Utilities

Electric, gas, and water utilities

Sector classifications follow the GICS industry standard.

Companies Analyzed20 / 20in this sector

Avg FCF Margin-14.5%

Top PerformerNEE11.7%

Avg Debt/FCF582.9xacross 3 companies

FCF Margin Rankings

Companies ranked by free cash flow margin

Health grades across the sector

C1 (5%)

F19 (95%)

#	Symbol	Grade	FCF Margin	Cash Conv.	Trend	Debt/FCF	Revenue	FCF
1	NEE	C	11.7%	182.7%	improving	29.8x	$27.4B	$3.2B
2	PEG	F	0.2%	156.2%	improving	930.8x	$12.2B	$26.0M
3	ED	F	0.2%	237.3%	improving	788.2x	$16.9B	$36.0M
4	ES	F	-0.3%	243.1%	improving	N/A	$13.5B	-$45.1M
5	EIX	F	-3.7%	123.4%	stable	N/A	$19.3B	-$715.0M
6	DUK	F	-5.3%	248.2%	declining	N/A	$32.2B	-$1.7B
7	DTE	F	-6.4%	233.2%	declining	N/A	$15.8B	-$1.0B
8	FE	F	-6.7%	—	improving	N/A	$15.1B	-$1.0B
9	AEP	F	-7.5%	194.0%	improving	N/A	$21.9B	-$1.6B
10	EXC	F	-9.4%	225.9%	declining	N/A	$24.3B	-$2.3B
11	SO	F	-9.9%	225.8%	declining	N/A	$29.6B	-$2.9B
12	WEC	F	-10.4%	216.8%	declining	N/A	$9.8B	-$1.0B
13	PPL	F	-15.5%	222.6%	declining	N/A	$9.0B	-$1.4B
14	CMS	F	-21.1%	208.7%	declining	N/A	$8.5B	-$1.8B
15	ETR	F	-21.6%	290.5%	declining	N/A	$12.9B	-$2.8B
16	AWK	F	-24.2%	185.3%	declining	N/A	$5.1B	-$1.2B
17	CNP	F	-25.5%	236.3%	improving	N/A	$9.4B	-$2.4B
18	D	F	-44.1%	178.8%	improving	N/A	$16.5B	-$7.3B
19	SRE	F	-44.1%	248.5%	declining	N/A	$13.7B	-$6.0B
20	XEL	F	-46.5%	202.3%	declining	N/A	$14.7B	-$6.8B

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

Every single utility we analyzed earned an F. The median FCF margin is negative. This isn't a sector, it's a capital incinerator.