Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Canadian (TSX) Utilities Sector Analysis

UpdatedMar 10, 2026
DataAggregated Company Financials
Companies25
  • 7D-1.0%
  • 3M9.5%
  • 1Y23.0%
  • YTD7.9%

In the last week, the Utilities industry is flat overall, with Algonquin Power & Utilities standing out by going down 12%. The past year has been better, since the industry has gained 23% in that time. Looking forward, earnings are forecast to grow by 7.2% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 11 Mar 2026CA$192.2bCA$76.8bCA$5.3b22.9x36.4x2.5x
Fri, 06 Feb 2026CA$181.3bCA$76.0bCA$5.7b19.2x31.6x2.4x
Sun, 04 Jan 2026CA$176.3bCA$75.9bCA$5.3b18.6x33.5x2.3x
Tue, 02 Dec 2025CA$179.4bCA$76.2bCA$5.3b18.7x33.6x2.4x
Thu, 30 Oct 2025CA$182.0bCA$75.2bCA$5.3b20.8x34.4x2.4x
Sat, 27 Sep 2025CA$169.6bCA$75.2bCA$5.3b20.4x32.1x2.3x
Mon, 25 Aug 2025CA$169.6bCA$75.1bCA$5.3b19.7x32x2.3x
Wed, 23 Jul 2025CA$166.9bCA$74.4bCA$5.8b20x28.9x2.2x
Fri, 20 Jun 2025CA$164.9bCA$75.6bCA$5.8b19.6x28.3x2.2x
Sun, 18 May 2025CA$162.8bCA$75.9bCA$5.8b20x28x2.1x
Tue, 15 Apr 2025CA$153.8bCA$74.4bCA$5.5b20.4x28x2.1x
Thu, 13 Mar 2025CA$155.8bCA$74.9bCA$5.5b19.9x28.5x2.1x
Sat, 08 Feb 2025CA$149.3bCA$75.4bCA$5.1b20.4x29x2x
Mon, 06 Jan 2025CA$160.8bCA$82.3bCA$3.5b20.7x46.2x2x
Wed, 04 Dec 2024CA$166.3bCA$81.7bCA$3.5b20.3x47.2x2x
Fri, 01 Nov 2024CA$160.9bCA$81.0bCA$6.9b18.6x23.3x2x
Sun, 29 Sep 2024CA$166.1bCA$80.7bCA$6.9b19.5x24x2.1x
Tue, 27 Aug 2024CA$154.4bCA$80.7bCA$6.9b17.8x22.4x1.9x
Thu, 25 Jul 2024CA$149.5bCA$80.2bCA$7.2b14.7x20.6x1.9x
Sat, 22 Jun 2024CA$143.8bCA$80.1bCA$7.2b13.7x19.9x1.8x
Mon, 20 May 2024CA$151.7bCA$79.9bCA$7.2b14.9x21x1.9x
Wed, 17 Apr 2024CA$134.4bCA$81.1bCA$6.3b13.8x21.4x1.7x
Fri, 15 Mar 2024CA$140.9bCA$80.7bCA$6.3b14.4x22.5x1.7x
Sun, 11 Feb 2024CA$138.9bCA$82.0bCA$6.2b14.5x22.3x1.7x
Tue, 09 Jan 2024CA$150.5bCA$85.3bCA$8.7b15x17.2x1.8x
Thu, 07 Dec 2023CA$147.4bCA$85.6bCA$8.8b14.3x16.8x1.7x
Sat, 04 Nov 2023CA$143.3bCA$85.8bCA$7.5b13.6x19.1x1.7x
Mon, 02 Oct 2023CA$135.6bCA$85.1bCA$6.8b13.4x20x1.6x
Wed, 30 Aug 2023CA$150.7bCA$85.1bCA$6.8b15.3x22.3x1.8x
Fri, 28 Jul 2023CA$157.4bCA$85.2bCA$7.9b14.4x19.8x1.8x
Sun, 25 Jun 2023CA$153.8bCA$85.2bCA$7.9b14.9x19.4x1.8x
Tue, 23 May 2023CA$164.6bCA$85.5bCA$8.0b14.7x20.7x1.9x
Thu, 20 Apr 2023CA$165.0bCA$82.7bCA$7.1b16.4x23.1x2x
Sat, 18 Mar 2023CA$158.4bCA$83.0bCA$7.2b16.1x22.1x1.9x
Price to Earnings Ratio

