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Canadian (TSX) Utilities Sector Analysis

UpdatedMar 13, 2026
DataAggregated Company Financials
Companies25
  • 7D0.6%
  • 3M11.1%
  • 1Y24.3%
  • YTD9.2%

The Utilities industry has been flat over the last week, but Algonquin Power & Utilities has lost 9.1%. The past year has been better, since the industry has gained 24% in that time. As for the next few years, earnings are expected to grow by 7.1% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 13 Mar 2026CA$192.9bCA$76.9bCA$5.3b23.3x36.5x2.5x
Sun, 08 Feb 2026CA$181.0bCA$75.9bCA$5.7b19.1x31.5x2.4x
Tue, 06 Jan 2026CA$174.6bCA$75.9bCA$5.3b18.4x33.1x2.3x
Thu, 04 Dec 2025CA$177.3bCA$76.1bCA$5.3b18.3x33.2x2.3x
Sat, 01 Nov 2025CA$180.4bCA$75.4bCA$5.2b20.8x34.5x2.4x
Mon, 29 Sep 2025CA$169.7bCA$75.2bCA$5.3b20.4x32.1x2.3x
Wed, 27 Aug 2025CA$168.5bCA$75.1bCA$5.3b19.9x31.8x2.2x
Fri, 25 Jul 2025CA$168.0bCA$74.5bCA$5.8b20x29.1x2.3x
Sun, 22 Jun 2025CA$164.4bCA$75.6bCA$5.8b19.7x28.3x2.2x
Tue, 20 May 2025CA$162.8bCA$75.9bCA$5.8b20x28x2.1x
Thu, 17 Apr 2025CA$156.7bCA$74.4bCA$5.5b20.5x28.5x2.1x
Sat, 15 Mar 2025CA$156.4bCA$74.9bCA$5.5b20.1x28.6x2.1x
Mon, 10 Feb 2025CA$148.8bCA$75.4bCA$5.1b20.4x28.9x2x
Wed, 08 Jan 2025CA$145.5bCA$75.3bCA$5.3b20.7x27.4x1.9x
Fri, 06 Dec 2024CA$166.1bCA$81.6bCA$3.5b20.6x47.1x2x
Sun, 03 Nov 2024CA$159.5bCA$81.0bCA$6.9b18.4x23.1x2x
Tue, 01 Oct 2024CA$166.1bCA$80.7bCA$6.9b19.4x24x2.1x
Thu, 29 Aug 2024CA$155.0bCA$80.7bCA$6.9b17.8x22.4x1.9x
Sat, 27 Jul 2024CA$150.3bCA$80.3bCA$7.2b15x20.8x1.9x
Mon, 24 Jun 2024CA$143.6bCA$80.1bCA$7.2b13.7x19.9x1.8x
Wed, 22 May 2024CA$151.7bCA$80.0bCA$7.2b14.2x21x1.9x
Fri, 19 Apr 2024CA$134.5bCA$81.0bCA$6.3b13.7x21.4x1.7x
Sun, 17 Mar 2024CA$140.5bCA$80.7bCA$6.3b13.7x22.4x1.7x
Tue, 13 Feb 2024CA$139.9bCA$82.0bCA$6.2b14.5x22.4x1.7x
Thu, 11 Jan 2024CA$152.4bCA$85.3bCA$8.7b14.8x17.5x1.8x
Sat, 09 Dec 2023CA$147.5bCA$85.6bCA$8.8b14.5x16.8x1.7x
Mon, 06 Nov 2023CA$143.4bCA$85.9bCA$8.7b13.3x16.5x1.7x
Wed, 04 Oct 2023CA$131.0bCA$85.2bCA$6.8b13x19.3x1.5x
Fri, 01 Sep 2023CA$147.1bCA$85.0bCA$6.8b15.1x21.7x1.7x
Sun, 30 Jul 2023CA$156.4bCA$84.5bCA$8.0b13.9x19.6x1.9x
Tue, 27 Jun 2023CA$154.8bCA$85.1bCA$7.9b14.9x19.5x1.8x
Thu, 25 May 2023CA$162.4bCA$85.6bCA$8.0b14.6x20.4x1.9x
Sat, 22 Apr 2023CA$166.4bCA$82.8bCA$7.2b16.5x23.3x2x
Mon, 20 Mar 2023CA$158.4bCA$83.0bCA$7.2b16.1x22.1x1.9x
Price to Earnings Ratio

