Utilities stocks: intrinsic value, ROIC & growth
101 U.S. utilities companies with at least three years of SEC filings, ranked by size. 30 of the 74 with a current price trade below their Graham intrinsic value. The median company earned a 5.8% average return on invested capital and grew revenue 4.6% a year.
Updated October 18, 2026
101companies
30below Graham value
5.8%median 10-yr ROIC
4.6%median revenue CAGR
Most undervalued utilities stocks
| Ticker | Company | Upside | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|---|
| ITRI | ITRON, INC. | +160% | $83.04 | $215.90 | 62% below | $3.8B | 4.8% | 1.8% |
| OTTR | Otter Tail Corp | +141% | $90.13 | $217.56 | 59% below | $3.8B | 11.0% | 5.5% |
| FIZZ | NATIONAL BEVERAGE CORP | +89% | $34.96 | $66.10 | 47% below | $3.3B | 59.3% | 6.1% |
| AEP | American Electric Power | +74% | $127.14 | $221.22 | 43% below | $68.3B | 5.8% | 3.2% |
| IESC | IES Holdings, Inc. | +62% | $251.96 | $409.23 | 38% below | $5.1B | 20.4% | 19.2% |
| BKH | BLACK HILLS CORP /SD/ | +51% | $76.63 | $115.58 | 34% below | $5.6B | 6.1% | 4.5% |
| CWCO | Consolidated Water Co. Ltd. | +34% | $28.24 | $37.87 | 25% below | $452.1M | 8.7% | 9.2% |
| EME | Emcor | +30% | $721.66 | $936.35 | 23% below | $32.6B | 27.5% | 9.4% |
| NRG | NRG Energy | +28% | $103.75 | $133.19 | 22% below | $20.6B | 11.3% | 10.5% |
| PEG | Public Service Enterprise Group | +25% | $71.49 | $89.20 | 20% below | $35.8B | 5.4% | 4.5% |
Highest-ROIC utilities stocks
| Ticker | Company | 10-yr ROIC | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|---|
| FIZZ | NATIONAL BEVERAGE CORP | 59.3% | $34.96 | $66.10 | 47% below | $3.3B | 59.3% | 6.1% |
| TER | Teradyne | 37.2% | $325.00 | $73.35 | 343% above | $51.9B | 37.2% | 6.9% |
| BW | Babcock & Wilcox Enterprises, Inc. | 32.4% | $4.62 | — | — | $487.0M | 32.4% | -10.4% |
| BWNB | Babcock & Wilcox Enterprises, Inc. | 32.4% | — | — | — | — | 32.4% | -10.4% |
| FIX | Comfort Systems USA | 28.3% | $1,439.07 | $959.27 | 50% above | $51.0B | 28.3% | 21.0% |
| MNST | Monster Beverage | 28.0% | $45.73 | $40.91 | 12% above | $45.0B | 28.0% | 11.8% |
| EME | Emcor | 27.5% | $721.66 | $936.35 | 23% below | $32.6B | 27.5% | 9.4% |
| VIASP | Via Renewables, Inc. | 27.1% | — | $57.07 | — | — | 27.1% | -1.8% |
| COKE | Coca-Cola Consolidated, Inc. | 22.5% | $210.33 | — | — | $99.2B | 22.5% | 13.5% |
| IESC | IES Holdings, Inc. | 20.4% | $251.96 | $409.23 | 38% below | $5.1B | 20.4% | 19.2% |
All utilities stocks
| Ticker | Company | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|
| NEE | NextEra Energy | $79.80 | $69.75 | 14% above | $165.2B | 6.2% | 5.3% |
| SO | Southern Company | $91.18 | $61.82 | 47% above | $101.1B | 5.8% | 4.2% |
| COKE | Coca-Cola Consolidated, Inc. | $210.33 | — | — | $99.2B | 22.5% | 13.5% |
