The dull end of the power chain is holding up

New nuclear fell hardest, its typical stock down 17.5%, even as reactor projects moved forward in Poland and Slovakia.

• US utilities (stage: Utilities), 9 stocks: NEE, SO, DUK, AEP, D, EXC, XEL, SRE, PCG. Combined market cap $670.8bn, 26.1% of the theme. Price change of the typical stock (median): 7 days +3.4%, 1 month +3.0%, 3 months -5.1%, 6 months -4.4%, this year so far +5.7%. 5 of 9 are in an uptrend (above their 200-day line), 56%. Typical price against next year's expected earnings: 16.8x. Typical price against the last year's earnings: 20.9x. Typical revenue growth: +1.1%. Typical earnings-per-share growth: +24.0%. Typical operating margin: 27.5%. Typical net margin: 15.3%. Typical distance below 52-week high: 12.9%. Typical gap to analysts' average target: +12.6%. How this business works: Owns the power plants and lines that serve a region, and earns a return its state regulator sets. Earnings grow with the money it is allowed to invest, so rate decisions and data-centre demand drive growth, and high borrowing makes the shares sensitive to interest rates.
• UK and Europe utilities (stage: Utilities), 7 stocks: NG.L, SSE.L, IBE.MC, ENEL.MI, EOAN.DE, RWE.DE, ENGI.PA. Combined market cap $559.7bn, 21.8% of the theme. Price change of the typical stock (median): 7 days +3.6%, 1 month +3.2%, 3 months -3.1%, 6 months -2.1%, this year so far +14.1%. 6 of 7 are in an uptrend (above their 200-day line), 86%. Typical price against next year's expected earnings: 12.4x. Typical price against the last year's earnings: 18.4x. Typical revenue growth: -0.5%. Typical earnings-per-share growth: +27.8%. Typical operating margin: 18.2%. Typical net margin: 11.9%. Typical distance below 52-week high: 10.9%. Typical gap to analysts' average target: +11.4%. How this business works: Runs power networks and generation across the UK and Europe, under regulators that set what the networks may earn. Most are spending heavily on grids and renewables, paid for with borrowing, so interest rates and regulators' decisions matter most.
• Uranium (stage: Fuel), 5 stocks: CCJ, NXE, UEC, KAP.IL, LEU. Combined market cap $47.3bn, 1.8% of the theme. Price change of the typical stock (median): 7 days -7.4%, 1 month -10.8%, 3 months -4.9%, 6 months -34.0%, this year so far -10.9%. 0 of 5 are in an uptrend (above their 200-day line), 0%. Typical price against next year's expected earnings: 30.6x. Typical price against the last year's earnings: 53.7x. Typical revenue growth: -7.2%. Typical earnings-per-share growth: -51.6%. Typical operating margin: 1.6%. Typical net margin: 10.2%. Typical distance below 52-week high: 40.0%. Typical gap to analysts' average target: +102.6%. How this business works: Mines uranium and turns it into reactor fuel. Utilities sign supply contracts years ahead, so the price agreed on those long contracts matters more than the day-to-day price, and new mines take a decade to open, which keeps supply slow to respond.
• Independent power (stage: Generation), 4 stocks: CEG, VST, TLN, NRG. Combined market cap $186.0bn, 7.2% of the theme. Price change of the typical stock (median): 7 days -6.1%, 1 month +6.5%, 3 months -3.4%, 6 months -7.4%, this year so far -14.1%. 1 of 4 are in an uptrend (above their 200-day line), 25%. Typical price against next year's expected earnings: 13.1x. Typical price against the last year's earnings: 26.4x. Typical revenue growth: +14.8%. Typical earnings-per-share growth: -46.8%. Typical operating margin: 10.4%. Typical net margin: 6.8%. Typical distance below 52-week high: 29.6%. Typical gap to analysts' average target: +33.6%. How this business works: Owns power plants and sells their electricity at market prices or on long contracts, rather than earning a regulated return. Profits rise and fall with power prices, and the nuclear fleets among them are what data centres now sign long deals for.
• New nuclear (stage: Generation), 4 stocks: OKLO, SMR, NNE, BWXT. Combined market cap $20.8bn, 0.8% of the theme. Price change of the typical stock (median): 7 days -17.5%, 1 month -19.6%, 3 months -22.2%, 6 months -52.0%, this year so far -52.6%. 0 of 4 are in an uptrend (above their 200-day line), 0%. Typical price against next year's expected earnings: 26.2x. Typical price against the last year's earnings: 35.5x. Typical revenue growth: -40.5%. Typical earnings-per-share growth: +14.1%. Typical operating margin: -6451.4%. Typical net margin: 0.0%. Typical distance below 52-week high: 78.8%. Typical gap to analysts' average target: +135.7%. How this business works: Designs smaller reactors that have yet to produce power for customers. Most have little or no revenue, so their shares move on licence decisions, funding and signed customers, and can swing hard either way.
