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Canadian (TSX) Utilities Sector Analysis

UpdatedApr 08, 2026
DataAggregated Company Financials
Companies25
  • 7D2.0%
  • 3M13.6%
  • 1Y34.3%
  • YTD13.1%

In the last week, the Utilities industry is up 2.0%, with Hydro One leading the way, up 3.2%. This means that the industry has gained 34% over the past year. Looking forward, earnings are forecast to grow by 6.5% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 08 Apr 2026CA$201.2bCA$77.2bCA$5.3b23.2x38.2x2.6x
Fri, 06 Mar 2026CA$191.7bCA$76.9bCA$5.0b23.2x38.1x2.5x
Sun, 01 Feb 2026CA$178.7bCA$78.0bCA$5.7b19.3x31.1x2.3x
Tue, 30 Dec 2025CA$174.7bCA$75.8bCA$5.3b18.5x33.1x2.3x
Thu, 27 Nov 2025CA$178.9bCA$76.2bCA$5.4b18.7x33.4x2.3x
Sat, 25 Oct 2025CA$181.8bCA$75.3bCA$5.3b21.3x34.4x2.4x
Mon, 22 Sep 2025CA$166.5bCA$75.1bCA$5.3b20.1x31.4x2.2x
Wed, 20 Aug 2025CA$169.2bCA$75.2bCA$5.3b20x32x2.3x
Fri, 18 Jul 2025CA$167.9bCA$75.6bCA$5.8b19.8x28.8x2.2x
Sun, 15 Jun 2025CA$166.2bCA$75.5bCA$5.8b19.9x28.6x2.2x
Tue, 13 May 2025CA$163.1bCA$75.9bCA$5.8b19.4x28.3x2.1x
Thu, 10 Apr 2025CA$150.3bCA$74.6bCA$5.5b19.5x27.4x2x
Sat, 08 Mar 2025CA$152.3bCA$75.0bCA$5.4b22.5x28.3x2x
Mon, 03 Feb 2025CA$148.3bCA$75.6bCA$5.1b19.9x28.8x2x
Wed, 01 Jan 2025CA$160.0bCA$82.1bCA$3.5b20.4x45.9x1.9x
Fri, 29 Nov 2024CA$166.4bCA$81.6bCA$3.5b20.8x47x2x
Sun, 27 Oct 2024CA$164.7bCA$81.3bCA$6.9b19.3x23.7x2x
Tue, 24 Sep 2024CA$161.2bCA$80.8bCA$6.9b19.2x23.3x2x
Thu, 22 Aug 2024CA$153.9bCA$80.8bCA$6.9b17.7x22.3x1.9x
Sat, 20 Jul 2024CA$148.1bCA$80.1bCA$7.2b14.3x20.5x1.8x
Mon, 17 Jun 2024CA$146.5bCA$80.1bCA$7.2b14.2x20.3x1.8x
Wed, 15 May 2024CA$150.3bCA$79.8bCA$7.2b14.2x20.8x1.9x
Fri, 12 Apr 2024CA$137.3bCA$80.9bCA$6.3b14x21.8x1.7x
Sun, 10 Mar 2024CA$143.8bCA$80.6bCA$6.3b14.8x23x1.8x
Tue, 06 Feb 2024CA$141.0bCA$82.4bCA$6.2b14.9x22.7x1.7x
Thu, 04 Jan 2024CA$149.3bCA$85.3bCA$8.7b14.8x17.1x1.8x
Sat, 02 Dec 2023CA$144.0bCA$85.5bCA$8.7b14.2x16.5x1.7x
Mon, 30 Oct 2023CA$134.6bCA$85.4bCA$6.9b12.9x19.5x1.6x
Wed, 27 Sep 2023CA$143.5bCA$85.0bCA$6.8b13.9x21.2x1.7x
Fri, 25 Aug 2023CA$148.8bCA$85.1bCA$6.8b15.1x22x1.7x
Sun, 23 Jul 2023CA$158.8bCA$85.2bCA$7.9b14.3x20x1.9x
Tue, 20 Jun 2023CA$156.3bCA$85.2bCA$7.9b15.2x19.7x1.8x
Thu, 18 May 2023CA$164.8bCA$85.5bCA$8.0b14.9x20.7x1.9x
Sat, 15 Apr 2023CA$165.5bCA$82.6bCA$7.1b16.4x23.2x2x
Price to Earnings Ratio

