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Canadian (TSX) Utilities Sector Analysis

UpdatedDec 25, 2025
DataAggregated Company Financials
Companies25
  • 7D0.7%
  • 3M2.6%
  • 1Y15.0%
  • YTD15.4%

In the last week, Utilities has been flat. The past year has been better, since the industry has gained 15% in that time. Looking forward, earnings are forecast to grow by 10.0% annually.

Sector Valuation and Performance

Has the Canadian Utilities Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 25 Dec 2025CA$174.4bCA$75.8bCA$5.3b18.4x33.1x2.3x
Sat, 22 Nov 2025CA$177.7bCA$76.3bCA$5.4b18.3x33.1x2.3x
Mon, 20 Oct 2025CA$181.2bCA$75.3bCA$5.3b20.6x34.2x2.4x
Wed, 17 Sep 2025CA$166.9bCA$75.0bCA$5.3b19.9x31.5x2.2x
Fri, 15 Aug 2025CA$167.7bCA$75.1bCA$5.3b20.4x31.7x2.2x
Sun, 13 Jul 2025CA$166.0bCA$75.6bCA$5.8b19.8x28.5x2.2x
Tue, 10 Jun 2025CA$163.0bCA$75.6bCA$5.8b19.7x28x2.2x
Thu, 08 May 2025CA$162.9bCA$74.7bCA$5.1b20.7x31.8x2.2x
Sat, 05 Apr 2025CA$160.2bCA$74.8bCA$5.5b19.5x29.2x2.1x
Mon, 03 Mar 2025CA$154.0bCA$75.5bCA$5.7b19.7x26.9x2x
Wed, 29 Jan 2025CA$141.9bCA$75.3bCA$5.3b20x26.7x1.9x
Fri, 27 Dec 2024CA$160.6bCA$82.2bCA$3.5b20.5x46.1x2x
Sun, 24 Nov 2024CA$163.7bCA$81.5bCA$3.5b21.5x46.2x2x
Tue, 22 Oct 2024CA$168.0bCA$81.2bCA$6.9b19.7x24.2x2.1x
Thu, 19 Sep 2024CA$163.6bCA$80.9bCA$6.9b19.4x23.6x2x
Sat, 17 Aug 2024CA$155.3bCA$81.0bCA$6.9b17.8x22.4x1.9x
Mon, 15 Jul 2024CA$151.0bCA$80.0bCA$7.2b14.3x20.9x1.9x
Wed, 12 Jun 2024CA$151.3bCA$80.2bCA$7.2b14.5x20.9x1.9x
Fri, 10 May 2024CA$148.8bCA$80.3bCA$8.1b14.2x18.5x1.9x
Sun, 07 Apr 2024CA$138.5bCA$80.8bCA$6.3b14.1x22x1.7x
Tue, 05 Mar 2024CA$140.0bCA$81.5bCA$5.8b14.9x23.9x1.7x
Thu, 01 Feb 2024CA$148.8bCA$85.4bCA$8.7b14.2x17x1.7x
Sat, 30 Dec 2023CA$148.0bCA$85.2bCA$8.7b14.7x17x1.7x
Mon, 27 Nov 2023CA$144.7bCA$85.6bCA$8.8b14.1x16.5x1.7x
Wed, 25 Oct 2023CA$134.4bCA$85.2bCA$6.8b13.4x19.8x1.6x
Fri, 22 Sep 2023CA$145.3bCA$85.0bCA$6.8b14.2x21.5x1.7x
Sun, 20 Aug 2023CA$148.9bCA$85.0bCA$6.8b14.6x22x1.8x
Tue, 18 Jul 2023CA$157.4bCA$85.2bCA$7.9b14x19.9x1.8x
Thu, 15 Jun 2023CA$157.4bCA$85.3bCA$7.9b15x19.8x1.8x
Sat, 13 May 2023CA$167.7bCA$85.2bCA$7.8b16.6x21.6x2x
Mon, 10 Apr 2023CA$165.2bCA$82.8bCA$7.2b16.4x23.1x2x
Wed, 08 Mar 2023CA$153.8bCA$82.9bCA$7.5b16.9x20.4x1.9x
Fri, 03 Feb 2023CA$155.3bCA$79.2bCA$6.0b17.9x26x2x
Sun, 01 Jan 2023CA$151.1bCA$79.4bCA$6.0b17.2x25.3x1.9x
Price to Earnings Ratio

25.3x


Total Market Cap: CA$151.1bTotal Earnings: CA$6.0bTotal Revenue: CA$79.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 25.4x202320242025
Current Industry PE
  • Investors are optimistic on the Canadian Utilities industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 32.9x which is higher than its 3-year average PE of 25.4x.
  • The 3-year average PS ratio of 2.0x is lower than the industry's current PS ratio of 2.3x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have declined 4.1% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the Canadian Utilities sector?