• Renewables (stage: Generation), 3 stocks: FSLR, VWS.CO, ORSTED.CO. Combined market cap $71.9bn, 2.8% of the theme. Price change of the typical stock (median): 7 days -2.9%, 1 month -7.9%, 3 months -14.1%, 6 months -9.3%, this year so far +5.1%. 1 of 3 are in an uptrend (above their 200-day line), 33%. Typical price against next year's expected earnings: 13.6x. Typical price against the last year's earnings: 16.9x. Typical revenue growth: +20.5%. Typical earnings-per-share growth: +23.3%. Typical operating margin: 13.4%. Typical net margin: 5.4%. Typical distance below 52-week high: 25.3%. Typical gap to analysts' average target: +32.3%. How this business works: Makes solar panels and wind turbines, or builds and runs wind and solar farms. Results depend on government support, interest rates and what materials cost, and offshore wind projects have been hit by delays and cancelled contracts.
• Turbines (stage: Equipment), 2 stocks: GEV, ENR.DE. Combined market cap $374.5bn, 14.6% of the theme. Price change of the typical stock (median): 7 days -7.7%, 1 month -1.0%, 3 months -10.8%, 6 months -14.8%, this year so far +26.9%. 1 of 2 are in an uptrend (above their 200-day line), 50%. Typical price against next year's expected earnings: 29.0x. Typical price against the last year's earnings: 35.0x. Typical revenue growth: +19.7%. Typical earnings-per-share growth: +56.4%. Typical operating margin: 8.7%. Typical net margin: 14.7%. Typical distance below 52-week high: 26.3%. Typical gap to analysts' average target: +38.2%. How this business works: Builds the gas turbines and grid equipment new power plants are built around. Orders are booked years ahead and factories are close to full, so the order book and its pricing show what is coming.
• Electrical equipment (stage: Equipment), 4 stocks: ETN, HUBB, SU.PA, ABBN.SW. Combined market cap $503.0bn, 19.6% of the theme. Price change of the typical stock (median): 7 days -4.9%, 1 month -2.5%, 3 months -4.0%, 6 months -5.4%, this year so far +16.7%. 1 of 4 are in an uptrend (above their 200-day line), 25%. Typical price against next year's expected earnings: 22.3x. Typical price against the last year's earnings: 32.6x. Typical revenue growth: +14.8%. Typical earnings-per-share growth: +3.6%. Typical operating margin: 17.6%. Typical net margin: 13.4%. Typical distance below 52-week high: 18.3%. Typical gap to analysts' average target: +23.0%. How this business works: Makes the transformers, switchgear and wiring that move power from the grid into buildings and factories. Demand comes from data centres, factories and grid upgrades at once, and delivery times are long.
• Grid builders (stage: Grid), 4 stocks: PWR, MYRG, PRY.MI, NKT.CO. Combined market cap $136.2bn, 5.3% of the theme. Price change of the typical stock (median): 7 days -10.3%, 1 month -2.4%, 3 months -9.4%, 6 months -9.1%, this year so far +27.9%. 1 of 4 are in an uptrend (above their 200-day line), 25%. Typical price against next year's expected earnings: 19.7x. Typical price against the last year's earnings: 24.9x. Typical revenue growth: +21.4%. Typical earnings-per-share growth: +49.7%. Typical operating margin: 6.7%. Typical net margin: 5.4%. Typical distance below 52-week high: 27.8%. Typical gap to analysts' average target: +31.3%. How this business works: Builds and repairs power lines and makes the cables that carry electricity, including under the sea. Work is booked in large multi-year contracts, so the order backlog shows how much work is ahead.
• 2026-10-17: New nuclear projects moved forward on several fronts: a six-unit small reactor plant venture in Poland, US funding for molten salt reactors, and Mochovce 4 joining the grid in Slovakia. Why it matters: Together these show nuclear build-out progressing from policy money to physical plants. The read-across goes to companies that supply new reactor designs and the fuel that runs them.

Grid builders and turbine makers have risen most this year, but the typical grid builder fell 9.4% over three months.

