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Canadian (TSX) Utilities Sector Analysis

UpdatedFeb 07, 2026
DataAggregated Company Financials
Companies25
  • 7D1.2%
  • 3M-0.9%
  • 1Y21.3%
  • YTD2.6%

In the last week, the Utilities industry is up 2.3%, with Fortis up 4.1%. Meanwhile, Capital Power actually underperformed within the industry, shrinking 7.7% in the last week. In the last 12 months, the industry was up 21%. As for the next few years, earnings are expected to grow by 14% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Mon, 26 Jun 2023CA$153.8bCA$85.2bCA$7.9b14.9x19.4x1.8x
Wed, 24 May 2023CA$163.8bCA$85.5bCA$8.0b14.7x20.6x1.9x
Fri, 21 Apr 2023CA$164.5bCA$82.7bCA$7.1b16.3x23x2x
Sun, 19 Mar 2023CA$158.4bCA$83.0bCA$7.2b16.1x22.1x1.9x
Tue, 14 Feb 2023CA$153.3bCA$80.0bCA$7.0b17.8x22x1.9x
Price to Earnings Ratio

22x


Total Market Cap: CA$153.3bTotal Earnings: CA$7.0bTotal Revenue: CA$80.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 25.7x202420252026
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 31.6x which is higher than its 3-year average PE of 25.7x.
  • The 3-year average PS ratio of 2.0x is lower than the industry's current PS ratio of 2.4x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have declined 6.3% 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 Market2.07%
Utilities1.23%
Gas Utilities2.55%
Renewable Energy1.92%
Electric Utilities1.01%
Other Utilities-0.013%
Water Utilities-25.00%
Industry PE
  • Investors are most optimistic about the Other Utilities industry which is trading above its 3-year average PE ratio of 21.7x.
    • Analysts are expecting annual earnings growth of 22.8%, which is higher than its past year's earnings growth of 11.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 26% over the next 5 years.
  • This is better than its past earnings decline of 39% per year.
  • In contrast, the Gas Utilities industry is expected to see its earnings grow by 3.3% 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
FTS FortisCA$73.741.6%
+CA$571.8m		18.6%PE21.9x
H Hydro OneCA$54.481.2%
+CA$389.9m		19.6%PE25x
ALA AltaGasCA$42.212.8%
+CA$354.9m		21.1%PE17.6x
TA TransAltaCA$18.094.0%
+CA$204.7m		16.7%PS2.2x
BLX BoralexCA$27.217.8%
+CA$201.4m		6.9%PS3.4x

Latest News

AQN
CA$8.90
Algonquin Power & Utilities
7D
-0.4%
1Y
39.7%
ALA
CA$42.21
AltaGas
7D
2.8%
1Y
21.1%

AltaGas (TSE:ALA) Is Increasing Its Dividend To CA$0.334

Feb 06
AltaGas (TSE:ALA) Is Increasing Its Dividend To CA$0.334
TA
CA$18.09
TransAlta
7D
4.0%
1Y
16.7%

TA: Centralia Conversion To Gas Will Support Long Term Margin Expansion

Analysts have adjusted their fair value estimate for TransAlta from about $24.27 to $23.55 per share, reflecting updated views on revenue growth expectations, profit margin assumptions near 9.1% and a slightly lower forward P/E of roughly 39.2x. What's in the News TransAlta signed a long term tolling agreement with Puget Sound Energy to convert its 700 MW Centralia Unit 2 facility from coal to natural gas generation.
H
CA$54.48
Hydro One
7D
1.2%
1Y
19.6%

H: Stable Outlook And Labour Negotiations Will Shape Measured Repricing Potential

Hydro One’s updated analyst price target ticks slightly lower to about C$52.07 from C$52.21. Analysts outline higher revenue growth assumptions, modestly softer profit margins and a small adjustment to future P/E expectations, with recent Street targets ranging from C$52 to C$57.
CU
CA$43.84
Canadian Utilities
7D
-0.5%
1Y
30.0%

Canadian Utilities' (TSE:CU) Dividend Will Be Increased To CA$0.4623

Feb 04
Canadian Utilities' (TSE:CU) Dividend Will Be Increased To CA$0.4623
ACO.X
CA$59.92
ATCO
7D
1.4%
1Y
26.9%
FTS
CA$73.74
Fortis
7D
1.6%
1Y
18.6%

FTS: Fairly Valued Outlook Will Depend On Regulated Earnings Profile Assumptions

Analysts lifted their price target on Fortis by $3, citing updated assumptions for discount rates, revenue growth, profit margins and future P/E that they view as better aligned with current conditions and the company’s earnings profile. Analyst Commentary Bullish Takeaways Bullish analysts see the higher price target as more consistent with updated discount rate assumptions, which they view as better matched to Fortis's risk profile and cash flow visibility.
SPB
CA$7.35
Superior Plus
7D
0.7%
1Y
22.9%

SPB: Share Buybacks And Mixed Ratings Will Shape Future Risk Balance

Analysts now set their fair value estimate for Superior Plus at about $7.07, up from $6.63, reflecting a mix of reduced Street price targets in the C$9 to C$10 range, an upgrade to Buy at C$8.50, and updated assumptions around revenue growth, margins, discount rate, and future P/E. Analyst Commentary Recent research on Superior Plus reflects a mixed backdrop, with some support around C$8.50 to C$10 and a cluster of more cautious revisions that feed into the trimmed fair value estimate of about $7.07.
NPI
CA$19.35
Northland Power
7D
3.1%
1Y
16.3%

Northland Power (TSE:NPI) Has Some Difficulty Using Its Capital Effectively

Feb 02
Northland Power (TSE:NPI) Has Some Difficulty Using Its Capital Effectively
BITZ.U
US$3.07
Bitzero Holdings
7D
-14.0%
1Y
n/a
WEB
CA$1.87
Westbridge Renewable Energy
7D
-5.8%
1Y
-41.6%
BLX
CA$27.21
Boralex
7D
7.8%
1Y
6.9%
EMA
CA$67.37
Emera
7D
-0.2%
1Y
21.1%

EMA: Premium Pricing And Equity Program Will Shape Future Risk Reward Balance

Analysts have trimmed their average fair value estimate for Emera by about C$0.43 to roughly C$68.79. The revised figure reflects updated price targets that take into account a premium valuation, regulatory uncertainty in Nova Scotia, and more cautious expectations around growth beyond the Florida business.
CPX
CA$58.46
Capital Power
7D
-2.2%
1Y
8.2%

CPX: Future Returns Will Reflect Long Term Contracted U.S. Gas Cash Flows

Analysts have nudged their fair value estimate for Capital Power higher to about C$74.71 from roughly C$74.46, citing a series of recent price target increases across the Street that reflect updated views on revenue growth, margins, and future P/E assumptions. Analyst Commentary Recent research updates around Capital Power cluster tightly in a C$73 to C$82 fair value range, which helps explain the modest move higher in the aggregated fair value estimate.
MXG
CA$4.31
Maxim Power
7D
-2.5%
1Y
-28.0%
CUP.U
US$13.21
Caribbean Utilities Company
7D
-1.8%
1Y
-1.4%