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Canadian (TSX) Utilities Sector Analysis

UpdatedMar 07, 2026
DataAggregated Company Financials
Companies25
  • 7D-1.5%
  • 3M8.8%
  • 1Y23.8%
  • YTD7.8%

Over the last 7 days, the Utilities industry has dropped 1.5%, driven by Algonquin Power & Utilities declining 12%. Over the past 12 months, the industry was up 24%. As for the next few years, earnings are expected to grow by 7.8% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 08 Mar 2026CA$192.0bCA$76.7bCA$5.0b23.3x38.2x2.5x
Tue, 03 Feb 2026CA$178.7bCA$75.9bCA$5.7b19.5x31.1x2.4x
Thu, 01 Jan 2026CA$174.4bCA$75.9bCA$5.3b18.6x33.1x2.3x
Sat, 29 Nov 2025CA$178.8bCA$76.1bCA$5.4b18.5x33.3x2.3x
Mon, 27 Oct 2025CA$182.2bCA$75.3bCA$5.3b21.3x34.5x2.4x
Wed, 24 Sep 2025CA$167.6bCA$75.1bCA$5.3b20.1x31.6x2.2x
Fri, 22 Aug 2025CA$169.3bCA$75.2bCA$5.3b20.2x32x2.3x
Sun, 20 Jul 2025CA$168.7bCA$75.6bCA$5.8b19.8x29x2.2x
Tue, 17 Jun 2025CA$166.2bCA$75.5bCA$5.8b20.2x28.6x2.2x
Thu, 15 May 2025CA$160.7bCA$75.9bCA$5.8b19.9x27.5x2.1x
Sat, 12 Apr 2025CA$151.5bCA$74.4bCA$5.5b20.1x27.6x2x
Mon, 10 Mar 2025CA$155.2bCA$74.9bCA$5.5b20x28.3x2.1x
Wed, 05 Feb 2025CA$147.2bCA$75.4bCA$5.1b20x28.6x2x
Fri, 03 Jan 2025CA$159.6bCA$82.2bCA$3.5b20.8x45.8x1.9x
Sun, 01 Dec 2024CA$165.9bCA$81.6bCA$3.5b20.9x46.9x2x
Tue, 29 Oct 2024CA$164.7bCA$81.3bCA$6.9b19.4x23.7x2x
Thu, 26 Sep 2024CA$162.8bCA$80.7bCA$6.9b19.2x23.6x2x
Sat, 24 Aug 2024CA$152.9bCA$80.7bCA$6.9b17.8x22.1x1.9x
Mon, 22 Jul 2024CA$147.3bCA$80.1bCA$7.2b14.3x20.4x1.8x
Wed, 19 Jun 2024CA$145.0bCA$80.1bCA$7.2b14x20.1x1.8x
Fri, 17 May 2024CA$151.8bCA$79.9bCA$7.2b14.9x21x1.9x
Sun, 14 Apr 2024CA$136.8bCA$81.0bCA$6.3b13.8x21.8x1.7x
Tue, 12 Mar 2024CA$143.9bCA$80.6bCA$6.3b14.7x23x1.8x
Thu, 08 Feb 2024CA$141.9bCA$82.3bCA$6.2b14.7x22.8x1.7x
Sat, 06 Jan 2024CA$149.5bCA$85.3bCA$8.7b14.8x17.1x1.8x
Mon, 04 Dec 2023CA$146.4bCA$85.5bCA$8.7b14.2x16.7x1.7x
Wed, 01 Nov 2023CA$134.8bCA$85.4bCA$6.9b12.7x19.6x1.6x
Fri, 29 Sep 2023CA$137.2bCA$85.0bCA$6.8b13.7x20.3x1.6x
Sun, 27 Aug 2023CA$149.1bCA$85.1bCA$6.8b15.2x22x1.8x
Tue, 25 Jul 2023CA$158.0bCA$85.1bCA$7.9b14.4x19.9x1.9x
Thu, 22 Jun 2023CA$156.2bCA$85.1bCA$7.9b15.1x19.7x1.8x
Sat, 20 May 2023CA$164.6bCA$85.5bCA$8.0b14.7x20.7x1.9x
Mon, 17 Apr 2023CA$165.5bCA$82.6bCA$7.1b16.4x23.2x2x
Wed, 15 Mar 2023CA$153.9bCA$82.8bCA$7.5b16x20.5x1.9x
Price to Earnings Ratio