22.1x


Total Market Cap: CA$158.4bTotal Earnings: CA$7.2bTotal 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 36.4x 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 9.7% per year over the last three years,
  • Revenues have also declined 2.6% 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-4.27%
Utilities-0.98%
Water Utilities50.00%
Gas Utilities1.97%
Electric Utilities1.31%
Other Utilities-2.61%
Renewable Energy-5.03%
Industry PE
  • Investors are most optimistic about the Other Utilities industry which is trading above its 3-year average PE ratio of 22.8x.
    • Analysts are expecting annual earnings growth of 52.4%, 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
H Hydro OneCA$59.151.4%
+CA$485.8m		23.1%PE26.5x
EMA EmeraCA$71.431.4%
+CA$290.9m		20.7%PE21.3x
CU Canadian UtilitiesCA$48.170.5%
+CA$61.2m		38.6%PE312.2x
ACO.X ATCOCA$65.910.8%
+CA$56.2m		39.6%PE49.4x
BLX BoralexCA$27.401.8%
+CA$49.3m		-5.7%PE402.2x

Latest News

ACO.X
CA$65.91
ATCO
7D
0.8%
1Y
39.6%
CU
CA$48.17
Canadian Utilities
7D
0.5%
1Y
38.6%
SPB
CA$6.50
Superior Plus
7D
-3.3%
1Y
-1.2%
ALA
CA$47.24
AltaGas
7D
-0.7%
1Y
23.1%
AQN
CA$8.39
Algonquin Power & Utilities
7D
-11.7%
1Y
23.7%

AQN: 2026 Rate Case Approvals Will Support Return Alignment To Peers

Analysts have lifted their average price target for Algonquin Power & Utilities by CA$1.00, citing expectations that upcoming 2026 rate case approvals could help close the company’s return on equity and valuation gap to peers. Analyst Commentary Recent research has leaned more positive on Algonquin Power & Utilities, with price targets and ratings adjusted to reflect potential benefits from the 2026 rate case cycle.
TA
CA$17.31
TransAlta
7D
-4.7%
1Y
28.6%
CPX
CA$61.64
Capital Power
7D
-1.6%
1Y
32.1%
H
CA$59.15
Hydro One
7D
1.4%
1Y
23.1%

H: Stable Outlook And Higher P E Assumptions Will Shape Modest Repricing Potential

Our updated fair value estimate for Hydro One edges up by about CA$0.50 per share, reflecting a modest adjustment in projected growth assumptions as analysts lift their price targets into the CA$55 to CA$58 range while largely maintaining neutral to hold style ratings. Analyst Commentary Recent Street research on Hydro One points to a fairly clustered set of views, with several firms lifting their price targets into the mid CA$50s while keeping neutral style ratings.
FTS
CA$78.19
Fortis
7D
-0.2%
1Y
22.1%

FTS: Fairly Valued Outlook Will Depend On Regulated Earnings And Funding Risks

Analysts have inched their average price target for Fortis higher to CA$75.50 from CA$75.23, with multiple firms lifting targets into the CA$77 to CA$83 range as they refine assumptions around discount rates, fair value and future P/E expectations. Analyst Commentary Recent research updates on Fortis cluster around higher price targets in the CA$77 to CA$83 range, with bullish analysts fine tuning their models on discount rates, fair value and P/E assumptions.
EMA
CA$71.43
Emera
7D
1.4%
1Y
20.7%
BLX
CA$27.40
Boralex
7D
1.8%
1Y
-5.7%
NPI
CA$21.38
Northland Power
7D
-0.7%
1Y
8.6%
WEB
CA$1.78
Westbridge Renewable Energy
7D
7.9%
1Y
-37.3%
RESO
CA$0.25
ReSolve Energie
7D
25.0%
1Y
n/a
RE
CA$0.42
RE Royalties
7D
10.5%
1Y
-10.6%
MXG
CA$4.47
Maxim Power
7D
-0.9%
1Y
-5.1%