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Canadian (TSX) Utilities Sector Analysis

UpdatedFeb 21, 2026
DataAggregated Company Financials
Companies25
  • 7D0.3%
  • 3M6.3%
  • 1Y24.9%
  • YTD7.3%

In the last week, the Utilities industry is up 2.0%, with Capital Power leading the way with a 5.8% gain. Meanwhile, Bitzero Holdings actually underperformed within the industry, shrinking 16% in the last week. This takes the industry's 12 month performance to a gain of 26%. As for the next few years, earnings are expected to grow by 2.5% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 21 Feb 2026CA$189.9bCA$76.3bCA$5.8b19.8x32.7x2.5x
Mon, 19 Jan 2026CA$177.0bCA$76.1bCA$5.3b18.8x33.6x2.3x
Wed, 17 Dec 2025CA$174.2bCA$75.9bCA$5.4b18.2x32.6x2.3x
Fri, 14 Nov 2025CA$182.3bCA$76.0bCA$5.6b18.6x32.6x2.4x
Sun, 12 Oct 2025CA$176.4bCA$75.3bCA$5.3b20.2x33.3x2.3x
Tue, 09 Sep 2025CA$166.2bCA$75.1bCA$5.3b20x31.4x2.2x
Thu, 07 Aug 2025CA$168.1bCA$74.6bCA$5.8b20.5x29x2.3x
Sat, 05 Jul 2025CA$165.0bCA$75.5bCA$5.8b19.8x28.3x2.2x
Mon, 02 Jun 2025CA$164.7bCA$75.6bCA$5.8b20.4x28.3x2.2x
Wed, 30 Apr 2025CA$162.0bCA$74.3bCA$5.5b21.1x29.5x2.2x
Fri, 28 Mar 2025CA$157.3bCA$74.9bCA$5.5b19.9x28.8x2.1x
Sun, 23 Feb 2025CA$151.5bCA$75.2bCA$5.2b21.3x29.2x2x
Tue, 21 Jan 2025CA$144.2bCA$75.2bCA$5.3b20.9x27.1x1.9x
Thu, 19 Dec 2024CA$160.6bCA$82.2bCA$3.5b20.8x46.1x2x
Sat, 16 Nov 2024CA$161.0bCA$81.7bCA$3.6b19.7x45x2x
Mon, 14 Oct 2024CA$159.0bCA$81.1bCA$6.9b18.9x23x2x
Wed, 11 Sep 2024CA$156.6bCA$80.8bCA$6.9b19.2x22.6x1.9x
Fri, 09 Aug 2024CA$153.0bCA$80.7bCA$6.0b16.4x25.6x1.9x
Sun, 07 Jul 2024CA$145.7bCA$80.0bCA$7.2b13.9x20.2x1.8x
Tue, 04 Jun 2024CA$149.9bCA$80.0bCA$7.2b14.2x20.8x1.9x
Thu, 02 May 2024CA$137.4bCA$80.6bCA$6.3b13.9x22x1.7x
Sat, 30 Mar 2024CA$140.9bCA$80.7bCA$6.3b14x22.4x1.7x
Mon, 26 Feb 2024CA$140.9bCA$82.0bCA$5.7b14.7x24.7x1.7x
Wed, 24 Jan 2024CA$147.7bCA$85.4bCA$8.7b14.5x16.9x1.7x
Fri, 22 Dec 2023CA$146.6bCA$85.2bCA$8.7b14.3x16.8x1.7x
Sun, 19 Nov 2023CA$146.6bCA$85.7bCA$8.8b14.7x16.7x1.7x
Tue, 17 Oct 2023CA$137.8bCA$85.1bCA$6.8b14x20.3x1.6x
Thu, 14 Sep 2023CA$147.4bCA$85.1bCA$6.8b14.7x21.8x1.7x
Sat, 12 Aug 2023CA$149.4bCA$84.9bCA$6.8b14.3x22.1x1.8x
Mon, 10 Jul 2023CA$153.9bCA$85.3bCA$7.9b14.3x19.4x1.8x
Wed, 07 Jun 2023CA$161.6bCA$85.4bCA$8.0b14.7x20.3x1.9x
Fri, 05 May 2023CA$164.7bCA$84.3bCA$7.6b16.4x21.6x2x
Sun, 02 Apr 2023CA$163.4bCA$82.8bCA$7.2b16.2x22.8x2x
Tue, 28 Feb 2023CA$150.6bCA$81.5bCA$7.3b17.1x20.7x1.8x
Price to Earnings Ratio

20.7x


Total Market Cap: CA$150.6bTotal Earnings: CA$7.3bTotal Revenue: CA$81.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 25.8x202420252026
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 32.6x which is higher than its 3-year average PE of 25.8x.
  • 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 7.3% per year over the last three years,
  • Revenues have also declined 2.2% 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 Market1.43%
Utilities0.28%
Other Utilities1.52%
Renewable Energy0.91%
Water Utilities0%0
Electric Utilities-0.08%
Gas Utilities-1.67%
Industry PE
  • Investors are most optimistic about the Other Utilities industry which is trading above its 3-year average PE ratio of 21.8x.
    • 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
CU Canadian UtilitiesCA$47.012.4%
+CA$299.3m		36.2%PE24x
CPX Capital PowerCA$63.813.0%
+CA$294.0m		19.4%PE26.1x
ACO.X ATCOCA$63.743.0%
+CA$208.4m		31.8%PE16.8x
H Hydro OneCA$56.670.4%
+CA$120.0m		27.2%PE25.4x
NPI Northland PowerCA$19.951.7%
+CA$88.9m		11.8%PS2.3x

Latest News

SPB
CA$6.48
Superior Plus
7D
-16.5%
1Y
8.2%
PIF
CA$12.10
Polaris Renewable Energy
7D
-2.3%
1Y
2.1%
H
CA$56.67
Hydro One
7D
0.4%
1Y
27.2%
NPI
CA$19.95
Northland Power
7D
1.7%
1Y
11.8%
CPX
CA$63.81
Capital Power
7D
3.0%
1Y
19.4%
CUP.U
US$13.49
Caribbean Utilities Company
7D
1.8%
1Y
1.4%
FTS
CA$76.99
Fortis
7D
-0.6%
1Y
22.7%
WEB
CA$1.74
Westbridge Renewable Energy
7D
-7.0%
1Y
-47.0%
ACO.X
CA$63.74
ATCO
7D
3.0%
1Y
31.8%
TA
CA$18.47
TransAlta
7D
-0.2%
1Y
19.2%

TA: Centralia Gas Conversion And Tolling Agreement Will Support Long Term Margin Expansion

Analysts have made a minor adjustment to their fair value estimate for TransAlta, trimming the target from CA$23.55 to CA$23.45. This reflects updated views on discount rates and future P/E assumptions.
BLX
CA$26.62
Boralex
7D
-3.3%
1Y
-2.0%
ALA
CA$45.18
AltaGas
7D
0.5%
1Y
29.5%

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.
CU
CA$47.01
Canadian Utilities
7D
2.4%
1Y
36.2%
AQN
CA$9.15
Algonquin Power & Utilities
7D
-1.4%
1Y
30.0%

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$2.46
Bitzero Holdings
7D
-8.9%
1Y
n/a
MXG
CA$4.48
Maxim Power
7D
4.2%
1Y
-16.7%