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Canadian (TSX) Utilities Sector Analysis

UpdatedApr 22, 2026
DataAggregated Company Financials
Companies25
  • 7D-3.1%
  • 3M9.1%
  • 1Y21.9%
  • YTD9.3%

Over the last 7 days, the Utilities industry has dropped 3.1%, driven by a pullback from Fortis of 2.5%. This takes the industry's 12 month performance to a gain of 22%. Earnings are forecast to grow by 5.9% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Apr 2026CA$198.8bCA$76.9bCA$5.3b22.8x37.8x2.6x
Fri, 20 Mar 2026CA$197.2bCA$77.0bCA$5.3b22.9x37.3x2.6x
Sun, 15 Feb 2026CA$189.2bCA$76.2bCA$5.8b19.4x32.6x2.5x
Tue, 13 Jan 2026CA$175.2bCA$76.0bCA$5.3b18.2x33.3x2.3x
Thu, 11 Dec 2025CA$173.7bCA$75.9bCA$5.4b17.8x32.5x2.3x
Sat, 08 Nov 2025CA$181.5bCA$75.7bCA$5.3b21.4x34.4x2.4x
Mon, 06 Oct 2025CA$174.0bCA$75.3bCA$5.3b20.7x32.9x2.3x
Wed, 03 Sep 2025CA$166.8bCA$75.1bCA$5.3b20.2x31.5x2.2x
Fri, 01 Aug 2025CA$168.9bCA$74.4bCA$5.6b21.2x30.3x2.3x
Sun, 29 Jun 2025CA$164.3bCA$75.6bCA$5.8b19.7x28.2x2.2x
Tue, 27 May 2025CA$163.2bCA$75.6bCA$5.8b20.2x28.1x2.2x
Thu, 24 Apr 2025CA$159.6bCA$74.4bCA$5.5b20.6x29.1x2.1x
Sat, 22 Mar 2025CA$158.8bCA$74.9bCA$5.5b20.1x29x2.1x
Mon, 17 Feb 2025CA$149.3bCA$75.3bCA$5.2b20.4x28.9x2x
Wed, 15 Jan 2025CA$139.1bCA$75.3bCA$5.3b20.2x26.2x1.8x
Fri, 13 Dec 2024CA$161.2bCA$81.9bCA$3.5b21.1x46x2x
Sun, 10 Nov 2024CA$161.5bCA$81.4bCA$4.0b19.8x40.7x2x
Tue, 08 Oct 2024CA$162.3bCA$80.9bCA$6.9b18.8x23.5x2x
Thu, 05 Sep 2024CA$154.9bCA$80.7bCA$6.9b19.1x22.4x1.9x
Sat, 03 Aug 2024CA$153.2bCA$80.4bCA$7.1b15.4x21.6x1.9x
Mon, 01 Jul 2024CA$145.1bCA$80.0bCA$7.2b13.8x20.1x1.8x
Wed, 29 May 2024CA$152.0bCA$80.0bCA$7.2b14.5x21x1.9x
Fri, 26 Apr 2024CA$136.8bCA$80.9bCA$6.3b13.9x21.8x1.7x
Sun, 24 Mar 2024CA$141.2bCA$80.8bCA$6.3b13.8x22.5x1.7x
Tue, 20 Feb 2024CA$140.8bCA$82.2bCA$6.2b14.4x22.6x1.7x
Thu, 18 Jan 2024CA$147.4bCA$85.5bCA$8.7b14.6x16.9x1.7x
Sat, 16 Dec 2023CA$150.7bCA$85.3bCA$8.7b14.6x17.3x1.8x
Mon, 13 Nov 2023CA$140.8bCA$86.0bCA$8.8b14.1x15.9x1.6x
Wed, 11 Oct 2023CA$138.9bCA$85.1bCA$6.8b14.1x20.5x1.6x
Fri, 08 Sep 2023CA$145.0bCA$85.2bCA$6.8b14.6x21.4x1.7x
Sun, 06 Aug 2023CA$148.6bCA$85.0bCA$7.1b14.1x20.8x1.7x
Tue, 04 Jul 2023CA$156.3bCA$85.2bCA$7.9b14.5x19.7x1.8x
Thu, 01 Jun 2023CA$161.2bCA$85.6bCA$8.0b14.6x20.2x1.9x
Sat, 29 Apr 2023CA$165.4bCA$83.0bCA$7.3b16.2x22.5x2x
Price to Earnings Ratio

