | Dec 2021 ₹81 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹217 Cr | Dec 2022 ₹180 Cr | Mar 2023 ₹161 Cr | Jun 2023 ₹154 Cr | Sep 2023 ₹188 Cr | Dec 2023 ₹211 Cr | Mar 2024 ₹211 Cr | Jun 2024 ₹237 Cr | Sep 2024 ₹256 Cr | Dec 2024 ₹298 Cr | Mar 2025 ₹308 Cr | Jun 2025 ₹333 Cr | Sep 2025 ₹354 Cr | Dec 2025 ₹352 Cr | Mar 2026 ₹447 Cr
- RGCO: Jun 2021 ₹130 Cr | Sep 2021 ₹140 Cr | Dec 2021 ₹153 Cr | Mar 2022 ₹125 Cr | Jun 2022 ₹131 Cr | Sep 2022 ₹137 Cr | Dec 2022 ₹147 Cr | Mar 2023 ₹138 Cr | Jun 2023 ₹137 Cr | Sep 2023 ₹141 Cr | Dec 2023 ₹150 Cr | Mar 2024 ₹143 Cr | Jun 2024 ₹144 Cr | Sep 2024 ₹149 Cr | Dec 2024 ₹157 Cr | Mar 2025 ₹142 Cr | Jun 2025 ₹142 Cr | Sep 2025 ₹149 Cr | Dec 2025 ₹156 Cr | Mar 2026 ₹147 Cr

### 20-quarter Net debt history
- ATO: Jun 2021 ₹6.8K Cr | Sep 2021 ₹7.2K Cr | Dec 2021 ₹7.7K Cr | Mar 2022 ₹7.4K Cr | Jun 2022 ₹7.6K Cr | Sep 2022 ₹8.1K Cr | Dec 2022 ₹8.6K Cr | Mar 2023 ₹6.5K Cr | Jun 2023 ₹6.6K Cr | Sep 2023 ₹6.9K Cr | Dec 2023 ₹7.3K Cr | Mar 2024 ₹7.3K Cr | Jun 2024 ₹7.2K Cr | Sep 2024 ₹7.6K Cr | Dec 2024 ₹7.9K Cr | Mar 2025 ₹8.0K Cr | Jun 2025 ₹8.3K Cr | Sep 2025 ₹8.8K Cr | Dec 2025 ₹9.3K Cr | Mar 2026 ₹9.5K Cr
- NI: Jun 2021 ₹9.2K Cr | Sep 2021 ₹9.7K Cr | Dec 2021 ₹9.7K Cr | Mar 2022 ₹9.6K Cr | Jun 2022 ₹10.0K Cr | Sep 2022 ₹10.7K Cr | Dec 2022 ₹11.2K Cr | Mar 2023 ₹11.4K Cr | Jun 2023 ₹12.4K Cr | Sep 2023 ₹13.2K Cr | Dec 2023 ₹11.8K Cr | Mar 2024 ₹12.8K Cr | Jun 2024 ₹13.3K Cr | Sep 2024 ₹13.5K Cr | Dec 2024 ₹13.8K Cr | Mar 2025 ₹14.6K Cr | Jun 2025 ₹15.4K Cr | Sep 2025 ₹15.6K Cr | Dec 2025 ₹16.1K Cr | Mar 2026 ₹16.7K Cr
- UGI: Jun 2021 ₹5.5K Cr | Sep 2021 ₹5.9K Cr | Dec 2021 ₹6.8K Cr | Mar 2022 ₹6.2K Cr | Jun 2022 ₹6.0K Cr | Sep 2022 ₹6.5K Cr | Dec 2022 ₹7.2K Cr | Mar 2023 ₹6.8K Cr | Jun 2023 ₹6.8K Cr | Sep 2023 ₹6.9K Cr | Dec 2023 ₹7.1K Cr | Mar 2024 ₹6.8K Cr | Jun 2024 ₹6.7K Cr | Sep 2024 ₹6.9K Cr | Dec 2024 ₹7.0K Cr | Mar 2025 ₹6.6K Cr | Jun 2025 ₹6.6K Cr | Sep 2025 ₹6.8K Cr | Dec 2025 ₹6.9K Cr | Mar 2026 ₹6.5K Cr
- SWX: Jun 2021 ₹3.1K Cr | Sep 2021 ₹4.0K Cr | Dec 2021 ₹6.1K Cr | Mar 2022 ₹5.7K Cr | Jun 2022 ₹5.9K Cr | Sep 2022 ₹6.1K Cr | Dec 2022 ₹5.9K Cr | Mar 2023 ₹5.0K Cr | Jun 2023 ₹5.1K Cr | Sep 2023 ₹5.2K Cr | Dec 2023 ₹5.2K Cr | Mar 2024 ₹4.9K Cr | Jun 2024 ₹4.6K Cr | Sep 2024 ₹4.6K Cr | Dec 2024 ₹3.9K Cr | Mar 2025 ₹4.6K Cr | Jun 2025 ₹4.3K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹3.0K Cr
- NJR: Jun 2021 ₹2.5K Cr | Sep 2021 ₹2.8K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.3K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.6K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹4.0K Cr | Mar 2026 ₹3.6K Cr
- BKH: Jun 2021 ₹4.4K Cr | Sep 2021 ₹4.4K Cr | Dec 2021 ₹4.5K Cr | Mar 2022 ₹4.4K Cr | Jun 2022 ₹4.5K Cr | Sep 2022 ₹4.6K Cr | Dec 2022 ₹4.6K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹4.3K Cr | Sep 2023 ₹4.3K Cr | Dec 2023 ₹4.3K Cr | Mar 2024 ₹4.3K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹4.4K Cr | Mar 2025 ₹4.3K Cr | Jun 2025 ₹4.4K Cr | Sep 2025 ₹4.4K Cr | Dec 2025 ₹4.5K Cr | Mar 2026 ₹4.6K Cr
- BIPC: Jun 2021 ₹4.2K Cr | Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 ₹4.1K Cr | Sep 2022 ₹4.0K Cr | Dec 2022 ₹4.2K Cr | Mar 2023 ₹4.7K Cr | Jun 2023 ₹4.7K Cr | Sep 2023 ₹11.9K Cr | Dec 2023 ₹11.6K Cr | Mar 2024 ₹13.2K Cr | Jun 2024 ₹12.8K Cr | Sep 2024 ₹13.2K Cr | Dec 2024 ₹11.6K Cr | Mar 2025 ₹11.9K Cr | Jun 2025 ₹12.1K Cr | Sep 2025 ₹13.1K Cr | Dec 2025 ₹12.9K Cr | Mar 2026 ₹12.9K Cr
- OGS: Jun 2021 ₹-209 Cr | Sep 2021 ₹330 Cr | Dec 2021 ₹4.2K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹663 Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.4K Cr
- SR: Jun 2021 ₹3.5K Cr | Sep 2021 ₹3.7K Cr | Dec 2021 ₹4.1K Cr | Mar 2022 ₹3.8K Cr | Jun 2022 ₹3.9K Cr | Sep 2022 ₹4.3K Cr | Dec 2022 ₹4.6K Cr | Mar 2023 ₹4.5K Cr | Jun 2023 ₹4.5K Cr | Sep 2023 ₹4.7K Cr | Dec 2023 ₹4.7K Cr | Mar 2024 ₹4.5K Cr | Jun 2024 ₹4.5K Cr | Sep 2024 ₹4.7K Cr | Dec 2024 ₹4.9K Cr | Mar 2025 ₹4.7K Cr | Jun 2025 ₹4.9K Cr | Sep 2025 ₹5.2K Cr | Dec 2025 ₹5.3K Cr | Mar 2026 ₹7.9K Cr
- MDU: Jun 2021 ₹2.4K Cr | Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.5K Cr
- CPK: Jun 2021 ₹685 Cr | Sep 2021 ₹716 Cr | Dec 2021 ₹793 Cr | Mar 2022 ₹768 Cr | Jun 2022 ₹754 Cr | Sep 2022 ₹784 Cr | Dec 2022 ₹808 Cr | Mar 2023 ₹781 Cr | Jun 2023 ₹769 Cr | Sep 2023 ₹791 Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.7K Cr
- CTRI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹960 Cr | Mar 2025 ₹972 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹811 Cr | Mar 2026 ₹870 Cr
- NWN: Jun 2021 ₹1.3K Cr | Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.6K Cr
- SPH: Jun 2021 ₹1.3K Cr | Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr
- OPAL: Jun 2021 — | Sep 2021 ₹42 Cr | Dec 2021 ₹42 Cr | Mar 2022 ₹-1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹45 Cr | Dec 2022 ₹75 Cr | Mar 2023 ₹91 Cr | Jun 2023 ₹115 Cr | Sep 2023 ₹155 Cr | Dec 2023 ₹163 Cr | Mar 2024 ₹177 Cr | Jun 2024 ₹209 Cr | Sep 2024 ₹225 Cr | Dec 2024 ₹274 Cr | Mar 2025 ₹268 Cr | Jun 2025 ₹304 Cr | Sep 2025 ₹324 Cr | Dec 2025 ₹328 Cr | Mar 2026 ₹314 Cr
- RGCO: Jun 2021 ₹129 Cr | Sep 2021 ₹138 Cr | Dec 2021 ₹151 Cr | Mar 2022 ₹116 Cr | Jun 2022 ₹117 Cr | Sep 2022 ₹132 Cr | Dec 2022 ₹144 Cr | Mar 2023 ₹131 Cr | Jun 2023 ₹132 Cr | Sep 2023 ₹139 Cr | Dec 2023 ₹147 Cr | Mar 2024 ₹141 Cr | Jun 2024 ₹141 Cr | Sep 2024 ₹148 Cr | Dec 2024 ₹155 Cr | Mar 2025 ₹140 Cr | Jun 2025 ₹140 Cr | Sep 2025 ₹147 Cr | Dec 2025 ₹153 Cr | Mar 2026 ₹144 Cr

