The operating performance of listed companies is the comprehensive response on their quality of assets, operating state, development potential and so on. In this paper, evaluating indexes system which was used to evaluate the operating performance was provided combining with the feature of supplying water and gas listed companies in China. The performance evaluation model based on the factor analysis is established. As a case, the performance of 18 listed companies supplying water and gas in China is selected and evaluated. The case shows that the model is effective and can provide a basis for decision-making for enterprises improving management.