| PWR | Quanta Services | $631.86 | $225.87 | 180% above | $95.6B | 8.4% | 15.7% |
| DUK | Duke Energy | $121.47 | $133.38 | 9% below | $94.4B | 4.9% | 3.8% |
| CEG | Constellation Energy | $271.37 | $139.69 | 94% above | $85.2B | 6.6% | 6.7% |
| AEP | American Electric Power | $127.14 | $221.22 | 43% below | $68.3B | 5.8% | 3.2% |
| D | Dominion Energy | $63.56 | $25.48 | 149% above | $54.4B | 4.7% | 3.9% |
| VST | Vistra Corp. | $152.02 | $26.07 | 483% above | $52.5B | 4.8% | 15.8% |
| TER | Teradyne | $325.00 | $73.35 | 343% above | $51.9B | 37.2% | 6.9% |
| CCEP | COCA-COLA EUROPACIFIC PARTNERS PLC | €112.40 | €126.65 | 11% below | €51.3B | 8.1% | 9.6% |
| FIX | Comfort Systems USA | $1,439.07 | $959.27 | 50% above | $51.0B | 28.3% | 21.0% |
| ETR | Entergy | $105.11 | $129.87 | 19% below | $47.3B | 4.0% | 2.0% |
| MNST | Monster Beverage | $45.73 | $40.91 | 12% above | $45.0B | 28.0% | 11.8% |
| XEL | Xcel Energy | $76.31 | $54.41 | 40% above | $44.9B | 6.0% | 3.1% |
| EXC | Exelon | $43.50 | $64.37 | 32% below | $44.0B | 4.9% | 99.7% |
| ED | Consolidated Edison | $112.26 | $75.91 | 48% above | $40.3B | 5.8% | 3.9% |
| PEG | Public Service Enterprise Group | $71.49 | $89.20 | 20% below | $35.8B | 5.4% | 4.5% |
| WEC | WEC Energy Group | $108.71 | $81.25 | 34% above | $35.2B | 6.4% | 3.1% |
| EME | Emcor | $721.66 | $936.35 | 23% below | $32.6B | 27.5% | 9.4% |
| AEE | Ameren | $106.08 | $112.90 | 6% below | $28.9B | 5.7% | 4.2% |
| PCG | PG&E Corporation | $13.09 | — | — | $28.8B | -0.3% | 3.9% |
| DTE | DTE Energy | $129.73 | $103.23 | 26% above | $26.9B | 6.4% | -38.5% |
| FE | FirstEnergy | $46.19 | $7.62 | 506% above | $26.7B | 2.5% | 0.4% |
| CNP | CenterPoint Energy | $40.55 | $26.53 | 53% above | $26.6B | 5.5% | 5.6% |
| AWK | American Water Works | $134.94 | $120.27 | 12% above | $26.3B | 6.0% | 5.0% |
| PPL | PPL Corporation | $35.17 | — | — | $26.1B | 6.1% | 2.2% |
| VLTO | Veralto | $101.04 | $39.32 | 157% above | $25.3B | 26.2% | 4.0% |
| ES | Eversource Energy | $66.85 | $72.15 | 7% below | $24.8B | 5.4% | 6.5% |
| EIX | Edison International | $55.93 | $335.81 | 83% below | $21.6B | 4.8% | 5.6% |
| CMS | CMS Energy | $68.70 | $66.33 | 4% above | $20.7B | 5.7% | 2.9% |
| NRG | NRG Energy | $103.75 | $133.19 | 22% below | $20.6B | 11.3% | 10.5% |
| NI | NiSource | $42.68 | $39.43 | 8% above | $20.3B | 4.8% | 4.5% |
| EVRG | Evergy | $83.30 | $56.27 | 48% above | $19.5B | 6.8% | 9.3% |
| LNT | Alliant Energy | $68.32 | $54.83 | 25% above | $17.6B | 6.2% | 3.1% |
| TLN | Talen Energy Corp | $354.81 | $586.92 | 40% below | $16.2B | -7.5% | 25.0% |
| PNW | Pinnacle West Capital | $103.42 | $61.17 | 69% above | $12.6B | 5.8% | 4.8% |