## Return On Capital Employed

What the numbers say: Brookfield Infrastructure Corporation leads ROCE at 13.5%, 6.2 percentage points above Suburban Propane Partners, L.P.. Centuri Holdings, Inc. 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.

Investor read: Brookfield Infrastructure 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.

Evidence: Brookfield Infrastructure Corporation · 13.5% | 84.9% versus #2 · Suburban Propane Partners, L.P. | 6/8 recent comparable periods | 16/16 companies · 298 observations

Definition: 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.

### ROCE — highest
1. Brookfield Infrastructure Corporation (BIPC): 14%
2. Suburban Propane Partners, L.P. (SPH): 7.3%
3. UGI Corporation (UGI): 5.2%
4. New Jersey Resources Corporation (NJR): 4.4%
5. RGC Resources, Inc. (RGCO): 3.9%

### ROCE change — fastest improvers
1. Centuri Holdings, Inc. (CTRI): +0.5 pp
2. UGI Corporation (UGI): +0.4 pp
3. RGC Resources, Inc. (RGCO): +0.3 pp
4. Atmos Energy Corporation (ATO): +0.2 pp
5. Brookfield Infrastructure Corporation (BIPC): +0.1 pp

### 20-quarter ROCE history
- ATO: Jun 2021 — | Sep 2021 0.6% | Dec 2021 1.7% | Mar 2022 2.1% | Jun 2022 0.8% | Sep 2022 0.6% | Dec 2022 1.7% | Mar 2023 2.2% | Jun 2023 0.9% | Sep 2023 0.8% | Dec 2023 1.9% | Mar 2024 2.6% | Jun 2024 1.0% | Sep 2024 0.8% | Dec 2024 1.9% | Mar 2025 2.6% | Jun 2025 1.0% | Sep 2025 0.9% | Dec 2025 1.9% | Mar 2026 2.8%
- NI: Jun 2021 — | Sep 2021 0.7% | Dec 2021 1.4% | Mar 2022 2.9% | Jun 2022 0.7% | Sep 2022 0.7% | Dec 2022 1.7% | Mar 2023 2.4% | Jun 2023 0.7% | Sep 2023 1.0% | Dec 2023 1.5% | Mar 2024 2.4% | Jun 2024 0.9% | Sep 2024 0.9% | Dec 2024 1.6% | Mar 2025 2.8% | Jun 2025 0.9% | Sep 2025 1.0% | Dec 2025 1.7% | Mar 2026 2.7%
- UGI: Jun 2021 — | Sep 2021 5.8% | Dec 2021 -0.8% | Mar 2022 9.2% | Jun 2022 0.4% | Sep 2022 1.8% | Dec 2022 -8.9% | Mar 2023 1.5% | Jun 2023 -5.6% | Sep 2023 4.3% | Dec 2023 1.6% | Mar 2024 5.0% | Jun 2024 0.1% | Sep 2024 3.3% | Dec 2024 3.4% | Mar 2025 4.8% | Jun 2025 -1.1% | Sep 2025 3.4% | Dec 2025 3.2% | Mar 2026 5.2%
- SWX: Jun 2021 — | Sep 2021 0.3% | Dec 2021 1.3% | Mar 2022 1.8% | Jun 2022 0.5% | Sep 2022 0.5% | Dec 2022 -3.0% | Mar 2023 1.3% | Jun 2023 0.8% | Sep 2023 0.5% | Dec 2023 1.4% | Mar 2024 1.6% | Jun 2024 0.8% | Sep 2024 0.2% | Dec 2024 1.5% | Mar 2025 2.1% | Jun 2025 0.9% | Sep 2025 0.4% | Dec 2025 1.6% | Mar 2026 2.2%
- NJR: Jun 2021 — | Sep 2021 0.1% | Dec 2021 3.2% | Mar 2022 2.8% | Jun 2022 0.6% | Sep 2022 1.6% | Dec 2022 3.3% | Mar 2023 3.1% | Jun 2023 0.1% | Sep 2023 1.2% | Dec 2023 2.4% | Mar 2024 3.0% | Jun 2024 0.1% | Sep 2024 2.5% | Dec 2024 3.1% | Mar 2025 4.5% | Jun 2025 0.0% | Sep 2025 0.6% | Dec 2025 2.7% | Mar 2026 4.4%
- BKH: Jun 2021 — | Sep 2021 1.2% | Dec 2021 1.5% | Mar 2022 2.2% | Jun 2022 0.9% | Sep 2022 1.0% | Dec 2022 1.6% | Mar 2023 2.1% | Jun 2023 0.8% | Sep 2023 1.2% | Dec 2023 1.7% | Mar 2024 2.3% | Jun 2024 0.8% | Sep 2024 0.9% | Dec 2024 1.8% | Mar 2025 2.3% | Jun 2025 0.9% | Sep 2025 0.8% | Dec 2025 1.8% | Mar 2026 2.2%
- BIPC: Jun 2021 18% | Sep 2021 24% | Dec 2021 28% | Mar 2022 24% | Jun 2022 32% | Sep 2022 35% | Dec 2022 23% | Mar 2023 24% | Jun 2023 23% | Sep 2023 8.3% | Dec 2023 9.4% | Mar 2024 11% | Jun 2024 11% | Sep 2024 13% | Dec 2024 14% | Mar 2025 13% | Jun 2025 13% | Sep 2025 13% | Dec 2025 14% | Mar 2026 14%
- OGS: Jun 2021 — | Sep 2021 0.7% | Dec 2021 1.4% | Mar 2022 2.0% | Jun 2022 0.8% | Sep 2022 0.7% | Dec 2022 1.5% | Mar 2023 2.5% | Jun 2023 1.1% | Sep 2023 0.9% | Dec 2023 1.7% | Mar 2024 2.4% | Jun 2024 1.1% | Sep 2024 1.0% | Dec 2024 1.9% | Mar 2025 2.7% | Jun 2025 1.1% | Sep 2025 1.0% | Dec 2025 2.0% | Mar 2026 2.6%
- SR: Jun 2021 — | Sep 2021 0.4% | Dec 2021 1.3% | Mar 2022 3.2% | Jun 2022 0.5% | Sep 2022 0.4% | Dec 2022 1.9% | Mar 2023 3.1% | Jun 2023 0.1% | Sep 2023 0.0% | Dec 2023 1.7% | Mar 2024 3.4% | Jun 2024 0.4% | Sep 2024 0.2% | Dec 2024 1.7% | Mar 2025 3.0% | Jun 2025 0.8% | Sep 2025 0.0% | Dec 2025 1.8% | Mar 2026 2.9%
- MDU: Jun 2021 — | Sep 2021 2.6% | Dec 2021 1.6% | Mar 2022 0.9% | Jun 2022 0.8% | Sep 2022 0.8% | Dec 2022 1.7% | Mar 2023 1.5% | Jun 2023 1.1% | Sep 2023 1.1% | Dec 2023 1.9% | Mar 2024 1.3% | Jun 2024 0.6% | Sep 2024 0.5% | Dec 2024 1.4% | Mar 2025 1.7% | Jun 2025 0.5% | Sep 2025 0.6% | Dec 2025 1.6% | Mar 2026 1.7%
- CPK: Jun 2021 — | Sep 2021 1.3% | Dec 2021 2.2% | Mar 2022 3.2% | Jun 2022 1.5% | Sep 2022 1.1% | Dec 2022 2.4% | Mar 2023 2.9% | Jun 2023 1.5% | Sep 2023 1.1% | Dec 2023 2.0% | Mar 2024 3.2% | Jun 2024 1.7% | Sep 2024 1.6% | Dec 2024 2.2% | Mar 2025 2.8% | Jun 2025 1.6% | Sep 2025 1.4% | Dec 2025 2.2% | Mar 2026 2.9%
- CTRI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 — | Sep 2023 — | Dec 2023 2.8% | Mar 2024 -2.6% | Jun 2024 3.5% | Sep 2024 2.4% | Dec 2024 1.9% | Mar 2025 -0.8% | Jun 2025 1.8% | Sep 2025 2.1% | Dec 2025 2.1% | Mar 2026 -0.3%
- NWN: Jun 2021 — | Sep 2021 -0.5% | Dec 2021 2.2% | Mar 2022 2.7% | Jun 2022 0.4% | Sep 2022 -0.4% | Dec 2022 2.3% | Mar 2023 3.1% | Jun 2023 0.4% | Sep 2023 -0.4% | Dec 2023 1.9% | Mar 2024 2.6% | Jun 2024 0.4% | Sep 2024 -0.5% | Dec 2024 1.9% | Mar 2025 3.2% | Jun 2025 0.6% | Sep 2025 -0.3% | Dec 2025 2.3% | Mar 2026 3.0%
- SPH: Jun 2021 — | Sep 2021 0.0% | Dec 2021 2.0% | Mar 2022 10% | Jun 2022 0.8% | Sep 2022 -2.1% | Dec 2022 3.4% | Mar 2023 6.3% | Jun 2023 0.8% | Sep 2023 0.2% | Dec 2023 2.5% | Mar 2024 6.6% | Jun 2024 0.4% | Sep 2024 -1.1% | Dec 2024 2.9% | Mar 2025 7.5% | Jun 2025 0.3% | Sep 2025 -0.8% | Dec 2025 3.2% | Mar 2026 7.3%
- OPAL: Jun 2021 — | Sep 2021 1.7% | Dec 2021 4.5% | Mar 2022 -0.3% | Jun 2022 1.5% | Sep 2022 -0.5% | Dec 2022 2.2% | Mar 2023 -2.7% | Jun 2023 -1.7% | Sep 2023 0.7% | Dec 2023 3.6% | Mar 2024 0.6% | Jun 2024 0.9% | Sep 2024 1.8% | Dec 2024 0.0% | Mar 2025 -0.3% | Jun 2025 -0.1% | Sep 2025 0.5% | Dec 2025 0.8% | Mar 2026 -0.6%
- RGCO: Jun 2021 — | Sep 2021 0.2% | Dec 2021 2.0% | Mar 2022 2.8% | Jun 2022 0.6% | Sep 2022 0.2% | Dec 2022 2.1% | Mar 2023 3.8% | Jun 2023 0.7% | Sep 2023 0.3% | Dec 2023 2.7% | Mar 2024 3.2% | Jun 2024 0.6% | Sep 2024 0.1% | Dec 2024 2.8% | Mar 2025 3.6% | Jun 2025 0.4% | Sep 2025 -0.2% | Dec 2025 2.3% | Mar 2026 3.9%

