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Canadian (TSX) Utilities Sector Analysis

UpdatedJan 30, 2026
DataAggregated Company Financials
Companies25
  • 7D0.5%
  • 3M-2.0%
  • 1Y20.6%
  • YTD0.6%

The Utilities is pretty flat in the last 7 days, but Capital Power has stood out, gaining 5.8%. As for the the longer term, the industry is up 21% over the past 12 months. Earnings are forecast to grow by 11% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 30 Jan 2026CA$179.0bCA$75.6bCA$5.3b18.6x33.9x2.4x
Sun, 28 Dec 2025CA$174.4bCA$75.8bCA$5.3b18.4x33.1x2.3x
Tue, 25 Nov 2025CA$177.7bCA$76.3bCA$5.4b18.5x33.2x2.3x
Thu, 23 Oct 2025CA$181.4bCA$75.3bCA$5.3b21.3x34.3x2.4x
Sat, 20 Sep 2025CA$165.9bCA$75.1bCA$5.3b20.1x31.3x2.2x
Mon, 18 Aug 2025CA$168.7bCA$75.1bCA$5.3b20.4x31.9x2.2x
Wed, 16 Jul 2025CA$166.8bCA$75.6bCA$5.8b20.2x28.7x2.2x
Fri, 13 Jun 2025CA$164.4bCA$75.5bCA$5.8b19.9x28.2x2.2x
Sun, 11 May 2025CA$163.1bCA$75.8bCA$5.8b19x28.2x2.2x
Tue, 08 Apr 2025CA$154.3bCA$74.8bCA$5.5b20x28.2x2.1x
Thu, 06 Mar 2025CA$154.5bCA$75.4bCA$5.8b19.8x26.8x2.1x
Sat, 01 Feb 2025CA$141.4bCA$76.6bCA$5.1b19.9x27.5x1.8x
Mon, 30 Dec 2024CA$160.5bCA$82.2bCA$3.5b20.7x46.1x2x
Wed, 27 Nov 2024CA$164.5bCA$81.7bCA$3.5b20.7x46.5x2x
Fri, 25 Oct 2024CA$166.8bCA$81.2bCA$6.9b19.5x24.1x2.1x
Sun, 22 Sep 2024CA$161.2bCA$80.8bCA$6.9b19.2x23.3x2x
Tue, 20 Aug 2024CA$154.6bCA$80.9bCA$6.9b17.9x22.3x1.9x
Thu, 18 Jul 2024CA$149.4bCA$80.1bCA$7.2b14.2x20.7x1.9x
Sat, 15 Jun 2024CA$147.9bCA$80.1bCA$7.2b14.2x20.4x1.8x
Mon, 13 May 2024CA$150.9bCA$80.3bCA$7.6b14.2x20x1.9x
Wed, 10 Apr 2024CA$139.5bCA$80.8bCA$6.3b14x22.2x1.7x
Fri, 08 Mar 2024CA$144.0bCA$81.3bCA$5.9b15x24.6x1.8x
Sun, 04 Feb 2024CA$147.1bCA$87.2bCA$6.5b15.1x22.6x1.7x
Tue, 02 Jan 2024CA$148.7bCA$85.2bCA$8.7b14.7x17.1x1.7x
Thu, 30 Nov 2023CA$144.1bCA$85.6bCA$8.8b13.9x16.5x1.7x
Sat, 28 Oct 2023CA$134.7bCA$85.2bCA$6.8b13.1x19.8x1.6x
Mon, 25 Sep 2023CA$146.3bCA$85.0bCA$6.8b14.2x21.6x1.7x
Wed, 23 Aug 2023CA$147.5bCA$85.1bCA$6.8b14.9x21.8x1.7x
Fri, 21 Jul 2023CA$157.8bCA$85.1bCA$7.9b14.3x19.9x1.9x
Sun, 18 Jun 2023CA$155.6bCA$85.2bCA$7.9b15.2x19.6x1.8x
Tue, 16 May 2023CA$167.9bCA$85.5bCA$8.0b15.1x21.1x2x
Thu, 13 Apr 2023CA$166.9bCA$82.7bCA$7.1b16.7x23.4x2x
Sat, 11 Mar 2023CA$151.5bCA$83.0bCA$7.5b16.5x20.1x1.8x
Mon, 06 Feb 2023CA$153.8bCA$79.5bCA$6.9b17.9x22.1x1.9x
Price to Earnings Ratio

