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Canadian (TSX) Utilities Sector Analysis

UpdatedJan 04, 2026
DataAggregated Company Financials
Companies25
  • 7D1.1%
  • 3M0.6%
  • 1Y16.0%
  • YTD0%

In the last week, the Utilities industry is up 1.1%, with Hydro One leading the way, up 1.1%. This means that the industry has gained 16% over the past year. Looking forward, earnings are forecast to grow by 11% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Mon, 13 Feb 2023CA$152.3bCA$80.0bCA$7.0b17.7x21.8x1.9x
Wed, 11 Jan 2023CA$152.8bCA$79.3bCA$6.0b17.4x25.6x1.9x
Price to Earnings Ratio

25.6x


Total Market Cap: CA$152.8bTotal Earnings: CA$6.0bTotal Revenue: CA$79.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 25.4x202420252026
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 33.5x which is higher than its 3-year average PE of 25.4x.
  • The 3-year average PS ratio of 2.0x 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 4.1% 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 Market0.17%
Utilities1.13%
Water Utilities33.33%
Renewable Energy2.02%
Electric Utilities0.95%
Other Utilities0.70%
Gas Utilities0.071%
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 22.7%, 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 Gas Utilities industry is expected to see its earnings grow by 5.7% 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$54.441.1%
+CA$359.9m		21.4%PE25x
FTS FortisCA$71.250.9%
+CA$306.0m		18.7%PE21.2x
EMA EmeraCA$67.600.8%
+CA$169.0m		26.0%PE18.6x
CU Canadian UtilitiesCA$42.791.2%
+CA$138.7m		22.8%PE21.8x
TA TransAltaCA$17.862.4%
+CA$124.6m		-12.8%PS2.1x

Latest News

ACO.X
CA$56.57
ATCO
7D
1.5%
1Y
19.3%

Here's Why ATCO (TSE:ACO.X) Has A Meaningful Debt Burden

Jan 04
Here's Why ATCO (TSE:ACO.X) Has A Meaningful Debt Burden
EMA
CA$67.60
Emera
7D
0.8%
1Y
26.0%
TA
CA$17.86
TransAlta
7D
2.4%
1Y
-12.8%
GCA.X
CA$0.055
Gencan Capital
7D
-8.3%
1Y
n/a
NKW.H
CA$0.05
Oceanic Wind Energy
7D
-9.1%
1Y
42.9%
H
CA$54.44
Hydro One
7D
1.1%
1Y
21.4%

Hydro One (TSE:H) Takes On Some Risk With Its Use Of Debt

Dec 29
Hydro One (TSE:H) Takes On Some Risk With Its Use Of Debt
FTS
CA$71.25
Fortis
7D
0.9%
1Y
18.7%

Here's Why Fortis (TSE:FTS) Is Weighed Down By Its Debt Load

Dec 29
Here's Why Fortis (TSE:FTS) Is Weighed Down By Its Debt Load
NPI
CA$18.26
Northland Power
7D
2.0%
1Y
-1.7%

Northland Power (TSE:NPI) Takes On Some Risk With Its Use Of Debt

Dec 28
Northland Power (TSE:NPI) Takes On Some Risk With Its Use Of Debt
SPB
CA$7.10
Superior Plus
7D
0.4%
1Y
13.8%
CU
CA$42.79
Canadian Utilities
7D
1.2%
1Y
22.8%

CU: Steadier Regulated Earnings Will Support Defensive Profile Amid Modest Upside Potential

Analysts have nudged our fair value estimate for Canadian Utilities modestly higher to about C$42.60 from roughly C$41.40, reflecting a series of recent price target increases across the Street and slightly improved long term profitability and earnings multiple assumptions. Analyst Commentary Recent Street research has turned incrementally more constructive on Canadian Utilities, with multiple firms nudging price targets higher in a tight C$40 to C$44 range.
AQN
CA$8.42
Algonquin Power & Utilities
7D
-0.9%
1Y
28.4%
RE
CA$0.25
RE Royalties
7D
-3.8%
1Y
-45.7%
CPX
CA$60.26
Capital Power
7D
1.3%
1Y
-5.1%
MXG
CA$4.44
Maxim Power
7D
-1.1%
1Y
-27.0%