| WTRG | Essential Utilities, Inc. | $40.83 | $38.30 | 7% above | $11.5B | 6.5% | 13.1% |
| AYI | ACUITY INC. (DE) | $303.25 | $250.36 | 21% above | $9.6B | 18.1% | 3.1% |
| WELPP | WISCONSIN ELECTRIC POWER CO | $62.02 | — | — | — | 6.7% | 1.9% |
| IDA | IDACORP INC | $138.30 | $89.99 | 54% above | $7.6B | 6.2% | 4.1% |
| CELH | Celsius Holdings, Inc. | $28.19 | $8.30 | 240% above | $7.2B | -7.8% | 68.7% |
| TXNM | TXNM ENERGY INC | $58.52 | $11.24 | 421% above | $6.0B | 4.6% | 5.9% |
| BKH | BLACK HILLS CORP /SD/ | $76.63 | $115.58 | 34% below | $5.6B | 6.1% | 4.5% |
| ORA | ORMAT TECHNOLOGIES, INC. | $89.31 | $17.81 | 401% above | $5.5B | 5.2% | 4.6% |
| IESC | IES Holdings, Inc. | $251.96 | $409.23 | 38% below | $5.1B | 20.4% | 19.2% |
| NSARO | NSTAR ELECTRIC CO | $75.90 | — | — | — | 7.4% | -1.5% |
| NSARP | NSTAR ELECTRIC CO | $66.00 | — | — | — | 7.4% | -1.5% |
| POR | PORTLAND GENERAL ELECTRIC CO /OR/ | $44.15 | $33.70 | 31% above | $4.9B | 5.5% | 7.1% |
| NWE | NorthWestern Energy Group, Inc. | $74.72 | — | — | $4.6B | 6.7% | 5.0% |
| ITRI | ITRON, INC. | $83.04 | $215.90 | 62% below | $3.8B | 4.8% | 1.8% |
| OTTR | Otter Tail Corp | $90.13 | $217.56 | 59% below | $3.8B | 11.0% | 5.5% |
| FIZZ | NATIONAL BEVERAGE CORP | $34.96 | $66.10 | 47% below | $3.3B | 59.3% | 6.1% |
| AWR | AMERICAN STATES WATER CO | $83.45 | $71.23 | 17% above | $3.2B | 10.0% | -12.1% |
| AVA | AVISTA CORP | $36.67 | $22.13 | 66% above | $3.0B | 6.6% | 3.5% |
| CWT | CALIFORNIA WATER SERVICE GROUP | $46.35 | $45.45 | 2% above | $2.8B | 5.6% | 5.6% |
| COHU | COHU INC | $50.81 | $9.82 | 417% above | $2.4B | 3.1% | 5.4% |
| HTO | H2O AMERICA | $57.69 | $28.62 | 102% above | $2.0B | 5.2% | 10.5% |
| AEHR | AEHR TEST SYSTEMS | $60.60 | $30.28 | 100% above | $1.9B | -10.4% | 11.4% |
| ALNT | ALLIENT INC | $92.64 | $16.81 | 451% above | $1.6B | 7.9% | 9.5% |
| HE | HAWAIIAN ELECTRIC INDUSTRIES INC | $8.58 | — | — | $1.5B | 2.9% | 2.9% |
| BWNB | Babcock & Wilcox Enterprises, Inc. | — | — | — | — | 32.4% | -10.4% |
| CWEN | Clearway Energy, Inc. | $29.93 | $160.38 | 81% below | $1.0B | 2.9% | 3.8% |
| MSEX | MIDDLESEX WATER CO | $54.59 | $49.88 | 9% above | $990.1M | 5.3% | 4.3% |
| XIFR | XPLR Infrastructure, LP | $9.94 | $34.51 | 71% below | $933.4M | 1.5% | 4.9% |
| VIASP | Via Renewables, Inc. | — | $57.07 | — | — | 27.1% | -1.8% |
| UTL | UNITIL CORP | $54.07 | $46.74 | 16% above | $907.7M | 6.7% | 3.8% |
| TRNS | TRANSCAT INC | $80.35 | $12.05 | 567% above | $753.7M | 7.8% | 9.7% |
| HELE | HELEN OF TROY LTD | $28.99 | $64.95 | 55% below | $666.8M | 5.9% | 2.8% |
| LYTS | LSI INDUSTRIES INC | $19.72 | $16.70 | 18% above | $608.0M | 4.2% | 6.6% |
| HNRG | HALLADOR ENERGY CO | $11.71 | $31.89 | 63% below | $508.6M | -2.4% | 5.8% |