### 20-quarter ROCE change history
- ATO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 0.0 pp | Mar 2023 +0.1 pp | Jun 2023 +0.1 pp | Sep 2023 +0.2 pp | Dec 2023 +0.2 pp | Mar 2024 +0.4 pp | Jun 2024 +0.1 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 0.0 pp | Mar 2026 +0.2 pp
- NI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.3 pp | Mar 2023 −0.5 pp | Jun 2023 0.0 pp | Sep 2023 +0.3 pp | Dec 2023 −0.2 pp | Mar 2024 0.0 pp | Jun 2024 +0.2 pp | Sep 2024 −0.1 pp | Dec 2024 +0.1 pp | Mar 2025 +0.4 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 +0.1 pp | Mar 2026 −0.1 pp
- UGI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.0 pp | Dec 2022 −8.1 pp | Mar 2023 −7.7 pp | Jun 2023 −6.0 pp | Sep 2023 +2.5 pp | Dec 2023 +10.5 pp | Mar 2024 +3.5 pp | Jun 2024 +5.7 pp | Sep 2024 −1.0 pp | Dec 2024 +1.8 pp | Mar 2025 −0.2 pp | Jun 2025 −1.2 pp | Sep 2025 +0.1 pp | Dec 2025 −0.2 pp | Mar 2026 +0.4 pp
- SWX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 −4.3 pp | Mar 2023 −0.5 pp | Jun 2023 +0.3 pp | Sep 2023 0.0 pp | Dec 2023 +4.4 pp | Mar 2024 +0.3 pp | Jun 2024 0.0 pp | Sep 2024 −0.3 pp | Dec 2024 +0.1 pp | Mar 2025 +0.5 pp | Jun 2025 +0.1 pp | Sep 2025 +0.2 pp | Dec 2025 +0.1 pp | Mar 2026 +0.1 pp
- NJR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.5 pp | Dec 2022 +0.1 pp | Mar 2023 +0.3 pp | Jun 2023 −0.5 pp | Sep 2023 −0.4 pp | Dec 2023 −0.9 pp | Mar 2024 −0.1 pp | Jun 2024 0.0 pp | Sep 2024 +1.3 pp | Dec 2024 +0.7 pp | Mar 2025 +1.5 pp | Jun 2025 −0.1 pp | Sep 2025 −1.9 pp | Dec 2025 −0.4 pp | Mar 2026 −0.1 pp
- BKH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 +0.1 pp | Mar 2023 −0.1 pp | Jun 2023 −0.1 pp | Sep 2023 +0.2 pp | Dec 2023 +0.1 pp | Mar 2024 +0.2 pp | Jun 2024 0.0 pp | Sep 2024 −0.3 pp | Dec 2024 +0.1 pp | Mar 2025 0.0 pp | Jun 2025 +0.1 pp | Sep 2025 −0.1 pp | Dec 2025 0.0 pp | Mar 2026 −0.1 pp
- BIPC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +13.9 pp | Sep 2022 +10.3 pp | Dec 2022 −4.5 pp | Mar 2023 −0.2 pp | Jun 2023 −9.1 pp | Sep 2023 −26.4 pp | Dec 2023 −13.6 pp | Mar 2024 −13.5 pp | Jun 2024 −11.8 pp | Sep 2024 +4.5 pp | Dec 2024 +4.5 pp | Mar 2025 +2.9 pp | Jun 2025 +2.1 pp | Sep 2025 +0.3 pp | Dec 2025 −0.1 pp | Mar 2026 +0.1 pp
- OGS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.1 pp | Mar 2023 +0.5 pp | Jun 2023 +0.3 pp | Sep 2023 +0.2 pp | Dec 2023 +0.2 pp | Mar 2024 −0.1 pp | Jun 2024 0.0 pp | Sep 2024 +0.1 pp | Dec 2024 +0.2 pp | Mar 2025 +0.3 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 +0.1 pp | Mar 2026 −0.1 pp
- SR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.6 pp | Mar 2023 −0.1 pp | Jun 2023 −0.4 pp | Sep 2023 −0.4 pp | Dec 2023 −0.2 pp | Mar 2024 +0.3 pp | Jun 2024 +0.3 pp | Sep 2024 +0.2 pp | Dec 2024 0.0 pp | Mar 2025 −0.4 pp | Jun 2025 +0.4 pp | Sep 2025 −0.2 pp | Dec 2025 +0.1 pp | Mar 2026 −0.1 pp
- MDU: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.8 pp | Dec 2022 +0.1 pp | Mar 2023 +0.6 pp | Jun 2023 +0.3 pp | Sep 2023 +0.3 pp | Dec 2023 +0.2 pp | Mar 2024 −0.2 pp | Jun 2024 −0.5 pp | Sep 2024 −0.6 pp | Dec 2024 −0.5 pp | Mar 2025 +0.4 pp | Jun 2025 −0.1 pp | Sep 2025 +0.1 pp | Dec 2025 +0.2 pp | Mar 2026 0.0 pp
- CPK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 +0.2 pp | Mar 2023 −0.3 pp | Jun 2023 0.0 pp | Sep 2023 0.0 pp | Dec 2023 −0.4 pp | Mar 2024 +0.3 pp | Jun 2024 +0.2 pp | Sep 2024 +0.5 pp | Dec 2024 +0.2 pp | Mar 2025 −0.4 pp | Jun 2025 −0.1 pp | Sep 2025 −0.2 pp | Dec 2025 0.0 pp | Mar 2026 +0.1 pp
- CTRI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +2.8 pp | Mar 2024 −2.6 pp | Jun 2024 — | Sep 2024 — | Dec 2024 −0.9 pp | Mar 2025 +1.8 pp | Jun 2025 −1.7 pp | Sep 2025 −0.3 pp | Dec 2025 +0.2 pp | Mar 2026 +0.5 pp
- NWN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.1 pp | Mar 2023 +0.4 pp | Jun 2023 0.0 pp | Sep 2023 0.0 pp | Dec 2023 −0.4 pp | Mar 2024 −0.5 pp | Jun 2024 0.0 pp | Sep 2024 −0.1 pp | Dec 2024 0.0 pp | Mar 2025 +0.6 pp | Jun 2025 +0.2 pp | Sep 2025 +0.2 pp | Dec 2025 +0.4 pp | Mar 2026 −0.2 pp
- SPH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.1 pp | Dec 2022 +1.4 pp | Mar 2023 −3.7 pp | Jun 2023 0.0 pp | Sep 2023 +2.3 pp | Dec 2023 −0.9 pp | Mar 2024 +0.3 pp | Jun 2024 −0.4 pp | Sep 2024 −1.3 pp | Dec 2024 +0.4 pp | Mar 2025 +0.9 pp | Jun 2025 −0.1 pp | Sep 2025 +0.3 pp | Dec 2025 +0.3 pp | Mar 2026 −0.2 pp
- OPAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.2 pp | Dec 2022 −2.3 pp | Mar 2023 −2.4 pp | Jun 2023 −3.2 pp | Sep 2023 +1.2 pp | Dec 2023 +1.4 pp | Mar 2024 +3.3 pp | Jun 2024 +2.6 pp | Sep 2024 +1.1 pp | Dec 2024 −3.6 pp | Mar 2025 −0.9 pp | Jun 2025 −1.0 pp | Sep 2025 −1.3 pp | Dec 2025 +0.8 pp | Mar 2026 −0.3 pp
- RGCO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.1 pp | Mar 2023 +1.0 pp | Jun 2023 +0.1 pp | Sep 2023 +0.1 pp | Dec 2023 +0.6 pp | Mar 2024 −0.6 pp | Jun 2024 −0.1 pp | Sep 2024 −0.2 pp | Dec 2024 +0.1 pp | Mar 2025 +0.4 pp | Jun 2025 −0.2 pp | Sep 2025 −0.3 pp | Dec 2025 −0.5 pp | Mar 2026 +0.3 pp

