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Multi-Utilities

27 members, AEE to XEL, A to Z by ticker.

Gross profitability: median 14% — gross profit as a share of total assets, each member's median across its readable years; read on 9 of 27 members
Capital intensity: median 30.2% — capital expenditure as a share of revenue, each member's median across its readable years; read on 27 of 27 members
Net cash: 1 of the 27 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

From the latest filings · data as of August 17, 2026.

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AEE Ameren Corporation

A regulated utility, earning a set return on the capital it sinks into its network.

Owner earnings 2016–2025 $1.3B$1.2B$1.2B$1.2B$574M$442M$890M$1.1B$1.2B$1.7B

Retained capital Retained $3.9B of earnings over 2016–2025; annual owner earnings grew $119M, $0.03 per $1 retained.

Balance sheet Heavy net debt, $19.2B · dividend paid 10 of 10 yrs, never cut

ALE ALLETE

Revenue is Regulated Operations (81%), Corporate and Other (13%) and ALLETE Clean Energy (6%).

Owner earnings 2015–2024 $170M$139M$194M$226M$45M$82M$32M$800K$314M$186M

Retained capital Retained $509M of earnings over 2015–2024; annual owner earnings fell $1M, $-0.00 per $1 retained.

Balance sheet Heavy net debt, $1.8B · dividend paid 10 of 10 yrs, never cut

AVA Avista

Avista Utilities owns and operates approximately 20,000 miles of primary and secondary electric distribution lines providing service to retail customers.

Owner earnings 2016–2025 $193M$235M$175M$192M$107M$35M($129M)$182M$260M$180M

Retained capital Retained $374M of earnings over 2016–2025; annual owner earnings grew $6M, $0.02 per $1 retained.

Balance sheet Heavy net debt, $2.7B · dividend paid 10 of 10 yrs, never cut

CMS CMS Energy Corporation

CMS Energy was formed as a corporation in Michigan in 1987 and is an energy company operating primarily in Michigan.

Owner earnings 2016–2025 $818M$824M$770M$801M$233M$705M($271M)$1.1B$1.1B$929M

Retained capital Retained $5.2B of earnings over 2016–2025; annual owner earnings grew $259M, $0.05 per $1 retained.

Balance sheet Heavy net debt, $18.2B · dividend paid 7 of 10 yrs, never cut

CMSA CMS Energy Corporation

CMS Energy was formed as a corporation in Michigan in 1987 and is an energy company operating primarily in Michigan.

Owner earnings 2016–2022 $818M$824M$770M$801M$233M$705M($271M)

Retained capital Retained $2.2B of earnings over 2016–2022; annual owner earnings fell $582M, $-0.26 per $1 retained.

Balance sheet Heavy net debt, $18.2B · dividend paid 7 of 7 yrs, never cut

CMSC CMS Energy Corporation

CMS Energy was formed as a corporation in Michigan in 1987 and is an energy company operating primarily in Michigan.

Owner earnings 2016–2022 $818M$824M$770M$801M$233M$705M($271M)

Retained capital Retained $2.2B of earnings over 2016–2022; annual owner earnings fell $582M, $-0.26 per $1 retained.

Balance sheet Heavy net debt, $18.2B · dividend paid 7 of 7 yrs, never cut

CMSD CMS Energy Corporation

CMS Energy was formed as a corporation in Michigan in 1987 and is an energy company operating primarily in Michigan.

Owner earnings 2016–2022 $818M$824M$770M$801M$233M$705M($271M)

Retained capital Retained $2.2B of earnings over 2016–2022; annual owner earnings fell $582M, $-0.26 per $1 retained.

Balance sheet Heavy net debt, $18.2B · dividend paid 7 of 7 yrs, never cut

DUK Duke Energy Corp

Duke Energy is a regulated utility. It generates and delivers electricity, and distributes natural gas, to homes and businesses across the U.S. — most of the money comes from the electric side, the rest from gas. In nearly all the places it serves, it is the only supplier a customer can buy electricity from.

Owner earnings 2016–2025 $3.0B$2.6B$2.5B$3.0B$3.4B$2.6B$84M$3.8B$5.9B$4.6B

Retained capital Retained $3.0B of earnings over 2016–2025; annual owner earnings grew $2.1B.

Balance sheet Heavy net debt, $89.6B · dividend paid 10 of 10 yrs, never cut

DUKB Duke Energy Corp

Revenue is Electric Utilities and Infrastructure (90%) and Gas Utilities and Infrastructure (9%).

Owner earnings 2016–2025 $3.0B$2.6B$2.5B$3.0B$3.4B$2.6B$84M$3.8B$5.9B$4.6B

Retained capital Retained $3.0B of earnings over 2016–2025; annual owner earnings grew $2.1B.