| NNE | Nano Nuclear Energy Inc. | $12.88 | — | — | $488.3M | -273.9% | — |
| BW | Babcock & Wilcox Enterprises, Inc. | $4.62 | — | — | $487.0M | 32.4% | -10.4% |
| HBB | Hamilton Beach Brands Holding Co | $33.85 | $15.07 | 125% above | $459.4M | 18.5% | -2.3% |
| CWCO | Consolidated Water Co. Ltd. | $28.24 | $37.87 | 25% below | $452.1M | 8.7% | 9.2% |
| YORW | YORK WATER CO | $30.94 | $21.44 | 44% above | $445.7M | 7.8% | 5.5% |
| GNE | Genie Energy Ltd. | $16.67 | $19.02 | 12% below | $442.3M | 13.1% | 10.0% |
| ARTNB | ARTESIAN RESOURCES CORP | $34.01 | $35.73 | 5% below | $350.7M | 5.0% | 4.0% |
| ARTNA | ARTESIAN RESOURCES CORP | $33.38 | $35.73 | 7% below | $344.2M | 5.0% | 4.0% |
| PCYO | PURE CYCLE CORP | $11.02 | $17.94 | 39% below | $266.3M | 3.0% | 56.9% |
| GWRS | Global Water Resources, Inc. | $7.99 | — | — | $216.3M | 4.4% | 7.2% |
| INTT | INTEST CORP | $12.85 | $6.83 | 88% above | $156.8M | 6.4% | 12.2% |
| OPTT | Ocean Power Technologies, Inc. | $0.61 | — | — | $118.7M | -624.5% | -2.0% |
| SKYX | SKYX Platforms Corp. | $0.96 | — | — | $104.4M | -7.2% | 64.0% |
| ZVIA | Zevia PBC | $1.24 | — | — | $81.9M | -10.0% | 8.0% |
| OESX | ORION ENERGY SYSTEMS, INC. | $22.52 | $2.12 | 962% above | $80.2M | -15.8% | 2.2% |
| ATER | Aterian, Inc. | $0.56 | — | — | $37.3M | -171.5% | -0.9% |
| DAIO | DATA I/O CORP | $2.58 | — | — | $24.1M | -6.7% | -0.9% |
| SPRU | SPRUCE POWER HOLDING CORP | $1.31 | $6.31 | 79% below | $23.7M | -59.8% | 57.9% |
| FISN | DEEP FISSION, INC. | $3.45 | — | — | $17.3M | -82.1% | — |
| EFOI | ENERGY FOCUS, INC/DE | $2.60 | $5.32 | 51% below | $14.4M | -155.9% | -21.4% |
| BESS | Bimergen Energy Corp | $2.21 | $129.19 | 98% below | $9.9M | -8.5% | -71.7% |
| GRDX | GridAI Technologies Corp. | $4.22 | — | — | $6.8M | -30.6% | — |
| REED | REED'S, INC. | $0.39 | — | — | $3.2M | 135.9% | -2.4% |
| CAPC | CAPSTONE COMPANIES, INC. | $0.06 | — | — | $2.7M | -181.8% | -48.9% |
| CPWR | Ocean Thermal Energy Corp | $0.00 | $11.29 | — | $989.8K | 51.4% | 240.5% |
| CDZI | CADIZ INC | $3.87 | — | — | $132.3K | -26.5% | 50.5% |
| STAI | ScanTech AI Systems Inc. | $0.00 | — | — | $31.2K | — | — |
| RAKR | Rainmaker Worldwide Inc. | $0.00 | — | — | $10.0K | 62.3% | 82.1% |
| TVC | Tennessee Valley Authority | $23.83 | — | — | — | — | 3.1% |
| TVE | Tennessee Valley Authority | $23.31 | — | — | — | — | 3.1% |
Industries in utilities
Bottled & Canned Soft Drinks & Carbonated Waters 8
Electric & Other Services Combined 19
Electric Lighting & Wiring Equipment 6
Electric Services 36
Instruments For Meas & Testing of Electricity & Elec Signals 10
Water Supply 13
Stock lists
Undervalued Stocks Below Graham Intrinsic Value
Highest ROIC Stocks (10-Year Average)
Highest Free Cash Flow Yield Stocks
Fastest-Growing Stocks by 10-Year Revenue