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Canadian (TSX) Utilities Sector Analysis

UpdatedFeb 11, 2026
DataAggregated Company Financials
Companies25
  • 7D0.1%
  • 3M-0.8%
  • 1Y21.8%
  • YTD2.7%

In the last week, Utilities has been flat. As for the the longer term, the industry is up 22% over the past 12 months. Looking forward, earnings are forecast to grow by 2.6% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 11 Feb 2026CA$180.6bCA$75.8bCA$5.7b19.1x31.5x2.4x
Fri, 09 Jan 2026CA$175.6bCA$76.0bCA$5.3b18.6x33.3x2.3x
Sun, 07 Dec 2025CA$174.7bCA$76.0bCA$5.3b18x32.6x2.3x
Tue, 04 Nov 2025CA$180.7bCA$75.4bCA$5.2b20.7x34.6x2.4x
Thu, 02 Oct 2025CA$171.5bCA$75.2bCA$5.3b20.8x32.4x2.3x
Sat, 30 Aug 2025CA$167.3bCA$75.0bCA$5.3b20.2x31.6x2.2x
Mon, 28 Jul 2025CA$168.2bCA$74.5bCA$5.8b20.2x29.1x2.3x
Wed, 25 Jun 2025CA$165.2bCA$75.6bCA$5.8b19.8x28.4x2.2x
Fri, 23 May 2025CA$164.3bCA$75.8bCA$5.8b20.1x28.3x2.2x
Sun, 20 Apr 2025CA$158.1bCA$74.4bCA$5.5b20.7x28.8x2.1x
Tue, 18 Mar 2025CA$156.1bCA$74.8bCA$5.5b20.1x28.5x2.1x
Thu, 13 Feb 2025CA$148.4bCA$75.4bCA$5.1b20.4x28.8x2x
Sat, 11 Jan 2025CA$143.0bCA$75.4bCA$5.3b21.4x26.9x1.9x
Mon, 09 Dec 2024CA$166.1bCA$81.8bCA$3.5b20.8x47.2x2x
Wed, 06 Nov 2024CA$160.2bCA$80.5bCA$6.5b19.6x24.6x2x
Fri, 04 Oct 2024CA$164.9bCA$80.8bCA$6.9b19.3x23.9x2x
Sun, 01 Sep 2024CA$155.3bCA$80.7bCA$6.9b18.8x22.5x1.9x
Tue, 30 Jul 2024CA$151.6bCA$80.3bCA$7.2b14.9x20.9x1.9x
Thu, 27 Jun 2024CA$146.4bCA$80.1bCA$7.2b13.8x20.3x1.8x
Sat, 25 May 2024CA$150.7bCA$80.0bCA$7.2b14.2x20.9x1.9x
Mon, 22 Apr 2024CA$135.3bCA$81.0bCA$6.3b13.7x21.5x1.7x
Wed, 20 Mar 2024CA$139.1bCA$80.8bCA$6.3b13.7x22.1x1.7x
Fri, 16 Feb 2024CA$139.1bCA$82.1bCA$6.2b14.4x22.3x1.7x
Sun, 14 Jan 2024CA$149.3bCA$85.4bCA$8.7b14.6x17.1x1.7x
Tue, 12 Dec 2023CA$146.2bCA$85.5bCA$8.8b14.4x16.7x1.7x
Thu, 09 Nov 2023CA$141.7bCA$86.0bCA$8.8b13.5x16.1x1.6x
Sat, 07 Oct 2023CA$136.3bCA$85.2bCA$6.8b14.1x20.1x1.6x
Mon, 04 Sep 2023CA$148.5bCA$85.1bCA$6.8b15.2x21.9x1.7x
Wed, 02 Aug 2023CA$152.7bCA$84.5bCA$8.0b14x19.1x1.8x
Fri, 30 Jun 2023CA$154.7bCA$85.2bCA$7.9b14.5x19.5x1.8x
Sun, 28 May 2023CA$161.5bCA$85.7bCA$8.0b14.6x20.3x1.9x
Tue, 25 Apr 2023CA$166.8bCA$82.8bCA$7.2b16.6x23.3x2x
Thu, 23 Mar 2023CA$155.7bCA$83.0bCA$7.2b16x21.7x1.9x
Sat, 18 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 31.5x 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 Market2.10%
Utilities0.13%
Renewable Energy1.07%
Gas Utilities0.77%
Electric Utilities-0.35%
Other Utilities-0.37%
Water Utilities-25.00%
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
H Hydro OneCA$54.790.4%
+CA$143.9m		21.4%PE25.2x
NPI Northland PowerCA$19.462.2%
+CA$107.2m		13.3%PS2.2x
BLX BoralexCA$26.784.0%
+CA$104.8m		5.6%PS3.3x
FTS FortisCA$73.970.3%
+CA$100.3m		17.9%PE22x
SPB Superior PlusCA$7.564.9%
+CA$76.0m		27.5%PE76.2x

Latest News

SPB
CA$7.56
Superior Plus
7D
4.9%
1Y
27.5%

Is Superior Plus (TSE:SPB) Using Too Much Debt?

Feb 11
Is Superior Plus (TSE:SPB) Using Too Much Debt?
EMA
CA$66.19
Emera
7D
-2.6%
1Y
19.3%
BLX
CA$26.78
Boralex
7D
4.0%
1Y
5.6%

BLX: Growing Storage Portfolio And New Wind Approval Will Support Upside

Analysts have kept their fair value estimate for Boralex steady at $35.00, with only small adjustments to assumptions such as discount rate, profit margin and future P/E contributing to the latest price target update. What's in the News Boralex and Walpole Island First Nation commissioned the Sanjgon Battery Energy Storage facility in Lakeshore, Ontario, an 80 MW / 320 MWh site that is the company’s first operational energy storage facility in North America and can deliver four hours of full-power output to the grid (Key Developments).
FTS
CA$73.97
Fortis
7D
0.3%
1Y
17.9%
ALA
CA$42.20
AltaGas
7D
0.3%
1Y
21.2%

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.
ACO.X
CA$59.44
ATCO
7D
-0.2%
1Y
26.5%

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
CUP.U
US$13.15
Caribbean Utilities Company
7D
-2.6%
1Y
-1.2%
CU
CA$43.88
Canadian Utilities
7D
-0.9%
1Y
29.6%
AQN
CA$8.98
Algonquin Power & Utilities
7D
0.4%
1Y
36.5%

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.
TA
CA$17.96
TransAlta
7D
0.6%
1Y
19.2%

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$54.79
Hydro One
7D
0.4%
1Y
21.4%

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.
NPI
CA$19.46
Northland Power
7D
2.2%
1Y
13.3%

Northland Power (TSE:NPI) Has Some Difficulty Using Its Capital Effectively

Feb 02
Northland Power (TSE:NPI) Has Some Difficulty Using Its Capital Effectively
BITZ.U
US$2.90
Bitzero Holdings
7D
-11.6%
1Y
n/a
WEB
CA$1.84
Westbridge Renewable Energy
7D
-7.1%
1Y
-43.9%
SOLR
CA$0.015
Solar Alliance Energy
7D
-25.0%
1Y
-40.0%
MXG
CA$4.30
Maxim Power
7D
-2.7%
1Y
-26.4%