## Valuation Against Growth & Quality

What the numbers say: MDU Resources Group, Inc. has the lowest comparable Guarded PEG at 0.23×, 14.8% below Suburban Propane Partners, L.P.. Only 13 of 16 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

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.

Evidence: MDU Resources Group, Inc. · 0.23× | 14.8% versus #2 · Suburban Propane Partners, L.P. | 0/8 recent comparable periods | 13/16 companies · 58 observations

Definition: 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 PEG — lowest PEG
1. MDU Resources Group, Inc. (MDU): 0.2
2. Suburban Propane Partners, L.P. (SPH): 0.3
3. Spire Inc. (SR): 0.4
4. UGI Corporation (UGI): 0.8
5. Black Hills Corporation (BKH): 1.0

### P/E — lowest P/E
1. Brookfield Infrastructure Corporation (BIPC): -31.4
2. Suburban Propane Partners, L.P. (SPH): 10.2
3. Southwest Gas Holdings, Inc. (SWX): 12.6
4. UGI Corporation (UGI): 12.6
5. Spire Inc. (SR): 15.9

### 20-quarter Guarded PEG history
- ATO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.4 | Jun 2023 3.4 | Sep 2023 2.1 | Dec 2023 1.8 | Mar 2024 1.2 | Jun 2024 1.0 | Sep 2024 1.8 | Dec 2024 1.8 | Mar 2025 2.9 | Jun 2025 3.3 | Sep 2025 2.4 | Dec 2025 2.2 | Mar 2026 1.7
- NI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.3 | Sep 2024 2.0 | Dec 2024 2.2 | Mar 2025 1.0 | Jun 2025 1.4 | Sep 2025 1.6 | Dec 2025 1.1 | Mar 2026 2.7
- UGI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.2 | Mar 2026 0.8
- SWX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.9 | Mar 2025 1.5 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- NJR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.6 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 2.1 | Dec 2024 0.4 | Mar 2025 — | Jun 2025 — | Sep 2025 1.1 | Dec 2025 — | Mar 2026 —
- BKH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.0 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- OGS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 3.6 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 2.8 | Sep 2025 1.6 | Dec 2025 1.5 | Mar 2026 2.8
- SR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.0 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.5 | Mar 2025 — | Jun 2025 1.4 | Sep 2025 — | Dec 2025 1.6 | Mar 2026 0.4
- MDU: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.2 | Sep 2023 0.9 | Dec 2023 0.4 | Mar 2024 0.2 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- CPK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 2.0 | Mar 2025 1.7 | Jun 2025 1.1 | Sep 2025 1.6 | Dec 2025 1.6 | Mar 2026 1.3
- NWN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.9 | Jun 2023 1.1 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.6 | Jun 2025 — | Sep 2025 — | Dec 2025 0.5 | Mar 2026 1.1
- SPH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.7 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.3
- RGCO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.9 | Mar 2026 —

