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Canadian (TSX) Utilities Sector Analysis

UpdatedJan 16, 2026
DataAggregated Company Financials
Companies25
  • 7D0.9%
  • 3M-2.7%
  • 1Y19.2%
  • YTD0.09%

Last week, the Utilities industry hasn't moved much but Capital Power is up 4.1% in that time. The past year has been better, since the industry has gained 19% in that time. As for the next few years, earnings are expected to grow by 11% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 16 Jan 2026CA$176.2bCA$76.1bCA$5.3b18.6x33.5x2.3x
Sun, 14 Dec 2025CA$173.3bCA$75.9bCA$5.4b18x32.4x2.3x
Tue, 11 Nov 2025CA$182.8bCA$76.0bCA$5.6b18.3x32.7x2.4x
Thu, 09 Oct 2025CA$175.7bCA$75.3bCA$5.3b20.4x33.2x2.3x
Sat, 06 Sep 2025CA$166.3bCA$75.1bCA$5.3b20x31.4x2.2x
Mon, 04 Aug 2025CA$167.6bCA$74.7bCA$5.8b20.3x28.9x2.2x
Wed, 02 Jul 2025CA$164.3bCA$75.5bCA$5.8b19.8x28.2x2.2x
Fri, 30 May 2025CA$164.5bCA$75.7bCA$5.8b20.3x28.3x2.2x
Sun, 27 Apr 2025CA$161.4bCA$74.4bCA$5.5b21x29.4x2.2x
Tue, 25 Mar 2025CA$159.0bCA$74.9bCA$5.5b20x29.1x2.1x
Thu, 20 Feb 2025CA$149.3bCA$75.3bCA$5.2b20.2x28.9x2x
Sat, 18 Jan 2025CA$142.5bCA$75.4bCA$5.3b20.8x26.8x1.9x
Mon, 16 Dec 2024CA$161.1bCA$81.9bCA$3.5b21.1x46x2x
Wed, 13 Nov 2024CA$160.8bCA$81.5bCA$3.9b19.9x41.5x2x
Fri, 11 Oct 2024CA$159.2bCA$81.1bCA$6.9b18.8x23x2x
Sun, 08 Sep 2024CA$155.8bCA$80.8bCA$6.9b19.1x22.5x1.9x
Tue, 06 Aug 2024CA$154.0bCA$80.9bCA$6.0b15.6x25.6x1.9x
Thu, 04 Jul 2024CA$144.6bCA$80.0bCA$7.2b13.8x20x1.8x
Sat, 01 Jun 2024CA$148.6bCA$80.0bCA$7.2b14.2x20.6x1.9x
Mon, 29 Apr 2024CA$136.9bCA$80.9bCA$6.3b13.9x21.8x1.7x
Wed, 27 Mar 2024CA$140.0bCA$80.8bCA$6.3b13.7x22.3x1.7x
Fri, 23 Feb 2024CA$141.2bCA$82.2bCA$5.6b14.7x25.1x1.7x
Sun, 21 Jan 2024CA$146.7bCA$85.4bCA$8.7b14.7x16.8x1.7x
Tue, 19 Dec 2023CA$148.8bCA$85.3bCA$8.7b14.5x17x1.7x
Thu, 16 Nov 2023CA$144.9bCA$85.7bCA$8.8b14.8x16.5x1.7x
Sat, 14 Oct 2023CA$136.8bCA$85.2bCA$6.8b13.9x20.2x1.6x
Mon, 11 Sep 2023CA$145.6bCA$85.2bCA$6.8b14.8x21.5x1.7x
Wed, 09 Aug 2023CA$148.6bCA$84.9bCA$7.1b14.2x20.8x1.8x
Fri, 07 Jul 2023CA$155.2bCA$85.4bCA$7.9b14.4x19.5x1.8x
Sun, 04 Jun 2023CA$163.2bCA$85.4bCA$8.0b14.7x20.5x1.9x
Tue, 02 May 2023CA$165.5bCA$83.8bCA$7.5b16.3x22x2x
Thu, 30 Mar 2023CA$161.3bCA$82.8bCA$7.2b16.2x22.6x1.9x
Sat, 25 Feb 2023CA$152.0bCA$81.4bCA$7.1b17.1x21.4x1.9x
Mon, 23 Jan 2023CA$157.2bCA$79.2bCA$6.0b18x26.3x2x
Price to Earnings Ratio

