# 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 2026-08-04. Not investment advice.

## Bottom line

Utilities - Regulated Gas has underperformed S&P 500 by 6.9% over 52 weeks and 7.9% over 13 weeks. 1 of 16 covered companies beat the S&P 500 on Mansfield relative strength, while 6 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.

## Sector relative strength

Utilities - Regulated Gas has underperformed S&P 500 by 6.9% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 7.9%. 1 of 16 covered companies currently beats 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 +10.5%.

13-week sector return versus NIFTY 500: -7.9%
52-week sector return versus NIFTY 500: -6.9%
Stocks leading NIFTY: 1/16
Stocks leading sector: 6/16

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: ₹1.0 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. UGI Corporation (UGI): 61/100 — Mixed-positive evidence; evidence 85%
   - Growth & earnings 20.2/35 | Capital efficiency 12.7/25 | Valuation 14.9/20 | Relative strength 13.0/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks
   - Exact sum: 20.2 + 12.7 + 14.9 + 13 = 60.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Southwest Gas Holdings, Inc. (SWX): 59/100 — Mixed-positive evidence; evidence 85%
   - Growth & earnings 22.6/35 | Capital efficiency 10.3/25 | Valuation 11.1/20 | Relative strength 15.4/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 22.6 + 10.3 + 11.1 + 15.4 = 59.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Chesapeake Utilities Corporation (CPK): 59/100 — Mixed-positive evidence; evidence 85%
   - Growth & earnings 20.6/35 | Capital efficiency 13.2/25 | Valuation 10.3/20 | Relative strength 14.6/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 20.6 + 13.2 + 10.3 + 14.6 = 58.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. New Jersey Resources Corporation (NJR): 57/100 — Mixed-positive evidence; evidence 85%
   - Growth & earnings 11.7/35 | Capital efficiency 14.3/25 | Valuation 12.8/20 | Relative strength 18.2/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 11.7 + 14.3 + 12.8 + 18.2 = 57
   - Decision use: Price leads the evidence: RS versus the benchmark is 0.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. Atmos Energy Corporation (ATO): 53/100 — Mixed-positive evidence; evidence 85%
   - Growth & earnings 24.1/35 | Capital efficiency 13.7/25 | Valuation 8.1/20 | Relative strength 7.2/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 24.1 + 13.7 + 8.1 + 7.2 = 53.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Northwest Natural Holding Company (NWN): 50/100 — Mixed-positive evidence; evidence 85%
   - Growth & earnings 16.1/35 | Capital efficiency 12.2/25 | Valuation 11.8/20 | Relative strength 10.1/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 16.1 + 12.2 + 11.8 + 10.1 = 50.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Suburban Propane Partners, L.P. (SPH): 49/100 — Mixed-negative evidence; evidence 79%
   - Growth & earnings 14.7/35 | Capital efficiency 12.8/25 | Valuation 16.0/20 | Relative strength 5.4/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 14.7 + 12.8 + 16 + 5.4 = 48.9
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
8. Black Hills Corporation (BKH): 49/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 14.4/35 | Capital efficiency 10.3/25 | Valuation 12.8/20 | Relative strength 11.1/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 14.4 + 10.3 + 12.8 + 11.1 = 48.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Spire Inc. (SR): 48/100 — Mixed-negative evidence; evidence 85%
   - Growth & earnings 18.6/35 | Capital efficiency 11.0/25 | Valuation 15.0/20 | Relative strength 3.1/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 18.6 + 11 + 15 + 3.1 = 47.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Brookfield Infrastructure Corporation (BIPC): 46/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 14.4/35 | Capital efficiency 13.9/25 | Valuation 11.5/20 | Relative strength 6.0/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks
   - Exact sum: 14.4 + 13.9 + 11.5 + 6 = 45.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. RGC Resources, Inc. (RGCO): 45/100 — Mixed-negative evidence; evidence 79%
   - Growth & earnings 18.4/35 | Capital efficiency 12.2/25 | Valuation 5.6/20 | Relative strength 8.8/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 18.4 + 12.2 + 5.6 + 8.8 = 45
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. MDU Resources Group, Inc. (MDU): 44/100 — Mixed-negative evidence; evidence 85%
   - Growth & earnings 14.2/35 | Capital efficiency 9.0/25 | Valuation 14.3/20 | Relative strength 6.3/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 14.2 + 9 + 14.3 + 6.3 = 43.8
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
13. NiSource Inc. (NI): 41/100 — Mixed-negative evidence; evidence 85%
   - Growth & earnings 15.5/35 | Capital efficiency 12.8/25 | Valuation 5.2/20 | Relative strength 7.6/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 15.5 + 12.8 + 5.2 + 7.6 = 41.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. OPAL Fuels Inc. (OPAL): 40/100 — Mixed-negative evidence; evidence 69%
   - Growth & earnings 13.7/35 | Capital efficiency 4.4/25 | Valuation 8.5/20 | Relative strength 13.4/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 13.7 + 4.4 + 8.5 + 13.4 = 40
   - Decision use: Price leads the evidence: RS versus the benchmark is -6.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
15. ONE Gas, Inc. (OGS): 36/100 — Mixed-negative evidence; evidence 85%
   - Growth & earnings 17.4/35 | Capital efficiency 10.7/25 | Valuation 5.5/20 | Relative strength 2.7/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 17.4 + 10.7 + 5.5 + 2.7 = 36.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Centuri Holdings, Inc. (CTRI): 36/100 — Mixed-negative evidence; evidence 67%
   - Growth & earnings 23.1/35 | Capital efficiency 4.2/25 | Valuation 8.7/20 | Relative strength 0.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 23.1 + 4.2 + 8.7 + 0 = 36
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -18.5% and the one-year return is 9.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.

