Renewables titan NextEra Energy (NEE), the biggest utility by market capitalization, is trading at an EV-to-EBITDA multiple of ~16x—higher than its five-year average valuation. NextEra Energy has rallied the most among the top utilities in 2018. NextEra Energy is trading at a PE multiple of 14x. Duke Energy (DUK) is trading at an EV-to-EBITDA multiple of 11.0x, which is close to its historical average. Duke Energy has a PE multiple of 21.0x.