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Canadian (TSX) Utilities Sector Analysis

UpdatedMar 24, 2026
DataAggregated Company Financials
Companies25
  • 7D-3.3%
  • 3M7.8%
  • 1Y19.9%
  • YTD6.7%

Over the last 7 days, the Utilities industry has dropped 3.3%, driven by pullbacks in Fortis and Hydro One of 5.5% and 6.0%, respectively. On the other hand Boralex is actually up 11%. This takes the industry's 12 month performance to a gain of 20%. Earnings are forecast to grow by 6.7% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 24 Mar 2026CA$190.3bCA$77.0bCA$5.3b22.4x36x2.5x
Thu, 19 Feb 2026CA$190.3bCA$76.3bCA$5.8b19.7x32.8x2.5x
Sat, 17 Jan 2026CA$176.6bCA$76.1bCA$5.3b18.8x33.6x2.3x
Mon, 15 Dec 2025CA$173.3bCA$75.9bCA$5.4b18x32.4x2.3x
Wed, 12 Nov 2025CA$181.4bCA$76.0bCA$5.6b18.7x32.5x2.4x
Fri, 10 Oct 2025CA$176.3bCA$75.3bCA$5.3b20.7x33.3x2.3x
Sun, 07 Sep 2025CA$166.3bCA$75.1bCA$5.3b20x31.4x2.2x
Tue, 05 Aug 2025CA$167.6bCA$74.7bCA$5.8b20.3x28.9x2.2x
Thu, 03 Jul 2025CA$164.9bCA$75.5bCA$5.8b20x28.3x2.2x
Sat, 31 May 2025CA$164.8bCA$75.6bCA$5.8b20.4x28.3x2.2x
Mon, 28 Apr 2025CA$161.4bCA$74.4bCA$5.5b21x29.4x2.2x
Wed, 26 Mar 2025CA$158.5bCA$74.8bCA$5.5b20.1x29x2.1x
Fri, 21 Feb 2025CA$150.1bCA$75.5bCA$5.4b21.2x28x2x
Sun, 19 Jan 2025CA$144.2bCA$75.4bCA$5.3b20.8x27.1x1.9x
Tue, 17 Dec 2024CA$161.1bCA$81.9bCA$3.5b21x46x2x
Thu, 14 Nov 2024CA$159.7bCA$81.5bCA$3.9b19.9x41.3x2x
Sat, 12 Oct 2024CA$158.4bCA$81.1bCA$6.9b18.9x22.9x2x
Mon, 09 Sep 2024CA$155.8bCA$80.8bCA$6.9b19.1x22.5x1.9x
Wed, 07 Aug 2024CA$154.0bCA$80.8bCA$6.0b16.7x25.8x1.9x
Fri, 05 Jul 2024CA$146.3bCA$79.9bCA$7.2b13.9x20.3x1.8x
Sun, 02 Jun 2024CA$149.9bCA$80.0bCA$7.2b14.2x20.8x1.9x
Tue, 30 Apr 2024CA$136.9bCA$80.9bCA$6.3b14x21.8x1.7x
Thu, 28 Mar 2024CA$140.6bCA$80.8bCA$6.3b13.9x22.4x1.7x
Sat, 24 Feb 2024CA$140.9bCA$82.2bCA$5.6b14.7x25x1.7x
Mon, 22 Jan 2024CA$147.8bCA$85.4bCA$8.7b14.7x16.9x1.7x
Wed, 20 Dec 2023CA$149.0bCA$85.3bCA$8.7b14.5x17.1x1.7x
Fri, 17 Nov 2023CA$146.0bCA$85.7bCA$8.8b14.7x16.7x1.7x
Sun, 15 Oct 2023CA$136.8bCA$85.2bCA$6.8b13.9x20.2x1.6x
Tue, 12 Sep 2023CA$146.2bCA$85.1bCA$6.8b14.6x21.6x1.7x
Thu, 10 Aug 2023CA$149.8bCA$84.9bCA$7.2b14.1x20.8x1.8x
Sat, 08 Jul 2023CA$153.8bCA$85.3bCA$7.9b14.3x19.4x1.8x
Mon, 05 Jun 2023CA$163.2bCA$85.4bCA$8.0b14.7x20.5x1.9x
Wed, 03 May 2023CA$164.8bCA$83.9bCA$7.5b16.4x21.9x2x
Fri, 31 Mar 2023CA$163.2bCA$82.8bCA$7.2b16.1x22.8x2x
Price to Earnings Ratio

22.8x


Total Market Cap: CA$163.2bTotal Earnings: CA$7.2bTotal Revenue: CA$82.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 26.2x202420252026
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 36.0x which is higher than its 3-year average PE of 26.2x.
  • 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 9.6% per year over the last three years,
  • Revenues have also declined 2.4% 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-2.96%
Utilities-3.28%
Renewable Energy0.33%
Gas Utilities-0.87%
Other Utilities-3.39%
Electric Utilities-5.54%
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 23.2x.
    • Analysts are expecting annual earnings growth of 52.0%, 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 18% 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
BLX BoralexCA$30.7010.9%
+CA$309.3m		6.0%PE450.7x
NPI Northland PowerCA$22.081.5%
+CA$83.7m		13.8%PS2.4x
SPB Superior PlusCA$6.924.7%
+CA$66.5m		3.0%PE18.9x
CUP.U Caribbean Utilities CompanyUS$13.842.5%
+US$14.4m		4.0%PE12.7x
BITZ.U Bitzero HoldingsUS$2.397.2%
+US$8.5m		n/aPS4.6x