• UK and Europe utilities (stage: Utilities), 7 stocks: NG.L, SSE.L, IBE.MC, ENEL.MI, EOAN.DE, RWE.DE, ENGI.PA. Combined market cap $559.7bn, 21.8% of the theme. Price change of the typical stock (median): 7 days +3.6%, 1 month +3.2%, 3 months -3.1%, 6 months -2.1%, this year so far +14.1%. 6 of 7 are in an uptrend (above their 200-day line), 86%. Typical price against next year's expected earnings: 12.4x. Typical price against the last year's earnings: 18.4x. Typical revenue growth: -0.5%. Typical earnings-per-share growth: +27.8%. Typical operating margin: 18.2%. Typical net margin: 11.9%. Typical distance below 52-week high: 10.9%. Typical gap to analysts' average target: +11.4%. How this business works: Runs power networks and generation across the UK and Europe, under regulators that set what the networks may earn. Most are spending heavily on grids and renewables, paid for with borrowing, so interest rates and regulators' decisions matter most.
• Grid builders (stage: Grid), 4 stocks: PWR, MYRG, PRY.MI, NKT.CO. Combined market cap $136.2bn, 5.3% of the theme. Price change of the typical stock (median): 7 days -10.3%, 1 month -2.4%, 3 months -9.4%, 6 months -9.1%, this year so far +27.9%. 1 of 4 are in an uptrend (above their 200-day line), 25%. Typical price against next year's expected earnings: 19.7x. Typical price against the last year's earnings: 24.9x. Typical revenue growth: +21.4%. Typical earnings-per-share growth: +49.7%. Typical operating margin: 6.7%. Typical net margin: 5.4%. Typical distance below 52-week high: 27.8%. Typical gap to analysts' average target: +31.3%. How this business works: Builds and repairs power lines and makes the cables that carry electricity, including under the sea. Work is booked in large multi-year contracts, so the order backlog shows how much work is ahead.
• Turbines (stage: Equipment), 2 stocks: GEV, ENR.DE. Combined market cap $374.5bn, 14.6% of the theme. Price change of the typical stock (median): 7 days -7.7%, 1 month -1.0%, 3 months -10.8%, 6 months -14.8%, this year so far +26.9%. 1 of 2 are in an uptrend (above their 200-day line), 50%. Typical price against next year's expected earnings: 29.0x. Typical price against the last year's earnings: 35.0x. Typical revenue growth: +19.7%. Typical earnings-per-share growth: +56.4%. Typical operating margin: 8.7%. Typical net margin: 14.7%. Typical distance below 52-week high: 26.3%. Typical gap to analysts' average target: +38.2%. How this business works: Builds the gas turbines and grid equipment new power plants are built around. Orders are booked years ahead and factories are close to full, so the order book and its pricing show what is coming.
• Uranium (stage: Fuel), 5 stocks: CCJ, NXE, UEC, KAP.IL, LEU. Combined market cap $47.3bn, 1.8% of the theme. Price change of the typical stock (median): 7 days -7.4%, 1 month -10.8%, 3 months -4.9%, 6 months -34.0%, this year so far -10.9%. 0 of 5 are in an uptrend (above their 200-day line), 0%. Typical price against next year's expected earnings: 30.6x. Typical price against the last year's earnings: 53.7x. Typical revenue growth: -7.2%. Typical earnings-per-share growth: -51.6%. Typical operating margin: 1.6%. Typical net margin: 10.2%. Typical distance below 52-week high: 40.0%. Typical gap to analysts' average target: +102.6%. How this business works: Mines uranium and turns it into reactor fuel. Utilities sign supply contracts years ahead, so the price agreed on those long contracts matters more than the day-to-day price, and new mines take a decade to open, which keeps supply slow to respond.
• Independent power (stage: Generation), 4 stocks: CEG, VST, TLN, NRG. Combined market cap $186.0bn, 7.2% of the theme. Price change of the typical stock (median): 7 days -6.1%, 1 month +6.5%, 3 months -3.4%, 6 months -7.4%, this year so far -14.1%. 1 of 4 are in an uptrend (above their 200-day line), 25%. Typical price against next year's expected earnings: 13.1x. Typical price against the last year's earnings: 26.4x. Typical revenue growth: +14.8%. Typical earnings-per-share growth: -46.8%. Typical operating margin: 10.4%. Typical net margin: 6.8%. Typical distance below 52-week high: 29.6%. Typical gap to analysts' average target: +33.6%. How this business works: Owns power plants and sells their electricity at market prices or on long contracts, rather than earning a regulated return. Profits rise and fall with power prices, and the nuclear fleets among them are what data centres now sign long deals for.