22.5x


Total Market Cap: CA$165.4bTotal Earnings: CA$7.3bTotal Revenue: CA$83.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 26.6x202420252026
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 37.8x which is higher than its 3-year average PE of 26.6x.
  • The 3-year average PS ratio of 2.0x is lower than the industry's current PS ratio of 2.6x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have declined 11% 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-1.08%
Utilities-3.10%
Gas Utilities2.99%
Electric Utilities-1.92%
Other Utilities-3.17%
Renewable Energy-6.54%
Water Utilities-33.33%
Industry PE
  • Investors are most optimistic about the Other Utilities industry which is trading above its 3-year average PE ratio of 24.0x.
    • Analysts are expecting annual earnings growth of 52.0%, which is higher than its past year's earnings decline of 65.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Other Utilities industry, expecting annual earnings growth of 52% over the next 5 years.
  • This is better than its past earnings decline of 65% per year.
  • In contrast, the Renewable Energy industry is expected to see its earnings decline by 19% 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
ALA AltaGasCA$48.822.0%
+CA$299.1m		23.1%PE20.4x
SPB Superior PlusCA$7.3713.9%
+CA$193.1m		9.2%PE20.2x
CUP.U Caribbean Utilities CompanyUS$14.060.4%
+US$2.5m		5.7%PE12.9x
EVGN EverGen InfrastructureCA$0.4014.3%
+CA$1.3m		-42.9%PS1x
NKW.H Oceanic Wind EnergyCA$0.05510.0%
+CA$436.6k		22.2%PB5.9x

Latest News

TA
CA$16.64
TransAlta
7D
-10.1%
1Y
40.7%
H
CA$57.47
Hydro One
7D
-1.3%
1Y
12.6%

H: Tight Pricing Band And CEO Transition Will Shape A Steady Outlook

Hydro One's analyst fair value estimate has edged up from CA$55.53 to CA$56.00, reflecting analysts' slightly higher price targets in the CA$55 to CA$58 range and their broadly steady views on the company's earnings profile and P/E assumptions. Analyst Commentary Recent research points to a cluster of price targets in the CA$55 to CA$58 range.
CU
CA$47.92
Canadian Utilities
7D
-2.9%
1Y
26.3%

CU: Higher Income And Tight Range Will Shape A Steady Forward Profile

Narrative Update on Canadian Utilities Analyst price targets for Canadian Utilities have narrowed to a CA$47 to CA$49 range. This reflects updated views from several firms that maintain ratings such as Hold, Sector Perform, Market Perform, or Neutral, while adjusting for current fair value and P/E assumptions.
FTS
CA$76.44
Fortis
7D
-2.5%
1Y
13.0%

FTS: Fairly Valued Outlook Will Rely On Regulated Returns And P E Assumptions

Analysts have inched their CA$ price targets for Fortis higher, aligning with a modest uptick in the internal fair value estimate to about CA$76.83 as they factor in updated discount rate and P/E assumptions. Analyst Commentary Recent Street research has focused on modest adjustments to Fortis price targets, with several bullish analysts revisiting their models and refining assumptions around discount rates and P/E multiples.
ACO.X
CA$66.83
ATCO
7D
-4.4%
1Y
32.5%

ACO.X: Regulated Utilities And Buybacks Will Support Steady Returns At Current Pricing

Analysts have lifted the consolidated ATCO price target to CA$67, a move influenced by a series of Street updates that now cluster between CA$66 and CA$72 and reflect reassessments of the company based on recent research views rather than changes to the underlying model inputs. Analyst Commentary Recent Street commentary around ATCO centers on a tighter band of price targets between CA$66 and CA$72, with most firms reiterating neutral to moderately positive ratings.
EMA
CA$70.78
Emera
7D
-2.0%
1Y
15.7%
NPI
CA$21.97
Northland Power
7D
-5.6%
1Y
18.4%
SPB
CA$7.37
Superior Plus
7D
13.9%
1Y
9.2%

SPB: Share Repurchase And Efficiency Gains Will Rebuild Market Confidence

Analysts have trimmed the average price target for Superior Plus by CA$1 to reflect lower growth expectations, execution setbacks across both business lines, and a more cautious stance on the company’s ability to consistently meet guidance. Analyst Commentary Recent research updates on Superior Plus show a clear reset in expectations, with most firms cutting price targets and several moving to more neutral ratings.
CPX
CA$63.77
Capital Power
7D
-4.9%
1Y
34.0%

CPX: Reliability Focus And New Finance Leadership Will Shape Future Returns

Analysts have kept their fair value estimate for Capital Power steady at about CA$74.54, with only very small tweaks to inputs such as the discount rate and future P/E assumptions. This reflects incremental model updates rather than a major change in view.
ALA
CA$48.82
AltaGas
7D
2.0%
1Y
23.1%

ALA: Montney Storage And Exports Will Support Steady Long Term Return Potential

Narrative Update AltaGas' updated analyst price target edges higher to about CA$49.91 from CA$49.73, as analysts factor in recent rounds of target increases from CA$49 to CA$52 across several major firms, while keeping core growth and margin assumptions broadly consistent. Analyst Commentary Recent Street research on AltaGas is centered on a cluster of higher price targets, with several firms lifting their views into the C$49 to C$52 range.
CUP.U
US$14.06
Caribbean Utilities Company
7D
0.4%
1Y
5.7%
NKW.H
CA$0.055
Oceanic Wind Energy
7D
10.0%
1Y
22.2%
EVGN
CA$0.40
EverGen Infrastructure
7D
14.3%
1Y
-42.9%

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Dec 21
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