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Canadian (TSX) Utilities Sector Analysis

UpdatedMar 01, 2026
DataAggregated Company Financials
Companies25
  • 7D1.9%
  • 3M8.0%
  • 1Y26.3%
  • YTD9.4%

The Utilities industry is up 1.9% in the last week, with Hydro One up 3.4%. In the same time, Bitzero Holdings was down 8.9%. This takes the industry's 12 month performance to a gain of 26%. Earnings are forecast to grow by 1.7% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 01 Mar 2026CA$193.6bCA$76.5bCA$5.1b20.9x37.7x2.5x
Tue, 27 Jan 2026CA$176.9bCA$75.8bCA$5.3b18.7x33.6x2.3x
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
Price to Earnings Ratio

20.4x


Total Market Cap: CA$153.8bTotal Earnings: CA$7.5bTotal Revenue: CA$82.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 25.9x202420252026
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 37.7x which is higher than its 3-year average PE of 25.9x.
  • The 3-year average PS ratio of 2.0x is lower than the industry's current PS ratio of 2.5x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have declined 12% per year over the last three years,
  • Revenues have also declined 2.6% 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 Market1.82%
Utilities1.94%
Gas Utilities2.49%
Electric Utilities2.27%
Other Utilities2.14%
Renewable Energy1.06%
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 22.0x.
    • Analysts are expecting annual earnings growth of 58.4%, which is higher than its past year's earnings decline of 89.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Other Utilities industry, expecting annual earnings growth of 58% over the next 5 years.
  • This is better than its past earnings decline of 90% per year.
  • In contrast, the Renewable Energy industry is expected to see its earnings decline by 15% 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$58.623.4%
+CA$1.2b		26.5%PE26.3x
FTS FortisCA$78.471.9%
+CA$750.9m		23.7%PE23.2x
NPI Northland PowerCA$21.869.6%
+CA$499.5m		10.0%PS2.3x
ALA AltaGasCA$46.362.6%
+CA$367.3m		30.8%PE19.4x
EMA EmeraCA$70.971.1%
+CA$330.4m		22.7%PE21.2x

Latest News

CU
CA$47.57
Canadian Utilities
7D
1.2%
1Y
36.5%
H
CA$58.62
Hydro One
7D
3.4%
1Y
26.5%
ACO.X
CA$64.86
ATCO
7D
1.8%
1Y
37.8%
CUP.U
US$13.45
Caribbean Utilities Company
7D
-0.3%
1Y
2.0%
NPI
CA$21.86
Northland Power
7D
9.6%
1Y
10.0%
REVV
CA$0.18
ReVolve Renewable Power
7D
-7.7%
1Y
-30.8%
EMA
CA$70.97
Emera
7D
1.1%
1Y
22.7%

EMA: Florida Operations And Equity Program Will Offset Nova Scotia Uncertainty

Analysts have inched their price targets on Emera higher, with some moving to CA$74 and CA$75 while others trim or reset targets around CA$69. These changes reflect differing views on valuation, regulatory risk in Nova Scotia, and the balance between near term visibility and longer term growth drivers.
ALA
CA$46.36
AltaGas
7D
2.6%
1Y
30.8%

ALA: Montney Storage And Export Projects Will Support Steady Future Returns

AltaGas’s analyst price target is unchanged at CA$47.09, as analysts keep their views steady with only small model tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Pipestone II has reached full commercial operations, with Train II running at more than 90% of design capacity and fully contracted under long term take or pay agreements, alongside Pipestone I as an integrated two train complex providing gas processing and liquids handling in the Alberta Montney.
AQN
CA$9.54
Algonquin Power & Utilities
7D
4.3%
1Y
38.1%

AQN: 2026 Rate Case Outcomes Will Drive Future Earnings Alignment

Analysts have nudged their fair value estimate for Algonquin Power & Utilities higher, supporting a price target increase of about C$1 as they factor in updated assumptions on revenue growth, profitability and P/E, along with potential upside from upcoming rate case decisions. Analyst Commentary Recent Street research on Algonquin Power & Utilities has tilted more constructive, with price targets nudged higher and ratings moving into more positive territory.
PIF
CA$11.99
Polaris Renewable Energy
7D
-0.9%
1Y
-0.8%
FTS
CA$78.47
Fortis
7D
1.9%
1Y
23.7%
WEB
CA$1.65
Westbridge Renewable Energy
7D
-5.2%
1Y
-50.9%
RESO
CA$0.20
ReSolve Energie
7D
-12.8%
1Y
n/a
BITZ.U
US$2.24
Bitzero Holdings
7D
-8.9%
1Y
n/a
SOLR
CA$0.015
Solar Alliance Energy
7D
-25.0%
1Y
-25.0%
WATR
CA$0.01
Current Water Technologies
7D
-33.3%
1Y
-60.0%