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Canadian (TSX) Utilities Sector Analysis

UpdatedDec 22, 2025
DataAggregated Company Financials
Companies25
  • 7D-0.8%
  • 3M2.6%
  • 1Y14.6%
  • YTD14.3%

Over the last 7 days, the Utilities industry has remained flat, although notably TransAlta declined by 8.6%. The past year has been better, since the industry has gained 15% in that time. As for the next few years, earnings are expected to grow by 10% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 22 Dec 2025CA$172.8bCA$75.9bCA$5.3b18.3x32.8x2.3x
Wed, 19 Nov 2025CA$180.0bCA$76.1bCA$5.4b18.7x33.5x2.4x
Fri, 17 Oct 2025CA$180.3bCA$75.4bCA$5.3b18.2x34.1x2.4x
Sun, 14 Sep 2025CA$166.8bCA$75.1bCA$5.3b20.2x31.5x2.2x
Tue, 12 Aug 2025CA$168.4bCA$75.1bCA$5.5b20.7x30.4x2.2x
Thu, 10 Jul 2025CA$164.9bCA$75.6bCA$5.8b19.8x28.3x2.2x
Sat, 07 Jun 2025CA$163.6bCA$75.6bCA$5.8b19.8x28.1x2.2x
Mon, 05 May 2025CA$163.2bCA$74.6bCA$5.3b21.2x30.8x2.2x
Wed, 02 Apr 2025CA$158.3bCA$74.9bCA$5.5b20.5x28.9x2.1x
Fri, 28 Feb 2025CA$153.7bCA$75.5bCA$5.8b19.5x26.5x2x
Sun, 26 Jan 2025CA$143.2bCA$75.3bCA$5.3b21.2x26.9x1.9x
Tue, 24 Dec 2024CA$159.2bCA$82.1bCA$3.5b20.5x45.6x1.9x
Thu, 21 Nov 2024CA$162.4bCA$81.5bCA$3.5b21.2x45.9x2x
Sat, 19 Oct 2024CA$166.9bCA$81.2bCA$6.9b19.7x24.1x2.1x
Mon, 16 Sep 2024CA$163.1bCA$80.8bCA$6.9b19.6x23.6x2x
Wed, 14 Aug 2024CA$152.6bCA$80.9bCA$6.7b17.7x22.8x1.9x
Fri, 12 Jul 2024CA$148.6bCA$80.0bCA$7.2b14.2x20.6x1.9x
Sun, 09 Jun 2024CA$150.6bCA$80.2bCA$7.2b14.6x20.8x1.9x
Tue, 07 May 2024CA$147.1bCA$80.2bCA$8.1b14.2x18.2x1.8x
Thu, 04 Apr 2024CA$139.7bCA$80.7bCA$6.3b14.1x22.2x1.7x
Sat, 02 Mar 2024CA$139.2bCA$81.7bCA$5.9b14.9x23.8x1.7x
Mon, 29 Jan 2024CA$147.9bCA$85.4bCA$8.7b14.5x16.9x1.7x
Wed, 27 Dec 2023CA$148.1bCA$85.2bCA$8.7b14.5x17x1.7x
Fri, 24 Nov 2023CA$145.3bCA$85.7bCA$8.8b14.5x16.6x1.7x
Sun, 22 Oct 2023CA$132.8bCA$85.2bCA$6.8b13.1x19.6x1.6x
Tue, 19 Sep 2023CA$150.2bCA$85.0bCA$6.8b14.9x22.2x1.8x
Thu, 17 Aug 2023CA$148.2bCA$85.0bCA$6.8b14x21.9x1.7x
Sat, 15 Jul 2023CA$158.1bCA$85.2bCA$7.9b14.1x19.9x1.9x
Mon, 12 Jun 2023CA$162.1bCA$85.3bCA$7.9b14.8x20.4x1.9x
Wed, 10 May 2023CA$167.9bCA$84.9bCA$7.7b16.4x21.9x2x
Fri, 07 Apr 2023CA$165.2bCA$82.7bCA$7.1b16.4x23.1x2x
Sun, 05 Mar 2023CA$152.4bCA$82.7bCA$7.6b16.8x20.1x1.8x
Tue, 31 Jan 2023CA$155.5bCA$79.2bCA$6.0b17.8x26x2x
Thu, 29 Dec 2022CA$149.8bCA$79.5bCA$6.0b17.3x25x1.9x
Price to Earnings Ratio