• New nuclear (stage: Generation), 4 stocks: OKLO, SMR, NNE, BWXT. Combined market cap $20.8bn, 0.8% of the theme. Price change of the typical stock (median): 7 days -17.5%, 1 month -19.6%, 3 months -22.2%, 6 months -52.0%, this year so far -52.6%. 0 of 4 are in an uptrend (above their 200-day line), 0%. Typical price against next year's expected earnings: 26.2x. Typical price against the last year's earnings: 35.5x. Typical revenue growth: -40.5%. Typical earnings-per-share growth: +14.1%. Typical operating margin: -6451.4%. Typical net margin: 0.0%. Typical distance below 52-week high: 78.8%. Typical gap to analysts' average target: +135.7%. How this business works: Designs smaller reactors that have yet to produce power for customers. Most have little or no revenue, so their shares move on licence decisions, funding and signed customers, and can swing hard either way.
• Renewables (stage: Generation), 3 stocks: FSLR, VWS.CO, ORSTED.CO. Combined market cap $71.9bn, 2.8% of the theme. Price change of the typical stock (median): 7 days -2.9%, 1 month -7.9%, 3 months -14.1%, 6 months -9.3%, this year so far +5.1%. 1 of 3 are in an uptrend (above their 200-day line), 33%. Typical price against next year's expected earnings: 13.6x. Typical price against the last year's earnings: 16.9x. Typical revenue growth: +20.5%. Typical earnings-per-share growth: +23.3%. Typical operating margin: 13.4%. Typical net margin: 5.4%. Typical distance below 52-week high: 25.3%. Typical gap to analysts' average target: +32.3%. How this business works: Makes solar panels and wind turbines, or builds and runs wind and solar farms. Results depend on government support, interest rates and what materials cost, and offshore wind projects have been hit by delays and cancelled contracts.
• Electrical equipment (stage: Equipment), 4 stocks: ETN, HUBB, SU.PA, ABBN.SW. Combined market cap $503.0bn, 19.6% of the theme. Price change of the typical stock (median): 7 days -4.9%, 1 month -2.5%, 3 months -4.0%, 6 months -5.4%, this year so far +16.7%. 1 of 4 are in an uptrend (above their 200-day line), 25%. Typical price against next year's expected earnings: 22.3x. Typical price against the last year's earnings: 32.6x. Typical revenue growth: +14.8%. Typical earnings-per-share growth: +3.6%. Typical operating margin: 17.6%. Typical net margin: 13.4%. Typical distance below 52-week high: 18.3%. Typical gap to analysts' average target: +23.0%. How this business works: Makes the transformers, switchgear and wiring that move power from the grid into buildings and factories. Demand comes from data centres, factories and grid upgrades at once, and delivery times are long.
• US utilities (stage: Utilities), 9 stocks: NEE, SO, DUK, AEP, D, EXC, XEL, SRE, PCG. Combined market cap $670.8bn, 26.1% of the theme. Price change of the typical stock (median): 7 days +3.4%, 1 month +3.0%, 3 months -5.1%, 6 months -4.4%, this year so far +5.7%. 5 of 9 are in an uptrend (above their 200-day line), 56%. Typical price against next year's expected earnings: 16.8x. Typical price against the last year's earnings: 20.9x. Typical revenue growth: +1.1%. Typical earnings-per-share growth: +24.0%. Typical operating margin: 27.5%. Typical net margin: 15.3%. Typical distance below 52-week high: 12.9%. Typical gap to analysts' average target: +12.6%. How this business works: Owns the power plants and lines that serve a region, and earns a return its state regulator sets. Earnings grow with the money it is allowed to invest, so rate decisions and data-centre demand drive growth, and high borrowing makes the shares sensitive to interest rates.
• Nearest distance below 52-week high, of 42 stocks with a figure: Iberdrola (IBE.MC, UK and Europe utilities) 1.8%; RWE (RWE.DE, UK and Europe utilities) 4.8%; SSE (SSE.L, UK and Europe utilities) 7.0%; Southern Company (SO, US utilities) 8.4%; Xcel Energy (XEL, US utilities) 9.4%.

The typical European utility costs 12.4 times next year's expected profit, but sales are flat and regulators set what its networks may earn.

