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Canadian (TSX) Utilities Sector Analysis

UpdatedMar 26, 2026
DataAggregated Company Financials
Companies25
  • 7D-1.1%
  • 3M10.7%
  • 1Y23.9%
  • YTD9.4%

Over the last 7 days, the Utilities industry has dropped 1.1%, driven by declines in Hydro One and Fortis of 3.7% and 3.2%, respectively. Meanwhile, Boralex actually outperformed within the industry, gaining 27% in the last week. Over the past 12 months, the industry was up 24%. Looking forward, earnings are forecast to grow by 6.9% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 26 Mar 2026CA$192.7bCA$77.1bCA$5.3b22.6x36.4x2.5x
Sat, 21 Feb 2026CA$189.9bCA$76.3bCA$5.8b19.8x32.7x2.5x
Mon, 19 Jan 2026CA$177.0bCA$76.1bCA$5.3b18.8x33.6x2.3x
Wed, 17 Dec 2025CA$174.2bCA$75.9bCA$5.4b18.2x32.6x2.3x
Fri, 14 Nov 2025CA$182.3bCA$76.0bCA$5.6b18.6x32.6x2.4x
Sun, 12 Oct 2025CA$176.4bCA$75.3bCA$5.3b20.2x33.3x2.3x
Tue, 09 Sep 2025CA$166.2bCA$75.1bCA$5.3b20x31.4x2.2x
Thu, 07 Aug 2025CA$168.1bCA$74.6bCA$5.8b20.5x29x2.3x
Sat, 05 Jul 2025CA$165.0bCA$75.5bCA$5.8b19.8x28.3x2.2x
Mon, 02 Jun 2025CA$164.7bCA$75.6bCA$5.8b20.4x28.3x2.2x
Wed, 30 Apr 2025CA$162.0bCA$74.3bCA$5.5b21.1x29.5x2.2x
Fri, 28 Mar 2025CA$157.3bCA$74.9bCA$5.5b19.9x28.8x2.1x
Sun, 23 Feb 2025CA$151.5bCA$75.2bCA$5.2b21.3x29.2x2x
Tue, 21 Jan 2025CA$144.2bCA$75.2bCA$5.3b20.9x27.1x1.9x
Thu, 19 Dec 2024CA$160.6bCA$82.2bCA$3.5b20.8x46.1x2x
Sat, 16 Nov 2024CA$161.0bCA$81.7bCA$3.6b19.7x45x2x
Mon, 14 Oct 2024CA$159.0bCA$81.1bCA$6.9b18.9x23x2x
Wed, 11 Sep 2024CA$156.6bCA$80.8bCA$6.9b19.2x22.6x1.9x
Fri, 09 Aug 2024CA$153.0bCA$80.7bCA$6.0b16.4x25.6x1.9x
Sun, 07 Jul 2024CA$145.7bCA$80.0bCA$7.2b13.9x20.2x1.8x
Tue, 04 Jun 2024CA$149.9bCA$80.0bCA$7.2b14.2x20.8x1.9x
Thu, 02 May 2024CA$137.4bCA$80.6bCA$6.3b13.9x22x1.7x
Sat, 30 Mar 2024CA$140.9bCA$80.7bCA$6.3b14x22.4x1.7x
Mon, 26 Feb 2024CA$140.9bCA$82.0bCA$5.7b14.7x24.7x1.7x
Wed, 24 Jan 2024CA$147.7bCA$85.4bCA$8.7b14.5x16.9x1.7x
Fri, 22 Dec 2023CA$146.6bCA$85.2bCA$8.7b14.3x16.8x1.7x
Sun, 19 Nov 2023CA$146.6bCA$85.7bCA$8.8b14.7x16.7x1.7x
Tue, 17 Oct 2023CA$137.8bCA$85.1bCA$6.8b14x20.3x1.6x
Thu, 14 Sep 2023CA$147.4bCA$85.1bCA$6.8b14.7x21.8x1.7x
Sat, 12 Aug 2023CA$149.4bCA$84.9bCA$6.8b14.3x22.1x1.8x
Mon, 10 Jul 2023CA$153.9bCA$85.3bCA$7.9b14.3x19.4x1.8x
Wed, 07 Jun 2023CA$161.6bCA$85.4bCA$8.0b14.7x20.3x1.9x
Fri, 05 May 2023CA$164.7bCA$84.3bCA$7.6b16.4x21.6x2x
Sun, 02 Apr 2023CA$163.4bCA$82.8bCA$7.2b16.2x22.8x2x
Price to Earnings Ratio