### 20-quarter P/E history
- ATO: Jun 2021 — | Sep 2021 14.5 | Dec 2021 19.7 | Mar 2022 22.2 | Jun 2022 20.3 | Sep 2022 18.2 | Dec 2022 19.6 | Mar 2023 19.3 | Jun 2023 19.9 | Sep 2023 17.4 | Dec 2023 18.4 | Mar 2024 17.8 | Jun 2024 17.1 | Sep 2024 20.3 | Dec 2024 19.9 | Mar 2025 21.6 | Jun 2025 21.3 | Sep 2025 22.9 | Dec 2025 21.8 | Mar 2026 22.7
- NI: Jun 2021 — | Sep 2021 21.4 | Dec 2021 21.7 | Mar 2022 20.8 | Jun 2022 19.2 | Sep 2022 16.4 | Dec 2022 16.1 | Mar 2023 19.0 | Jun 2023 19.0 | Sep 2023 16.6 | Dec 2023 17.9 | Mar 2024 18.1 | Jun 2024 17.7 | Sep 2024 21.0 | Dec 2024 22.7 | Mar 2025 21.7 | Jun 2025 21.5 | Sep 2025 22.9 | Dec 2025 21.4 | Mar 2026 23.2
- UGI: Jun 2021 — | Sep 2021 6.2 | Dec 2021 9.2 | Mar 2022 5.2 | Jun 2022 6.2 | Sep 2022 6.5 | Dec 2022 42.1 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 7.3 | Sep 2024 20.0 | Dec 2024 11.1 | Mar 2025 13.4 | Jun 2025 19.0 | Sep 2025 10.8 | Dec 2025 13.8 | Mar 2026 12.6
- SWX: Jun 2021 — | Sep 2021 16.6 | Dec 2021 20.7 | Mar 2022 26.2 | Jun 2022 36.6 | Sep 2022 30.3 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 29.7 | Mar 2024 28.3 | Jun 2024 27.7 | Sep 2024 29.5 | Dec 2024 25.6 | Mar 2025 23.0 | Jun 2025 27.7 | Sep 2025 12.2 | Dec 2025 13.2 | Mar 2026 12.6
- NJR: Jun 2021 — | Sep 2021 28.5 | Dec 2021 26.7 | Mar 2022 46.3 | Jun 2022 19.5 | Sep 2022 13.6 | Dec 2022 17.2 | Mar 2023 17.6 | Jun 2023 16.3 | Sep 2023 15.0 | Dec 2023 18.3 | Mar 2024 17.0 | Jun 2024 17.9 | Sep 2024 16.2 | Dec 2024 14.0 | Mar 2025 11.9 | Jun 2025 10.9 | Sep 2025 14.5 | Dec 2025 14.3 | Mar 2026 16.3
- BKH: Jun 2021 — | Sep 2021 16.2 | Dec 2021 18.9 | Mar 2022 19.1 | Jun 2022 17.5 | Sep 2022 17.0 | Dec 2022 21.6 | Mar 2023 16.2 | Jun 2023 16.2 | Sep 2023 13.1 | Dec 2023 13.8 | Mar 2024 13.5 | Jun 2024 12.9 | Sep 2024 15.6 | Dec 2024 15.0 | Mar 2025 14.8 | Jun 2025 14.2 | Sep 2025 15.7 | Dec 2025 17.4 | Mar 2026 18.2
- BIPC: Jun 2021 — | Sep 2021 -13.7 | Dec 2021 — | Mar 2022 — | Jun 2022 31.1 | Sep 2022 17.6 | Dec 2022 4.0 | Mar 2023 — | Jun 2023 — | Sep 2023 5.3 | Dec 2023 — | Mar 2024 11.7 | Jun 2024 4.0 | Sep 2024 — | Dec 2024 — | Mar 2025 -17.4 | Jun 2025 — | Sep 2025 -31.4 | Dec 2025 — | Mar 2026 —
- OGS: Jun 2021 — | Sep 2021 16.6 | Dec 2021 20.2 | Mar 2022 22.7 | Jun 2022 20.7 | Sep 2022 17.7 | Dec 2022 18.6 | Mar 2023 19.3 | Jun 2023 18.8 | Sep 2023 16.7 | Dec 2023 15.4 | Mar 2024 15.9 | Jun 2024 16.2 | Sep 2024 19.4 | Dec 2024 17.7 | Mar 2025 18.3 | Jun 2025 17.2 | Sep 2025 18.9 | Dec 2025 17.7 | Mar 2026 19.4
- SR: Jun 2021 — | Sep 2021 12.3 | Dec 2021 15.1 | Mar 2022 17.7 | Jun 2022 19.0 | Sep 2022 15.8 | Dec 2022 14.9 | Mar 2023 15.0 | Jun 2023 14.7 | Sep 2023 14.7 | Dec 2023 16.2 | Mar 2024 15.5 | Jun 2024 14.6 | Sep 2024 16.1 | Dec 2024 16.4 | Mar 2025 19.3 | Jun 2025 15.8 | Sep 2025 18.7 | Dec 2025 18.0 | Mar 2026 15.9
- MDU: Jun 2021 — | Sep 2021 5.6 | Dec 2021 9.8 | Mar 2022 5.8 | Jun 2022 6.4 | Sep 2022 6.3 | Dec 2022 6.4 | Mar 2023 6.3 | Jun 2023 5.5 | Sep 2023 6.1 | Dec 2023 5.4 | Mar 2024 6.0 | Jun 2024 7.8 | Sep 2024 8.7 | Dec 2024 13.2 | Mar 2025 15.5 | Jun 2025 15.7 | Sep 2025 21.5 | Dec 2025 21.0 | Mar 2026 22.5
- CPK: Jun 2021 — | Sep 2021 25.4 | Dec 2021 30.8 | Mar 2022 28.4 | Jun 2022 25.7 | Sep 2022 23.7 | Dec 2022 23.5 | Mar 2023 25.6 | Jun 2023 24.0 | Sep 2023 19.8 | Dec 2023 22.3 | Mar 2024 22.5 | Jun 2024 22.7 | Sep 2024 25.2 | Dec 2024 23.1 | Mar 2025 23.7 | Jun 2025 21.4 | Sep 2025 23.8 | Dec 2025 20.9 | Mar 2026 20.3
- CTRI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 828.0 | Jun 2025 — | Sep 2025 703.3 | Dec 2025 103.8 | Mar 2026 86.4
- NWN: Jun 2021 — | Sep 2021 15.6 | Dec 2021 19.1 | Mar 2022 21.2 | Jun 2022 21.7 | Sep 2022 18.1 | Dec 2022 18.7 | Mar 2023 16.4 | Jun 2023 15.1 | Sep 2023 14.1 | Dec 2023 15.0 | Mar 2024 15.9 | Jun 2024 16.5 | Sep 2024 19.6 | Dec 2024 19.5 | Mar 2025 17.0 | Jun 2025 15.7 | Sep 2025 17.9 | Dec 2025 16.9 | Mar 2026 18.2
- SPH: Jun 2021 — | Sep 2021 7.8 | Dec 2021 8.4 | Mar 2022 6.8 | Jun 2022 5.5 | Sep 2022 7.3 | Dec 2022 6.0 | Mar 2023 10.4 | Jun 2023 10.7 | Sep 2023 8.4 | Dec 2023 11.2 | Mar 2024 12.1 | Jun 2024 12.7 | Sep 2024 15.6 | Dec 2024 16.3 | Mar 2025 14.8 | Jun 2025 12.6 | Sep 2025 11.5 | Dec 2025 9.3 | Mar 2026 10.2
- OPAL: Jun 2021 — | Sep 2021 — | Dec 2021 0.0 | Mar 2022 0.0 | Jun 2022 0.0 | Sep 2022 0.0 | Dec 2022 60.7 | Mar 2023 49.8 | Jun 2023 10.4 | Sep 2023 10.8 | Dec 2023 8.0 | Mar 2024 6.7 | Jun 2024 51.1 | Sep 2024 20.3 | Dec 2024 169.5 | Mar 2025 92.0 | Jun 2025 40.3 | Sep 2025 110.0 | Dec 2025 15.7 | Mar 2026 252.0
- RGCO: Jun 2021 — | Sep 2021 18.4 | Dec 2021 21.5 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 15.2 | Dec 2023 15.5 | Mar 2024 15.6 | Jun 2024 16.4 | Sep 2024 19.5 | Dec 2024 17.2 | Mar 2025 16.3 | Jun 2025 17.1 | Sep 2025 17.4 | Dec 2025 17.2 | Mar 2026 16.5

## Enterprise Value & Book Value

What the numbers say: UGI Corporation leads ev/ebitda at 7.12×; Black Hills Corporation leads p/bv at 1.34×.

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.