• UK and Europe utilities (stage: Utilities), 7 stocks: NG.L, SSE.L, IBE.MC, ENEL.MI, EOAN.DE, RWE.DE, ENGI.PA. Combined market cap $559.7bn, 21.8% of the theme. Price change of the typical stock (median): 7 days +3.6%, 1 month +3.2%, 3 months -3.1%, 6 months -2.1%, this year so far +14.1%. 6 of 7 are in an uptrend (above their 200-day line), 86%. Typical price against next year's expected earnings: 12.4x. Typical price against the last year's earnings: 18.4x. Typical revenue growth: -0.5%. Typical earnings-per-share growth: +27.8%. Typical operating margin: 18.2%. Typical net margin: 11.9%. Typical distance below 52-week high: 10.9%. Typical gap to analysts' average target: +11.4%. How this business works: Runs power networks and generation across the UK and Europe, under regulators that set what the networks may earn. Most are spending heavily on grids and renewables, paid for with borrowing, so interest rates and regulators' decisions matter most.
• Turbines (stage: Equipment), 2 stocks: GEV, ENR.DE. Combined market cap $374.5bn, 14.6% of the theme. Price change of the typical stock (median): 7 days -7.7%, 1 month -1.0%, 3 months -10.8%, 6 months -14.8%, this year so far +26.9%. 1 of 2 are in an uptrend (above their 200-day line), 50%. Typical price against next year's expected earnings: 29.0x. Typical price against the last year's earnings: 35.0x. Typical revenue growth: +19.7%. Typical earnings-per-share growth: +56.4%. Typical operating margin: 8.7%. Typical net margin: 14.7%. Typical distance below 52-week high: 26.3%. Typical gap to analysts' average target: +38.2%. How this business works: Builds the gas turbines and grid equipment new power plants are built around. Orders are booked years ahead and factories are close to full, so the order book and its pricing show what is coming.
• Uranium (stage: Fuel), 5 stocks: CCJ, NXE, UEC, KAP.IL, LEU. Combined market cap $47.3bn, 1.8% of the theme. Price change of the typical stock (median): 7 days -7.4%, 1 month -10.8%, 3 months -4.9%, 6 months -34.0%, this year so far -10.9%. 0 of 5 are in an uptrend (above their 200-day line), 0%. Typical price against next year's expected earnings: 30.6x. Typical price against the last year's earnings: 53.7x. Typical revenue growth: -7.2%. Typical earnings-per-share growth: -51.6%. Typical operating margin: 1.6%. Typical net margin: 10.2%. Typical distance below 52-week high: 40.0%. Typical gap to analysts' average target: +102.6%. How this business works: Mines uranium and turns it into reactor fuel. Utilities sign supply contracts years ahead, so the price agreed on those long contracts matters more than the day-to-day price, and new mines take a decade to open, which keeps supply slow to respond.
• Independent power (stage: Generation), 4 stocks: CEG, VST, TLN, NRG. Combined market cap $186.0bn, 7.2% of the theme. Price change of the typical stock (median): 7 days -6.1%, 1 month +6.5%, 3 months -3.4%, 6 months -7.4%, this year so far -14.1%. 1 of 4 are in an uptrend (above their 200-day line), 25%. Typical price against next year's expected earnings: 13.1x. Typical price against the last year's earnings: 26.4x. Typical revenue growth: +14.8%. Typical earnings-per-share growth: -46.8%. Typical operating margin: 10.4%. Typical net margin: 6.8%. Typical distance below 52-week high: 29.6%. Typical gap to analysts' average target: +33.6%. How this business works: Owns power plants and sells their electricity at market prices or on long contracts, rather than earning a regulated return. Profits rise and fall with power prices, and the nuclear fleets among them are what data centres now sign long deals for.
• New nuclear (stage: Generation), 4 stocks: OKLO, SMR, NNE, BWXT. Combined market cap $20.8bn, 0.8% of the theme. Price change of the typical stock (median): 7 days -17.5%, 1 month -19.6%, 3 months -22.2%, 6 months -52.0%, this year so far -52.6%. 0 of 4 are in an uptrend (above their 200-day line), 0%. Typical price against next year's expected earnings: 26.2x. Typical price against the last year's earnings: 35.5x. Typical revenue growth: -40.5%. Typical earnings-per-share growth: +14.1%. Typical operating margin: -6451.4%. Typical net margin: 0.0%. Typical distance below 52-week high: 78.8%. Typical gap to analysts' average target: +135.7%. How this business works: Designs smaller reactors that have yet to produce power for customers. Most have little or no revenue, so their shares move on licence decisions, funding and signed customers, and can swing hard either way.