22.1x


Total Market Cap: CA$153.8bTotal Earnings: CA$6.9bTotal Revenue: CA$79.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 25.6x202420252026
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 33.9x which is higher than its 3-year average PE of 25.6x.
  • 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 8.8% 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 Market-0.049%
Utilities0.51%
Water Utilities33.33%
Gas Utilities1.24%
Renewable Energy0.68%
Other Utilities0.34%
Electric Utilities0.34%
Industry PE
  • Investors are most optimistic about the Other Utilities industry which is trading above its 3-year average PE ratio of 21.6x.
    • Analysts are expecting annual earnings growth of 22.9%, which is higher than its past year's earnings growth of 11.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Other Utilities industry, expecting annual earnings growth of 23% over the next 5 years.
  • This is better than its past earnings growth rate of 11% per year.
  • In contrast, the Gas Utilities industry is expected to see its earnings grow by 4.7% 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
CPX Capital PowerCA$61.535.8%
+CA$528.5m		13.7%PE25x
H Hydro OneCA$53.701.1%
+CA$341.9m		19.4%PE24.7x
TA TransAltaCA$18.306.3%
+CA$323.4m		9.4%PS2.2x
ALA AltaGasCA$41.151.0%
+CA$124.5m		21.9%PE17.2x
FTS FortisCA$72.330.3%
+CA$120.4m		16.8%PE21.5x

Latest News

NPI
CA$18.64
Northland Power
7D
-2.3%
1Y
11.8%
WEB
CA$1.91
Westbridge Renewable Energy
7D
-6.4%
1Y
-40.3%
CU
CA$44.01
Canadian Utilities
7D
0.8%
1Y
30.3%
TA
CA$18.30
TransAlta
7D
6.3%
1Y
9.4%
BLX
CA$25.00
Boralex
7D
-2.8%
1Y
-0.2%
ACO.X
CA$58.63
ATCO
7D
1.0%
1Y
26.4%

ACO.X: Regulated Utilities And Dividend Increases Will Likely Support Neutral Return Profile

The analyst price target for ATCO has inched up from C$60.29 to C$60.43 as analysts factor in slightly higher modeled revenue growth and a marginally lower discount rate, consistent with recent price target increases across several firms that maintain more neutral ratings on the shares. Analyst Commentary Recent Street research on ATCO clusters around moderate price target increases, with ratings that remain broadly neutral.
EMA
CA$67.96
Emera
7D
-0.7%
1Y
23.2%

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.
ALA
CA$41.15
AltaGas
7D
1.0%
1Y
21.9%

ALA: Dividend Growth And New Equity Offering Will Support Future Upside

Narrative Update: AltaGas Analysts have kept their fair value target for AltaGas steady at $47.09. Updated assumptions point to a lower revenue growth outlook of about 0.66% and a higher profit margin of about 6.18%, along with a slightly higher future P/E of about 21.54x, which together frame how they see the current risk and return trade off.
CPX
CA$61.53
Capital Power
7D
5.8%
1Y
13.7%

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.
AQN
CA$8.72
Algonquin Power & Utilities
7D
-1.1%
1Y
39.5%

AQN: 2026 Rate Cases And Index Shifts Will Drive Balanced Outlook

Analysts have inched their fair value estimate for Algonquin Power & Utilities up from about $8.33 to roughly $8.42, pointing to recent upgrades and expectations that upcoming 2026 rate case approvals could help narrow the company’s return on equity and valuation gap to peers. Analyst Commentary Recent Street research has turned more constructive on Algonquin Power & Utilities, with bullish analysts pointing to potential catalysts tied to the 2026 rate case cycle and what that could mean for returns and valuation relative to peers.
NUE
CA$0.22
NU E Power
7D
-15.4%
1Y
-59.3%
H
CA$53.70
Hydro One
7D
1.1%
1Y
19.4%

H: Stable Returns And EPS Outlook Will Support Measured Repricing Potential

Narrative update on Hydro One The analyst price target for Hydro One has been revised modestly higher, supported by recent Street updates that lifted targets to C$57 and C$52 as analysts factor in small adjustments to fair value, discount rate, profit margin assumptions and future P/E. Analyst Commentary Recent Street updates on Hydro One point to a slightly higher view of fair value, with price targets clustered in the low to mid C$50s and ratings maintained at neutral levels.
FTS
CA$72.33
Fortis
7D
0.3%
1Y
16.8%

FTS: Fairly Valued Shares Will Rely On Regulated Growth And Dividend Stability

Analysts have nudged their price expectations for Fortis higher, with recent targets ranging from C$69 to C$79. This reflects updated models and views that its regulated utility footprint and projected rate base growth continue to underpin their valuation work.
SPB
CA$7.38
Superior Plus
7D
3.5%
1Y
19.4%

SPB: Share Repurchases And CNG Execution Will Support Future P/E Recovery

Analysts have trimmed their average price expectations for Superior Plus to about C$9 to C$10, reflecting lowered targets from C$12 to C$10 and from C$10 to C$9, alongside mixed ratings and ongoing concerns around pricing pressure in the Certarus CNG business. One firm, however, shifted to a Buy stance with a C$8.50 target.
MXG
CA$4.38
Maxim Power
7D
-2.0%
1Y
-27.0%
CUP.U
US$13.29
Caribbean Utilities Company
7D
-1.0%
1Y
-1.8%