Evidence: UGI Corporation · 7.12× | 3.4% versus #2 · Brookfield Infrastructure Corporation | 0/8 recent comparable periods | 16/16 companies · 290 observations

Definition: 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/EBITDA — lowest EV/EBITDA
1. UGI Corporation (UGI): 7.1
2. Brookfield Infrastructure Corporation (BIPC): 7.4
3. Suburban Propane Partners, L.P. (SPH): 9.5
4. Northwest Natural Holding Company (NWN): 10.1
5. ONE Gas, Inc. (OGS): 11.3

### P/BV — lowest P/BV
1. Black Hills Corporation (BKH): 1.3
2. Northwest Natural Holding Company (NWN): 1.4
3. UGI Corporation (UGI): 1.4
4. MDU Resources Group, Inc. (MDU): 1.5
5. ONE Gas, Inc. (OGS): 1.5

### 20-quarter EV/EBITDA history
- ATO: Jun 2021 — | Sep 2021 13.7 | Dec 2021 15.9 | Mar 2022 17.3 | Jun 2022 16.3 | Sep 2022 15.4 | Dec 2022 16.2 | Mar 2023 14.4 | Jun 2023 15.7 | Sep 2023 13.5 | Dec 2023 14.8 | Mar 2024 13.8 | Jun 2024 12.8 | Sep 2024 14.4 | Dec 2024 14.3 | Mar 2025 14.8 | Jun 2025 14.7 | Sep 2025 15.9 | Dec 2025 15.7 | Mar 2026 16.1
- NI: Jun 2021 — | Sep 2021 12.5 | Dec 2021 13.0 | Mar 2022 12.6 | Jun 2022 12.2 | Sep 2022 11.6 | Dec 2022 11.7 | Mar 2023 12.2 | Jun 2023 12.1 | Sep 2023 11.6 | Dec 2023 11.8 | Mar 2024 11.8 | Jun 2024 11.9 | Sep 2024 13.0 | Dec 2024 13.2 | Mar 2025 13.2 | Jun 2025 13.3 | Sep 2025 13.4 | Dec 2025 12.7 | Mar 2026 13.4
- UGI: Jun 2021 — | Sep 2021 5.4 | Dec 2021 7.5 | Mar 2022 4.9 | Jun 2022 5.7 | Sep 2022 6.7 | Dec 2022 16.8 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 8.5 | Mar 2024 6.2 | Jun 2024 5.5 | Sep 2024 10.3 | Dec 2024 6.1 | Mar 2025 6.3 | Jun 2025 7.4 | Sep 2025 9.3 | Dec 2025 7.6 | Mar 2026 7.1
- SWX: Jun 2021 — | Sep 2021 10.7 | Dec 2021 14.2 | Mar 2022 14.5 | Jun 2022 15.2 | Sep 2022 13.2 | Dec 2022 22.8 | Mar 2023 23.8 | Jun 2023 22.1 | Sep 2023 21.8 | Dec 2023 16.7 | Mar 2024 11.6 | Jun 2024 11.3 | Sep 2024 12.1 | Dec 2024 12.9 | Mar 2025 11.8 | Jun 2025 11.7 | Sep 2025 10.7 | Dec 2025 10.8 | Mar 2026 11.5
- NJR: Jun 2021 — | Sep 2021 15.1 | Dec 2021 15.3 | Mar 2022 18.3 | Jun 2022 16.1 | Sep 2022 12.7 | Dec 2022 14.6 | Mar 2023 13.9 | Jun 2023 13.6 | Sep 2023 12.9 | Dec 2023 14.7 | Mar 2024 14.0 | Jun 2024 14.2 | Sep 2024 13.2 | Dec 2024 12.1 | Mar 2025 10.3 | Jun 2025 10.1 | Sep 2025 12.3 | Dec 2025 12.5 | Mar 2026 12.8
- BKH: Jun 2021 — | Sep 2021 13.1 | Dec 2021 14.3 | Mar 2022 14.0 | Jun 2022 13.4 | Sep 2022 13.2 | Dec 2022 13.3 | Mar 2023 12.3 | Jun 2023 12.1 | Sep 2023 10.9 | Dec 2023 11.1 | Mar 2024 10.8 | Jun 2024 10.6 | Sep 2024 11.7 | Dec 2024 11.2 | Mar 2025 11.1 | Jun 2025 10.6 | Sep 2025 11.2 | Dec 2025 12.0 | Mar 2026 12.1
- BIPC: Jun 2021 7.3 | Sep 2021 6.1 | Dec 2021 7.1 | Mar 2022 7.1 | Jun 2022 6.4 | Sep 2022 6.6 | Dec 2022 6.0 | Mar 2023 6.6 | Jun 2023 6.8 | Sep 2023 6.3 | Dec 2023 10.4 | Mar 2024 8.9 | Jun 2024 7.9 | Sep 2024 7.5 | Dec 2024 7.1 | Mar 2025 6.5 | Jun 2025 7.0 | Sep 2025 7.0 | Dec 2025 7.5 | Mar 2026 7.4
- OGS: Jun 2021 — | Sep 2021 7.2 | Dec 2021 16.1 | Mar 2022 12.5 | Jun 2022 11.5 | Sep 2022 8.1 | Dec 2022 12.8 | Mar 2023 12.2 | Jun 2023 11.5 | Sep 2023 10.5 | Dec 2023 10.1 | Mar 2024 10.3 | Jun 2024 10.1 | Sep 2024 11.2 | Dec 2024 10.6 | Mar 2025 10.5 | Jun 2025 10.1 | Sep 2025 10.9 | Dec 2025 10.6 | Mar 2026 11.3
- SR: Jun 2021 — | Sep 2021 10.7 | Dec 2021 12.2 | Mar 2022 12.5 | Jun 2022 12.7 | Sep 2022 12.1 | Dec 2022 12.1 | Mar 2023 11.7 | Jun 2023 11.5 | Sep 2023 11.8 | Dec 2023 12.5 | Mar 2024 11.7 | Jun 2024 11.2 | Sep 2024 11.5 | Dec 2024 11.6 | Mar 2025 12.6 | Jun 2025 11.7 | Sep 2025 12.4 | Dec 2025 12.6 | Mar 2026 15.3
- MDU: Jun 2021 — | Sep 2021 5.5 | Dec 2021 9.8 | Mar 2022 6.0 | Jun 2022 5.5 | Sep 2022 7.3 | Dec 2022 12.2 | Mar 2023 8.1 | Jun 2023 8.5 | Sep 2023 8.0 | Dec 2023 10.7 | Mar 2024 8.2 | Jun 2024 8.8 | Sep 2024 10.3 | Dec 2024 12.7 | Mar 2025 11.6 | Jun 2025 11.6 | Sep 2025 12.2 | Dec 2025 13.4 | Mar 2026 13.5
- CPK: Jun 2021 — | Sep 2021 14.2 | Dec 2021 15.8 | Mar 2022 15.5 | Jun 2022 14.3 | Sep 2022 13.3 | Dec 2022 12.6 | Mar 2023 13.9 | Jun 2023 13.0 | Sep 2023 11.3 | Dec 2023 15.8 | Mar 2024 15.0 | Jun 2024 14.2 | Sep 2024 14.9 | Dec 2024 13.2 | Mar 2025 14.0 | Jun 2025 13.1 | Sep 2025 13.9 | Dec 2025 12.2 | Mar 2026 12.6
- CTRI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 102.2 | Sep 2024 164.5 | Dec 2024 11.2 | Mar 2025 9.7 | Jun 2025 11.9 | Sep 2025 11.8 | Dec 2025 13.5 | Mar 2026 14.4
- NWN: Jun 2021 — | Sep 2021 9.5 | Dec 2021 10.4 | Mar 2022 10.9 | Jun 2022 11.3 | Sep 2022 10.7 | Dec 2022 11.0 | Mar 2023 10.3 | Jun 2023 9.6 | Sep 2023 9.5 | Dec 2023 9.6 | Mar 2024 10.0 | Jun 2024 9.8 | Sep 2024 10.2 | Dec 2024 10.0 | Mar 2025 10.0 | Jun 2025 9.4 | Sep 2025 10.0 | Dec 2025 9.7 | Mar 2026 10.1
- SPH: Jun 2021 — | Sep 2021 6.9 | Dec 2021 7.7 | Mar 2022 7.2 | Jun 2022 7.0 | Sep 2022 8.3 | Dec 2022 7.7 | Mar 2023 10.3 | Jun 2023 10.1 | Sep 2023 8.7 | Dec 2023 9.7 | Mar 2024 9.9 | Jun 2024 9.7 | Sep 2024 10.4 | Dec 2024 10.2 | Mar 2025 10.3 | Jun 2025 9.5 | Sep 2025 9.2 | Dec 2025 9.4 | Mar 2026 9.5
- OPAL: Jun 2021 — | Sep 2021 — | Dec 2021 16.2 | Mar 2022 45.4 | Jun 2022 20.4 | Sep 2022 74.4 | Dec 2022 71.7 | Mar 2023 122.0 | Jun 2023 589.4 | Sep 2023 196.3 | Dec 2023 56.4 | Mar 2024 31.8 | Jun 2024 21.2 | Sep 2024 16.5 | Dec 2024 24.9 | Mar 2025 20.3 | Jun 2025 28.9 | Sep 2025 38.4 | Dec 2025 30.3 | Mar 2026 33.5
- RGCO: Jun 2021 — | Sep 2021 14.0 | Dec 2021 14.8 | Mar 2022 13.7 | Jun 2022 12.7 | Sep 2022 14.1 | Dec 2022 14.8 | Mar 2023 13.5 | Jun 2023 12.3 | Sep 2023 11.3 | Dec 2023 12.1 | Mar 2024 12.2 | Jun 2024 12.3 | Sep 2024 13.7 | Dec 2024 12.7 | Mar 2025 11.7 | Jun 2025 12.4 | Sep 2025 12.6 | Dec 2025 12.7 | Mar 2026 12.2