• Renewables (stage: Generation), 3 stocks: FSLR, VWS.CO, ORSTED.CO. Combined market cap $71.9bn, 2.8% of the theme. Price change of the typical stock (median): 7 days -2.9%, 1 month -7.9%, 3 months -14.1%, 6 months -9.3%, this year so far +5.1%. 1 of 3 are in an uptrend (above their 200-day line), 33%. Typical price against next year's expected earnings: 13.6x. Typical price against the last year's earnings: 16.9x. Typical revenue growth: +20.5%. Typical earnings-per-share growth: +23.3%. Typical operating margin: 13.4%. Typical net margin: 5.4%. Typical distance below 52-week high: 25.3%. Typical gap to analysts' average target: +32.3%. How this business works: Makes solar panels and wind turbines, or builds and runs wind and solar farms. Results depend on government support, interest rates and what materials cost, and offshore wind projects have been hit by delays and cancelled contracts.
• Electrical equipment (stage: Equipment), 4 stocks: ETN, HUBB, SU.PA, ABBN.SW. Combined market cap $503.0bn, 19.6% of the theme. Price change of the typical stock (median): 7 days -4.9%, 1 month -2.5%, 3 months -4.0%, 6 months -5.4%, this year so far +16.7%. 1 of 4 are in an uptrend (above their 200-day line), 25%. Typical price against next year's expected earnings: 22.3x. Typical price against the last year's earnings: 32.6x. Typical revenue growth: +14.8%. Typical earnings-per-share growth: +3.6%. Typical operating margin: 17.6%. Typical net margin: 13.4%. Typical distance below 52-week high: 18.3%. Typical gap to analysts' average target: +23.0%. How this business works: Makes the transformers, switchgear and wiring that move power from the grid into buildings and factories. Demand comes from data centres, factories and grid upgrades at once, and delivery times are long.
• Grid builders (stage: Grid), 4 stocks: PWR, MYRG, PRY.MI, NKT.CO. Combined market cap $136.2bn, 5.3% of the theme. Price change of the typical stock (median): 7 days -10.3%, 1 month -2.4%, 3 months -9.4%, 6 months -9.1%, this year so far +27.9%. 1 of 4 are in an uptrend (above their 200-day line), 25%. Typical price against next year's expected earnings: 19.7x. Typical price against the last year's earnings: 24.9x. Typical revenue growth: +21.4%. Typical earnings-per-share growth: +49.7%. Typical operating margin: 6.7%. Typical net margin: 5.4%. Typical distance below 52-week high: 27.8%. Typical gap to analysts' average target: +31.3%. How this business works: Builds and repairs power lines and makes the cables that carry electricity, including under the sea. Work is booked in large multi-year contracts, so the order backlog shows how much work is ahead.
• US utilities (stage: Utilities), 9 stocks: NEE, SO, DUK, AEP, D, EXC, XEL, SRE, PCG. Combined market cap $670.8bn, 26.1% of the theme. Price change of the typical stock (median): 7 days +3.4%, 1 month +3.0%, 3 months -5.1%, 6 months -4.4%, this year so far +5.7%. 5 of 9 are in an uptrend (above their 200-day line), 56%. Typical price against next year's expected earnings: 16.8x. Typical price against the last year's earnings: 20.9x. Typical revenue growth: +1.1%. Typical earnings-per-share growth: +24.0%. Typical operating margin: 27.5%. Typical net margin: 15.3%. Typical distance below 52-week high: 12.9%. Typical gap to analysts' average target: +12.6%. How this business works: Owns the power plants and lines that serve a region, and earns a return its state regulator sets. Earnings grow with the money it is allowed to invest, so rate decisions and data-centre demand drive growth, and high borrowing makes the shares sensitive to interest rates.

The typical European utility sits 10.9% below its high of the past year, nearer than any other part of the chain.

• UK and Europe utilities (stage: Utilities), 7 stocks: NG.L, SSE.L, IBE.MC, ENEL.MI, EOAN.DE, RWE.DE, ENGI.PA. Combined market cap $559.7bn, 21.8% of the theme. Price change of the typical stock (median): 7 days +3.6%, 1 month +3.2%, 3 months -3.1%, 6 months -2.1%, this year so far +14.1%. 6 of 7 are in an uptrend (above their 200-day line), 86%. Typical price against next year's expected earnings: 12.4x. Typical price against the last year's earnings: 18.4x. Typical revenue growth: -0.5%. Typical earnings-per-share growth: +27.8%. Typical operating margin: 18.2%. Typical net margin: 11.9%. Typical distance below 52-week high: 10.9%. Typical gap to analysts' average target: +11.4%. How this business works: Runs power networks and generation across the UK and Europe, under regulators that set what the networks may earn. Most are spending heavily on grids and renewables, paid for with borrowing, so interest rates and regulators' decisions matter most.