Latest News

AQN
CA$8.60
Algonquin Power & Utilities
7D
-2.3%
1Y
16.7%
EMA
CA$69.68
Emera
7D
-5.1%
1Y
18.2%
MXG
CA$4.35
Maxim Power
7D
-2.5%
1Y
-4.6%
H
CA$56.54
Hydro One
7D
-6.0%
1Y
16.0%

H: Stable Outlook And Recent Commentary Will Shape Measured Repricing Expectations

Hydro One's analyst fair value estimate has shifted from CA$53.68 to CA$54.79. This change reflects a series of recent price target increases from analysts who point to updated revenue and earnings assumptions while generally maintaining mid range ratings on the stock.
NPI
CA$22.08
Northland Power
7D
1.5%
1Y
13.8%
TA
CA$16.51
TransAlta
7D
-3.2%
1Y
17.9%

TA: Keephills Data Centre Development Will Drive Long Term Margin Expansion

Analysts have kept their CA$23.45 price target for TransAlta unchanged, citing only small model tweaks, including a slightly higher discount rate and a marginally adjusted forward P/E assumption. What's in the News TransAlta signed a Memorandum of Understanding with CPP Investments and Brookfield to advance data centre development at the Keephills site in Alberta, with TransAlta as the exclusive site and power provider.
FTS
CA$75.69
Fortis
7D
-5.5%
1Y
17.6%

FTS: Fairly Valued Outlook Will Rely On Regulated Returns And Funding Conditions

Analysts have nudged the average price target for Fortis higher by roughly CA$1 to about CA$76.43. This reflects a modest adjustment to fair value estimates alongside slightly lower discount rate assumptions, while revenue growth, profit margin and future P/E expectations are being kept essentially unchanged.
CU
CA$47.22
Canadian Utilities
7D
-4.0%
1Y
31.2%

CU: Higher Income And Tight Price Range Will Support A Steady Defensive Profile

The analyst fair value estimate for Canadian Utilities has been raised from CA$47.00 to approximately CA$48.43. This change reflects a series of recent price target increases into the CA$47 to CA$49 range as analysts reassess the stock's outlook.
SPB
CA$6.92
Superior Plus
7D
4.7%
1Y
3.0%

SPB: Execution Setbacks And Lower Guidance Will Pressure Future Share Returns

Analysts have reduced their average price targets on Superior Plus by roughly CA$1 per share, citing weaker growth expectations, recent operational setbacks, and a more cautious stance on execution across both business lines. Analyst Commentary Recent Street research on Superior Plus points to a clear reset in expectations, with several bearish analysts cutting price targets and downgrading ratings after operational issues, guidance changes, and softer growth assumptions across both propane and compressed natural gas operations.
ACO.X
CA$65.18
ATCO
7D
-3.3%
1Y
33.2%

ACO.X: Regulated Utilities And Dividend Policy Will Support Steady Returns And Buybacks

Analyst price targets for ATCO have moved higher to CA$67 from CA$65.43, reflecting a cluster of recent target increases from TD Securities, Scotiabank, RBC Capital, BMO Capital and CIBC, with analysts linking their updates to revised fair value estimates and slightly adjusted discount rate and forward P/E assumptions. Analyst Commentary Recent research updates on ATCO cluster around higher fair value estimates and modestly revised valuation inputs, with new price targets ranging from CA$66 to CA$72.
CUP.U
US$13.84
Caribbean Utilities Company
7D
2.5%
1Y
4.0%
BLX
CA$30.70
Boralex
7D
10.9%
1Y
6.0%

BLX: Growing Battery Storage Portfolio Will Support Long Term Upside

Analysts have trimmed their price target on Boralex to CA$35 from CA$36, reflecting updated views on fair value, discount rates, revenue growth, profit margins, and future P/E assumptions. Analyst Commentary Recent research maintains a positive stance on Boralex while trimming the price target to CA$35 from CA$36.
ALA
CA$47.50
AltaGas
7D
-1.4%
1Y
23.3%

ALA: Montney Storage And Exports Will Support Balanced Future Return Potential

AltaGas' updated fair value estimate moves to CA$48.91 from CA$47.09, reflecting analysts' higher price targets in the CA$49 to CA$52 range, supported by revised assumptions on the discount rate, revenue growth, profit margin, and future P/E. Analyst Commentary Recent Street research has clustered around higher price targets for AltaGas in the CA$49 to CA$52 range, which aligns with the updated fair value estimate of CA$48.91.
WEB
CA$1.72
Westbridge Renewable Energy
7D
1.2%
1Y
-44.2%
RESO
CA$0.21
ReSolve Energie
7D
7.5%
1Y
n/a
BITZ.U
US$2.39
Bitzero Holdings
7D
7.2%
1Y
n/a