23.2x


Total Market Cap: CA$165.5bTotal Earnings: CA$7.1bTotal Revenue: CA$82.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 26.4x202420252026
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 38.2x which is higher than its 3-year average PE of 26.4x.
  • The 3-year average PS ratio of 2.0x is lower than the industry's current PS ratio of 2.6x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have declined 9.7% per year over the last three years,
  • Revenues have also declined 2.2% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

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

CA Market1.35%
Utilities2.00%
Electric Utilities2.64%
Gas Utilities1.89%
Other Utilities1.41%
Renewable Energy1.25%
Water Utilities-33.33%
Industry PE
  • Investors are most optimistic about the Other Utilities industry which is trading above its 3-year average PE ratio of 23.6x.
    • Analysts are expecting annual earnings growth of 52.3%, which is higher than its past year's earnings decline of 65.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Other Utilities industry, expecting annual earnings growth of 52% over the next 5 years.
  • This is better than its past earnings decline of 65% per year.
  • In contrast, the Renewable Energy industry is expected to see its earnings decline by 17% 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$59.273.2%
+CA$1.1b		22.8%PE26.5x
FTS FortisCA$79.582.5%
+CA$1.0b		25.4%PE23.6x
EMA EmeraCA$73.562.0%
+CA$439.4m		25.6%PE22x
ALA AltaGasCA$49.292.2%
+CA$323.8m		34.9%PE20.5x
CU Canadian UtilitiesCA$49.852.0%
+CA$270.8m		41.5%PE323.2x

Latest News

CU
CA$49.85
Canadian Utilities
7D
2.0%
1Y
41.5%
TA
CA$18.87
TransAlta
7D
3.2%
1Y
62.5%
EMA
CA$73.56
Emera
7D
2.0%
1Y
25.6%
H
CA$59.27
Hydro One
7D
3.2%
1Y
22.8%
ALA
CA$49.29
AltaGas
7D
2.2%
1Y
34.9%
CPX
CA$67.13
Capital Power
7D
1.9%
1Y
52.9%
FTS
CA$79.58
Fortis
7D
2.5%
1Y
25.4%

FTS: Fairly Valued Outlook Will Depend On Regulated Returns And P E Assumptions

The analyst price target for Fortis has been lifted by CA$0.20 to CA$76.63, reflecting a series of recent target increases across major firms as analysts incorporate slightly higher revenue growth assumptions, a marginally lower discount rate, and modestly higher future P/E expectations, partly offset by more conservative profit margin forecasts. Analyst Commentary Recent Street research shows several price target adjustments for Fortis, with targets now quoted in the CA$77 to CA$83 range and a mix of Buy, Market Perform, and Sector Perform ratings.
NPI
CA$24.01
Northland Power
7D
2.9%
1Y
34.7%
SPB
CA$6.65
Superior Plus
7D
-0.9%
1Y
4.9%

SPB: Share Repurchases And Cost Efficiencies Will Support Future P/E Recovery

Analysts have reduced the fair value estimate for Superior Plus to CA$10.00 from CA$11.00, reflecting lower price targets across the Street and more cautious assumptions on growth, profitability, and required return. Analyst Commentary Recent Street research shows a clear reset in expectations for Superior Plus, with multiple firms cutting price targets and revising ratings.
CBLU
CA$0.05
Clear Blue Technologies International
7D
-9.1%
1Y
-44.4%
WEB
CA$1.60
Westbridge Renewable Energy
7D
-4.2%
1Y
-31.0%
CFY
CA$0.10
CF Energy
7D
-4.5%
1Y
-64.4%

Here's What's Concerning About CF Energy's (CVE:CFY) Returns On Capital

Feb 13
Here's What's Concerning About CF Energy's (CVE:CFY) Returns On Capital
WATR
CA$0.01
Current Water Technologies
7D
-33.3%
1Y
-60.0%
AKH.H
CA$0.025
Alaska Hydro
7D
-16.7%
1Y
25.0%