Balance sheet Heavy net debt, $89.6B · dividend paid 10 of 10 yrs, never cut

ED Consolidated Edison Inc.

Revenue is Electric (74%), Gas (21%) and Steam (4%).

Owner earnings 2016–2025 $2.2B$2.0B$1.3B$1.4B$278M$701M$1.9B$2.5B

Retained capital Retained $4.0B of earnings over 2016–2025; annual owner earnings fell $156M, $-0.04 per $1 retained.

Balance sheet Heavy net debt, $24.2B · dividend paid 8 of 8 yrs, never cut

EVRG Evergy

A regulated utility, earning a set return on the capital it sinks into its network.

Owner earnings 2016–2025 $465M$541M$879M$887M$874M$455M$873M$904M$870M$882M

Retained capital Paid out $726M more than it earned over 2016–2025; annual owner earnings grew $257M.

Balance sheet Heavy net debt, $13.4B · buybacks at an average near $59.09 · dividend paid 10 of 10 yrs, cut at least once

EXC Exelon Corporation

A regulated utility, earning a set return on the capital it sinks into its network.

Owner earnings 2016–2025 $4.5B$3.7B$4.3B$2.4B$1.3B($21M)$1.5B$1.2B$2.0B$2.6B

Retained capital Retained $9.2B of earnings over 2016–2025; annual owner earnings fell $2.2B, $-0.24 per $1 retained.

Balance sheet Heavy net debt, $50.5B · dividend paid 10 of 10 yrs, cut at least once

GNE Genie Energy Ltd.

Revenue is Electricity (82%), Oil and Gas (13%) and Product and Service, Other (5%).

Owner earnings 2016–2024 $15M$7M$19M$16M$23M$68M$80M$62M$70M

Retained capital Retained $138M of earnings over 2016–2024; annual owner earnings grew $57M, $0.41 per $1 retained.

Balance sheet Net cash, +$204M · dividend paid 6 of 9 yrs, cut at least once

LNT Alliant Energy

Alliant Energy's primary focus is to provide regulated electric and natural gas service to approximately 1,010,000 electric and approximately 435,000 natural gas customers in the Midwest through its two public utility subsidiaries, IPL and WPL.

Owner earnings 2016–2025 ($19M)$60M$21M$93M($114M)($75M)($185M)$191M$395M$323M

Retained capital Retained $2.2B of earnings over 2016–2025; annual owner earnings grew $282M, $0.13 per $1 retained.

Balance sheet Heavy net debt, $11.5B · dividend paid 10 of 10 yrs, never cut

MDU MDU Resources Group Inc

MDU Resources Group, Inc. is a pure-play regulated energy delivery business.

Owner earnings 2016–2025 $74M$107M($68M)($34M)$210M$11M$67M($152M)($21M)($297M)

Retained capital Retained $1.4B of earnings over 2016–2025; annual owner earnings fell $194M, $-0.13 per $1 retained.

Balance sheet Heavy net debt, $2.6B · dividend paid 10 of 10 yrs, cut at least once

MGEE MGE Energy

Revenue is Electric (71%) and Gas (28%).

Owner earnings 2016–2025 $64M$23M($59M)($34M)($31M)($16M)($21M)$15M$41M($80M)

Retained capital Retained $493M of earnings over 2016–2025; annual owner earnings fell $17M, $-0.04 per $1 retained.

Balance sheet Heavy net debt, $808M · dividend paid 10 of 10 yrs, never cut

NGG NATIONAL GRID PLC

Revenue is led by New York (38%) and New England (25%), with 4 more segments behind.

Owner earnings 2016–2025 £3.0B£2.8B£3.2B£2.7B£2.7B£2.4B£3.7B£4.4B£4.9B£4.6B

Retained capital Retained £15.7B of earnings over 2016–2025; annual owner earnings grew £1.6B, £0.10 per £1 retained.

Balance sheet Heavy net debt, £38.2B · dividend paid 10 of 10 yrs, cut at least once

NI NiSource Inc

NiSource Inc. is an energy holding company under the Public Utility Holding Company Act of 2005 whose primary subsidiaries are fully regulated natural gas and electric utility companies, serving approximately 3.8 million customers in six states.

Owner earnings 2016–2025 $256M$172M($60M)$866M$378M$470M$589M$1.0B$738M$1.2B

Retained capital Retained $1.1B of earnings over 2016–2025; annual owner earnings grew $864M, $0.81 per $1 retained.

Balance sheet Heavy net debt, $15.3B · buybacks at an average near $23.09 · dividend paid 10 of 10 yrs, never cut

NWE NorthWestern Energy

A regulated utility, earning a set return on the capital it sinks into its network.