• Uranium (stage: Fuel), 5 stocks: CCJ, NXE, UEC, KAP.IL, LEU. Combined market cap $47.3bn, 1.8% of the theme. Price change of the typical stock (median): 7 days -7.4%, 1 month -10.8%, 3 months -4.9%, 6 months -34.0%, this year so far -10.9%. 0 of 5 are in an uptrend (above their 200-day line), 0%. Typical price against next year's expected earnings: 30.6x. Typical price against the last year's earnings: 53.7x. Typical revenue growth: -7.2%. Typical earnings-per-share growth: -51.6%. Typical operating margin: 1.6%. Typical net margin: 10.2%. Typical distance below 52-week high: 40.0%. Typical gap to analysts' average target: +102.6%. How this business works: Mines uranium and turns it into reactor fuel. Utilities sign supply contracts years ahead, so the price agreed on those long contracts matters more than the day-to-day price, and new mines take a decade to open, which keeps supply slow to respond.
• Independent power (stage: Generation), 4 stocks: CEG, VST, TLN, NRG. Combined market cap $186.0bn, 7.2% of the theme. Price change of the typical stock (median): 7 days -6.1%, 1 month +6.5%, 3 months -3.4%, 6 months -7.4%, this year so far -14.1%. 1 of 4 are in an uptrend (above their 200-day line), 25%. Typical price against next year's expected earnings: 13.1x. Typical price against the last year's earnings: 26.4x. Typical revenue growth: +14.8%. Typical earnings-per-share growth: -46.8%. Typical operating margin: 10.4%. Typical net margin: 6.8%. Typical distance below 52-week high: 29.6%. Typical gap to analysts' average target: +33.6%. How this business works: Owns power plants and sells their electricity at market prices or on long contracts, rather than earning a regulated return. Profits rise and fall with power prices, and the nuclear fleets among them are what data centres now sign long deals for.
• New nuclear (stage: Generation), 4 stocks: OKLO, SMR, NNE, BWXT. Combined market cap $20.8bn, 0.8% of the theme. Price change of the typical stock (median): 7 days -17.5%, 1 month -19.6%, 3 months -22.2%, 6 months -52.0%, this year so far -52.6%. 0 of 4 are in an uptrend (above their 200-day line), 0%. Typical price against next year's expected earnings: 26.2x. Typical price against the last year's earnings: 35.5x. Typical revenue growth: -40.5%. Typical earnings-per-share growth: +14.1%. Typical operating margin: -6451.4%. Typical net margin: 0.0%. Typical distance below 52-week high: 78.8%. Typical gap to analysts' average target: +135.7%. How this business works: Designs smaller reactors that have yet to produce power for customers. Most have little or no revenue, so their shares move on licence decisions, funding and signed customers, and can swing hard either way.
• Renewables (stage: Generation), 3 stocks: FSLR, VWS.CO, ORSTED.CO. Combined market cap $71.9bn, 2.8% of the theme. Price change of the typical stock (median): 7 days -2.9%, 1 month -7.9%, 3 months -14.1%, 6 months -9.3%, this year so far +5.1%. 1 of 3 are in an uptrend (above their 200-day line), 33%. Typical price against next year's expected earnings: 13.6x. Typical price against the last year's earnings: 16.9x. Typical revenue growth: +20.5%. Typical earnings-per-share growth: +23.3%. Typical operating margin: 13.4%. Typical net margin: 5.4%. Typical distance below 52-week high: 25.3%. Typical gap to analysts' average target: +32.3%. How this business works: Makes solar panels and wind turbines, or builds and runs wind and solar farms. Results depend on government support, interest rates and what materials cost, and offshore wind projects have been hit by delays and cancelled contracts.
• Turbines (stage: Equipment), 2 stocks: GEV, ENR.DE. Combined market cap $374.5bn, 14.6% of the theme. Price change of the typical stock (median): 7 days -7.7%, 1 month -1.0%, 3 months -10.8%, 6 months -14.8%, this year so far +26.9%. 1 of 2 are in an uptrend (above their 200-day line), 50%. Typical price against next year's expected earnings: 29.0x. Typical price against the last year's earnings: 35.0x. Typical revenue growth: +19.7%. Typical earnings-per-share growth: +56.4%. Typical operating margin: 8.7%. Typical net margin: 14.7%. Typical distance below 52-week high: 26.3%. Typical gap to analysts' average target: +38.2%. How this business works: Builds the gas turbines and grid equipment new power plants are built around. Orders are booked years ahead and factories are close to full, so the order book and its pricing show what is coming.
