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Canadian (TSX) Utilities Sector Analysis

UpdatedFeb 14, 2026
DataAggregated Company Financials
Companies25
  • 7D4.3%
  • 3M5.0%
  • 1Y26.2%
  • YTD7.0%

In the last week, the Utilities industry is up 4.3%, with Fortis up 5.0%. During this same period, the Bitzero Holdings underperformed, falling 12%. This takes the industry's 12 month performance to a gain of 26%. Looking forward, earnings are forecast to grow by 2.9% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 14 Feb 2026CA$186.1bCA$76.0bCA$5.9b19.4x31.8x2.4x
Mon, 12 Jan 2026CA$175.4bCA$76.1bCA$5.3b18.7x33.3x2.3x
Wed, 10 Dec 2025CA$174.0bCA$76.0bCA$5.3b17.8x32.5x2.3x
Fri, 07 Nov 2025CA$180.8bCA$75.8bCA$5.3b20.9x34.3x2.4x
Sun, 05 Oct 2025CA$174.0bCA$75.3bCA$5.3b20.7x32.9x2.3x
Tue, 02 Sep 2025CA$166.8bCA$75.0bCA$5.3b20.2x31.5x2.2x
Thu, 31 Jul 2025CA$168.2bCA$74.7bCA$5.8b20.6x29.1x2.3x
Sat, 28 Jun 2025CA$164.1bCA$75.6bCA$5.8b19.7x28.2x2.2x
Mon, 26 May 2025CA$163.2bCA$75.6bCA$5.8b20.2x28.1x2.2x
Wed, 23 Apr 2025CA$157.3bCA$74.3bCA$5.5b20.5x28.6x2.1x
Fri, 21 Mar 2025CA$157.8bCA$74.9bCA$5.5b20.1x28.8x2.1x
Sun, 16 Feb 2025CA$149.3bCA$75.3bCA$5.2b20.4x28.9x2x
Tue, 14 Jan 2025CA$142.2bCA$75.3bCA$5.3b20.5x26.7x1.9x
Thu, 12 Dec 2024CA$162.8bCA$81.8bCA$3.5b20x46.3x2x
Sat, 09 Nov 2024CA$160.1bCA$80.6bCA$6.9b18.3x23.1x2x
Mon, 07 Oct 2024CA$162.3bCA$80.8bCA$6.9b19.1x23.5x2x
Wed, 04 Sep 2024CA$155.3bCA$80.8bCA$6.9b19.1x22.5x1.9x
Fri, 02 Aug 2024CA$153.2bCA$80.4bCA$7.3b15.4x21.1x1.9x
Sun, 30 Jun 2024CA$145.1bCA$80.0bCA$7.2b13.8x20.1x1.8x
Tue, 28 May 2024CA$151.6bCA$80.0bCA$7.2b14.2x21x1.9x
Thu, 25 Apr 2024CA$137.2bCA$80.9bCA$6.3b13.9x21.8x1.7x
Sat, 23 Mar 2024CA$141.2bCA$80.8bCA$6.3b13.8x22.5x1.7x
Mon, 19 Feb 2024CA$140.8bCA$82.2bCA$6.2b14.4x22.6x1.7x
Wed, 17 Jan 2024CA$150.9bCA$85.5bCA$8.7b14.7x17.3x1.8x
Fri, 15 Dec 2023CA$148.9bCA$85.3bCA$8.7b14.7x17x1.7x
Sun, 12 Nov 2023CA$140.8bCA$86.0bCA$8.8b14.1x15.9x1.6x
Tue, 10 Oct 2023CA$136.3bCA$85.2bCA$6.8b14.1x20.1x1.6x
Thu, 07 Sep 2023CA$143.5bCA$85.2bCA$6.8b14.4x21.2x1.7x
Sat, 05 Aug 2023CA$148.6bCA$85.0bCA$7.2b14.1x20.8x1.7x
Mon, 03 Jul 2023CA$156.3bCA$85.2bCA$7.9b14.5x19.7x1.8x
Wed, 31 May 2023CA$161.2bCA$85.6bCA$8.0b14.8x20.2x1.9x
Fri, 28 Apr 2023CA$165.8bCA$83.0bCA$7.2b16.5x22.9x2x
Sun, 26 Mar 2023CA$156.9bCA$83.0bCA$7.2b16x21.9x1.9x
Tue, 21 Feb 2023CA$154.4bCA$80.5bCA$7.1b17.8x21.9x1.9x
Price to Earnings Ratio