Owner earnings 2021–2025 ($214M)($208M)($78M)($143M)($130M)

Retained capital Retained $227M of earnings over 2021–2025; annual owner earnings grew $50M, $0.22 per $1 retained.

Balance sheet Heavy net debt, $3.3B · dividend paid 5 of 5 yrs, never cut

PCG PG&E Corp.

PG&E is the holding company for Pacific Gas and Electric, a regulated utility that delivers electricity and natural gas to homes and businesses across northern and central California. It owns the poles, wires, substations, power plants and pipelines that carry the energy, and it bills customers for what it delivers. What it may charge is not set by the market but by a state regulator, which approves rates meant to cover its costs and earn an allowed return on the money sunk into that equipment.

Owner earnings 2016–2025 ($1.3B)$336M($1.8B)($1.5B)($26.8B)($5.4B)($5.9B)($5.0B)($2.3B)($3.1B)

Retained capital Paid out $5.8B more than it earned over 2016–2025; annual owner earnings fell $2.5B.

Balance sheet Heavy net debt, $57.5B · dividend paid 3 of 10 yrs, cut at least once

PEG Public Service Enterprise Group Incorporated

Revenue is led by Electric Distribution (40%) and Gas Distribution (20%), with 2 more lines behind.

Owner earnings 2016–2025 $1.8B$1.3B$1.8B$2.1B$1.8B$520M$403M$2.7B$951M$2.0B

Retained capital Retained $3.6B of earnings over 2016–2025; annual owner earnings grew $266M, $0.07 per $1 retained.

Balance sheet Heavy net debt, $22.4B · buybacks at an average near $67.57 · dividend paid 10 of 10 yrs, never cut

SRE DBA Sempra

Revenue is Gas (58%), Electric (32%) and Energy-related businesses (7%).

Owner earnings 2016–2025 $999M$2.2B$2.0B$1.5B$925M$2.0B($877M)$4.0B$2.5B$2.0B

Retained capital Retained $6.1B of earnings over 2016–2025; annual owner earnings grew $1.1B, $0.18 per $1 retained.

Balance sheet Heavy net debt, $28.9B · buybacks at an average near $65.74 · dividend paid 10 of 10 yrs, never cut

SREA Sempra

Revenue is Gas (58%), Electric (32%) and Energy-related businesses (7%).

Owner earnings 2016–2025 $999M$2.2B$2.0B$1.5B$925M$2.0B($877M)$4.0B$2.5B$2.0B

Retained capital Retained $6.1B of earnings over 2016–2025; annual owner earnings grew $1.1B, $0.18 per $1 retained.

Balance sheet Heavy net debt, $28.9B · buybacks at an average near $65.74 · dividend paid 10 of 10 yrs, never cut

UTL UNITIL Corporation

Revenue is Gas (56%) and Electric (44%).

Owner earnings 2016–2025 ($30M)($33M)($24M)($14M)($47M)($7M)($24M)($34M)($44M)($54M)

Retained capital Retained $146M of earnings over 2016–2025; annual owner earnings fell $15M, $-0.10 per $1 retained.

Balance sheet Heavy net debt, $655M · dividend paid 10 of 10 yrs, never cut

VIVO VivoPower PLC

VivoPower is an award-winning global sustainable energy solutions B Corporation company focused on electric solutions for customized and ruggedized fleet applications, battery and microgrids, solar and critical power technology and services.

Owner earnings 2017–2025 $6M$8M($2M)($5M)($16M)($6M)($6M)$884K($7M)

Retained capital not read

Balance sheet Net debt against an operating loss, $7M

WEC WEC Energy Group Inc.

A regulated utility, earning a set return on the capital it sinks into its network.

Owner earnings 2016–2025 $1.3B$1.3B$1.6B$1.4B$1.2B$958M$938M$1.8B$1.9B$1.9B

Retained capital Retained $3.6B of earnings over 2016–2025; annual owner earnings grew $431M, $0.12 per $1 retained.

Balance sheet Heavy net debt, $20.0B · buybacks at an average near $75.78 · dividend paid 10 of 10 yrs, never cut

XEL Xcel Energy Inc.

Xcel Energy provides a comprehensive portfolio of energy-related products and services to approximately 3.9 million electric customers and 2.2 million natural gas customers through four utility subsidiaries.

Owner earnings 2016–2025 $1.7B$1.6B$1.5B$1.5B$889M$46M$1.5B$2.9B$1.9B$1.1B

Retained capital Retained $6.1B of earnings over 2016–2025; annual owner earnings grew $339M, $0.06 per $1 retained.

Balance sheet Heavy net debt, $31.8B · buybacks at an average near $38.89 · dividend paid 10 of 10 yrs, never cut

The same shelf as one comparative table, every member a row and every column sortable: the Multi-Utilities table →

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.