26.3x


Total Market Cap: CA$157.2bTotal Earnings: CA$6.0bTotal Revenue: CA$79.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 25.5x202420252026
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 25.5x.
  • 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 Market2.30%
Utilities0.87%
Renewable Energy4.34%
Other Utilities1.92%
Water Utilities0%0
Gas Utilities-0.078%
Electric Utilities-1.04%
Industry PE
  • Investors are most optimistic about the Other Utilities industry which is trading above its 3-year average PE ratio of 21.5x.
    • Analysts are expecting annual earnings growth of 23.1%, 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 Electric Utilities industry is expected to see its earnings grow by 6.5% 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
CPX Capital PowerCA$61.244.1%
+CA$380.4m		0.3%PE24.9x
NPI Northland PowerCA$19.075.9%
+CA$277.2m		0.7%PS2.2x
AQN Algonquin Power & UtilitiesCA$8.953.6%
+CA$238.2m		41.2%PE191.7x
CU Canadian UtilitiesCA$43.531.4%
+CA$168.7m		27.9%PE22.2x
FTS FortisCA$71.810.3%
+CA$115.4m		19.4%PE21.3x

Latest News

NPI
CA$19.07
Northland Power
7D
5.9%
1Y
0.7%
CU
CA$43.53
Canadian Utilities
7D
1.4%
1Y
27.9%

Canadian Utilities (TSE:CU) Is Increasing Its Dividend To CA$0.4623

Jan 15
Canadian Utilities (TSE:CU) Is Increasing Its Dividend To CA$0.4623
H
CA$52.45
Hydro One
7D
-3.2%
1Y
20.2%
ACO.X
CA$57.42
ATCO
7D
1.1%
1Y
22.4%

ACO.X: Regulated Utilities And Dividend Increases Will Likely Offset Power Headwinds

Analysts have nudged their 12 month price targets on ATCO higher, to a range of C$51 to C$64, citing expectations for solid regulated utility performance in upcoming Q3 results, softer power generation trends, and a preference for maintaining some regulated exposure as markets and credit spreads remain volatile. Analyst Commentary Recent research points to a more constructive tone around ATCO, with several price targets now clustered in the C$51 to C$64 range.
BLX
CA$26.65
Boralex
7D
4.0%
1Y
-1.4%

BLX: Storage And Wind Projects Will Support Long Term Power Momentum

Analysts have kept their fair value view on Boralex steady at about C$35.60, while Street price targets have shifted modestly, with one moving down to C$36 and another up to C$39, citing mixed expectations for Q3 power generation and pricing against a backdrop of more volatile markets and credit spreads. Analyst Commentary Recent Street research on Boralex points to a split view, with some analysts leaning more optimistic on upside potential and others taking a more cautious stance as they reassess price targets around the mid C$30s.
ALA
CA$40.95
AltaGas
7D
-0.2%
1Y
19.7%

ALA: Dividend Increase And New CFO Will Support Future Upside

Analysts have nudged their price target on AltaGas slightly higher to about $47.09 from $47.00, reflecting updated views on revenue growth assumptions, margin expectations, and a modestly higher future P/E multiple. What's in the News AltaGas announced that long-time Chief Financial Officer James Harbilas will retire on April 1, 2026.
TA
CA$17.16
TransAlta
7D
1.5%
1Y
-13.0%
CPX
CA$61.24
Capital Power
7D
4.1%
1Y
0.3%

CPX: Future Returns Will Reflect Long Term Contracted And Merchant Cash Flows

Analysts have raised their price targets on Capital Power into a C$73 to C$85 range, with several firms moving to around C$80 to C$82, citing updated views on valuation inputs such as discount rates and future P/E assumptions. Analyst Commentary Recent Street research shows a tight cluster of targets between C$73 and C$85, with several bullish analysts moving into the C$80 to C$82 area.
AQN
CA$8.95
Algonquin Power & Utilities
7D
3.6%
1Y
41.2%

AQN: 2026 Rate Cases And Index Changes Will Shape A Balanced Outlook

Narrative Update on Algonquin Power & Utilities Analysts have nudged their price target on Algonquin Power & Utilities up by $0.50 to $7.50, citing expectations that multiple 2026 rate case approvals could help close the company’s return on equity and valuation gap to peers. Analyst Commentary Bullish analysts have shifted their stance on Algonquin Power & Utilities, pointing to upcoming 2026 rate case decisions as a key driver for potential value creation and a rerating closer to peers.
FTS
CA$71.81
Fortis
7D
0.3%
1Y
19.4%

FTS: Fairly Valued Shares Will Balance Dividend Stability With Regulated Rate Base Expansion

Analysts have lifted their price expectations for Fortis to a range of C$69 to C$79, reflecting updated models and views that its diverse utility footprint and projected 7.0% five year rate base CAGR remain supportive for the shares. Analyst Commentary Recent research updates show a tighter cluster of price targets for Fortis, with most sitting in the C$69 to C$79 range.
RE
CA$0.29
RE Royalties
7D
-4.9%
1Y
-38.3%
WEB
CA$2.16
Westbridge Renewable Energy
7D
-0.5%
1Y
-32.5%
MXG
CA$4.42
Maxim Power
7D
-0.5%
1Y
-26.0%
CFY
CA$0.13
CF Energy
7D
-7.1%
1Y
-10.3%