### 20-quarter P/BV history
- ATO: Jun 2021 — | Sep 2021 1.5 | Dec 2021 1.7 | Mar 2022 1.9 | Jun 2022 1.7 | Sep 2022 1.5 | Dec 2022 1.6 | Mar 2023 1.6 | Jun 2023 1.6 | Sep 2023 1.5 | Dec 2023 1.6 | Mar 2024 1.5 | Jun 2024 1.5 | Sep 2024 1.8 | Dec 2024 1.7 | Mar 2025 1.9 | Jun 2025 1.9 | Sep 2025 2.0 | Dec 2025 1.9 | Mar 2026 2.1
- NI: Jun 2021 — | Sep 2021 1.4 | Dec 2021 1.6 | Mar 2022 1.8 | Jun 2022 1.7 | Sep 2022 1.4 | Dec 2022 1.5 | Mar 2023 1.5 | Jun 2023 1.6 | Sep 2023 1.4 | Dec 2023 1.4 | Mar 2024 1.6 | Jun 2024 1.6 | Sep 2024 1.9 | Dec 2024 2.0 | Mar 2025 2.1 | Jun 2025 2.1 | Sep 2025 2.3 | Dec 2025 2.1 | Mar 2026 2.3
- UGI: Jun 2021 — | Sep 2021 1.6 | Dec 2021 1.8 | Mar 2022 1.2 | Jun 2022 1.4 | Sep 2022 1.1 | Dec 2022 1.5 | Mar 2023 1.4 | Jun 2023 1.3 | Sep 2023 1.1 | Dec 2023 1.2 | Mar 2024 1.1 | Jun 2024 1.0 | Sep 2024 1.2 | Dec 2024 1.3 | Mar 2025 1.4 | Jun 2025 1.6 | Sep 2025 1.5 | Dec 2025 1.6 | Mar 2026 1.4
- SWX: Jun 2021 — | Sep 2021 1.4 | Dec 2021 1.4 | Mar 2022 1.5 | Jun 2022 1.7 | Sep 2022 1.4 | Dec 2022 1.4 | Mar 2023 1.4 | Jun 2023 1.4 | Sep 2023 1.3 | Dec 2023 1.4 | Mar 2024 1.6 | Jun 2024 1.4 | Sep 2024 1.5 | Dec 2024 1.4 | Mar 2025 1.4 | Jun 2025 1.5 | Sep 2025 1.4 | Dec 2025 1.5 | Mar 2026 1.5
- NJR: Jun 2021 — | Sep 2021 2.0 | Dec 2021 2.3 | Mar 2022 2.5 | Jun 2022 2.4 | Sep 2022 2.1 | Dec 2022 2.5 | Mar 2023 2.6 | Jun 2023 2.3 | Sep 2023 2.0 | Dec 2023 2.1 | Mar 2024 1.9 | Jun 2024 2.0 | Sep 2024 2.1 | Dec 2024 2.0 | Mar 2025 2.0 | Jun 2025 1.9 | Sep 2025 2.0 | Dec 2025 1.9 | Mar 2026 2.1
- BKH: Jun 2021 — | Sep 2021 1.5 | Dec 2021 1.6 | Mar 2022 1.7 | Jun 2022 1.6 | Sep 2022 1.5 | Dec 2022 1.6 | Mar 2023 1.4 | Jun 2023 1.3 | Sep 2023 1.1 | Dec 2023 1.1 | Mar 2024 1.1 | Jun 2024 1.1 | Sep 2024 1.3 | Dec 2024 1.2 | Mar 2025 1.2 | Jun 2025 1.1 | Sep 2025 1.2 | Dec 2025 1.4 | Mar 2026 1.3
- BIPC: Jun 2021 -3.0 | Sep 2021 -2.3 | Dec 2021 -3.6 | Mar 2022 -3.6 | Jun 2022 -4.4 | Sep 2022 -3.7 | Dec 2022 -12.1 | Mar 2023 -8.0 | Jun 2023 -6.7 | Sep 2023 1.2 | Dec 2023 1.2 | Mar 2024 1.8 | Jun 2024 1.4 | Sep 2024 2.5 | Dec 2024 2.1 | Mar 2025 1.5 | Jun 2025 2.2 | Sep 2025 2.2 | Dec 2025 2.7 | Mar 2026 2.5
- OGS: Jun 2021 — | Sep 2021 1.5 | Dec 2021 1.8 | Mar 2022 2.0 | Jun 2022 1.8 | Sep 2022 1.6 | Dec 2022 1.6 | Mar 2023 1.7 | Jun 2023 1.6 | Sep 2023 1.4 | Dec 2023 1.3 | Mar 2024 1.3 | Jun 2024 1.3 | Sep 2024 1.5 | Dec 2024 1.3 | Mar 2025 1.4 | Jun 2025 1.4 | Sep 2025 1.5 | Dec 2025 1.4 | Mar 2026 1.5
- SR: Jun 2021 — | Sep 2021 1.2 | Dec 2021 1.3 | Mar 2022 1.3 | Jun 2022 1.4 | Sep 2022 1.2 | Dec 2022 1.3 | Mar 2023 1.2 | Jun 2023 1.1 | Sep 2023 1.0 | Dec 2023 1.1 | Mar 2024 1.0 | Jun 2024 1.1 | Sep 2024 1.2 | Dec 2024 1.2 | Mar 2025 1.3 | Jun 2025 1.2 | Sep 2025 1.4 | Dec 2025 1.4 | Mar 2026 1.6
- MDU: Jun 2021 — | Sep 2021 0.7 | Dec 2021 0.7 | Mar 2022 0.6 | Jun 2022 0.6 | Sep 2022 0.6 | Dec 2022 0.7 | Mar 2023 0.7 | Jun 2023 0.9 | Sep 2023 0.8 | Dec 2023 0.8 | Mar 2024 1.0 | Jun 2024 0.9 | Sep 2024 1.0 | Dec 2024 1.4 | Mar 2025 1.3 | Jun 2025 1.3 | Sep 2025 1.3 | Dec 2025 1.4 | Mar 2026 1.5
- CPK: Jun 2021 — | Sep 2021 2.8 | Dec 2021 3.3 | Mar 2022 3.0 | Jun 2022 2.8 | Sep 2022 2.5 | Dec 2022 2.5 | Mar 2023 2.7 | Jun 2023 2.5 | Sep 2023 2.0 | Dec 2023 1.9 | Mar 2024 1.9 | Jun 2024 1.8 | Sep 2024 2.1 | Dec 2024 2.0 | Mar 2025 2.0 | Jun 2025 1.9 | Sep 2025 2.1 | Dec 2025 1.9 | Mar 2026 1.8
- CTRI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 3.3 | Sep 2024 2.6 | Dec 2024 3.2 | Mar 2025 2.7 | Jun 2025 3.5 | Sep 2025 3.2 | Dec 2025 3.0 | Mar 2026 3.4
- NWN: Jun 2021 — | Sep 2021 1.6 | Dec 2021 1.6 | Mar 2022 1.6 | Jun 2022 1.6 | Sep 2022 1.4 | Dec 2022 1.4 | Mar 2023 1.4 | Jun 2023 1.3 | Sep 2023 1.1 | Dec 2023 1.1 | Mar 2024 1.1 | Jun 2024 1.0 | Sep 2024 1.2 | Dec 2024 1.2 | Mar 2025 1.2 | Jun 2025 1.1 | Sep 2025 1.3 | Dec 2025 1.3 | Mar 2026 1.4
- SPH: Jun 2021 — | Sep 2021 2.2 | Dec 2021 2.1 | Mar 2022 1.8 | Jun 2022 1.7 | Sep 2022 2.0 | Dec 2022 1.9 | Mar 2023 1.6 | Jun 2023 1.6 | Sep 2023 1.9 | Dec 2023 2.1 | Mar 2024 2.0 | Jun 2024 2.0 | Sep 2024 2.1 | Dec 2024 2.1 | Mar 2025 2.1 | Jun 2025 1.9 | Sep 2025 2.0 | Dec 2025 2.0 | Mar 2026 1.8
- OPAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 -8.8 | Jun 2022 -14.3 | Sep 2022 -0.2 | Dec 2022 -0.3 | Mar 2023 -16.8 | Jun 2023 -17.8 | Sep 2023 -0.3 | Dec 2023 -0.3 | Mar 2024 -0.4 | Jun 2024 -0.5 | Sep 2024 -0.6 | Dec 2024 -0.7 | Mar 2025 1.2 | Jun 2025 -3.0 | Sep 2025 8.5 | Dec 2025 -5.3 | Mar 2026 9.3
- RGCO: Jun 2021 — | Sep 2021 1.9 | Dec 2021 1.9 | Mar 2022 2.0 | Jun 2022 1.8 | Sep 2022 2.2 | Dec 2022 2.3 | Mar 2023 2.3 | Jun 2023 2.0 | Sep 2023 1.7 | Dec 2023 2.0 | Mar 2024 1.9 | Jun 2024 1.9 | Sep 2024 2.1 | Dec 2024 1.8 | Mar 2025 1.8 | Jun 2025 2.0 | Sep 2025 2.0 | Dec 2025 1.9 | Mar 2026 1.9

