Cheapest on Free Cash Flow: Utilities
Utilities value, measured in real cash
Updated October 11, 2026
Every sector trades at its own going rate for a dollar of free cash flow, so a market-wide “cheap” list mostly ranks sectors, not stocks. This slice asks the sharper question: which Utilities names are cheap against their own peers’ price? The sector’s median multiple is 38.2× — everything here trades meaningfully below it. As on the main board, cheap can be earned (cyclical peaks, secular decline), so the multiple is where the work starts, not where it ends.
| # | Stock | P / FCF | FCF yield | Free cash flow (TTM) |
|---|---|---|---|---|
| 1 | AEPAmerican Electric Power Company, Inc.Regulated Electric | 7.5× | 13.2% | $9.0B |
| Regulated Electric — 7.5× free cash flow against a Utilities median of 38.2×, a 13.2% cash yield on $9.0B generated. | ||||
| 2 | EDConsolidated Edison, Inc.Regulated Electric | 7.7× | 12.9% | $5.1B |
| Regulated Electric — 7.7× free cash flow against a Utilities median of 38.2×, a 12.9% cash yield on $5.1B generated. | ||||
| 3 | FEFirstEnergy Corp.Regulated Electric | 16.5× | 6.1% | $1.6B |
| Regulated Electric — 16.5× free cash flow against a Utilities median of 38.2×, a 6.1% cash yield on $1.6B generated. | ||||
| 4 | PEGPublic Service Enterprise Group IncorporatedRegulated Electric | 18.2× | 5.5% | $2.0B |
| Regulated Electric — 18.2× free cash flow against a Utilities median of 38.2×, a 5.5% cash yield on $2.0B generated. | ||||
| 5 | GEVGE Vernova Inc.Renewable Utilities | 21.8× | 4.6% | $12.4B |
| Renewable Utilities — 21.8× free cash flow against a Utilities median of 38.2×, a 4.6% cash yield on $12.4B generated. | ||||
| 6 | NEENextEra Energy, Inc.Regulated Electric | 27.4× | 3.7% | $5.9B |
| Regulated Electric — 27.4× free cash flow against a Utilities median of 38.2×, a 3.7% cash yield on $5.9B generated. | ||||
| 7 | SOThe Southern CompanyRegulated Electric | 38.2× | 2.6% | $2.6B |
| Regulated Electric — 38.2× free cash flow against a Utilities median of 38.2×, a 2.6% cash yield on $2.6B generated. | ||||
| 8 | VSTVistra Corp.Independent Power Producers | 39.9× | 2.5% | $1.4B |
| Independent Power Producers — 39.9× free cash flow against a Utilities median of 38.2×, a 2.5% cash yield on $1.4B generated. | ||||
| 9 | NRGNRG Energy, Inc.Independent Power Producers | 65.2× | 1.5% | $348M |
| Independent Power Producers — 65.2× free cash flow against a Utilities median of 38.2×, a 1.5% cash yield on $348M generated. | ||||
| 10 | PPLPPL CorporationRegulated Electric | 74.7× | 1.3% | $347M |
| Regulated Electric — 74.7× free cash flow against a Utilities median of 38.2×, a 1.3% cash yield on $347M generated. | ||||
| 11 | ESEversource EnergyRegulated Electric | 104.6× | 1.0% | $237M |
| Regulated Electric — 104.6× free cash flow against a Utilities median of 38.2×, a 1.0% cash yield on $237M generated. | ||||
| 12 | CEGConstellation Energy CorporationRenewable Utilities | 341.5× | 0.3% | $309M |
| Renewable Utilities — 341.5× free cash flow against a Utilities median of 38.2×, a 0.3% cash yield on $309M generated. | ||||