22.8x


Total Market Cap: CA$163.4bTotal Earnings: CA$7.2bTotal Revenue: CA$82.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 26.3x202420252026
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 36.4x which is higher than its 3-year average PE of 26.3x.
  • 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 Market0.31%
Utilities-1.07%
Water Utilities50.00%
Renewable Energy3.12%
Gas Utilities-0.73%
Other Utilities-1.28%
Electric Utilities-3.36%
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 16% 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$36.6227.2%
+CA$804.6m		25.4%PE537.6x
TA TransAltaCA$18.065.5%
+CA$279.0m		31.4%PS2.2x
CPX Capital PowerCA$65.802.4%
+CA$243.3m		33.6%PE64.3x
NPI Northland PowerCA$23.164.0%
+CA$232.7m		16.4%PS2.5x
SPB Superior PlusCA$6.922.2%
+CA$32.2m		5.8%PE18.7x

Latest News

MXG
CA$4.36
Maxim Power
7D
-1.4%
1Y
-4.2%
TA
CA$18.06
TransAlta
7D
5.5%
1Y
31.4%
BLX
CA$36.62
Boralex
7D
27.2%
1Y
25.4%

BLX: Battery Storage Scale And Possible Take Private May Support Steady Returns

Analysts have trimmed their price target for Boralex from CA$36 to CA$35, citing updated assumptions around discount rates and valuation multiples, while keeping core growth and margin expectations broadly consistent. Analyst Commentary Recent research indicates that the slight reduction in the price target to CA$35 is driven more by updated assumptions around discount rates and valuation multiples than by changes to the underlying business outlook.
ALA
CA$47.91
AltaGas
7D
-1.0%
1Y
22.9%

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

AltaGas' updated fair value estimate has been nudged to CA$49.73 from CA$48.91 as analysts point to a series of refreshed price targets in the CA$49 to CA$52 range, supported by adjustments to the discount rate, revenue growth, profit margin, and future P/E assumptions. Analyst Commentary Recent Street research on AltaGas has been clustered around higher price targets in the CA$49 to CA$52 range, signaling a tighter consensus on where analysts see fair value under their current assumptions.
CPX
CA$65.80
Capital Power
7D
2.4%
1Y
33.6%
SPB
CA$6.92
Superior Plus
7D
2.2%
1Y
5.8%
AQN
CA$8.66
Algonquin Power & Utilities
7D
-2.3%
1Y
17.5%
EMA
CA$70.55
Emera
7D
-3.2%
1Y
20.0%
H
CA$57.40
Hydro One
7D
-3.7%
1Y
18.1%

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$23.16
Northland Power
7D
4.0%
1Y
16.4%
FTS
CA$76.48
Fortis
7D
-3.2%
1Y
20.0%

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$48.22
Canadian Utilities
7D
-1.5%
1Y
32.0%

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.
ACO.X
CA$67.38
ATCO
7D
0.07%
1Y
36.7%

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.
PIF
CA$12.40
Polaris Renewable Energy
7D
3.3%
1Y
4.7%
BITZ.U
US$2.37
Bitzero Holdings
7D
-3.3%
1Y
n/a
SOLR
CA$0.01
Solar Alliance Energy
7D
-33.3%
1Y
-50.0%