## Market action

New Jersey Resources Corporation has the strongest one-year price move in Utilities - Regulated Gas at +30.8%. It also leads on Mansfield relative strength against the S&P 500 at +8.6%. 4 of 16 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. New Jersey Resources Corporation (NJR): 31%
2. Northwest Natural Holding Company (NWN): 30%
3. Black Hills Corporation (BKH): 29%
4. Centuri Holdings, Inc. (CTRI): 24%
5. MDU Resources Group, Inc. (MDU): 21%

### Strongest relative strength versus NIFTY 500
1. New Jersey Resources Corporation (NJR): 8.6%
2. Southwest Gas Holdings, Inc. (SWX): 2.0%
3. Northwest Natural Holding Company (NWN): 0.3%
4. Black Hills Corporation (BKH): 0.0%
5. Chesapeake Utilities Corporation (CPK): -0.5%

## What can make this comparison misleading?
- 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.

## Every company
- Atmos Energy Corporation (ATO) — market value ₹29.9K Cr; latest fundamentals Mar 2026
- NiSource Inc. (NI) — market value ₹21.9K Cr; latest fundamentals Mar 2026
- UGI Corporation (UGI) — market value ₹7.9K Cr; latest fundamentals Mar 2026
- Southwest Gas Holdings, Inc. (SWX) — market value ₹6.7K Cr; latest fundamentals Mar 2026
- New Jersey Resources Corporation (NJR) — market value ₹6.0K Cr; latest fundamentals Mar 2026
- Black Hills Corporation (BKH) — market value ₹5.7K Cr; latest fundamentals Mar 2026
- Brookfield Infrastructure Corporation (BIPC) — market value ₹5.2K Cr; latest fundamentals Mar 2026
- ONE Gas, Inc. (OGS) — market value ₹5.1K Cr; latest fundamentals Mar 2026
- Spire Inc. (SR) — market value ₹4.9K Cr; latest fundamentals Mar 2026
- MDU Resources Group, Inc. (MDU) — market value ₹4.3K Cr; latest fundamentals Mar 2026
- Chesapeake Utilities Corporation (CPK) — market value ₹3.3K Cr; latest fundamentals Mar 2026
- Centuri Holdings, Inc. (CTRI) — market value ₹2.6K Cr; latest fundamentals Mar 2026
- Northwest Natural Holding Company (NWN) — market value ₹2.2K Cr; latest fundamentals Mar 2026
- Suburban Propane Partners, L.P. (SPH) — market value ₹1.2K Cr; latest fundamentals Mar 2026
- OPAL Fuels Inc. (OPAL) — market value ₹390 Cr; latest fundamentals Mar 2026
- RGC Resources, Inc. (RGCO) — market value ₹239 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Utilities - Regulated Gas company is the biggest?

UGI Corporation is the largest, with trailing-twelve-month revenue of $7,359 million, ahead of NiSource Inc. at $6,822 million. That covers 15 of 16 companies with comparable reporting through Mar 2026.

### Which Utilities - Regulated Gas company is growing fastest?

Centuri Holdings, Inc. has the fastest revenue growth at 18.7% year on year, across 15 of 16 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 - Regulated Gas company has the best profit margins?

Atmos Energy Corporation has the highest operating margin at 39%, from 15 of 16 comparable companies. Southwest Gas Holdings, Inc. shows the biggest recent improvement, at +8.9 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Utilities - Regulated Gas company makes the most profit?

Atmos Energy Corporation earns the most, at $1,346 million of trailing-twelve-month net profit, from 16 of 16 comparable companies. Southwest Gas Holdings, Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Utilities - Regulated Gas company earns the highest return on capital?

Brookfield Infrastructure Corporation leads on return on capital employed at 13.5%, across 16 of 16 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 - Regulated Gas stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — MDU Resources Group, Inc. screens cheapest at 0.23×. Only 13 of 16 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 - Regulated Gas company has the strongest balance sheet?

RGC Resources, Inc. carries the lowest comparable gross debt at $147 million, from 16 of 16 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 - Regulated Gas company is investing most in new capacity?

Atmos Energy Corporation reports the largest capital spending at $1,004 million, across 16 of 16 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 - Regulated Gas sector beating the market?

Utilities - Regulated Gas has underperformed S&P 500 by 0.9% over the last 52 weeks and 5.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 16 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Utilities - Regulated Gas stock has the strongest price momentum?

New Jersey Resources Corporation 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 - Regulated Gas company scores highest for research priority?

Southwest Gas Holdings, Inc. scores 62.9 out of 100 with 86.2% evidence confidence, from 22.6 points on growth and earnings, 12.6 on capital efficiency, 11.1 on valuation and 16.6 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 - Regulated Gas companies does this comparison cover, and over what period?

It compares 16 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 - Regulated Gas sector?

The 16 Utilities - Regulated Gas companies on this page carry $107,712 million of combined market value. Atmos Energy Corporation is the largest at $29,942 million, about 28% 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 - Regulated Gas sector's P/E ratio?

The median price-to-earnings ratio across the 16 Utilities - Regulated Gas companies on this page is 18.2×, measured on the 15 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 - Regulated Gas sector performing?

4 of the 16 covered Utilities - Regulated Gas companies are beating S&P 500 on Mansfield relative strength. The sector itself is 0.9% 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 - Regulated Gas stocks are listed in the US?

This comparison covers 16 listed Utilities - Regulated Gas 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.

Narrative sector analysis: https://www.sectoralpha.in/sectors/utilities-regulated-gas