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Canadian (TSX) Utilities Sector Analysis

UpdatedJul 22, 2026
DataAggregated Company Financials
Companies23
  • 7D0.2%
  • 3M6.5%
  • 1Y22.0%
  • YTD16.3%

In the last week, Utilities has been flat. As for the the longer term, the industry is up 23% over the past 12 months. Looking forward, earnings are forecast to grow by 17% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Jul 2026CA$208.6bCA$77.9bCA$4.8b29x43.4x2.7x
Fri, 19 Jun 2026CA$204.9bCA$78.0bCA$4.8b28x42.8x2.6x
Sun, 17 May 2026CA$198.8bCA$77.5bCA$4.8b26x41.6x2.6x
Tue, 14 Apr 2026CA$204.3bCA$77.0bCA$5.3b23.3x38.9x2.7x
Thu, 12 Mar 2026CA$192.9bCA$76.8bCA$5.3b23.1x36.6x2.5x
Sat, 07 Feb 2026CA$181.7bCA$75.9bCA$5.7b19.1x31.6x2.4x
Mon, 05 Jan 2026CA$176.3bCA$75.9bCA$5.3b18.6x33.5x2.3x
Wed, 03 Dec 2025CA$177.3bCA$76.1bCA$5.3b18.5x33.2x2.3x
Fri, 31 Oct 2025CA$180.6bCA$75.6bCA$5.3b20.9x34.2x2.4x
Sun, 28 Sep 2025CA$169.7bCA$75.2bCA$5.3b20.4x32.1x2.3x
Tue, 26 Aug 2025CA$169.6bCA$75.2bCA$5.3b19.6x32x2.3x
Thu, 24 Jul 2025CA$167.8bCA$74.4bCA$5.8b19.9x29x2.3x
Sat, 21 Jun 2025CA$164.4bCA$75.6bCA$5.8b19.7x28.3x2.2x
Mon, 19 May 2025CA$162.8bCA$75.9bCA$5.8b20x28x2.1x
Wed, 16 Apr 2025CA$155.9bCA$74.5bCA$5.5b20.5x28.4x2.1x
Fri, 14 Mar 2025CA$156.4bCA$75.0bCA$5.5b20.1x28.6x2.1x
Sun, 09 Feb 2025CA$148.8bCA$75.4bCA$5.1b20.4x28.9x2x
Tue, 07 Jan 2025CA$146.1bCA$75.3bCA$5.3b20.4x27.5x1.9x
Thu, 05 Dec 2024CA$165.9bCA$81.7bCA$3.5b20.6x47.1x2x
Sat, 02 Nov 2024CA$161.4bCA$81.0bCA$6.9b18.4x23.4x2x
Mon, 30 Sep 2024CA$166.1bCA$80.7bCA$6.9b19.5x24x2.1x
Wed, 28 Aug 2024CA$155.1bCA$80.6bCA$6.9b17.8x22.5x1.9x
Fri, 26 Jul 2024CA$150.4bCA$80.3bCA$7.2b14.8x20.8x1.9x
Sun, 23 Jun 2024CA$143.6bCA$80.1bCA$7.2b13.7x19.9x1.8x
Tue, 21 May 2024CA$151.7bCA$79.9bCA$7.2b14.9x21x1.9x
Thu, 18 Apr 2024CA$133.3bCA$81.0bCA$6.3b13.7x21.2x1.6x
Sat, 16 Mar 2024CA$140.0bCA$80.7bCA$6.3b13.7x22.3x1.7x
Mon, 12 Feb 2024CA$138.9bCA$82.0bCA$6.2b14.5x22.3x1.7x
Wed, 10 Jan 2024CA$152.4bCA$85.3bCA$8.7b14.8x17.4x1.8x
Fri, 08 Dec 2023CA$147.4bCA$85.6bCA$8.8b14.5x16.8x1.7x
Sun, 05 Nov 2023CA$143.4bCA$85.9bCA$8.7b13.3x16.5x1.7x
Tue, 03 Oct 2023CA$135.6bCA$85.2bCA$6.8b13x20x1.6x
Thu, 31 Aug 2023CA$149.0bCA$85.0bCA$6.8b15.1x22x1.8x
Sat, 29 Jul 2023CA$156.4bCA$84.5bCA$8.0b13.9x19.6x1.9x
Price to Earnings Ratio

