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Canadian (TSX) Utilities Sector Analysis

UpdatedDec 15, 2025
DataAggregated Company Financials
Companies25
  • 7D-0.8%
  • 3M3.6%
  • 1Y14.3%
  • YTD14.7%

In the last week, Utilities has been flat. As for the the longer term, the industry is up 14% over the past 12 months. As for the next few years, earnings are expected to grow by 29% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Sun, 26 Feb 2023CA$152.0bCA$81.4bCA$7.1b17.1x21.4x1.9x
Tue, 24 Jan 2023CA$158.1bCA$79.2bCA$6.0b18x26.5x2x
Thu, 22 Dec 2022CA$152.8bCA$79.5bCA$6.0b17.4x25.5x1.9x
Price to Earnings Ratio

25.5x


Total Market Cap: CA$152.8bTotal Earnings: CA$6.0bTotal Revenue: CA$79.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 25.3x202320242025
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 32.4x which is higher than its 3-year average PE of 25.3x.
  • The 3-year average PS ratio of 1.9x is lower than the industry's current PS ratio of 2.3x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have declined 3.7% 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 Market0.76%
Utilities-0.77%
Water Utilities0%0
Other Utilities-0.26%
Electric Utilities-0.44%
Gas Utilities-1.29%
Renewable Energy-1.48%
Industry PE
  • Investors are most optimistic about the Other Utilities industry, which is trading close to its 3-year average PE ratio of 21.3x.
    • Analysts are expecting annual earnings growth of 19.0%, 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 83% over the next 5 years.
  • This is better than its past earnings decline of 51% per year.
  • In contrast, the Electric Utilities industry is expected to see its earnings grow by 6.1% 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
EMA EmeraCA$65.960.5%
+CA$90.2m		20.7%PE18x
BLX BoralexCA$24.831.7%
+CA$43.2m		-14.3%PS3.1x
NPI Northland PowerCA$17.240.7%
+CA$31.4m		-5.4%PS2x
ACO.X ATCOCA$53.360.2%
+CA$9.0m		11.2%PE13.9x
BITZ.U Bitzero HoldingsUS$2.520.8%
+US$995.1k		n/aPS4.8x

Latest News

TA
CA$19.08
TransAlta
7D
-2.5%
1Y
-3.9%
ACO.X
CA$53.36
ATCO
7D
0.2%
1Y
11.2%
EMA
CA$65.96
Emera
7D
0.5%
1Y
20.7%

EMA: Dividend Stability And Regulatory Backdrop Will Guide Share Performance

We are raising our price target on Emera slightly to C$68.50 from about C$68.39, reflecting analysts modestly higher long term expectations following multiple target hikes across the Street on updated models and a more constructive outlook for the shares. Analyst Commentary Recent price target revisions across the Street highlight a more constructive stance on Emera, with multiple firms lifting their estimates into the low C$70s as updated models reflect improved earnings visibility and a steadier regulatory backdrop.
H
CA$52.74
Hydro One
7D
-0.4%
1Y
19.5%

With EPS Growth And More, Hydro One (TSE:H) Makes An Interesting Case

Dec 11
With EPS Growth And More, Hydro One (TSE:H) Makes An Interesting Case
BLX
CA$24.83
Boralex
7D
1.7%
1Y
-14.3%

BLX: Québec Wind Expansion Will Drive Long Term Power Segment Momentum

Analysts have nudged their consolidated price target for Boralex slightly lower to about C$36.40 from roughly C$36.90, balancing a recent C$2 cut to C$36 with a C$1 increase to C$39 as they factor in softer power-generation trends, muted realized pricing, and only modest adjustments to long term growth and valuation assumptions. Analyst Commentary Street research on Boralex reflects a mixed but generally constructive stance, with some trimming of expectations but continued confidence in the company’s long term growth profile and relative valuation upside within the power space.
NPI
CA$17.24
Northland Power
7D
0.7%
1Y
-5.4%
CU
CA$41.52
Canadian Utilities
7D
-0.5%
1Y
17.2%

CU: Incremental Rate Benefits Will Support Defensive Profile Amid Fair Valuation

Analysts have nudged their price target for Canadian Utilities modestly higher, reflecting a series of incremental target increases across the Street to roughly C$41 to C$44, as they cite resilient regulated utility performance despite a more volatile macro and rate backdrop. Analyst Commentary Bullish analysts see the steady drumbeat of price target increases, from the low C$40s to the mid C$40s, as validation that Canadian Utilities execution in its regulated businesses is tracking at or slightly ahead of expectations.
AQN
CA$8.10
Algonquin Power & Utilities
7D
-0.2%
1Y
27.6%

AQN: Future Leadership And Earnings Profile Will Support A Balanced Outlook

Analysts have nudged their price target on Algonquin Power & Utilities slightly higher, reflecting modestly improved assumptions around long term revenue growth, profit margins, and forward valuation multiples. What's in the News Algonquin Power & Utilities appointed Robert J.
CPX
CA$61.48
Capital Power
7D
-1.4%
1Y
-1.8%

CPX: Future Performance Will Reflect Long Term Contracted Cash Flow Upside

Analysts have lifted their consolidated price target for Capital Power to about C$80, reflecting increased confidence in the company’s underappreciated growth profile, resilient margins, and U.S.-like expansion prospects. Analyst Commentary Recent Street research points to a broadly constructive view on Capital Power, with multiple firms raising their price targets and reiterating positive ratings in quick succession.
ALA
CA$41.79
AltaGas
7D
-1.0%
1Y
27.3%

ALA: Higher Price Outlook Will Highlight Dividend Increase Amid Execution Risks

Analysts have nudged their price target on AltaGas higher, from about C$46.00 to approximately C$48.00, citing slightly improved growth expectations and valuation multiples that support a modestly richer outlook for the shares. Analyst Commentary Analyst commentary surrounding the updated price target highlights a constructive view on AltaGas, with the revised target reflecting both refined growth expectations and confidence in the company’s execution track record.
GCA.X
CA$0.095
Gencan Capital
7D
26.7%
1Y
n/a
CBLU
CA$0.05
Clear Blue Technologies International
7D
11.1%
1Y
-44.4%
CUP.U
US$13.12
Caribbean Utilities Company
7D
-1.7%
1Y
-6.4%
SPB
CA$6.86
Superior Plus
7D
-3.2%
1Y
10.1%
NKW.H
CA$0.055
Oceanic Wind Energy
7D
10.0%
1Y
57.1%