Highest return on equity Utilities stocks
Net income as a share of shareholders' equity, for companies worth over $1 billion with debt under twice equity (heavy debt inflates ROE).
Top of the list: Companhia de Saneamento Basico do Estado de Sao Paulo SABESP ADR (SBS) 31.2%; Companhia Energetica de Minas Gerais CEMIG Pref ADR (CIG) 26.0%; Southwest Gas (SWX) 13.2%.
The median roe across these 26 companies is 8.0%.
| # | Company | ROE | ROA | Debt/equity | Net margin | Market cap |
|---|---|---|---|---|---|---|
| 1 | Companhia de Saneamento Basico do Estado de Sao Paulo SABESP ADRSBS | 31.2% | 14.7% | 1.12x | 26.5% | $22.9B |
| 2 | Companhia Energetica de Minas Gerais CEMIG Pref ADRCIG | 26.0% | 11.9% | 1.18x | 17.9% | $6.9B |
| 3 | Southwest Gas Holdings IncSWX | 13.2% | 5.2% | 1.54x | — | $6.1B |
| 4 | UGI CorporationUGI | 12.9% | 4.3% | 2.00x | 9.2% | $8.3B |
| 5 | American States Water CompanyAWR | 12.8% | 5.2% | 1.47x | 20.5% | $3.1B |
| 6 | Companhia Paranaense de Energia - COPELELPC | 10.9% | 4.9% | 1.24x | 12.4% | $10.8B |
| 7 | MGE Energy IncMGEE | 10.6% | 4.5% | 1.36x | 18.6% | $2.7B |
| 8 | OGE Energy CorporationOGE | 9.3% | 3.2% | 1.93x | 14.4% | $9.7B |
| 9 | Atmos Energy CorporationATO | 9.2% | 4.4% | 1.07x | 28.5% | $26.5B |
| 10 | IDACORP IncIDA | 9.1% | 3.2% | 1.86x | 17.8% | $7.5B |
| 11 | Chesapeake Utilities CorporationCPK | 9.0% | 3.6% | 1.49x | 15.1% | $3.0B |
| 12 | Consolidated Edison IncED | 8.4% | 2.9% | 1.92x | 12.5% | $39.8B |
| 13 | One Gas IncOGS | 8.2% | 3.3% | 1.49x | — | $4.5B |
| 14 | Essential Utilities IncWTRG | 7.9% | 2.8% | 1.84x | 21.6% | $10.8B |
| 15 | National Grid PLC ADRNGG | 7.7% | 2.7% | 1.82x | 15.8% | $73.6B |
| 16 | Black Hills CorporationBKH | 7.6% | 2.7% | 1.78x | 13.0% | $5.7B |
| 17 | Fortis IncFTS | 7.2% | 2.4% | 2.00x | 14.4% | $27.0B |
| 18 | MDU Resources Group IncMDU | 6.7% | 2.5% | 1.63x | 10.8% | $3.9B |
| 19 | H2O AmericaHTO | 5.7% | 2.0% | 1.92x | 12.9% | $2.5B |
| 20 | Ormat Technologies IncORA | 4.9% | 1.9% | 1.56x | 10.7% | $5.4B |
| 21 | Kenon HoldingsKEN | 4.2% | 1.2% | 1.38x | 7.6% | $2.9B |
| 22 | Algonquin Power & Utilities CorpAQN | 3.9% | 1.3% | 1.83x | 7.4% | $3.9B |
| 23 | Centuri Holdings, Inc.CTRI | 3.3% | 1.2% | 1.76x | 0.85% | $2.1B |
| 24 | Enel Chile SA ADRENIC | 2.9% | 1.1% | 1.49x | 3.7% | $6.2B |
| 25 | Central Puerto S.A.CEPU | 2.8% | 1.9% | 0.44x | 6.7% | $1.8B |
| 26 | Oklo Inc.OKLO | -4.7% | -4.5% | 0.03x | — | $4.8B |
Ranked from each company's latest price and reported results. Companies need a page on Investingly (SEC statements on file). Open any company for its reverse DCF, insider buying and 13F holders.
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Questions
Which company ranks first on the highest return on equity utilities stocks list?
Companhia de Saneamento Basico do Estado de Sao Paulo SABESP ADR (SBS), with a roe of 31.2%, as of October 12, 2026.
How is this list built?
Net income as a share of shareholders' equity, for companies worth over $1 billion with debt under twice equity (heavy debt inflates ROE). It shows the top 26 and is rebuilt every day.
Prices and ratios as of Oct 11, 2026. Statements from SEC filings. Information only, not investment advice.