19.6x


Total Market Cap: CA$156.4bTotal Earnings: CA$8.0bTotal Revenue: CA$84.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 28.4x202420252026
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 43.5x which is higher than its 3-year average PE of 28.4x.
  • The 3-year average PS ratio of 2.1x is lower than the industry's current PS ratio of 2.7x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have declined 16% per year over the last three years,
  • Revenues have also declined 2.7% 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 Market0.17%
Utilities0.21%
Other Utilities1.40%
Gas Utilities0.93%
Water Utilities0%0
Electric Utilities-0.019%
Renewable Energy-0.21%
Industry PE
  • Investors are most optimistic about the Other Utilities industry which is trading above its 3-year average PE ratio of 27.3x.
    • Analysts are expecting annual earnings growth of 51.4%, which is higher than its past year's earnings decline of 63.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Other Utilities industry, expecting annual earnings growth of 51% over the next 5 years.
  • This is better than its past earnings decline of 63% per year.
  • In contrast, the Electric Utilities industry is expected to see its earnings grow by 7.5% 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
CU Canadian UtilitiesCA$54.381.6%
+CA$236.9m		39.3%PE493.6x
ACO.X ATCOCA$78.092.7%
+CA$230.7m		50.6%PE55.6x
H Hydro OneCA$59.080.5%
+CA$168.0m		20.9%PE25.8x
ALA AltaGasCA$54.960.7%
+CA$121.7m		36.8%PE34.2x
SPB Superior PlusCA$8.123.2%
+CA$53.6m		13.9%PE32.2x

Latest News

CU
CA$54.38
Canadian Utilities
7D
1.6%
1Y
39.3%
CPX
CA$72.75
Capital Power
7D
-1.8%
1Y
21.1%
Narrative Update • Jul 17

CPX: Fair Value Outlook Will Hinge On Meta Deal And Margins

Capital Power's updated fair value estimate reflects a modest uplift in the implied analyst price target to CA$85, with analysts pointing to current revisions at CIBC and BMO, along with expectations for more tempered sector earnings and weaker renewables conditions as key drivers of their refreshed assumptions. Analyst Commentary Recent Street research on Capital Power shows analysts adjusting their price targets and views as they reassess sector earnings expectations and renewables exposure.
NPI
CA$21.84
Northland Power
7D
-1.5%
1Y
-6.4%
EMA
CA$75.54
Emera
7D
-0.8%
1Y
18.5%
H
CA$59.08
Hydro One
7D
0.5%
1Y
20.9%
ACO.X
CA$78.09
ATCO
7D
2.7%
1Y
50.6%
ALA
CA$54.96
AltaGas
7D
0.7%
1Y
36.8%
SPB
CA$8.12
Superior Plus
7D
3.2%
1Y
13.9%
Narrative Update • Jul 07

SPB: Cautious Execution Outlook Will Temper Benefits Of Recent Share Buybacks

Analyst fair value for Superior Plus has been updated from CA$6.00 to CA$7.75, with recent price target increases across several firms reflecting analysts' revised expectations around growth, profitability, and risk assumptions. Analyst Commentary Recent research on Superior Plus points to a mix of optimism and restraint, with several firms updating their price targets and ratings as they refresh their models and assumptions.
FTS
CA$81.26
Fortis
7D
0.04%
1Y
21.8%
TA
CA$19.71
TransAlta
7D
0.6%
1Y
18.0%
PIF
CA$15.61
Polaris Renewable Energy
7D
0.7%
1Y
31.3%
BLX
CA$37.00
Boralex
7D
-0.05%
1Y
13.5%
AQN
CA$8.12
Algonquin Power & Utilities
7D
-0.9%
1Y
-2.2%
Narrative Update • Jun 29

AQN: Turnaround Execution Will Drive Future Upside To Revised Fair Value

Analysts have lifted their fair value estimate for Algonquin Power & Utilities from about CA$8.42 to roughly CA$9.73, reflecting updated views on discount rates, revenue growth, profit margins, and future P/E assumptions following a mix of neutral and bullish research coverage from major banks. Analyst Commentary Recent research coverage on Algonquin Power & Utilities has been mixed, with some analysts highlighting potential for a turnaround in the stock while others are taking a more cautious, wait and see approach.
CBLU
CA$0.035
Clear Blue Technologies International
7D
-12.5%
1Y
-58.8%
CUP.U
US$14.30
Caribbean Utilities Company
7D
-1.0%
1Y
9.4%
NKW.H
CA$0.07
Oceanic Wind Energy
7D
-41.7%
1Y
0%