## Market action

New Jersey Resources Corporation has the strongest one-year price move in Utilities - Regulated Gas at +22.2%. It also leads on Mansfield relative strength against the S&P 500 at +0.1%. 1 of 16 covered companies is above zero on that measure. Every line covers 314 weekly closes through 2026-08-04.

### Strongest one-year price performers
1. New Jersey Resources Corporation (NJR): 22%
2. Northwest Natural Holding Company (NWN): 22%
3. MDU Resources Group, Inc. (MDU): 22%
4. Black Hills Corporation (BKH): 19%
5. Southwest Gas Holdings, Inc. (SWX): 14%

### Strongest relative strength versus NIFTY 500
1. New Jersey Resources Corporation (NJR): 0.1%
2. Southwest Gas Holdings, Inc. (SWX): -5.7%
3. OPAL Fuels Inc. (OPAL): -6.6%
4. Black Hills Corporation (BKH): -7.1%
5. Chesapeake Utilities Corporation (CPK): -7.5%

## 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%

## 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 PEG at 0.23×, 14.8% below Suburban Propane Partners, L.P.. Only 13 of 16 companies have earnings and growth steady enough for the ratio to mean anything, 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### 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 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


## 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 ₹28.8K Cr; latest fundamentals Mar 2026
- NiSource Inc. (NI) — market value ₹21.3K Cr; latest fundamentals Mar 2026
- UGI Corporation (UGI) — market value ₹7.8K Cr; latest fundamentals Mar 2026
- Southwest Gas Holdings, Inc. (SWX) — market value ₹6.4K Cr; latest fundamentals Mar 2026
- New Jersey Resources Corporation (NJR) — market value ₹5.8K Cr; latest fundamentals Mar 2026
- Black Hills Corporation (BKH) — market value ₹5.5K Cr; latest fundamentals Mar 2026
- Brookfield Infrastructure Corporation (BIPC) — market value ₹5.0K Cr; latest fundamentals Mar 2026
- ONE Gas, Inc. (OGS) — market value ₹4.9K Cr; latest fundamentals Mar 2026
- Spire Inc. (SR) — market value ₹4.7K Cr; latest fundamentals Mar 2026
- MDU Resources Group, Inc. (MDU) — market value ₹4.2K Cr; latest fundamentals Mar 2026
- Chesapeake Utilities Corporation (CPK) — market value ₹3.2K Cr; latest fundamentals Mar 2026
- Centuri Holdings, Inc. (CTRI) — market value ₹2.2K Cr; latest fundamentals Mar 2026
- Northwest Natural Holding Company (NWN) — market value ₹2.1K 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 ₹419 Cr; latest fundamentals Mar 2026
- RGC Resources, Inc. (RGCO) — market value ₹232 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-08-04.
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

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

Utilities - Regulated Gas has underperformed S&P 500 by 6.9% over 52 weeks and 7.9% over 13 weeks. 1 of 16 covered companies beat the S&P 500 on Mansfield relative strength, while 6 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?

UGI Corporation ranks first at 60.8/100 with 85.3% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

MDU Resources Group, Inc. has the lowest comparable PEG at 0.23, among 13 of 16 companies whose earnings and growth are steady enough for the ratio to mean anything.

### How much history does this Utilities - Regulated Gas comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

### 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 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 PEG — where a LOWER number is cheaper — MDU Resources Group, Inc. screens cheapest at 0.23×. Only 13 of 16 companies have earnings and growth steady enough for the ratio to mean anything, 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.

### Is the Utilities - Regulated Gas sector beating the market?

Utilities - Regulated Gas has underperformed S&P 500 by 6.9% over the last 52 weeks and 7.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 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?

UGI Corporation scores 60.8 out of 100 with 85.3% evidence confidence, from 20.2 points on growth and earnings, 12.7 on capital efficiency, 14.9 on valuation and 13 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, 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 $103,733 million of combined market value. Atmos Energy Corporation is the largest at $28,819 million, about 28% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04.

### 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 2026-08-04.

### How is the Utilities - Regulated Gas sector performing?

1 of the 16 covered Utilities - Regulated Gas companies are beating S&P 500 on Mansfield relative strength. The sector itself is 6.9% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04.

### 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.