20.5x


Total Market Cap: CA$153.9bTotal Earnings: CA$7.5bTotal Revenue: CA$82.8bTotal 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 38.2x 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 13% per year over the last three years,
  • Revenues have also declined 2.5% 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-3.83%
Utilities-1.51%
Water Utilities50.00%
Electric Utilities0.38%
Gas Utilities-0.14%
Other Utilities-2.30%
Renewable Energy-4.87%
Industry PE
  • Investors are most optimistic about the Other Utilities industry which is trading above its 3-year average PE ratio of 22.6x.
    • Analysts are expecting annual earnings growth of 63.3%, which is higher than its past year's earnings decline of 89.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Other Utilities industry, expecting annual earnings growth of 63% over the next 5 years.
  • This is better than its past earnings decline of 90% per year.
  • In contrast, the Renewable Energy industry is expected to see its earnings decline by 14% 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$59.080.8%
+CA$275.9m		24.9%PE26.5x
CU Canadian UtilitiesCA$48.291.5%
+CA$195.9m		37.3%PE312.9x
ACO.X ATCOCA$66.502.5%
+CA$184.3m		38.2%PE49.8x
FTS FortisCA$78.590.2%
+CA$60.9m		22.4%PE23.3x
EMA EmeraCA$71.090.2%
+CA$36.4m		20.6%PE21.2x

Latest News

ALA
CA$46.28
AltaGas
7D
-0.2%
1Y
23.7%
TA
CA$17.32
TransAlta
7D
-7.6%
1Y
29.3%
CPX
CA$60.77
Capital Power
7D
-5.1%
1Y
28.6%
AQN
CA$8.35
Algonquin Power & Utilities
7D
-12.5%
1Y
21.5%
H
CA$59.08
Hydro One
7D
0.8%
1Y
24.9%

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$78.59
Fortis
7D
0.2%
1Y
22.4%

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.
CU
CA$48.29
Canadian Utilities
7D
1.5%
1Y
37.3%

CU: Higher Income And Stable Outlook Will Support A Defensive Yet Balanced Profile

Analysts have lifted their average price target for Canadian Utilities to CA$47.00 from CA$42.71, citing updated assumptions for revenue growth, profit margins and future P/E multiples in line with recent target increases from several Canadian banks. Analyst Commentary Recent price target updates for Canadian Utilities cluster in a tight CA$47 to CA$49 range, with most analysts keeping mid range ratings such as Hold, Sector Perform, Market Perform and Neutral.
ACO.X
CA$66.50
ATCO
7D
2.5%
1Y
38.2%

ACO.X: Regulated Utilities And Dividend Policy Will Likely Support Steady Total Return

The analyst price target for ATCO has moved up from CA$60.43 to CA$65.43, with analysts pointing to updated assumptions around revenue growth, profit margins, and a lower future P/E as key drivers of their refreshed view. Analyst Commentary Recent Street research has clustered around higher fair value estimates for ATCO, with targets ranging from CA$66 to CA$72.
EMA
CA$71.09
Emera
7D
0.2%
1Y
20.6%
BLX
CA$27.05
Boralex
7D
-2.6%
1Y
-8.6%
CUP.U
US$13.41
Caribbean Utilities Company
7D
-0.3%
1Y
0.8%
NPI
CA$21.25
Northland Power
7D
-2.8%
1Y
8.5%
WEB
CA$1.75
Westbridge Renewable Energy
7D
6.1%
1Y
-39.2%
BITZ.U
US$2.45
Bitzero Holdings
7D
9.4%
1Y
n/a
MXG
CA$4.47
Maxim Power
7D
-1.1%
1Y
-9.9%
WATR
CA$0.015
Current Water Technologies
7D
50.0%
1Y
-40.0%