21.9x


Total Market Cap: CA$154.4bTotal Earnings: CA$7.1bTotal Revenue: CA$80.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 25.7x202420252026
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 31.8x which is higher than its 3-year average PE of 25.7x.
  • 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 6.1% 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 Market1.86%
Utilities4.27%
Gas Utilities6.39%
Electric Utilities4.27%
Other Utilities4.23%
Renewable Energy3.65%
Water Utilities0%0
Industry PE
  • Investors are most optimistic about the Other Utilities industry which is trading above its 3-year average PE ratio of 21.7x.
    • Analysts are expecting annual earnings growth of 58.4%, 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 58% over the next 5 years.
  • This is better than its past earnings growth rate of 11% per year.
  • In contrast, the Renewable Energy industry is expected to see its earnings decline by 13% 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
FTS FortisCA$77.425.0%
+CA$2.3b		21.7%PE21.8x
H Hydro OneCA$56.473.7%
+CA$1.2b		25.6%PE25.9x
ALA AltaGasCA$44.956.5%
+CA$852.9m		30.3%PE18.8x
EMA EmeraCA$70.144.1%
+CA$835.8m		24.1%PE19.2x
CU Canadian UtilitiesCA$45.914.7%
+CA$563.2m		35.5%PE23.4x

Latest News

FTS
CA$77.42
Fortis
7D
5.0%
1Y
21.7%
H
CA$56.47
Hydro One
7D
3.7%
1Y
25.6%
CPX
CA$61.93
Capital Power
7D
5.9%
1Y
18.9%

Does Capital Power (TSE:CPX) Have A Healthy Balance Sheet?

Feb 13
Does Capital Power (TSE:CPX) Have A Healthy Balance Sheet?
NUE
CA$0.20
NU E Power
7D
-19.6%
1Y
-65.8%
EMA
CA$70.14
Emera
7D
4.1%
1Y
24.1%

EMA: Florida Strength And Equity Program Will Balance Nova Scotia Risks

Emera’s analyst price target has shifted slightly to C$69.00 from C$68.79 as analysts factor in the recent capital update, reaffirmed earnings guidance, and a less supportive regulatory backdrop in Nova Scotia that they see as limiting the justification for a premium valuation based mainly on the Florida business. Analyst Commentary Recent commentary around Emera centers on how much credit the stock should get for its Florida operations versus the uncertainty in Nova Scotia, especially now that the capital plan and earnings outlook are clearer.
ALA
CA$44.95
AltaGas
7D
6.5%
1Y
30.3%

ALA: Montney Storage Expansion And Higher Dividend Will Support Future Upside

Analysts have adjusted their price outlook for AltaGas, citing updated assumptions for discount rates, revenue growth, profit margins and future P/E expectations. Together, these factors have led to a revised price target of $47.09.
ACO.X
CA$61.90
ATCO
7D
3.3%
1Y
31.4%

ATCO's (TSE:ACO.X) Shareholders Will Receive A Bigger Dividend Than Last Year

Feb 07
ATCO's (TSE:ACO.X) Shareholders Will Receive A Bigger Dividend Than Last Year
CU
CA$45.91
Canadian Utilities
7D
4.7%
1Y
35.5%
AQN
CA$9.28
Algonquin Power & Utilities
7D
4.3%
1Y
35.3%

AQN: Future Rate Case Outcomes Will Likely Define Re Rating Potential

Analysts have raised their price target on Algonquin Power & Utilities to about $8.75 from roughly $7.00, citing expectations that upcoming rate case approvals and implementations could help narrow the company’s return on equity and valuation gap compared with peers. Analyst Commentary The latest research points to rate case approvals and implementations as a key swing factor for Algonquin Power & Utilities, with some analysts expecting that progress here could help close the gap in return on equity and valuation versus peers.
BITZ.U
US$2.70
Bitzero Holdings
7D
-12.1%
1Y
n/a
EVGN
CA$0.45
EverGen Infrastructure
7D
-5.3%
1Y
-57.6%

Is EverGen Infrastructure (CVE:EVGN) Weighed On By Its Debt Load?

Dec 21
Is EverGen Infrastructure (CVE:EVGN) Weighed On By Its Debt Load?
MXG
CA$4.30
Maxim Power
7D
-0.2%
1Y
-24.3%