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Canadian (TSX) Utilities Sector Analysis

UpdatedMar 05, 2026
DataAggregated Company Financials
Companies25
  • 7D0.2%
  • 3M8.7%
  • 1Y24.9%
  • YTD8.4%

The Utilities industry has stayed flat over the last week. The past year has been better, since the industry has gained 25% in that time. Earnings are forecast to grow by 7.8% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 05 Mar 2026CA$192.4bCA$76.5bCA$5.3b23.3x36.6x2.5x
Sat, 31 Jan 2026CA$177.5bCA$75.7bCA$5.3b18.5x33.7x2.3x
Mon, 29 Dec 2025CA$174.4bCA$75.8bCA$5.3b18.4x33.1x2.3x
Wed, 26 Nov 2025CA$178.7bCA$76.3bCA$5.4b18.7x33.3x2.3x
Fri, 24 Oct 2025CA$182.1bCA$75.3bCA$5.3b21x34.4x2.4x
Sun, 21 Sep 2025CA$166.5bCA$75.1bCA$5.3b20.1x31.4x2.2x
Tue, 19 Aug 2025CA$168.7bCA$75.1bCA$5.3b20.3x31.9x2.2x
Thu, 17 Jul 2025CA$168.3bCA$75.6bCA$5.8b19.8x28.9x2.2x
Sat, 14 Jun 2025CA$165.9bCA$75.5bCA$5.8b19.9x28.5x2.2x
Mon, 12 May 2025CA$163.1bCA$75.8bCA$5.8b19x28.2x2.2x
Wed, 09 Apr 2025CA$152.0bCA$74.8bCA$5.5b19.5x27.7x2x
Fri, 07 Mar 2025CA$154.7bCA$75.3bCA$5.8b19.4x26.8x2.1x
Sun, 02 Feb 2025CA$148.3bCA$75.6bCA$5.1b19.9x28.8x2x
Tue, 31 Dec 2024CA$160.5bCA$82.1bCA$3.5b20.4x46x2x
Thu, 28 Nov 2024CA$164.6bCA$81.6bCA$3.5b20.8x46.5x2x
Sat, 26 Oct 2024CA$165.2bCA$81.3bCA$6.9b19.3x23.8x2x
Mon, 23 Sep 2024CA$161.2bCA$80.8bCA$6.9b19.2x23.3x2x
Wed, 21 Aug 2024CA$154.3bCA$80.9bCA$6.9b17.7x22.3x1.9x
Fri, 19 Jul 2024CA$148.4bCA$80.1bCA$7.2b14.3x20.5x1.9x
Sun, 16 Jun 2024CA$146.5bCA$80.1bCA$7.2b14.2x20.3x1.8x
Tue, 14 May 2024CA$150.3bCA$79.8bCA$7.2b14.2x20.8x1.9x
Thu, 11 Apr 2024CA$139.6bCA$80.9bCA$6.3b14x22.2x1.7x
Sat, 09 Mar 2024CA$143.8bCA$81.4bCA$5.8b14.7x24.6x1.8x
Mon, 05 Feb 2024CA$147.1bCA$87.2bCA$6.5b15.1x22.6x1.7x
Wed, 03 Jan 2024CA$149.3bCA$85.3bCA$8.7b14.7x17.1x1.8x
Fri, 01 Dec 2023CA$143.4bCA$85.5bCA$8.8b14x16.4x1.7x
Sun, 29 Oct 2023CA$134.7bCA$85.2bCA$6.8b13.1x19.8x1.6x
Tue, 26 Sep 2023CA$145.6bCA$84.9bCA$6.8b14.1x21.5x1.7x
Thu, 24 Aug 2023CA$149.3bCA$85.0bCA$6.8b15.2x22.1x1.8x
Sat, 22 Jul 2023CA$158.7bCA$85.2bCA$7.9b14.3x20x1.9x
Mon, 19 Jun 2023CA$156.0bCA$85.2bCA$7.9b15.2x19.7x1.8x
Wed, 17 May 2023CA$165.9bCA$85.5bCA$8.0b15.1x20.9x1.9x
Fri, 14 Apr 2023CA$166.8bCA$82.6bCA$7.1b16.6x23.4x2x
Sun, 12 Mar 2023CA$151.5bCA$83.0bCA$7.5b16.5x20.1x1.8x
Price to Earnings Ratio

20.1x


Total Market Cap: CA$151.5bTotal Earnings: CA$7.5bTotal Revenue: CA$83.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 26x202420252026
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 36.6x which is higher than its 3-year average PE of 26.0x.
  • 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 11% 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 Market-0.89%
Utilities0.21%
Water Utilities50.00%
Gas Utilities2.82%
Other Utilities1.14%
Electric Utilities0.95%
Renewable Energy-2.39%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings decline of 17.1%, which is less than its past year's earnings decline of 58.7%.
Forecasted Growth
  • Analysts are most optimistic on the Other Utilities industry, expecting annual earnings growth of 62% 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 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
FTS FortisCA$78.731.2%
+CA$466.8m		23.9%PE23.3x
ALA AltaGasCA$46.722.7%
+CA$379.8m		28.2%PE19.5x
NPI Northland PowerCA$21.296.3%
+CA$332.1m		10.6%PS2.3x
EMA EmeraCA$71.051.6%
+CA$330.3m		20.7%PE21.2x
AQN Algonquin Power & UtilitiesCA$9.522.0%
+CA$146.0m		37.4%PE207.7x

Latest News

CPX
CA$61.53
Capital Power
7D
-2.2%
1Y
25.9%
H
CA$58.18
Hydro One
7D
0.3%
1Y
23.0%
ACO.X
CA$65.58
ATCO
7D
2.0%
1Y
36.1%

ACO.X: Regulated Utilities And Dividend Policy Will Likely Support Steady Total Return

The analyst price target for ATCO has moved up from CA$60.43 to CA$65.43, with analysts pointing to updated assumptions around revenue growth, profit margins, and a lower future P/E as key drivers of their refreshed view. Analyst Commentary Recent Street research has clustered around higher fair value estimates for ATCO, with targets ranging from CA$66 to CA$72.
EMA
CA$71.05
Emera
7D
1.6%
1Y
20.7%
FTS
CA$78.73
Fortis
7D
1.2%
1Y
23.9%
TA
CA$18.07
TransAlta
7D
2.7%
1Y
28.2%
CUP.U
US$13.40
Caribbean Utilities Company
7D
-0.4%
1Y
1.1%
NPI
CA$21.29
Northland Power
7D
6.3%
1Y
10.6%
ALA
CA$46.72
AltaGas
7D
2.7%
1Y
28.2%

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.
NUE
CA$0.17
NU E Power
7D
-5.6%
1Y
-51.4%
AQN
CA$9.52
Algonquin Power & Utilities
7D
2.0%
1Y
37.4%

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.
NKW.H
CA$0.05
Oceanic Wind Energy
7D
-9.1%
1Y
42.9%
EVGN
CA$0.39
EverGen Infrastructure
7D
-6.1%
1Y
-56.3%

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Dec 21
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AKH.H
CA$0.025
Alaska Hydro
7D
-16.7%
1Y
25.0%