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Canadian (TSX) Utilities Sector Analysis

UpdatedFeb 13, 2026
DataAggregated Company Financials
Companies25
  • 7D2.2%
  • 3M3.3%
  • 1Y24.4%
  • YTD5.3%

The Utilities is pretty flat in the last 7 days, but TransAlta has stood out, gaining 8.4%. As for the the longer term, the industry is up 23% over the past 12 months. Looking forward, earnings are forecast to grow by 2.7% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 13 Feb 2026CA$182.6bCA$75.9bCA$5.7b19.5x31.8x2.4x
Sun, 11 Jan 2026CA$175.4bCA$76.1bCA$5.3b18.7x33.3x2.3x
Tue, 09 Dec 2025CA$174.6bCA$76.0bCA$5.3b17.9x32.6x2.3x
Thu, 06 Nov 2025CA$181.0bCA$75.6bCA$5.2b21.1x34.7x2.4x
Sat, 04 Oct 2025CA$173.4bCA$75.3bCA$5.3b20.7x32.8x2.3x
Mon, 01 Sep 2025CA$166.8bCA$75.0bCA$5.3b20.2x31.5x2.2x
Wed, 30 Jul 2025CA$167.5bCA$74.6bCA$5.8b20.4x29x2.2x
Fri, 27 Jun 2025CA$164.0bCA$75.5bCA$5.8b19.6x28.2x2.2x
Sun, 25 May 2025CA$163.2bCA$75.6bCA$5.8b20.2x28.1x2.2x
Tue, 22 Apr 2025CA$158.1bCA$74.3bCA$5.5b20.4x28.8x2.1x
Thu, 20 Mar 2025CA$157.1bCA$74.9bCA$5.5b20.1x28.7x2.1x
Sat, 15 Feb 2025CA$148.9bCA$75.3bCA$5.2b20x28.4x2x
Mon, 13 Jan 2025CA$142.2bCA$75.4bCA$5.3b21.4x26.7x1.9x
Wed, 11 Dec 2024CA$163.6bCA$81.8bCA$3.5b20.1x46.6x2x
Fri, 08 Nov 2024CA$158.8bCA$80.5bCA$6.5b19.5x24.4x2x
Sun, 06 Oct 2024CA$162.3bCA$80.8bCA$6.9b19.1x23.5x2x
Tue, 03 Sep 2024CA$155.3bCA$80.7bCA$6.9b18.8x22.5x1.9x
Thu, 01 Aug 2024CA$153.2bCA$80.3bCA$7.3b15.1x21.1x1.9x
Sat, 29 Jun 2024CA$147.0bCA$80.0bCA$7.2b13.8x20.3x1.8x
Mon, 27 May 2024CA$151.6bCA$80.0bCA$7.2b14.2x21x1.9x
Wed, 24 Apr 2024CA$137.2bCA$80.9bCA$6.3b13.9x21.8x1.7x
Fri, 22 Mar 2024CA$140.5bCA$80.7bCA$6.3b13.8x22.3x1.7x
Sun, 18 Feb 2024CA$140.8bCA$82.2bCA$6.2b14.4x22.6x1.7x
Tue, 16 Jan 2024CA$150.9bCA$85.4bCA$8.7b14.7x17.3x1.8x
Thu, 14 Dec 2023CA$144.1bCA$85.5bCA$8.7b14.8x16.5x1.7x
Sat, 11 Nov 2023CA$141.5bCA$86.0bCA$8.8b14.1x16x1.6x
Mon, 09 Oct 2023CA$136.3bCA$85.2bCA$6.8b14.1x20.1x1.6x
Wed, 06 Sep 2023CA$147.0bCA$85.2bCA$6.8b15.1x21.7x1.7x
Fri, 04 Aug 2023CA$147.0bCA$84.9bCA$8.1b14.1x18.2x1.7x
Sun, 02 Jul 2023CA$156.3bCA$85.2bCA$7.9b14.5x19.7x1.8x
Tue, 30 May 2023CA$162.1bCA$85.6bCA$8.0b14.8x20.3x1.9x
Thu, 27 Apr 2023CA$165.6bCA$82.9bCA$7.2b16.8x23.1x2x
Sat, 25 Mar 2023CA$156.9bCA$83.0bCA$7.2b16x21.9x1.9x
Mon, 20 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 31.6x 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 6.7% 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 Market1.74%
Utilities2.22%
Renewable Energy4.60%
Gas Utilities2.94%
Other Utilities2.05%
Electric Utilities0.87%
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$76.321.4%
+CA$531.7m		21.4%PE22.7x
CPX Capital PowerCA$59.875.5%
+CA$510.0m		17.3%PE24.4x
ALA AltaGasCA$44.382.9%
+CA$386.0m		26.6%PE18.5x
TA TransAltaCA$18.167.3%
+CA$367.9m		23.1%PS2.2x
CU Canadian UtilitiesCA$45.602.6%
+CA$315.6m		33.3%PE23.2x