22.1x


Total Market Cap: CA$158.4bTotal Earnings: CA$7.2bTotal Revenue: CA$83.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 26.1x202420252026
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 36.5x which is higher than its 3-year average PE of 26.1x.
  • 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 9.7% 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-2.19%
Utilities0.58%
Electric Utilities1.64%
Renewable Energy0.20%
Water Utilities0%0
Gas Utilities-0.16%
Other Utilities-1.95%
Industry PE
  • Investors are most optimistic about the Other Utilities industry which is trading above its 3-year average PE ratio of 22.8x.
    • Analysts are expecting annual earnings growth of 52.2%, 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 17% 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$59.292.3%
+CA$809.7m		24.3%PE26.6x
FTS FortisCA$79.161.1%
+CA$431.2m		22.3%PE23.4x
EMA EmeraCA$72.501.6%
+CA$339.4m		21.8%PE21.7x
ACO.X ATCOCA$66.440.9%
+CA$64.1m		37.7%PE49.8x
CU Canadian UtilitiesCA$48.450.4%
+CA$53.1m		38.2%PE314x

Latest News

NUE
CA$0.13
NU E Power
7D
-23.5%
1Y
-70.1%
EMA
CA$72.50
Emera
7D
1.6%
1Y
21.8%

EMA: Florida Earnings Base Will Balance Nova Scotia Regulatory Uncertainty

Analysts have nudged their average price targets for Emera slightly higher, with recent moves including TD Securities lifting its target to CA$75 from CA$74 and BMO Capital moving to CA$74 from CA$72. Meanwhile, others like BofA and JPMorgan have trimmed or moderated views on valuation and regulatory uncertainty, resulting in only a modest adjustment to the overall analyst price target in our model.
BLX
CA$27.28
Boralex
7D
0.7%
1Y
-6.1%

BLX: Growing Battery Storage Portfolio Will Support Long Term Upside

Analysts have trimmed their price target on Boralex to CA$35 from CA$36, reflecting updated views on fair value, discount rates, revenue growth, profit margins, and future P/E assumptions. Analyst Commentary Recent research maintains a positive stance on Boralex while trimming the price target to CA$35 from CA$36.
NPI
CA$21.45
Northland Power
7D
0.2%
1Y
10.9%

NPI: Future Returns Will Depend On Execution Against Modest Plan Adjustments

Analysts have raised their fair value estimate for Northland Power to CA$23.50 from CA$22.15, reflecting updated assumptions around revenue growth, profit margins, and a modestly lower discount rate, consistent with recent target increases from CIBC to CA$24 and TD Securities to CA$23. Analyst Commentary Recent Street research around Northland Power centers on modest upward revisions to price targets, with bullish analysts adjusting their models while others maintain a more neutral stance on near term execution and valuation.
ACO.X
CA$66.44
ATCO
7D
0.9%
1Y
37.7%
CU
CA$48.45
Canadian Utilities
7D
0.4%
1Y
38.2%
ALA
CA$47.71
AltaGas
7D
0.08%
1Y
24.6%

ALA: Montney Storage And Exports Will Support Balanced Future Return Potential

AltaGas' updated fair value estimate moves to CA$48.91 from CA$47.09, reflecting analysts' higher price targets in the CA$49 to CA$52 range, supported by revised assumptions on the discount rate, revenue growth, profit margin, and future P/E. Analyst Commentary Recent Street research has clustered around higher price targets for AltaGas in the CA$49 to CA$52 range, which aligns with the updated fair value estimate of CA$48.91.
CPX
CA$62.13
Capital Power
7D
-1.3%
1Y
32.2%

CPX: Future Returns Will Reflect Long Dated Arlington Cash Flows And Uprate Benefits

Analysts have nudged their Capital Power price target up by CA$2 to CA$82. This reflects updated assumptions around discount rates, revenue growth, margins and future P/E that align with recent Street research.
SPB
CA$6.46
Superior Plus
7D
-2.7%
1Y
-1.2%
AQN
CA$8.58
Algonquin Power & Utilities
7D
-9.1%
1Y
21.5%

AQN: 2026 Rate Case Approvals Will Support Return Alignment To Peers

Analysts have lifted their average price target for Algonquin Power & Utilities by CA$1.00, citing expectations that upcoming 2026 rate case approvals could help close the company’s return on equity and valuation gap to peers. Analyst Commentary Recent research has leaned more positive on Algonquin Power & Utilities, with price targets and ratings adjusted to reflect potential benefits from the 2026 rate case cycle.
TA
CA$17.41
TransAlta
7D
-4.3%
1Y
28.1%
H
CA$59.29
Hydro One
7D
2.3%
1Y
24.3%

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$79.16
Fortis
7D
1.1%
1Y
22.3%

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.
PIF
CA$12.05
Polaris Renewable Energy
7D
-1.0%
1Y
0.8%
BITZ.U
US$2.36
Bitzero Holdings
7D
-5.6%
1Y
n/a
NKW.H
CA$0.045
Oceanic Wind Energy
7D
-25.0%
1Y
12.5%