25x


Total Market Cap: CA$149.8bTotal Earnings: CA$6.0bTotal Revenue: CA$79.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 25.4x202320242025
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 32.8x which is higher than its 3-year average PE of 25.4x.
  • 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 4.2% 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 Market0.36%
Utilities-0.83%
Other Utilities1.83%
Electric Utilities0.037%
Gas Utilities-1.55%
Renewable Energy-3.52%
Water Utilities-25.00%
Industry PE
  • Investors are most optimistic about the Other Utilities industry which is trading above its 3-year average PE ratio of 21.4x.
    • Analysts are expecting annual earnings growth of 23.1%, 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 Electric Utilities industry is expected to see its earnings grow by 6.4% 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$53.691.5%
+CA$461.8m		21.5%PE24.7x
AQN Algonquin Power & UtilitiesCA$8.533.9%
+CA$245.8m		32.7%PE184.1x
ACO.X ATCOCA$55.181.3%
+CA$79.7m		17.7%PE14.4x
CUP.U Caribbean Utilities CompanyUS$13.503.8%
+US$21.2m		-3.6%PE12.4x
CU Canadian UtilitiesCA$41.840.2%
+CA$24.5m		21.2%PE21.3x

Latest News

WEB
CA$2.10
Westbridge Renewable Energy
7D
-2.8%
1Y
-37.5%
AQN
CA$8.53
Algonquin Power & Utilities
7D
3.9%
1Y
32.7%

AQN: Future CFO Appointment Will Likely Fail To Justify Rich Earnings Multiple

Analysts have raised their price target on Algonquin Power & Utilities by roughly $1.00 per share, citing higher projected revenue growth, modestly improved profit margins, and a slightly richer but still reasonable forward earnings multiple. What's in the News Algonquin Power & Utilities appointed Robert J.
CU
CA$41.84
Canadian Utilities
7D
0.2%
1Y
21.2%

Canadian Utilities Limited (TSE:CU) Not Flying Under The Radar

Dec 19
Canadian Utilities Limited (TSE:CU) Not Flying Under The Radar
CPX
CA$59.62
Capital Power
7D
-3.8%
1Y
-6.1%

CPX: Future Performance Will Reflect Long Term Contracted Cash Flow From New Projects

The analyst price target for Capital Power has been increased by C$1.00. This change reflects analysts' view that stronger revenue growth prospects and a higher future earnings multiple more than offset slightly lower profit margin assumptions and a modestly higher discount rate.
FTS
CA$70.10
Fortis
7D
-1.3%
1Y
16.3%
ALA
CA$41.08
AltaGas
7D
-1.9%
1Y
24.1%

ALA: Rising Earnings Visibility Will Support Dividend Upside Despite Execution Risks

Analysts raised their price target on AltaGas from C$46.18 to C$47.00, citing a slightly higher valuation multiple and a modestly improved margin outlook supported by recent target increases from the Street. Analyst Commentary Recent target revisions suggest that bullish analysts see AltaGas as executing well against its strategic plan, with improving fundamentals helping to justify a slightly richer valuation.
NPI
CA$17.26
Northland Power
7D
-0.7%
1Y
-4.3%
ACO.X
CA$55.18
ATCO
7D
1.3%
1Y
17.7%
RE
CA$0.24
RE Royalties
7D
-11.1%
1Y
-48.9%
SPB
CA$7.08
Superior Plus
7D
1.6%
1Y
14.2%

SPB: Share Buybacks Will Balance Cautious Sentiment And Execution Risks

Analysts have trimmed their average price target on Superior Plus by about C$1.00 per share. This reflects more conservative assumptions for revenue growth and valuation multiples despite relatively stable margin expectations.
TA
CA$17.25
TransAlta
7D
-8.6%
1Y
-15.3%
EMA
CA$66.51
Emera
7D
0.09%
1Y
22.9%

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$53.69
Hydro One
7D
1.5%
1Y
21.5%

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$25.25
Boralex
7D
0.4%
1Y
-13.0%

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.
CUP.U
US$13.50
Caribbean Utilities Company
7D
3.8%
1Y
-3.6%