• Electrical equipment (stage: Equipment), 4 stocks: ETN, HUBB, SU.PA, ABBN.SW. Combined market cap $503.0bn, 19.6% of the theme. Price change of the typical stock (median): 7 days -4.9%, 1 month -2.5%, 3 months -4.0%, 6 months -5.4%, this year so far +16.7%. 1 of 4 are in an uptrend (above their 200-day line), 25%. Typical price against next year's expected earnings: 22.3x. Typical price against the last year's earnings: 32.6x. Typical revenue growth: +14.8%. Typical earnings-per-share growth: +3.6%. Typical operating margin: 17.6%. Typical net margin: 13.4%. Typical distance below 52-week high: 18.3%. Typical gap to analysts' average target: +23.0%. How this business works: Makes the transformers, switchgear and wiring that move power from the grid into buildings and factories. Demand comes from data centres, factories and grid upgrades at once, and delivery times are long.
• Grid builders (stage: Grid), 4 stocks: PWR, MYRG, PRY.MI, NKT.CO. Combined market cap $136.2bn, 5.3% of the theme. Price change of the typical stock (median): 7 days -10.3%, 1 month -2.4%, 3 months -9.4%, 6 months -9.1%, this year so far +27.9%. 1 of 4 are in an uptrend (above their 200-day line), 25%. Typical price against next year's expected earnings: 19.7x. Typical price against the last year's earnings: 24.9x. Typical revenue growth: +21.4%. Typical earnings-per-share growth: +49.7%. Typical operating margin: 6.7%. Typical net margin: 5.4%. Typical distance below 52-week high: 27.8%. Typical gap to analysts' average target: +31.3%. How this business works: Builds and repairs power lines and makes the cables that carry electricity, including under the sea. Work is booked in large multi-year contracts, so the order backlog shows how much work is ahead.
• US utilities (stage: Utilities), 9 stocks: NEE, SO, DUK, AEP, D, EXC, XEL, SRE, PCG. Combined market cap $670.8bn, 26.1% of the theme. Price change of the typical stock (median): 7 days +3.4%, 1 month +3.0%, 3 months -5.1%, 6 months -4.4%, this year so far +5.7%. 5 of 9 are in an uptrend (above their 200-day line), 56%. Typical price against next year's expected earnings: 16.8x. Typical price against the last year's earnings: 20.9x. Typical revenue growth: +1.1%. Typical earnings-per-share growth: +24.0%. Typical operating margin: 27.5%. Typical net margin: 15.3%. Typical distance below 52-week high: 12.9%. Typical gap to analysts' average target: +12.6%. How this business works: Owns the power plants and lines that serve a region, and earns a return its state regulator sets. Earnings grow with the money it is allowed to invest, so rate decisions and data-centre demand drive growth, and high borrowing makes the shares sensitive to interest rates.

After Iberdrola's profit figures, watch the euro-area rate decision on 28 October, which sets what Europe's utilities pay to borrow.

• 2026-10-21: Iberdrola (IBE.MC, UK and Europe utilities) reports earnings.
• 2026-10-28: ECB monetary policy meeting. A euro-area rate decision. It sets what Europe's utilities and cable makers pay to borrow for the grid they are building. Source
• 2026-11-05: Bank of England rate decision (with Monetary Policy Report). A UK rate decision. It sets what National Grid and SSE pay to borrow for the network upgrades they have planned. Source
• UK and Europe utilities (stage: Utilities), 7 stocks: NG.L, SSE.L, IBE.MC, ENEL.MI, EOAN.DE, RWE.DE, ENGI.PA. Combined market cap $559.7bn, 21.8% of the theme. Price change of the typical stock (median): 7 days +3.6%, 1 month +3.2%, 3 months -3.1%, 6 months -2.1%, this year so far +14.1%. 6 of 7 are in an uptrend (above their 200-day line), 86%. Typical price against next year's expected earnings: 12.4x. Typical price against the last year's earnings: 18.4x. Typical revenue growth: -0.5%. Typical earnings-per-share growth: +27.8%. Typical operating margin: 18.2%. Typical net margin: 11.9%. Typical distance below 52-week high: 10.9%. Typical gap to analysts' average target: +11.4%. How this business works: Runs power networks and generation across the UK and Europe, under regulators that set what the networks may earn. Most are spending heavily on grids and renewables, paid for with borrowing, so interest rates and regulators' decisions matter most.