Latest News

CUP.U
US$13.24
Caribbean Utilities Company
7D
-1.9%
1Y
-0.5%
FTS
CA$76.32
Fortis
7D
1.4%
1Y
21.4%
NUE
CA$0.20
NU E Power
7D
-19.6%
1Y
-63.4%
EMA
CA$68.66
Emera
7D
-0.04%
1Y
22.8%

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.
NPI
CA$19.23
Northland Power
7D
2.0%
1Y
11.6%

NPI: Future Returns Will Hinge On Offshore Execution And Polish Storage Delivery

Analysts have trimmed their targets on Northland Power in recent weeks, and our updated work reflects only a modest fair value adjustment to about C$22.15 as they factor in slower growth expectations, higher perceived risk, and slightly more conservative P/E assumptions. Analyst Commentary Recent Street research on Northland Power has centered on reassessing growth, execution risk, and how much of a discount the shares should carry, with several price targets reset in the C$19 to C$27 range and some rating downgrades following the latest investor communications.
ALA
CA$44.38
AltaGas
7D
2.9%
1Y
26.6%

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.
CPX
CA$59.87
Capital Power
7D
5.5%
1Y
17.3%

CPX: Future Returns Will Reflect Long Dated Arlington Tolling Cash Flows

Narrative Update on Capital Power Analysts have nudged their price target on Capital Power to C$82 from C$80, reflecting updated assumptions around discount rates, long term revenue growth, profit margins and future P/E expectations. Analyst Commentary Recent Street research around Capital Power focuses on how updated assumptions feed into valuation and execution risks, rather than any single near term catalyst.
ACO.X
CA$61.21
ATCO
7D
1.8%
1Y
28.3%

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$45.60
Canadian Utilities
7D
2.6%
1Y
33.3%
TA
CA$18.16
TransAlta
7D
7.3%
1Y
23.1%

TA: Centralia Conversion To Gas Will Support Long Term Margin Expansion

Analysts have adjusted their fair value estimate for TransAlta from about $24.27 to $23.55 per share, reflecting updated views on revenue growth expectations, profit margin assumptions near 9.1% and a slightly lower forward P/E of roughly 39.2x. What's in the News TransAlta signed a long term tolling agreement with Puget Sound Energy to convert its 700 MW Centralia Unit 2 facility from coal to natural gas generation.
H
CA$55.98
Hydro One
7D
0.9%
1Y
24.2%

H: Stable Outlook And Labour Negotiations Will Shape Measured Repricing Potential

Hydro One’s updated analyst price target ticks slightly lower to about C$52.07 from C$52.21. Analysts outline higher revenue growth assumptions, modestly softer profit margins and a small adjustment to future P/E expectations, with recent Street targets ranging from C$52 to C$57.
RESO
CA$0.18
ReSolve Energie
7D
-5.3%
1Y
n/a
BITZ.U
US$2.77
Bitzero Holdings
7D
-1.1%
1Y
n/a
WEB
CA$1.88
Westbridge Renewable Energy
7D
-3.6%
1Y
-43.4%