CA Market2.21%
Utilities0.67%
Gas Utilities1.97%
Renewable Energy1.53%
Electric Utilities0.19%
Water Utilities0%0
Other Utilities-0.014%
Industry PE
  • Investors are most optimistic about the Other Utilities industry which is trading above its 3-year average PE ratio of 21.4x.
    • Analysts are expecting annual earnings growth of 23.1%, which is higher than its past year's earnings growth of 11.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Other Utilities industry, expecting annual earnings growth of 23% over the next 5 years.
  • This is better than its past earnings growth rate of 11% per year.
  • In contrast, the Gas Utilities industry is expected to see its earnings grow by 5.7% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
H Hydro OneCA$53.841.2%
+CA$371.9m		21.0%PE24.7x
ALA AltaGasCA$42.172.3%
+CA$298.7m		26.1%PE17.6x
NPI Northland PowerCA$17.915.7%
+CA$253.7m		-1.8%PS2x
AQN Algonquin Power & UtilitiesCA$8.501.2%
+CA$76.8m		32.4%PE185x
BLX BoralexCA$25.532.2%
+CA$55.5m		-12.6%PS3.2x

Latest News

SPB
CA$7.07
Superior Plus
7D
-1.0%
1Y
11.9%
CU
CA$42.28
Canadian Utilities
7D
-0.8%
1Y
21.7%

CU: Steadier Regulated Earnings Will Support Defensive Profile Amid Modest Upside Potential

Analysts have nudged our fair value estimate for Canadian Utilities modestly higher to about C$42.60 from roughly C$41.40, reflecting a series of recent price target increases across the Street and slightly improved long term profitability and earnings multiple assumptions. Analyst Commentary Recent Street research has turned incrementally more constructive on Canadian Utilities, with multiple firms nudging price targets higher in a tight C$40 to C$44 range.
AQN
CA$8.50
Algonquin Power & Utilities
7D
1.2%
1Y
32.4%
RE
CA$0.26
RE Royalties
7D
-1.9%
1Y
-44.7%
CPX
CA$59.51
Capital Power
7D
-0.4%
1Y
-7.0%
FTS
CA$70.64
Fortis
7D
-0.8%
1Y
17.6%

FTS: Shares Will Balance Dividend Stability With Rising Regulated Rate Base Demand

We are nudging our Fortis price target higher by approximately C$0.70 per share to reflect analysts steadily lifting their targets into the high C$70s as they factor in stronger regulated rate base growth, modestly faster revenue expansion, and slightly improved profitability supported by robust energy demand across the company’s diversified utility footprint. Analyst Commentary Recent target price revisions for Fortis have clustered in the high C$60s to high C$70s, signaling a constructive but nuanced view on the company’s valuation and execution prospects.
H
CA$53.84
Hydro One
7D
1.2%
1Y
21.0%

H: Updated Earnings Outlook And Regulated Returns Will Support Defensive Exposure

Hydro One's analyst-derived fair value has edged higher to approximately C$52.14 from about C$51.57, as analysts modestly increase their price targets based on stable regulated returns, slightly improved profit margin expectations, and supportive sector dynamics. Analyst Commentary Recent target price increases reflect a generally constructive view on Hydro One, driven by the stability of its regulated business model and modest upgrades to earnings expectations.
REVV
CA$0.17
ReVolve Renewable Power
7D
-2.9%
1Y
-30.6%
TA
CA$17.44
TransAlta
7D
-1.4%
1Y
-14.6%

TA: Long Term Centralia Conversion Will Support Margin Expansion And Upside

Analysts have raised their price target on TransAlta modestly from 23.59 dollars to 24.00 dollars, citing expectations for stronger profit margins that more than offset slightly lower projected revenue growth and a modestly higher discount rate. What's in the News Signed a long term tolling agreement with Puget Sound Energy to convert the 700 MW Centralia Unit 2 plant from coal to natural gas.
ALA
CA$42.17
AltaGas
7D
2.3%
1Y
26.1%

ALA: Rising Earnings Visibility Will Support Dividend Upside Despite Execution Risks

Analysts raised their price target on AltaGas from C$46.18 to C$47.00, citing a slightly higher valuation multiple and a modestly improved margin outlook supported by recent target increases from the Street. Analyst Commentary Recent target revisions suggest that bullish analysts see AltaGas as executing well against its strategic plan, with improving fundamentals helping to justify a slightly richer valuation.
NPI
CA$17.91
Northland Power
7D
5.7%
1Y
-1.8%
ACO.X
CA$55.75
ATCO
7D
0.2%
1Y
17.6%
EMA
CA$67.04
Emera
7D
0.3%
1Y
24.6%

EMA: Dividend Stability And Regulatory Backdrop Will Guide Share Performance

We are raising our price target on Emera slightly to C$68.50 from about C$68.39, reflecting analysts modestly higher long term expectations following multiple target hikes across the Street on updated models and a more constructive outlook for the shares. Analyst Commentary Recent price target revisions across the Street highlight a more constructive stance on Emera, with multiple firms lifting their estimates into the low C$70s as updated models reflect improved earnings visibility and a steadier regulatory backdrop.
BLX
CA$25.53
Boralex
7D
2.2%
1Y
-12.6%

BLX: Québec Wind Expansion Will Drive Long Term Power Segment Momentum

Analysts have nudged their consolidated price target for Boralex slightly lower to about C$36.40 from roughly C$36.90, balancing a recent C$2 cut to C$36 with a C$1 increase to C$39 as they factor in softer power-generation trends, muted realized pricing, and only modest adjustments to long term growth and valuation assumptions. Analyst Commentary Street research on Boralex reflects a mixed but generally constructive stance, with some trimming of expectations but continued confidence in the company’s long term growth profile and relative valuation upside within the power space.
CUP.U
US$13.50
Caribbean Utilities Company
7D
2.3%
1Y
-3.6%